ASSETS OF STATE AND LOCAL GOVERNMENT EMPLOYEE RETIREMENT FUNDS BY TYPE OF ASSET, 2004-2008

($ billions, end of year)

    2004 2005 2006 2007 2008
Total financial assets $2,577.5 $2,721.4 $3,108.3 $3,216.3 $2,327.1
Checkable deposits and currency 16.3 15.8 14.1 16.6 16.5
Time and savings deposits 1.4 1.3 0.9 1.0 1.0
Money market fund shares 11.6 11.7 13.8 16.2 18.8
Security repurchase agreements (1) 20.2 19.7 24.0 28.3 30.7
Credit market instruments 675.3 693.4 825.4 855.6 851.1
     Open market paper 35.2 35.2 42.6 50.3 33.9
     U.S. government securities 409.8 412.2 467.9 502.9 515.1
          Treasury 151.0 153.8 157.1 168.8 174.6
          Agency- and GSE (2)-backed securities 258.8 258.4 310.8 334.1 340.5
     Municipal securities 1.8 1.7 3.6 1.9 1.1
     Corporate and foreign bonds 213.5 227.9 296.9 287.8 288.6
     Mortgages 15.1 16.4 14.5 12.7 12.4
Corporate equities 1,600.9 1,715.8 1,926.3 1,985.9 1,211.8
Mutual fund shares 235.9 248.4 287.5 296.4 181.1
Miscellaneous assets 15.9 15.4 16.3 16.2 16.2
Pension fund reserves (liabilities) (3) 2,621.3 2,763.4 3,175.1 3,315.5 2,435.2

(1) Short-term agreements to sell and repurchase government securities by a specified date at a set price.
(2) Government-sponsored enterprise.
(3) Equal to the value of tangible and financial assets. These liabilities are assets of the household sector.

Source: Board of Governors of the Federal Reserve System, June 11, 2009.