ASSETS OF STATE AND LOCAL GOVERNMENT EMPLOYEE RETIREMENT FUNDS BY TYPE OF ASSET, 2006-2010

($ billions, end of year)

  2006 2007 2008 2009 2010
Total financial assets   $3,089.8 $3,198.8 $2,324.5 $2,673.7 $2,931.5
Checkable deposits and currency  13.1 17.9 17.8 17.7 17.3
Time and savings deposits   0.8 0.7 0.7 0.7 0.7
Money market fund shares   13.8 12.4 14.3 14.3 13.9
Security repurchase agreements (1) 24.1 21.7 23.5 23.5 22.8
Credit market instruments   808.0 820.3 833.5 824.7 816.5
     Open market paper   42.8 38.4 25.9 24.0 22.4
     U.S. government securities 464.0 472.7 483.9 481.4 470.8
          Treasury securities   156.2 141.6 146.4 174.5 185.6
          Agency- and GSE (2)-backed securities   307.8 331.1 337.5 306.9 285.2
     Municipal securities   3.3 2.4 1.4 1.5 1.6
     Corporate and foreign bonds   283.4 297.0 312.9 308.6 312.4
     Mortgages   14.4 9.7 9.4 9.3 9.4
Corporate equities   1,926.1 2,013.7 1,237.9 1,549.8 1,782.5
Mutual fund shares   287.5 296.4 181.1 226.7 260.8
Miscellaneous assets   16.3 15.7 15.7 16.2 17.0
Pension fund reserves (liabilities) (3) 3,156.6 3,297.9 2,414.7 2,759.8 3,024.0

(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 9, 2011.