For the 100 largest public-employee retirement systems in the country, total holdings and investments showed a quarterly increase in the fourth quarter of 2011, after having decreased last quarter. Total holdings and investments went up 3.2 percent from last quarter to $2.6 trillion. However, there was a year-to-year decrease of 1.1 percent from $2.6 trillion in the fourth quarter of 2010, breaking the continuous trend of year-to-year increases after eight consecutive quarters. Earnings on investments totaled $97.1 billion, showing gains after last quarter’s losses of $198.8 billion. Compared with the same quarter one year ago, earnings on investments were down 28.5 percent.