For the 100 largest public-employee pension systems in the country, cash and security holdings totaled $3,191.5 billion in the fourth quarter of 2013, reaching the highest level since the survey began collecting data in 1968. Cash and security holdings had a quarter-to-quarter increase of 4.2 percent, from $3,061.6 billion last quarter, and a year-to-year increase of 12.5 percent, from $2,836.8 billion in the fourth quarter of 2012. (Refer to Figure 1.) Earnings on investments totaled $165.7 billion in the fourth quarter of 2013.