Fund Assets

The severe decrease in global investment markets in the first half of the fiscal year that was only partially recovered by year-end resulted in a year-over-year decrease in fund assets of $181 million (a drop of 3.5%) leaving the fiscal year-end value at $4.956 billion. Investment losses of $443 million, offset by $262 million in positive net cash flows from contributions above benefit payments and expenses, accounted for this change.