SUMMARY

We provided an unqualified opinion on the Fund’s financial statements for FY 2011-12 and FY 2010-11. Fund equity increased from a deficit of $926.1 million as of June 30, 2011, to a deficit of $612.4 million as of June 30, 2012, or by $313.7 million. This was the first increase in fund equity since FY 1999-2000.