SUMMARY

We provided an unmodified opinion on the Fund´s financial statements as of and for the fiscal years ended June 30, 2015, June 30, 2014, and June 30, 2013. The Fund’s net position increased significantly during our audit period from $445.0 million as of July 1, 2012, to $733.9 million as of June 30, 2015, because of reductions in the actuarial estimates for loss liabilities and improvements in the investment markets. We recommend OCI continue to work with the Fund’s Board of Governors to monitor the net position of the Fund and develop a plan to bring the net position within the target range established by the Board of Governors. We further recommend OCI comply with the Board of Governors policy to have an actuarial audit completed every three years.