The portfolio assets of the San Diego City Employees' Retirement System have plummeted to an unaudited figure of $3.92 billion, according to a report given Oct. 14 to members of the San Diego Retired Employees' Association, which consists of City retirees. Those retirees were told by the group's president that the fund is down $859 million, but the date of the beginning of that decline was not clear. However, the fund ended June 30, 2007 at $4.68 billion. It ended June 30, 2006 at $4.01 billion. Ergo, it is below the level of mid-2006 if the report is accurate. As of May 30 of this year, 38 percent of the fund was in U.S. stocks, 17 percent in foreign stocks, 30 percent in U.S. fixed income (mainly bonds), 4 percent international fixed instruments and 11 percent real estate. U.S. stocks are down more than 40 percent in this bear market and foreign stocks are down a bit more, so this decline is consistent with the overall market environment. Doug McCalla, chief investment officer of SDCERS, would not comment, deferring to a spokesperson. The SDCERS spokesperson did not get back within a reasonable time.