The chart above is from the official report on UC pension funding as of last July 1 to be discussed by the regents at their upcoming meeting later this week. The "actuarial" value is a moving multi-year average designed to smooth out financial market fluctuations. On a market value, the funding ratio (assets to liabilities) as of July 1 was 87%. Note that calculations are based on an assumed long-term rate of return of the portfolio of 7.5% per annum. The portfolio on a market basis was valued at $52.8 billion. Source:
http://regents.universityofcalifornia.edu/regmeet/nov14/f4.pdf
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