(Bloomberg) -- The Dallas Police and Fire Pension System, onceapplauded for a diverse investment portfolio that included Hawaiianvillas, Uruguayan timber and undeveloped land in Arizona, findsitself needing to dig out of a deep hole.

A $1.2 billion change last year in the difference between thevalue of its assets and what the pension owes retirees left the $2.6billion fund with just 45 percent of the assets needed, down from64 percent at the end of 2014. The pension, which was 90 percentfunded a decade ago, could be out of cash in 15 years at thecurrent rate of projected expenditures, according to a SegalConsulting report last month.

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