Canada Pension Plan Reserve Fund, Toronto, had an 8.5% return on its assets in the year ended March 31, compared with 17.6% the previous year, according to John Cappelletti, CPP spokesman. The fund's equities and real estate assets returned 11.6% for fiscal 2005, compared with 31.7% the previous year. Fixed-income assets returned 4.6% in fiscal 2005, compared with 8.7% in fiscal 2004. For the five years ended March 31, the fund's inflation-adjusted rate of return was a compound annual 4.48%, exceeding its target of 4.1%. The overall CPP portfolio, including investment earnings and contributions not needed to pay current liabilities, grew to C$81.3 billion (US$64.4 billion) in fiscal 2005, an increase of C$10.8 billion over the previous year.