The value of Kamehameha Schools' endowment plunged by more than $1.7 billion in four months due to the meltdown in the nation's financial markets.

The charitable trust said the value of its investments portfolio and real estate holdings fell 18 percent, to $7.7 billion, between June 30 and Oct. 31.

The declines reverse a stellar 2008 fiscal year when the trust's endowment increased by $367.9 million to $9.44 billion.