The Comprehensive Annual Financial Report is divided into sections, each published in Adobe Acrobat Portable Document Format (PDF). Before viewing the sections, you may need to download or upgrade the Adobe Acrobat Reader®.

Cover (2 pages – 444 kb)

Statement of Purpose
Mission Statement
Fiscal Year Highlights

Table of Contents (2 pages – 96 kb)

Introduction (9 pages 1.7 mb)

Certificate of Achievement
Letter of Transmittal
Board of Trustees
Organizational Structure
Consulting and Professional Services

Financial (32 pages – 3.4 mb)

Independent Auditors' Report
Management's Discussion and Analysis
Basic Financial Statements
Required Supplementary Information
Notes to Required Supplementary Information
Other Supplementary Information

Investments (26 pages – 4.9 mb)

Introduction
Fund Performance vs. Benchmarks and Market Values
Asset Allocation vs. Targets
Portfolio Securities Summary
Securities Holdings (Historical)
U.S. Equity
International Equity
Global Fixed Income
Real Return
Private Equity
Absolute Return
Real Estate
Brokerage Activity
External Manager Fee Payments
Securities Lending

Actuarial (19 pages - 3.2 mb)

Actuary's Certification
Actuarial Assumptions and Methods
Annual Actuarial Valuation
Analysis of Financial Experience: Reconciliation of Unfunded Liability
State Funding
Tests of Financial Condition
Other Information
Plan Summary 

Statistical (10 pages – 1.0 mb)

Changes in Net Assets, Last 10 Fiscal Years
Benefit and Refund Deductions from Net Assets by Type, Last 10 Fiscal Years
Employee and Employer Contribution Rates, Last 10 Fiscal Years
Demographics of Benefit Recipients and Active Members as of June 30, 2007
Benefit Recipients by Type as of June 30, 2007
Average Benefit Payments, Last 10 Fiscal Years
Principal Participating Employers

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