Annual Financial Reports

SBCERA creates a Comprehensive Annual Financial Report (CAFR) each year to report all financial, investment, actuarial and statistical information for the fiscal year. It is published at the end of each calendar year for the previous fiscal year. The CAFR is considered a valuable resource for current and historical financial SBCERA data.

A condensed version of our CAFR, the Popular Annual Financial Report (PAFR), is also available to view or download.

The information contained in each CAFR and PAFR listed below has not been updated for developments subsequent to its issuance.

Comprehensive Annual Financial Reports (CAFR) Available for Download:


Dated Information for Historical Reference Only.


The Popular Annual Financial Report (PAFR) summarizes the SBCERA Comprehensive Annual Financial Report (CAFR) for the fiscal year. The PAFR is SBCERA’s opportunity to share highlights of SBCERA’s achievements, financial information covering the primary sources and uses of SBCERA’s assets, and the performance of SBCERA’s portfolio.

Popular Annual Financial Reports (PAFR) Available for Download:


Both the CAFR and PAFR are formatted as a PDF document. It is a very large document. If you do not have the Adobe Acrobat Reader, please download it.