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Wisconsin Health and Educational Facilities Authority
                                                       Table of Contents






                                                                                                         Page

               INDEPENDENT AUDITORS’ REPORT ....................................................................................... 1

               FINANCIAL STATEMENTS


                   Statements of Net Position ..................................................................................................... 3

                   Statements of Revenues, Expenses, and Changes in Net Position....................................... 4


                   Statements of Cash Flows...................................................................................................... 5


                   Notes to Financial Statements................................................................................................ 6


               REQUIRED SUPPLEMENTARY INFORMATION

                   Schedule of Proportionate Share of the Net Pension Liability (Asset) – Wisconsin
                   Retirement System ............................................................................................................... 23


                   Schedule of Contributions – Wisconsin Retirement System................................................. 23


               INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL
                   OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER
                   MATTERS BASED ON AN AUDIT OF THE FINANCIAL STATEMENTS
                   PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING
                   STANDARDS ....................................................................................................................... 24
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