Fiscal year and valuation dates

(a) The fiscal year of the funds shall be the same as the fiscal year of the state. (b) Valuation date for each fund shall be as follows: 1. Mutual Equity Fund shall be the last business day of each month. 2. Mutual Fixed Income Fund shall be the last business day of each month. 3. Cash Reserve account shall be the end of each business day. 4. International Stock Fund shall be the last business day of each month. 5. Private Investment Fund shall be the last business day of each month. 6. Real Estate Fund shall be the last business day of each month. 7. Commercial Mortgage Fund shall be the last business day of each month. 8. Other funds shall have a valuation date as determined by the Treasurer when the fund is established.