Government-wide activities present the state's financial position and operating results. Discrete component units (e.g. Louisiana Lottery Corporation) are excluded from this analysis because the PAFR focuses on the State government-wide entities other than discrete component units. Fiduciary funds (such as pension funds) are also excluded from the State's government-wide financial statements in the CAFR, as well as the PAFR, because the State cannot use these assets to finance its operations.