Table of Contents 
BOARDSOFTRUSTEES ............................................................. 1 DIRECTOR'S COMMENTS ........................................................ 2 .3 
ACTUARIAL S W Y 
Employees' Retirement System . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 .9 Public School EmployeesRetirement System .................................... 10 .12 LegislativeRetirement System ............................................... 13 .15 Trial Judges and SolicitorsRetirement Fund ..................................... 16 .18 State Employees Assurance Department (GTLI) .................................. 19 .21 
INVESTMENT REPORT 
PooledInvestmentFund ....................................................... 22 StructuralAnalysis of InvestmentsRateof Return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 TemporaryInvestments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Common Stock Holdings ................................................... 25 .27 Mortgages. Other SecuredNotes. Real Estate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Purchases of Long-Term Fixed-Income Investments ................................. 29 
AUDITED FINANCIAL STATEMENTS 
Tableofcontents ............................................................ 30 IndependentAuditors' Report ................................................... 31 
Balance Sheets. Historical Trend Information. Supplementary 
Information. and Additional Information ................................ 32 .56