Act 44 of 2010

Act 44 of 2010 requires Pennsylvania's public funds to compile and publish lists of "scrutinized companies" identified as having certain business operations in Iran or Sudan. Furthermore, the Act prohibits Pennsylvania public funds from acquiring the securities of scrutinized companies and requires them to divest the securities of scrutinized companies that fail to take action required by the Act with respect to their scrutinized activities within a specified period of time.

Because they face the same responsibilities, the Pennsylvania Treasury Department, the State Employees' Retirement System, the Public School Employees' Retirement System, and the Pennsylvania Municipal Retirement System ("the Four Funds") have chosen to work together to comply with the Act. The Four Funds coordinate their activities through the Pennsylvania Treasury Department.

The reports below are provided on behalf of the Four Funds and have been prepared pursuant to the reporting requirements found in Act 44 of 2010.