Which of the following would you find in the investment section of a PERS' comprehensive annual financial report?

In the investment section of a Public Employee Retirement System (PERS) comprehensive annual financial report (CAFR), one would typically expect to find specific details regarding the investment portfolio and performance, including the types of investments held, their values, and performance metrics.

The correct answer indicates that none of the provided options would typically be found in the investment section. A schedule of investment expenses may provide some relevant information about costs associated with managing the investment portfolio, but it would be classified more under the expenses section of the financial statements rather than the investment section itself. The actuary's certification letter relates primarily to actuarial assumptions and funding status, not directly linked to investment assets or their performance. An analysis of financial experience may provide insights into how actual investment results compare to expectations, but this, again, does not directly pertain to the investment section as it typically resides in the actuarial or narrative parts of the report.

Thus, the conclusion that none of the options is found in the investment section aligns with what is conventionally presented in that part of a PERS' CAFR.