This issue is the annual report of the Photon Factory, National Laboratory of High Energy Physics. First the outline of the Photon Factory is presented. Injector linac, light source, beamlines and instrumentation, synchrotron radiation facility at the Tristan accumulation ring, and the Tristan super light facility are described in detail. The facility is open to researchers. The user`s reports are collected as well. (J.P.N.).