TCNJ

EXECUTIVE SUMMARY 2014–2015 OPENING BALANCE CONTRIBUTIONS/ (WITHDRAWLS) APPRECIATION/ (DEPRECIATION) TOTAL RETURN (AVERAGE ANNUAL) CLOSING BALANCE 2011 CATEGORIES 2012 $25,153,280 $25,000,000 $153,280 $10,000,000 $472,600 $1,228,043 $25,153,280 $35,625,881 $36,853,924 0.85% 0.65% 4.01% 8.66% 2.50% 3.67% 2013 $35,625,881 $15,000,000 $4,476,026 $56,329,950 2014 $36,853,924 $15,000,000 $1,864,424 $73,194,374 2015 $56,329,950 $65,000,000 $8,194,374 $73,194,374 ENTIRE PERIOD 1. Periods represent fiscal years, from July 1 to June 30. 2. Total return for the entire period represents an average annual return, with an inception date of 12/31/10. 3. Total return for 2012 excludes MACM portfolio transition month of February 2012. Though the market value of the MACM portfolio increased during this period, we are procluded from including this month in the aggregate returns. 4. Overnight money market fund balances, such as those held in PFM Funds Government Series, are not included in the above balances. Historically, these balances have represented less than 1% of the portfolio balance. 6 TCNJ INVESTMENT PERFORMANCE SUMMARY TCNJ is committed to the long-term success of its investment program and has positioned the portfolio accordingly. Asset allocation decisions will continue to be made with the goal of increasing the fiscal strength of TCNJ's aggregate portfolio by diversifying assets, reducing volatility, and enhancing earnings potential. And, as always, TCNJ will continue to stress the prudent management of its portfolio, with safety of principal as its core objective. e table below reflects the cash flows and net appreciation of the portfolio since its inception in 2011.

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