TCNJ

EXECUTIVE SUMMARY JUNE 30, 2015 Core Fixed Income Corporate Fixed Income Domestic Blend Large Cap Domestic Small Cap International Developed International MULTIASSET CLASS ALLOCATION 21% 21% 35% 14% 5% 4% MULTI-ASSET CLASS MANAGEMENT PORTFOLIO Since inception, the MACM portfolio has been managed to a 70% equity and 30% fixed income approach. Within the 70/30 framework, a strategic decision regarding overall equity/fixed income allocation as of June 30, 2015 is made as shown in the graph below: $5,925 LARGE CAP DOMESTIC DOMESTIC BLEND DEVELOPED INTERNATIONAL CORE FIXED INCOME CORPORATE FIXED INCOME SMALL CAP INTERNATIONAL TOTAL $14,496 $8,462 $2,228 $8,561 $1,519 $41,191 MULTI-ASSET CLASS (IN THOUSANDS) 5 SHORT-DURATION FIXED INCOME CREDIT QUALITY e Short-Duration Fixed Income portfolio is allocated largely towards U.S. government securities, which include U.S. Treasury and federal agency notes and bonds rated AA+. ese investments have accounted for approximately 65-70% of the portfolio. e remainder of the portfolio has been invested in high quality credit investments, including corporate notes, commercial paper, and municipal bonds. e investment allocation as of June 30, 2015 is shown in the graph below: $22,619 AA+ AA AA- A+ A A- A-1 AAAm AAA TOTAL $604 $2,417 $1,744 $2,736 $735 $511 $26 $575 $31,968 FIXED INCOME ( IN THOUSANDS) AA+ AA AA- A+ A A- AAAm A-1 AAA SHORT DURATION FIXED INCOME 52% 0.1% (AAm) 1.9% 7.6% 5.5% 8.6% 1.8% 1.6% 2.3%

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