Deferred Compensation – Bond Fund
Investment Summary – June 30, 2011

Investment Objective

The Deferred Compensation – Bond Fund (the “Fund”) seeks current income consistent with a minimal level of capital risk and the maintenance of liquidity.

Principal Investment Strategy

The Fund will invest primarily in fixed income securities of intermediate maturities (one to ten years), although the Fund may invest in longer-term securities depending on market conditions.  The Fund may purchase securities denominated in U.S. dollars issued by the U.S. Government, U.S. Government agencies, and corporations domiciled in the United States.  For corporate securities, the issuer must have an investment-grade rating by Moody’s (Baa3 or better), Standard & Poor’s (BBB- or better), or Fitch (BBB- or better) at the time of purchase.

Main Risks

The Fund’s yield and market value will fluctuate based on changes in interest rates and overall market conditions.  In general, bond prices rise when interest rates fall and vice versa.  As a result, the value of your investment in the Fund may fluctuate, which means that you could lose money.

The Fund’s performance will be affected by the types and maturities of the securities in the Fund.  In the case of non-U.S. government securities, performance will also be affected by credit risks related to the financial condition of the issuer.

Investment Manager

The Fund is managed by the State of New Jersey, Department of the Treasury, Division of Investment (the “Division”).  The Division manages approximately $84 billion (as of June 30, 2011) in investments for various New Jersey state pension plans and other entities.

Expenses

Other Fund Information (as of June 30, 2011)

Years to Maturity % of Portfolio 0 - 2 18.82 2 - 5 42.56 5 - 10 38.62

Deferred Compensation - Equity Fund
Investment Summary – June 30, 2011

Investment Objective

The Deferred Compensation - Equity Fund (the "Fund") seeks long-term growth of capital consistent with the ownership of equity securities.  Investment income is a secondary investment objective.

Principal Investment Strategy

The Fund will invest primarily in a broad range of equity securities in order to achieve its objective of long-term growth of capital.  The Fund's investments may include common stocks, preferred stocks, and convertible securities.  While the Fund will primarily invest in companies domiciled in the United States, it may invest in foreign securities which are traded on U.S stock exchanges. The Fund may also invest up to 25 percent in short-term fixed income securities.  In choosing individual securities, the Fund invests in a combination of growth and value stocks and seeks to provide a diversified portfolio.

Main Risks

While equity securities have historically increased in value over the long-term, they do fluctuate in price and may experience prolonged periods of price depreciation.  The value of your investment in the Fund may fluctuate, which means that you could lose money.

Investment Manager

The Fund is managed by the State of New Jersey, Department of the Treasury, Division of Investment (the "Division").  The Division manages approximately $84 billion (as of June 30, 2011) in investments for various New Jersey state pension plans and other entities.

Expenses

Other Fund Information (as of June 30, 2011)

Top Ten Positions Issuer % of Portfolio Exxon Mobil Corp. 4.0 Apple Inc. 3.8 Pfizer Inc. 2.3 International Business Machines Corp. 2.2 JP Morgan Chase & Co. 2.1 Microsoft Corp. 1.9 Coca-Cola Co. 1.7 Procter & Gamble Co. 1.7 Merck & Co. Inc. 1.6 Johnson & Johnson 1.5

Deferred Compensation – Money Market Fund
Investment Summary – June 30, 2011

Investment Objective

The Deferred Compensation – Money Market Fund (the “Fund”) seeks current income consistent with the preservation of capital and liquidity.

Principal Investment Strategy

The Fund may invest directly in the State of New Jersey Cash Management Fund (the “CMF”) or short-term fixed income securities.  The CMF had $14.7 billion in assets as of June 30, 2011, and is available on a voluntary basis for investment by the State of New Jersey and “Other-than-State” entities which include counties, municipalities and school districts, and the agencies or authorities created by any of these entities.

The CMF invests in U.S. dollar-denominated money market securities and certificates of deposit (“CDs”) of domestic and foreign issuers.  The CMF’s investments primarily include, but are not limited to, U.S. Government Treasury bills and notes, U.S. Government agency discount notes, commercial paper, and bank certificates of deposit.

The average maturity of the CMF cannot exceed one year.  All investments in CMF shall mature or are redeemed within one year, except that up to 25 percent may mature within 25 months.

The Division of Investment (the “Division”) has established limits for the investment in securities of individual companies.  Such limits are based on the size and credit quality of each issuer.

Main Risks

The Fund and the CMF are not insured or guaranteed by the Federal Deposit Insurance Corporation, the State of New Jersey, or any other government agency.  Although the Fund and the CMF seek to preserve the value of your investment, it is possible to lose money by investing in the Fund.  The rate of income on the Fund will vary from day to day, generally reflecting changes in short-term interest rates in the country.

Investment Manager

The Fund is managed by the State of New Jersey, Department of the Treasury, Division of Investment.  The Division currently manages approximately $84 billion (as of June 30, 2011) in investments for various New Jersey state pension plans and other entities.

Expenses

The Division and the State of New Jersey, Department of the Treasury, Division of Pensions and Benefits allocate expenses to the Fund to cover actual operating expenses.  The Fund's current expense ratio is 0.08 percent of the average market value of Fund assets.  There are no additional expenses associated with the Deferred Compensation Plan’s investment in the CMF.

Other Fund Information (as of June 30, 2011)

Total Market Value of Assets: $63,046,631 Average Yield: 0.17% Average Maturity: 118 Days

Deferred Compensation – Small Capitalization Equity Fund
Investment Summary – June 30, 2011

Investment Objective

The Deferred Compensation – Small Capitalization Fund (the “Fund”) seeks long-term growth of capital consistent with the ownership of small capitalization securities.

Principal Investment Strategy

The Fund will invest primarily in a broad range of small capitalization equity securities in order to achieve its objective of long-term growth of capital.  The Fund will purchase securities issued by companies which are designated as small capitalization stocks by the Division (and generally are those included in the Russell 2000 Index or similar sized companies).

The Fund’s investments may include common stocks, preferred stocks, and convertible securities.  The Fund may also invest up to 25 percent in short-term fixed income securities.

Main Risks

While equity securities have historically increased in value over the long-term, they do fluctuate in price and may experience prolonged periods of price depreciation.  The value of your investment in the Fund may fluctuate, sometimes dramatically, which means that you could lose money.

Small capitalization companies may carry greater risks than large capitalization equity securities because their earnings tend to be less predictable, their share prices may be more volatile and their securities may be less liquid than larger, more established companies.  Some fund investments are made in anticipation of future products, services, or events that, if delayed, could cause the company’s stock price to drop.

Investment Manager

The Fund is managed by the State of New Jersey, Department of the Treasury, Division of Investment.  The Division currently manages approximately $84 billion (as of June 30, 2011) in investments for various New Jersey state pension plans and other entities.

Expenses

Other Fund Information (as of June 30, 2011)

Top Ten Positions Issuer % of Portfolio Berry Petroleum Co. 1.9 Esterline Technologies Corp. 1.8 Bucyrus International Inc. 1.8 Corn Products International Inc. 1.5 Ametek Inc. 1.4 Perrigo Co. 1.4 Kennametal Inc. 1.3 Helmerich & Payne Inc. 1.3 Nordson Corp. 1.3 Church & Dwight Co. 1.3