Supplemental Annuity Collective Trust
Investment Summary – September 30, 2008

Investment Objective

The Supplemental Annuity Collective Trust (the "Trust") seeks long-term growth of capital consistent with the ownership of equity securities.  Investment income is a secondary investment objective.

Principal Investment Strategy

The Trust will invest primarily in a broad range of equity securities in order to achieve its objective of long-term growth of capital.  The Trust's investments may include common stocks, preferred stocks and convertible securities.  The Trust may only purchase securities listed on an United States exchange (i.e., it may not purchase securities solely listed on the NASDAQ or other “over the counter” markets).  While the Trust will primarily invest in companies domiciled in the United States, it may invest in foreign securities which are included in the Standard and Poor’s 500 Composite Index.  The Trust may also invest up to 35 percent in money market securities (i.e., fixed income investments which mature in two years or less).  In choosing individual securities, the Trust invests in a combination of growth and value stocks and seeks to provide a diversified portfolio.  Using fundamental research, the portfolio manager seeks stocks with dominant positions in major product lines, sustained earnings growth and strong financial conditions.

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 Trust may fluctuate, which means that you could lose money.

Investment Manager

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

Expenses

Other Trust Information
(as of September 30, 2008)

Top Ten Positions Issuer % of Portfolio Exxon Mobil Corp. 4.0 Chevron Corp. 3.7 Occidental Petroleum Corp. 3.6 International Business Machines Corp. 3.0 Wal-Mart Stores Inc. 2.2 General Electric Co. 2.1 Coca-Cola Co. 1.9 Crown Castle International Corp. 1.9 Johnson & Johnson 1.9 American Tower Corp. 1.9