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Division of Investment Department of the Treasury State of New Jersey Pension Fund June 30, 2012 and 2011 (With Independent Auditors’ Report Thereon)

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Division of Investment Department of the Treasury State of New Jersey Pension Fund June 30, 2012 and 2011 (With Independent Auditors’ Report Thereon) INANCIAL TATEMENTS ANAGEMENT S F S , M ’ D ISCUSSION AND A NALYSIS AND S UPPLEMENTAL S CHEDULES Division of Investment Department of the Treasury State of New Jersey Pension Fund June 30, 2012 and 2011 (With Independent Auditors’ Report Thereon) Ernst & Young LLP Division of Investment Department of the Treasury State of New Jersey Pension Fund Financial Statements June 30, 2012 and 2011 Contents Independent Auditors’ Report ..........................................................................................................1 Management’s Discussion and Analysis .........................................................................................3 Basic Financial Statements: Statements of Net Assets .................................................................................................................7 Statements of Changes in Net Assets...............................................................................................8 Notes to Financial Statements ..........................................................................................................9 Supplemental Schedules: Schedule 1 – Combining Schedule of Net Assets ..........................................................................26 Schedule 2 – Combining Schedule of Changes in Net Assets .......................................................27 Schedule 3 – Portfolio of Investments – Common Fund Pension A .............................................28 Schedule 4 – Portfolio of Investments – Common Fund Pension B ..............................................47 Schedule 5 – Portfolio of Investments – Common Fund Pension D ...........................................104 Schedule 6 – Portfolio of Investments – Common Fund Pension D – Open Foreign Forward Currency Contracts .....................................................................................................128 Schedule 7 – Portfolio of Investments – Common Fund Pension E ............................................129 Schedule 8 – Written Call Options ..………………….….……………………….. ...................136 Ernst & Young LLP 99 Wood Avenue South Iselin, NJ 08830-0471 Tel: +1 732 516 4200 www.ey.com Independent Auditors’ Report The Members State Investment Council, Division of Investment, Department of the Treasury, State of New Jersey We have audited the accompanying statements of net assets of the Pension Fund (the Fund) managed by the Division of Investment (the Division), Department of the Treasury, State of New Jersey, as of June 30, 2012 and 2011, and the related statements of changes in net assets for the years then ended. These financial statements are the responsibility of the Division’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Division’s internal control over financial reporting of the Fund. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Division’s internal control over financial reporting of the Fund. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As discussed in Note 1, the financial statements present only the Fund and do not purport to, and do not, present fairly the financial position of the State of New Jersey as of June 30, 2012 and 2011 and the changes in its financial position for the years then ended in conformity with accounting principles generally accepted in the United States. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Pension Fund managed by the Division of Investment, Department of the Treasury, State of New Jersey, as of June 30, 2012 and 2011, and the changes in its financial position for the years then ended in conformity with U.S. generally accepted accounting principles. 1 A member firm of Ernst & Young Global Limited Accounting principles generally accepted in the United States require that management’s discussion and analysis, on pages 3 through 6, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information included in schedules 1 through 8 listed in the table of contents are presented for purpose of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States. In our opinion, the information is fairly stated in all material respects in relation to the basic financial statements taken as a whole. EY October 26, 2012 2 Division of Investment Department of the Treasury State of New Jersey Pension Fund Management’s Discussion and Analysis (Unaudited) June 30, 2012 and 2011 Introduction This section of the financial statements of the Pension Fund (the Fund) presents our discussion and analysis of the Fund’s financial position as of June 30, 2012 and 2011. Since this discussion and analysis is designed to focus on current activities, it should be read in conjunction with the Fund’s basic financial statements, which follow this section. Financial Statements The Fund’s basic financial statements include statements of net assets and statements of changes in net assets, which have been presented in accordance with accounting principles generally accepted in the United States as applicable to governmental entities. The statements of net assets provide information on the financial position of the Fund at year- end. The statements of changes in net assets present the results of the investing activities during the fiscal year. The notes to the financial statements offer additional discussion that is essential to the full understanding of the data presented in the financial statements. The notes give more detail about accounting policies, significant account balances and activities, material risks, obligations, contingencies and subsequent events, if any. The financial statements and related notes are prepared in accordance with Governmental Accounting Standards Board principles as applicable to governmental entities. Statements of Net Assets The statements of net assets present the assets, liabilities and net assets (assets minus liabilities) of the Fund as of the end of each of the respective fiscal years and are point in time financial statements. 3 The statements of net assets are comprised of the following major components: June 30 2012 2011 2010 (Millions) Cash and Cash Management Fund $ 1,393 $ 4,384 $ 3,164 Investments, at fair value 67,863 69,122 63,337 Receivables 1,711 2,570 2,568 Securities lending collateral and income receivable 1,209 855 17 Total assets 72,176 76,931 69,086 Total liabilities 2,067 3,196 2,262 Net assets $ 70,109 $ 73,735 $ 66,824 The decrease in cash balances at June 30, 2012 over prior years is due to the ability to maintain lower cash balances as a result of the implementation of daily unitization during fiscal 2012 which provides the ability to contribute cash to and withdraw cash from the Common Pension Funds on daily basis; previously cash contributions and withdrawals were only permitted during the first fifteen days of each month. At June 30, 2012 and 2011 receivables consist primarily of net amounts
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