2018 ANNUAL PERFORMANCE REPORT (January 1, 2018 thru ...€¦ · Symetra Financial participants and assets were rolled into Charles Schwab on January 1, 2008. Enrollment in Charles

2018 ANNUAL PERFORMANCE REPORT

(January 1, 2018 thru December 31, 2018)

Prepared By:

FIS Omni (Recordkeeper)

Chief Financial Officer of the State of Florida

Jimmy Patronis serves as Florida’s Chief Financial Officer. The Chief Financial Officer is the constitutional officer

with the fiduciary responsibility over the Division of Treasury (17.55 F.S.) and the Bureau of Deferred

Compensation. A core function of the Division of Treasury and the Bureau of Deferred Compensation is to be

effective stewards of the operational monies and other financial assets of the State and to assist state employees

with tools to help them prepare for financial security during their retirement years.

As a fiduciary of the Deferred Compensation Plan, the Chief Financial Officer is responsible to:

• Act solely in the interests of the participants and their beneficiaries;

• Be prudent in the decisions made about the Plan;

• Pay only reasonable and necessary expenses for the Plan; and

• Follow the terms of the Plan.

The CFO administers the Deferred Compensation Plan, IRC 457(b), a voluntary retirement savings plan for

employees of the State of Florida (112.215 F.S.). Some of the objectives of the Deferred Compensation Plan are to

educate prospective and current participants, distribute informational material, market the Plan by conducting

presentations throughout the state, distribute communication materials, monitor performance of all investment

options available to employees, and perform many other functions that lead to the efficient operation of the

Deferred Compensation Plan and the financial success of its participants and their beneficiaries.

TABLE OF CONTENTS

INVESTMENT PROVIDER INFORMATION and GLOSSARY SECTION I Page 1

ACCOUNTS, DEFERRALS, ASSETS AND DISTRIBUTIONS SECTION II • Summary of Participant Accounts Page 7

• Summary of Deferrals Page 9

• Summary of Plan Assets Page 13

• Summary of Account Distributions Page 17

DETAIL OF FIXED ACCOUNTS SECTION III Page 18

DETAIL OF VARIABLE ACCOUNTS SECTION IV Page 20

12/31/2018 INVESTMENT PERFORMANCE REPORT SECTION V Page 27

Section I 1

SECTION I

INVESTMENT PROVIDER INFORMATION and GLOSSARY

Section I 2

INVESTMENT PROVIDER INFORMATION

INVESTMENT PROVIDERS ABBREVIATED IDENTIFIER VALIC VAL Charles Schwab CS Empower Retirement EMP VOYA Financial VOY Nationwide NRS T. Rowe Price & Associates Investment Company TRP

PLAN INVESTMENT PROVIDER HISTORY Aetna Life Insurance Company, Capitol Life Insurance Company, Nationwide Life Insurance Company and Voyager Life Insurance Company were the original Plan Investment Providers at the formation and introduction of the Plan in September 1982. Great American Reserve Insurance Company purchased Voyager Life including the Plan assets in May 1986. Great West Life & Annuity Life Insurance Company became a Plan Investment Provider in April 1987. T. Rowe Price & Associates Investment Company became a Plan Investment Provider in May 1987. Fixed annuity Plan assets of Capitol Life were assumed by Security First Life Insurance Company in July 1989. Variable annuity Plan assets of Capitol Life were assumed by Security First Life in November 1989. American General Financial Group became a Plan Investment Provider in July 1992. Metropolitan Life Insurance Company purchased Security First Life in October 1997. Great American Reserve left the Plan as an Investment Provider in December 1997 and assets were purchased by Nationwide Life Insurance Company.

Section I 3

PLAN INVESTMENT PROVIDER HISTORY (continued) ING Financial Services purchased Aetna Life including the Plan assets in November 2000, changing their name to ING-Aetna Financial Services in January 2001. Security First Life changed its name to MetLife Investors Investment Company in January 2001. AIG purchased American General Financial Group (VALIC) in August 2001, changing their name to AIG-VALIC in January 2002. ING-Aetna changed its name to ING in November 2002. MetLife Investors left the Plan as an Investment Provider in December 2002, variable assets were purchased by Nationwide. Safeco Insurance Company (self-directed brokerage option) became a Plan Investment Provider in January 2003. The Plan assets of MetLife Investors, WAMU and Nationwide Financial Services were assumed by Nationwide Retirement Solutions in January 2003. Safeco restructured itself and formed Symetra Financial, a full service investment company, which assumed the Investment Provider role for the Plan in August 2004. Symetra Financial withdrew from their role as a Plan Investment Provider on December 31, 2007. Symetra Financial participants and assets were rolled into Charles Schwab on January 1, 2008. Enrollment in Charles Schwab is through Nationwide. AIG VALIC changed its name to VALIC in 2009. ING became VOYA Financial in 2014. Great West Life became Empower in 2015.

Section I 4

PLAN INVESTMENT PROVIDER HISTORY (continued) NOTES OF INTEREST: 1 - Great American Reserve is currently not a Plan Investment Provider but maintains appropriate reserves for assets placed in annuity distribution prior to their acquisition by Nationwide Financial Services. 2 - MetLife Investors is currently not a Plan Investment Provider but maintains appropriate reserves for assets placed in annuity distribution prior to their acquisition by Nationwide Retirement Services.

Section I 5

GLOSSARY OF TERMS

ACCOUNT (BILLABLE): The investment portfolio of an individual participant in the Plan, who is in either the accumulation or distribution phase. A participant enrolled with multiple providers would count as one billable account per each Investment Provider. ACTIVE ACCOUNT: An individual participant investment portfolio(s) in the Plan that is currently receiving deferrals. ACCOUNT VALUE: The total of all participant assets in a particular investment portfolio. DEFERRAL: An amount reduced (set aside) from a participant’s compensation and deposited into their account in the Plan. DISTRIBUTION: An amount from a participant’s account that is being provided to that participant in a lump sum or through periodic payments. FIXED PRODUCT: A fixed product guarantees a rate of return for a specified period of time, usually one quarter (three months). This term can refer to either an insurance company, bank or investment company product. INVESTMENT PROVIDER: A company authorized to issue investment products pursuant to this Plan. PARTICIPANT: An individual who is enrolled in the Plan, or their beneficiary. VARIABLE PRODUCTS: This term refers to mutual funds, target date funds and collective investment trusts. Rates of return are not guaranteed, and rates of return are calculated based upon the performance (positive or negative) of its underlying investments. PLEASE NOTE: In an effort to make this Report more user friendly, dollar amounts have been rounded to the nearest whole number.

Section II 6

SECTION II

ACCOUNTS, DEFERRALS, ASSETS AND DISTRIBUTIONS

VALIC (VAL) 17,833 502 17,460 18,335 875 5.0%

CHARLES SCHWAB (CS) 919 0 864 919 55 6.4%

EMPOWER (EMP) 9,916 342 10,569 10,258 -311 -2.9%

VOYA (VOY) 22,149 2,185 23,531 24,334 803 3.4%

NATIONWIDE (NRS) 25,446 3,042 28,162 28,488 326 1.2%

T. ROWE PRICE (TRP) 7,759 802 7,896 8,561 665 8.4%

PLAN TOTALS 84,022 6,873 88,482 90,895 2,413 2.7%

NOTES:

ACTIVE ACCOUNTS include all participant accounts which may be currently deferring, or not deferring, with an account balance (participants may have multiple Investment Providers).

IN PAYOUT includes the participant accounts currently receiving a distribution from the Plan.

2017 - 2018

Percent

Change

2017 - 2018

Change in

Accounts

2017ACTIVE

2018

IN

PAYOUT

2018

INVESTMENT PROVIDERS

Summary of Participant Accounts

December 31, 2018

2018

TOTAL

Section II 7

Percentage of Participant Accountsby Investment Provider

VAL20.17%

CS1.01%

EMP11.29%

VOY26.77%

NRS31.34%

TRP9.42%

2018VALIC (VAL)

CHARLES SCHWAB(CS)

EMPOWER (EMP)

VOYA (VOY)

NATIONWIDE (NRS)

T. ROWE PRICE (TRP)

Section II 8

%

CHANGE

VALIC (VAL) 7,819,404$ 31,223,695$ 35,838,450$ 39,043,099$ 8.9%

EMPOWER (EMP) 2,604,178$ 7,947,092$ 10,531,039$ 10,551,270$ 0.2%

VOYA (VOY) 8,673,297$ 29,090,661$ 35,538,171$ 37,763,958$ 6.3%

NATIONWIDE (NRS) 23,680,143$ 32,751,383$ 52,243,856$ 56,431,526$ 8.0%

T. ROWE PRICE (TRP) 1,060,853$ 25,665,403$ 23,746,167$ 26,726,256$ 12.5%

PLAN TOTALS* 43,837,875$ 126,678,234$ 157,897,682$ 170,516,109$ 8.0%

* Differences in deferral amounts that were reported monthly by the Bureau and the amounts provided by the Investment Providers are due to refunds, pay on demands and other salary

deferral adjustments that have been made by the State after each payroll.

NOTE: There are no deferrals made directly to Charles Schwab. The deferrals are made to NRS and at the participant's request to NRS, their designated assets are moved from

NRS to the Charles Schwab “cash account”.

TOTAL

VARIABLE

2018INVESTMENT PROVIDERS

Summary of Deferrals

2017 2018FIXED

2018

Section II 9

Total Plan Deferrals

NOTE: There are no deferrals made directly to Charles Schwab. The deferrals are made to NRS and at the participant's

request to NRS, their designated assets are moved from NRS to the Charles Schwab “cash account”.

VAL22.90%

EMP6.19%

VOY22.15%

NRS33.09%

TRP15.67%

2018VALIC (VAL)

EMPOWER (EMP)

VOYA (VOY)

NATIONWIDE (NRS)

T. ROWE PRICE (TRP)

Section II 10

The average age of participants with account balances greater than $500.00 is 52.77 years

30,934

22,471

Female

Male

Average Annual Participant Deferrals

by Gender and Investment Provider

Gender Deferring Participants

$0.00

$1,000.00

$2,000.00

$3,000.00

$4,000.00

$5,000.00

$6,000.00

VALIC (VAL) EMPOWER (EMP) VOYA (VOY) NATIONWIDE (NRS) T. ROWE PRICE (TRP)

$2,870.22

$1,748.62

$2,163.62

$3,081.85

$3,873.63 $3,969.48

$2,044.44

$3,129.66

$4,459.94

$5,312.53

Female Male

Section II 11

Deferrals by Investment Provider

$-

$5,000,000

$10,000,000

$15,000,000

$20,000,000

$25,000,000

$30,000,000

$35,000,000

VALIC (VAL) EMPOWER (EMP) VOYA (VOY) NATIONWIDE (NRS) T. ROWE PRICE(TRP)

$7,819,404

$2,604,178

$8,673,297

$23,680,143

$1,060,853

$31,223,695

$7,947,092

$29,090,661

$32,751,383

$25,665,403 Fixed

Variable

25.71%

74.29%

2013 Percentage of Fixed & Variable Deferrals

FIXED 2018

VARIABLE 2018

25.71%

74.29%

2018 Percentage of Fixed & Variable Deferrals

FIXED2018

VARIABLE2018

Section II 12

VALIC (VAL) 588,923,876$ 387,620$ $ 589,311,496 $ 617,906,082 (28,594,586)$ -4.6%

CHARLES SCHWAB (CS) 79,442,844$ -$ 79,442,844$ $ 80,988,896 (1,546,052)$ -1.9%

GREAT AMERICAN RESERVE (GAR) (annuities only) -$ 1,585,612$ $ 1,585,612 $ 1,880,314 (294,703)$ -15.7%

EMPOWER (EMP) 256,311,041$ 427,823$ $ 256,738,864 $ 270,996,849 (14,257,985)$ -5.3%

VOYA (VOY) 824,282,457$ 6,405,312$ $ 830,687,768 $ 866,797,380 (36,109,612)$ -4.2%

METLIFE INVESTORS (MET) (annuities only) -$ 5,461,583$ $ 5,461,583 $ 6,188,504 (726,921)$ -11.7%

NATIONWIDE (NFS) (annuities only) -$ 3,194,298$ $ 3,194,298 $ 3,456,790 (262,492)$ -7.6%

NATIONWIDE (NRS) 1,826,299,500$ -$ $ 1,826,299,500 $ 1,806,426,938 19,872,562$ 1.1%

T. ROWE PRICE (TRP) 617,606,904$ -$ $ 617,606,904 $ 650,477,940 (32,871,036)$ -5.1%

PLAN TOTALS 4,192,866,622$ 17,462,247$ 4,210,328,869$ 4,305,119,694$ (94,790,826)$ -2.2%


Summary of Plan Assets

Account ValuesChange in Plan

Assets

% Change in

Plan Assets

(including present value of annuities)

2017 Total

AssetsAnnuity Values Total

2018

Section II 13

Percentage of Plan AssetsBy Investment Provider

(including present value of annuities)

#REF!

VAL14.00%

CS1.89%

GAR0.04%

EMP6.10%

VOY19.73%

MET0.13%NFS

0.08%

NRS43.38%

TRP14.67%

2018 VALIC (VAL)

CHARLES SCHWAB (CS)

GREAT AMERICAN RESERVE(GAR) (annuities only)

EMPOWER (EMP)

VOYA (VOY)

METLIFE INVESTORS (MET)(annuities only)

NATIONWIDE (NFS) (annuitiesonly)

NATIONWIDE (NRS)

T. ROWE PRICE (TRP)

Section II 14

VALIC (VAL) 215,601,829$ 36.6% 373,322,047$ 63.4% 588,923,876$

CHARLES SCHWAB (CS) -$ 0.0% 79,442,844$ 100.0% 79,442,844$

EMPOWER (EMP) 97,870,182$ 38.2% 158,440,859$ 61.8% 256,311,041$

VOYA (VOY) 323,178,328$ 39.2% 501,104,128$ 60.8% 824,282,457$

NATIONWIDE (NRS) 1,139,824,762$ 62.4% 686,474,737$ 37.6% 1,826,299,500$

T. ROWE PRICE (TRP) 70,879,896$ 11.5% 546,727,007$ 88.5% 617,606,904$

PLAN TOTALS 1,847,354,999$ 44.1% 2,345,511,623$ 55.9% 4,192,866,622$

2018

TOTALPERCENT OF

TOTAL

Summary of Plan Assets

(excluding present value of annuities)

FIXED VARIABLEPERCENT OF

TOTALINVESTMENT PROVIDERS

Fixed and Variable Plan Assets

Section II 15

Percentage of Plan AssetsBy Investment Provider

(excluding present value of annuities)

VAL14.05%

CS1.89%

EMP6.11%

VOY19.66%

NRS43.56%

TRP14.73%

2018VALIC (VAL)

CHARLES SCHWAB(CS)

EMPOWER (EMP)

VOYA (VOY)

NATIONWIDE (NRS)

T. ROWE PRICE (TRP)

Section II 16

VALIC

Hardship 34 30 43 30 137

Lump Sum 259 196 270 284 1,009

Recurring 25 30 55 18 128

Loans Approved 62 92 83 92 329

Total 380 348 451 424 1,603

EMPOWER

Hardship 18 11 27 26 82

Lump Sum 174 113 99 123 509

Recurring 13 6 13 8 40


Total 267 184 204 209 864

VOYA

Hardship 58 59 53 78 248

Lump Sum 263 216 252 247 978

Recurring 13 12 20 48 93

Loans Approved 100 127 146 126 499

Total 434 414 471 499 1,818

Hardship 61 50 70 70 251

Lump Sum 337 276 274 449 1,336

Recurring 49 45 106 78 278

Loans Approved 198 225 264 233 920

645 596 714 830 2,785

T. ROWE PRICE

Hardship 5 8 7 9 29

Lump Sum 47 44 65 57 213

Recurring 14 4 6 11 35


Total 103 99 121 125 448

ALL INVESTMENT PROVIDERSHardship 176 158 200 213 747

Lump Sum 1,080 845 960 1,160 4,045

Recurring 114 97 200 163 574

Loans Approved 459 541 601 551 2,152

PLAN TOTALS 1,829 1,641 1,961 2,087 7,518

NATIONWIDE

Summary of Account Distributions

INVESTMENT PROVIDERS Distribution Type 1st Quarter 4th Quarter Total Count3rd Quarter2nd Quarter

Section II 17

Section III 18

SECTION III

DETAIL OF FIXED ACCOUNTS

VALIC

VALIC Fixed Interest Option 215,601,829$ 5.1% 9,260 (368,118)$ (149)

Total 215,601,829$ 5.1% 9,260 (368,118)$ (149)

EMPOWER

Guaranteed Portfolio Product 97,870,182$ 2.3% 3,932 (561,014)$ (148)

Total 97,870,182$ 2.3% 3,932 (561,014)$ (148)

VOYA

Voya Fixed Account - 457/401 323,178,328$ 7.7% 13,141 (8,567,331)$ (35)

Total 323,178,328$ 7.7% 13,141 (8,567,331)$ (35)

NATIONWIDE

Fixed Assets 15,011,693$ 0.4% 2,237 2,706,189$ 565

NRS Florida Fixed Fund 1,124,813,069$ 26.7% 16,334 94,099,309$ 1100

Nationwide Bank 1 Yr CD -$ 0.0% 0 (330,490)$ (3)

Nationwide Bank 3 Yr CD -$ 0.0% 0 (550,207)$ (7)

Nationwide Bank 5 Yr CD -$ 0.0% 0 (1,119,870)$ (19)

Nationwide Bank Liquid Savings -$ 0.0% 0 (30,028,462)$ (1656)

Total 1,139,824,762$ 27.1% 18,571 64,776,469$ (20)

T. ROWE PRICE

Valic Fixed Interest Option 70,879,896$ 1.7% 1,072 3,809,297$ (1)

Total 70,879,896$ 1.7% 1,072 3,809,297$ (1)

* Note: 2017 - 42% of Plan assets were fixed accounts.

(353)

Detail of Fixed Accounts


2018

PLAN TOTALS

2017 - 2018

59,089,303$

ValueChange in

Value

Change in

Number of

People

45,97643.9%

Percent of

Total Plan

Assets

1,847,354,999$

Number of

People

Section III 19

Section IV 20

SECTION IV

DETAIL OF VARIABLE ACCOUNTS

INVESTMENT PROVIDER MUTUAL FUNDS Value

VALIC

American Century Infl-Adj Bond Inv 8,595,753$ 0.2% 1,425 1,456,246$ 106

American Century Diversified Bond Inv 19,858,268$ 0.5% 1,786 10,056,340$ 740

American Funds American Mutual R4 5,160,199$ 0.1% 991 1,444,777$ 55

American Funds CP Inc Bldr R4 6,157,749$ 0.1% 1,105 1,872,219$ 303

American Funds EuroPacific Fund R4 36,201,767$ 0.9% 5,323 (7,246,863)$ 81

American Funds Inv. Co. of America R4 13,367,710$ 0.3% 1,600 (1,150,892)$ (416)

American Target Retirement 2010 R4 298,588$ 0.0% 50 18,751$ 6

American Target Retirement 2020 R4 2,839,051$ 0.1% 290 482,376$ 14




American Capital World Bond R4 1,905,906$ 0.0% 365 (64,100)$ 11

American Target Retirement 2015 R4 474,735$ 0.0% 59 (58,814)$ 5

American Target Retirement 2025 R4 3,817,733$ 0.1% 429 1,532,414$ 56




Calvert Equity Portfolio A 6,266,706$ 0.1% 729 211,950$ 14

Dreyfus MidCap Index 49,361,170$ 1.2% 5,599 (7,502,184)$ 146

Fidelity Adv Tech A 8,264,652$ 0.2% 1,468 13,096$ 105

Franklin U.S. Government Securities A 8,135,677$ 0.2% 1,316 (452,019)$ (78)

Invesco Mid Cap Growth R5 11,814,267$ 0.3% 1,817 (723,363)$ (305)

Invesco Real Estate R5 4,478,716$ 0.1% 2,571 (664,710)$ 182

Invesco Small Cap Growth A 11,858,170$ 0.3% 3,390 (3,310,233)$ (59)

Invesco Small Cap Value A 19,801,954$ 0.5% 2,819 (8,063,747)$ (346)

MFS Mass Invest Growth Stock R3 24,902,987$ 0.6% 2,604 (774,028)$ (77)

Prud Jenn Short-Term Corporate Bond A 3,609,851$ 0.1% 702 (11,202,267)$ (597)

Vanguard Total Stock Market Inst PLS 105,098,484$ 2.5% 7,381 (8,014,843)$ 177

VC II Socially Responsible 413,681$ 0.0% 123 219,018$ (227)

Wells Fargo Advantage DJ Target Total Adm 89,039$ 0.0% 37 12,328$ 3

Outstanding Plan Loans 6,926,901$

Total 373,322,047$ 8.9% (28,570,309)$

Detail of Variable Accounts

Change in ValueChange in Number of

People

2017 - 2018

Number of

People

Percent of Total

Plan Assets

2018

Section IV 21




People

2017 - 2018

Number of

People

Percent of Total

Plan Assets

2018

CHARLES SCHWAB

Corporate Bonds 476,710$ 0.0% - 24,266$ -

Government Bonds 122,268$ 0.0% - (28,071)$ -

FDIC Certificates of Deposit & Liquid Savings 12,148,889$ 0.3% - 1,097,029$ -

Closed End Mutual Funds 1,631,709$ 0.0% - (101,295)$ -

Domestic Stock 29,167,649$ 0.7% - (323,480)$ -

Preferred Stock 83,364$ 0.0% - (63,043)$ -

International Stock 2,167,615$ 0.1% - 166,214$ -

Mutual Funds 20,180,885$ 0.5% - (828,263)$ -

Sweep Money Market 3,626$ 0.0% - (1,387)$ -

Options (4,652)$ 0.0% - (833)$ -

Real Estate Investment Trusts (REITs) 658,451$ 0.0% - (57,232)$ -

Exchange Traded Funds 12,806,331$ 0.3% - (1,429,958)$ -

Total 79,442,844$ 1.9% (1,546,052)$

Section IV 22




People

2017 - 2018

Number of

People

Percent of Total

Plan Assets

2018

EMPOWER

American Century One Choice 2020 Inv -$ 0.0% 0 (1,003,605)$ (167)


American Century One Choice 2040 Inv -$ 0.0% 0 (582,219)$ (270)




American Century One Choice In Ret Inv -$ 0.0% 0 (1,058,281)$ (130)



Aggressive Profile -$ 0.0% 0 (19,878,132)$ (1,581)

Moderate Profile -$ 0.0% 0 (27,926,523)$ (1,840)

Conservative Profile -$ 0.0% 0 (8,001,849)$ (521)

Artisan International Inv -$ 0.0% 0 (5,533,856)$ (1,315)

Great-West Lifetime 2015 Fund Inst 10,780,540$ 0.3% 399 10,780,540$ 399









Oppenheimer Developing Markets Y 1,498,570$ 0.0% 1,061 286,606$ 75

Delaware Small Cap Value Instl 3,251,959$ 0.1% 470 (1,243,735)$ (491)

Vanguard Small Cap Index Instl 14,413,666$ 0.3% 1,476 (1,079,965)$ 38

Wasatch Small Cap Growth 895,451$ 0.0% 243 374,726$ 178

Hotchkis & Wiley Value Opps Instl 5,145,758$ 0.1% 1,038 (1,557,867)$ (222)

Prudential Jennison Mid Cap Growth Z -$ 0.0% 0 (10,288,574)$ (1,359)

American Funds Wash Mutual A 17,508,811$ 0.4% 1,693 (264,178)$ 36

Pioneer Fundamental Growth Y 14,697,680$ 0.3% 903 447,458$ 5

JPMorgan US Research Enhanced Equity A 5,797,623$ 0.1% 908 (709,856)$ (473)

Neuberger Berman Socially Resp Inst -$ 0.0% 0 (9,248,810)$ (1,302)

Neuberger Berman Sustainable Equity Inst 8,899,127$ 0.2% 1,328 8,899,127$ 1,328

iShares U.S. Aggregate Bond Index Inst 5,542,781$ 0.1% 1,137 689,553$ 17

PIMCO Total Return Admin 3,979,889$ 0.1% 1,331 (626,472)$ 15

Great-West T.Rowe Price Mid Cap Gr Inst 9,191,489$ 0.2% 1,266 9,191,489$ 1,266

Great-West International Value Instl 5,016,320$ 0.1% 1,348 5,016,320$ 1,348

Great-West Mid Cap Value Instl 60,263$ 0.0% 157 60,263$ 157


Total 158,440,859$ 3.8% (13,665,848)$

Section IV 23




People

2017 - 2018

Number of

People

Percent of Total

Plan Assets

2018

VOYA

Vanguard® Target Retirement 2015 Fund 2,343,658$ 0.1% 125 (945,416)$ 1

Vanguard® Target Retirement 2020 Fund 8,086,549$ 0.2% 405 (751)$ 6

Vanguard® Target Retirement 2025 Fund 8,398,530$ 0.2% 534 1,542,326$ 39

Vanguard® Target Retirement 2030 Fund 7,055,944$ 0.2% 577 1,095,988$ 76

Vanguard® Target Retirement 2035 Fund 5,463,299$ 0.1% 566 288,605$ 46




Vanguard® Target Retirement 2055 Fund 982,583$ 0.0% 459 318,104$ 123



Vanguard® Target Retirement Income 11,016,295$ 0.3% 540 (293,389)$ 20

Vanguard® Long-Term Bond Index Fund 7,945,551$ 0.2% 1,492 (378,191)$ 8

Voya GNMA Income Fund - Class I 11,488,450$ 0.3% 1,624 (349,831)$ (108)

Voya Intermediate Bond Fund - Class I 2,115,607$ 0.1% 335 167,723$ 59

American Funds American Balanced Fund 63,362,312$ 1.5% 5,746 (1,640,474)$ 378

Dodge & Cox Stock Fund 21,855,217$ 0.5% 2,673 (3,028,289)$ (59)

Voya U.S. Stock Index Portfolio 77,461,680$ 1.8% 6,681 (5,738,787)$ 365

American Funds The Growth Fund of America 92,017,320$ 2.2% 8,313 (4,202,706)$ 648

Baron Growth Fund - Retail Shares 22,928,412$ 0.5% 2,941 (1,308,454)$ 129

JPMorgan Mid Cap Growth Fund 21,201,991$ 0.5% 3,285 (2,297,074)$ 191

Loomis Sayles Small Cap Growth Fund 10,136,972$ 0.2% 2,270 1,533,980$ 606

Vanguard® Mid-Cap Index Fund 22,647,821$ 0.5% 3,393 (2,827,899)$ 29

Vanguard® Small-Cap Value Index Fund 22,708,238$ 0.5% 3,959 (4,386,649)$ (117)

American Funds New Perspective Fund 51,883,405$ 1.2% 6,343 (5,558,893)$ 119

Dodge & Cox International Stock Fund 1,358,447$ 0.0% 295 (304,937)$ 34

MFS® International Diversification Fund 4,516,225$ 0.1% 803 (536,015)$ 6


Total 501,104,128$ 11.9% (27,589,160)$

Section IV 24




People

2017 - 2018

Number of

People

Percent of Total

Plan Assets

2018

NATIONWIDE

AB High Income Fund - Class K 11,060,588$ 0.3% 2,487 185,187$ 587

American Century Equity Growth Fund - Investor Class 31,565,777$ 0.7% 3,857 (3,854,725)$ 494

American Century Heritage Fund - Investor Class 12,253,689$ 0.3% 3,004 481,240$ 2,069

Dodge & Cox Income Fund 41,657,699$ 1.0% 3,843 634,020$ 471

Fidelity Contrafund 47,917,017$ 1.1% 4,123 1,191,350$ 720

Fidelity Puritan(R) Fund 15,406,960$ 0.4% 783 1,540,821$ 55

Invesco Diversified Dividend Fund - Class R5 23,892,839$ 0.6% 3,412 (3,031,759)$ 428

Invesco Growth and Income Fund - Class A 46,020,396$ 1.1% 4,309 (11,972,794)$ 384

JPMorgan Mid Cap Value Fund - Class I 14,404,369$ 0.3% 1,245 (4,862,653)$ (105)

JPMorgan Small Cap Equity Fund - Class I 10,869,619$ 0.3% 3,030 233,584$ 681

Morgan Stanley Institutional Fund, Inc.-Growth Portfolio - Class P 105,506,671$ 2.5% 3,483 (666,975)$ (1,557)

Neuberger Berman Equity Trust(R) - Genesis Fund 40,252,558$ 1.0% 3,971 (3,661,683)$ 714

New World Fund(SM) - Class R4 6,455,813$ 0.2% 2,451 772,534$ 639

Oakmark International Fund (The) Class I 24,768,853$ 0.6% 4,425 (7,322,976)$ 375

TIAA-CREF Lifecycle Index 2015 Fund - Retirement Class 7,098,464$ 0.2% 354 (1,564,911)$ (35)

TIAA-CREF Lifecycle Index 2020 Fund - Retirement Class 19,245,290$ 0.5% 752 (541,031)$ (42)

TIAA-CREF Lifecycle Index 2025 Fund - Retirement Class 16,464,546$ 0.4% 995 (338,544)$ (26)

TIAA-CREF Lifecycle Index 2030 Fund - Retirement Class 14,259,269$ 0.3% 1,147 (708,996)$ 12

TIAA-CREF Lifecycle Index 2035 Fund - Retirement Class 11,665,353$ 0.3% 1,135 164,914$ 33

TIAA-CREF Lifecycle Index 2040 Fund - Retirement Class 7,970,098$ 0.2% 1,118 (106,136)$ 38




TIAA-CREF Lifecycle Index 2060 Fund - Retirement Class 137,403$ 0.0% 115 29,951$ 70

TIAA-CREF Lifecycle Index Retirement Income Fund-Rtmt Class 4,364,752$ 0.1% 220 (456,316)$ (13)

Vanguard REIT Index Fund - Institutional Shares 3,808,557$ 0.1% 2,549 (997,570)$ 569

Vanguard S&P Mid-Cap 400 Index Fund Institutional Shares 24,241,413$ 0.6% 1,641 (3,104,826)$ 74

Vanguard Total International Stock Index Fund-Institutional Shares 20,694,022$ 0.5% 3,796 (2,331,760)$ 509

Vanguard(R) Institutional Index Fund - Institutional Shares 97,458,818$ 2.3% 5,406 (6,394,648)$ 510


Total 686,474,737$ 16.3% (45,501,153)$

Section IV 25




People

2017 - 2018

Number of

People

Percent of Total

Plan Assets

2018

T. ROWE PRICE

Emerging Markets Bond Fund 1,802,651$ 0.0% 164 (463,707)$ (10)

Health Sciences Fund 14,459,830$ 0.3% 791 1,623,597$ 95

Mid-Cap Value Fund 26,412,805$ 0.6% 984 (5,426,003)$ (66)

Trp Communications & Tech Fund 6,490,254$ 0.2% 488 546,070$ 79

New Horizons Fund 35,116,991$ 0.8% 1,098 188,306$ 110

New Income Fund 7,647,416$ 0.2% 248 166,412$ (7)

T Rowe Price Government Money 3,739$ 0.0% 2 55$ 0

Small-Cap Value Fund 16,906,202$ 0.4% 714 (3,173,748)$ (20)

Dividend Growth Fund 9,218,156$ 0.2% 388 (747,674)$ 2

Science & Technology Fund 15,031,641$ 0.4% 1,014 (2,314,126)$ 53

Small-Cap Stock Fund 12,066,168$ 0.3% 647 (1,142,469)$ 24

Trp Growth Stock Trust A 60,732,071$ 1.4% 1,569 (3,559,163)$ (1)

Spectrum Income Fund 26,316,474$ 0.6% 844 (2,528,478)$ (46)

Trp Us Mid Cap Growth Eq Tr D 46,869,682$ 1.1% 1,353 (3,420,532)$ (9)

T Rowe Price Intl Value Equity 16,784,646$ 0.4% 992 (4,704,985)$ (64)

Equity Index Trust Class C 35,845,689$ 0.9% 908 (2,579,381)$ 3

Trp Capital App Trust A 53,574,602$ 1.3% 1,184 (4,245,327)$ (71)

Trp Equity Income Trust D 26,519,362$ 0.6% 873 (5,694,047)$ (71)

T Rowe Price Retire 2035 Tr F 9,101,853$ 0.2% 653 829,294$ 84


T Rowe Price Retire 2030 Tr F 22,986,692$ 0.5% 794 1,938,400$ 134

T Rowe Price Retire 2010 Tr F 5,934,954$ 0.1% 84 (624,782)$ (4)



T Rowe Price Retire 2020 Tr F 30,097,172$ 0.7% 561 (3,120,925)$ 7

T Rowe Price Retire 2015 Tr F 15,799,634$ 0.4% 254 (2,248,428)$ (8)




T Rowe Price Retire 2060 Tr F 207,118$ 0.0% 67 108,535$ 27

T Rowe Price Retire Bal Tr F 4,455,422$ 0.1% 78 808,796$ 0


Total 546,727,007$ 13.0% (36,331,799)$

Plan Total 2,345,511,623$ 55.7% (153,204,320)$

* Note: 2017 - 58% of Plan assets were variable accounts.

Section IV 26

Section V 27

SECTION V

12/31/2018

INVESTMENT PERFORMANCE REPORT

Quarterly Performance Report

As of December 31, 2018

It is the policy of the Department of Financial Services (DFS) to make available a broad range of investment options that have varying degrees of risk and return. The DFS has responsibility for ensuring that a variety of investment options are available, that information regarding these options is available to participants, and that program investment management expenses are kept to a minimum. The State of Florida’s 457(b) Government Deferred Compensation Plan is a participant directed investment program. The DFS has an established Investment Policy for Product Selection and Retention (IPPSR) that establishes the investment standards for the Government Employees’ Deferred Compensation Plan, adopts criteria for the selection and retention of the Plan’s investment options, and provides a method for the quarterly evaluation and monitoring of the investment options. Copies of the IPPSR and product evaluations are available upon request.

For more information, you may contact our office at 850-413-3162 or toll-free at 1-877-299-8002. You may also

visit our website at www.myfloridadeferredcomp.com.

The numbers discussed in this document are performance as of the date indicated. Past performance does not guarantee future results. To find more

detailed information on products listed in this report contact the Investment Company directly. A prospectus can be obtained from the Investment

Company and should be read carefully before investing.

Section V 28

Company Communications. The Investment Providers in the program offer a variety of methods to assist in retirement

planning goals. Companies offering face-to-face representatives, phone, and internet services are Empower Retirement,

Nationwide Retirement Solutions, VALIC, and Voya. T. Rowe Price representatives are available via telephone and

internet. To enroll the following options are available:

Investment Options Available. The Investment Providers offer a wide variety of mutual funds and guarantee

of principal and interest accounts (see page 38 & 39 for definitions).

Qualified Default Investment Alternatives (QDIA). Each Investment Provider offers a menu of Target Date Funds

(TDF) used as a default investment based on the participant’s age and time to retirement. These TDFs qualify under

the U.S. Department of Labor regulations as QDIA by acting as a single investment capable of meeting a participant’s

long-term retirement savings needs.

Fees. The “Investment Management Fee” is a fee charged by the mutual fund company itself and not the Investment

Provider. This fee is included in the investment return. The investment management fee is important and

should be considered when choosing a Company.

Customer Service. Customer service is a priority of the Bureau of Deferred Compensation and each Investment Provider

within the program. Please contact the Bureau of Deferred Compensation toll free at 1-877-299-8002 with any concerns.

Investment Advice. All of the Providers offer free consultation upon enrollment in the Deferred Compensation Plan.

Additionally, Nationwide, VALIC, and Empower Retirement offer advisory services to provide Participants in selecting

investments and other decision regarding allocations and investment decisions. These services are available to

participants for a fee. Please contact Nationwide, VALIC, or Empower Retirement for any further questions

about these advisory services.

1. Click the button on the Bureau of Deferred Compensation website at(www.myfloridadeferredcomp.com) and complete and submit the EZ Enrollment Form electronically;

2. Fax your EZ Enrollment form to 850-488-7186, or scan/email to [email protected] (documentsscanned or e-mailed should be encrypted to protect personal information);

3. Enroll online with Nationwide, Empower Retirement, VALIC, Voya, or T. Rowe Price.

4. Contact one or more of the 5 Investment Providers by phone to request an enrollment package to complete and return.

Section V 29

http://www.myfloridadeferredcomp.com/

mailto:[email protected]

Column Explanations (Needed for pages 31–37)

Investment Providers are the financial service providers that offer investments through the Deferred Compensation Plan. The Plan features five traditional investment companies and one online brokerage service company. Toll-free telephone numbers and web addresses are provided for easy access.

Products are the individual mutual funds, Target Date Funds, deposit accounts, and other investments offered by the Investment Company.

Morningstar Fund Category identifies what type of stocks or bonds are held within that particular mutual fund. The definitions for all of these categories can be found on page 39 of this document.

Benchmark Index is a comparable standard for that particular mutual fund category and is listed below each mutual fund in italics.

Ticker Symbol is a system of letters used to identify the mutual fund in various types of media such as newspapers, websites, etc.

Star Rating is the 5-year Morningstar Star rating of a fund’s risk-adjusted return as related to similar funds. Funds are rated from one to five stars, with the top 10% of performers in each Morningstar Category receiving 5 stars and the bottom 10% of performers receiving 1 star. The Morningstar Star Rating is used for identifying funds worthy of further research, but should not be considered buy or sell recommendations. Funds with a Star Rating less than 3 are being reviewed for possible termination from the Deferred Compensation program.

Inception Date is the day a fund begins offering shares is known and identifies the beginning of a new mutual fund.

Historical Returns are the 12 month, 3, 5, and 10 year returns detailing the gain or loss from an investment over that time period. The historical return should be equal to or greater than the Benchmark Index returns over the same period of time. However, returns reflect historical performance and should not be considered indicative of future performance.

Fees include the portfolio manager’s compensation and other expenses associated with operating the mutual fund. The fee is stated as a percentage of the fund’s average daily net asset value and is assessed before any returns are paid to investors. The expense as a dollar amount of the fee will vary due to factors such as account balance and rate of return. For example, the dollar amount of the fee for a $1,000 account with an Investment Management Fee of 0.60% would be $6.00 (without any type of fluctuation in the fee or trading activity). A portion of the Investment Management Fee may be reimbursed to our Investment Companies for offering a particular fund. A portion of these fees -- $1.70 per participant per month -- funds the State of Florida Deferred Compensation Program.

Section V 30

STATE OF FLORIDA 457(b) DEFERRED COMPENSATION PLAN

INVESTMENT PRODUCT PERFORMANCE REPORT

HISTORICAL AVERAGE ANNUAL TOTAL RETURNS

STATE OF FLORIDA BUREAU OF DEFERRED COMPENSATION TALLAHASSEE 850-413-3162 or toll free 1-877-299-8002

* Comparing the Fund against its benchmark index will give an indication of fund performance.

* The Star Rating is determined by comparing a fund's risk adjusted returns with all other funds in the same category. A rating is then assigned (5 = best, 1 = worst).

* Short-term and excessive trading fees may apply. Please see the prospectus of the mutual fund for more information.

Period Ending: 12/31/2018

12 Mo 3YR 5YR 10YR

Ticker

Symbol

5 yr Star

Rating

Inception

date (%) (%) (%) (%) (%)

Nationwide Retirement Solutions 1-800-949-4457

To enroll online: http://www.nrsflorida.com

Dodge & Cox Income DODIX **** 12/30/88 -0.31 3.19 2.87 5.01 0.43 ≈ 4.30

Intermediate-Term Bond

Barclays U.S. Aggregate Bond 0.01 2.06 2.52 3.48

AllianceBernstein High Income AGDKX *** 02/25/94 -5.83 5.35 2.99 10.96 0.89 ≈ 8.90

High Yield Bond

Barclays Global HighYield -2.72 6.83 4.43 11.48

Fidelity Puritan FPURX ***** 04/16/47 -4.16 6.13 6.14 10.37 0.54 ≈ 5.40

Allocation--50% to 70% Equity

S&P 500 -4.38 9.26 8.49 13.12

Invesco Diversified Dividend DDFIX **** 10/25/05 -7.54 4.79 5.70 11.18 0.54 ≈ 5.40

Large Value

S&P 500 -4.38 9.26 8.49 13.12

Morgan Stanley Institutional Large-Cap Growth MSEGX ***** 01/02/96 7.39 14.64 12.29 19.42 0.89 ≈ 8.90

Large Growth

Russell 1000 Growth -1.51 11.15 10.40 15.29

Vanguard Institutional Index VIIIX ***** 07/07/97 -4.41 9.24 8.48 13.13 0.02 ≈ 0.20

Large Blend

S&P 500 -4.38 9.26 8.49 13.12

American Century Equity Growth BEQGX *** 05/09/91 -6.30 7.89 6.40 11.71 0.67 ≈ 6.70

Large Blend

S&P 500 -4.38 9.26 8.49 13.12

Fidelity Contrafund FCNTX **** 05/17/67 -2.17 10.17 9.30 13.89 0.74 ≈ 7.40

Large Growth

S&P 500 -4.38 9.26 8.49 13.12

Invesco Growth & Income ACGIX ** 08/01/46 -13.46 5.80 4.78 10.26 0.82 ≈ 8.20

Large Value

Russell 1000 Value -8.27 6.95 5.95 11.18

Vanguard S&P 400 Mid-Cap Index1

VSPMX **** 03/28/11 -11.14 7.60 5.97 n/a 0.38 ≈ 3.80

Mid-Cap Blend

S&P Mid-Cap 400 -11.08 7.66 6.03 13.68

JP Morgan Mid-Cap Value JMVSX *** 11/13/97 -11.86 4.56 5.04 12.39 1.01 ≈ 10.10

Mid-Cap Blend

Russell Mid-Cap Value -12.29 6.06 5.44 13.03

American Century Heritage TWHIX *** 11/10/87 -5.17 6.05 5.62 12.88 1.01 ≈ 10.10

Mid-Cap Growth

Russell Mid-Cap Growth -4.75 8.59 7.42 15.12

JPMorgan Small Cap Equity Select VSEIX ***** 12/20/94 -8.99 8.72 6.31 14.14 1.02 ≈ 10.20

Small Blend

Russell 2000 -11.01 7.36 4.41 11.97

Neuberger Berman Genesis NBGEX *** 09/27/88 -6.74 8.34 4.89 11.83 1.09 ≈ 10.90

Small Growth

Russell 2000 -11.01 7.36 4.41 11.97

Vanguard REIT Index1

VGSNX *** 12/02/03 -5.93 2.31 7.41 12.07 0.40 ≈ 4.00

Real Estate

MSCI US REIT -4.57 2.88 7.80 12.17

Vanguard Total International Stock Index1

VTSNX **** 11/29/10 -14.39 4.56 0.97 n/a 0.39 ≈ 3.90

Foreign Large Blend

FTSE Global All Cap ex US -14.62 4.44 1.05 7.21

Oakmark International OAKIX ** 09/30/92 -23.43 2.35 -0.50 9.79 1.00 ≈ 10.00

Foreign Large Blend

MSCI World ex US -14.09 3.11 0.34 6.24

American Funds New World RNWEX ***** 06/17/99 -12.27 6.54 1.85 8.29 0.98 ≈ 9.80

Diversified Emerging Mkts

MSCI ACWI -9.42 6.60 4.26 9.46

(Not to fall below 3.50%)

3rd Quarter 2018 3.50%

2nd Quarter 2018 3.50%

1st Quarter 2018 3.50%

4th Quarter 2017 3.50%

www.myfloridadeferredcomp.com

* Fund names with respective 'ticker symbol' are the variable investment products offered in the Deferred Compensation Plan.

* After the Morningstar Category, and in italics is the benchmark index identified by the Fund to measures its performance.

Historical Returns (Net of Fees)

Fees (These are already included in

historical returns)

1For investments in the Vanguard Total International Stock Index Fund, the Vanguard REIT Index, and the Vanguard Mid-cap Index Nationwide Retirement Services charges a 30 basis point

daily asset fee for its administrative services to the plan in addition to the fund fees charged by Vanguard.

Nationwide Fixed Account

Expressed as

Dollars Per $1,000Investment Provider & Product

* Immediately below the fund name in bold is its Morningstar Category.

Fixed Account returns are guaranteed for the

current quarter and credited & compounded

daily.

The assets in the guarantee of principal and

interest accounts are backed by the financial

strength of the insurance companies offering

them. Additionally, the Office of Insurance

Regulation analyzes the financial condition of the

insurance companies on a quarterly basis.

*Fees are included in the returns of the

Guarantee of Principal and Interest Accounts.

Section V 31






http://www.nrsflorida.com/



12 Mo 3YR 5YR 10YR

Ticker

Symbol

5 yr Star

Rating

Inception

date (%) (%) (%) (%) (%)

Empower Retirement

1-800-444-9412

To enroll online: https://florida457.com

iShares U.S. Aggregate Bond Index BMOIX *** 03/31/11 -0.13 1.89 2.36 3.36 0.11 ≈ 1.10



PIMCO Total Return PTRAX *** 09/08/94 -0.51 2.21 2.30 4.45 0.80 ≈ 8.00



American Funds Washington Mutual AWSHX **** 07/31/52 -2.92 9.79 8.00 12.15 0.57 ≈ 5.70

Large Blend

S&P 500 -4.38 9.26 8.49 13.12

Hotchkis & Wiley Value Opportunities HWAIX *** 12/31/02 -10.97 6.57 5.20 16.93 0.97 ≈ 9.70

Allocation--85%+ Equity

S&P 500 -4.38 9.26 8.49 13.12

JPMorgan Disiplined Equity JDEAX *** 09/28/01 -5.87 7.65 6.96 12.71 0.85 ≈ 8.50

Large Blend

S&P 500 -4.38 9.26 8.49 13.12

Pioneer Fundamental Growth FUNYX **** 04/07/09 -0.31 8.44 9.22 14.22 0.77 ≈ 7.70

Large Growth

Russell 1000 Growth -1.51 11.15 10.40 15.29

Neuberger Berman Sustainable Equity NBSLX *** 11/28/07 -5.63 7.33 6.43 12.65 0.67 ≈ 6.70

Large Blend

S&P 500 -4.38 9.26 8.49 13.12

Great-West T. Rowe Price Mid Cp Gr Instl MXYKX ***** 05/01/15 -1.99 9.26 9.46 16.03 0.67 ≈ 6.70

Mid-Cap Growth


Delaware Small-Cap Value DEVIX **** 11/09/92 -18.08 6.41 3.61 11.93 0.93 ≈ 9.30

Small Value

Russell 2000 Value -12.86 7.37 3.61 10.40

Wasatch Small-Cap Growth WAAEX **** 12/08/86 3.50 9.71 6.15 14.76 1.27 ≈ 12.70

Small Growth

Russell 2000 Growth -9.31 7.24 5.13 13.52

Vanguard Small-Cap Index VSCIX **** 07/07/97 -9.32 7.64 5.26 13.60 0.04 ≈ 0.40

Small Blend

CRSP US Small Cap -9.33 7.62 5.24 14.07

Oppenheimer Developing Markets ODVYX *** 09/07/05 -11.95 8.43 0.95 10.17 1.05 ≈ 10.50

Diversified Emerging Mkts

MSCI Emerging Markets -14.58 9.25 1.65 8.02

Great-West International Value Instl MXJVX ***** 05/01/15 -15.30 3.88 3.85 9.84 0.70 ≈ 7.00

Foreign Large Blend

MSCI EAFE -12.11 6.73 4.33 13.09

Great-West Mid Cap Value Instl MXKJX ***** 05/01/15 -12.00 7.67 6.89 13.16 0.81 ≈ 8.10

Mid-Cap Value

Russell Mid Cap Value TR USD -12.29 6.06 5.44 13.03






Expressed as

Dollars Per $1,000

Fixed account returns are guaranteed for the current

quarter and credited & compounded daily.

The assets in the guarantee of principal and interest

accounts are backed by the financial strength of the

insurance companies offering them. Additionally, the

Office of Insurance Regulation analyzes the financial

condition of the insurance companies on a quarterly

basis.

*Fees are included in the returns of the Guarantee of

Principal and Interest Accounts.



historical returns)

Investment Provider & Product

Empower Fixed Account

Section V 32

https://florida457.com/


12 Mo 3YR 5YR 10YR

Ticker

Symbol

5 yr Star

Rating

Inception

date (%) (%) (%) (%) (%)

VALIC

1-888-467-3726

To enroll online: http://www.valic.com/floridadcp

Prudential Short-Term Corporate Bond PBSMX *** 9/1/1989 0.34 1.58 1.39 3.36 0.78 ≈ 7.80

Short-Term Bond

Barclays Credit 1-5 Yr 1.11 2.00 1.80 3.72

American Century Inflation Adjusted Bond ACITX *** 02/10/97 -2.51 1.72 1.12 3.06 0.47 ≈ 4.70

Inflation-Protected Bond

Barclays US Treasury TIPS -1.26 2.11 1.69 3.64

Franklin US Government Securities FKUSX ** 05/29/70 0.28 0.57 1.38 2.41 0.77 ≈ 7.70

Intermediate Government

Barclays US Govt Intermediate 1.43 1.21 1.46 1.83

American Century Diversified Bond ADFIX *** 12/03/01 -1.46 1.44 2.09 3.35 0.60 ≈ 6.00

Barclays US Aggregate Bond 0.01 2.06 2.52 3.48

American Funds American Mutual RMFEX ***** 06/27/02 -2.11 9.51 7.50 11.74 0.65 ≈ 6.50

Large Value

S&P 500 -4.38 9.26 8.49 13.12

Vanguard Total Stock Market Index VSMPX **** 07/07/97 -5.16 8.99 7.91 13.26 0.04 ≈ 0.40

Large Blend

CRSP US Total Market -5.17 9.00 7.92 13.27

American Funds Investment Company of America RICEX *** 05/28/02 -6.58 8.58 7.15 11.58 0.65 ≈ 6.50

Large Blend

S&P 500 -4.38 9.26 8.49 13.12

MFS Massachusetts Growth Stock MIGHX *** 04/01/05 0.78 11.23 8.93 14.28 0.74 ≈ 7.40

Large Growth

Russell 1000 Growth -1.51 11.15 10.40 15.29

VALIC Socially Responsible VCSRX **** 09/21/98 -5.20 8.17 8.13 13.35 0.56 ≈ 5.60

Large Blend

S&P 500 -4.38 9.26 8.49 13.12

Dreyfus Mid-Cap Index PESPX *** 06/19/91 -11.50 7.17 5.56 13.18 0.50 ≈ 5.00

Mid-Cap Blend

S&P Mid-Cap 400 -11.08 7.66 6.03 13.68

Invesco Mid-Cap Growth VGRJX *** 06/01/10 -5.47 5.35 5.17 13.91 0.82 ≈ 8.20

Mid-Cap Growth


Invesco Small-Cap Value VSCAX ** 06/21/99 -25.29 1.48 0.42 10.77 1.12 ≈ 11.20

Small Value

Russell 2000 Value -12.86 7.37 3.61 10.40

Invesco Small-Cap Growth GTSAX **** 10/18/95 -9.01 8.15 5.98 14.02 1.20 ≈ 12.00

Small Growth

S&P 500 -4.38 9.26 8.49 13.12

Invesco Real Estate IARIX **** 04/30/04 -5.28 3.07 7.53 11.56 0.89 ≈ 8.90

Real Estate

S&P 500 -4.38 9.26 8.49 13.12

Fidelity Advisor Technology FADTX *** 09/03/96 -7.79 15.47 12.72 19.84 1.05 ≈ 10.50

Technology

S&P 500 -4.38 9.26 8.49 13.12

American Funds Capital Income Builder RIREX **** 05/20/02 -7.08 4.27 3.22 7.31 0.64 ≈ 6.40

World Allocation

MSCI ACWI -9.42 6.60 4.26 9.46

American Funds Capital World Bond RCWEX *** 08/15/02 -1.48 2.65 1.06 2.96 0.89 ≈ 8.90

World Bond

Barcap Global Aggregate -1.20 2.70 1.08 2.49

American Funds EuroPacific REREX *** 06/07/02 -15.22 3.72 1.50 7.33 0.83 ≈ 8.30

Foreign Large Growth

MSCI ACWI Ex US -14.09 3.11 0.34 6.24

VALIC Fixed Account











basis.





historical returns)

Expressed as

Dollars Per $1,000





Section V 33

http://www.valic.com/floridadcp


12 Mo 3YR 5YR 10YR

Ticker

Symbol

5 yr Star

Rating

Inception

date (%) (%) (%) (%) (%)

T. Rowe Price

1-800-893-0269

http://www.rps.troweprice.com

http://rps.troweprice.com/florida

T.Rowe Price New Income PRCIX *** 08/31/73 -0.63 1.99 2.36 4.05 0.56 ≈ 5.60



T. Rowe Price Spectrum Income RPSIX **** 06/29/90 -2.62 4.08 2.79 5.99 0.65 ≈ 6.50

Multisector Bond


T. Rowe Price Capital Appreciation Trust N/A ***** 03/31/06 0.08 8.05 8.40 12.74 0.57 ≈ 5.70


S&P 500 -4.38 9.26 8.49 13.12

T. Rowe Price Equity Income Trust N/A *** 09/08/06 -9.22 8.15 4.93 10.84 0.52 ≈ 5.20

Large Value

S&P 500 -4.38 9.26 8.49 13.12

T. Rowe Price Equity Index Trust N/A **** 12/31/92 -4.44 9.17 8.40 13.07 0.06 ≈ 0.60

Large Blend

S&P 500 -4.38 9.26 8.49 13.12

T. Rowe Price Dividend Growth PRDGX ***** 12/30/92 -1.06 9.63 8.67 12.87 0.64 ≈ 6.40

Large Blend

S&P 500 -4.38 9.26 8.49 13.12

T. Rowe Price Growth Stock Trust N/A **** 03/31/06 -0.97 10.42 10.26 16.14 0.50 ≈ 5.00

Large Growth

S&P 500 -4.38 9.26 8.49 13.12

T. Rowe Price Mid-Cap Growth Trust N/A ***** 01/13/12 -2.02 9.22 9.47 n/a 0.63 ≈ 6.30

Mid-Cap Growth


T. Rowe Price Mid-Cap Value TRMCX **** 06/28/96 -10.61 7.46 5.80 12.99 0.79 ≈ 7.90

Mid-Cap Value

Russell Mid-Cap Value -12.29 6.06 5.44 13.03

T. Rowe Price Small-Cap Value PRSVX **** 06/30/88 -11.49 8.97 4.31 11.80 0.91 ≈ 9.10

Small Blend

Russell 2000 Value -12.86 7.37 3.61 10.40

T. Rowe Price New Horizons PRNHX ***** 06/03/60 4.04 13.82 10.33 19.33 0.78 ≈ 7.80

Mid-Cap Growth

Russell 2000 Growth -9.31 7.24 5.13 13.52

T. Rowe Price Small-Cap Stock OTCFX **** 06/01/56 -3.24 9.76 6.48 15.09 0.89 ≈ 8.90

Small Growth

Russell 2000 -11.01 7.36 4.41 11.97

T. Rowe Price Health Sciences PRHSX **** 12/29/95 1.23 5.11 11.60 19.42 0.77 ≈ 7.70

Health

S&P 500 -4.38 9.26 8.49 13.12

T. Rowe Price Communications and Technology PRMTX ***** 10/13/93 -1.83 11.96 10.36 19.70 0.78 ≈ 7.80

Communications

S&P 500 -4.38 9.26 8.49 13.12

T. Rowe Price Science & Technology Fund PRSCX *** 09/30/87 -6.99 13.13 12.10 18.04 0.80 ≈ 8.00

Technology

S&P 500 -4.38 9.26 8.49 13.12

T. Rowe Price Emerging Markets Bond PREMX *** 12/30/94 -7.23 5.04 3.78 7.77 0.92 ≈ 9.20

Emerging Markets Bond

JP Morgan EMBI Global -4.61 4.74 4.18 7.79

T. Rowe Price International Value Fund TRIGX ** 12/21/98 -18.21 -0.20 -1.83 5.53 0.83 ≈ 8.30

Foreign Large Value

MSCI EAFE -13.79 2.87 0.53 6.32













basis.



T. Rowe Price

offering VALIC Fixed Account



historical returns)

Expressed as

Dollars Per $1,000

To enroll online:

For exisitng participants:


Section V 34

http://www.rps.troweprice.com/

http://rps.troweprice.com/florida


12 Mo 3YR 5YR 10YR

Ticker

Symbol

5 yr Star

Rating

Inception

date (%) (%) (%) (%) (%)

VOYA

1-800-282-6295

To enroll online: https://florida457.beready2retire.com

VOYA GNMA Income I LEINX ***** 08/17/73 1.03 1.60 2.40 3.28 0.65 ≈ 6.50

Intermediate Government

Barclays GNMA 1.02 1.48 2.35 3.16

VOYA Intermediate Bond IICIX ***** 12/15/98 -0.27 2.85 3.20 5.53 0.35 ≈ 3.50



Vanguard Long Term Bond Index VBLLX *** 09/30/94 -4.41 4.13 5.51 5.92 0.05 ≈ 0.50

Long-Term Bond

Barclays U.S. Long Gov/Credit Float Adjusted -4.68 4.03 5.37 n/a

American Funds American Balanced RLBEX ***** 07/26/75 -2.77 6.79 6.15 10.27 0.63 ≈ 6.30


S&P 500 -4.38 9.26 8.49 13.12

American Funds The Growth Fund of America RGAEX *** 12/01/73 -2.95 9.89 8.84 13.48 0.68 ≈ 6.80

Large Growth

S&P 500 -4.38 9.26 8.49 13.12

VOYA US Stock Index Portfolio INGIX **** 05/03/04 -4.62 8.96 8.19 12.82 0.27 ≈ 2.70

Large Blend

S&P 500 -4.38 9.26 8.49 13.12

Dodge and Cox Stock Fund DODGX **** 01/04/65 -7.07 10.07 7.06 13.17 0.52 ≈ 5.20

Large Value

S&P 500 -4.38 9.26 8.49 13.12

Vanguard Mid-Cap Index2

VMCIX **** 05/21/98 -9.43 6.18 6.01 13.66 0.44 ≈ 4.40

Mid-Cap Blend

CRSP US Mid Cap -9.22 6.40 6.24 13.74

JPMorgan Mid Cap Growth JMGFX **** 03/02/89 -5.02 7.31 7.17 14.76 0.79 ≈ 7.90

Mid-Cap Growth


Baron Growth Fund BGRFX *** 12/31/94 -2.92 9.35 5.49 13.49 1.30 ≈ 13.00

Mid-Cap Growth

Russell 2000 Growth -9.31 7.24 5.13 13.52

Loomis Sayles Small-Cap Growth LSSIX **** 12/31/96 0.45 10.44 6.60 14.90 0.95 ≈ 9.50

Russell 2000 Growth -9.31 7.24 5.13 13.52

Vanguard Small Cap Value Index2 VSIIX ***** 12/07/99 -12.41 6.78 5.03 12.41 0.26 ≈ 2.60

Small Value

CRSP US Small Cap Value -12.27 6.99 5.26 14.22

MFS International Diversification MDITX **** 04/01/05 -11.05 5.89 2.70 8.21 0.87 ≈ 8.70

Foreign Large Blend

MSCI ACWI Ex US -13.78 4.98 1.14 7.06

Dodge and Cox International Stock Fund DODFX *** 05/01/01 -17.98 3.24 -0.48 7.72 0.63 ≈ 6.30

Foreign Large Value

MSCI EAFE -13.79 2.87 0.53 6.32

American Funds New Perspective RNPEX **** 03/13/73 -5.90 7.27 6.05 11.38 0.79 ≈ 7.90

World Large Stock

MSCI ACWI -9.42 6.60 4.26 9.46

Voya Fixed Account

(Not to fall below 1.80%)*










basis.





historical returns)

Expressed as

Dollars Per $1,000

2For investments in the Vanguard Mid-Cap Index and Vanguard Small Cap Value Index, Voya charges a 20 basis point daily asset fee for its

administrative services to the plan in addition to the fund fees charged by Vanguard.




Small Growth

Section V 35

https://florida457.beready2retire.com/

VALIC offers American Funds products.

T. Rowe Price offers T. Rowe Price products.

Nationwide offers TIAA-CREF products.1YR (%) 3YR(%) 5YR(%) 10YR(%) (%)

-2.20 4.01 2.94 5.88Nationwide: TIAA-CREF Lifecycle Index Retirement Income TRCIX ***** 09/30/09 -2.90 4.04 3.52 n/a 0.35 ≈ 3.50

T. Rowe Price: Retirement Balanced Active Trust N/A **** 01/13/12 -3.25 4.39 3.29 n/a 0.43 ≈ 4.30

Voya: Vanguard Target Retirement Income3

VTINX **** 10/27/03 -2.24 3.56 3.09 5.66 0.38 ≈ 3.80

-2.97 4.47 3.37 6.96T. Rowe Price: Retirement 2010 Active Trust N/A **** 01/13/12 -3.48 4.95 3.84 n/a 0.43 ≈ 4.30

VALIC: American Funds 2010 RDATX **** 02/01/07 -2.80 4.62 3.79 7.58 0.68 ≈ 6.80

T. Rowe Price: Retirement 2005 Active Trust N/A *** 01/13/12 -3.10 4.63 3.59 n/a 0.43 ≈ 4.30

-3.54 4.79 3.61 7.55T. Rowe Price: Retirement 2015 Active Trust N/A **** 01/13/12 -4.11 5.36 4.23 n/a 0.43 ≈ 4.30

Empower: Great-West Lifetime 20154

MXNYX **** 05/01/15 -4.03 4.81 3.95 3.01 0.79 ≈ 7.90

VALIC: American Funds 2015 RDBTX **** 02/01/07 -3.04 4.82 3.92 8.04 0.67 ≈ 6.70

Nationwide: TIAA-CREF Lifecycle Index 2015 TLGRX **** 09/30/09 -3.50 4.58 3.89 n/a 0.35 ≈ 3.50

Voya: Vanguard Target Retirement 20153

VTXVX ***** 10/27/03 -3.22 4.46 3.77 7.57 0.38 ≈ 3.80

-4.16 5.18 3.87 8.27T. Rowe Price: Retirement 2020 Active Trust N/A ***** 01/13/12 -4.84 5.87 4.64 n/a 0.43 ≈ 4.30

VALIC: American Funds 2020 RDCTX ***** 02/01/07 -3.08 5.16 4.30 8.82 0.69 ≈ 6.90


VTWNX ***** 06/07/06 -4.48 5.06 4.18 8.26 0.38 ≈ 3.80

Nationwide: TIAA-CREF Lifecycle Index 2020 TLWRX **** 09/30/09 -3.97 5.02 4.16 n/a 0.35 ≈ 3.50


MXAKX n/a 04/28/16 -4.58 4.84 3.85 4.70 0.80 ≈ 8.00


VALIC: American Funds 2025 RDDTX ***** 02/01/07 -3.77 5.73 4.66 9.83 0.71 ≈ 7.10

Nationwide: TIAA-CREF Lifecycle Index 2025 TLQRX ***** 09/30/09 -4.65 5.50 4.44 n/a 0.35 ≈ 3.50


VTTVX ***** 10/27/03 -5.39 5.47 4.40 8.79 0.39 ≈ 3.90


MXQBX **** 05/01/15 -5.41 5.50 4.39 3.32 0.80 ≈ 8.00


VALIC: American Funds 2030 RDETX ***** 02/01/07 -4.53 6.53 5.26 10.49 0.73 ≈ 7.30

Nationwide: TIAA-CREF Lifecycle Index 2030 TLHRX *** 09/30/09 -5.27 5.97 4.71 n/a 0.35 ≈ 3.50


VTHRX ***** 06/07/06 -6.09 5.80 4.56 9.30 0.39 ≈ 3.90


MXAYX n/a 04/28/16 -6.41 5.61 4.28 5.71 0.82 ≈ 8.20

-6.82 6.72 4.61 10.17VALIC: American Funds 2035 RDFTX ***** 02/01/07 -5.52 7.05 5.57 10.69 0.74 ≈ 7.40

T. Rowe Price: Retirement 2035 Active Trust N/A ***** 01/13/12 -6.64 6.85 5.44 n/a 0.43 ≈ 4.30

Nationwide: TIAA-CREF Lifecycle Index 2035 TLYRX **** 09/30/09 -5.92 6.41 4.96 n/a 0.35 ≈ 3.50


MXTBX **** 05/01/15 -7.56 6.33 4.79 3.74 0.82 ≈ 8.20


VTTHX ***** 10/27/03 -6.81 6.14 4.73 9.77 0.39 ≈ 3.90

-7.65 6.98 4.65 10.32VALIC: American Funds 2040 RDGTX ***** 02/01/07 -5.85 7.27 5.69 10.81 0.75 ≈ 7.50


Nationwide: TIAA-CREF Lifecycle Index 2040 TLZRX ***** 09/30/09 -6.60 6.84 5.18 n/a 0.35 ≈ 3.50


VFORX **** 06/07/06 -7.56 6.48 4.84 9.98 0.40 ≈ 4.00


MXBGX n/a 04/28/16 -8.39 6.11 4.46 6.35 0.84 ≈ 8.40

Target Date 2036-2040






Target Date Retirement FundsHistorical Returns as of


Retirement Income


Voya offers Vanguard products.

12/31/2018

Each Investment Provider offers a menu of Target Date Funds (TDF) used to default investment based on the participant’s age and time to retirement. These TDFs qualify under the U.S. Department of Labor regulations as

Qualified Default Investment Alternatives (QDIA) by acting as a single investment capable of meeting a participant’s long-term retirement savings needs.

Past performance does not guarantee future results.


historical returns)

Empower offers Great-West products.Ticker

Symbol

5-yr Star

Rating

Inception

DateExpressed as

Dollars Per $1,000

Above each time series is the category average return

of all Target Date Funds of similar date range as reported to Morningstar.

Comparison of the return of a TDF to this average return provides an

indication of fund performance.

3 For investments in the Vanguard Target Retirement Funds, Voya charges a 25 basis point daily asset fee for its administrative services to the plan in addition to the fund fees charged by Vanguard.

4 For investments in the Great-West Funds, Empower charges a 25 basis point daily asset fee for its administrative services to the plan in addition to the fund fees charged by Great-West.

Section V 36

VALIC offers American Funds products.

T. Rowe Price offers T. Rowe Price products.

Nationwide offers TIAA-CREF products.1YR (%) 3YR(%) 5YR(%) 10YR(%) (%)

-8.17 7.05 4.60 10.32VALIC: American Funds 2045 RDHTX ***** 02/01/07 -5.90 7.40 5.79 10.86 0.76 ≈ 7.60


Nationwide: TIAA-CREF Lifecycle Index 2045 TLMRX ***** 09/30/09 -7.12 6.98 5.26 n/a 0.35 ≈ 3.50


VTIVX **** 10/27/03 -8.13 6.52 4.87 9.99 0.40 ≈ 4.00


MXWEX *** 05/01/15 -9.00 6.49 4.65 3.74 0.84 ≈ 8.40

-8.41 7.05 4.51 10.27VALIC: American Funds 2050 RDITX ***** 02/01/07 -5.92 7.46 5.82 10.88 0.76 ≈ 7.60


Nationwide: TIAA-CREF Lifecycle Index 2050 TLLRX ***** 09/30/09 -7.26 7.07 5.32 n/a 0.35 ≈ 3.50


VFIFX **** 06/07/06 -8.13 6.50 4.86 10.00 0.40 ≈ 4.00


MXBSX n/a 04/28/16 -9.21 6.21 4.34 6.45 0.85 ≈ 8.50

-8.57 7.04 4.42 10.19VALIC: American Funds 2055 RDJTX ***** 02/01/10 -5.92 7.44 5.82 n/a 0.76 ≈ 7.60


Nationwide: TIAA-CREF Lifecycle Index 2055 TTIRX ***** 04/29/11 -7.32 7.20 5.39 n/a 0.35 ≈ 3.50


VFFVX **** 08/18/10 -8.12 6.51 4.84 n/a 0.40 ≈ 4.00


MXZHX *** 05/01/15 -9.42 6.46 4.49 3.59 0.85 ≈ 8.50


VTTSX n/a 01/19/12 -8.13 6.49 4.83 n/a 0.40 ≈ 4.00

Nationwide: TIAA-CREF Lifecycle Index 2060 TVITX n/a 09/26/14 -7.33 7.27 n/a n/a 0.35 ≈ 3.50

T. Rowe Price: Retirement 2060 Active Trust N/A n/a 12/05/14 -7.31 7.04 n/a n/a 0.43 ≈ 4.30

Other information for all Mutual Fund Transactions: Some funds may also charge sales and/or redemption fees. Please read the prospectuses for details.

Schwab Personal Choice Retirement Account® (PCRA)On-line Brokerage Service

For Broker Assistance: 1-888-393-7272

To enroll contact Nationwide Retirement Solutions at 1-800-949-4457

Funds available through the self-directed brokerage window have not been selected through any selection process, are not monitored, require investment expertise to prudently manage and have risk of

substantial losses.

Schwab's PCRA currently provides access to more than 6,000 mutual funds from 400 fund families. Of the 6,000 mutual funds available, more than 3,000 are offered without loads and transaction fees as part of the

Schwab Mutual Fund OneSource service, and more than 1,100 are institutional or load-waived funds. Of the 6,000 mutual funds available, approximately 1,500 are no-load funds with transaction fees, and 500 are no load,

no transaction fee. For a complete listing of available products offered through Charles Schwab & Co. Inc., visit their website at www.schwab.com.

There is a $25 annual fee associated with this account that is paid to Nationwide.

Electronic $50 per trade $0

Broker-Assisted

Electronic commision, plus $25 service charge per trade $25 service charge per trade

Broker-Assisted

MUTUAL FUNDS

Trading Channel Purchases Sell

Transaction-Fee Mutual Funds:

No-Transaction Fee (NTF) Mutual Funds: Trade orders in no-load funds available through Schwab's Mutual Fund OneSource® service (including Schwab Funds®), as well as certain

Stocks and non-Schwab ETFs $4.95

Schwab ETFs™ $0.00

Electronic commission, plus $25

Trading Channel Transaction Fee

www.schwab.com

Electronic

Schedule of Commissions and Transaction Fees

STOCKS - Stock Commissions per Executed Trade (Includes Exchange Traded Funds)




Target Date Retirement FundsHistorical Returns as of

6 For investments in the Great-West Funds, Empower charges a 25 basis point daily asset fee for its administrative services to the plan in addition to the fund fees charged by Great-West.

Each Investment Provider offers a menu of Target Date Funds (TDF) used to default investment based on the participant’s age and time to retirement. These TDFs qualify under the U.S. Department of Labor regulations as

Qualified Default Investment Alternatives (QDIA) by acting as a single investment capable of meeting a participant’s long-term retirement savings needs.

Past performance does not guarantee future results.

Above each time series is the category average return

of all Target Date Funds of similar date range as reported to Morningstar.

Comparison of the return of a TDF to this average return provides an

indication of fund performance.


historical returns)

Target Date 2056+

5 For investments in the Vanguard Target Retirement Funds, Voya charges a 25 basis point daily asset fee for its administrative services to the plan in addition to the fund fees charged by Vanguard.

Expressed as

Dollars Per $1,000

Voya offers Vanguard products.

Ticker

Symbol

5-yr Star

Rating

Inception

Date

Historical Returns (Net of Fees)Empower offers Great West products.

12/31/2018

Section V 37

http://www.schwab.com/














1st Quarter 2019** 3.50%




Empower


1st Quarter 2019** 3.00%




VALIC


1st Quarter 2019** 2.10%




Voya

(Not to fall below 1.80%)*

1st Quarter 2019** 2.00%




T. Rowe Price offering VALIC


1st Quarter 2019** 1.85%




** First Quarter return has been

declared by the respective Investment

Provider

Fixed Account Returns

The assets in the guarantee of

principal and interest accounts are

backed by the financial strength of the

insurance companies offering them.

Additionally, the Office of Insurance

Regulation analyzes the financial

condition of the insurance companies

on a quarterly basis.

Nationwide* Fixed account returns are

guaranteed for the current quarter and

credited & compounded daily.

Section V 38

Explanation of Morningstar Fund Categories

Mutual funds do not guarantee a rate of return, nor do they guarantee against loss of money invested. There are two things that will cause the value of a variable fund to increase: 1) the fund is paid interest and/or dividends, which is considered income, or 2) the fund sells a stock or bond at a higher price than it was purchased for, which is considered capital appreciation. Mutualfunds differ based on their investment objectives. Some funds seek as much income as possible, while others attempt toincrease their value solely through capital appreciation. Many funds attempt to increase in value through both income andcapital appreciation. Funds that look to increase in value through income have relatively stable returns (low volatility), whilefunds that seek capital appreciation have relatively unstable returns (high volatility). Listed below are definitions of variousfund objectives.

Mutual fund An investment company that pools money from shareholders and invests in a variety of securities, such as stocks, bonds and money market instruments. These funds offer investors the advantages of diversification and professional management. Large, Mid, or Small Cap Stock Fund Refers to the size of the companies in which the fund is investing. Large capitalization stocks are those companies that have a market capitalization greater than $5 billion. Mid-cap stocks have a market capitalization between $1 billion to $5 billion. Small cap stocks have a market capitalization ranging from $250 million to $1 billion. The mutual fund can also have a Value, Growth, or Blend aspect as noted below. Value fund A mutual fund that invests in companies which it determines to be undervalued. Assuming that a company's share price will not remain undervalued indefinitely, the funds look to make money by buying before the expected upturn. Value funds tend to focus on safety rather than growth, and often choose investments providing dividends as well as price appreciation. Growth fund A mutual fund whose aim is to achieve price appreciation by investing in stocks of established companies. Typically any dividends or income paid to the fund is minimal, as growth companies will retain all or most of their earnings for research and development and reinvest profits. Blend fund A mutual fund whose assets are composed of a combination of stocks, bonds, and money market securities, rather than just one or two of these asset classes (also sometimes called hybrid funds or balanced funds.) Bond fund A mutual fund that invests in bonds, typically with the objective of providing stable income through regular interest payments. Intermediate Bond fund A mutual fund that invests primarily in corporate and other investment-grade U.S. fixed-income issues. Multisector Bond fund A mutual fund that invests its assets among several fixed-income sectors, including U.S. government issues, foreign bonds, and high-yield bonds. Conservative Allocation fund A mutual fund that seeks income and capital appreciation is the secondary objective, by investing in stocks, bonds, and cash. Moderate Allocation fund A mutual fund that seeks both, capital appreciation and income by investing in stocks, bonds, and cash. Life-cycle fund A mutual fund that is designed for investors of a certain age or with a specific time horizon for investing. They offer different risk profiles that investors can shift between as their circumstance changes. Target Date fund A diverse mix of investments like stocks, bonds, cash equivalents that periodically and automatically adjust over time to grow more conservative as you near ager 65. Foreign fund A mutual fund that invests in companies located outside of the United States. World fund A mutual fund that invests in companies located throughout the world, including the United States.

Section V 39

http://www.investorwords.com/cgi-bin/getword.cgi?695


http://www.investorwords.com/4725/stocks.html

http://www.investorwords.com/521/bonds.html

http://www.investorwords.com/3106/money_market.html





Guarantee of Principal and Interest Products

A guarantee of principal and interest product guarantees a rate of return for a specified period of time, usually one quarter (three months). Fees are associated with these products and are included in the returns listed on pages 31–35. Every company offers a guarantee of principal and interest account. Effective February 28, 2013, T. Rowe Price no longer offers the Stable Value fund as one of the options in our plan. The Stable Value fund was replaced by a VALIC fixed interest option, but may not necessarily have the same terms and rates as the current VALIC fixed interest option listed on page 34 of this document. When the term "guaranteed" is used to describe any product in the Plan, it refers to a guarantee made by one of the Investment Companies in the Plan, not the Deferred Compensation Program or the State of Florida.

Historical Returns

The returns reflect historical performance and should not be considered indicative of future performance. Returns include changes in principal value, reinvested dividends, and capital gain distributions. Investment return and principal value will vary and shares may be worth more or less at redemption than at original price. Read the fund’s prospectus carefully for more information on management fees, risk, and other expenses before you enroll in a fund.

Fee

The fee of the mutual fund offered through the Investment Provider (expense for managing the fund). This fee (expense ratio) is subject to change at any time, within certain limits. The Investment Company is responsible for reporting the most recent expense ratios to the Bureau of Deferred Compensation.

A “Redemption Fee” is a fee charged for selling a mutual fund too quickly after buying. A redemption fee is used to discourage the buying and selling of mutual funds frequently. It is only charged to the investor when a fund is sold within the window of time designated by the mutual fund company. Not all funds will have this fee, but it is important to review each fund’s prospectus or call the investment company for more information about fund redemption fees.

Section V 40

Documents

2018 ANNUAL PERFORMANCE REPORT (January 1, 2018 thru ...€¦ · Symetra Financial participants and assets were rolled into Charles Schwab on January 1, 2008. Enrollment in Charles