quarterly performance report as of march 31, 2019 · 2019-05-03 · quarterly performance report as...

Quarterly Performance Report

As of March 31, 2019

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.

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 pg. 10 & 11 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.

Page 1

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.

http://www.myfloridadeferredcomp.com/

mailto:[email protected]

Column Explanations (Needed for pages 3-9)

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 11 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.

Page 2

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.

12 Mo 3YR 5YR 10YR

Ticker

Symbol 5 yr Star Rating

Inception

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

1-800-949-4457

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

Dodge & Cox Income DODIX **** 12/30/88 4.31 3.64 3.15 5.37 0.43 ≈ 4.30

Intermediate-Term Bond

BBgBarc US Agg Bond 4.48 2.03 2.74 3.77

AllianceBernstein High Income AGDKX *** 02/25/94 0.55 6.17 3.53 11.15 0.89 ≈ 8.90

High Yield Bond

BBgBarc Global High Yield TR Hdg 4.54 7.93 5.18 11.55

Fidelity Puritan FPURX ***** 04/16/47 5.34 9.70 7.61 11.90 0.54 ≈ 5.40

Allocation--50% to 70% Equity

S&P 500 9.50 13.51 10.91 15.92

Invesco Growth & Income ACGIX ** 08/01/46 0.13 10.94 6.79 13.17 0.80 ≈ 8.00

Large Value

Russell 1000 Value 5.67 10.45 7.72 14.52

Invesco Diversified Dividend DDFIX *** 10/25/05 7.11 6.85 7.25 14.12 0.53 ≈ 5.30

Large Value

Russell 1000 Value 5.67 10.45 7.72 14.52

Vanguard Institutional Index VIIIX ***** 07/07/97 9.48 13.50 10.90 15.93 0.02 ≈ 0.20

Large Blend

S&P 500 9.50 13.51 10.91 15.92

American Century Equity Growth BEQGX *** 05/09/91 6.51 12.66 8.78 14.81 0.66 ≈ 6.60

Large Blend

S&P 500 9.50 13.51 10.91 15.92

Morgan Stanley Institutional Large-Cap Growth MSEGX ***** 01/02/96 16.92 23.99 16.53 21.11 0.89 ≈ 8.90

Large Growth

Russell 1000 Growth 12.75 16.53 13.50 17.52

Fidelity Contrafund FCNTX *** 05/17/67 8.78 15.89 12.20 16.22 0.82 ≈ 8.20

Large Growth

S&P 500 9.50 13.51 10.91 15.92

Vanguard S&P 400 Mid-Cap Index1

VSPMX **** 03/28/11 2.52 11.17 8.23 n/a 0.38 ≈ 3.80

Mid-Cap Blend

S&P MidCap 400 2.59 11.24 8.29 16.28

JP Morgan Mid-Cap Value JMVSX *** 11/13/97 2.82 8.05 7.28 15.57 0.99 ≈ 9.90

Mid-Cap Blend

Russell Mid Cap Value 2.89 9.50 7.22 16.39

American Century Heritage TWHIX *** 11/10/87 10.72 13.53 8.93 15.31 1.01 ≈ 10.10

Mid-Cap Growth

Russell Mid Cap Growth 11.51 15.06 10.89 17.60

JPMorgan Small Cap Equity Select VSEIX ***** 12/20/94 3.10 12.03 8.56 16.16 1.01 ≈ 10.10

Small Blend

Russell 2000 2.05 12.92 7.05 15.36

Neuberger Berman Genesis NBGEX *** 09/27/88 6.57 12.91 8.14 14.63 1.10 ≈ 11.00

Small Growth

Russell 2000 2.05 12.92 7.05 15.36

Vanguard REIT Index1

VGSNX *** 12/02/03 20.01 5.74 8.80 18.35 0.40 ≈ 4.00

Real Estate

MSCI US Inv Mkt RE 25/50 GR 20.08 n/a n/a n/a

Vanguard Total International Stock Index1

VTSNX **** 11/29/10 -5.19 8.08 2.79 n/a 0.38 ≈ 3.80

Foreign Large Blend

FTSE Global All Cap ex US (USA) NR -4.81 7.99 2.84 9.42

Oakmark International OAKIX * 09/30/92 -14.13 6.40 1.08 11.83 1.01 ≈ 10.10

Foreign Large Blend

MSCI World ex USA NR -3.14 7.29 2.20 8.82

American Funds New World RNWEX ***** 06/17/99 -1.44 11.15 4.40 10.04 0.98 ≈ 9.80

Diversified Emerging Mkts

MSCI ACWI NR 2.60 10.67 6.45 11.98

(Not to fall below 3.50%)

1st Quarter 2019 3.50%

4th Quarter 2018 3.50%

3rd Quarter 2018 3.50%

2nd Quarter 2018 3.50%

Page 3

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 $1,000

Period Ending: 3/31/2019

*Fees are included in the returns of the

Guarantee of Principal and Interest Accounts.

Nationwide

www.myfloridadeferredcomp.com

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.

* 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)

Investment Provider & Product

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














http://www.nrsflorida.com/


12 Mo 3YR 5YR 10YR

Ticker


Inception

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

1-800-444-9412

To enroll online: https://florida457.com

iShares U.S. Aggregate Bond Index BMOIX *** 03/31/11 4.47 1.86 2.60 3.64 0.11 ≈ 1.10



PIMCO Total Return PTRAX *** 09/08/94 3.57 2.54 2.60 4.58 0.80 ≈ 8.00



Hotchkis & Wiley Value Opportunities HWAIX *** 12/31/02 3.11 12.03 7.21 19.26 0.97 ≈ 9.70

Allocation--85%+ Equity

S&P 500 9.50 13.51 10.91 15.92

JPMorgan US Research Enhanced Equity JDEAX *** 09/28/01 8.37 12.50 9.11 15.22 0.85 ≈ 8.50

Large Blend

S&P 500 9.50 13.51 10.91 15.92

Neuberger Berman Sustainable Equity NBSLX *** 11/28/07 5.05 11.18 8.70 14.61 0.67 ≈ 6.70

Large Blend

S&P 500 9.50 13.51 10.91 15.92

American Funds Washington Mutual AWSHX *** 07/31/52 8.65 12.77 9.74 14.88 0.57 ≈ 5.70

Large Blend

S&P 500 9.50 13.51 10.91 15.92

Pioneer Fundamental Growth FUNYX **** 04/07/09 13.28 13.31 12.35 15.81 0.77 ≈ 7.70

Large Growth

Russell 1000 Growth 12.75 16.53 13.50 17.52

Great-West Mid Cap Value MXKJX ***** 05/01/15 1.46 11.24 8.55 16.49 0.81 ≈ 8.10

Mid-Cap Value


Great-West T. Rowe Price Mid Cap Growth MXYKX ***** 05/01/15 9.47 15.00 12.19 17.94 0.67 ≈ 6.70

Mid-Cap Growth


Delaware Small-Cap Value DEVIX **** 11/09/92 -3.34 10.04 5.84 15.13 0.93 ≈ 9.30

Small Value

Russell 2000 Value 0.17 10.86 5.59 14.12

Vanguard Small Cap Index VSCIX ***** 07/07/97 5.59 12.79 7.92 17.00 0.04 ≈ 0.40

Small Blend

CRSP US Small Cap 5.61 12.77 7.89 17.31

Wasatch Small Cap Growth WAAEX **** 12/08/86 15.62 18.49 9.99 17.28 1.20 ≈ 12.00

Small Growth

Russell 2000 Growth 3.85 14.87 8.41 16.52

Great-West International Value MXJVX ***** 05/01/15 -5.62 6.54 5.75 12.74 0.70 ≈ 7.00

Foreign Large Blend

MSCI EAFE Value NR -6.13 6.90 0.67 8.12

Oppenheimer Developing Markets ODVYX **** 09/07/05 -3.89 11.61 3.70 11.51 1.05 ≈ 10.50

Diversified Emerging Mkts

MSCI EM NR -7.41 10.68 3.68 8.94








historical returns)


Empower Fixed Account

Empower Retirement


Page 4

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


*Fees are included in the returns of the Guarantee of

Principal and Interest Accounts.

https://florida457.com/

12 Mo 3YR 5YR 10YR

Ticker


Inception

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

1-888-467-3726

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

American Century Inflation Adjusted Bond ACITX *** 02/10/97 1.63 1.33 1.42 2.91 0.47 ≈ 4.70

Inflation-Protected Bond

BBgBarc US Treasury US TIPS 2.70 1.70 1.94 3.41

American Century Diversified Bond ADFIX ** 12/03/01 3.15 1.50 2.28 3.51 0.60 ≈ 6.00



Prudential Short Term Corporate Bond PBSMX **** 9/1/1989 3.58 1.85 1.73 3.32 0.79 ≈ 7.90

Short-Term Bond

BBgBarc Credit 1-5 Yr 4.27 2.22 2.13 3.85

Franklin US Government Securities FKUSX ** 05/29/70 3.35 0.86 1.50 2.40 0.77 ≈ 7.70

Intermediate Government

BBgBarc US Govt Interm 3.79 0.97 1.65 2.00

American Funds American Mutual RMFEX **** 06/27/02 9.01 11.36 8.93 13.71 0.65 ≈ 6.50

Large Value

S&P 500 9.50 13.51 10.91 15.92

Vanguard Total Stock Market Index VSMPX **** 07/07/97 8.82 13.53 10.33 15.98 0.02 ≈ 0.40

Large Blend

CRSP US Total Market 8.82 13.53 10.35 16.02

American Funds Investment Company of America RICEX *** 05/28/02 5.44 11.42 9.00 13.77 0.64 ≈ 6.40

Large Blend

S&P 500 9.50 13.51 10.91 15.92

VALIC Socially Responsible VCSRX **** 09/21/98 8.89 12.62 10.51 16.05 0.56 ≈ 5.60

Large Blend

S&P 500 9.50 13.51 10.91 15.92

MFS Massachusetts Growth Stock MIGHX **** 04/01/05 16.30 16.12 12.34 16.55 0.73 ≈ 7.30

Large Growth

Russell 1000 Growth 12.75 16.53 13.50 17.52

Calvert Equity CSIEX **** 08/24/87 19.77 16.42 12.78 16.21 0.99 ≈ 9.90

Large Growth

Russell 1000 Growth 12.75 16.53 13.50 17.52

Dreyfus Mid Cap Index PESPX *** 06/19/91 2.09 10.71 7.80 15.73 0.50 ≈ 5.00

Mid-Cap Blend

S&P MidCap 400 2.59 11.24 8.29 16.28

Invesco Mid Cap Growth VGRJX *** 06/01/10 7.38 12.97 8.30 16.03 0.82 ≈ 8.20

Mid-Cap Growth


Invesco Small Cap Value VSCAX ** 06/21/99 -8.30 7.89 3.19 14.46 1.12 ≈ 11.20

Small Value

Russell 2000 Value 0.17 10.86 5.59 14.12

Invesco Small Cap Growth GTSAX *** 10/18/95 2.61 14.56 8.58 16.44 1.20 ≈ 12.00

Small Growth

S&P 500 9.50 13.51 10.91 15.92

Invesco Real Estate IARIX **** 04/30/04 17.41 6.95 9.16 17.07 0.89 ≈ 8.90

Real Estate

FTSE Nareit All Equity REITs 20.86 6.13 9.12 18.28

Fidelity Advisor Technology FADTX *** 09/03/96 4.86 23.18 16.52 21.27 1.05 ≈ 10.50

Technology

S&P 500 9.50 13.51 10.91 15.92

American Funds Capital Income Builder RIREX **** 05/20/02 3.52 5.69 4.46 9.13 0.64 ≈ 6.40

World Allocation

MSCI ACWI NR 2.60 10.67 6.45 11.98

American Funds Capital World Bond RCWEX *** 08/15/02 -1.10 1.68 1.00 3.59 0.88 ≈ 8.80

World Bond

BBgBarc Global Aggregate -0.38 1.49 1.04 3.05

American Funds EuroPacific REREX *** 06/07/02 -4.99 8.94 3.90 9.56 0.83 ≈ 8.30

Foreign Large Growth

MSCI ACWI Ex USA NR -3.74 8.61 3.05 9.35

AIG Fixed Account






Page 5



historical returns)

Expressed as

Dollars Per $1,000Investment Provider & Product

AIG (formerly VALIC)

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.

Fixed account returns are guaranteed for the current quarter

and credited & compounded daily.

*Fees are included in the returns of the Guarantee of Principal

and Interest Accounts.


http://www.valic.com/floridadcp

12 Mo 3YR 5YR 10YR

Ticker

Symbol

5 yr Star

Rating

Inception

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

1-800-893-0269

For exisitng participants: http://www.rps.troweprice.com

To enroll online: http://rps.troweprice.com/florida

T.Rowe Price New Income PRCIX *** 08/31/73 4.09 2.18 2.59 4.28 0.56 ≈ 5.60



T. Rowe Price Spectrum Income RPSIX *** 06/29/90 2.37 4.40 3.25 6.64 0.65 ≈ 6.50

Multisector Bond


T. Rowe Price Emerging Markets Bond PREMX **** 12/30/94 0.49 5.78 4.55 8.18 0.92 ≈ 9.20

Emerging Markets Bond

JPM EMBI Global 3.52 5.20 4.80 8.12

T. Rowe Price Capital Appreciation Trust N/A ***** 03/31/06 12.32 11.44 10.23 14.43 0.57 ≈ 5.70


S&P 500 9.50 13.51 10.91 15.92

T. Rowe Price Equity Income Trust N/A *** 09/08/06 3.18 10.91 6.79 13.91 0.52 ≈ 5.20

Large Value

Russell 1000 Value 5.67 10.45 7.72 14.52

T. Rowe Price Equity Index Trust N/A **** 12/31/92 9.42 13.43 10.81 15.85 0.06 ≈ 0.60

Large Blend

S&P 500 9.50 13.51 10.91 15.92

T. Rowe Price Dividend Growth PRDGX ***** 12/30/92 12.63 13.36 11.03 15.30 0.64 ≈ 6.40

Large Blend

S&P 500 9.50 13.51 10.91 15.92

T. Rowe Price Growth Stock Trust N/A **** 03/31/06 10.62 18.14 13.83 17.84 0.50 ≈ 5.00

Large Growth

S&P 500 9.50 13.51 10.91 15.92

T. Rowe Price Mid Cap Value TRMCX **** 06/28/96 -0.28 8.90 7.21 15.05 0.79 ≈ 7.90

Mid-Cap Value


T. Rowe Price Mid Cap Growth Trust N/A ***** 01/13/12 9.49 14.99 12.22 n/a 0.63 ≈ 6.30

Mid-Cap Growth


T. Rowe Price New Horizons PRNHX ***** 06/03/60 18.27 22.91 14.19 22.09 0.78 ≈ 7.80

Mid-Cap Growth

Russell 2000 Growth 3.85 14.87 8.41 16.52

T. Rowe Price Small Cap Value PRSVX **** 06/30/88 1.45 12.26 6.65 15.06 0.91 ≈ 9.10

Small Blend

Russell 2000 Value 0.17 10.86 5.59 14.12

T. Rowe Price Small Cap Stock OTCFX **** 06/01/56 11.67 15.91 9.53 18.14 0.89 ≈ 8.90

Small Growth

Russell 2000 2.05 12.92 7.05 15.36

T. Rowe Price Health Sciences PRHSX ***** 12/29/95 15.36 15.15 13.53 21.54 0.77 ≈ 7.70

Health

S&P 500 9.50 13.51 10.91 15.92

T. Rowe Price Communications and Technology PRMTX ***** 10/13/93 12.71 19.20 14.72 21.82 0.78 ≈ 7.80

Communications

S&P 500 9.50 13.51 10.91 15.92

T. Rowe Price Science & Technology PRSCX *** 09/30/87 8.38 22.45 16.26 19.54 0.80 ≈ 8.00

Technology

S&P 500 9.50 13.51 10.91 15.92

T. Rowe Price International Value TRIGX ** 12/21/98 -10.09 2.98 -0.52 8.03 0.81 ≈ 8.10

Foreign Large Value

MSCI EAFE NR -3.71 7.27 2.33 8.96






Page 6

T. Rowe Price

T. Rowe Price

offering VALIC Fixed Account





insurance companies offering them. Additionally, the

Office of Insurance Regulation analyzes the financial

condition of the insurance companies on a quarterly

basis.





historical returns)

Expressed as

Dollars Per $1,000Investment Provider & Product


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

http://rps.troweprice.com/florida

12 Mo 3YR 5YR 10YR

Ticker

Symbol

5 yr Star

Rating

Inception

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

1-800-282-6295

To enroll online:

https://florida457.beready2retire.com

VOYA Intermediate Bond IICIX ***** 12/15/98 4.63 3.12 3.42 6.12 0.35 ≈ 3.50



Vanguard Long Term Bond Index VBLLX *** 09/30/94 5.56 3.76 5.38 7.25 0.05 ≈ 0.50

Long-Term Bond

BBgBarc US L Govt/Credit Fl Adj 5.61 3.76 5.36 7.21

VOYA GNMA Income LEINX ***** 08/17/73 4.16 1.75 2.48 3.27 0.70 ≈ 7.00

Intermediate Government

BBgBarc GNMA 4.46 1.59 2.41 3.16

American Funds American Balanced RLBEX ***** 07/26/75 6.21 8.90 7.45 11.91 0.63 ≈ 6.30


S&P 500 9.50 13.51 10.91 15.92

Dodge and Cox Stock DODGX **** 01/04/65 4.31 14.10 8.65 16.14 0.52 ≈ 5.20

Large Value

S&P 500 9.50 13.51 10.91 15.92

VOYA US Stock Index Portfolio INGIX **** 05/03/04 9.18 13.18 10.60 15.61 0.27 ≈ 2.70

Large Blend

S&P 500 9.50 13.51 10.91 15.92

American Funds The Growth Fund of America RGAEX *** 12/01/73 7.28 15.71 11.48 15.42 0.68 ≈ 6.80

Large Growth

S&P 500 9.50 13.51 10.91 15.92

Vanguard Mid-Cap Index2

VMCIX ***** 05/21/98 5.78 11.38 8.64 16.45 0.24 ≈ 2.40

Mid-Cap Blend

CRSP US Mid Cap 5.99 11.63 8.89 16.67

JPMorgan Mid Cap Growth JMGFX **** 03/02/89 11.32 16.12 10.52 17.15 0.86 ≈ 8.60

Mid-Cap Growth


Baron Growth Fund BGRFX *** 12/31/94 15.27 16.62 9.66 16.63 1.29 ≈ 12.90

Mid-Cap Growth

Russell 2000 Growth 3.85 14.87 8.41 16.52

Vanguard Small Cap Value Index2 VSIIX ***** 12/07/99 1.40 10.07 6.98 16.13 0.26 ≈ 2.60

Small Value

CRSP US Small Cap Value 1.60 10.29 7.20 17.76

Loomis Sayles Small-Cap Growth LSSIX *** 12/31/96 10.41 17.69 9.31 17.57 0.95 ≈ 9.50

Russell 2000 Growth 3.85 14.87 8.41 16.52

Dodge and Cox International Stock DODFX *** 05/01/01 -8.00 7.87 0.85 10.25 0.63 ≈ 6.30

Foreign Large Value

MSCI EAFE NR -3.71 7.27 2.33 8.96

MFS International Diversification MDITX **** 04/01/05 -0.12 9.89 5.13 10.87 0.89 ≈ 8.90

Foreign Large Blend

MSCI ACWI Ex USA NR -3.74 8.61 3.05 9.35

American Funds New Perspective RNPEX **** 03/13/73 4.99 12.98 8.79 13.68 0.80 ≈ 8.00

World Large Stock

MSCI ACWI NR 2.60 10.67 6.45 11.98

Voya Fixed Account

(Not to fall below 1.80%)*





Page 7



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

VOYA






insurance companies offering them. Additionally, the Office

of Insurance Regulation analyzes the financial condition of




https://florida457.beready2retire.com/

AIG offers American Funds products.

T. Rowe Price offers T. Rowe Price products.

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

4.06 5.21 3.77 6.79Nationwide: TIAA-CREF Lifecycle Index Retirement Income TRCIX ***** 09/30/09 4.28 5.62 4.51 n/a 0.35 ≈ 3.50

T. Rowe Price: Retirement Balanced Active Trust N/A **** 01/13/12 3.47 5.88 4.35 n/a 0.43 ≈ 4.30

Voya: Vanguard Target Retirement Income3

VTINX **** 10/27/03 3.66 4.61 3.87 6.43 0.37 ≈ 3.70

4.28 5.88 4.28 8.26T. Rowe Price: Retirement 2010 Active Trust N/A **** 01/13/12 3.69 6.50 4.92 n/a 0.43 ≈ 4.30

AIG: American Funds 2010 RDATX **** 02/01/07 4.07 5.67 4.59 8.87 0.69 ≈ 6.90

T. Rowe Price: Retirement 2005 Active Trust N/A **** 01/13/12 3.65 6.02 4.58 n/a 0.43 ≈ 4.30

4.41 6.42 4.62 9.05T. Rowe Price: Retirement 2015 Active Trust N/A ***** 01/13/12 3.76 7.34 5.48 n/a 0.43 ≈ 4.30

Nationwide: TIAA-CREF Lifecycle Index 2015 TLGRX **** 09/30/09 4.35 6.43 5.01 n/a 0.35 ≈ 3.50

AIG: American Funds 2015 RDBTX **** 02/01/07 4.26 6.10 4.87 9.42 0.68 ≈ 6.80

Empower: Great-West Lifetime 20154

MXNYX **** 05/01/15 3.24 6.36 4.73 4.41 0.76 ≈ 7.60

Voya: Vanguard Target Retirement 20153

VTXVX **** 10/27/03 3.61 6.01 4.72 8.98 0.38 ≈ 3.80


Nationwide: TIAA-CREF Lifecycle Index 2020 TLWRX **** 09/30/09 4.39 7.15 5.41 n/a 0.35 ≈ 3.50


VTWNX ***** 06/07/06 3.56 7.12 5.39 9.92 0.38 ≈ 3.80

AIG: American Funds 2020 RDCTX **** 02/01/07 4.23 6.75 5.34 10.29 0.69 ≈ 6.90


MXAKX n/a 04/28/16 3.14 6.87 5.02 6.77 0.78 ≈ 7.80

4.52 7.94 5.47 11.00

T. Rowe Price: Retirement 2025 Active Trust N/A ***** 01/13/12 3.72 9.18 6.60 n/a 0.43 ≈ 4.30

AIG: American Funds 2025 RDDTX ***** 02/01/07 4.06 7.80 5.89 11.43 0.71 ≈ 7.10

Nationwide: TIAA-CREF Lifecycle Index 2025 TLQRX **** 09/30/09 4.42 7.98 5.86 n/a 0.35 ≈ 3.50


VTTVX ***** 10/27/03 3.57 7.93 5.81 10.68 0.38 ≈ 3.80


MXQBX **** 05/01/15 3.10 7.66 5.52 5.10 0.79 ≈ 7.90


AIG: American Funds 2030 RDETX ***** 02/01/07 4.11 9.27 6.74 12.25 0.73 ≈ 7.30

Nationwide: TIAA-CREF Lifecycle Index 2030 TLHRX *** 09/30/09 4.49 8.80 6.32 n/a 0.35 ≈ 3.50


VTHRX **** 06/07/06 3.45 8.60 6.12 11.37 0.39 ≈ 3.90


MXAYX n/a 04/28/16 2.90 8.46 5.89 8.40 0.81 ≈ 8.10


AIG: American Funds 2035 RDFTX ***** 02/01/07 4.25 10.46 7.39 12.63 0.74 ≈ 7.40

Nationwide: TIAA-CREF Lifecycle Index 2035 TLYRX **** 09/30/09 4.43 9.59 6.72 n/a 0.35 ≈ 3.50


VTTHX **** 10/27/03 3.29 9.25 6.42 11.99 0.39 ≈ 3.90


MXTBX **** 05/01/15 2.60 9.28 6.36 5.99 0.82 ≈ 8.20


AIG: American Funds 2040 RDGTX ***** 02/01/07 4.26 10.89 7.61 12.82 0.75 ≈ 7.50

Nationwide: TIAA-CREF Lifecycle Index 2040 TLZRX ***** 09/30/09 4.42 10.40 7.12 n/a 0.35 ≈ 3.50


VFORX **** 06/07/06 3.12 9.93 6.69 12.28 0.39 ≈ 3.90


MXBGX n/a 04/28/16 2.35 9.62 6.46 9.60 0.83 ≈ 8.303 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.

Target Date Retirement FundsHistorical Returns as of


Retirement Income

Target Date 2000-2010

Voya offers Vanguard products.

3/31/2019

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

Symbol5-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.







Page 8

AIG offers American Funds products.

T. Rowe Price offers T. Rowe Price products.

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


AIG: American Funds 2045 RDHTX ***** 02/01/07 4.25 11.10 7.74 12.87 0.75 ≈ 7.50

Nationwide: TIAA-CREF Lifecycle Index 2045 TLMRX ***** 09/30/09 4.36 10.73 7.32 n/a 0.35 ≈ 3.50


VTIVX **** 10/27/03 3.01 10.16 6.81 12.35 0.40 ≈ 4.00


MXWEX *** 05/01/15 2.03 9.85 6.48 6.29 0.83 ≈ 8.30

3.39 10.66 6.46 12.69AIG: American Funds 2050 RDITX ***** 02/01/07 4.31 11.24 7.82 12.92 0.77 ≈ 7.70


Nationwide: TIAA-CREF Lifecycle Index 2050 TLLRX ***** 09/30/09 4.34 10.87 7.41 n/a 0.35 ≈ 3.50


VFIFX **** 06/07/06 3.01 10.16 6.82 12.35 0.40 ≈ 4.00


MXBSX n/a 04/28/16 1.79 9.88 6.45 9.85 0.84 ≈ 8.40

3.22 10.65 6.38 12.61AIG: American Funds 2055 RDJTX ***** 02/01/10 4.27 11.22 7.81 n/a 0.77 ≈ 7.70


Nationwide: TIAA-CREF Lifecycle Index 2055 TTIRX ***** 04/29/11 4.33 10.98 7.48 n/a 0.35 ≈ 3.50


VFFVX **** 08/18/10 3.03 10.16 6.78 n/a 0.40 ≈ 4.00


MXZHX *** 05/01/15 1.59 9.83 6.35 6.15 0.84 ≈ 8.40


VTTSX n/a 01/19/12 2.99 10.15 6.78 n/a 0.40 ≈ 4.00

Nationwide: TIAA-CREF Lifecycle Index 2060 TVITX n/a 09/26/14 4.37 11.12 n/a n/a 0.35 ≈ 3.50

T. Rowe Price: Retirement 2060 Active Trust N/A n/a 12/05/14 3.56 11.23 n/a n/a 0.43 ≈ 4.30

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

Symbol5-yr Star Rating

Inception

Date

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

3/31/2019




Target Date Retirement FundsHistorical Returns as of

Trading Channel Transaction Fee

www.schwab.com

Electronic

Schedule of Commissions and Transaction Fees

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

Stocks and non-Schwab ETFs $4.95

Schwab ETFs™ $0.00

Electronic commission, plus $25

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 other funds, are

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

Page 9

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

http://www.schwab.com/
















2nd Quarter 2019** 3.50%1st Quarter 2019 3.50%4th Quarter 2018 3.50%3rd Quarter 2018 3.50%

Empower(Not to fall below 0.50%)


AIG (formerly Valic)(Not to fall below 2.00%)


Voya(Not to fall below 1.80%)*


T. Rowe Price offering VALIC(Not to fall below 1.50%)


Fixed Account Returns

Page 10

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.

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.

Page 11

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 3-6. 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 5 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.

Page 12

quarterly performance report as of march 31, 2019 · 2019-05-03 · quarterly performance report as...

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