PDF Quarterly Performance Report As of June 30, 2019

Quarterly Performance Report As of December 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 .

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.

Investment Provider Transition. The Bureau of Deferred Compensation has reduced the number of Investment Providers to three: AIG Retirement Services, Nationwide, and Voya. As of the date of this publication, T. Rowe Price and Empower are no longer Investment Providers of the Plan. The data provided in this document is historical data and includes information on funds previously offered by Investment Providers which are no longer part of the Plan. Numerous changes to these investment menus have occured; however, the current investment menu for each Provider can be found on their respective websites.

Company Communications. The Investment Providers in the Plan offer a variety of methods to assist in retirement planning goals. Guidance and education is offered by each of the Investment Providers via face-to-face representatives, phone, and internet. To enroll, the following options are available:

1. Click the

button on the Bureau of Deferred Compensation website at

() and complete and submit the EZ Enrollment Form electronically.

2. Fax your EZ Enrollment form to 850-488-7186, or scan/email to DeferredCompensation@ (documents scanned or e-mailed should be encrypted to protect personal information).

3. Enroll online with the Investment Providers.

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

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 877-299-8002 with any concerns.

Investment Advice. All the Investment Providers offer free consultation upon enrollment in the Deferred Compensation Plan. Additionally, Nationwide and AIG Retirement Services offer advisory services to provide Participants in selecting investments and other decisions regarding allocations and investment decisions. These services are available to participants for a fee. Please contact Nationwide or AIG Retirement Services for any further questions about these advisory services.

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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 three 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, 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.

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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



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

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

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

* 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: 12/31/2019

Historical Returns

(Net of Fees)

12 Mo

3YR

5YR

10YR

Investment Provider & Product

Ticker

Inception

Symbol 5 yr Star Rating

date

(%)

(%)

(%)

(%)

Fees

(These are already included in historical returns)

Expressed as

(%)

Dollars Per $1,000

Nationwide

1-800-949-4457 To enroll online:

Dodge & Cox Income

DODIX

****

12/30/88 9.73

4.52 3.69 4.43 0.42 4.20

Intermediate Core-Plus Bond

BBgBarc US Agg Bond

8.72

4.03 3.05 3.75

AllianceBernstein High Income

AGDKX

***

02/25/94 13.73 4.91 5.00 7.11 0.89 8.90

High Yield Bond

BBgBarc Global High Yield TR Hdg

13.34

6.13 6.53 7.86

Fidelity Puritan

FPURX

****

04/16/47 21.25 11.33 8.08 9.89 0.53 5.30

Allocation--50% to 70% Equity

S&P 500

31.49

15.27 11.70 13.56

Invesco Growth & Income

ACGIX

**

08/01/46 25.25 7.37 7.51 10.35 0.80 8.00

Large Value

Russell 1000 Value

26.54

9.68 8.29 11.80

Invesco Diversified Dividend

DDFIX

***

10/25/05 25.46 7.98 8.07 11.29 0.53 5.30

Large Value

Russell 1000 Value

26.54

9.68 8.29 11.80

Vanguard Institutional Index

VIIIX

*****

07/07/97 31.48 15.26 11.69 13.55 0.02 0.20

Large Blend

S&P 500

31.49

15.27 11.70 13.56

American Century Equity Growth

BEQGX

**

05/09/91 28.35 13.59 9.08 12.46 0.66 6.60

Large Blend

S&P 500

31.49

15.27 11.70 13.56

Morgan Stanley Institutional Large-Cap Growth

MSEGX

****

01/02/96 22.81 23.68 15.59 16.11 0.85 8.50

Large Growth

Russell 1000 Growth

36.39

20.49 14.63 15.22

Fidelity Contrafund

FCNTX

***

05/17/67 29.98 18.92 13.10 13.96 0.82 8.20

Large Growth

S&P 500 Vanguard S&P 400 Mid-Cap Index1

VSPMX

****

03/28/11

31.49 26.13

15.27 11.70 13.56 9.20 8.96 n/a 0.38 3.80

Mid-Cap Blend

S&P MidCap 400 TR

26.20

9.26 9.03 12.72

JP Morgan Mid-Cap Value

JMVSX

***

11/13/97 26.34 8.09 7.07 12.39 0.99 9.90

Mid-Cap Value

Russell Mid Cap Value

27.06

8.10 7.62 12.41

American Century Heritage

TWHIX

***

11/10/87 35.52 16.12 10.49 12.77 1.01 10.10

Mid-Cap Growth

Russell Mid Cap Growth

35.47

17.36 11.60 14.24

JPMorgan Small Cap Equity Select

VSEIX

*****

12/20/94 28.40 10.54 10.19 13.81 1.01 10.10

Small Blend

Russell 2000

25.52

8.59 8.23 11.83

Neuberger Berman Genesis

NBGEX

****

09/27/88 29.33 11.68 10.49 12.10 1.10 11.00

Small Growth

Russell 2000 Vanguard REIT Index1

VGSNX

***

12/02/03

25.52 29.02

8.59 8.23 11.83 8.39 7.20 12.01 0.40 4.00

Real Estate

MSCI US IMI/Real Estate 25-50 GR Vanguard Total International Stock Index1

29.03

n/a

n/a

n/a

VTSNX

****

11/29/10 21.56 9.90 5.88 n/a 0.38 3.80

Foreign Large Blend

FTSE Global All Cap ex US (USA) NR

21.81

9.84 5.84 5.39

Oakmark International

OAKIX

**

09/30/92 24.21 7.26 5.07 7.30 1.01 10.10

Foreign Large Blend

MSCI World ex USA NR

22.49

9.34 5.42 5.32

American Funds New World

RNWEX

*****

06/17/99 27.57 14.06 7.72 6.39 0.98 9.80

Diversified Emerging Mkts

MSCI ACWI NR

26.60

12.44 8.41 8.79

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 (Not to fall below 3.50%)

4th Quarter 2019

3.50%

3rd Quarter 2019

3.50%

2nd Quarter 2019 1st Quarter 2019

3.50% 3.50%

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.

Page 3

Period Ending: 12/31/2019

Investment Provider & Product

Ticker Symbol

Empower Retirement

1-800-444-9412 To enroll online:

iShares U.S. Aggregate Bond Index Intermediate Core Bond BBgBarc US Agg Bond PIMCO Total Return Intermediate Core-Plus Bond BBgBarc US Agg Bond Hotchkis & Wiley Value Opportunities Allocation--85%+ Equity Russell 3000 JPMorgan US Research Enhanced Equity Large Blend S&P 500 Neuberger Berman Sustainable Equity Large Blend S&P 500 American Funds Washington Mutual Large Blend S&P 500 Pioneer Fundamental Growth Large Growth Russell 1000 Growth Great-West Mid Cap Value Mid-Cap Value Russell Mid Cap Value Great-West T. Rowe Price Mid Cap Growth Mid-Cap Growth Russell Mid Cap Growth Delaware Small-Cap Value Small Value Russell 2000 Value Vanguard Small Cap Index Small Blend CRSP US Small Cap Wasatch Small Cap Growth Small Growth Russell 2000 Growth Great-West International Value Foreign Large Blend MSCI EAFE Value NR Invesco Oppenheimer Developing Markets Diversified Emerging Mkts MSCI EM NR

BMOIX PTRAX HWAIX JDEAX NBSLX AWSHX FUNYX MXKJX MXYKX DEVIX VSCIX WAAEX MXJVX ODVYX

5 yr Star Rating

*** *** *** *** *** *** **** **** **** **** **** **** ***** ****

Inception date

03/31/11 09/08/94 12/31/02 09/28/01 11/28/07 07/31/52 04/07/09 05/01/15 05/01/15 11/09/92 07/07/97 12/08/86 05/01/15 09/07/05

Historical Returns

(Net of Fees)

12 Mo

3YR

5YR

(%)

(%)

(%)

10YR (%)

Fees

(These are already included in historical returns)

Expressed as

(%)

Dollars Per $1,000

8.56

8.72 7.99

8.72 25.57

31.02 31.13

31.49 26.09

31.49 25.54

31.49 34.27

36.39 20.80

27.06 31.73

35.47 28.16

22.39 27.40

27.35 40.15

28.48 22.43

16.09 24.31

18.42

3.86 2.87 3.68 0.10 1.00

4.03 3.05 3.75 4.05 2.99 3.93 0.96 9.60

4.03 3.05 3.75 8.37 8.00 13.72 0.96 9.60

14.57 11.24 13.42 14.38 9.75 12.72 0.60 6.00

15.27 11.70 13.56 12.22 9.23 12.24 0.68 6.80

15.27 11.70 13.56 13.57 10.65 12.75 0.59 5.90

15.27 11.70 13.56 18.09 12.81 14.21 0.77 7.70

20.49 14.63 15.22 7.68 7.74 12.39 0.80 8.00

8.10 7.62 12.41 17.30 12.91 14.94 0.67 6.70

17.36 11.60 14.24 5.86 7.88 11.68 0.90 9.00

4.77 6.99 10.56 10.33 8.90 12.82 0.04 0.40

10.31 8.86 12.99 20.87 12.98 14.08 1.20 12.00

12.49 9.34 13.01 9.59 7.93 9.05 0.71 7.10

6.31 3.54 13.93 6.43

3.98 6.04

1.00

10.00

11.57 5.61 3.68

Empower Fixed Account (Not to fall below 0.50%)

4th Quarter 2019

3.00%

3rd Quarter 2019

3.00%

2nd Quarter 2019

3.00%

1st Quarter 2019

3.00%

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.

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