Investment Plan Asset Allocation by Member Age Tax Year Distributions. October Have You Selected the Right Funds?... 1

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1 October 2012 Have You Selected the Right Funds?... 1 Quarterly Fund Performance Summary... 2 Where s the Ticker?... 5 $6 Inactive Fee... 6 Lifetime Annuity Quotes... 6 Financial Planning Workshop Webcasts... 6 Have You Selected the Right Investment Funds? Financial planners recommend that you spread your investments and your investment risk across different types of funds. Choosing a mix of lower-risk (fixed income) and higher-risk (stock) investments is called diversification, and it s a way to avoid putting all your eggs in one basket when it comes to your retirement savings. For the most part, Investment Plan members are fairly well diversified. The following chart shows how Investment Plan members are allocated based on age. As you can see, the amount in stock funds decreases with age, which is what financial planners recommend as one gets closer to retirement. Investment Plan Asset Allocation by Member Age Period Ending 3/31/ % 90% 80% 70% 60% 50% 4% 3% 8% 4% 32% 25% 16% 5% 26% 23% 26% 8% 28% 10% 29% 40% 30% 20% 61% 63% 53% 41% 35% 10% 0% Under to to to 65 Over 65 Stocks Fixed Income TIPS Money Market 2012 Tax Year Distributions The latest you can request a distribution that will be considered a 2012 tax-year distribution is by 4:00 p.m. on Wednesday, December 26, Any distribution requested after 4:00 p.m. on December 26 th will be processed for the 2013 tax year. Out of 144,299 Investment Plan accounts (as of June 30, 2012), 74,886 members (over 51%) were solely invested in just one of the three balanced funds. The balanced funds seek positive long-term returns by keeping costs low and investing across multiple fund types to diversify and to control risk. By investing in a single balanced fund, these members are automatically diversified. Almost 4,000 members are invested in 10 or more investment funds, and 332 members are invested in all 20 of the investment funds offered in the Investment Plan. This might seem like a good way to diversify, but these accounts are actually overdiversified. By investing in so many different funds, these accounts are taking on unnecessary risk and increased costs. A simpler approach is to invest in one of the balanced funds. Continues on page 5 PAGE 1

2 Members Social Security Numbers FRS Investment Plan member records are filed according to the member s Social Security number. The State Board of Administration of Florida (SBA) collects member Social Security numbers to ensure the SBA has the ability to identify Investment Plan members properly and definitively. Telecommunications Relay Service 711 Members who are deaf, hard of hearing, or speechimpaired can communicate with the FRS using a national service called Telecommunications Relay Service (TRS) 711. PAGE 2 Quarterly Fund Performance Summary Overview The Performance Summary is organized by these asset classes: money market funds, inflation-protected securities funds, bond funds, U.S. stock funds, and foreign funds. A special asset class, balanced funds, provides a diversified mixture of various asset classes. Asset classes are groups of similar investments whose values react to changes in the economy the same basic way. Organizing funds according to asset classes is a way to simplify how you invest and improve the odds of meeting your retirement goals. Investing in a mix of asset classes (also called diversifying ) helps you control your risk, because the different asset classes typically react to market volatility in different ways. 1 Before you select any investment funds or make an election, you should also review the Fund Profiles, the Investment Fund Summary, and the Annual Fee Disclosure Statement posted in the Investment Funds section at MyFRS.com. Balanced Funds These funds are particularly good for one-stop shopping. They seek favorable long-term returns by keeping costs low and investing across multiple asset classes to diversify and control risk. They invest in various investment funds in different proportions to keep their overall level of risk relatively steady over time. The proportions and specific funds included in each balanced fund may change over time. Financial Engines, a federally registered investment advisor and fiduciary to the FRS, will periodically provide updated investment fund mixes to the FRS, which they believe will provide the best balance between expected risk and return. Money Market Funds These funds invest in short-term securities (financial instruments or obligations) that are high-quality and can be sold quickly with little loss of value. The funds have limited risk of declining in value; however, over the long term, returns have been modest, basically keeping pace with inflation. Money market funds are not FDIC-insured or guaranteed. Inflation-Protected Securities Funds These funds invest in United States Treasury inflation-protected securities (TIPS). TIPS provide two types of return. First, there s a fixed interest rate that s been around 1% to 4% since TIPS were first issued in Second, there s a return of principal (the starting amount of your investment) and interest (the additional earnings you get over time) that is protected, or indexed to inflation. As inflation rises, so does the amount of principal and interest you receive. So, if the fixed rate is 3% and inflation is 3%, you receive a total interest rate of about 6%. The day-to-day value of inflation-protected securities varies with changes in inflation and interest rates, but these funds offer a promise of keeping up with inflation, which is unique to this type of investment. Bond Funds These funds invest primarily in bonds, which are like IOUs; a company or government agency borrows money and pays it back with interest to the bondholder (the entity making the loan). The quality of a bond is reflected in the credit rating of the company or agency that issues the bond. The short-term risk of bond funds is relatively low. However, over time, the value of a bond is affected by interest rates, inflation, and other factors. When inflation or interest rates go up, the value of bonds goes down because they pay a fixed rate of interest (the market sees other investments as being more attractive). Therefore, bonds and bond funds don t always protect the value of your retirement savings against inflation. U.S. Stock Funds These funds invest primarily in equity shares or stocks issued by U.S. companies. The short-term risk of stocks has been much higher than bonds. However, over long periods of time, stocks have generally done better than bonds, one of the main reasons that stocks are typically recommended for retirement investing. Some risk is necessary to achieve long-term investment growth. Foreign and Global Stock Funds These funds invest primarily in equity shares or stocks issued by foreign companies. Foreign stocks are affected by additional risk factors, such as foreign laws and regulations, differences in accounting practices, political risk (foreign governments are sometimes unstable), and currency risk (differences in the relative value of domestic and foreign money). Over the long term, foreign stocks have not done quite as well as U.S. stocks, but they have provided diversification benefits. 1 Note that there can be risk in holding a large portion of your account balance in a single fund (unless that fund is a reasonably diversified fund, such as a balanced fund). For further information about diversifying your account, please call the MyFRS Financial Guidance Line at , Option 2, or call the Telecommunications Relay Service (TRS 711), or visit MyFRS.com. Additional information about investing and diversification can be found on the U.S. Department of Labor s website at

3 What s in the Summary? Below you ll find a brief description of the information in the Performance Summary. Long-Term Fees are the value in today s dollars of the total fees that would be charged over 30 years, assuming a $1,000 initial investment. PB stands for performance benchmark. It allows you to see how well the fund is doing relative to the performance of the market sector it is trying to beat. Note that index funds are designed to approximate the returns of their benchmarks. Benchmarks do not have costs. Performance Summary as of September 30, 2012 Management Type is the type of investment strategy used by a fund. Passively Managed (or index) funds follow a strategy to produce the same level and pattern of investment returns generated in a market index (such as the S&P 500 index) by buying and holding the same securities as the index itself. Index funds carry a very low fee. Actively Managed funds try to predict securities price movements in order to beat a market index. The higher fees associated with actively managed funds are used to support the research needed to predict market changes. = Passively Managed Type Fees per Annual Average Investment Returns = Actively Managed Type $1,000 After Deducting Fees 1 Refer to page 2 for a definition of these Annual Long-Term Previous Previous Previous Previous asset classes. Fees 2 Fees Quarter 3 Year 5 Years 10 Years BALANCED FUNDS FRS Select Moderate Balanced Fund (A20) $0.45 $ % 13.68% 1.37% 7.30% PB: Moderate Balanced Aggregate Index 3.97% 13.44% 0.88% 7.06% FRS Select Aggressive Balanced Fund (A30) $0.46 $ % 17.43% -0.45% 7.83% PB: Aggressive Balanced Aggregate Index 5.04% 17.49% -0.46% 7.96% FRS Select Conservative Balanced Fund (A10) $0.55 $ % 6.20% 3.31% 5.47% PB: Conservative Balanced Aggregate Index 1.80% 6.00% 2.87% 4.99% MONEY MARKET FUNDS FRS Select Yield Plus Money Market Active Fund (M10) $0.57 $ % 0.27% 0.93% 2.06% PB: Institutional Money Market Average Index 0.02% 0.06% 1.05% 2.09% INFLATION-PROTECTED SECURITIES FUNDS FRS Select U.S. Treasury Inflation-Protected Securities Index Fund (T10) $0.20 $6 2.17% 9.09% 8.05% 6.67% PB: Barclays Capital TIPS Index 2.12% 9.10% 7.93% 6.64% BOND FUNDS FRS Select U.S. Bond Enhanced Index Fund (B15) $0.50 $ % 5.34% 6.89% 5.54% PB: Barclays Capital Aggregate Bond Index 1.58% 5.16% 6.53% 5.32% Pyramis Intermediate Duration Pool Fund (B35) $1.08 $ % 5.48% 5.90% 5.14% PB: Barclays Capital Intermediate 1.36% 4.31% 5.96% 4.95% Aggregate Bond Index FRS Select High Yield Fund (B50) $4.60 $ % 16.32% 9.63% 9.80% PB: Barclays Capital US HiYld Ba/B-1% Issuer Cap % 17.58% 10.34% 9.91% PIMCO Total Return Fund (B20) $6.00 $ % 11.38% 8.78% 6.80% PB: Barclays Capital Aggregate Bond Index 1.58% 5.16% 6.53% 5.32% PAGE 3

4 Performance Summary as of September 30, 2012 continued Fees per Annual Average Investment Returns = Passively Managed Type $1,000 After Deducting Fees 1 = Actively Managed Type Annual Long-Term Previous Previous Previous Previous Fees 2 Fees Quarter 3 Year 5 Years 10 Years U.S. STOCK FUNDS FRS Select U.S. Stock Market Index Fund (S10) $0.20 $6 6.27% 30.35% 1.43% 8.56% PB: Russell 3000 Index 6.23% 30.20% 1.30% 8.49% FRS Select U.S. Large Value Stock Active Fund (S25) $1.93 $ % 28.77% -0.24% 8.70% PB: Russell 1000 Value Index 6.51% 30.92% -0.90% 8.17% FRS Select U.S. Large Growth Stock Active Fund (S30) $3.26 $ % 26.80% 3.66% 8.30% PB: Russell 1000 Growth Index 6.11% 29.19% 3.24% 8.41% Prudential Mid-Cap Quantitative Core Equity Fund (S40) $3.50 $ % 32.20% 4.09% 11.91% PB: S&P Mid-Cap 400 Index 5.44% 28.54% 3.83% 10.77% Fidelity Growth Company Fund (S80) $5.90 $ % 31.15% 4.65% 12.78% PB: Russell 3000 Growth Index 6.01% 29.35% 3.22% 8.57% Fidelity Low-Priced Stock Fund 5 (S90) $7.10 $ % 25.85% 3.85% 11.74% PB: Russell 2500 Value Index 5.85% 32.15% 2.21% 10.34% Pioneer Fund (S20) $7.20 $ % 22.70% -0.75% 7.17% PB: S&P 500 Index 6.35% 30.20% 1.05% 8.01% American Beacon Small-Cap Value Fund (S99) $8.30 $ % 32.33% 2.74% 11.13% PB: Russell 2000 Value Index 5.67% 32.63% 1.35% 9.68% T. Rowe Price Small-Cap Stock Fund (S97) $9.20 $ % 35.45% 5.88% 11.11% PB: Russell 2000 Index 5.25% 31.91% 2.21% 10.17% FOREIGN AND GLOBAL STOCK FUNDS FRS Select Foreign Stock Index Fund 6 (F10) $0.20 $6 7.35% 14.22% -4.49% 8.98% PB: MSCI World ex U.S. Index 7.30% 13.76% -4.84% 8.66% American Funds Euro-Pacific Growth Fund 6 (F20) $5.00 $ % 18.45% -1.87% 10.55% PB: MSCI All Country World ex U.S. Index 7.49% 15.04% -4.48% 8.85% American Funds New Perspective Fund 6 (F40) $5.20 $ % 23.56% 0.88% 10.93% PB: MSCI World Index 6.71% 21.59% -2.15% 8.20% 1 The performance information presented reflects past performance. Past performance is not necessarily an indication of future performance. 2 Fees and expenses are only one of several factors that you should consider when making investment decisions. 3 Not annualized. 4 In June 2012, the benchmark was changed from Barclays Capital US HiYld Ba-2% Issuer Cap Index to Barclays Capital US HiYld Ba/B-1% Issuer Cap Index. For periods prior to June 30, 2012, the performance benchmark reflects the Barclays Capital US HiYld Ba-2% Issuer Cap Index. 5 This fund was closed to new money effective August 1, These funds may have restrictions on your ability to trade. Please review the Excessive Fund Trading Policy. This Performance Summary is intended for use in connection with the FRS Investment Plan, pursuant to Florida law, and is not intended for use by other investors. Sections (8) (b)4 and (15)(b), Florida Statutes, incorporate the federal law concept of participant control, established by regulations of the U.S. Department of Labor under Section 404(c) of the Employee Retirement Income Security Act of If you exercise control over the assets in your Investment Plan account, pursuant to Section 404(c) regulations and all applicable laws governing the operation of the Investment Plan, no program fiduciary shall be liable for any loss to your account which results from your exercise of control. PAGE 4

5 Continued from page 1 About Fund Transfers The FRS Investment Plan generally permits you to change your investment options daily (some funds restrict your ability to move your money under certain circumstances under an Excessive Fund Trading Policy). Transfer requests processed before 4:00 p.m. ET (or market close, if earlier) will be effective on the day the request is made. Transfer requests received after that time will be processed the next business day. You can change or cancel your request at any time before market close by logging in to MyFRS.com or calling the FRS Investment Plan Administrator at , Option 4. If your completed request is delayed for any reason, it will be processed as soon as administratively feasible. Excessive Fund Trading Policy The SBA has an Excessive Fund Trading Policy to help protect all Investment Plan members by preventing any short-term excessive fund trading within the FRS Investment Plan. The policy is available on the Investment Funds page of MyFRS.com. Inactive Account Maintenance Fee Inactive FRS Investment Plan members with account balances of more than $1,000 are subject to a $6 per quarter account administrative fee. If applicable, this fee will appear on your quarterly statement after it has been applied to your FRS Investment Plan account. Further information is available in the FRS Investment Plan Summary Plan Description on MyFRS.com. The MyFRS Financial Guidance Program has a number of resources to help you determine if your account is properly diversified: 1. Call the MyFRS Financial Guidance Program at Press Option 2 and speak with an experienced and unbiased Ernst & Young financial planner. 2. Use the online ADVISOR SERVICE at MyFRS.com to receive ongoing, personalized investment guidance to keep you on track toward reaching your retirement goals. 3. Review detailed investment fund information at MyFRS.com by clicking on Investment Funds in the toolbar. Where s the Ticker? Members often ask how they can look up the prices of their Investment Plan funds in the newspaper. These prices, known as the daily net asset value prices (NAVs), are identified by a ticker symbol. Even with a ticker symbol, you won t be able to find accurate prices for Investment Plan funds in the paper or on TV for a few important reasons, including: 1. Many Investment Plan funds don t have ticker symbols. That s because many of the funds are institutional commingled trust accounts. These types of funds are only available to institutions, like retirement plans, and they are not publicly traded. 2. Investment Plan members pay an adjusted price for shares. The prices of all Investment Plan funds start out at $10 per share. That price is adjusted daily for cash flows, fee rebates, and underlying fund price changes. As a result, the price that members pay for fund shares doesn t match what the general public pays on any given day. For example, on July 31, 2012, shares of the Fidelity Growth Company Fund (ticker FDGRX) had a quoted price in the media of $91.92 per share, while the fund s Investment Plan price was $ So, even if you have the ticker symbol, the price you see in the newspaper won t correspond to the price of that same share in the Investment Plan. 3. Several Investment Plan funds offer members special fee rebates not available to the general public. These rebates are directly credited to the fund s daily unit value, which means Investment Plan members enjoy a better return on these investments. For example, the Fidelity Growth Company Fund (ticker FDGRX) has annual fees of 0.84% of assets (or $8.40 for every $1,000 invested). However, due to the rebate, Investment Plan members pay a lower fee of 0.59% (or $5.90 for every $1,000 invested). For the 10-year period ending July 2012, the Fidelity Growth Company Fund has provided Investment Plan members an average annual return of 10.52%, while the fund publicly reported a 10-year annual return of just 10.26%. Members can log in to MyFRS.com and access their account online to see both the latest price for each investment fund and all recent transactions in their account. The daily NAV prices for each of the Investment Plan investment funds are also available online prior to login. Simply click on the Investment Funds tab on the home page, and then click on the Daily Net Asset Value link in the drop-down box. PAGE 5

6 Beneficiary Designation Reminder Your enclosed FRS Quarterly Investment Plan Statement lists your current Investment Plan account beneficiary(ies). Please review these beneficiary(ies) to ensure they are correct. You can change your beneficiaries by logging in to MyFRS.com and clicking Manage My Benefits and then Manage Investments. Or you can complete an FRS Investment Plan Beneficiary Designation Form (IPBEN-1), which is also available online. You can also update your beneficiaries by calling the FRS Investment Plan Administrator at , Option 4 (TRS 711). Keep Your Name and Address Current Please be sure to report any change in your name or mailing address to your employer to ensure you receive important information from your employer and the FRS. All active FRS-covered employees must change their personal information through their FRS employer. Inactive or retired Investment Plan members can make an address change online. For name changes, send a letter to Aon Hewitt, the Investment Plan Administrator. The letter should include your old name, your new name, the last four digits of your Social Security number, and a copy of the court order, marriage certificate, or driver s license reflecting your new name. $6 Inactive Fee If you have retired, ended employment, or rolled DROP funds into the FRS Investment Plan, $6 will be subtracted from your account every 3 months to cover Investment Plan administrative costs, which include the cost to mail your quarterly statement, telephone access, and custody costs. When you were an active employee, your employer paid these costs for you. Lifetime Annuity Quotes $100,000 Premium Annuity Monthly Annuity Monthly Type Benefit Type Benefit Single Life 1 $ Joint and Survivor 2 $ Assumptions: The monthly benefits listed in the examples above assume you used $100,000 of your FRS Investment Plan balance to purchase a lifetime fixed annuity from Hartford Life, the FRS Investment Plan s annuity provider. The single life annuity example assumes a male, age 62. The joint and survivor annuity example assumes a female spouse, age 62. Cost-of-living increases are not included in these examples. The above examples are as of August 29, Your actual annuity quotes may vary based on your individual data and circumstances (e.g., age, marital status), the movement in the fixed income investment markets, and the date you purchase the annuity. You can choose from a variety of fixed and variable annuities. For additional details, call the MyFRS Financial Guidance Line at , Option 2. 1 By choosing a single life annuity, your monthly benefits are payable for your lifetime only. Upon your death, the annuity ends. Your survivors receive no further benefits. 2 By choosing a 100% joint and survivor annuity, monthly benefits are payable for your lifetime and the lifetime of your surviving joint annuitant. Upon your death, your surviving joint annuitant receives a lifetime monthly benefit payment in the same amount (100%) as you were receiving. Upcoming Employee Workshop Webcasts The FRS offers financial planning workshop webcasts for FRScovered employees. Below is the remaining schedule for Employees interested in attending a workshop should register by calling , Option Dates 10:00 a.m. to Noon ET 1:00 to 3:00 p.m. ET October 23 Using the FRS to Plan for Investment Planning for Retirement Everyone: The Details October 24 Nearing Retirement in Insurance Planning: the FRS Protecting Your Loved Ones This Performance Summary is intended for use in connection with the FRS Investment Plan, pursuant to Florida law, and is not intended for use by other investors. Sections (8)(b)4 and (15)(b), Florida Statutes, incorporate the federal law concept of participant control, established by regulations of the U.S. Department of Labor under Section 404(c) of the Employee Retirement Income Security Act of If you exercise control over the assets in your Investment Plan account, pursuant to Section 404(c) regulations and all applicable laws governing the operation of the Investment Plan, no program fiduciary shall be liable for any loss to your account which results from your exercise of control. PAGE 6 FL3Q MyFRS Florida Retirement System all rights reserved.

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