Miami-Dade County Deferred Compensation Plan Miami-Dade County, FL

Investment Performance Report Investment returns as of December 31, 2016 Your employer’s deferred compensation plan has established an unregistered group annuity as the way participants can invest their tax-deferred contributions each payday. The annuity offers a broad portfolio of investment options. As a participant, you decide how to spread your deferrals and invested assets among these options. It’s natural to want to know how your investments are doing over time. This performance report shows how the options in the plan have performed over a series of time periods. Mutual Fund Payments Nationwide Retirement Solutions, Inc. and its affiliates (Nationwide) offer a variety of investment options to public sector retirement plans through variable annuity contracts, trust or custodial accounts. Nationwide may receive payments from mutual funds or their affiliates in connection with those investment options. For more detail about the payments Nationwide receives, please visit miamidade457.com. Fees and Expenses INVESTMENT OPTION (“FUND”) FEES: Certain underlying funds in this plan are available only as investment options in group variable annuity contracts issued by life insurance companies. Although referred to as “underlying funds” in this document, they are not offered directly to the general public. They are different investments than similarly named mutual funds offered by the money manager and investment returns may be higher or lower.

NRX-0190FL-MZ.4 (01/17)

Miami-Dade County Deferred Compensation Plan Investment returns as of December 31, 2016

Fees indicated for these options are Variable Account Expense Fees and are in addition to the fees disclosed in the underlying fund prospectus. Performance numbers represent the total percentage change in the unit value for the period indicated, after the following Variable Account Expense Fees have been taken: * denotes a fee of 0.00% GROSS EXPENSE RATIO: Gross expense ratios represent the fund’s total operating expenses expressed as a percentage of the assets held in the fund. Your expenses may be less than the gross expense ratio. For more information about gross expense ratios, read the fund’s prospectus. SHORT-TERM TRADE FEES: Some funds may impose a short-term trade fee. Some funds may be subject to a trade-restriction policy. This information is explained in the underlying prospectus. ACCOUNT MAINTENANCE: A participant account maintenance charge, up to a maximum of $50, will not be assessed unless agreed to by your employer. Nationwide Retirement Solutions and Nationwide Life Insurance Company (collectively “Nationwide”) have endorsement relationships with the National Association of Counties and the International Association of Fire Fighters-Financial Corporation. More information about the endorsement relationships may be found online at miamidade457.com.

Nationwide Fixed Account For the quarter ending March 31, 2017, the annualized yield for the Nationwide Fixed Account is 3.50%.

Interest rates are declared quarterly and are subject to change. For the calendar year 2017, the guaranteed minimum annualized yield for the Nationwide Fixed Account is 3.50% .

Guarantees are subject to the claims-paying ability of the company. The unregistered group fixed annuity is issued by Nationwide Life Insurance Company, Columbus, OH. Contract number NRC-0106FL.

Don’t count on numbers alone If you see something you’d like to know more about, ask your Nationwide representative.

Questions? 877-677-3678 www.miamidade457.com

What to look for in this table The figures shown are calculated based on a one-time investment of $10,000 and reflect the deduction of all applicable charges. These returns are measured from the inception date of the fund which may predate the availability of the fund in the Nationwide separate account. Where this occurs, the performance is hypothetical and depicts how the fund would have performed had it been available during the time period. To obtain performance information current to the most recent month end, visit www.miamidade457.com.

The results shown represent past performance and do not represent expected future performance or experience. Past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s units, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the data quoted. Performance data current to the most recent month-end may be obtained by visiting: www.miamidade457.com.

The Nationwide Large Cap Growth Portfolio is not a mutual fund. Its performance cannot be tracked in newspapers or through other public resources. You can track the portfolio’s performance via your plan’s website, www.miamidade457.com.The portfolio’s offering memorandum may be obtained by visiting www.miamidade457.com or by calling toll-free 877-677-3678.

Please consider the fund’s investment objectives, risks, and charges and expenses carefully before investing. Both the underlying fund prospectuses and informational brochure contain this and other important information, and are available by calling 877-677-3678. Read carefully before investing.

Investing involves market risk, including the possible loss of principal. Included with each asset class is information that reviews specific risks for that type of investment.

Asset Class: Asset Allocation These funds are designed to provide diversification and asset allocation across several types of investments and asset classes. Because they primarily invest in underlying funds, their expense ratio includes a proportionate share of the applicable fees and expenses of the underlying funds. There is no guarantee that target date funds will provide enough income for retirement. Since Inception Expense VRU Investment Options Morningstar Category YTD 1 Year 5 Year 10 Year Inception Date Ratio 620 Nationwide Investor Destinations Conservative Fund: Service Class  Allocation--15% to 30% Equity 4.62% 4.62% 3.35% 3.28% 3.54% 03/30/2000 0.88% 6.21% 6.21% 5.34% 3.96% 3.97% 03/30/2000 0.89% 621 Nationwide Investor Destinations Moderately Conservative Fund: Service Class  Allocation--30% to 50% Equity 622 Nationwide Investor Destinations Moderate Fund: Service Class  Allocation--50% to 70% Equity 7.81% 7.81% 7.18% 4.21% 4.06% 03/30/2000 0.89% 623 Nationwide Investor Destinations Moderately Aggressive Fund: Service Class  Allocation--70% to 85% Equity 9.29% 9.29% 9.05% 4.43% 4.09% 03/30/2000 0.91% Allocation--85%+ Equity 10.21% 10.21% 10.40% 4.38% 3.90% 03/30/2000 0.89% 624 Nationwide Investor Destinations Aggressive Fund: Service Class  794 Nationwide Destination 2015 Fund - Institutional Service Class  Target-Date 2015 6.70% 6.70% 6.24% N/A 3.45% 08/29/2007 0.64% 793 Nationwide Destination 2020 Fund - Institutional Service Class  Target-Date 2020 7.27% 7.27% 7.07% N/A 3.81% 08/29/2007 0.65% 8.37% 8.37% 8.17% N/A 4.22% 08/29/2007 0.66% 792 Nationwide Destination 2025 Fund - Institutional Service Class  Target-Date 2025 791 Nationwide Destination 2030 Fund - Institutional Service Class  Target-Date 2030 9.41% 9.41% 9.11% N/A 4.40% 08/29/2007 0.66% 790 Nationwide Destination 2035 Fund - Institutional Service Class  Target-Date 2035 9.79% 9.79% 9.79% N/A 4.49% 08/29/2007 0.65% 9.91% 9.91% 10.14% N/A 4.34% 08/29/2007 0.65% 789 Nationwide Destination 2040 Fund - Institutional Service Class  Target-Date 2040 788 Nationwide Destination 2045 Fund - Institutional Service Class  Target-Date 2045 10.39% 10.39% 10.42% N/A 4.43% 08/29/2007 0.64% 787 Nationwide Destination 2050 Fund - Institutional Service Class  Target-Date 2050 10.71% 10.71% 10.48% N/A 4.50% 08/29/2007 0.64% 10.57% 10.57% 10.47% N/A 7.91% 12/27/2010 0.64% 910 Nationwide Destination 2055 Fund - Institutional Service Class  Target-Date 2055 Asset Class: Specialty Funds that invest in a concentrated sector or focus on a relatively small number of securities may be subject to greater volatility than a more diversified investment. Funds that focus on real estate investing are sensitive to economic and business cycles, changing demographic patterns and government actions. Since Inception Expense VRU Investment Options Morningstar Category YTD 1 Year 5 Year 10 Year Inception Date Ratio Real Estate 5.69% 5.69% 10.92% 3.87% 10.92% 09/21/1995 1.14% 663 American Century Real Estate Fund - Investor Class  Asset Class: International International/emerging markets funds involve risks not associated with investing solely in the U.S., such as currency fluctuation, political risk, differences in accounting and the limited availability of information. Since Inception Expense VRU Investment Options Morningstar Category YTD 1 Year 5 Year 10 Year Inception Date Ratio 166 EuroPacific Growth Fund  Foreign Large Growth 0.66% 0.66% 6.84% 2.62% 10.45% 04/16/1984 0.83%

Miami-Dade County Deferred Compensation Plan Investment returns as of December 31, 2016 Asset Class: International International/emerging markets funds involve risks not associated with investing solely in the U.S., such as currency fluctuation, political risk, differences in accounting and the limited availability of information. VRU Investment Options Morningstar Category YTD 1 Year 5 Year 3.96% 3.96% 10.58% 990 MFS International Value Fund - Class R3  Foreign Large Blend 106 Nationwide International Index Fund - Institutional Shares  Foreign Large Blend 1.10% 1.10% 6.43% 881 Invesco International Growth Fund - Class R5  Foreign Large Growth -0.53% -0.53% 6.04% 0.16% 10.21% 408 Oppenheimer Global Fund  World Stock 0.16% Asset Class: Small-cap Stocks Funds investing in stocks of small or emerging companies may have less liquidity than those investing in larger, established companies and may be subject to greater price volatility and risk than the overall stock market.

10 Year 4.89% 0.60% 2.75% 4.09%

Since Inception 7.87% 1.99% 6.95% 11.12%

Inception Date 01/02/1997 12/29/1999 03/15/2002 12/22/1969

Expense Ratio 1.01% 0.30% 0.99% 1.14%

VRU Investment Options 737 Nationwide Small Cap Index Fund - Institutional Class  130 Brown Capital Management Small Company Fund (The) - Investor Class  388 Neuberger Berman Equity Trust® - Genesis Fund  628 American Century Small Cap Value Fund - Investor Class  798 Nationwide US Small Cap Value Fund - Institutional Service Class  Asset Class: Mid-cap Stocks

Morningstar Category Small Blend Small Growth Small Growth Small Value Small Value

YTD 21.27% 8.34% 18.06% 26.01% 26.27%

1 Year 21.27% 8.34% 18.06% 26.01% 26.27%

5 Year 14.45% 16.07% 12.12% 15.05% 15.11%

10 Year 6.96% 12.29% 8.79% 8.59% N/A

Since Inception 8.42% 11.84% 12.26% 11.81% 8.47%

Inception Date 04/09/1997 12/31/1992 09/27/1988 07/31/1998 12/21/2007

Expense Ratio 0.27% 1.27% 1.10% 1.26% 1.32%

VRU Investment Options 314 JPMorgan Mid Cap Value Fund  946 Nationwide Mid Cap Market Index Fund - Institutional Class  629 T. Rowe Price Mid-Cap Growth Fund, Inc. - Advisor Class  Asset Class: Large-cap Stocks

Morningstar Category Mid-Cap Blend Mid-Cap Blend Mid-Cap Growth

YTD 14.06% 20.49% 6.03%

1 Year 14.06% 20.49% 6.03%

5 Year 14.87% 15.08% 14.56%

10 Year 7.99% 8.84% 9.81%

Since Inception Expense Inception Date Ratio 12.38% 11/13/1997 1.41% 9.29% 12/29/1999 0.27% 13.23% 06/30/1992 1.03%

VRU 714 367 281 539 181 195 102 164 586

Morningstar Category Large Blend Large Blend Large Blend Large Growth Large Growth Large Growth Large Value Large Value Large Value

YTD 9.98% 11.53% 14.59% 4.15% 3.34% 3.11% 20.22% 17.01% 19.81%

1 Year 9.98% 11.53% 14.59% 4.15% 3.34% 3.11% 20.22% 17.01% 19.81%

5 Year 13.06% 13.55% 14.15% 12.29% 13.46% 16.78% 14.29% 12.47% 14.41%

10 Year 5.99% 5.43% 6.38% 7.62% 7.88% 11.13% 6.32% 5.82% 6.45%

Since Inception 9.25% 9.57% 12.08% 13.10% 12.17% 13.10% 9.97% 6.35% 9.57%

Investment Options American Century Equity Growth Fund - Investor Class  Nationwide Fund - Institutional Service Class  The Investment Company of America® American Century Growth Fund  Fidelity Contrafund  Fidelity OTC Portfolio  American Century Value Fund  Edgar Lomax Value Fund  Invesco Growth and Income Fund - Class A 

Inception Date 05/09/1991 05/11/1933 01/02/1934 06/30/1971 05/17/1967 12/31/1984 09/01/1993 12/12/1997 08/01/1946

Expense Ratio 0.67% 0.78% 0.58% 0.97% 0.71% 0.91% 0.98% 1.31% 0.84%

Miami-Dade County Deferred Compensation Plan Investment returns as of December 31, 2016 Asset Class: Large-cap Stocks

VRU Investment Options 697 State Street Equity 500 Index Fund - Administrative Shares  392 Neuberger Berman Equity Funds® - Socially Responsive Fund  520 T.Rowe Price Growth Stock Fund  746 Nationwide Large Cap Growth Portfolio  Asset Class: Balanced

Morningstar Category Large Blend Large Growth Large Growth N/A

VRU Investment Options Morningstar Category 199 Fidelity Puritan® Fund  Allocation--50% to 70% Equity 109 Nationwide Diverse Managers Fund - Institutional Service Class  Allocation--50% to 70% Equity Asset Class: Bonds Bond funds have the same interest rate, inflation and credit risks that are associated with the underlying bonds owned by the fund. Funds that invest in high-yield securities are subject to greater credit risk and price fluctuations than funds that invest in higher-quality securities.

YTD 11.75% 10.10% 1.15% 2.11%

1 Year 11.75% 10.10% 1.15% 2.11%

5 Year 14.39% 13.19% 14.88% 12.64%

10 Year 6.75% 6.65% 7.66% N/A

Since Inception 5.97% 9.07% 10.64% 5.88%

Inception Date 04/18/2001 03/16/1994 04/11/1950 04/27/2007

Expense Ratio 0.34% 0.85% 0.92% 0.95%

YTD 5.03% 6.01%

1 Year 5.03% 6.01%

5 Year 10.14% N/A

10 Year 5.89% N/A

Since Inception Expense Inception Date Ratio 10.88% 04/16/1947 0.56% 0.74% 03/31/2014 1.95%

Since Inception Expense VRU Investment Options Morningstar Category YTD 1 Year 5 Year 10 Year Inception Date Ratio 16.65% 16.65% 8.11% 7.57% 6.94% 01/04/1996 0.74% 642 Waddell & Reed Advisors High Income Bond Fund  High Yield Bond 948 Nationwide Bond Index Fund - Institutional Class  Intermediate-Term Bond 2.36% 2.36% 1.99% 4.06% 5.15% 04/03/1997 0.27% 109 Nationwide HighMark Bond Fund Institutional Service Class  Intermediate-Term Bond 3.79% 3.79% 2.82% 4.69% 6.82% 02/15/1984 0.74% 2.21% 2.21% 2.81% 5.18% 6.91% 05/11/1987 0.86% 428 PIMCO Total Return Fund  Intermediate-Term Bond Asset Class: Short-term Investments Money market funds are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other federal government agency. Although they seek to preserve the value of your investment at $1.00 per share, it's possible to lose money by investing in money market funds. Because the value of the securities held by stable value funds will fluctuate, there is the risk that an investor will lose money investing in stable value funds. Since Inception Expense VRU Investment Options Morningstar Category YTD 1 Year 5 Year 10 Year Inception Date Ratio 134 Vanguard Federal Money Market Fund - Investor Class  Money Market-Taxable 0.30% 0.30% 0.08% 0.83% 4.35% 07/13/1981 0.11% The 7-day current yield of 0.44% more closely reflects current Money Market Fund earnings than the total return calculation.

354 Morley Stable Value Retirement Fund - NACO/DCVA *

N/A

1.14%

1.14%

0.92%

1.84%

4.29%

07/31/1989

N/A

03/03/1980

N/A

May not be available in all plans. This option is offered outside the group variable annuity contract. The funds initial investments will be in units of Morley Financial’s Stable Value Fund. Return history pertains to the Stable Value Fund managed since inception in December 1993.

373 Nationwide Money Market Fund 

Prime Money Market

0.00%

0.00%

0.00%

0.69%

4.53%

The 7-day current yield of 0.00% more closely reflects current Money Market Fund earnings than the total return calculation.

171 Federated U.S. Government Securities Fund: 2-5 Years 

Short Government

0.80%

0.80%

0.21%

2.94%

5.80%

02/18/1983 0.85%