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TALLAHASSEE, Fla. (AP) _ Gov. Jeb Bush's net worth dropped about 20 percent to $1.6 million last year mainly because of stock market losses, according to his latest financial disclosure.

Bush's 401(k) retirement fund _ started when he worked for a Miami development company _ dropped from $257,000 to $198,000 in value last year, the disclosure stated.

Most of the losses were attributed to declining stocks, however.

Bush's investments are managed by a Miami Beach accounting firm without the governor's input to avoid potential conflicts of interest.

According to the disclosure form, Bush has $4,000 in cash in the bank; mutual funds and partnerships worth $1.1 million; and a condo in Coral Gables worth $148,000.

In addition to the 401(k), he has another $68,000 in an individual retirement account. The governor's cars are valued at $42,000 and his household goods and personal effects at $140,000.

Among Bush's liabilities are $133,000 in estimated taxes on unrealized net worth.

As governor, Bush's annual salary is $120,000.