FRS 2045 Retirement Fund (2045)

[Pages:2]FRS 2045 Retirement Fund (2045)

Data updated as of 09/30/2021

Full Legal Name

FRS 2045 Retirement Fund

Lipper Classification

Mixed-Asset Target 2045 Funds

Funds that seek to maximize assets for retirement with an expected retirement date on or about 2045.

Investment Objective and Strategy

The Fund seeks to provide capital appreciation. The fund is best suited for FRS members who between 30 and 35 years before reaching the FRS" normal retirement age" or between 30 and 35 years before anticipating to retire. The fund is a blend of institutional funds and mutual funds.

Lipper Leaders (Overall)1

Best = 5 ? 4 ? 3 ? 2 ? 1 = Worst

Historical Performance (%)

25 %

FRS 2045 Retirement Fund (2045)

20 % 15 %

10 %

FRS Retirement 2045 Index

5 %

0 %

-5 %

Cumulative (%)

Annualized (%)

Year

Since

1 Month 3 Month to Date 1 Year 3 Year 5 Year 10 Year Incep.

Fund Total Return -2.93 -0.58 9.98 24.85 11.16 11.81 11.44 11.35

Percentile Rank2

--

--

--

--

--

--

--

--

Numeric Rank2

--

--

--

--

--

--

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Mixed-Asset Target 2045 Funds count --

--

--

--

--

--

--

--

FRS Retirement 2045 Index -3.14 -0.83 9.64 24.54 11.05 11.65 11.20 11.16

2Calculated against universe of funds in the Mixed-Asset Target 2045 Funds classification.

The Historical Performance section shows the funds' historical performance. Past performance is not indicative of future results. Investment return and value of shares will fluctuate. Upon redemption, shares may be worth more or less than their original cost. The current performance may be higher or lower than the quoted performance. Numeric Rankings for the fund is based on Total Return Performance and represents the numeric position achieved by the fund within its Lipper classification universe for that time period.

--

3 Year Cumulative Return

Total Return

Consistent Return

Preservation

Expense

Total Return Calculated Out of -- Mixed-Asset Target 2045 Funds 1Lipper Leaders (Overall) - All Ratings as of -- - Ratings for Total Return reflect funds' historical total return performance relative to peers. Ratings for Consistent Return reflect funds' historical risk-adjusted returns relative to peers. Lipper ratings for Preservation are relative, rather than absolute. Ratings for Expense reflect funds' expense minimization relative to peers. Lipper Leader ratings DO NOT take into account the effects of sales charges. Ratings are based on an equal-weighted average of percentile ranks for each measure over 3-, 5-, and 10-year periods (if applicable).

Top Holdings as of 09/30/21

Holding Name PRISA LP Fund Apple Inc Microsoft Corp PRISA II LP Fund Inc BlackRock Short-Term Investment Fund PGIM Core Ultra Short Bond Fund Facebook Inc Alphabet Inc Class A Alphabet Inc Class C

Percent of TNA 3.37 1.94 1.85 1.46 1.24 0.85 0.75 0.71 0.70 0.65

Asset Allocation (%) as of 09/30/21

Equity 79.31 Fixed Income 13.48 Other 6.30 Cash 0.91

Asset Allocation may equal less than or greater than 100% due to hedged funds or leveraged cash positions by the fund.

Credit Quality (%) as of 09/30/21

AAA Bonds 4.82 AA Bonds 1.98 A Bonds 1.35 BBB Bonds 2.09 BB Bonds 1.11 B Bonds 0.82 CCC Bonds 0.21 CC Bonds 0.01 D Bonds 0.00

Quality Not Rated 1.05

Lipper, a Refinitiv Company. ? 2021 Refinitiv. All rights reserved. Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior written consent of Lipper.

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Risk Analysis (3 Year)

Growth of $10,000 Over 3 Years

Alpha4

0.01

Beta4

1.00

R-Squared4

1.00

Annualized Standard

Deviation

15.71

Annualized

Sharpe Ratio

0.60

15,000 14,000 13,000 12,000 11,000 10,000 9,000 8,000

FRS 2045 Retirement Fund (2045) $13,736 FRS Retirement 2045 Index $13,694

4These statistics are measured against the Fund's index: FRS Retirement 2045 Index

Sep 18 Dec 18 Mar 19 Jun 19 Sep 19 Dec 19 Mar 20 Jun 20 Sep 20 Dec 20 Mar 21 Jun 21 Sep 21

-19.24 16.32

50 % 40 % 30 % 20 % 10 % 0 % -10 % -20 %

Best 3 Month Performance Over 3 Years Worst 3 Month Performance Over 3 Years

Fund Expenses

Net Expense Ratio (%)5

0.10

Gross Expense Ratio (%)

0.10

Administrative Expenses (%)

N/A

5The Net Expense Ratio is what you ultimately pay per dollar invested.

Expense Waiver (%) Expense Waiver Type Expense Waiver Time Limit Per $1,000 Investment ($)

0.00 None None

1.00

Glide Path6

100% 80% 60%

40%

20%

0%

50

45

40

35

30

25

20

15

10

5

0

-5 -10 -15 -20 -25 -30

Years Until Retirement

Current Allocation Equity 86.64 Bonds and Cash 13.36

Years After Retirement Steady State Allocation 6Zero years typically represents age 65 for most investors.

Portfolio Characteristics as of 09/30/21

Number of Holdings Portfolio Turnover (%) Average Market Cap ($B) Price to Earnings Price to Book Average Nominal Maturity (Years) Average Duration (Years) Average Coupon (%)

27,402 --

220.62 26.02 6.18 11.02 6.51 3.08

Fund Detail

Inception Date Total Net Assets ($B) Asset Type

12/31/2008 .82

Mixed Asset Funds

FRS 2045 Retirement Fund (2045)

Top Industries (%) as of 09/30/21

Management Company Information

Information Technology 15.72 Financials 11.21

Consumer Discretionary 9.79 Health Care 9.05 Industrials 8.95

Communication Services 6.27 Consumer Staples 5.09 Materials 4.61 Real Estate 3.49 Energy 2.72

Management Company Address

City

Stephens Investment Mgmt Group LLC

Allspring Global Investments LLC

BlackRock Institutional Trust Company NA

111 Center Street

Little Rock

525 Market Street 10th Floor

400 Howard Street

San Francisco San Francisco

FIAM LLC

900 Salem Street

Smithfield

Geographic Breakdown (%) as of 09/30/21

United States 52.50 Europe (ex. UK) 13.51 Emerging Markets Asia 8.25

Other 7.74 Japan 5.71 United Kingdom 3.83 North America Ex US 3.39 Asia Pacific ex Japan 3.05 Latam 1.01 Mena 0.82

PGIM Investments LLC

PGIM Quantitative Solutions LLC Principal Management Corporation T. Rowe Price Associates Inc

Gateway Center Three 100 Mulberry Street, 4th Floor

Gateway Center Two 100 Mulberry Street

711 High Street

100 East Pratt Street

Newark

Newark Des Moines Baltimore

Data updated as of 09/30/2021

State AR

Zip Code 72201

Web Address

DE

94105

CA

94105

RI

02917 institutional.

NJ

07102-

4077

NJ

07102

IA

50392-

0280

MD

21202

Top Security Types (%) as of 09/30/21

Bond Name Corporate Notes/Bonds Govt. Agency Notes/Bonds Mortgage Backed Securities Asset Backed Securities Fixed Income Other Municipal Bonds Treasury

Percent of TNA 5.52 4.35 2.47 0.66 0.41 0.06 0.00

Maturity Breakdown (%) as of 09/30/21

Maturity Period < 1 Year 1 - 3 Years 3 - 5 Years 5 - 10 Years 10 - 20 Years 20 - 30 Years > 30 Years Other

Percent of TNA 0.41 1.82 2.74 3.78 1.28 2.38 0.42 0.61

Fund Management

Fund Manager(s) Fund of Fund Multi-Manager

Tenure

Target date funds are subject to the risks associated with their underlying funds. Diversification does not assure a profit or protect against loss in a declining market. Investments in bonds are subject to interest rate, credit and inflation risk. Important Fund Information. In general, a 1-year, 5-year, and 10-year performance is shown. If a full 10-year history is not available, a return since inception is provided instead. For the purposes of new FRS Investment Funds, the 5-year history, if available, is considered to be the since inception history. Fees reflect revised allocations effective 1-2-2018.

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Lipper, a Refinitiv Company. ? 2021 Refinitiv. All rights reserved. Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior written consent of Lipper.

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