FRS 2030 Retirement Fund (2030)

FRS 2030 Retirement Fund (2030)

Data updated as of 12/31/2020

Full Legal Name

FRS 2030 Retirement Fund

Historical Performance (%)

Lipper Classification

Mixed-Asset Target 2030 Funds

Funds that seek to maximize assets for retirement with an expected retirement date on or about 2030.

Investment Objective and Strategy

The Fund seeks to provide capital appreciation, current income and inflation protection. The fund is best suited for FRS members who between 15 and 20 years before reaching the FRS" normal retirement age" or between 15 and 20 years before anticipating to retire.

Lipper Leaders (Overall)1

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

FRS 2030 Retirement Fund (2030)

10 % 8 %

6 %

FRS Retirement 2030 Index

4 %

2 %

0 %

Cumulative (%)

Annualized (%)

Year

Since

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

Fund Total Return 3.49 10.55 11.98 11.98 8.04 10.04 8.23 10.21

Percentile Rank2

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--

--

--

--

--

Numeric Rank2

--

--

--

--

--

--

--

--

Mixed-Asset Target 2030 Funds count --

--

--

--

--

--

--

--

FRS Retirement 2030 Index 3.37 10.64 11.98 11.98 7.91 9.75 8.00 10.00

2Calculated against universe of funds in the Mixed-Asset Target 2030 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 2030 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 12/31/20

Holding Name PRISA LP PRISA II LP Apple Inc Microsoft Corp Inc BlackRock Short-Term Investment Fund;S PGIM Core Ultra Short Bond Fund Facebook Inc Taiwan Semiconductor Manufacturing Co Ltd US Treasury 2.375% 15-Aug-2024

Percent of TNA 4.54 2.11 1.53 1.19 0.99 0.84 0.74 0.47 0.42 0.42

Asset Allocation (%) as of 12/31/20

Equity 66.15 Fixed Income 31.06 Other 1.92 Cash 0.87

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 12/31/20

AAA Bonds 13.38 AA Bonds 6.40 A Bonds 2.18 BBB Bonds 4.39 BB Bonds 1.87 B Bonds 1.09 CCC Bonds 0.39 CC Bonds 0.02 C Bonds 0.00

Quality Not Rated 1.19

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

12.46

Annualized

Sharpe Ratio

0.50

13,000 12,500 12,000 11,500 11,000 10,500 10,000 9,500 9,000

FRS 2030 Retirement Fund (2030) $12,611

FRS Retirement 2030 Index $12,564

4These statistics are measured against the Fund's index: FRS Retirement 2030 Index

Dec 17 Mar 18 Jun 18 Sep 18 Dec 18 Mar 19 Jun 19 Sep 19 Dec 19 Mar 20 Jun 20 Sep 20 Dec 20

-15.04 13.02

30 % 25 % 20 % 15 % 10 % 5 % 0 % -5 % -10 %

Best 3 Month Performance Over 3 Years

Worst 3 Month Performance Over 3 Years

Fund Expenses

Net Expense Ratio (%)5

0.15

Gross Expense Ratio (%)

0.15

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

1.50

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 69.54 Bonds and Cash 30.46

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

Portfolio Characteristics as of 12/31/20

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

27,003 --

135.41 21.47 4.50 10.73 6.44 2.81

Fund Detail

Inception Date Total Net Assets ($B) Asset Type

12/31/2008 .84

Mixed Asset Funds

FRS 2030 Retirement Fund (2030)

Top Industries (%) as of 12/31/20

Management Company Information

Information Technology 11.05 Financials 7.62

Consumer Discretionary 7.18 Non Classified Equity 6.66 Health Care 6.53 Industrials 6.41

Communication Services 4.51 Consumer Staples 3.96 Real Estate 3.83 Materials 3.79

Geographic Breakdown (%) as of 12/31/20

United States 58.66 Other 11.24

Europe (ex. UK) 9.94 Emerging Markets Asia 6.33

Japan 4.58 United Kingdom 3.28 North America Ex US 2.71 Asia Pacific ex Japan 2.59

Latam 1.00 Mena 0.55

Management Company Address

City

American Beacon Advisors Inc

BlackRock Institutional Trust Company NA

FIAM LLC

PGIM Investments LLC

Principal Management Corporation

Quantitative Management Associates LLC

T. Rowe Price Associates Inc

Wells Capital Management Inc

4151 Amon Carter Blvd MD 2450

400 Howard Street

Fort Worth San Francisco

900 Salem Street

Gateway Center Three 100 Mulberry Street, 4th Floor

711 High Street

Smithfield Newark

Des Moines

Gateway Center Two 100 Mulberry Street

100 East Pratt Street

Newark Baltimore

525 Market Street 10th San Francisco Floor

Data updated as of 12/31/2020

State TX CA

Zip Code

761552601

94105

Web Address

americanbeaconfunds. com

RI

02917 institutional.

NJ

07102-

4077

IA

50392-

0280

NJ

07102

MD

21202

CA

94105

Top Security Types (%) as of 12/31/20

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

Percent of TNA 13.94 9.72 4.81 1.50 0.82 0.26

Maturity Breakdown (%) as of 12/31/20

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 0.89 5.06 5.92 8.81 2.51 5.85 0.86 1.02

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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