FRS Investment Plan Funds: Fees, Performance & Risk

The full FRS Investment Plan fund menu as reported by the State Board of Administration (April 2026 edition, performance as of 2026-03-31) — what each fund holds, what it costs, and its reported returns. For educational purposes; this page does not rank funds or suggest a selection.

Investment Plan fund menu

April 2026 edition · performance as of 2026-03-31

FundStrategyRiskFee / $1,0001y return5y return10y return
Retirement Date FundsDiversified portfolios using target date asset allocation. Mix becomes more conservative as retirement approaches.
FRS 2065 Retirement Date Fund
Fund code 2065
active5 · Highest$1.2018.82%——
FRS 2060 Retirement Date Fund
Fund code 2060
active5 · Highest$1.2018.73%8.12%—
FRS 2055 Retirement Date Fund
Fund code 2055
active5 · Highest$1.2018.71%8.11%10.18%
FRS 2050 Retirement Date Fund
Fund code 2050
active5 · Highest$1.2018.70%8.03%10.10%
FRS 2045 Retirement Date Fund
Fund code 2045
active5 · Highest$1.3018.50%7.84%9.92%
FRS 2040 Retirement Date Fund
Fund code 2040
active4 · High$1.4017.90%7.56%9.59%
FRS 2035 Retirement Date Fund
Fund code 2035
active4 · High$1.6016.63%7.05%9.08%
FRS 2030 Retirement Date Fund
Fund code 2030
active3 · Moderate$1.9014.74%6.24%8.26%
FRS 2025 Retirement Date Fund
Fund code 2025
active3 · Moderate$2.3012.60%5.25%7.35%
FRS 2020 Retirement Date Fund
Fund code 2020
active2 · Low$2.1011.69%4.77%6.59%
FRS Retirement Fund
Fund code 2000
active2 · Low$2.0010.92%4.43%5.82%
Stable ValueConservative option focused on capital preservation. Invests in fixed income securities and wrap contracts.
FRS Stable Value Fund
Fund code 350
active1 · Lowest$0.803.23%2.58%—
Inflation ProtectionSeeks long-term real returns to preserve purchasing power. Includes TIPS, commodities, REITs, and other assets.
FRS Inflation Sensitive Fund
Fund code 300
active3 · Moderate$3.5011.81%4.53%4.67%
Bond FundsInvests in government and corporate bonds. Lower short-term risk but affected by interest rates and inflation.
FRS U.S. Bond Enhanced Index Fund
Fund code 80
passive2 · Low$0.404.47%0.42%1.79%
FRS Diversified Income Fund
Fund code 310
active2 · Low$2.505.27%1.45%3.04%
U.S. Stock FundsInvests in U.S. company equities. Higher short-term risk but historically higher long-term returns.
FRS U.S. Stock Market Index Fund
Fund code 120
passive5 · Highest$0.1018.08%10.89%13.77%
FRS U.S. Stock Fund
Fund code 340
active5 · Highest$3.5015.61%9.15%12.50%
Foreign & Global Stock FundsInvests in non-U.S. or combined U.S./foreign equities. Additional risk factors include currency, political, and regulatory differences.
FRS Foreign Stock Index Fund
Fund code 200
passive5 · Highest$0.2527.37%7.44%8.80%
FRS Foreign Stock Fund
Fund code 220
active5 · Highest$4.7024.41%5.28%9.02%
FRS Global Stock Fund
Fund code 210
active5 · Highest$4.3017.28%7.71%12.71%

Retirement Date Funds

Diversified portfolios using target date asset allocation. Mix becomes more conservative as retirement approaches.

FRS 2065 Retirement Date Fund (2065)

Retirement Date

Type
blend · active
Risk level
5 of 5
Annual fee / $1,000
$1.20
Managers
BlackRock, Fidelity, Principal, PGIM Investments, Stephens, T Rowe Price, Ariel, Allspring

Initially open for investments July 1, 2023. 1-year performance shown is for FRS 2060 fund which has same allocation.

FRS 2060 Retirement Date Fund (2060)

Retirement Date

Type
blend · active
Risk level
5 of 5
Annual fee / $1,000
$1.20
Managers
BlackRock, Fidelity, Principal, PGIM Investments, Stephens, T Rowe Price, Ariel, Allspring

FRS 2055 Retirement Date Fund (2055)

Retirement Date

Type
blend · active
Risk level
5 of 5
Annual fee / $1,000
$1.20
Managers
BlackRock, Fidelity, Principal, PGIM Investments, Stephens, T Rowe Price, Ariel, Allspring

FRS 2050 Retirement Date Fund (2050)

Retirement Date

Type
blend · active
Risk level
5 of 5
Annual fee / $1,000
$1.20
Managers
BlackRock, Fidelity, Principal, PGIM Investments, Stephens, T Rowe Price, Ariel, Allspring

FRS 2045 Retirement Date Fund (2045)

Retirement Date

Type
blend · active
Risk level
5 of 5
Annual fee / $1,000
$1.30
Managers
BlackRock, Fidelity, Principal, PGIM Investments, Stephens, T Rowe Price, Ariel, Allspring

FRS 2040 Retirement Date Fund (2040)

Retirement Date

Type
blend · active
Risk level
4 of 5
Annual fee / $1,000
$1.40
Managers
BlackRock, Fidelity, Principal, PGIM Investments, Stephens, T Rowe Price, Ariel, Allspring

FRS 2035 Retirement Date Fund (2035)

Retirement Date

Type
blend · active
Risk level
4 of 5
Annual fee / $1,000
$1.60
Managers
BlackRock, Fidelity, Principal, PGIM Investments, Stephens, T Rowe Price, Ariel, Allspring

FRS 2030 Retirement Date Fund (2030)

Retirement Date

Type
blend · active
Risk level
3 of 5
Annual fee / $1,000
$1.90
Managers
BlackRock, Fidelity, Principal, PGIM Investments, Stephens, T Rowe Price, Ariel, Allspring

FRS 2025 Retirement Date Fund (2025)

Retirement Date

Type
blend · active
Risk level
3 of 5
Annual fee / $1,000
$2.30
Managers
BlackRock, Fidelity, Principal, PGIM Investments, Stephens, T Rowe Price, Ariel, Allspring

FRS 2020 Retirement Date Fund (2020)

Retirement Date

Type
blend · active
Risk level
2 of 5
Annual fee / $1,000
$2.10
Managers
BlackRock, Fidelity, Principal, PGIM Investments, Stephens, T Rowe Price, Ariel, Allspring

FRS Retirement Fund (2000)

Retirement Date

Type
blend · active
Risk level
2 of 5
Annual fee / $1,000
$2.00
Managers
BlackRock, Fidelity, Principal, PGIM Investments, Stephens, T Rowe Price, Ariel, Allspring

Stable Value

Conservative option focused on capital preservation. Invests in fixed income securities and wrap contracts.

FRS Stable Value Fund (350)

Stable Value

Type
institutional · active
Risk level
1 of 5
Annual fee / $1,000
$0.80
Managers
T Rowe Price, Galliard

Initially open for investments July 1, 2021. 5-year history based on investment allocations as if held over past 5 years prior to inception.

Inflation Protection

Seeks long-term real returns to preserve purchasing power. Includes TIPS, commodities, REITs, and other assets.

FRS Inflation Sensitive Fund (300)

Inflation Protection

Type
institutional · active
Risk level
3 of 5
Annual fee / $1,000
$3.50
Managers
BlackRock, PGIM Investments, Principal

Bond Funds

Invests in government and corporate bonds. Lower short-term risk but affected by interest rates and inflation.

FRS U.S. Bond Enhanced Index Fund (80)

Broad Bonds

Type
institutional · passive
Risk level
2 of 5
Annual fee / $1,000
$0.40
Managers
BlackRock, PGIM Investments

FRS Diversified Income Fund (310)

Broad Bonds

Type
institutional · active
Risk level
2 of 5
Annual fee / $1,000
$2.50
Managers
Fidelity, PGIM Investments, Allspring

U.S. Stock Funds

Invests in U.S. company equities. Higher short-term risk but historically higher long-term returns.

FRS U.S. Stock Market Index Fund (120)

All Cap U.S. Equity

Type
institutional · passive
Risk level
5 of 5
Annual fee / $1,000
$0.10
Managers
BlackRock

FRS U.S. Stock Fund (340)

All Cap U.S. Equity

Type
institutional · active
Risk level
5 of 5
Annual fee / $1,000
$3.50
Managers
Ariel, Aristotle, Fidelity, Hotchkis Wiley, Jennison, London Company, Stephens, T Rowe Price

Inception date July 1, 2020. 5-year history considered return since inception. Historical performance based on target weight of underlying managers/funds.

Foreign & Global Stock Funds

Invests in non-U.S. or combined U.S./foreign equities. Additional risk factors include currency, political, and regulatory differences.

FRS Foreign Stock Index Fund (200)

Foreign Stock

Type
institutional · passive
Risk level
5 of 5
Annual fee / $1,000
$0.25
Managers
BlackRock

Trading restrictions: 7-day minimum holding period for nonexempt transfers

FRS Foreign Stock Fund (220)

Foreign Stock

Type
mutual · active
Risk level
5 of 5
Annual fee / $1,000
$4.70
Managers
Capital Research & Management Company, Dodge & Cox

Trading restrictions: 7-day minimum holding period for nonexempt transfers

FRS Global Stock Fund (210)

Global Stock

Type
mutual · active
Risk level
5 of 5
Annual fee / $1,000
$4.30
Managers
Capital Research & Management Company, Dodge & Cox

Trading restrictions: 7-day minimum holding period for nonexempt transfers