Asset Class and Fund Objective:
Specialty intermediate bond fund
Fund Type:
Institutional fund
Index or Active Strategy:
Active fund that attempts to beat the total return of the Barclays Capital Intermediate Government/Credit Index
Management Type:
Actively Managed
 
Fees and Fund Expenses
The fund does not have sales charges on purchases or dividend reinvestments, deferred sales charges, redemption fees or exchange fees. Excessive trading restrictions may apply — see Detailed Fund Operations.
Fund Operating Expenses (deducted from your account as a percent of assets)
 
Pyramis Int-Dur Pool IMA
Range of Fees in Bond Funds
Range of Fees for Balanced Funds
Annual Fees in Percent of Assets
0.12%
0.05%   -   0.59%
0.04%   -   0.06%
For a $10,000 Account You Would Pay
 
 
 
First Year Fee
$12
$5   -   $59
$4   -   $6
Total Fees over 30 Years in Today's Dollars
$372
$151   -   $1943
$135   -   $170
Fees represent the most current information available and are subject to change without prior notice. Fees are net of any contractual reimbursements to you. Fees and expenses are only one of several factors that should be considered when making investment decisions.
Principal Investment Strategies and Risks of Investing in the Fund
The fund seeks total returns in excess of the Lehman Brothers Intermediate Aggregate Bond Index, primarily through investments in U.S. treasuries, agencies, investment-grade corporate bonds, mortgage-backed and asset-backed securities. The fund employs research-based investment strategies including issuer and sector valuation, and individual security selection. The strategy integrates research and trading in a team environment. Risk management technology is used to measure benchmark exposures and implement compliance to guidelines.
The fund's total return will fluctuate over a wider range than money market investments due to greater sensitivity to interest rate changes. The fund is not a complete investment program and returns may lag the returns of a balanced portfolio with comparable risk. The fund's emphasis on intermediate bonds may cause it to lag the returns of the broad U.S. bond market. The fund's strategy for outperforming its benchmark may cause it to lag the benchmark as the strategy relies on predictions and incurring trading costs through security turnover. Your investment in the fund is not a bank deposit and is not insured or guaranteed by the F.D.I.C. or any other government entity. It is possible to lose money investing in the fund and returns may not keep pace with inflation.
Asset Allocation as of Qtr Ending
6/30/10
Cash
3.40%
Bonds
96.60%
U.S. Stocks
Foreign Stock
Other
0.00%
Sector Exposure as of
6/30/10
Treasuries
41.60%
Financial Services
16.60%
Mortgage Backed
11.70%
Industrial
11.00%
Asset Backed
6.60%
 
Rating Exposure as of
6/30/10
AAAtoAA
62.24%
A
17.96%
BBB
19.07%
BB
0.72%
BandBelow
0.00%
Other Portfolio Measures as of
6/30/10
Percent in Top 10 Holdings
31.54%
Number of Fund Holdings
1070
Yield
2.77%
Average Effective Duration
3.84
Turnover
28.00%
Data gathered from various third-party sources. Selector allocations are approximate and will vary over time.

Average Annual Returns and Risk for Periods Ending July 31, 2010
 
One Year
5 Years
10 Years
Average Annual Returns
 
 
 
Investment Fund
10.34%
5.64%
6.30%
Barclays Int Agg Index
8.36%
5.94%
6.27%
Average Annual Risk (Standard Deviation)
 
 
 
Investment Fund
3.08%
3.70%
3.65%
Barclays Int Agg Index *
2.65%
2.97%
3.09%
FRS Select Moderate Balanced Fund
8.53%
11.04%
10.25%
 
Prior to July 2002, actual historical performance data has been adjusted for fees and/or designs for multiple manager funds that are specific to the FRS. Measurements that include data for periods prior to 9/98 are a blend of the fund's data and a comparable Fidelity intermediate bond product.
* Effective July 1, 2005 the performance benchmark was changed from the Lehman Intermediate Government/Corporate Index to the Lehman Intermediate Aggregate Index for all time periods to more closely align with the Fund's investment process.
Other Historical Risk Measures: 5 Year Period Ending July 31, 2010
 
Pyramis Int-Dur Pool IMA
Range of Measure in Bond Funds
Range of Measure for Balanced Funds
Beta vs. Benchmark *
104.62%
104.62%   -   104.62%
97.31%   -   99.74%
Tracking Error vs. Benchmark *
1.93%
0.19%   -   2.16%
0.46%   -   0.91%
Highest Quarterly Return
5.14%
5.14%   -   11.09%
4.14%   -   12.65%
Lowest Quarterly Return
-5.54%
-16.37%   -   -2.72%
-24.31%   -   -8.72%
Performance Alarms
3
0   -   3
0   -   1
 
Prior to July 2002, actual historical performance data has been adjusted for fees and/or designs for multiple manager funds that are specific to the FRS. Measurements that include data for periods prior to 9/98 are a blend of the fund's data and a comparable Fidelity intermediate bond product. Beta is the average percent change in the fund's return if there is a 1% change in the benchmark's return. Tracking Error is the standard deviation of the statistically unexplained difference between the fund's return and the benchmark return. Performance alarms are a statistical measure of underperformance relative to the benchmark. Multiple alarms may imply a higher risk of future underperformance.
* Effective July 1, 2005 the performance benchmark was changed from the Lehman Intermediate Government/Corporate Index to the Lehman Intermediate Aggregate Index for all time periods to more closely align with the Fund's investment process.
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See how $10,000 invested in this fund since plan/fund inception would have grown over time (based on unit value) in the Growth of $10,000 Chart on the MyFRS.com website.
Fund Management and Marketing
Investment Manager(s):
Pyramis Global Advisors
Portfolio Manager(s):
See Detailed Fund Operations
Marketing Company:
Fidelity Manegement Research
 
Before You Choose a Fund in the FRS Investment Plan
Keep in mind that past performance does not guarantee future results. So before choosing, get objective, professional guidance on what specific funds would best fit your needs and the level of risk involved. Call the MyFRS Financial Guidance Line at 1-866-446-9377, Option 2 (TRS 711), or visit MyFRS.com for free guidance and additional information on this investment fund, including Financial Engines' Fund Score Card and Detailed Fund Operations. These reports discuss the investment strategies and other factors that may significantly affect the fund's performance. You can also make daily account transfers or withdrawals through these phone and online resources, unless the fund has transfer restrictions.
This profile is intended for use in connection with the FRS Investment Plan, pursuant to Florida law, and is not intended for use by other investors. Sections 121.4501(8)(b)4. and 121.4501(15)(b), Florida Statutes, incorporates the federal law concept of participant control, established by regulations of the U.S. Department of Labor under section 404(c) of the Employee Retirement Income Security Act of 1974. If you exercise control over the assets in your Investment Plan account, pursuant to section 404(c) regulations and all applicable laws governing the operation of the Investment Plan, no program fiduciary shall be liable for any loss to your account which results from your exercise of control.