HARRISBURG, Pa., Oct. 4, 2011 /PRNewswire/ -- PFM Asset Management LLC (PFMAM) today announced that Fitch Ratings has assigned a 'AAAmmf' rating to the PFM Funds Government Series. In a statement issued by Fitch, the rating agency said that their 'AAAmmf' money market fund rating reflects the Fund's extremely strong capacity to achieve the investment objective of providing shareholders with high current income consistent with stability, safety of principal and liquidity in order to maintain a stable net asset value (NAV) of $1.00 per share.
Fitch further stated that the key drivers for giving the PFM Funds Government Series this rating were the portfolio's overall credit quality and diversification; short maturity profile; minimal exposure to interest rate and spread risks; overnight and one-week liquidity profile; and the capabilities and resources of PFMAM as investment advisor.
The PFM Funds Government Series also was ranked first for the last two years in a row by iMoneyNet's Rated Money Fund Report, which annually ranks AAA-rated money funds, for producing the highest net return among 255 AAA-Rated Government funds. The PFM Funds Government Series also held the same position among the 217 unrestricted funds that report performance data to iMoneyNet in the publication's Government Fund Category.
"We are delighted to see the PFM Funds Government Series receive this Fitch rating," noted PFM Managing Director and Chief Investment Officer Marty Margolis. "PFMAM's goal is to provide not just investment management, but financial stewardship," he explained, "and for over thirty years we have served our clients with integrity, accountability, and full transparency. Today, as clients find they must do more with fewer resources, the prudent investment of their funds is of even greater value to them," he concluded.
Mr. Margolis further noted that "in the current interest rate environment, where clients are looking for both performance and stability as returns have trended down, PFM Asset Management is quite pleased that a fund we manage is recognized by an independent group like this for its credit quality."
The Fund maintains a high credit quality portfolio consistent with Fitch's criteria for 'AAAmmf'-rated money market funds. It invests exclusively in short-term securities rated at least 'F1' by Fitch (or of a comparable credit quality by other global rating agencies). Counterparty risk is limited by transacting with entities rated 'F1' or higher, or those that are integrated members of financial institutions rated 'F1' or higher. The fund also limits concentration risk arising from exposure to individual issuers and counterparties.
PFM Asset Management LLC (PFMAM), part of the PFM Group of companies, is registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. PFMAM had $40.7 billion in assets under management and provided investment consulting services for an additional $19.6 billion in securities as of June 30, 2011. PFM's clients are state and local governments, non-profit corporations, pension funds, and similar institutional investors. The PFM Group of companies also provides best practices strategic consulting and pension advisory consulting services and currently employs more than 440 individuals serving a broad base of clients from locations in every region of the country.
This information does not represent an offer to sell or a solicitation of an offer to buy or sell any fund or other security by anyone in any jurisdiction in which such offer or solicitation is not authorized, or in which the person making such offer is not qualified to do so, or to anyone to whom it is unlawful to make such an offer or solicitation, or to anyone in any jurisdiction outside the United States. Investors should consider the investment objectives, risks, charges and expenses before investing in any of the Fund's portfolios. This and other information about the Fund is available in the Fund's current Prospectus, which should be read carefully before investing. A copy of the Fund's Prospectus may be obtained by calling 1-800-338-3383 or is available on the Fund's website at www.pfmfunds.com. While the Fund's portfolios seek to maintain a stable net asset value of $1.00 per share, it is possible to lose money investing in the Fund. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Shares of the Fund are distributed by PFM Fund Distributors, Inc., member Financial Industry Regulatory Authority (FINRA) (www.finra.org) and Securities Investor Protection Corporation (SIPC) (www.sipc.org). PFM Fund Distributors, Inc. is a wholly owned subsidiary of PFM Asset Management LLC.
SOURCE PFM Asset Management LLC