PHILADELPHIA, March 19, 2012 (GLOBE NEWSWIRE) -- The iMoneyNet's Rated Money Fund Report®, which annually ranks AAA-rated money funds, has again named the PFM Funds Government Series a top-performing fund for 2011, awarding PFM Funds for their performance in three categories. This is the third year in a row that the PFM Funds Government Series has been so recognized.
Among the 262 AAA-Rated Government Institutional and Retail funds with at least a 12-month track record and $100 million or more in assets at December 31, 2011, PFM Funds Government Series was cited as the top-performing fund based on total net return for that period. The PFM Funds Government Series also received a Money Fund Report® Award for the fund's net total return for that period in the Government Institutional category of 226 unrestricted funds with more than $100 million in assets at December 31, 2011. Additionally, it was recognized with Money Fund Report's Top Manager Award for highest gross return for 2011 for a Government Series with assets more than $100 million and less than $1 billion.
The PFM Funds Government Series, managed by PFM Asset Management LLC, invests primarily in U.S. Treasuries, Federal Agency obligations, repurchase agreements, and other obligations supported by the U.S. Government or its agencies. It is rated "AAAm" by Standard & Poor's and AAAmmf by Fitch. Michael Varano, a Managing Director of PFM Asset Management LLC who oversees the management of the PFM Funds, commented today on the recent award, noting that the portfolio's consistent performance was a tribute to the team of managers supervising investments on their clients' behalf.
"We are extremely gratified that the 2011 performance of PFM Funds Government Series has been recognized by an independent group like iMoneyNet for our returns," he said. "Funds like these are subject to substantial volatility, and the ability to find small advantages every day in the limited universe of investments permitted, especially on a historical basis, is truly notable. We believe that what distinguishes an outstanding portfolio management team is being in the right place at the right time, and we work very hard every day to accomplish that."
PFM Funds is a registered investment company offering two no-load money market mutual funds for institutional investors: the Prime Series and the Government Series. Both investment funds seek to provide shareholders with safety of principal, liquidity and a market rate of return by investing in high quality, short-term government securities and other money market instruments. The funds are specifically designed to meet the cash management and bond proceeds investment needs of public sector investors such as municipalities, other political subdivisions and governmental agencies, but are also considered suitable for institutions such as corporations, universities, hospitals and not-for-profit organizations looking for conservative investment vehicles. The PFM Funds Government Series is managed by PFM Asset Management LLC, registered with the SEC under the Investment Advisers Act of 1940. PFMAM had $42.1 billion in assets under management and provided investment consulting services for an additional $24.0 billion in fixed income securities as of December 31, 2011. PFM's clients are state and local governments, non-profit corporations, and similar institutional investors.
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