Government Money Market Fund

PGYXX

Updated September 22, 2021

Objective

Seeks maximum current income, consistent with preservation of capital and daily liquidity

Primary Portfolio

Money market instruments

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Overview

Fund Overview

Highlights

Employs a diverse cash strategy consisting of a portfolio of high quality Treasury and money market instruments in U.S. dollar denominated securities.

Actively managed to maintain daily liquidity and to preserve capital.

Managed to minimize any increase in risk relative to market benchmark.

Invests only in U.S. Treasury Bills, Notes, and other obligations issued or guaranteed as to principal and interest and by the U.S. government, its agencies or instrumentalities, and Repurchase Agreements secured by such obligations.

Why Invest In This Fund

For Short-Term Investment

Stock and bond funds should, in general, be viewed as long-term investments. So where can you invest the money you might need in three to six months, if not sooner? Traditionally most financial advisors recommend putting aside a minimum of three months of living expenses in a short-term, liquid investment, such as a money market fund.

Alternative to Savings Account and CDs

Money market funds strive to provide many of the same benefits as savings accounts and CDs. But with the assumption of slightly more risk, they attempt to provide a higher yield. Money market funds generally seek to offer:

  • Current income
  • Liquidity
  • Price stability
  • Of course, unlike CDs and bank savings accounts, money market fund shares are not guaranteed as to repayment of principal and interest, and they do not offer a fixed rate of return.

    An investment in the PIMCO Government Money Market Fund is not insured nor guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

    PRIMARY BENCHMARK

    FTSE 3-Month Treasury Bill Index

    PRIMARY BENCHMARK DESCRIPTION

    FTSE 3-Month Treasury Bill Index is an unmanaged index representing monthly return equivalents of yield averages of the last 3 month Treasury Bill issues. It is not possible to invest directly in an unmanaged index.

    DIVIDEND FREQUENCY

    Monthly with Daily Accrual

    SHARE CLASS INCEPTION

    05/13/2016

    CUSIP

    72202E534

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    Managers

    Andrew Wittkop and William Martinez began managing the fund on 30th July 2021.

    Jerome M. Schneider

    Head of Short-Term Portfolio Management

    View Profile for Jerome M. Schneider

    Andrew T. Wittkop

    Portfolio Manager, Treasuries, Agencies, Rates

    View Profile for Andrew T. Wittkop

    William Martinez

    Portfolio Manager, Short-Term Desk

    View Profile for William Martinez

    Yields & Distributions

    Historical Prices & Distributions

    Distribution Yield (At Nav) 1 as of 05/31/2021 0.01%
    1 - Day Distribution Yield as of 09/22/2021 0.00%
    30-Day SEC Yield2 as of 08/31/2021 0.00%
    7 - Day SEC Yield2 as of 09/22/2021 0.00%
    Latest Dividend Distribution ($ Share)3 as of 08/31/2021 $0.000000510
    Dividend Distribution (YTD) 4 as of 08/31/2021 $0.000027620

    disclosures

    1The distribution yield for monthly paying Funds is calculated by annualizing actual dividends distributed for the monthly period ended on the date shown and dividing by the net asset value on the last business day for the same period. The distribution yield for quarterly paying Funds is calculated by taking the average of the prior four quarterly distribution yields. The quarterly distribution yields are calculated by annualizing actual dividends distributed for the quarterly period ended on the most recent quarterly distribution date and dividing by the net asset value for the same date. The distribution yield for annual paying Funds is calculated by taking the annual distribution divided by the Fund’s net asset value on ex-date. The yield is annualized if the Fund incepted less than a year ago. The yield does not include long- or short-term capital gains distributions.
    2The 30-Day SEC yield is an annualized yield based on the most recent 30 day period. The 7-Day SEC yield is an annualized yield based on the most recent 7 day period. The yield quotation more closely reflects the current earnings of the fund than the total return quotation.
    3Data does not include special cash dividends.
    4Data is based on distributions since the most recent calendar year end and does not include special cash dividends.
    The 30 day SEC Yield is computed under an SEC standardized formula based on net income earned over the past 30 days.

    Fees & Expenses

    Effective as of 07/30/2021
    Gross Expense Ratio 0.18%

    Prices & Performance

    Daily Statistics

    All data as of 09/22/2021

    NAV $1.00 One Day Return 0.00%
    Daily Change $0.00 Daily YTD Return 0.00%

    View Market Based NAV

    All data as of

    All data as of

    Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed. Current performance may be lower or higher than performance shown. For performance current to the most recent month-end, visit www.pimco.com or call (888) 87-PIMCO. Performance quoted does not reflect any sales charges, if applicable, and performance would be lower if it did. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

    Differences in the Fund’s performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index.

    There is no assurance that any fund, including any fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a fund’s total return in excess of that of the fund’s benchmark between reporting periods or 2) a fund’s total return in excess of the fund’s historical returns between reporting periods. Unusual performance is defined as a significant change in a fund’s performance as compared to one or more previous reporting periods.

    Certain Funds may offer a share class with an inception date which is different than the inception date of the Fund. For the periods prior to the inception date of a share class, performance information is based on the performance of the Fund’s oldest class shares, adjusted to reflect the fees and expenses paid by that class of shares.

    Calendar Year Returns %

    All data as of

    Growth of $10,000 (hypothetical)

    Morningstar and Lipper

    disclosures

    Performance figures presented reflect the total return performance after fees, unless otherwise noted, and reflect changes in share price and reinvestment of dividend and capital gain distributions on the payable date. All periods longer than one year are annualized. Periods less than on year are cumulative.

    Investments made by a Fund and the results achieved by a Fund are not expected to be the same as those made by any other PIMCO-advised Fund, including those with a similar name, investment objective or policies. A new or smaller Fund’s performance may not represent how the Fund is expected to or may perform in the long-term. New Funds have limited operating histories for investors to evaluate and new and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies. A Fund may be forced to sell a comparatively large portion of its portfolio to meet significant shareholder redemptions for cash, or hold a comparatively large portion of its portfolio in cash due to significant share purchases for cash, in each case when the Fund otherwise would not seek to do so, which may adversely affect performance.
    Daily YTD return is from the most recent calendar year end.
    Growth of $10,000 is calculated at NAV and assumes that all dividend and capital gain distributions were reinvested. It does not take into account sales charges or the effect of taxes. Results are not indicative of future performance.
    A rating is not a recommendation to buy, sell or hold a fund. © 2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past performance is no guarantee of future results.
    The Lipper Average and Rankings are calculated by Lipper, Inc, based on the total return performance of funds included by Lipper in that category. Rankings begin with the inception of the actual share class. Lipper does not take into account sales charges.

    Liquidity

    Net Shareholder Activity

    Daily Liquid Assets5

    Weekly Liquid Assets6

    Market-Based NAV (Per Share)7

    disclosures

    5Daily liquid assets: Assets consisting of (i) cash, (ii) direct obligations of the U.S. government, (iii) securities that will mature, as determined without reference to the exceptions regarding interest rate readjustments, or are subject to a demand feature that is exercisable and payable, within one business day, or (iv) amounts receivable and due unconditionally within one business day on pending sales of portfolio securities. Money market funds are required to hold a minimum of 10% of their assets in these assets.
    6Weekly liquid assets: Assets consisting of (i) cash, (ii) direct obligations of the U.S. government, (iii) government securities that are issued by a person controlled by or supervised by and acting as an instrumentality of the government of the United States pursuant to authority granted by Congress that (A) are issued at a discount to the principal amount to be repaid at maturity without provision for the payment of interest, and (B) have a remaining maturity date of 60 days or less, (iv) securities that will mature, as determined without reference to the exceptions regarding interest rate readjustments, or are subject to a demand feature that is exercisable and payable, within five business days, or (v) amounts receivable and due unconditionally within five business days on pending sales of portfolio securities. Money market funds are required to hold a minimum of 30% of their assets in these assets.
    7Market-Based NAV (Per Share): The Market-Based NAV is the net asset value per share, calculated using available market quotations (or an appropriate substitute that reflects current market conditions) rounded to the fourth decimal place. The Market-Based NAV is not indicative of future Market-Based NAVs or the future performance of any of the Funds and classes set forth above. The Market-Based NAV may change daily and may deviate from $1.0000 even when financial markets are stable. Although the Market-Based NAV is intended to reflect the price at which a Fund's securities could be sold, the actual sales price could be more or less.

    Portfolio Composition

    All data as of unless otherwise stated

    Maturity

    DAYS TO MATURITY 1

    Risk Characteristics
    (Trailing 3 Years)

    Standard Deviation 0.30
    Sharpe Ratio8 -2.57
    Information Ratio9 -2.48
    Tracking Error10 0.06

    disclosures

    8The Sharpe Ratio measures the risk-adjusted performance. The risk-free rate is subtracted from the rate of return for a portfolio and the result is divided by the standard deviation of the risk-free rate subtracted from the portfolio returns.
    9The information ratio is defined as the portfolio's excess return per unit of risk, or tracking error. For example, an information ratio of 1 means that a portfolio manager generates 100 basis points, or one percent of excess return for every 100 basis points of risk taken.
    10Tracking error, a measure of risk, is defined as the standard deviation of the portfolio's excess return vs. the benchmark expressed in percent.
    Portfolio information in the charts is based on the fund's net assets. These percentages may differ from those used for the fund's compliance calculations, including the fund's prospectus, regulatory, and other investment limitations and policies, which may be based on total assets of the fund or other measurements, may include or exclude various categories of investments from those covered in the portfolio allocation categories shown in this report, and may be based on different classifications and measurements of the fund’s investments and other criteria.

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    Disclosures

    Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information are contained in the fund’s prospectus and summary prospectus, if available, which may be obtained by contacting your investment professional or PIMCO representative.  Please read them carefully before you invest or send money.
    A word about risk:

    Investing in the bond market is subject to risks, including market, interest rate, issuer, credit, inflation risk, and liquidity risk. The value of most bonds and bond strategies are impacted by changes in interest rates. Bonds and bond strategies with longer durations tend to be more sensitive and volatile than those with shorter durations; bond prices generally fall as interest rates rise, and the current low interest rate environment increases this risk. Current reductions in bond counterparty capacity may contribute to decreased market liquidity and increased price volatility. Bond investments may be worth more or less than the original cost when redeemed. Certain U.S. Government securities are backed by the full faith of the government, obligations of U.S. Government agencies and authorities are supported by varying degrees but are generally not backed by the full faith of the U.S. Government; portfolios that invest in such securities are not guaranteed and will fluctuate in value.
    Investments made by a Fund and the results achieved by a Fund are not expected to be the same as those made by any other PIMCO-advised Fund, including those with a similar name, investment objective or policies. A new or smaller Fund’s performance may not represent how the Fund is expected to or may perform in the long-term. New Funds have limited operating histories for investors to evaluate and new and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies. A Fund may be forced to sell a comparatively large portion of its portfolio to meet significant shareholder redemptions for cash, or hold a comparatively large portion of its portfolio in cash due to significant share purchases for cash, in each case when the Fund otherwise would not seek to do so, which may adversely affect performance.
    PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material contains the current opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world. ©2021, PIMCO
    PIMCO Investments LLC, distributor, 1633 Broadway, New York, NY 10019, is a company of PIMCO.
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