Government Money Market Fund (Class A)  (PGDXX)

Pursuing income while preserving capital with the highest quality short-term investments.

Highlights

Objective

The fund seeks as high a rate of current income as we believe is consistent with preservation of capital and maintenance of liquidity.

Strategy and process

  • Capital preservation: The fund invests at least 99.5 percent of its total assets in cash, U.S. government securities, and repurchase agreements collateralized by U.S. government securities or cash.
  • A high-quality portfolio: The fund invests in high-quality debt securities that are obligations of the U.S. government and its agencies and instrumentalities. Accordingly, the vast majority of the portfolio is backed by the full faith and credit of the United States or by the credit of a federal agency or government-sponsored entity, such as Fannie Mae and Freddie Mac.
  • Leading research: The fund's veteran portfolio managers, supported by Putnam's fixed income research division, manage risk by analyzing individual securities and overall market conditions.

Fund price

Yesterday’s close 52-week high 52-week low
Net asset value $1.00
0.00% | $0.00
$1.00
03/16/18
$1.00
03/16/18
Historical fund price

Fund facts as of 06/30/18

Total net assets
$102.99M
Turnover (fiscal year end)
--
Dividend frequency (view rate)
Monthly
Number of issuers
5
Fiscal year-end
September
CUSIP / Fund code
74680A505 / 0090
Inception date
04/14/16
Class A  
Category
Fixed Income
Open to new investors
Ticker
PGDXX

Management team

Portfolio Manager
Portfolio Analyst



Performance

  • Total return (%) as of 06/30/18

  • Annual performance as of 06/30/18

Annualized Total return (%) as of 06/30/18

Annualized performance 1 yr. 3 yrs. 5 yrs. Life (inception: 04/14/16 )
Before sales charge 0.75% -- -- 0.37%
After sales charge 0.75% -- -- 0.37%

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Class A, B, C, M, R, and T1 shares have no initial sales charge. Class B shares reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declines to 1% in the sixth year, and is eliminated thereafter. Class C shares reflect a 1% CDSC for the first year that is eliminated thereafter. Performance for B, C, M, R, and T1 shares before their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and higher operating expenses for such shares. Class A, M, R, and T1 shares generally have no CDSC. Please see the fund's prospectus for more details. Yield more closely reflects current performance than total return. 

Performance snapshot

  Before sales charge After sales charge
1 mt. as of 06/30/18 0.11 % 0.11 %
YTD as of 07/19/18 0.58 % 0.58 %

Yield

7-day yield with subsidy
as of 07/19/18
1.41%
7-day yield without subsidy
as of 07/19/18
1.40%
30-day yield with subsidy as of
07/19/18
1.40%
30-day yield without subsidy
as of 07/19/18
1.39%

Lipper rankings as of 06/30/18

U.S. Government Money Market Funds Percentile ranking Rank/Funds in category
1 yr. 54% 83/155
3 yrs.   --
5 yrs.   --
10 yrs.   --

Distributions

Accrual days 29
Accrual start date 06/01/18
Accrual end date 06/29/18
Payable date 06/29/18
Income $0.001087973
Extra taxable income --
Dividend frequency Monthly

Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.

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.

The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.


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** FundVisualizer comparison based on Putnam fund versus the largest fund in its Morningstar category.


Holdings

Top issuers as of 06/30/18

United States of America 14.03%
Federal Farm Credit Bank 4.38%
Federal Home Loan Banks 4.37%
Federal Home Loan Mortgage Corp 3.57%
Federal National Mortgage Association 0.63%
Top issuers, percent of portfolio 26.98%

Full portfolio holdings

Prior top issuers

Top issuers as of 06/30/18
United States of America
Federal Farm Credit Bank
Federal Home Loan Banks
Federal Home Loan Mortgage Corp
Federal National Mortgage Association
Issuers represent 26.98% of portfolio
Top issuers as of 05/31/18
United States of America
Federal Home Loan Banks
Federal Farm Credit Bank
Federal Home Loan Mortgage Corp
Issuers represent 21.79% of portfolio
Top issuers as of 04/30/18
United States of America
Federal Home Loan Banks
Federal Farm Credit Bank
Federal Home Loan Mortgage Corp
Federal National Mortgage Association
Issuers represent 27.19% of portfolio
Top issuers as of 03/31/18
United States of America
Federal Home Loan Banks
Federal Farm Credit Bank
Federal Home Loan Mortgage Corp
Federal National Mortgage Association
Issuers represent 26.07% of portfolio

Portfolio composition as of 06/30/18

Repurchase agreements 73.21%
U.S. Treasury debt 14.03%
U.S. Government agency debt 12.95%
Cash and net other assets -0.19%

Fixed income statistics as of 06/30/18

Average maturity 16.97 days

Fund characteristics will vary over time.

Due to rounding, percentages may not equal 100%.

Consider these risks before investing: You can 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. The values of money market investments usually rise and fall in response to changes in interest rates. Changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of issuer, and changes in general economic or political conditions can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's credit quality or value.

Certain securities in which the fund may invest, including securities issued by certain U.S. government agencies and U.S. government sponsored enterprises, are not guaranteed by the U.S. government or supported by the full faith and credit of the United States. Mortgage-backed securities are subject to prepayment risk and the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise.


Expenses

Expense ratio

Class A Class B Class C Class M Class R Class T1
Total expense ratio 0.59% 0.59% 0.59% 0.59% 0.59% 0.59%
What you pay 0.59% 0.59% 0.59% 0.59% 0.59% 0.59%

Sales charge/Dealer allowance

 Breakpoint Class A Class B Class C Class M Class R Class T1
$0-$49,999 -- -- -- -- -- --
$50,000-$99,999 -- -- -- -- -- --
$100,000-$249,999 -- -- -- -- -- --
$250,000-$499,999 -- -- -- -- -- --
$500,000-$999,999 -- -- -- -- -- --
$1M-$4M -- -- -- -- -- --
$4M-$50M -- -- -- -- -- --
$50M+ -- -- -- -- -- --

CDSC

  Class A Class B Class C Class M Class R Class T1
0 to 9 mts. -- -- -- -- -- --
9 to 12 mts. -- -- -- -- -- --
2 yrs. -- -- -- -- -- --
3 yrs. -- -- -- -- -- --
4 yrs. -- -- -- -- -- --
5 yrs. -- -- -- -- -- --
6 yrs. -- -- -- -- -- --
7+ yrs. -- -- -- -- -- --

Trail commissions

  Class A Class B Class C Class M Class R Class T1
  0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
  NA NA NA NA NA NA
  NA NA NA NA NA NA

Asset Liquidity

A multi-faceted view of the portfolio

Below you can find continuously updated views of the portfolio's daily and weekly liquid asset levels, its net asset value (NAV), and asset flows into and out of the portfolio. Together, these graphs provide insights on the portfolio's resilience during periods of heightened risk in the money market, and are the focus of government policies designed to maintain market stability.

Daily and weekly liquid assets as of

This graph displays the percentage of the fund's total assets invested in daily and weekly liquid assets as of the end of each business day during the preceding six months. The fund is required to invest at least 10% of its total assets in daily liquid assets and at least 30% of its total assets in weekly liquid assets. Daily liquid assets include cash, direct obligations of the U.S. government, securities that will mature or are subject to a demand feature that is exercisable and payable within one business day, and receivables scheduled to be paid within one business day. Weekly liquid assets include daily liquid assets, government agency discount notes with remaining maturities of 60 days or less, securities that will mature or are subject to a demand feature that is exercisable and payable within five business days, and receivables scheduled to be paid within five business days.

Fluctuating net asset value as of

This graph displays the fund's daily net asset value (NAV) per share during the preceding six months as if it were calculated using the market value of the fund's portfolio as of the end of each business day during that period.

The market-value or "shadow" net asset value per share shown below for a given day may differ from the official NAV used for transactions in fund shares. The official NAV is shown on the "Highlights" tab. The shadow net asset value per share shown below does not reflect the application of the amortized cost method of valuing fund portfolio holdings, which normally allows the fund to maintain an official NAV of $1.00 per share. When a shareholder buys or redeems fund shares, the official NAV would be used as the net asset value per share.

Daily net asset flows as of

This graph displays the dollar amount of net shareholder inflows or outflows of the fund as of the end of each business day during the preceding six months.

Consider these risks before investing: 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.

Consider these risks before investing: You can 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. The values of money market investments usually rise and fall in response to changes in interest rates. Changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular type of issuer, and changes in general economic or political conditions can increase the risk of default by an issuer or counterparty, which can affect a security's or instrument's credit quality or value.

Certain securities in which the fund may invest, including securities issued by certain U.S. government agencies and U.S. government sponsored enterprises, are not guaranteed by the U.S. government or supported by the full faith and credit of the United States. Mortgage-backed securities are subject to prepayment risk and the risk that they may increase in value less when interest rates decline and decline in value more when interest rates rise.