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Portfolio Management of Money Market Funds

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At the end of each business day, money market funds, like all other mutual funds, must calculate and publish a NAV that equals the aggregate value of all of their holdings minus any liabilities. For all funds other than money funds, this NAV reflects the market value of the securities held in the fund. But money market funds are different. If they meet certain tests, as set out in the SEC’s Rule 2a-7, they can use the amortized cost accounting method to compute their reportedNAV. 2 Thismethod allows themto reflect the price paid for the security—rather than its current market value—in the NAV calculation. 3 No other mutual funds use.