Public Debt CNAV

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Money market funds.

A constant net asset value (CNAV) per share money market fund, substantially invested in public debt.

At least 99.5% of the portfolio must be invested in public debt securities, reverse repo secured with government securities, and cash.

Money Market Fund (MMF) reforms in 2019 replaced [prime] constant net asset value (CNAV) funds with two new categories:

- the Public Debt CNAV fund, and
- the low-volatility NAV (LNAV) fund.

See also