Intraday Processing for Floating NAV Money Market Funds Working Group

The working group for Intraday Processing for Floating NAV Money Market Funds is addressing the operational challenges and considerations related to calculating multiple net asset values (NAVs) in one business day for floating NAV money market funds. In addition to fund accounting considerations (e.g., timing of recognition of portfolio trades, multi-class allocation methodology, and portfolio valuation for each NAV strike), the fund’s transfer agent must be able to apply each distinct NAV to related transactions and account balances at various times during a business day, with corresponding impacts to the timing of transaction settlement.