1. A short-term MMF shall comply on an ongoing basis with all of the following portfolio requirements:

(a) its portfolio is to have a WAM of no more than 60 days;

(b) its portfolio is to have a WAL of no more than 120 days, subject to the second and third subparagraphs;

(c) for LVNAV MMFs and public debt CNAV MMFs, at least 10% of their assets are to be comprised of daily maturing assets, reverse repurchase agreements which are able to be terminated by giving prior notice of one working day or cash which is able to be withdrawn by giving prior notice of one working day. A LVNAV MMF or public debt CNAV MMF is not to acquire any asset other than a daily maturing asset when such acquisition would result in that MMF investing less than 10% of its portfolio in daily maturing assets;

(d) for a short-term VNAV MMF, at least 7,5% of its assets are to be comprised of daily maturing assets, reverse repurchase agreements which are able to be terminated by giving prior notice of one working day, or cash which is able to be withdrawn by giving prior notice of one working day. A short-term VNAV MMF is not to acquire any asset other than a daily maturing asset when such acquisition would result in that MMF investing less than 7,5% of its portfolio in daily maturing assets;