Just when it seemed that the well-publicized "bailouts" of a few large money market funds were behind us came news of a small testimonal money market fund breaking its $1-per-share net asset value.

The use by some funds of a variety of yield-enhancing derivative lnstruments -- many of which had inappropriately volatile price characteristics -- points out what can happen when not enough emphasis is placed on sticking to the fundamentals of money fund management.

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