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Given the dismal state of interest rates, they haven’t been thought of as an asset class for years. But money market funds are still an important part of the investing ecosystem – and a big change is coming to the funds effective October 14.

On that date, the pricing of money market funds will change.

Fictional Pricing

Until now, all money market funds have been priced at $1 a share. In a sense, it was a convenient fiction. Since money market funds are simply mutual funds that invest in short-term, very liquid money market instruments, including Treasury bills and commercial paper (short-term corporate IOUs), the net asset value (NAV) of the fund can fluctuate, depending on the value of the underlying securities.

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