4 pages. "In 2010, the Commission enhanced the rules for money market funds to improve their liquidity and transparency. These reforms have generally been viewed as helpful and positive steps. We understand that the Commission is considering further, more significant, changes ... For example, concerns have been raised that the Commission may require either that a money market fund's NAV 'float' on a daily basis or that the fund would be required to hold back some percentage of an investor's shares as a 'liquidity fee' for 30 days when an investor redeems their shares. We believe these changes will alter the fundamental characteristics of money market funds, namely their stable pricing and full liquidity."  MORE >>