Births and deaths are facts of life, even in the fund industry. While Reserve Funds of New York, the father of the money market fund, has just launched a new and innovative cash management fund that expects to sport a boosted yield, American Century Investments of Kansas City, Mo., has just pulled the plug on its longest, novel Target Maturity Fund, which had been set to mature 25 years from now.

Existing somewhere between a true money market fund and an ultra-short bond fund, the new hybrid Reserve Yield Plus Fund first launched in mid-June, according to Eric Lansky, senior vice president of Reserve Management Co., adviser to The Reserve Funds.

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