Money fund advisors have found themselves caught between a rock and a hard place recently. Many are carefully assessing ways to deal with severely bruised money market fund yields that have been dragged down by the funds' expenses.

After the Federal Reserve cut interest rates an unprecedented 11 times last year, the yields on many funds have dropped to record lows, while money fund expense ratios have remained unchanged. In some cases, especially where money funds offer B and C classes of shares, which typically sport higher expenses, those slim yields have been close to zero or even negative yields.

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