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As the subprime credit crunch worsened into a full-blown crisis, it affected most corners of the financial world. Institutions have disappeared or been reshaped. The U.S. government, along with several others, has been forced to intervene in unfamiliar and untested ways. The equity markets have experienced rapid declines and worsening volatility. The mutual fund industry is at the center of this hurricane. Liquidity and valuation challenges confront funds daily. Nervous shareholders are uncertain where to maintain their investments, particularly retirement savings. Investment performance has suffered, and one large money market fund broke the buck.
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