While few in the mutual fund industry would consider the liquidity fund run by Sentinel Management Group to be a true money market fund -- while the fund did seek stability, it was limited to institutional investors and had more latitude in its investments -- that is not stopping the WSJ Fund Track column from covering the news of its freeze. (Meanwhile, USA Today did make a more clear distinction between true money market funds and Sentinel).

The WSJ notes that the fund is "loosely akin to money-market accounts" before delving into its problems (illiquidity followed by redemption requests and distressed sales of otherwise more valuable securities).

The article then segues into a look at "enhanced" money funds, including SSgA's $2.8 billion Limited Duration Bond Fund that tanked 11 percent in July and SSgA Yield Plus fund (down 5.5 percent the past three months). Both funds had held at least some subprime mortgage paper. Other complexes dragged through the article include: Fidelity, Dreyfus and Fischer Francis Trees & Watts.

For the record, it should be noted again that Sentinel Management Group (Chicago) is entirely unrelated to the Sentinel Funds (Montpelier, Vermont).  

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