That is something you cannot do in a total market fund.

"Well, we run our existing money market funds at 0.30 and want to cut that by 50 percent," he said.

The most important players in today's financial markets, hedge funds are also the least understood.

Nearly 90 percent did not know that money market funds contain only short-term securities.

Around the edges, they are increasing their cash positions, turning to money market funds in particular.

But from 1975, when assets totaled $45.9 billion, the industry has shot ahead, helped along by the creation of money market funds in the 70's.

As it happens, cash was the worst place to be in April, notwithstanding the high returns available on money market funds.

With the Asian crisis, less money has been flowing into international and emerging markets funds.

Managers of United States emerging market funds rarely even watch the exchange.

Before the wiseacres say nobody was buying emerging markets funds in 1993, I had better declare an interest.