It's been two years since Reserve's Primary Fund broke the buck, and The Wall Street Journal's Eleanor Laise has an article today that warns of potential new problems that could stem from some money funds increasingly making risky investments.

According to the article, some funds are adding risk partly due to unintended consequences brought about by the rules put in place by the SEC earlier this year.

Laise writes that some funds are increasingly turning to risky investments to boost returns and some are "taking a riskier approach to the common money-fund strategy of investing in repurchase agreements."

She points to the American Beacon U.S. Government Money Market Fund as an example of a money fund that started investing in nongovernment repos. The move is aimed at getting a better yield, says American Beacon chief fixed-income officer Mike Fields, adding that the fund attempts to minimize risk by demanding more collateral. 

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