The Reserve Primary Fund broke the buck in September, but despite fears to the contrary, it has not broken the back of the money market fund industry.

Assets held in money funds rose 28.2% from a year earlier, to $3.4 trillion as of March 31, according to Morningstar Inc. — hardly the result observers expected after panicked investors responded to the Reserve Management Co. fund's incident by withdrawing $144.5 billion from money funds in the third week of September.

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