A money-market fund — the Reserve's Primary Fund — has broken the buck, as a result of Lehman Brothers Holdings Inc.'s bankruptcy filing, the first time since 1994 that a money-market fund's net asset value has dipped below the $1-a-share level.

New York money manager the Reserve said Tuesday that its Primary Fund is valuing its debt securities issued by Lehman, which have a face value of $785 million, at zero effective at 4 p.m. EDT Tuesday.

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