Lehman Fallout Begins

Reserve Primary Fund, a US money-market mutual fund with $64.8 billion in assets as of Aug. 31, saw it's shares fall below $1 each Tuesday because of losses on debt issued by Lehman Brothers.

The fund held $785 million in Lehman Brothers commercial paper and medium-term notes which were revalued as worthless by the fund's board of directors effective at 4 p.m. New York time.