In 2008, the $60 billion Reserve Primary Fund, the oldest money market fund in the United States, broke the buck – net asset value (NAV) dropped below $1 per share. This drop in NAV was caused by the bankruptcy of Lehman Brothers, in which the Reserve Primary Fund had made significant investments. Lehman’s bankruptcy led to a “flight to quality” by risk-averse investors, which resulted in a bank run on money market funds by investors who feared that more funds would break the