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Article: Money Market Funds: Legg Mason to Liquidate Assets of Tax-Exempt Trust, Two Other Funds.
- Article from:
- The Bond Buyer
- Article date:
- February 15, 2006
- Author:
CopyrightCOPYRIGHT 2006 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Legg Mason Inc. is seeking to dissolve three money market funds that no longer function as sweep accounts for clients of its former retail brokerage, which was sold to Citigroup Inc. in December.
The plan includes the Legg Mason Tax-Exempt Trust, along with two other taxable funds, according to a Securities and Exchange Commission filing dated Feb. 8.
Shareholders were informed in a recent letter that the board for the funds had determined that their continued operation was "not economically feasible and that it is improbable that sales of each fund's shares can be increased to a viable level," the filing stated.
Assets in the funds had been ...