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Article: Legg Mason Eliminates All SIVs From Money Market Funds.

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PR Newswire
Article date:
March 5, 2009
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Proforma Cash of $1 Billion Will Be Availablefor Corporate Purposes

BALTIMORE, March 5 /PRNewswire-FirstCall/ -- Legg Mason, Inc. today eliminated all of the remaining securities issued by Structured Investment Vehicles and other similar conduits (SIVs) from its money market funds.

The Company and the funds separately sold a total of $1.8 billion of par value SIV securities from five different issuers. Of this amount, $1.4 billion represented SIVs held by four of the Company's money market funds, $57 million of SIVs held by the Company, and $355 million of SIVs that had been supported through a total return swap with a major bank. As a result of these ...

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