See the press release, "Legg Mason Reduces SIV Exposure," which discusses the 11th largest money fund manager's sale of SIV Axon Financial. The statement from the manager of the Western Asset and Citi money funds says, "Legg Mason today sold its total holdings in Axon Financial, reducing by $1.7 billion, or 43%, the exposure of the Company and its money market funds to securities issued by Structured Investment Vehicles and other similar conduits (SIVs).... Neither the funds nor their shareholders incurred a loss in this transaction." Mark R. Fetting commented, "This is a significant new step toward eliminating our total SIV exposure. With the sale of Axon, our single largest position, we are meaningfully reducing our downside risk in a persistently uncertain economic and market environment.... We continue to have the resources and the resolve to determine how we choose to eliminate our remaining SIV exposure, acting on behalf of our clients, our funds and our shareholders." In the conference call, Fetting says, "We are well over fifty cents on the dollar with this transaction." The release adds, "Overall, the total SIV exposure in the Company's money market funds has declined from approximately $10 billion in October 2007 to $1.4 billion currently." See also Maryland Daily Record's "Legg Mason cuts SIVs by $1.7B".

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