"​Legg Mason Reports Results for Third Quarter of Fiscal Year 2009" states a press release issued by the Baltimore mutual fund company, which manages the Western Asset and Citi money market mutual funds. The firm reported a $​1.​5 billion loss, saying, "Due to the Company'​s continued efforts to reduce its Structured Investment Vehicle (​SIV) exposure, it incurred a loss of $​842.​1 million, representing $​512.​4 million net of operating expense reductions and income taxes, or $​3.​63 per diluted share, as a result of the previously announced sale of the Axon Financial SIV securities in December 2008. The sale reduced the total exposure of the Company and its money market funds to all SIVs by 43%. Total exposure to SIVs remaining in the money market funds has declined from approximately $​10 billion in October 2007 to $​1.​4 billion, through systematic reduction of positions." The company hosted a conference call at 8:​30 a.​m. Wednesday.

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