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The entire disclosure of Liquidity Fund Support, which includes the arrangements made to provide support to certain of the...
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<HTML><HEAD>
<META http-equiv=Content-Type content="text/html; charset=utf-8">
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<BODY>
<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"><B>10. Liquidity Fund
Support</B></P>
<P style="MARGIN: 0pt"><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt" align=justify>The par
value, support amounts, collateral and income statement impact for the quarters
ended June 30, 2009 and 2008, for all support provided to certain liquidity
funds that remained outstanding as of the end of each period were as follows:<B>
</B></P>
<P style="MARGIN: 0pt" align=justify><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TBODY>
<TR>
<TD width=167></TD>
<TD width=63></TD>
<TD width=80></TD>
<TD width=81></TD>
<TD width=72></TD>
<TD width=67></TD></TR>
<TR>
<TD vAlign=bottom width=222>
<P style="FONT-SIZE: 2pt"> </P></TD>
<TD vAlign=bottom width=486 colSpan=5>
<P
style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 1pt; PADDING-BOTTOM: 3pt; LINE-HEIGHT: 14pt; BORDER-BOTTOM: ridge"
align=center>As of June 30, 2009</P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=222>
<P
style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 1pt; LINE-HEIGHT: 14pt">Description</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=84>
<P
style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 1pt; LINE-HEIGHT: 14pt"
align=center>Par<BR>Value</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=107>
<P
style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 1pt; LINE-HEIGHT: 14pt"
align=center>Support<BR>Amount</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=108>
<P
style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 1pt; LINE-HEIGHT: 14pt"
align=center>Cash<BR>Collateral<SUP>(1)</SUP></P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=96>
<P
style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 1pt; LINE-HEIGHT: 14pt"
align=center>Pre Tax<BR>Gain<SUP>(2)</SUP></P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=90>
<P
style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 1pt; LINE-HEIGHT: 14pt"
align=center>After Tax<BR>Gain<SUP>(3)</SUP></P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=top width=222>
<P
style="PADDING-LEFT: 10pt; FONT-SIZE: 12pt; MARGIN: 0pt; TEXT-INDENT: -10pt; LINE-HEIGHT: 14pt">Capital
Support Agreements –<BR>Non-asset Backed Securities</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=84>
<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>n/m</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=107>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>$ 34,500</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=108>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>$ 34,500</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=96>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>$ (17,558)</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=90>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>$ (12,524)</P></TD></TR></TBODY></TABLE>
<P style="MARGIN: 0pt" align=justify><BR></P>
<P style="MARGIN: 0pt" align=justify><BR></P>
<TABLE style="FONT-SIZE: 10pt" cellSpacing=0 align=center>
<TBODY>
<TR>
<TD width=163></TD>
<TD width=72></TD>
<TD width=81></TD>
<TD width=72></TD>
<TD width=53></TD>
<TD width=18></TD>
<TD width=64></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=217>
<P style="FONT-SIZE: 2pt"> </P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=top width=481
colSpan=6>
<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt" align=center>As
of June 30, 2008</P></TD></TR>
<TR>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=217>
<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=center>Description</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=top width=96>
<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=center>Par</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=center>Value</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=108>
<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=center>Support Amount</P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=96>
<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=center>Cash Collateral<SUP>(1)</SUP></P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=96
colSpan=2>
<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=center>Pre Tax Charge<SUP>(2)</SUP></P></TD>
<TD style="BORDER-BOTTOM: #000000 0.5pt solid" vAlign=bottom width=85>
<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=center>After Tax Charge<SUP>(3)</SUP></P></TD></TR>
<TR>
<TD vAlign=bottom width=217>
<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt">Letters of
Credit</P></TD>
<TD vAlign=bottom width=96>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>$ 979,900</P></TD>
<TD vAlign=bottom width=108>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>$ 450,000</P></TD>
<TD vAlign=bottom width=96>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>$ 251,250</P></TD>
<TD vAlign=bottom width=96 colSpan=2>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>$ 46,335</P></TD>
<TD vAlign=bottom width=85>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>$ 25,030</P></TD></TR>
<TR>
<TD vAlign=bottom width=217>
<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt">Capital Support
Agreements –Asset Backed Securities</P></TD>
<TD vAlign=bottom width=96>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>2,704,400</P></TD>
<TD vAlign=bottom width=108>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>655,000</P></TD>
<TD vAlign=bottom width=96>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>655,000</P></TD>
<TD vAlign=bottom width=96 colSpan=2>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>210,799</P></TD>
<TD vAlign=bottom width=85>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>125,116</P></TD></TR>
<TR>
<TD vAlign=bottom width=217>
<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt">Total Return
Swap</P></TD>
<TD vAlign=bottom width=96>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>890,000</P></TD>
<TD vAlign=bottom width=108>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>890,000</P></TD>
<TD vAlign=bottom width=96>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>195,780</P></TD>
<TD vAlign=bottom width=96 colSpan=2>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>5,085</P></TD>
<TD vAlign=bottom width=85>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>2,747</P></TD></TR>
<TR>
<TD vAlign=bottom width=217>
<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt">Purchase of
Non-bank Sponsored SIVs<SUP>(4)</SUP></P></TD>
<TD vAlign=bottom width=96>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>57,000</P></TD>
<TD vAlign=bottom width=108>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>57,000</P></TD>
<TD vAlign=bottom width=96>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>—</P></TD>
<TD vAlign=bottom width=96 colSpan=2>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>4,265</P></TD>
<TD vAlign=bottom width=85>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>2,342</P></TD></TR>
<TR>
<TD vAlign=bottom width=217>
<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt">Purchase of
Canadian Conduit Securities</P></TD>
<TD vAlign=bottom width=96>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>95,000</P></TD>
<TD vAlign=bottom width=108>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>95,000</P></TD>
<TD vAlign=bottom width=96>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>—</P></TD>
<TD vAlign=bottom width=96 colSpan=2>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>390</P></TD>
<TD vAlign=bottom width=85>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>211</P></TD></TR>
<TR>
<TD
style="BORDER-TOP: #000000 0.5pt solid; BORDER-BOTTOM: #000000 2pt double"
vAlign=bottom width=217>
<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt">Total</P></TD>
<TD
style="BORDER-TOP: #000000 0.5pt solid; BORDER-BOTTOM: #000000 2pt double"
vAlign=bottom width=96>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>$4,726,300</P></TD>
<TD
style="BORDER-TOP: #000000 0.5pt solid; BORDER-BOTTOM: #000000 2pt double"
vAlign=bottom width=108>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>$ 2,147,000</P></TD>
<TD
style="BORDER-TOP: #000000 0.5pt solid; BORDER-BOTTOM: #000000 2pt double"
vAlign=bottom width=96>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>$1,102,030</P></TD>
<TD
style="BORDER-TOP: #000000 0.5pt solid; BORDER-BOTTOM: #000000 2pt double"
vAlign=bottom width=96 colSpan=2>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>$ 266,874</P></TD>
<TD
style="BORDER-TOP: #000000 0.5pt solid; BORDER-BOTTOM: #000000 2pt double"
vAlign=bottom width=85>
<P
style="PADDING-RIGHT: 7.2pt; FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt"
align=right>$155,446</P></TD></TR>
<TR>
<TD vAlign=bottom width=699 colSpan=7>
<P
style="PADDING-LEFT: 7.2pt; MARGIN: 0pt; TEXT-INDENT: -7.2pt; LINE-HEIGHT: normal"><SUP>1</SUP>
Included in restricted cash on the Consolidated Balance Sheet.</P>
<P
style="PADDING-LEFT: 15.1pt; MARGIN: 0pt; TEXT-INDENT: -15.1pt; LINE-HEIGHT: normal"><SUP>2
</SUP>Pre tax (gains) charges include (increases) reductions
in the value of underlying securities, in addition to gains (losses) on
foreign exchange forward contracts of $1,371 and $(946) as of June 30,
2009 and 2008, respectively, and an interest payment of $1,056 received
during the June 2009 quarter related to SIV securities that were sold in
the fourth quarter of fiscal 2009. These items are included in Other
non-operating income (expense) on the Consolidated Statements of
Operations.</P>
<P style="MARGIN: 0pt; LINE-HEIGHT: normal" align=justify><SUP>3
</SUP>After tax and after giving effect to related operating
expense adjustments, if applicable.</P>
<P style="MARGIN: 0pt; LINE-HEIGHT: normal" align=justify><SUP>4</SUP>
Securities issued by structured investment vehicles
(“SIVs”).</P></TD></TR></TBODY></TABLE>
<P style="MARGIN: 0pt" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0pt; LINE-HEIGHT: 14pt" align=justify>In
April 2009, due to the stabilization of the net asset value of one of the
supported liquidity funds, Legg Mason terminated one capital support agreement
(“CSA”) to provide up to $7 million in contributions to the fund.</P>
<P style="MARGIN: 0pt" align=justify><BR></P>
<P style="MARGIN: 0pt" align=justify>In July 2009, Legg Mason terminated another
CSA to provide up to $7 million in contributions to one fund, thereby reducing
the outstanding liquidity fund support amount to $27.5
million.</P></BODY></HTML>
10. Liquidity Fund
Support
The par
value, support amounts, collateral and income statement impact for the quarters
ended June 30, 2009 and 2008, for all
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The entire disclosure of Liquidity Fund Support, which includes the arrangements made to provide support to certain of the reporting entity's proprietary liquidity funds that hold securities issued by SIVs (Structured Investments Vehicle).
No authoritative reference available.
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UnKnown
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