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Monday, December 24, 2007|
Janus Bails Out Three Funds
Janus has bought approximately $109 million of securities in the Janus Institutional Money Market Fund, the Institutional Cash Management Fund and the Janus Money Market Fund, according to an SEC filing late Friday afternoon. The securities, according to executives of the Denver-based investment management firm, were downgraded on Friday by Moody's to Baa3/Not Prime and while these are still investment grade, Janus officials said they are purchasing the securities to shield investors form possible losses tied to the downgrade. The securities were issued by Victoria Finance Ltd and Victoria Finance LLC through Stanfield Victoria Funding LLC.
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