Question-and-Answer Session
Thank you Sir. [Operator Instructions]. Our first question is from Tom McCrohan with Janney Montgomery Scott. Go ahead please.
Thomas Mccrohan - Janney Montgomery Scott
Hi Dennis. How are you?
Dennis J. McGonigle - Chief Financial Officer, Executive Vice President
Good Tom. How are you doing?
Thomas Mccrohan - Janney Montgomery Scott
All right. Just a follow-up. The collateral associated with the SIV particularly Cheney and I guess the other one you mentioned Victoria. Could you just give us a sense of kind of the current valuations, which have declined are more of function of just like a liquidity and as opposed to collateral valuations coming down just I'm talking about the performance of the underlying collateral?
Dennis J. McGonigle - Chief Financial Officer, Executive Vice President
Generally speaking the issue is really one of the liquidity that is the primary driver of kind of market valuations on these SIVs as far we can tell. The credit quality so to speak with, specifically the Cheney and Victoria. On Cheney for example 96% of the collateral is rated AA or better. This is as of? just over a week ago with 67% of it AAA. On Victoria, about 76% of the collateral is still... is rated AAA about 50% is rated AA. So the credit value or quality of the underlying collateral still remains strong.
Also the input we have gotten from Columbia Management on the performing... performance of the underlying collateral certainly suggested that all the collateral continues to perform. So we really do believe this is more a function of liquidity. It doesn't mean that there aren't potentially some impaired pieces of collateral embedded in the SIV that would trend you from getting all the way back to 100%. But we feel like from what we are hearing the underlying collateral is still pretty solid.
Thomas Mccrohan - Janney Montgomery Scott
Okay. And could you update us on... I think you disclosed in the past that the funds that SEI held about $250 million of Cheney paper?
Dennis J. McGonigle - Chief Financial Officer, Executive Vice President
Correct.
Thomas Mccrohan - Janney Montgomery Scott
And can you update us on what those had been mark down to and what's the investment in this other SIV that you're talking about today Victoria?
Dennis J. McGonigle - Chief Financial Officer, Executive Vice President
Yeah I know on the last call, I think that same kind of question was asked and we really weren't... and aren't in a position to answer that. But I guess I would just comment that the marks we have on these securities we believe again looking at really taking into account in some respects liquidity but also the market in general are... we are comfortable with.
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