Fed's Bear portfolio shrinks more than $1 bln

NEW YORK, July 3 (Reuters) - The Federal Reserve's portfolio of Bear Stearns assets is currently worth $28.89 billion, the central bank estimated on Thursday, down more than $1 billion from its original value.

In March, the Fed orchestrated a buyout of the troubled investment bank by JP Morgan. The portfolio of tarnished securities, now called Maiden Lane LLC, is being held by the New York Fed. (Reporting by Pedro Nicolaci da Costa and Tamawa Kadoya; Editing by Dan Grebler)