Investment company that issues a class of conventional shares and a class of exchange-traded shares in the same fund
First Claim
1. A computer-implemented method of administering a single investment company, the method comprising:
- (a) the single investment company issuing one or more classes of shares that are bought from and redeemed with the single investment company at a net asset value;
(b) the single investment company issuing one or more classes of shares that are listed for trading on a securities exchange and that are bought and sold at negotiated market prices; and
(c) maintaining in one or more computers, account data of the outstanding shares, wherein an owner of any share of any share class has an undivided interest in the single investment company.
1 Assignment
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Accused Products
Abstract
An investment company is administered by issuing one or more classes of shares that are bought from and redeemed with the company at a net asset value, issuing one or more classes of shares that are listed for trading on a securities exchange and that are bought and sold at negotiated market prices, and maintaining, in one or more computers, account data ofthe outstanding shares. A shareholder may acquire exchange-traded shares by requesting conversion of a designated number or dollar value of shares belonging to the one or more classes of shares that are bought from and redeemed with the company at a net asset value for a monetarily equivalent number of shares of the one or more classes of shares which are exchange-traded shares of the company. An authorized participant may purchase exchangetraded shares directly from the investment company in exchange for a basket of securities of generally equivalent monetary value. A direct purchase requires a purchase of a predetermined number of exchange-traded shares. An investor may also purchase or sell exchange-traded shares on the secondary market through a broker. The exchange-traded shares may be issued by an open-end mutual fund, a closed-end mutual fund, or a unit investment trust.
116 Citations
13 Claims
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1. A computer-implemented method of administering a single investment company, the method comprising:
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(a) the single investment company issuing one or more classes of shares that are bought from and redeemed with the single investment company at a net asset value;
(b) the single investment company issuing one or more classes of shares that are listed for trading on a securities exchange and that are bought and sold at negotiated market prices; and
(c) maintaining in one or more computers, account data of the outstanding shares, wherein an owner of any share of any share class has an undivided interest in the single investment company. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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13. In a computer-implemented single investment company that has issued (i) one or more classes of shares that are bought from and redeemed with the single investment company at a net asset value, and (ii) one or more classes of shares that are listed for trading on a securities exchange and that are bought and sold at negotiated market prices, wherein one or more computers maintain account data of the outstanding shares, and wherein an owner of any share of any share class has an undivided interest in the single investment company, a method comprising:
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(a) a shareholder acquiring exchange-traded shares by requesting conversion of a designated number or dollar value of shares belonging to the one or more classes of shares that are bought from and redeemed with the single investment company at a net asset value for a monetarily equivalent number of shares of the one or more classes of shares that are exchange-traded shares of the company; and
(b) updating account data in the one or more computers to reflect the new number of shares of each type.
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Specification