Method of administering an investment company having a class of crossing shares
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United States of America Patent
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Dec 18, 2012
Grant Date -
N/A
app pub date -
Jul 20, 2009
filing date -
Jul 20, 2009
priority date (Note) -
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Abstract
A mutual fund having at least one class of crossing shares that cannot be redeemed for cash unless there is a crossing request to buy shares in the fund and at least one class of non-crossing shares. The fund may offer one or more of several other non-cash redemption options that minimize transaction costs incurred by the fund. The non-crossing shares may include one or more conventional share classes and/or one or more exchange-traded share classes. Additional redemption options available to holders of crossing shares may include redemption in kind for a basket of representative financial assets, conversion to exchange-traded shares (where available), or redemption for cash less a redemption fee.
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