System, method and computer program product for...

Details System, method and computer program product for... System, method and computer program product for...

2008-05-15

2009-08-25

Patel, Jagdish N (Department: 3693)

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Finance

C705S035000

Reexamination Certificate

active

07580880

ABSTRACT:
A system, method, and computer program product for implementing municipal arbitrage portfolios are set forth herein. A first investment fund that is compliant with the Investment Company Act of 1940 (the 1940 Act) uses a special purpose trust that: (i) issues at least a First Security funded at least in part by equity of the first investment fund, the First Security providing a series of residual interest payments to the first investment fund; (ii) issues at least one Second Security that results in a series of distributions to a second investment fund; and (iii) owns one or more municipal bonds. The first investment fund may have an obligation to reimburse a liquidity provider (LP) for losses incurred by the liquidity provider from performing its obligation to purchase the Second Security upon tender by a holder. Consolidation of the municipal bonds held by the special purpose trust on the balance sheet of the first investment fund is avoided by using one or more step out transactions.

REFERENCES:
patent: 6070151 (2000-05-01), Frankel
patent: 6338047 (2002-01-01), Wallman
patent: 2004/0249736 (2004-12-01), Curry et al.
patent: 2006/0085324 (2006-04-01), Laubacher
patent: 2006/0155625 (2006-07-01), Bunkin et al.
patent: 2008/0021819 (2008-01-01), Whang
Dreyfus Intermediate Municipal Bond Fund, <http://www.dreyfus.com/compliance/pdf/sai/0947—sai.pdf>, [retrieved May 13, 2008].

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