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Objection to Drawings : 

A substitute drawing is attached that addresses the Examiner's concern. In addition, the 
specification has been amended to remove references to "Figure 1 ." 

It is Applicants 1 belief that the objections to the drawing and specification have been 
overcome and Applicants respectfully request withdrawal of the objections. 
Rejections Under 35 USC SI 12 

It is Applicants 1 belief that all rejections under §112, 2nd have been addressed by the 
current amendments. 

For example, "private market portfolio" has been amended to "private investment 
portfolio" thus removing an inconsistency in the claim language. It is Applicants' intent that the 
terms are equivalent, and thus this amendment does not affect the scope of the claims. 

All instances of lack of antecedent basis for claim terms has been addressed, again 
without affecting the scope of the pending claims. 

Regarding the definitions of x and y, Applicants submit that x and y are universally 
understood to indicate the variables as displayed on a Cartesian graph in which x, the 
independent variable, is on the horizontal axis and y, the dependent variable, is on the vertical 
axis. The values of x and y are undefined in the equation because they are variables. Applicants 
submit that those of skill in the art would clearly understand what is meant by x and y in the 
equation of a line as recited in the claims, and respectfully request that this rejection be 



The amendment addresses the Examiner's concern regarding the determination of a value 
for R in step (c). This amendment is for clarity only, and does not affect the scope of the claims 
in any way. 

Applicants submit that a "fund of funds" is a term of art and is well understood by those 
of skill A fund of funds is an investment fund that invests in a plurality of individual investment 
funds. Its structure is well known, and can be summarized as follows: 

Individual investors invest in a single fund (the fund of funds), the manager of which 
invests the investors' money in a plurality of funds, each of which contains a portfolio of 
companies in which they are invested. 

The structure can be visualized as follows: 




Fund of 

Companies , 



Companies , 

The latest issue of "Private Equity Funds-of-Funds, State of the Market, " published 
annually by Asset Alternatives, Inc., publisher of the private investment industry's premier news 
periodical, the "Private Equity Analyst," estimates the total capital managed by private market 
funds of funds to be $60 billion. It is apparent, therefore, that this is a term of art understood by 



those of skill, and does not render the claim indefinite. Withdrawal of the rejection is respectfully 

It is Applicants* belief that all the rejections under §112 have been addressed and 

Applicants respectfully request withdrawal of these rejections. 
Rejections Under 35 USC $101 

All rejections under §101 are overcome by the amendment as all pending claims recite 
technology within the body of the claim as suggested by the Examiner. 
V, Conclusion 

In light of the foregoing amendments and remarks, Applicants respectfully submit that all 
claims are in condition for allowance, and solicit an early indication to that effect. Should the 
Examiner have any questions regarding this response, she is invited to contact the undersigned 
representative at (512) 542-8446. 

2300 First City Tower 
1001 Fannin Street 
Houston, Texas 77002-6760 
Ph: (512)542-8446 
Fax (512)236-3377 

Date: December 21, 2004 


Timothy S. Corner 
Registration. No. 38,414 
Agent for Applicant