Which of the following would be considered an “issuer” transaction?

When Maria purchases shares of Dodge and Cox’s International Fund, it is an “issuer” transaction. Shares of mutual funds are bought and sold through the fund itself, so the money she pays for the shares is received by Dodge and Cox, the issuer of the shares. Jacob’s purchase of Hasbro stock and Kim’s sale of her AT&T bond are non-issuer transactions. Neither Hasbro nor AT&T receive the proceeds from these transactions. In Jacob’s case, another investor receives the cash; and in Kim’s cash, she receives the cash.