Patent ID: 7865426

Claim:
A computer-implemented apparatus for administering an actively managed investment company that invests assets in fixed income securities, the apparatus comprising: (a) an investment company processor that issues one or more classes of shares that are listed for trading on a securities exchange and that are bought and sold in a secondary market at negotiated market prices; (b) an investment company portfolio trading and managing computer that receives instructions to: (i) select and hold a portfolio of fixed income securities that relate to a benchmark index, wherein the selection is made in an actively managed manner such that the duration range of the securities holdings is either: (A) longer than the duration of the benchmark index, (B) close to the duration of the benchmark index, or (C) shorter than the duration of the benchmark index, and (ii) define a creation unit basket having a duration that is equal to a midpoint of the duration range of the securities holdings of the investment company that are held in the investment company portfolio trading and managing computer; and (c) a computer database that stores the creation unit basket.