Urban Outfitters 2014 Annual Report Download - page 181

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Credit Quality
• The minimum average credit quality of the portfolio will be at least AA- or the equivalent.
• Securities must be rated by at least two nationally recognized statistical rating organizations (NRSRO), such as Moody’s, S&P and Fitch.
• Purchases are limited to issues with minimum short-term ratings of A-1, P-1or F1 (or the equivalent) or minimum long-term ratings of A3 or A- (or the
equivalent) at the time of purchase, as rated by any two NRSROs, such as S&P, Moody’s, or Fitch. For split rated securities, the lowest rating shall
prevail.
• Pre-refunded municipal securities, escrowed in government securities that have not been re-rated are exempt from the minimum ratings stated above.
Maturity and Duration
• Assets may be invested in securities with a maximum maturity of 3 years from settlement date.
• The portfolio will be managed to have a targeted duration within a band of +/-0.50 year around the duration of the benchmark.