AVERAGE AGE OF INVENTORY Definition

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AVERAGE AGE OF INVENTORY is calculated by the formula: 365 / inventory turnover.

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IMMUNIZED PORTFOLIO is a portfolio structured such that the duration equals the duration of the investor's liabilities. The assets in the portfolio are structured to match the volatility of the investor's liabilities, thereby significantly reducing exposure to interest rate risk.

FOOTNOTES see NOTES TO THE FINANCIAL STATEMENTS.

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