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<br />4. TEMPORARY INVESTMENTS <br /> <br />Interest Rate Risk <br /> <br />The Authority's investment policy specifies that the maximum stated maturity, from the date of <br />purchase for any individual investment may not exceed five years and the maximum dollar- <br />weighted average maturity may not exceed two years. At year-end, the Authority's dollar- <br />weighted average maturity of the investment portfolio was as follows: <br /> <br />Investment Type <br /> <br />Weighted Average <br />Maturity (Days) <br /> <br />Federal Home Loan Mortgage Corporation <br />Federal Home Loan Bank Bonds <br />Federal National Mortgage Association <br />Public Funds Investment Pools <br /> <br />181 <br />297 <br />127 <br />1 <br /> <br />Portfolio weighted average maturity <br /> <br />138 <br /> <br />Concentration of Credit Risk <br /> <br />The Authority's investment policy places no limit on the amount the government may invest in <br />anyone issuer. At September 30, 2007, the Authority's investment portion consisted of the <br />following investments: <br /> <br />Investment Type <br /> <br />Percentage of <br />Total Portfolio <br /> <br />Federal Home Loan Mortgage Corporation <br />Federal Home Loan Bank Bonds <br />Federal National Mortgage Association <br />Public Funds Investment Pools <br /> <br />4.87% <br />26.84% <br />4.87% <br />63.42% <br /> <br />100.00% <br /> <br />Credit Risk <br /> <br />At year-end balances in TexPool, a privately managed public funds investment pool was rated <br />AAAm by Standard & Poor's, balances in TexStar, a privately managed public funds investment <br />pool was rated AAAm by Standard & Poor's, and balances in LOGIC, a privately managed <br />public funds investment pool was rated AAA by Standard & Poor's. <br /> <br />Federal Home Loan Mortgage Corporation notes, Federal Home Loan Banks bonds and Federal <br />National Mortgage Association notes were rated AAA by Standard & Poor's. <br /> <br />All credit ratings met acceptable levels required by legal guidelines prescribed in both the PFIA <br />and the Authority's investment policy. <br /> <br />TEt~T ATI V'E <br /> <br />& <br /> <br />n n. 1= 'T T\1I NARV <br />~" .1""., OJ ~U ,.1~ 1'" ..L <br />