The following table summarizes the total contractual amount of credit-related, off-balance sheet financial instruments at December 31.
Amounts reported do not reflect participations to independent third parties.
## Table 0 ##
Approximately 81% of the unfunded commitments to extend credit expire within one year from the date of issue.
Since many of the commitments are expected to expire or renew without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements.
Securities Finance: On behalf of our customers, we lend their securities to creditworthy brokers and other institutions.
We generally indemnify our customers for the fair market value of those securities against a failure of the borrower to return such securities.
Collateral funds received in connection with our securities finance services are held by us as agent and are not recorded in our consolidated statement of condition.
We require the borrowers to provide collateral in an amount equal to or in excess of 100% of the fair market value of the securities borrowed.
The borrowed securities are revalued daily to determine if additional collateral is necessary.
In this regard, we held, as agent, cash and U. S.  government securities with an aggregate fair value of $333.07 billion and $572.93 billion as collateral for indemnified securities on loan at December 31, 2008 and 2007, respectively, presented in the table above.
The collateral held by us is invested on behalf of our customers.
In certain cases, the collateral is invested in third-party repurchase agreements, for which we indemnify the customer against loss of the principal invested.
We require the repurchase agreement counterparty to provide collateral in an amount equal to or in excess of 100% of the amount of the repurchase agreement.
The indemnified repurchase agreements and the related collateral are not recorded in our consolidated statement of condition.
Of the collateral of $333.07 billion at December 31, 2008 and $572.93 billion at December 31, 2007 referenced above, $68.37 billion at December 31, 2008 and $106.13 billion at December 31, 2007 was invested in indemnified repurchase agreements.
We held, as agent, cash and securities with an aggregate fair value of $71.87 billion and $111.02 billion as collateral for indemnified investments in repurchase agreements at December 31, 2008 and December 31, 2007, respectively.
Asset-Backed Commercial Paper Program: In the normal course of our business, we provide liquidity and credit enhancement to an asset-backed commercial paper program sponsored and administered by us, described in note 12.
The commercial paper issuances and commitments of the commercial paper conduits to provide funding are supported by liquidity asset purchase agreements and back-up liquidity lines of credit, the majority of which are provided by us.
In addition, we provide direct credit support to the conduits in the form of standby letters of credit.
Our commitments under liquidity asset purchase agreements and back-up lines of credit totaled $23.59 billion at December 31, 2008, and are included in the preceding table.
Our commitments under standby letters of credit totaled $1.00 billion at December 31, 2008, and are also included in the preceding table.
Legal Proceedings: Several customers have filed litigation claims against us, some of which are putative class actions purportedly on behalf of customers invested in certain of State Street Global Advisors’, or SSgA’s, active fixed-income strategies.
These claims related to investment losses in one or more of SSgA’s strategies that included sub-prime investments.
In 2007, we established a reserve of approximately $625 million to address legal exposure associated with the under-performance of certain active fixed-income strategies managed by SSgA and customer concerns as to whether the execution of these strategies was consistent with the customers’ investment intent.
These strategies were adversely impacted by exposure to, and the lack of liquidity in,
CONDUIT ASSETS BY ASSET ORIGIN
## Table 1 ##
The conduits meet the definition of a VIE, as defined by FIN 46(R).
We have determined that we are not the primary beneficiary of the conduits, as defined by FIN 46(R), and do not record them in our consolidated financial statements.
We hold no direct or indirect ownership interest in the conduits, but we provide subordinated financial support to them through contractual arrangements.
Standby letters of credit absorb certain actual credit losses from the conduit assets; our commitment under these letters of credit totaled $1.00 billion and $1.04 billion at December 31, 2008 and 2007, respectively.
Liquidity asset purchase agreements provide liquidity to the conduits in the event they cannot place commercial paper in the ordinary course of their business; these facilities, which require us to purchase assets from the conduits at par, would provide the needed liquidity to repay maturing commercial paper if there was a disruption in the asset-backed commercial paper market.
The aggregate commitment under the liquidity asset purchase agreements was approximately $23.59 billion and $28.37 billion at December 31, 2008 and 2007, respectively.
We did not accrue for any losses associated with either our commitment under the standby letters of credit or the liquidity asset purchase agreements in our consolidated statement of condition at December 31, 2008 or 2007.
During the first quarter of 2008, pursuant to the contractual terms of our liquidity asset purchase agreements with the conduits, we were required to purchase $850 million of conduit assets.
The purchase was the result of various factors, including the continued illiquidity in the commercial paper markets.
The securities were purchased at prices determined in accordance with existing contractual terms in the liquidity asset purchase agreements, and which exceeded their fair value.
Accordingly, during the first quarter of 2008, the securities were written down to their fair value through a $12 million reduction of processing fees and other revenue in our consolidated statement of income, and are carried at fair value in securities available for sale in our consolidated statement of condition.
None of our liquidity asset purchase agreements with the conduits were drawn upon during the remainder of 2008, and no draw-downs on the standby letters of credit occurred during 2008.
The conduits generally sell commercial paper to independent third-party investors.
However, we sometimes purchase commercial paper from the conduits.
As of December 31, 2008, we held an aggregate of approximately $230 million of commercial paper issued by the conduits, and $2 million at December 31, 2007.
In addition, approximately $5.70 billion of U. S.  conduit-issued commercial paper had been sold to the CPFF.
The CPFF is scheduled to expire on October 31, 2009.
The weighted-average maturity of the conduits’ commercial paper in the aggregate was approximately 25 days as of December 31, 2008, compared to approximately 20 days as of December 31, 2007.
Each of the conduits has issued first-loss notes to independent third parties, which third parties absorb firstdollar losses related to credit risk.
Aggregate first-loss notes outstanding at December 31, 2008 for the four conduits totaled $67 million, compared to $32 million at December 31, 2007.
Actual credit losses of the conduits
We consider a well-diversified, high-credit quality investment securities portfolio to be an important element in the management of our consolidated balance sheet.
The portfolio continues to be concentrated in securities with high credit quality, with approximately 89% of the carrying value of the portfolio “AAA” or “AA” rated.
The percentages of the carrying value of the investment securities portfolio by external credit rating, excluding securities purchased under the AMLF, were as follows as of December 31:
## Table 2 ##
(1) Includes U. S.  Treasury securities.
The investment securities portfolio is also diversified with respect to asset class.
The majority of the portfolio is composed of mortgage-backed and asset-backed securities.
The largely floating-rate asset-backed portfolio consists of home-equity loan, credit card, auto- and student loan-backed securities.
Mortgage-backed securities are split between securities of Federal National Mortgage Association, Federal Home Loan Mortgage Corporation and large-issuer collateralized mortgage obligations.
As of December 31, 2008, the asset-backed securities in the portfolio included $5.8 billion collateralized by sub-prime mortgages.
Of this total, 38% were “AAA” rated and 32% were “AA” rated.
We had $6.62 billion of net pre-tax unrealized losses on available-for-sale investment securities at December 31, 2008, or $4.06 billion after-tax.
This unrealized loss excludes the unrealized loss of $2.27 billion, or $1.39 billion after-tax, related to securities available for sale that were reclassified to securities held to maturity during the fourth quarter of 2008, which are discussed below.
Net pre-tax unrealized losses on available-for-sale securities at December 31, 2007 were $1.105 billion, or $678 million after-tax.
Excluding the securities for which $122 million of other-than-temporary impairment was recorded during 2008, management considers the aggregate decline in fair value of the remaining securities and the resulting net unrealized losses to be temporary and not the result of any material changes in the credit characteristics of the securities.
Management continues to believe that it is probable that we will collect all principal and interest according to underlying contractual terms, and has the ability and the intent to hold the securities until recovery in market value.
During the fourth quarter of 2008, management reassessed its classification of certain asset- and mortgagebacked securities carried in the available-for-sale portfolio, and reclassified securities with an amortized cost of $14.6 billion and a fair value of $12.3 billion to securities held to maturity.
No gain or loss was recognized at the time of reclassification.
The related pre-tax unrealized loss of $2.27 billion, or $1.39 billion after-tax, recorded in other comprehensive income, or OCI, remained in OCI and is being amortized as an adjustment of the yield of the reclassified securities over their remaining terms.
The securities were reclassified at their then fair value of $12.3 billion, and this fair value was established as the adjusted amortized cost of the reclassified securities.
The resulting discount is being accreted as an adjustment of the yield of the reclassified securities over their remaining terms.
As a result, the reclassification will have no ultimate impact on our consolidated results of operations.
Management considers the held-to-maturity classification to be appropriate because it has the ability and the intent to hold these securities to their maturity.
We intend to continue managing our investment securities portfolio to align with interest-rate and duration characteristics of our customer liabilities and in the context of our overall balance sheet structure, which is maintained within internally approved risk limits, and in consideration of the global interest-rate environment.
Even with material changes in unrealized losses on available-for-sale securities, we may not experience material changes in our interest-rate risk profile, or experience a material impact on our net interest revenue.
Additional information about these and other unrealized losses is in notes 3 and 13 of the Notes to Consolidated Financial Statements included in this Form 10-K under Item 8.
The following table presents VaR with respect to our trading activities, as measured by our VaR methodology for the periods indicated: VALUE-AT-RISK

<table><tr><td>(In millions)</td><td>2008</td><td>2007</td></tr><tr><td>Indemnified securities financing</td><td>$324,590</td><td>$558,368</td></tr><tr><td>Liquidity asset purchase agreements</td><td>28,800</td><td>35,339</td></tr><tr><td>Unfunded commitments to extend credit</td><td>20,981</td><td>17,533</td></tr><tr><td>Standby letters of credit</td><td>6,061</td><td>4,711</td></tr></table>
<table><tr><td></td><td>2008</td><td>2007</td></tr><tr><td>(Dollars in billions)</td><td>Amount</td><td>Percent of Total Conduit Assets</td><td>Amount</td><td>Percent of Total Conduit Assets</td></tr><tr><td>United States</td><td>$11.09</td><td>46%</td><td>$12.14</td><td>42%</td></tr><tr><td>Australia</td><td>4.30</td><td>17</td><td>6.10</td><td>21</td></tr><tr><td>Great Britain</td><td>1.97</td><td>8</td><td>2.93</td><td>10</td></tr><tr><td>Spain</td><td>1.71</td><td>7</td><td>1.90</td><td>7</td></tr><tr><td>Italy</td><td>1.66</td><td>7</td><td>1.86</td><td>7</td></tr><tr><td>Portugal</td><td>0.62</td><td>3</td><td>0.70</td><td>2</td></tr><tr><td>Germany</td><td>0.57</td><td>3</td><td>0.70</td><td>2</td></tr><tr><td>Netherlands</td><td>0.40</td><td>2</td><td>0.55</td><td>2</td></tr><tr><td>Belgium</td><td>0.29</td><td>1</td><td>0.31</td><td>1</td></tr><tr><td>Greece</td><td>0.27</td><td>1</td><td>0.31</td><td>1</td></tr><tr><td>Other</td><td>1.01</td><td>5</td><td>1.26</td><td>5</td></tr><tr><td>Total conduit assets</td><td>$23.89</td><td>100%</td><td>$28.76</td><td>100%</td></tr></table>
<table><tr><td></td><td>2008</td><td> 2007</td></tr><tr><td>AAA-1</td><td>78%</td><td>89%</td></tr><tr><td>AA</td><td>11</td><td>6</td></tr><tr><td>A</td><td>5</td><td>3</td></tr><tr><td>BBB</td><td>4</td><td>1</td></tr><tr><td>BB</td><td>1</td><td>—</td></tr><tr><td>Non-rated</td><td>1</td><td>1</td></tr><tr><td></td><td>100%</td><td>100%</td></tr></table>

Question: what portion of the 2008 collateral was invested in indemnified repurchase agreements in 2008?
Answer: 0.20527