AVAILABLE-FOR-SALE SECURITIES

12 Months Ended

Sep. 30, 2011

AVAILABLE-FOR-SALE SECURITIES.

AVAILABLE-FOR-SALE SECURITIES

NOTE 8—AVAILABLE-FOR-SALE SECURITIES

        At September 30, 2011, the Trust had available for sale securities which consisted solely of equity securities. Details regarding these available-for-sale securities are presented below (dollars in thousands):

	Cost basis		Unrealized gains		Unrealized losses			Market value
Equity Securities	$	2,488	$	406	$	(128	)	$	2,766

        Unrealized gains and losses are reflected as accumulated other comprehensive income-net unrealized gain on available-for-sale securities in the accompanying consolidated balance sheets.

        The Trust's available-for-sale equity securities were determined to be Level 1 financial assets within the valuation hierarchy established by current accounting guidance, and the valuation is based on current market quotes received from financial sources that trade such securities. All of the available-for-sale securities in an unrealized loss position are equity securities and amounts are not considered to be other than temporarily impaired because the Company expects the value of these securities to recover and plans on holding them until at least such recovery.

        During the year ended September 30, 2011, the Trust sold equity securities for $4,173,000 with a cost basis of $3,346,000, determined using specific identification. Accordingly, the Trust recognized a gain of $827,000 from these sales. The Trust also sold available-for-sale debt securities for $3,417,000 which had a basis of $2,925,000 determined using specific identification. Accordingly the Trust recognized a gain of $492,000 from these sales.

        At September 30, 2010, the Trust had available for sale securities which consisted of debt and equity securities. Details regarding these available-for-sale securities are presented below (dollars in thousands):

	Cost basis		Unrealized gains		Unrealized losses		Market value
Debt Securities	$	2,897	$	611		—	$	3,508
Equity Securities		5,779		1,056	$	73		6,762
	$	8,676	$	1,667	$	73	$	10,270

        The Trust's available-for-sale debt securities were determined to be Level 2 financial assets within the valuation hierarchy established by current accounting guidance, and the valuation is based on market quotes from inactive markets received from financial sources that trade such securities.

        During the year ended September 30, 2010, the Trust sold available-for-sale equity securities for $2,425,000. The cost basis of these securities was $975,000, determined using specific identification. Accordingly, the Trust recognized a gain of $1,450,000 from these sales. The Trust also sold an available-for-sale debt security for $1,000,000. The cost basis of this security was $864,000 and was determined using specific identification. Accordingly, the Trust recognized a gain of $136,000 on this sale.