Available-For-Sale Securities

9 Months Ended

Jun. 30, 2011

Available-For-Sale Securities.

Available-For-Sale Securities

Note 8 — Available-For-Sale Securities

At June 30, 2011, the Trust’s available-for-sale securities consisted solely of equity securities with a fair value of $3,600,000 and a cost basis of $2,684,000.  Unrealized gains totaled $960,000 and unrealized losses totaled $44,000.

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-temporary impairment because the Company expects the value of these securities to recover and plans on holding them until at least such recovery.

During the three months ended June 30, 2011, the Trust sold available-for-sale equity securities for $978,000 with a basis of $802,000, determined using average cost.  Accordingly, the Trust recognized a gain of $176,000 from these sales.  In the nine months ended June 30, 2011, the Trust sold available-for-sale equity securities for $3,849,000 with a basis of $3,151,000, determined using average cost.  Accordingly, the Trust recognized a gain of $698,000 from these sales.

During the nine months ended June 30, 2011, the Trust sold available-for-sale debt securities for $3,417,000 which had a basis of $2,925,000 determined using specific cost.  Accordingly, the Trust recognized a gain of $492,000 from these sales.

During the three and nine months ended June 30, 2010, the Trust sold available-for-sale equity securities for $2,425,000.  The basis of these securities was $975,000, determined using average cost.  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 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.