7.	*Marketable securities and securities investments*

Marketable securities and securities investments, primarily included in the Financial Services segment, are comprised of debt and equity securities for which the aggregate cost, gross unrealized gains and losses and fair value pertaining to available-for-sale securities and held-to-maturity securities are as follows:


	Yen in millions
	March 31, 2013									March 31, 2014
	Cost		Gross unrealized gains		Gross unrealized losses			Fair value		Cost		Gross unrealized gains		Gross unrealized losses			Fair value
Available-for-sale:
Debt securities:
Japanese national government bonds		1,106,265		114,806		(463	)		1,220,608		1,130,397		113,684		(28	)		1,244,053
Japanese local government bonds		66,553		643		(1	)		67,195		62,670		468		(7	)		63,131
Japanese corporate bonds		210,519		1,715		(70	)		212,164		168,275		984		(8	)		169,251
Foreign corporate bonds		425,892		17,502		(620	)		442,774		434,570		16,547		(182	)		450,935
Other		20,607		4,431		(2	)		25,036		27,587		3,684		(17	)		31,254

		1,829,836		139,097		(1,156	)		1,967,777		1,823,499		135,367		(242	)		1,958,624

Equity securities		89,079		44,443		(997	)		132,525		84,074		91,977		(34	)		176,017

Held-to-maturity securities:
Japanese national government bonds		3,876,600		545,188		—			4,421,788		4,398,018		418,845		(3	)		4,816,860
Japanese local government bonds		7,195		432		—			7,627		6,222		373		—			6,595
Japanese corporate bonds		28,918		3,571		—			32,489		28,030		2,705		—			30,735
Foreign government bonds		—		—		—			—		16,359		847		(1	)		17,205
Foreign corporate bonds		52,738		20		—			52,758		56,284		19		—			56,303

		3,965,451		549,211		—			4,514,662		4,504,913		422,789		(4	)		4,927,698

Total		5,884,366		732,751		(2,153	)		6,614,964		6,412,486		650,133		(280	)		7,062,339

On September 28, 2012, Sony entered into a business alliance agreement and capital alliance agreement with Olympus Corporation (“Olympus”). Under the terms of the capital alliance agreement, Olympus issued 34,387,900 common shares at 1,454 yen per share to Sony through a third-party allotment in two tranches. Accordingly, Sony made an investment of 19,047 million yen on October 23, 2012 for the first third-party allotment of 13,100,000 shares and acquired 4.35% of the total voting rights of Olympus. In addition, Sony made an investment of 30,953 million yen on February 22, 2013 for the second third-party allotment of 21,287,900 shares and acquired an additional 7.07% of the total voting rights of Olympus. As a result, Sony increased its ownership of the total voting rights of Olympus to 11.46%. The investment in Olympus shares is classified as available-for-sale equity securities.

The following table presents the cost and fair value of debt securities classified as available-for-sale securities and held-to-maturity securities by contractual maturity:


	Yen in millions
	March 31, 2014
	Available-for-sale securities				Held-to-maturity securities
	Cost		Fair Value		Cost		Fair Value
Due in one year or less		207,511		217,917		9,290		9,314
Due after one year through five years		428,698		434,953		14,117		14,696
Due after five years through ten years		255,872		271,122		43,590		47,734
Due after ten years		931,418		1,034,632		4,437,916		4,855,954

Total		1,823,499		1,958,624		4,504,913		4,927,698

Proceeds from sales of available-for-sale securities were 177,850 million yen, 143,437 million yen and 207,574 million yen for the fiscal years ended March 31, 2012, 2013 and 2014, respectively. On these sales, gross realized gains were 9,593 million yen, 46,865 million yen and 9,015 million yen and gross realized losses were 1,834 million yen, 527 million yen and 703 million yen, respectively.

Marketable securities classified as trading securities at March 31, 2013 and 2014 were 530,787 million yen and 623,667 million yen, respectively, which consist of debt and equity securities.

In the ordinary course of business, Sony maintains long-term investment securities, included in securities investments and other, issued by a number of non-public companies. The aggregate carrying amounts of the investments in non-public companies at March 31, 2013 and 2014, totaled 68,329 million yen and 54,808 million yen, respectively. Non-public equity investments are primarily valued at cost as fair value is not readily determinable.

With respect to trading securities, primarily in the Financial Services segment, Sony recorded net unrealized gains of 21,216 million yen, 72,793 million yen and 59,137 million yen for the fiscal years ended March 31, 2012, 2013 and 2014, respectively. Changes in the fair value of trading securities are primarily recognized in financial services revenue in the consolidated statements of income.

The following tables present the gross unrealized losses on, and fair value of, Sony’s investment securities with unrealized losses, aggregated by investment category and the length of time that individual investment securities have been in a continuous unrealized loss position, at March 31, 2013 and 2014.


	Yen in millions
	March 31, 2013
	Less than 12 months					12 months or more					Total
	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Available-for-sale:
Debt securities:
Japanese national government bonds		3,383		—			46,796		(463	)		50,179		(463	)
Japanese local government bonds		592		(1	)		—		—			592		(1	)
Japanese corporate bonds		4,731		(7	)		5,271		(63	)		10,002		(70	)
Foreign corporate bonds		28,133		(83	)		19,228		(537	)		47,361		(620	)
Other		61		—			144		(2	)		205		(2	)

		36,900		(91	)		71,439		(1,065	)		108,339		(1,156	)

Equity securities		10,458		(933	)		75		(64	)		10,533		(997	)

Held-to-maturity securities:
Japanese national government bonds		—		—			—		—			—		—
Japanese local government bonds		—		—			—		—			—		—
Japanese corporate bonds		—		—			—		—			—		—
Foreign corporate bonds		—		—			—		—			—		—
Other		—		—			—		—			—		—

		—		—			—		—			—		—

Total		47,358		(1,024	)		71,514		(1,129	)		118,872		(2,153	)


	Yen in millions
	March 31, 2014
	Less than 12 months					12 months or more					Total
	Fair value		Unrealized losses			Fair value		Unrealized losses			Fair value		Unrealized losses
Available-for-sale:
Debt securities:
Japanese national government bonds		52,299		(28	)		377		—			52,676		(28	)
Japanese local government bonds		2,342		(6	)		655		(1	)		2,997		(7	)
Japanese corporate bonds		217		—			2,206		(8	)		2,423		(8	)
Foreign government bonds		6,601		(15	)		30		(2	)		6,631		(17	)
Foreign corporate bonds		42,190		(167	)		5,400		(15	)		47,590		(182	)

		103,649		(216	)		8,668		(26	)		112,317		(242	)

Equity securities		192		(3	)		73		(31	)		265		(34	)

Held-to-maturity securities:
Japanese national government bonds		730		(3	)		—		—			730		(3	)
Japanese local government bonds		—		—			—		—			—		—
Japanese corporate bonds		140		—			—		—			140		—
Foreign government bonds		337		(1	)		—		—			337		(1	)
Foreign corporate bonds		—		—			—		—			—		—

		1,207		(4	)		—		—			1,207		(4	)

Total		105,048		(223	)		8,741		(57	)		113,789		(280	)

For the fiscal years ended March 31, 2012, 2013 and 2014, total realized impairment losses were 5,530 million yen, 8,554 million yen and 1,806 million yen, respectively.

At March 31, 2014, Sony determined that the decline in value for securities with unrealized losses shown in the above table is not other-than-temporary in nature.