INVESTMENTS

Investments. At March 31, 2015, our investment portfolio included the real estate assets of ALLETE Properties, debt and equity securities consisting primarily of securities held in other postretirement plans to fund employee benefits, the cash equivalents within these plans, and other assets consisting primarily of land in Minnesota.



Other Investments	March 31, 2015		December 31, 2014
Millions
ALLETE Properties		$88.3		$88.2
Available-for-sale Securities (a)	19.3		18.9
Cash Equivalents	2.8		2.9
Other	4.3		4.4
Total Other Investments		$114.7		$114.4


(a)	As of March 31, 2015, the aggregate amount of available-for-sale corporate debt securities maturing in one year or less was $0.4 million, in one year to less than three years was $1.7 million, in three years to less than five years was $3.0 million, and in five or more years was $5.9 million.

NOTE 3. INVESTMENTS (Continued)



ALLETE Properties	March 31, 2015		December 31, 2014
Millions
Land Inventory Beginning Balance		$83.8		$85.4
Cost of Sales	—		(2.2		)
Other	0.1		0.6
Land Inventory Ending Balance	83.9		83.8
Long-Term Finance Receivables (net of allowances of $0.6 and $0.6)	1.2		1.2
Other	3.2		3.2
Total Real Estate Assets		$88.3		$88.2

Land Inventory. Land inventory is accounted for as held for use and is recorded at cost, unless the carrying value is determined not to be recoverable in accordance with the accounting standards for property, plant and equipment, in which case the land inventory is written down to fair value. Land values are reviewed for indicators of impairment on a quarterly basis and no impairments were recorded for the three months ended March 31, 2015 (none for the year ended December 31, 2014).

Long-Term Finance Receivables. As of March 31, 2015, long-term finance receivables were $1.2 million net of an allowance ($1.2 million net of an allowance as of December 31, 2014). Long-term finance receivables are collateralized by property sold, accrue interest at market-based rates and are net of an allowance for doubtful accounts. As of March 31, 2015, the allowance for doubtful accounts amounted to $0.6 million ($0.6 million as of December 31, 2014).



Available-For-Sale Securities
Millions		Gross Unrealized
	Cost	Gain	Loss	Fair Value
March 31, 2015	$19.8	$0.3	$0.8	$19.3
December 31, 2014	$19.6	$0.2	$0.9	$18.9