FAIR VALUE (Tables)

9 Months Ended

Jun. 30, 2011

Assets and liabilities measured at fair value on a recurring basis

Assets and liabilities measured at fair value on a recurring basis are presented below:

June 30, 2011	Quoted Prices in Active Markets for Identical Assets (Level 1) (1)		Significant Other Observable Inputs (Level 2) (1)		Significant Unobservable Inputs (Level 3)			Netting Adjustments (2)			Balance as of June 30, 2011
	(in thousands)
Assets:
Trading instruments:
Municipal and provincial obligations	$	6	$	177,781	$	6,310		$	-		$	184,097
Corporate obligations		8,666		28,485		-			-			37,151
Government and agency obligations		15,052		26,314		-			-			41,366
Agency mortgage-backed securities (“MBS”) and collateralized mortgage obligations (“CMOs”)		234		231,983		-			-			232,217
Non-agency CMOs and asset-backed securities (“ABS”)		-		12,748		58			-			12,806
Total debt securities		23,958		477,311		6,368			-			507,637
Derivative contracts		-		84,171		-			(62,301	)		21,870
Equity securities		29,831		2,953		1,347			-			34,131
Other securities		2,534		8,905		-			-			11,439
Total trading instruments		56,323		573,340		7,715			(62,301	)		575,077

Available for sale securities:
Agency MBS and CMOs		-		160,512		-			-			160,512
Non-agency CMOs		-		162,691		915			-			163,606
Other securities		11		-		-			-			11
Total available for sale securities		11		323,203		915			-			324,129

Private equity and other investments:
Private equity investments		-		-		167,774	(3)		-			167,774
Other investments		153,888		93		45			-			154,026
Total private equity and other investments		153,888		93		167,819			-			321,800

Other assets		-		-		25			-			25
Total	$	210,222	$	896,636	$	176,474		$	(62,301	)	$	1,221,031

Liabilities:
Trading instruments sold but not yet purchased:
Municipal and provincial obligations	$	-	$	720	$	-		$	-		$	720
Corporate obligations		-		1,610		-			-			1,610
Government obligations		173,371		-		-			-			173,371
Agency MBS and CMOs		5		-		-			-			5
Total debt securities		173,376		2,330		-			-			175,706
Derivative contracts		-		65,292		-			(65,030	)		262
Equity securities		19,360		315		-			-			19,675
Other securities		-		150		-			-			150
Total trading instruments sold but not yet purchased		192,736		68,087		-			(65,030	)		195,793

Other liabilities		-		14		40			-			54
Total	$	192,736	$	68,101	$	40		$	(65,030	)	$	195,847

(1)	We had no significant transfers of financial instruments between Level 1 and Level 2 during the period ended June 30, 2011. Our policy is to use the end of each respective quarterly reporting period to determine when transfers of financial instruments between levels are recognized.

(2)	We have elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists.

(3)

Includes $87.9 million in private equity investments of which the weighted-average portion we own is approximately 20%. The portion of this investment we do not own becomes a component of noncontrolling interests on our Condensed Consolidated Statements of Financial Condition, and amounted to $70 million of that total as of June 30, 2011.

September 30, 2010	Quoted Prices in Active Markets for Identical Assets (Level 1) (1)		Significant Other Observable Inputs (Level 2) (1)		Significant Unobservable Inputs (Level 3)			Netting Adjustments (2)			Balance as of September 30, 2010
	(in thousands)
Assets:
Trading instruments:
Municipal and provincial obligations	$	7	$	162,071	$	6,275		$	-		$	168,353
Corporate obligations		21,485		16,986		-			-			38,471
Government and agency obligations		27,374		9,520		-			-			36,894
Agency MBS and CMOs		303		278,275		-			-			278,578
Non-agency CMOs and ABS		-		4,367		3,930			-			8,297
Total debt securities		49,169		471,219		10,205			-			530,593
Derivative contracts		-		102,490		-			(76,123	)		26,367
Equity securities		28,506		113		3,025			-			31,644
Other securities		1,250		1,593		-			-			2,843
Total trading instruments		78,925		575,415		13,230			(76,123	)		591,447

Available for sale securities:
Agency MBS and CMOs		-		217,879		-			-			217,879
Non-agency CMOs		-		200,559		1,011			-			201,570
Other securities		9		5,003		-			-			5,012
Total available for sale securities		9		423,441		1,011			-			424,461

Private equity and other investments:
Private equity investments		-		-		161,230	(3)		-			161,230
Other investments		158,653		1,151		45			-			159,849
Total private equity and other investments		158,653		1,151		161,275			-			321,079

Other assets		-		25		-			-			25
Total	$	237,587	$	1,000,032	$	175,516		$	(76,123	)	$	1,337,012

Liabilities:
Trading instruments sold but not yet purchased:
Municipal and provincial obligations	$	-	$	296	$	-		$	-		$	296
Corporate obligations		17		676		-			-			693
Government obligations		99,631		-		-			-			99,631
Agency MBS and CMOs		105		-		-			-			105
Total debt securities		99,753		972		-			-			100,725
Derivative contracts		-		86,039		-			(84,390	)		1,649
Equity securities		15,890		12,774		-			-			28,664
Total trading instruments sold but not yet purchased		115,643		99,785		-			(84,390	)		131,038

Other liabilities		-		105		46			-			151
Total	$	115,643	$	99,890	$	46		$	(84,390	)	$	131,189

(1)	We had no significant transfers of financial instruments between Level 1 and Level 2 during the year ended September 30, 2010. Our policy is to use the end of each respective quarterly reporting period to determine when transfers of financial instruments between levels are recognized.

(2)	We have elected to net derivative receivables and derivative payables and the related cash collateral received and paid when a legally enforceable master netting agreement exists.

(3)

Includes $86.3 million in private equity investments of which the weighted-average portion we own is approximately 20%. The portion of this investment we do not own becomes a component of noncontrolling interests on our Condensed Consolidated Statements of Financial Condition, and amounted to $69.1 million of that total as of September 30, 2010.

Level 3 financial assets and liabilities measured at fair value on a recurring basis, rollforward table of change in balances

The realized and unrealized gains and losses for assets and liabilities within the Level 3 category presented in the tables below may include changes in fair value that were attributable to both observable and unobservable inputs.

Additional information about Level 3 assets and liabilities measured at fair value on a recurring basis are presented below:

	Level 3 Financial Assets at Fair Value
Three months ended June 30, 2011	Fair Value, March 31, 2011			Total Realized/ Unrealized Gains (Losses) Included in Earnings			Total Unrealized Gains (Losses) Included in Other Comprehensive Income		Purchases, Issuances, and Settlements, Net			Transfers into Level 3		Transfers out of Level 3		Fair Value, June 30, 2011			Change in Unrealized Gains (Losses) Related to Financial Instruments Held at June 30, 2011
	(in thousands)
Assets:
Trading instruments:
Municipal and provincial obligations	$	5,688		$	(129	)	$	-	$	751		$	-	$	-	$	6,310		$	(54	)
Non-agency CMOs and ABS		3,921			570			-		(4,433	)		-		-		58			(63	)
Equity securities		1,925			-			-		(578	)		-		-		1,347			-

Available for sale securities:
Non-agency CMOs		800			-			136		(21	)		-		-		915			-

Private equity and other investments:
Private equity investments		157,046			8,819	(1)		-		1,909			-		-		167,774			8,819
Other investments		45			-			-		-			-		-		45			-
Other assets		25			-			-		-			-		-		25			-

Liabilities:
Other liabilities	$	(42	)	$	-		$	-	$	-		$	-	$	2	$	(40	)	$	-

(1)

Primarily results from valuation adjustments of certain private equity investments. Since we only own a portion of these investments, our share of the net valuation adjustments resulted in a gain of $6.3 million which is included in net income attributable to RJF (after noncontrolling interests), the noncontrolling interests' share of the net valuation adjustments was a gain of approximately $2.5 million.

	Level 3 Financial Assets at Fair Value
Nine months ended June 30, 2011	Fair Value September 30, 2010			Total Realized/ Unrealized Gains (Losses) Included in Earnings			Total Unrealized Gains (Losses) Included in Other Comprehensive Income		Purchases, Issuances, and Settlements, Net			Transfers into Level 3			Transfers out of Level 3		Fair Value, June 30, 2011			Change in Unrealized Gains (Losses) Related to Financial Instruments Held at June 30, 2011
	(in thousands)
Assets:
Trading instruments:
Municipal and provincial obligations	$	6,275		$	(710	)	$	-	$	745		$	-		$	-	$	6,310		$	(855	)
Non-agency CMOs and ABS		3,930			1,310			-		(5,182	)		-			-		58			(190	)
Equity securities		3,025			-			-		(1,678	)		-			-		1,347			-

Available for sale securities:
Non-agency CMOs		1,011			121			202		(419	)		-			-		915			(81	)

Private equity and other investments:
Private equity investments		161,230			8,417	(1)		-		(1,873	)		-			-		167,774			8,417
Other investments		45			-			-		-			-			-		45			-
Other assets		-			-			-		-			25			-		25			-

Liabilities:
Other liabilities	$	(46	)	$	-		$	-	$	-		$	(3	)	$	9	$	(40	)	$	-

(1)

Primarily results from valuation adjustments of certain private equity investments. Since we only own a portion of these investments, our share of the net valuation adjustments resulted in a gain of $3.7 million which is included in net income attributable to RJF (after noncontrolling interests), the noncontrolling interests' share of the net valuation adjustments was a gain of approximately $4.7 million.

	Level 3 Financial Assets at Fair Value
Three months ended June 30, 2010	Fair Value, March 31, 2010			Total Realized/ Unrealized Gains (Losses) Included in Earnings			Total Unrealized Gains (Losses) Included in Other Comprehensive Income			Purchases, Issuances, and Settlements, Net			Transfers into Level 3		Transfers out of Level 3		Fair Value, June 30, 2010			Change in Unrealized Gains (Losses) Related to Financial Instruments Held at June 30, 2010
	(in thousands)
Assets:
Trading instruments:
Municipal and provincial obligations	$	5,581		$	575		$	-		$	-		$	-	$	-	$	6,156		$	575
Non-agency CMOs and ABS		6,145			(95	)		-			(1,084	)		-		-		4,966			177
Derivative contracts		13			(13	)		-			-			-		-		-			-
Equity securities		-			-			-			6			-		-		6			-
Other securities		1,574			86			-			(14	)		-		-		1,646			86

Available for sale securities:
Non-agency CMOs		1,623			(202	)		(300	)		(88	)		-		-		1,033			(202	)

Private equity and other investments:
Private equity investments		157,797			2,425	(1)		-			2,924			-		-		163,146			2,425
Other investments		222			249			-			(425	)		-		-		46			1

Liabilities:
Derivative contracts	$	(38	)	$	38		$	-		$	-		$	-	$	-	$	-		$	-
Other liabilities		(46	)		-			-			-			-		-		(46	)		-

(1)

Primarily results from valuation adjustments of certain private equity investments. Since we only own a portion of these investments, our share of the net valuation adjustments resulted in a gain of $2.7 million which is included in net income attributable to RJF (after noncontrolling interests). The noncontrolling interests share of the net valuation adjustments was a loss of approximately $300,000.

	Level 3 Financial Assets at Fair Value
Nine months ended June 30, 2010	Fair Value, September 30, 2009			Total Realized/ Unrealized Gains (Losses) Included in Earnings			Total Unrealized Gains (Losses) Included in Other Comprehensive Income		Purchases, Issuances, and Settlements, Net			Transfers into Level 3		Transfers out of Level 3		Fair Value, June 30, 2010			Change in Unrealized Gains (Losses) Related to Financial Instruments Held at June 30, 2010
	(in thousands)
Assets:
Trading instruments:
Municipal and provincial obligations	$	5,316		$	840		$	-	$	-		$	-	$	-	$	6,156		$	840
Non-agency CMOs and ABS		10,915			(591	)		-		(5,358	)		-		-		4,966			165
Derivative contracts		222			(222	)		-		-			-		-		-			-
Equity securities		-			-			-		6			-		-		6			-
Other securities		919			720			-		7			-		-		1,646			719

Available for sale securities:
Non-agency CMOs		2,596			(2,526	)		1,269		(306	)		-		-		1,033			(2,526	)

Private equity and other investments:
Private equity investments		142,671			14,498	(1)		-		5,977			-		-		163,146			14,498
Other investments		227			244			-		(425	)		-		-		46			(4	)

Liabilities:
Other liabilities		(59	)		13			-		-			-		-		(46	)		(7	)

(1)

Primarily results from valuation adjustments of certain private equity investments. Since we only own a portion of these investments, our share of the net valuation adjustments resulted in a gain of $4.2 million which is included in net income attributable to RJF (after noncontrolling interests), the noncontrolling interests share of the net valuation adjustments was a gain of approximately $10.3 million.

Gains and losses (realized and unrealized) included in revenues

Gains and losses (realized and unrealized) included in revenues are reported in net trading profits and other revenues in our Condensed Consolidated Statements of Income and Comprehensive Income (the “Condensed Consolidated Statements of Income”), as follows:

For the three months ended June 30, 2011	Net Trading Profits			Other Revenues
	(in thousands)

Total gains included in revenues	$	441		$	8,819
Change in unrealized (losses) gains relating to assets still held at reporting date		(117	)		8,819

For the nine months ended June 30, 2011	Net Trading Profits			Other Revenues
	(in thousands)

Total gains included in revenues	$	600		$	8,538
Change in unrealized (losses) gains relating to assets still held at reporting date		(1,045	)		8,336

For the three months ended June 30, 2010	Net Trading Profits		Other Revenues
	(in thousands)

Total gains included in revenues	$	815	$	2,248
Change in unrealized gains relating to assets still held at reporting date		839		2,804

For the nine months ended June 30, 2010	Net Trading Profits		Other Revenues
	(in thousands)

Total gains included in revenues	$	1,213	$	11,764
Change in unrealized gains relating to assets still held at reporting date		1,720		11,966

Carrying amounts and estimated fair values of financial instruments not carried at fair value

The carrying amounts and estimated fair values of our financial instruments that are not carried at fair value are as follows:

	June 30, 2011				September 30, 2010
	Carrying		Estimated		Carrying		Estimated
	Amount		Fair Value		Amount		Fair Value
	(in thousands)
Financial assets:
Bank loans, net	$	6,252,094	$	6,288,241	$	6,094,929	$	6,099,106
Financial liabilities:
Bank deposits		6,944,458		6,951,761		7,079,718		7,088,297
Other borrowings		-		-		2,557,000		2,557,613
Corporate debt		612,648		686,758		355,964		421,132

Assets at fair value on a nonrecurring basis

Fair Value Measurements
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
June 30, 2011:	(in thousands)
Assets at fair value on a nonrecurring basis:
Bank loans, net (1)	$	-	$	36,538	$	56,547	$	93,085
OREO (2)		-		5,895		-		5,895

September 30, 2010:
Assets at fair value on a nonrecurring basis:
Bank loans, net (1)	$	-	$	1,901	$	71,920	$	73,821
OREO (2)		-		19,431		-		19,431

- Definition

Tabular disclosure of the total amount of gains or losses for the period which are included in earnings or resulted in a change to net assets which gains or losses have arisen from the use of significant unobservable inputs (Level 3) to measure the fair value of assets and liabilities. Such gains or losses are attributable to the change in unrealized gains or losses relating to those assets and liabilities so valued which are still held at the reporting date and which change are also considered for disclosure; it may be expected that a description of where those unrealized gains or losses are reported in the statement of income or the statement of financial position would also be disclosed.

+ References+ Details

- Definition

Tabular disclosure of assets and liabilities by class, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). The disclosures that may be required or desired include: (a) the fair value measurements recorded during the period and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets or liabilities (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References+ Details

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income, and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issuances, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 10
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 14
-Subparagraph a
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15
-Subparagraph b-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13476-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 10
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13467-108611

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 18
-Subparagraph c(2), d, e, f
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32
-Subparagraph a, c(1), c(2), c(3), d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 19
-Subparagraph a, b, c(1), d(1)
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details