INVESTMENTS (Tables)

3 Months Ended

Sep. 30, 2012

Market Value, Cost, and Unrealized Gain or Loss on Investments

The following summarizes the market value, cost, and unrealized gain or loss on investments as of September 30, 2012, and June 30, 2012.

Securities	Market Value		Cost		Unrealized Gain (Loss)			Unrealized holding gains on available-for- sale securities, net of tax
Trading¹	$	5,387,719	$	5,960,634	$	(572,915	)		N/A
Available-for-sale²		9,011,000		8,150,290		860,710		$	568,068
Total at September 30, 2012	$	14,398,719	$	14,110,924	$	287,795
Trading¹	$	5,216,139	$	5,960,634	$	(744,495	)		N/A
Available-for-sale²		8,824,311		8,117,844		706,467		$	466,268
Total at June 30, 2012	$	14,040,450	$	14,078,478	$	(38,028	)
¹Unrealized and realized gains and losses on trading securities are included in earnings in the statement of operations.
²Unrealized gains and losses on available-for-sale securities are excluded from earnings and recorded in other comprehensive income as a separate component of shareholders’ equity until realized.

Components of Company's Available-For-Sale Investments

The following details the components of the Company’s available-for-sale investments as of September 30, 2012, and June 30, 2012.

	September 30, 2012 (in thousands)
			Gross Unrealized
	Cost		Gains		(Losses)			Market Value
Available-for-sale securities
Common stock	$	952	$	375	$	(55	)	$	1,272
Venture capital investments		168		-		-			168
Offshore fund		5,000		-		(134	)		4,866
Mutual funds		2,030		677		(2	)		2,705
Total available-for-sale securities	$	8,150	$	1,052	$	(191	)	$	9,011

	June 30, 2012 (in thousands)
			Gross Unrealized
	Cost		Gains		(Losses)			Market Value
Available-for-sale securities
Common stock	$	920	$	360	$	(52	)	$	1,228
Venture capital investments		168		-		-			168
Offshore fund		5,000		-		(189	)		4,811
Mutual funds		2,030		591		(4	)		2,617
Total available-for-sale securities	$	8,118	$	951	$	(245	)	$	8,824

Gross Unrealized Losses and Fair Values of Available-For-Sale Investment Securities with Unrealized Losses

The following tables show the gross unrealized losses and fair values of available-for-sale investment securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

	September 30, 2012 (in thousands)
	Less Than 12 Months					12 Months or Greater					Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
Available-for-sale securities
Common stock	$	55	$	(3	)	$	77	$	(52	)	$	132	$	(55	)
Offshore fund		4,866		(134	)		-		-			4,866		(134	)
Mutual funds		-		-			8		(2	)		8		(2	)
Total available-for-sale securities	$	4,921	$	(137	)	$	85	$	(54	)	$	5,006	$	(191	)

	June 30, 2012 (in thousands)
	Less Than 12 Months					12 Months or Greater				Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Available-for-sale securities
Common stock	$	135	$	(52	)	$	-	$	-	$	135	$	(52	)
Offshore fund		4,811		(189	)		-		-		4,811		(189	)
Mutual funds		16		(4	)		-		-		16		(4	)
Total available-for-sale securities	$	4,962	$	(245	)	$	-	$	-	$	4,962	$	(245	)

Investment Income Reflected in Earnings

The following summarizes investment income reflected in earnings for the periods discussed:

Investment Income	Three Months Ended September 30,
	2012			2011
Realized losses on sales of trading securities	$	-		$	(2,638	)
Unrealized gains (losses) on trading securities		171,581			(591,562	)
Realized foreign currency losses		(25	)		(36	)
Other-than-temporary declines in available-for-sale securities		-			(37	)
Dividend and interest income		29,095			42,398
Total Investment Income	$	200,651		$	(551,875	)