INVESTMENTS (Tables)

9 Months Ended

Mar. 31, 2013

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 March 31, 2013, and June 30, 2012.

Securities	Market Value		Cost		Unrealized Gain (Loss)			Unrealized holding gains on available-for- sale securities, net of tax
Trading¹	$	4,993,965	$	5,457,989	$	(464,024	)		N/A
Available-for-sale²		9,192,008		7,979,758		1,212,250		$	800,085
Total at March 31, 2013	$	14,185,973	$	13,437,747	$	748,226
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.

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

The following details the components of the Company’s available-for-sale investments as of March 31, 2013, and June 30, 2012.

	March 31, 2013 (in thousands)
			Gross Unrealized
	Cost		Gains		(Losses)			Market Value
Available-for-sale securities
Common stock	$	785	$	574	$	(8	)	$	1,351
Venture capital investments		168		-		(5	)		163
Offshore fund		5,000		-		(86	)		4,914
Mutual funds		2,027		738		(1	)		2,764
Total available-for-sale securities	$	7,980	$	1,312	$	(100	)	$	9,192

	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

Components of Company's Available-for-Sale Investments

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:

	March 31, 2013 (in thousands)
	Less Than 12 Months					12 Months or Greater					Total
			Gross					Gross					Gross
			Unrealized					Unrealized					Unrealized
	Fair Value		Losses			Fair Value		Losses			Fair Value		Losses
Available-for-sale securities
Common stock	$	-	$	-		$	34	$	(8	)	$	34	$	(8	)
Venture capital investments		163		(5	)		-		-			163		(5	)
Offshore fund		4,914		(86	)		-		-			4,914		(86	)
Mutual funds		5		(1	)		-		-			5		(1	)
Total available-for-sale securities	$	5,082	$	(92	)	$	34	$	(8	)	$	5,116	$	(100	)

	June 30, 2012 (in thousands)
	Less Than 12 Months					12 Months or Greater				Total
			Gross					Gross				Gross
			Unrealized					Unrealized				Unrealized
	Fair Value		Losses			Fair Value		Losses		Fair Value		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	Nine Months Ended March 31,
	2013			2012
Realized gains on sales of available-for-sale securities	$	234,709		$	179,379
Realized losses on sales of trading securities		(244,627	)		(2,638	)
Unrealized gains (losses) on trading securities		280,472			(201,860	)
Realized foreign currency gains (losses)		1,658			(646	)
Other-than-temporary declines in available-for-sale securities		(41,837	)		(19,073	)
Dividend and interest income		115,182			101,094
Total Investment Income	$	345,557		$	56,256

Investment Income	Three Months Ended March 31,
	2013			2012
Realized gains on sales of available-for-sale securities	$	17,509		$	179,379
Unrealized gains (losses) on trading securities		(68,267	)		277,192
Realized foreign currency gains (losses)		4,409			(253	)
Other-than-temporary declines in available-for-sale securities		-			(19,036	)
Dividend and interest income		30,268			27,581
Total Investment Income (Loss)	$	(16,081	)	$	464,863