(a)	Debt investment securities measured at fair value through other comprehensive income (FVOCI)


	2021								2020
As at October 31 ($ millions)	Cost		Gross unrealized gains		Gross unrealized losses		Fair value		Cost		Gross unrealized gains		Gross unrealized losses		Fair value
Canadian federal government issued or guaranteed debt	$	5,694	$	135	$	25	$	5,804	$	16,374	$	454	$	–	$	16,828
Canadian provincial and municipal debt		5,202		12		59		5,155		17,295		253		1		17,547
U.S. treasury and other U.S. agency debt		13,528		188		79		13,637		12,634		595		–		13,229
Other foreign government debt		27,126		60		515		26,671		27,643		274		17		27,900
Other debt		1,339		9		4		1,344		1,115		19		–		1,134
Total	$	52,889	$	404	$	682	$	52,611	$	75,061	$	1,595	$	18	$	76,638

(b)	Debt investment securities measured at amortized cost


	2021				2020
As at October 31 ($ millions)	Fair Value		Carrying value (1)		Fair Value		Carrying value (1)
Canadian federal and provincial government issued or guaranteed debt	$	12,310	$	12,372	$	17,955	$	17,819
U.S. treasury and other U.S. agency debt		4,712		4,687		11,048		10,726
Other foreign government debt		970		960		1,766		1,744
Corporate debt		141		138		1,360		1,355
Total	$	18,133	$	18,157	$	32,129	$	31,644

(1)	Balances are net of allowances, which are not significant.

(c)	Equity investment securities designated at fair value through other comprehensive income (FVOCI)

The Bank has designated certain equity securities at FVOCI shown in the following table as these investments are held for strategic purposes.


As at October 31, 2021 ($ millions)	Cost		Gross unrealized gains		Gross unrealized losses		Fair value
Preferred equity instruments	$	27	$	4	$	3	$	28
Common shares		2,710		528		88		3,150
Total	$	2,737	$	532	$	91	$	3,178

As at October 31, 2020 ($ millions)	Cost		Gross unrealized gains		Gross unrealized losses		Fair value
Preferred equity instruments	$	11	$	–	$	3	$	8
Common shares		1,735		228		112		1,851
Total	$	1,746	$	228	$	115	$	1,859

Dividend income on equity securities designated at FVOCI

of $

111 million for the year ended October 31, 2021 (2020 – $66 million) has been recognized in interest income.

During the year ended October 31, 2021, the Bank has disposed of certain equity securities designated at FVOCI with a fair value of $1,291 million (2020 – $646 million). These dispositions have resulted in a cumulative gain of $204 million (2020 – loss of $101 million) that remains in OCI.

(d)	An analysis of the carrying value of investment securities is as follows:


	Remaining term to maturity
As at October 31, 2021 ($ millions)	Within three months		Three to twelve months		One to five years		Five to ten years		Over ten years		No specific maturity		Carrying value
Fair value through other comprehensive income
Debt instruments
Canadian federal government issued or guaranteed debt	$	70	$	474	$	3,717	$	323	$	1,220	$	–	$	5,804
Yield (1) %		0.1		0.8		0.9		1.7		2.9		–		1.3
Canadian provincial and municipal debt		170		1,248		2,239		1,498		–		–		5,155
Yield (1) %		0.5		0.6		1.0		1.8		–		–		1.1
U.S. treasury and other U.S. agency debt		147		449		10,786		88		2,167		–		13,637
Yield (1) %		0.1		0.1		1.2		1.4		1.4		–		1.2
Other foreign government debt		7,445		7,411		9,418		2,077		320		–		26,671
Yield (1) %		1.0		1.3		2.2		2.8		2.8		–		1.7
Other debt		78		284		838		129		15		–		1,344
Yield (1) %		0.6		1.9		1.8		0.1		5.9		–		1.6
		7,910		9,866		26,998		4,115		3,722		–		52,611
Equity instruments
Preferred equity instruments		–		–		–		–		–		28		28
Common shares		–		–		–		–		–		3,150		3,150
												3,178		3,178
Total FVOCI		7,910		9,866		26,998		4,115		3,722		3,178		55,789
Amortized cost
Canadian federal and provincial government issued or guaranteed debt		499		3,405		8,061		402		5		–		12,372

U.S. treasury and other U.S. agency debt		12		–		750		8		3,917		–		4,687
Other foreign government debt		74		245		329		258		54		–		960
Corporate debt		9		37		56		36		–		–		138
		594		3,687		9,196		704		3,976		–		18,157
Fair value through profit or loss
Equity instruments		–		–		–		–		–		1,223		1,223
Debt instruments		–		–		22		8		–		–		30
Total investment securities	$	8,504	$	13,553	$	36,216	$	4,827	$	7,698	$	4,401	$	75,199
Total by currency (in Canadian equivalent):
Canadian dollar	$	337	$	4,102	$	13,445	$	2,296	$	1,240	$	2,216	$	23,636
U.S. dollar		705		3,070		16,333		924		6,090		1,911		29,033
Mexican peso		276		919		1,858		157		–		29		3,239
Other currencies		7,186		5,462		4,580		1,450		368		245		19,291
Total investment securities	$	8,504	$	13,553	$	36,216	$	4,827	$	7,698	$	4,401	$	75,199

(1)	Represents the weighted-average yield of fixed income securities.


	Remaining term to maturity
As at October 31, 2020 ($ millions)	Within three months			Three to twelve months		One to five years		Five to ten years			Over ten years		No specific maturity		Carrying value
Fair value through other comprehensive income
Debt instruments
Canadian federal government issued or guaranteed debt	$	113		$	2,363	$	12,158	$	941		$	1,253	$	–	$	16,828
Yield (1) %		1.0			1.3		1.0		1.5			3.5		–		1.2
Canadian provincial and municipal debt		349			1,521		13,966		1,711			–		–		17,547
Yield (1) %		1.1			0.6		1.0		1.5			–		–		1.0
U.S. treasury and other U.S. agency debt		1,878			3,469		6,144		849			889		–		13,229
Yield (1) %		1.7			2.4		2.2		0.4			1.2		–		2.0
Other foreign government debt		5,196			8,933		11,525		2,048			198		–		27,900
Yield (1) %		0.8			1.0		1.6		1.9			2.5		–		1.3
Other debt		261			244		572		38			19		–		1,134
Yield (1) %		(0.7	)		1.4		1.3		(0.3	)		5.9		–		0.8
		7,797			16,530		44,365		5,587			2,359		–		76,638
Equity instruments
Preferred equity instruments		–			–		–		–			–		8		8
Common shares		–			–		–		–			–		1,851		1,851
														1,859		1,859
Total FVOCI		7,797			16,530		44,365		5,587			2,359		1,859		78,497
Amortized cost
Canadian federal and provincial government issued or guaranteed debt		1,048			5,452		10,553		761			5		–		17,819

U.S. treasury and other U.S. agency debt		1,199			929		822		10			7,766		–		10,726
Other foreign government debt		164			870		367		268			75		–		1,744
Corporate debt		487			621		243		4			–		–		1,355
		2,898			7,872		11,985		1,043			7,846		–		31,644
Fair value through profit or loss
Equity instruments		–			–		–		–			–		1,222		1,222
Debt instruments		–			–		26		–			–		–		26
Total investment securities	$	10,695		$	24,402	$	56,376	$	6,630		$	10,205	$	3,081	$	111,389
Total by currency (in Canadian equivalent):
Canadian dollar	$	1,151		$	8,466	$	32,302	$	2,955		$	1,277	$	1,101	$	47,252
U.S. dollar		4,088			7,157		18,171		2,258			8,655		1,463		41,792
Mexican peso		267			850		1,459		198			–		17		2,791
Other currencies		5,189			7,929		4,444		1,219			273		500		19,554
Total investment securities	$	10,695		$	24,402	$	56,376	$	6,630		$	10,205	$	3,081	$	111,389

(1)	Represents the weighted-average yield of fixed income securities.

(e)	Net gain on sale of investment securities

The following table presents the net gain on sale of investment securities:


For the year ended October 31 ($ millions)	2021		2020		2019
Debt investment securities measured at amortized cost	$	53	$	13	$	34
Debt investment securities measured at FVOCI		366		594		317
Net gain on sale of investment securities	$	419	$	607	$	351