Available-For-Sale Securities

6 Months Ended

Mar. 31, 2012

Available-For-Sale Securities.

Available-For-Sale Securities

Note 9 — Available-For-Sale Securities

Information regarding our available-for-sale securities, all of which are equity securities, is set forth below (dollars in thousands):

	March 31, 2012			September 30, 2011
Cost basis	$	1,934		$	2,488
Unrealized gains	610			406
Unrealized losses	(35		)	(128		)
Market value	$	2,509		$	2,766

Unrealized gains and losses are reflected as accumulated other comprehensive income in the accompanying consolidated balance sheets.

The Trust’s available-for-sale equity securities were determined to be Level 1 financial assets within the valuation hierarchy established by current accounting guidance, and the valuation is based on current market quotes received from financial sources that trade such securities.  All of the available-for-sale securities in an unrealized loss position are not considered to be other than temporarily impaired because the Trust expects the value of these securities to recover and plans on holding them until at least such recovery.

Information regarding the sales of available-for-sale equity securities is presented in the table below (dollars in thousands):

	Three months endedMarch 31,				Six months endedMarch 31,
	2012		2011		2012		2011
Proceeds from sale	$	1,957	$	2,231	$	2,513	$	2,871
Less cost basis	1,615		2,130		2,189		2,349
Gain on sale	$	342	$	101	$	324	$	522

For 2011, the calculation of gain on sale was determined using an average cost.  For 2012, the gain or loss on sale was determined using specific identification.

During the three and six months ended March 31, 2011, the Trust sold available-for-sale debt securities for $3,417,000 which had a basis of $2,925,000 determined using specific cost.  Accordingly the Trust recognized a gain of $492,000 from these sales.