Investments

The disclosures below include details of the Company’s investments, excluding those of consolidated VIEs and consolidated SIPs. See Note 13 – Variable Interest Entities and Consolidated Sponsored Investment Products for information related to the investments held by these entities.

Investments consisted of the following:



(in millions)
as of September 30,	2013		2012
Investment securities, trading	$	1,196.7	$	1,130.6
Investment securities, available-for-sale
SIPs	534.6		587.2
Securities of U.S. states and political subdivisions	23.1		26.8
Securities of the U.S. Treasury and federal agencies	2.3		2.4
Corporate debt securities	—		70.3
Mortgage-backed securities – agency residential¹	110.9		169.3
Other equity securities	11.3		14.0
Total investment securities, available-for-sale	682.2		870.0
Investments in equity method investees	485.4		489.0
Other investments	74.9		94.2
Total	$	2,439.2	$	2,583.8

________________


¹	Consist of U.S. government-sponsored enterprise obligations.

At September 30, 2013 and 2012, investment securities with aggregate carrying amounts of $82.5 million and $120.4 million were pledged as collateral for the ability to borrow from the Federal Reserve Bank, $28.4 million and $45.2 million were pledged as collateral for amounts available in secured FHLB short-term borrowing capacity and outstanding FHLB borrowings, and $7.1 million and $7.3 million were pledged as collateral for the ability to borrow from uncommitted short-term bank lines of credit (see Note 12 – Debt).

A summary of the gross unrealized gains and losses relating to investment securities, available-for-sale is as follows:



(in millions)			Gross Unrealized
as of September 30, 2013	Cost Basis		Gains		Losses			Fair Value
SIPs	$	465.4	$	71.7	$	(2.5	)	$	534.6
Securities of U.S. states and political subdivisions	22.3		0.8		—			23.1
Securities of the U.S. Treasury and federal agencies	2.3		—		—			2.3
Mortgage-backed securities – agency residential	108.9		2.0		—			110.9
Other equity securities	10.9		0.4		—			11.3
Total	$	609.8	$	74.9	$	(2.5	)	$	682.2



(in millions)			Gross Unrealized
as of September 30, 2012	Cost Basis		Gains		Losses			Fair Value
SIPs	$	516.8	$	72.1	$	(1.7	)	$	587.2
Securities of U.S. states and political subdivisions	25.6		1.2		—			26.8
Securities of the U.S. Treasury and federal agencies	2.4		—		—			2.4
Corporate debt securities	70.0		0.3		—			70.3
Mortgage-backed securities – agency residential	164.8		4.5		—			169.3
Other equity securities	13.5		0.6		(0.1		)	14.0
Total	$	793.1	$	78.7	$	(1.8	)	$	870.0

The net unrealized holding gains (losses) on available-for-sale securities included in accumulated other comprehensive income were $45.2 million, $49.9 million and $(29.0) million for fiscal years 2013, 2012 and 2011. The tax benefits (expenses) relating to the net unrealized holding gains (losses) included in accumulated other comprehensive income were $(2.0) million, $0.9 million and $8.4 million for fiscal years 2013, 2012 and 2011.

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



	Less Than 12 Months					12 Months or Greater					Total
(in millions)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
as of September 30, 2013	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
SIPs	$	50.3	$	(2.4	)	$	1.4	$	(0.1	)	$	51.7	$	(2.5	)



	Less Than 12 Months					12 Months or Greater					Total
(in millions)	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
as of September 30, 2012	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses
SIPs	$	30.0	$	(0.7	)	$	21.7	$	(1.0	)	$	51.7	$	(1.7	)
Other equity securities	4.4		(0.1		)	—		—			4.4		(0.1		)
Total	$	34.4	$	(0.8	)	$	21.7	$	(1.0	)	$	56.1	$	(1.8	)

The Company recognized other-than-temporary impairment of available-for-sale SIPs in the amounts of $1.7 million, $10.1 million and $7.3 million, and other-than-temporary impairment of other investments in the amounts of $0.7 million, nil and $6.3 million during fiscal years 2013, 2012 and 2011. The Company did not recognize any other-than-temporary impairment of available-for-sale debt securities during fiscal years 2013, 2012 and 2011.

At September 30, 2013, contractual maturities of available-for-sale debt securities were as follows:



(in millions)	Cost Basis		Fair Value
Due in one year or less	$	4.7	$	4.8
Due after one year through five years	18.3		19.0
Due after five years through ten years	—		—
Due after ten years	1.6		1.6
Total	$	24.6	$	25.4

Mortgage-backed securities are not included in the table above as their actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations.