INVESTMENTS

Investments. At June 30, 2015, our investment portfolio included the real estate assets of ALLETE Properties, debt and equity securities consisting primarily of securities held in other postretirement plans to fund employee benefits, the cash equivalents within these plans, and other assets consisting primarily of land in Minnesota.



Other Investments	June 30, 2015		December 31, 2014
Millions
ALLETE Properties		$88.6		$88.2
Available-for-sale Securities (a)	19.3		18.9
Cash Equivalents	2.8		2.9
Other	4.3		4.4
Total Other Investments		$115.0		$114.4


(a)	As of June 30, 2015, the aggregate amount of available-for-sale corporate debt securities maturing in one year or less was $0.2 million, in one year to less than three years was $1.7 million, in three years to less than five years was $3.1 million, and in five or more years was $6.2 million.

NOTE 3. INVESTMENTS (Continued)

ALLETE Properties.

Land Inventory. Land inventory is accounted for as held for use and is recorded at cost, unless the carrying value is determined not to be recoverable in accordance with the accounting standards for property, plant and equipment, in which case the land inventory is written down to fair value. Land values are reviewed for indicators of impairment on a quarterly basis and no impairments were recorded for the quarter and six months ended June 30, 2015 (none for the year ended December 31, 2014).



Available-For-Sale Securities
Millions		Gross Unrealized
	Cost	Gain	Loss	Fair Value
June 30, 2015	$19.8	$0.3	$0.8	$19.3
December 31, 2014	$19.6	$0.2	$0.9	$18.9

		Net	Gross Realized
		Proceeds	Gain	Loss
Quarter Ended June 30,
2015		$0.5	$0.1	—
2014		$2.1	$0.2	—
Six Months Ended June 30,
2015		$0.7	$0.1	—
2014		$2.7	$0.2	—