INVESTMENTS

Investments. At June 30, 2014, our long-term 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, 2014		December 31, 2013
Millions
ALLETE Properties		$90.0		$89.9
Available-for-sale Securities (a)	18.9		17.7
Cash Equivalents (b)	3.4		34.2
Other	4.4		4.5
Total Other Investments		$116.7		$146.3


(a)	As of June 30, 2014, 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 $2.3 million, in three years to less than five years was $1.8 million, and in five or more years was $6.2 million.


(b)	During the first three months of 2014, cash included in Other Investments was transferred to Cash and Cash Equivalents.



ALLETE Properties	June 30, 2014			December 31, 2013
Millions
Land Inventory Beginning Balance		$85.4			$86.5
Cost of Sales	(0.2		)	(1.5		)
Other	0.3			0.4
Land Inventory Ending Balance	85.5			85.4
Long-Term Finance Receivables (net of allowances of $0.6 and $0.6)	1.4			1.4
Other	3.1			3.1
Total Real Estate Assets		$90.0			$89.9

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 impairment on a quarterly basis and no impairments were recorded for the six months ended June 30, 2014 (none for the year ended December 31, 2013).

Long-Term Finance Receivables. As of June 30, 2014, long-term finance receivables were $1.4 million net of an allowance ($1.4 million net of an allowance as of December 31, 2013). Long-term finance receivables are collateralized by property sold, accrue interest at market-based rates and are net of an allowance for doubtful accounts. As of June 30, 2014, we had an allowance for doubtful accounts of $0.6 million ($0.6 million as of December 31, 2013).



		Gross Unrealized
Available-For-Sale Securities	Cost	Gain	Loss	Fair Value
Millions
June 30, 2014	$18.9	$0.4	$0.4	$18.9
December 31, 2013	$18.3	—	$0.6	$17.7

NOTE 3. INVESTMENTS (Continued)



	Net	Gross Realized
Available-For-Sale Securities (Continued)	Proceeds	Gain	Loss
Millions
Quarter Ended June 30,
2014	$2.1	$0.2	—
2013	$0.2	—	—
Six Months Ended June 30,
2014	$2.7	$0.2	—
2013	$8.1	$0.8	—