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INVESTMENTS | 6 Months Ended
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Dec. 31, 2013
Investments, All Other Investments [Abstract] |
INVESTMENTS | I NVESTMENTS As of December 31, 2013, the Company held investments with a market value of approximately $26.0 million and a cost basis of approximately $25.5 million. The market value of these investments is approximately 69.7 percent of the Company’s total assets. Investments in securities classified as trading are reflected as current assets on the consolidated balance sheet at their fair market value. Unrealized holding gains and losses on trading securities are included in earnings in the consolidated statements of operations and comprehensive income. Investments in securities classified as available-for-sale, which may not be readily marketable, are reflected as non-current assets on the consolidated balance sheet at their fair value. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and reported in other comprehensive income as a separate component of shareholders’ equity until realized. In December 2013, the shareholders of the U.S. Government Securities Savings Fund approved a proposal resulting in the conversion of the fund from a money market market fund to a U.S. Government ultra-short bond fund that is not a money market fund. The fund was renamed U.S. Government Securities Ultra-Short Bond Fund (“Government Fund”). Prior to the conversion, while the fund was a money market fund, the amount held in the fund was classified as a cash equivalent. After the conversion, the amount held in the fund is classified as a trading mutual fund investment. The amount held in the fund by the Company as of the conversion date was $14,118,943. The Company records security transactions on trade date. Realized gains (losses) from security transactions are calculated on the first-in/first-out cost basis, unless otherwise identifiable, and are recorded in earnings on the date of sale. The following summarizes the market value, cost, and unrealized gain or loss on investments as of December 31, 2013, and June 30, 2013.
Securities |  | Market Value |  | Cost |  | Unrealized Gain (Loss) |  | Unrealized holding gains on available-for- sale securities, net of tax
Trading 1 |  | $ | 18,640,758 |  |  | $ | 19,062,335 |  |  | $ | (421,577 | ) |  | N/A |
Available-for-sale 2 |  | 7,343,679 |  |  | 6,485,471 |  |  | 858,208 |  |  | $ | 566,417 |
Total at December 31, 2013 |  | $ | 25,984,437 |  |  | $ | 25,547,806 |  |  | $ | 436,631 |  |  |
Trading 1 |  | $ | 4,758,220 |  |  | $ | 5,457,989 |  |  | $ | (699,769 | ) |  | N/A |
Available-for-sale 2 |  | 9,053,111 |  |  | 8,064,902 |  |  | 988,209 |  |  | $ | 652,218 |
Total at June 30, 2013 |  | $ | 13,811,331 |  |  | $ | 13,522,891 |  |  | $ | 288,440 |  |  |
1 Unrealized and realized gains and losses on trading securities are included in earnings in the statement of operations. 2 Unrealized gains and losses on available-for-sale securities are excluded from earnings and recorded in other comprehensive income as a separate component of shareholders’ equity until realized. The following details the components of the Company’s available-for-sale investments as of December 31, 2013, and June 30, 2013.
|  | December 31, 2013 (in thousands)
|  |  |  | Gross Unrealized |  |
|  | Cost |  | Gains |  | (Losses) |  | Market Value
Available-for-sale securities |  |  |  |  |  |  |  |
Common stock |  | $ | 1,668 |  |  | $ | 1,075 |  |  | $ | (11 | ) |  | $ | 2,732 |
Preferred stock |  | 204 |  |  | — |  |  | (7 | ) |  | 197 |
Corporate debt |  | 1,718 |  |  | — |  |  | (226 | ) |  | 1,492 |
Venture capital investments |  | 168 |  |  | — |  |  | (5 | ) |  | 163 |
Mutual funds |  | 2,727 |  |  | 61 |  |  | (29 | ) |  | 2,759 |
Total available-for-sale securities |  | $ | 6,485 |  |  | $ | 1,136 |  |  | $ | (278 | ) |  | $ | 7,343 |
|  | June 30, 2013 (in thousands)
|  |  |  | Gross Unrealized |  |
|  | Cost |  | Gains |  | (Losses) |  | Market Value
Available-for-sale securities |  |  |  |  |  |  |  |
Common stock |  | $ | 870 |  |  | $ | 529 |  |  | $ | (5 | ) |  | $ | 1,394 |
Venture capital investments |  | 168 |  |  | — |  |  | (5 | ) |  | 163 |
Offshore funds |  | 5,000 |  |  | — |  |  | (288 | ) |  | 4,712 |
Mutual funds |  | 2,027 |  |  | 760 |  |  | (3 | ) |  | 2,784 |
Total available-for-sale securities |  | $ | 8,065 |  |  | $ | 1,289 |  |  | $ | (301 | ) |  | $ | 9,053 |
The following tables show the gross unrealized losses and fair values of available-for-sale investment securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:
|  | December 31, 2013 (in thousands)
|  | Less Than 12 Months |  | 12 Months or Greater |  | Total
|  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | 322 |  |  | $ | (11 | ) |  | $ | — |  |  | $ | — |  |  | $ | 322 |  |  | $ | (11 | )
Preferred stock |  | 197 |  |  | (7 | ) |  | — |  |  | — |  |  | 197 |  |  | (7 | )
Corporate debt |  | 1,242 |  |  | (226 | ) |  | — |  |  | — |  |  | 1,242 |  |  | (226 | )
Venture capital investments |  | 163 |  |  | (5 | ) |  | — |  |  | — |  |  | 163 |  |  | (5 | )
Mutual funds |  | 982 |  |  | (29 | ) |  | — |  |  | — |  |  | 982 |  |  | (29 | )
Total available-for-sale securities |  | $ | 2,906 |  |  | $ | (278 | ) |  | $ | — |  |  | $ | — |  |  | $ | 2,906 |  |  | $ | (278 | )
|  | June 30, 2013 (in thousands)
|  | Less Than 12 Months |  | 12 Months or Greater |  | Total
|  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Available-for-sale securities |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  | $ | 95 |  |  | $ | (5 | ) |  | $ | — |  |  | $ | — |  |  | $ | 95 |  |  | $ | (5 | )
Venture capital investments |  | 163 |  |  | (5 | ) |  | — |  |  | — |  |  | 163 |  |  | (5 | )
Offshore funds |  | — |  |  | — |  |  | 4,712 |  |  | (288 | ) |  | 4,712 |  |  | (288 | )
Mutual funds |  | 3 |  |  | (3 | ) |  | — |  |  | — |  |  | 3 |  |  | (3 | )
Total available-for-sale securities |  | $ | 261 |  |  | $ | (13 | ) |  | $ | 4,712 |  |  | $ | (288 | ) |  | $ | 4,973 |  |  | $ | (301 | )
Investment income can be volatile and varies depending on market fluctuations, the Company’s ability to participate in investment opportunities, and timing of transactions. The Company expects that gains and losses will continue to fluctuate in the future. Investment income (loss) from the Company’s investments includes:
• | realized gains and losses on sales of securities;
• | unrealized gains and losses on trading securities;
• | realized foreign currency gains and losses;
• | other-than-temporary impairments on available-for-sale securities; and
• | dividend and interest income.
The following summarizes investment income reflected in earnings for the periods discussed:
Investment Income |  | Six Months Ended December 31,
|  | 2013 |  | 2012
Realized gains on sales of available-for-sale securities |  | $ | 692,673 |  |  | $ | 217,200 |
Realized losses on sales of trading securities |  | (168,218 | ) |  | (244,627 | )
Unrealized gains on trading securities |  | 278,191 |  |  | 348,739 |
Realized foreign currency gains (losses) |  | 4,527 |  |  | (2,751 | )
Other-than-temporary declines in available-for sale securities |  | — |  |  | (41,837 | )
Dividend and interest income |  | 301,702 |  |  | 84,914 |
Total Investment Income |  | $ | 1,108,875 |  |  | $ | 361,638 |
Investment Income |  | Three Months Ended December 31,
|  | 2013 |  | 2012
Realized gains (losses) on sales of available-for-sale securities |  | $ | (182,673 | ) |  | $ | 217,200 |
Realized losses on sales of trading securities |  | (168,218 | ) |  | (244,627 | )
Unrealized gains on trading securities |  | 169,488 |  |  | 177,158 |
Realized foreign currency losses |  | (452 | ) |  | (2,726 | )
Other-than-temporary declines in available-for sale securities |  | — |  |  | (41,837 | )
Dividend and interest income |  | 230,080 |  |  | 55,819 |
Total Investment Income |  | $ | 48,225 |  |  | $ | 160,987 |

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