Note 13 Financial Investments Available-for-Sale

CHF million	31.12.06	31.12.05
Money market paper	354	141
Other debt instruments
Listed	260	587
Unlisted	261	91
Total	521	678
Equity instruments
Listed	5,880	2,548
Unlisted	819	1,738
Total	6,699	4,286
Private equity investments	1,363	1,446
Total financial investments available-for-sale	8,937	6,551
thereof eligible for discount at central banks	41	40

The following tables show the unrealized gains and losses recognized directly in Equity in 2006 and 2005:
		Unrealized gains / (losses) recognized directly in Equity
CHF million	Fair value	Gross gains	Gross losses	Net, before tax	Tax effect	Net, after tax
31 December 2006
Money market paper	354	0	0	0	0	0
Debt securities issued by Swiss national government and agencies	3	0	0	0	0	0
Debt securities issued by Swiss local governments	0	0	0	0	0	0
Debt securities issued by US Treasury and agencies	0	0	0	0	0	0
Debt securities issued by foreign governments and official institutions	97	0	0	0	0	0
Corporate debt securities	28	0	0	0	0	0
Mortgage-backed securities	160	0	(3)	(3)	0	(3)
Other debt instruments	233	5	0	5	0	5
Equity instruments	6,699	3,102	(2)	3,100	(636)	2,464
Private equity investments	1,363	634	(13)	621	(182)	439
Total	8,937	3,741	(18)	3,723	(818)	2,905

		Unrealized gains / (losses) recognized directly in Equity
CHF million	Fair value	Gross gains	Gross losses	Net, before tax	Tax effect	Net, after tax
31 December 2005
Money market paper	141	0	0	0	0	0
Debt securities issued by Swiss national government and agencies	3	0	0	0	0	0
Debt securities issued by Swiss local governments	0	0	0	0	0	0
Debt securities issued by US Treasury and agencies	64	0	(1)	(1)	0	(1)
Debt securities issued by foreign governments and official institutions	47	0	0	0	0	0
Corporate debt securities	421	7	(11)	(4)	0	(4)
Mortgage-backed securities	143	0	(3)	(3)	0	(3)
Other debt instruments	0	0	0	0	0	0
Equity instruments	4,286	738	(16)	722	(133)	589
Private equity investments	1,446	405	(15)	390	(31)	359
Total	6,551	1,150	(46)	1,104	(164)	940

The unrealized losses recognized directly in Equity are considered to be temporary on the basis that the investments are intended to be held for a period of time sufficient to recover their cost, and UBS believes that the evidence indicating that the cost of the investments should be recoverable within a reasonable period of time outweighs the evidence to the contrary. Factors considered include the nature of the investments, valuations and research undertaken by UBS, the current outlook for each investment, offers under negotiation at favorable prices and the duration of the unrealized losses.

The following table shows the duration of unrealized losses recognized directly in Equity in 2006 and 2005:

	Fair value			Unrealized losses
CHF million	Investments with unrealized loss less than 12 months	Investments with unrealized loss more than 12 months	Total	Investments with unrealized loss less than 12 months	Investments with unrealized loss more than 12 months	Total
31 December 2006
Money market paper	0	0	0	0	0	0
Debt securities issued by Swiss national government and agencies	0	0	0	0	0	0
Debt securities issued by Swiss local governments	0	0	0	0	0	0
Debt securities issued by US Treasury and agencies	0	0	0	0	0	0
Debt securities issued by foreign governments and official institutions	0	0	0	0	0	0
Corporate debt securities	0	0	0	0	0	0
Mortgage-backed securities	28	132	160	0	(3)	(3)
Other debt instruments	0	0	0	0	0	0
Equity instruments	2	25	27	0	(2)	(2)
Private equity investments	74	123	197	(3)	(10)	(13)
Total	104	280	384	(3)	(15)	(18)

	Fair value			Unrealized losses
CHF million	Investments with unrealized loss less than 12 months	Investments with unrealized loss more than 12 months	Total	Investments with unrealized loss less than 12 months	Investments with unrealized loss more than 12 months	Total
31 December 2005
Money market paper	0	0	0	0	0	0
Debt securities issued by Swiss national government and agencies	0	0	0	0	0	0
Debt securities issued by Swiss local governments	0	0	0	0	0	0
Debt securities issued by US Treasury and agencies	55	0	55	(1)	0	(1)
Debt securities issued by foreign governments and official institutions	0	0	0	0	0	0
Corporate debt securities	272	0	272	(11)	0	(11)
Mortgage-backed securities	0	143	143	0	(3)	(3)
Other debt instruments	0	0	0	0	0	0
Equity instruments	2,032	16	2,048	(13)	(3)	(16)
Private equity investments	117	34	151	(10)	(5)	(15)
Total	2,476	193	2,669	(35)	(11)	(46)


Contractual maturities of the investments in debt instruments¹
	Within 1 year		1-5 years		5-10 years		Over 10 years
CHF million, except percentages	Amount	Yield (%)	Amount	Yield (%)	Amount	Yield (%)	Amount	Yield (%)
31 December 2006
Swiss national government and agencies	2	2.22	0	0.00	0	0.00	1	4.00
Swiss local governments	0	0.00	0	0.00	0	0.00	0	0.00
US Treasury and agencies	0	0.00	0	0.00	0	0.00	0	0.00
Foreign governments and official institutions	38	1.48	2	1.89	57	4.47	0	0.00
Corporate debt securities	26	7.00	0	0.00	2	0.00	0	0.00
Mortgage-backed securities	0	0.00	0	0.00	10	4.48	150	5.10
Other debt instruments	0	0.00	233	9.28	0	0.00	0	0.00
Total fair value	66		235		69		151
1 Money market paper has a contractual maturity of less than one year.

Proceeds from sales of Financial investments available-for-sale, excluding private equity, were as follows:
CHF million	31.12.06	31.12.05
Proceeds	1,380	298
Gross realized gains	832	60
Gross realized losses	5	1