Financial statements sample-NOTES-INVESTMENTS

（Edited by freelance Chinese translator li – English to Chinese translation or Chinese to English translation services- financial statement translation）

INVESTMENTS
In accordance with Statement of Financial Accounting Standards（财务会计标准说明书） (“SFAS”) No. 124, Accounting for Certain Investments Held by Not-For-Profit Organizations（非营利组织）, debt（债权投资/债券投资） and equity investments（股权投资） are carried（记载/记账） at their fair value with related unrealized gains and losses（未实现收益和损失） on the portfolio reflected in the change in net equity（权益净额）. Realized gains and losses are included in investment income（投资收入/投资收益）.

OCLC invests available cash in major banks, federal, state, and local government obligations（债务/债权） and investment grade（投资等级/投资级别） debt and equity securities（债权及股权证权）. Market risk is reduced by investing funds in maturities（到期日期） that match （匹配）anticipated（预期的） short and long-term cash needs and by investing in diversified industries and markets, both domestic and international. All investments are held in safekeeping（保管） by trustees and are reflected in the consolidated balance sheets as cash equivalents, short-term investments, government securities（政府债券）, corporate notes and bonds, and equity securities.

Realized gains and losses related to investments are recorded using the specific identification method（个别鉴别法）. Net unrealized gains on the portfolio totaled（合计） $16,340,900 and $10,087,700 at June 30, 2007 and 2006, respectively. The following schedule details investment returns for the years ended June 30, 2007 and 2006:

OCLC reviews its portfolio for impairment（减值/贬值） and has reached the conclusion, in consultation with（磋商） OCLC’s investment advisors, that these impairments are temporary due to the current market conditions and interest rates. The government securities are backed by the full faith（信用） of the U.S. government and the corporate notes and bonds are investment grade [Standard & Poor（标准普尔） rated triple B or better] and OCLC knows of no individual holdings（个别资产） that are permanently impaired or have fallen below investment grade. At June 30, 2007, the Corporation owned the following securities that had unrealized losses: 89 government securities, 314 corporate notes and bonds, 472 common stocks（普通股）, and 2 preferred stocks（优先股）. At June 30, 2006, the Corporation owned the following securities that had unrealized losses: 79 government securities, 270 corporate notes and bonds, and 188 common stocks, and 5 preferred stocks.

Operating Leases（经营租赁） — Certain buildings and equipment are rented under operating leases. Rental expense, net of sub-leases（转租净额）, for all leases was $2,680,300 and $2,186,500 for fiscal years 2007 and 2006, respectively. Future minimum lease payments under existing noncancelable（不得取消） lease commitments are as follows: