4. Unrealized Gains (Losses) on Securities Unrealized Gains (Losses) on Securities Net unrealized gains on securities as of March 31, 2011  amounted to ¥336.6 billion, a decrease of ¥229.2 billion  from the previous fiscal year-end, reflecting a decrease in  the value of equities and other factors. Of this total, net  unrealized gains on other securities, including “other money  held in trust,” which are directly debited to net assets,  amounted to ¥305.6 billion, a decrease of ¥215.7 billion  from the previous fiscal year-end. Notes: 1. The figures above include unrealized gains (losses) on negotiable certificates of deposit in “Cash and due from banks” and “Deposits with banks” and  beneficiary claims on loan trusts in “Monetary claims bought,” etc. 2. Unrealized gains (losses) on stocks (excluding stocks of subsidiaries and affiliates) (including foreign stocks) are calculated using the average market price  during the final month of the respective reporting period. The rest of the securities are valuated at the market price as of the balance sheet date. 3. “Other securities” and “Other money held in trust” are valuated and recorded on the balance sheet at market prices. The figures in the table above indicate  the differences between the acquisition costs (or amortized costs) and the balance sheet amounts. Net unrealized gains (losses) on other securities, as of March 31, 2011 and 2010, included gains of ¥1,153 million and ¥105 million, respectively, which  were recognized in the statements of income by applying fair value hedge accounting. As a result, the amounts recorded in net assets, as of March 31,  2011 and 2010, were reduced by ¥1,153 million and ¥105 million, respectively. 4. Floating-rate Japanese government bonds which SMBC held as “Other securities” are carried on the balance sheet at their reasonably estimated amounts  in accordance with the “Practical Solution on Measurement of Fair Value for Financial Assets” (ASBJ Practical Issues Task Force No. 25). Millions of yen 2011 2010 March 31 Net unrealized gains (losses) (A) (A) – (B) Unrealized gains Unrealized losses Net unrealized gains (losses) (B) Unrealized gains Unrealized losses Held-to-maturity securities ................. ¥ 58,930 ¥ 1,027 ¥ 60,394 ¥ 1,463 ¥ 57,903 ¥ 58,530 ¥ 626 Stocks of subsidiaries and affiliates ... (27,948) (14,477) 521 28,470 (13,471) — 13,471 Other securities .................................. 305,621 (215,756) 662,003 356,382 521,377 738,870 217,493 Stocks ............................................. 275,468 (95,991) 468,639 193,170 371,459 518,132 146,672 Bonds ............................................. 71,931 (44,214) 99,888 27,956 116,145 123,064 6,918 Others ............................................. (41,778) (75,550) 93,476 135,254 33,772 97,674 63,901 Other money held in trust ................... 42 (20) 42 — 62 157 95 Total .................................................... 336,646 (229,226) 722,962 386,315 565,872 797,558 231,686 Stocks ............................................. 261,289 (104,690) 469,161 207,871 365,979 518,132 152,153 Bonds ............................................. 130,861 (43,188) 160,282 29,420 174,049 181,594 7,545 Others ............................................. (55,505) (81,348) 93,518 149,023 25,843 97,831 71,987 SMFG  2011 29