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price”). We use a three-level fair value hierarchy that prioritizes the inputs to valuation techniques used tomeasure fair value based on whether the inputs to those valuation techniques are observable orunobservable.The three levels of fair value hierarchy are set forth below. Our assessment of the hierarchy level of theassets or liabilities measured at fair value is determined based on the lowest level input that is significant tothe fair value measurement in its entirety.Level 1Level 2Level 3Unadjusted quoted prices in active markets for identical assets or liabilities.Observable inputs other than Level 1 quoted prices, such as quoted prices for similarassets or liabilities in active markets; quoted prices for identical or similar assets orliabilities in markets that are not active; or inputs other than quoted prices that areobservable or corroborated by observable market data. Level 2 quoted prices areobtained from independent third-party brokers or dealers, including prices derived frommodel-based valuation techniques for which the significant assumptions are observablein the market or corroborated by observable market data.Unobservable inputs that are supported by little or no market activity. These inputsrequire significant management judgment and reflect our estimation of assumptionsthat market participants would use in pricing the asset or liability. Level 3 valuationsare derived primarily from model-based valuation techniques in which one or moresignificant inputs are unobservable in the market.Trading securities, securities available-for-sale, and derivatives are financial instruments recorded atfair value on a recurring basis. We may also measure certain assets or liabilities at fair value on anonrecurring basis. These fair value measurements generally result from the application of lower of cost orfair value accounting for loans held for sale or write-downs of individual assets.At September 30, 2009, Level 3 assets represented approximately 2.1% of total assets measured at fairvalue, and Level 3 liabilities measured at fair value were insignificant. There were immaterial transfers intoand out of Level 3 during fiscal year 2009.The following is a description of the significant assets measured at fair value, the fair valuemethodologies used, and the fair value hierarchy level.Investment Securities, Trading consist primarily of securities held by consolidated sponsoredinvestment products, non-consolidated sponsored investment products held for trading purposes, andretained subordinated securities and residual interests from securitization transactions. Changes in the fairvalue of these securities are recognized as gains and losses in earnings. The fair value of securities held byconsolidated sponsored investment products is primarily determined using quoted market prices, orindependent third-party broker or dealer price quotes. These securities are primarily classified as Level 1 orLevel 2. Consolidated sponsored investment products may also hold securities that are classified as Level 3because their fair value is determined using unobservable inputs. The fair value of these securities isdetermined using valuation methods as appropriate for each security type such as model-based valuations orprices of similar securities adjusted for illiquidity and credit risk factors.The fair value of non-consolidated sponsored investment products held for trading purposes isdetermined based on the published net asset values of the sponsored investment products, and they areclassified as Level 1.53