INVESTMENTS

AVAILABLE-FOR-SALE – The amortized cost and fair value of securities classified as AFS are summarized below:



(in 000s)
As of April 30,	2013									2012
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses ⁽¹⁾			Fair Value		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses ⁽¹⁾			Fair Value
Short-term:
Municipal bonds	$	—	$	—	$	—		$	—	$	1,008	$	29	$	—		$	1,037
Long-term:
Mortgage-backed securities	476,450		6,592		(664		)	482,378		361,184		5,620		(121		)	366,683
Municipal bonds	4,178		320		—			4,498		4,236		396		—			4,632
	480,628		6,912		(664		)	486,876		365,420		6,016		(121		)	371,315
	$	480,628	$	6,912	$	(664	)	$	486,876	$	366,428	$	6,045	$	(121	)	$	372,352


⁽¹⁾	As of April 30, 2013, we had no securities that had been in a continuous loss position for more than twelve months. As of April 30, 2012, mortgage-backed securities with a cost of $8.1 million and gross unrealized losses of $21 thousand had been in a continuous loss position for more than twelve months.

Proceeds from the sales of AFS securities were $6.2 million and $8.4 million during fiscal years 2013 and 2012, respectively. We did not sell any AFS securities in fiscal year 2011. We recorded gross realized gains of $0.2 million and $14 thousand on sales of AFS securities during fiscal years 2013 and 2012, respectively. We did not record any gross unrealized losses during fiscal years 2013, 2012 or 2011. We did not record any other-than-temporary impairments of AFS securities during fiscal years 2013 and 2012. During fiscal year 2011, we recorded other-than-temporary impairments of AFS securities totaling $1.9 million.

Contractual maturities of AFS debt securities at April 30, 2013, occur at varying dates over the next 31 years, and are set forth in the table below.



(in 000s)
As of April 30, 2013	Cost Basis		Fair Value
Maturing in:
Two to five years	$	4,178	$	4,498
Beyond	476,450		482,378
	$	480,628	$	486,876

HELD-TO-MATURITY – HRB Bank is required to maintain a restricted investment in FHLB stock for borrowing availability. The cost of this investment, $1.9 million at April 30, 2013 and 2012, represents its redemption value at each balance sheet date, as this investment does not have a ready market.