INVESTMENTS

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



(in 000s)
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses ⁽¹⁾			Fair Value
As of July 31, 2013:
Long-term:
Mortgage-backed securities	$	489,401	$	3,825	$	(10,623	)	$	482,603
Municipal bonds	4,164		266		—			4,430
	$	493,565	$	4,091	$	(10,623	)	$	487,033
As of July 31, 2012:
Short-term:
Municipal bonds	$	1,006	$	20	$	—		$	1,026
Long-term:
Mortgage-backed securities	370,318		5,898		(78		)	376,138
Municipal bonds	4,221		406		—			4,627
	374,539		6,304		(78		)	380,765
	$	375,545	$	6,324	$	(78	)	$	381,791
As of April 30, 2013
Long-term:
Mortgage-backed securities	$	476,450	$	6,592	$	(664	)	$	482,378
Municipal bonds	4,178		320		—			4,498
	$	480,628	$	6,912	$	(664	)	$	486,876


⁽¹⁾	As of July 31, 2013 and April 30, 2013, we had no securities that had been in a continuous loss position for more than twelve months. As of July 31, 2012, mortgage-backed securities with a cost of $7.9 million and gross unrealized losses of $5 thousand had been in a continuous loss position for more than twelve months.

We did not sell any AFS securities during the three months ended July 31, 2013 and 2012. We did not record any other-than-temporary impairments of AFS securities during the three months ended July 31, 2013 and 2012.

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



(in 000s)
	Amortized Cost		Fair Value
Maturing in:
Two to five years	$	4,164	$	4,430
Beyond	489,401		482,603
	$	493,565	$	487,033