The Company holds short-term and long-term investments, which consist primarily of marketable debt and equity securities.

Information regarding the Company's short-term and long-term investments at October 26, 2012 is as follows:

			Unrealized		Unrealized
(in millions)	Cost		Gains		Losses		Fair Value
Available-for-sale securities:
Corporate debt securities	$	3,627	$	75	$	(5)	$	3,697
Auction rate securities		153		-		(24)		129
Mortgage-backed securities		1,060		9		(9)		1,060
U.S. government and agency securities		3,501		14		(2)		3,513
Foreign government and agency securities		47		-		-		47
Certificates of deposit		6		-		-		6
Other asset-backed securities		490		3		(1)		492
Marketable equity securities		101		162		(3)		260
Trading securities:
Exchange-traded funds		44		2		(1)		45
Cost method, equity method, and other investments		483		-		-		483
Total short-term and long-term investments	$	9,512	$	265	$	(45)	$	9,732

Information regarding the Company's short-term and long-term investments at April 27, 2012 is as follows:

			Unrealized		Unrealized
(in millions)	Cost		Gains		Losses		Fair Value
Available-for-sale securities:
Corporate debt securities	$	3,501	$	47	$	(7)	$	3,541
Auction rate securities		153		-		(26)		127
Mortgage-backed securities		840		9		(10)		839
U.S. government and agency securities		3,046		38		-		3,084
Foreign government and agency securities		67		-		-		67
Certificates of deposit		47		-		-		47
Other asset-backed securities		535		3		(1)		537
Marketable equity securities		100		158		(5)		253
Trading securities:
Exchange-traded funds		45		2		(1)		46
Cost method, equity method, and other investments		508		-		-		508
Total short-term and long-term investments	$	8,842	$	257	$	(50)	$	9,049

Information regarding the Company's available-for-sale and trading securities at October 26, 2012 and April 27, 2012 is as follows:

	October 26, 2012				April 27, 2012
(in millions)	Short-term		Long-term		Short-term		Long-term
Available-for-sale securities	$	916	$	8,288	$	1,344	$	7,151
Trading securities		-		45		-		46
Total	$	916	$	8,333	$	1,344	$	7,197

The following tables show the gross unrealized losses and fair values of the Company's available-for-sale securities that have been in a continuous unrealized loss position deemed to be temporary for less than 12 months and for more than 12 months, aggregated by investment category as of October 26, 2012 and April 27, 2012:

	October 26, 2012
	Less than 12 months				More than 12 months
			Unrealized				Unrealized
(in millions)	Fair Value		Losses		Fair Value		Losses
Corporate debt securities	$	411	$	(1)	$	31	$	(4)
Auction rate securities		-		-		128		(24)
Mortgage-backed securities		364		(2)		71		(7)
U.S. government and agency securities		1,648		(2)		-		-
Other asset-backed securities		-		-		2		(1)
Marketable equity securities		18		(3)		-		-
Total	$	2,441	$	(8)	$	232	$	(36)

	April 27, 2012
	Less than 12 months				More than 12 months
			Unrealized				Unrealized
(in millions)	Fair Value		Losses		Fair Value		Losses
Corporate debt securities	$	664	$	(4)	$	16	$	(3)
Auction rate securities		-		-		127		(26)
Mortgage-backed securities		218		(2)		57		(8)
Other asset-backed securities		55		-		9		(1)
Marketable equity securities		24		(5)		-		-
Total	$	961	$	(11)	$	209	$	(38)

At October 26, 2012, the Company concluded that the unrealized losses associated with the available-for-sale securities detailed above were not other-than-temporary as the Company does not have the intent to sell, nor is it more likely than not that the Company will be required to sell, before recovery of the amortized cost basis.

Activity related to the Company’s short-term and long-term investment portfolio is as follows:

	Three months ended
	October 26, 2012				October 28, 2011
(in millions)	Debt (a)		Equity (b)		Debt (a)		Equity (b)(c)
Proceeds from sales	$	3,382	$	41	$	1,406	$	12
Gross realized gains		24		29		14		50
Gross realized losses		(3)		-		(5)		-
Impairment losses recognized		-		(4)		-		(4)

	Six months ended
	October 26, 2012				October 28, 2011
(in millions)	Debt (a)		Equity (b)		Debt (a)		Equity (b)(c)
Proceeds from sales	$	4,800	$	65	$	2,967	$	53
Gross realized gains		41		37		24		55
Gross realized losses		(7)		-		(7)		-
Impairment losses recognized		-		(10)		(1)		(4)

(a) Includes available-for-sale debt securities.
(b) Includes marketable equity securities, cost method, equity method, exchange-traded funds, and other investments.
(c) As a result of the Salient and PEAK acquisitions, the Company recognized a non-cash gain of $38 million during the three months ended October 28, 2011 on its previously held minority investments.

The total other-than-temporary impairment losses on available-for-sale debt securities for the three and six months ended October 26, 2012 were less than $1 million and $1 million, respectively, of which less than $1 million and $1 million, respectively, were recognized in other comprehensive income and less than $1 million was recognized in earnings in both periods. The total other-than-temporary impairment losses on available-for-sale debt securities for the three and six months ended October 28, 2011 were $1 million and $3 million, respectively, of which $1 million and $2 million, respectively, were recognized in other comprehensive income and less than $1 million and $1 million, respectively, were recognized in earnings. These charges relate to credit losses on certain mortgage-backed securities and other asset-backed securities. The amount of credit losses represents the difference between the present value of cash flows expected to be collected on these securities and the amortized cost. Based on the Company's assessment of the credit quality of the underlying collateral and credit support available to each of the remaining securities in which invested, the Company believes it has recorded all necessary other-than-temporary impairments as the Company does not have the intent to sell, nor is it more likely than not that the Company will be required to sell, before recovery of the amortized cost.

The following tables show the credit loss portion of other-than-temporary impairments on debt securities held by the Company as of the dates indicated and the corresponding changes in such amounts:

	Three months ended
(in millions)	October 26, 2012		October 28, 2011
Beginning Balance	$	20	$	20
Credit losses recognized on securities previously not impaired		-		-
Reductions for securities sold during the period		-		-
Ending Balance	$	20	$	20

	Six months ended
(in millions)	October 26, 2012		October 28, 2011
Beginning Balance	$	20	$	20
Credit losses recognized on securities previously not impaired		-		1
Reductions for securities sold during the period		-		(1)
Ending Balance	$	20	$	20

The October 26, 2012 balance of available-for-sale debt securities by contractual maturity is shown in the following table at fair value. Within the table, maturities of mortgage-backed securities have been allocated based upon timing of estimated cash flows, assuming no change in the current interest rate environment. Actual maturities may differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.

(in millions)	October 26,
(in millions)	2012
Due in one year or less	$	1,330
Due after one year through five years		6,605
Due after five years through ten years		898
Due after ten years		111
Total debt securities	$	8,944

As of October 26, 2012 and April 27, 2012, the aggregate carrying amount of equity and other securities without a quoted market price and accounted for using the cost or equity method was $483 million and $508 million, respectively. The total carrying value of these investments is reviewed quarterly for changes in circumstance or the occurrence of events that suggest the Company's investment may not be recoverable. The fair value of cost or equity method investments is not adjusted if there are no identified events or changes in circumstances that may have a material adverse effect on the fair value of the investment. The October 26, 2012 cost method, equity method, and other investments balance includes $132 million of investments in a public company which have trading restrictions through December 31, 2013. These investments will be reclassified to available-for-sale marketable equity securities when the restriction is within one year of lapsing.

Gains and losses realized on trading securities and available-for-sale debt securities are recorded in interest expense, net in the condensed consolidated statements of earnings. Gains and losses realized on marketable equity securities, cost method, equity method, and other investments are recorded in other expense, net in the condensed consolidated statements of earnings. In addition, unrealized gains and losses on available-for-sale debt securities are recorded in accumulated other comprehensive loss in the condensed consolidated balance sheets and unrealized gains and losses on trading securities are recorded in interest expense, net in the condensed consolidated statements of earnings. Gains and losses from the sale of investments are calculated based on the specific identification method.