Investments

6 Months Ended

May 31, 2011

Investments

Investments

4. INVESTMENTS

Marketable securities, which are classified as available-for-sale, are summarized below as of May 31, 2011 and November 30, 2010 (in thousands):

										Classified on Balance Sheet
	Purchased/ Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Aggregate Fair  Value		Cash and Cash Equivalents		Short-term Investments
As of May 31, 2011:
Money market funds	$	10,998	$	—	$	—		$	10,998	$	10,998	$	—
Term deposits		8,203		—		—			8,203		8,203		—
Mortgage-backed securities		199		60		(12	)		247		—		247
	$	19,400	$	60	$	(12	)	$	19,448	$	19,201	$	247
As of November 30, 2010:
Money market funds	$	37,016	$	—	$	—		$	37,016	$	37,016	$	—
Term deposits		8,707		—		—			8,707		7,394		1,313
Mortgage-backed securities		201		—		(10	)		191		—		191
	$	45,924	$	—	$	(10	)	$	45,914	$	44,410	$	1,504

Fixed income securities included in short-term investments above are summarized by their contractual maturities as follows (in thousands):

	May 31, 2011		November 30, 2010
Contractual maturities:
Less than one year	$	—	$	1,313
One to three years		247		191
	$	247	$	1,504

The maturities of mortgage-backed securities are primarily based upon assumed payment forecasts utilizing interest rate scenarios and mortgage loan characteristics. The unrealized gains (losses) on our investments were primarily due to changes in interest rates and market and credit conditions of the underlying securities.

The following table summarizes the net realized gains (losses) on short-term investments for the periods presented (in thousands):

	Three Months Ended May 31,						Six Months Ended May  31,
	2011			2010			2011			2010
Realized gains	$	8		$	20		$	22		$	54
Realized losses		(2	)		(36	)		(2	)		(36	)
Net realized gains (losses)	$	6		$	(16	)	$	20		$	18

We periodically assess whether significant facts and circumstances have arisen to indicate an adverse effect on the fair value of the underlying investment that might indicate material deterioration in our creditworthiness, whether there has been a change in our intent to sell the security, whether it is more likely than not we will be required to sell before recovery of our amortized cost basis and whether we expect to recover the entire amortized cost basis of the security resulting as a credit loss. During our quarter-end assessments, we determined an impairment was not considered necessary as of May 31, 2011. Depending on market conditions, we may record impairments on our investment portfolio in the future.