Investments

6 Months Ended

Oct. 26, 2019

Investments

Investments

3. Investments

Investments consist of the following (in thousands):

	October 26,		April 30,
	2019		2019
Short-term investments:
Held-to-maturity securities:
Municipal securities	$	21,761	$	5,332
U.S. government securities		65,826		63,205
Corporate bonds		74,048		81,950
Total held-to-maturity short-term investments	$	161,635	$	150,487
Long-term investments:
Held-to-maturity securities:
Municipal securities		5,015		—
U.S. government securities		—		7,404
Corporate bonds		2,495		1,982
Certificates of deposit		1,021		—
Total held-to-maturity investments		8,531		9,386
Available-for-sale securities:
Investment in limited partnership fund		4,947		—
Total available-for-sale investments		4,947		—
Total long-term investments	$	13,478	$	9,386

Held-To-Maturity Securities

As of October 26, 2019 and April 30, 2019, the balance of held-to-maturity securities consisted of state and local government municipal securities, U.S. government securities, U.S. government agency securities, and highly rated corporate bonds. Interest earned from these investments is recorded in interest income.

The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the held-to-maturity

investments as of October 26, 2019 were as follows (in thousands):

	October 26, 2019
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Municipal securities	$	26,776	$	—	$	(6)	$	26,770
U.S. government securities		65,826		150		—		65,976
Corporate bonds		76,543		52		(11)		76,584
Certificates of deposit		1,021		1		—		1,022
Total held-to-maturity investments	$	170,166	$	203	$	(17)	$	170,352

The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the held-to-maturity investments as of April 30, 2019 were as follows (in thousands):

	April 30, 2019
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Municipal securities	$	5,332	$	2	$	(1)	$	5,333
U.S. government securities		70,609		78		(52)		70,635
Corporate bonds		83,932		20		(5)		83,947
Total held-to-maturity investments	$	159,873	$	100	$	(58)	$	159,915

The amortized cost and fair value of the held-to-maturity securities by contractual maturity at October 26, 2019 were as follows (in thousands):

	Cost		Fair Value
Due within one year	$	161,635	$	161,819
Due after one year through five years		8,531		8,533
Total	$	170,166	$	170,352

Available-For-Sale Securities

Investment in Limited Partnership Fund

During the three months ended July 27, 2019, the Company made its initial capital contribution to a limited partnership fund. This investment does not have readily determinable fair values. The Company has elected to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.

The following table is a summary of the activity related to the available-for-sale investments recorded in long-term investments (in thousands):

	April 30, 2019		Changes in				October 26, 2019
	Carrying		Fair Value		Sales or		Carrying
	Value		Reflected in Net Income		Purchases		Value
Investment in limited partnership	$	—	$	—	$	4,947	$	4,947
Total investments without readily determinable fair values	$	—	$	—	$	4,947	$	4,947

Auction Rate Securities

As of April 30, 2018, the balance of available-for-sale auction rate securities consisted of two investment grade auction

rate municipal bonds with maturities ranging from 1 to 16 years. These investments have characteristics similar to short term investments. During the three months ended July 28, 2018, the remaining investment grade auction rate municipal bonds were redeemed at par value.