INVESTMENT SECURITIES

9 Months Ended

Apr. 30, 2011

NOTE 13 – INVESTMENT SECURITIES

The following is a summary of the Company’s available-for-sale investment securities by category which are classified within other non-current assets in the Company’s condensed consolidated balance sheets. Contractual maturity dates of debt securities held by the trust at April 30, 2011 range from 2011 to 2044.

					Gross		Gross			Net
	Cost/				Unrealized		Unrealized			Unrealized
	Amortized				Holding		Holding			Holding
	Cost Basis		Fair Value		Gains		Losses			Gains
April 30, 2011
Equity securities	$	2,402	$	8,715	$	6,313	$	–		$	6,313

Debt securities:
Corporate		36,039		37,661		1,787		(165	)		1,622
U.S. Treasury		10,252		10,820		579		(11	)		568
Other U.S. government		26,601		27,579		1,006		(28	)		978
Municipal government		1,000		997		–		(3	)		(3	)
CMO/mortgage-backed		181		203		22		–			22
	$	76,475	$	85,975	$	9,707	$	(207	)	$	9,500

July 31, 2010
Equity securities	$	2,375	$	5,224	$	2,849	$	–		$	2,849

Debt securities:
Corporate		25,769		27,676		1,912		(5	)		1,907
U.S. Treasury		17,905		19,209		1,304		–			1,304
Other U.S. government		19,009		20,163		1,159		(5	)		1,154
Municipal government		1,000		1,001		1		–			1
CMO/mortgage-backed		230		256		26		–			26
	$	66,288	$	73,529	$	7,251	$	(10	)	$	7,241

The following table shows the gross unrealized losses and fair value of the Company’s available-for-sale investments with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

	Less than 12 months				12 months or greater				Total
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
	Fair		Holding		Fair		Holding		Fair		Holding
	Value		Losses		Value		Losses		Value		Losses
April 30, 2011
Debt securities:
Corporate	$	8,754	$	165	$	–	$	–	$	8,754	$	165
Other U.S.
government		3,974		28		–		–		3,974		28
Municipal
government		997		3		–		–		997		3
U.S. Treasury		616		11		–		–		616		11
	$	14,341	$	207	$	–	$	–	$	14,341	$	207

	Less than 12 months				12 months or greater				Total
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
	Fair		Holding		Fair		Holding		Fair		Holding
	Value		Losses		Value		Losses		Value		Losses
July 31, 2010
Debt securities:
Other U.S.
government	$	723	$	5	$	–	$	–	$	723	$	5
Corporate		634		5		–		–		634		5
	$	1,357	$	10	$	–	$	–	$	1,357	$	10

The following table shows the proceeds and gross gains and losses from the sale of available-for-sale investments for the three and nine months ended April 30, 2011 and April 30, 2010:

	Three Months Ended				Nine Months Ended
	Apr. 30, 2011		Apr. 30, 2010		Apr. 30, 2011		Apr. 30, 2010
Proceeds from sales	$	4,891	$	2,677	$	19,103	$	12,637
Realized gross gains on sales		72		171		766		1,114
Realized gross losses on sales		8		–		20		–

- Definition

This item represents the entire disclosure related to Available-for-sale Securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities which are categorized as Available-for-sale.

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