NOTE 4 — INVESTMENTS

The following table summarizes, by major security type, the fair value and amortized cost of Dell's investments. All debt security investments with remaining maturities in excess of one year and substantially all equity and other securities are recorded as long-term investments in the Condensed Consolidated Statements of Financial Position.



	April 29, 2011									January 28, 2011
	Fair Value		Cost		Unrealized Gain		Unrealized (Loss)			Fair Value		Cost		Unrealized Gain		Unrealized (Loss)
	(in millions)
Investments:
U.S. government and agencies	$	7	$	7	$	—	$	—		$	58	$	58	$	—	$	—
U.S. corporate	252		252		—		—			254		253		1		—
International corporate	159		159		—		—			140		140		—		—
Total short-term investments	418		418		—		—			452		451		1		—

U.S. government and agencies	20		20		—		—			21		20		1		—
U.S. corporate	306		306		1		(1		)	242		243		—		(1		)
International corporate	307		306		1		—			317		317		—		—
Equity and other securities	129		129		—		—			124		124		—		—
Total long-term investments	762		761		2		(1		)	704		704		1		(1		)
Total investments	$	1,180	$	1,179	$	2	$	(1	)	$	1,156	$	1,155	$	2	$	(1	)

Dell's investments in debt securities are classified as available-for-sale. Equity and other securities primarily relate to investments held in Dell's Deferred Compensation Plan, which are classified as trading securities. Both of these classes of securities are reported at fair value using the specific identification method. All other investments are initially recorded at cost and reduced for any impairment losses. The fair value of Dell's portfolio is affected primarily by interest rate movements rather than credit and liquidity risks. Most of Dell's investments in debt securities have contractual maturities of less than five years.