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Investments

3 Months Ended

Oct. 31, 2020

Investments

3. Investments

Investments consist of the following (in thousands):


		October 31,			April 30,
		2020			2020
Short-term investments:
Available-for-sale securities:
Municipal securities			13,279			5,244
U.S. government securities			44,024			33,771
Corporate bonds			9,834			8,492
Total short-term investments		$	67,137		$	47,507
Long-term investments:
Available-for-sale securities:
Municipal securities			5,640			1,592
U.S. government securities			10,001			8,996
Total available-for-sale investments			15,641			10,588
Equity method investments
Investment in limited partnership fund			5,335			4,442
Total equity method investments			5,335			4,442
Total long-term investments		$	20,976		$	15,030

Available-For-Sale Securities

As of October 31, 2020 and April 30, 2020, the balance of available-for-sale securities consisted of state and local government municipal securities, U.S. government securities, U.S. government agency securities, and investment grade corporate bonds. Interest earned from these investments is recorded in interest income. Realized gains on sales of these investments on the basis of specific identification is recorded in interest income.

The following table is a summary of the activity related to the available-for-sale investments recorded in short-term and long-term investments as of October 31, 2020 and April 30, 2020, respectively (in thousands):


		October 31, 2020
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value
Municipal securities		$	18,915		$	9		$	(5)		$	18,919
U.S. government securities			54,022			3			—			54,025
Corporate bonds			9,838			—			(4)			9,834
Total available-for-sale investments		$	82,775		$	12		$	(9)		$	82,778


		April 30, 2020
					Gross			Gross
		Amortized			Unrealized			Unrealized			Fair
		Cost			Gains			Losses			Value
Municipal securities		$	6,807		$	29		$	—		$	6,836
U.S. government securities			42,730			41			(4)			42,767
Corporate bonds			8,495			—			(3)			8,492
Total available-for-sale investments		$	58,032		$	70		$	(7)		$	58,095

The amortized cost and fair value of the available-for-sale debt securities by contractual maturity at October 31, 2020 were as follows (in thousands):


		Cost			Fair Value
Due within one year		$	67,135		$	67,137
Due after one year through five years			15,640			15,641
Total		$	82,775		$	82,778