5. Marketable Securities

As of October 31, 2011, marketable securities consisted of the following:


	Trading			Available-for- Sale (2)			Total
	(in thousands)
Mutual funds (1)	$	78,432		$	—		$	78,432
Corporate bonds		—			45,090			45,090
U.S. Treasury and agency securities		—			2,419			2,419

Total		78,432			47,509			125,941
Less: current portion of marketable securities		(6,095	)		(19,809	)		(25,904	)

Non-current marketable securities	$	72,337		$	27,700		$	100,037

As of April 30, 2011, marketable securities consisted of the following:


	Trading			Available-for- Sale (2)			Total
	(in thousands)
Mutual funds (1)	$	71,363		$	—		$	71,363
Corporate bonds		—			40,444			40,444
U.S. Treasury and agency securities		—			9,424			9,424
Commercial paper		—			1,000			1,000

Total		71,363			50,868			122,231
Less: current portion of marketable securities		(5,081	)		(15,787	)		(20,868	)

Non-current marketable securities	$	66,282		$	35,081		$	101,363

(1)	These investments are held in trust for settlement of the Company's obligations under certain of its deferred compensation plans with $6.1 million and $5.1 million classified as current assets as of October 31, 2011 and April 30, 2011, respectively (see Note 7).

(2)	These securities represent excess cash invested, under our investment policy, with a professional money manager.

The amortized cost and fair values of marketable securities classified as available-for-sale investments were as follows:


	October 31, 2011
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)			Estimated Fair Value
	(in thousands)
Corporate bonds	$	45,186	$	70	$	(166	)	$	45,090
U.S. Treasury and agency securities		2,415		4		—			2,419

Total	$	47,601	$	74	$	(166	)	$	47,509


	April 30, 2011
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses (1)			Estimated Fair Value
	(in thousands)
Corporate bonds	$	40,369	$	107	$	(32	)	$	40,444
U.S. Treasury and agency securities		9,427		10		(13	)		9,424
Commercial paper		1,000		—		—			1,000

Total	$	50,796	$	117	$	(45	)	$	50,868

(1)	There are no marketable securities that have been in a continuous unrealized loss position for 12 months or more.

Investments in marketable securities are made based on the Company's investment policy, which restricts the types of investments that can be made. As of October 31, 2011 and April 30, 2011, the Company's investments associated with cash equivalents, including restricted cash, consist of money market funds for which market prices are readily available. As of October 31, 2011 and April 30, 2011, the Company's investments in marketable securities classified as trading consist of mutual funds for which market prices are readily available. As of October 31, 2011 and April 30, 2011, marketable securities classified as available-for-sale consist of corporate bonds and U.S. Treasury and agency securities and as of April 30, 2011 also includes commercial paper, all for which market prices for similar assets are readily available. As of October 31, 2011, available for sale marketable securities have maturities ranging from one month to 2.3 years.

As of October 31, 2011 and April 30, 2011, the Company's marketable securities included $78.4 million (net of gross unrealized gains of $1.1 million and gross unrealized losses of $1.6 million) and $71.4 million (net of gross unrealized gains of $6.8 million and gross unrealized losses of $0.1 million), respectively, held in trust for settlement of the Company's obligations under certain of its deferred compensation plans, of which $72.3 million and $66.3 million, respectively, are classified as non-current. The Company's obligations for which these assets were held in trust totaled $78.7 million and $72.1 million as of October 31, 2011 and April 30, 2011, respectively.

The following table represents the Company's fair value hierarchy for financial assets measured at fair value on a recurring basis:


	October 31, 2011
	Total		Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents, including restricted cash	$	56,856	$	56,856	$	—	$	—
Mutual funds		78,432		78,432		—		—
Corporate bonds		45,090		—		45,090		—
U.S. Treasury and agency securities		2,419		—		2,419		—

Total	$	182,797	$	135,288	$	47,509	$	—


	April 30, 2011
	Total		Level 1		Level 2		Level 3
	(in thousands)
Cash equivalents, including restricted cash	$	120,840	$	120,840	$	—	$	—
Mutual funds		71,363		71,363		—		—
Corporate bonds		40,444		—		40,444		—
U.S. Treasury and agency securities		9,424		—		9,424		—
Commercial paper		1,000		—		1,000		—

Total	$	243,071	$	192,203	$	50,868	$	—

The following table presents the Company's assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) during the periods indicated:


	Three Months Ended				Six Months Ended
	October 31,				October 31,
Auction Rate Securities	2011		2010		2011		2010
	(in thousands)
Balance, beginning of period	$	—	$	—	$	—	$	8,200
Auction rate securities put option		—		—		—		(745	)
Realized gain included in operations		—		—		—		745
Sale of securities		—		—		—		(8,200	)

Balance, end of period	$	—	$	—	$	—	$	—