7. Investments

The Company classifies its investments in securities at the time of purchase as held-to-maturity, available-for-sale or trading, and re-evaluates such classifications on a quarterly basis. Except as noted below on ARS, no material unrealized gains or losses on available-for-sale investments were recognized during any of the periods presented. As of the end of each period, the Company had no securities classified as held-to-maturity or trading.

The following table summarizes the Company’s short-term and non-current investments by maturity date that were recorded in the consolidated balance sheets as of July 28, 2012 and July 30, 2011.

	July 28, 2012								July 30, 2011
	<1 year		1- 3 years		Over 3 years		Total		<1 year		1- 3 years		Over 3 years		Total
							(millions)
Available-for-sale investments-short-term:
Municipal bonds	$	—	$	—	$	—	$	—	$	52.7	$	—	$	—	$	52.7
Restricted cash		1.4		—		—		1.4		1.4		—		—		1.4
Total short-term investments		1.4		—		—		1.4		54.1		—		—		54.1

Available-for-sale investments-non-current:
Municipal bonds		—		—		—		—		—		102.7		23.8		126.5
Auction rate securities		—		—		2.7		2.7		—		—		12.0		12.0
Total non-current available-for-sale investments		—		—		2.7		2.7		—		102.7		35.8		138.5
Other non-current investments		0.5		—		—		0.5		—		—		—		—
Total non-current investments		0.5		—		2.7		3.2		—		102.7		35.8		138.5
Total Investments	$	1.9	$	—	$	2.7	$	4.6	$	54.1	$	102.7	$	35.8	$	192.6

In connection with the funding requirements to consummate the Charming Shoppes Acquisition, the Company liquidated substantially all of its investment portfolio during the fourth quarter of Fiscal 2012. Proceeds from the sale of the investment portfolio during the fourth quarter of Fiscal 2012 were approximately $240 million. The Company recognized a related realized gain of approximately $1 million in connection with the sales of such investments, which has been classified as a component of interest and other income, net, in the accompanying consolidated financial statement of operations for Fiscal 2012.

Auction rate securities (“ARS”) are variable-rate debt securities. ARS have a long-term maturity with the interest rate being reset through Dutch auctions that are typically held every 7, 28 or 35 days. Interest is paid at the end of each auction period. After $11.7 million of ARS were called for redemption at par during Fiscal 2012, the Company has one investment in ARS remaining, with a book value of $2.7 million and a par value of $3.9 million. This investment is collateralized by student loans guaranteed by the U.S. government under the Federal Family Education Loan Program. This ARS is classified as a non-current asset in our consolidated balance sheet as of July 28, 2012 because of our inability to determine when it can be sold. This security is currently paying in accordance with its contractual terms, and as such, management does not intend to sell it, nor does it believe any individual unrealized loss at July 28, 2012 represents an other-than-temporary impairment.