3. Investments
The Company has a cash management program which provides for the investment of excess cash balances primarily in short-term money market instruments and intermediate-term debt instruments. Investments consist of time deposits, U.S. Treasury obligations, tax-exempt instruments and other non-equity type investments stated at cost, which approximates market.
   Statement of Financial Accounting Standard No. 115, "Accounting for Certain Investments in Debt and Equity Securities," requires that all applicable investments be classified as trading securities, available-for-sale securities or held-to-maturity securities. The Company did not have any investments classified as trading securities during the periods presented. The statement further requires that held-to-maturity securities be reported at amortized cost and available-for-sale securities be reported at fair value, with unrealized gains and losses excluded from earnings but reported in other comprehensive income as a separate component of shareholders’ equity (net of the effect of income taxes) until they are sold. At the time of sale, any gains or losses, calculated by the specific identification method, will be recognized as a component of operating results.
   The following is a summary of investment securities as of April 30, 2000 and April 25, 1999.

(Amounts in thousands)			Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Estimated Fair Value
April 30, 2000
Available-for-Sale Securities:
	U.S. Treasury securities and
		obligations of U.S.
		government agencies	$	9,672		$	—		$	196		$	9,476
	U.S. corporate securities			19,336			6			240			19,102
	Foreign government
		obligations		59			—			—			59
	Foreign corporate securities			14,149			19			92			14,076
	Other debt securities			563			—			—			563
			$	43,779		$	25		$	528		$	43,276

(Amounts in thousands)			Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses			Estimated Fair Value
April 25, 1999
Available-for-Sale Securities:
	U.S. Treasury securities and
		obligations of U.S.
		government agencies	$	8,907		$	129		$	24		$	9,012
	U.S. corporate securities			17,631			21			444			17,208
	Foreign government
		obligations		2,322			16			—			2,338
	Foreign corporate securities			15,445			67			188			15,324
	Other debt securities			366			80			—			446
			$	44,671		$	313		$	656		$	44,328

The amortized cost and estimated fair value of the securities at April 30, 2000, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because the issuers of the securities may have the right to prepay obligations without prepayment penalties.

(Amounts in thousands)			Cost			Fair Value
April 30, 2000
Available-for-Sale:
	Due in one year or less	$	34,107		$	33,800
	Due after one year through five years		4,935			4,684
	Due after five years through ten years		4,737			4,792
		$	43,779		$	43,276
Held-to-Maturity:
	All due in one year or less	$	48,217		$	48,217

Investment income for fiscal years 2000, 1999 and 1998 consisted of the following:

(Amounts in thousands)		2000				1999				1998
Interest income	$	11,396			$	16,787			$	12,407
Gross realized gains		138				1				284
Gross realized losses		(287)				(43)				(4)
Investment management fees		(100)				(155)				(145)
	$	11,147			$	16,590			$	12,542