3. Investments

Investments consist of the following (in thousands):



	March 28, 2015		March 29, 2014
Available-for-sale investment securities	$	21,283	$	19,802
Non-marketable equity investments	10,636		5,652
	$	31,919	$	25,454

Non-marketable equity investments includes $10.0 million and $5.0 million, as of March 28, 2015 and March 29, 2014, respectively, of contributions to equity-method investments in community-based lending initiatives that provide home-only financing to residents of certain manufactured home communities.

The following tables summarize the Company’s available-for-sale investment securities, gross unrealized gains and losses and fair value, aggregated by investment category (in thousands):



	March 28, 2015
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury and government debt securities	$	1,952	$	1	$	(5	)	$	1,948
Residential mortgage-backed securities	4,342		23		(27		)	4,338
State and political subdivision debt securities	7,190		245		(12		)	7,423
Corporate debt securities	1,060		2		(4		)	1,058
Marketable equity securities	4,962		642		(88		)	5,516
Certificates of deposit	1,000		—		—			1,000
	$	20,506	$	913	$	(136	)	$	21,283



	March 29, 2014
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury and government debt securities	$	2,318	$	1	$	(46	)	$	2,273
Residential mortgage-backed securities	3,754		13		(149		)	3,618
State and political subdivision debt securities	5,923		155		(13		)	6,065
Corporate debt securities	1,550		24		—			1,574
Marketable equity securities	4,537		758		(73		)	5,222
Certificates of deposit	1,050		—		—			1,050
	$	19,132	$	951	$	(281	)	$	19,802

The following tables show the gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position (in thousands):



	March 28, 2015
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury and government debt securities	$	499	$	—		$	698	$	(5	)	$	1,197	$	(5	)
Residential mortgage-backed securities	438		(2		)	330		(25		)	768		(27		)
State and political subdivision debt securities	1,099		(6		)	256		(6		)	1,355		(12		)
Corporate debt securities	247		(4		)	—		—			247		(4		)
Marketable equity securities	1,067		(85		)	100		(3		)	1,167		(88		)
	$	3,350	$	(97	)	$	1,384	$	(39	)	$	4,734	$	(136	)



	March 29, 2014
	Less than 12 Months					12 Months or Longer					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury and government debt securities	$	1,562	$	(40	)	$	344	$	(6	)	$	1,906	$	(46	)
Residential mortgage-backed securities	2,553		(149		)	—		—			2,553		(149		)
State and political subdivision debt securities	507		(13		)	—		—			507		(13		)
Marketable equity securities	1,101		(73		)	—		—			1,101		(73		)
	$	5,723	$	(275	)	$	344	$	(6	)	$	6,067	$	(281	)

Based on the Company’s ability and intent to hold the investments for a reasonable period of time sufficient for a forecasted recovery of fair value, the Company does not consider any investments to be other-than-temporarily impaired at March 28, 2015.

As of March 28, 2015, the Company’s investments in marketable equity securities consist of investments in common stock of industrial and other companies ($5.4 million of the total fair value and $85,000 of the total unrealized losses) and bank trust, insurance, and public utility companies ($100,000 of the total fair value and $3,000 of the total unrealized losses).

As of March 29, 2014, the Company’s investments in marketable equity securities consisted of investments in common stock of industrial and other companies ($4.7 million of the total fair value and $64,000 of the total unrealized losses) and bank trust, insurance, and public utility companies ($478,000 of the total fair value and $9,000 of the total unrealized losses).

The amortized cost and fair value of the Company’s investments in debt securities, by contractual maturity, are shown in the table below (in thousands). Expected maturities differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.



	March 28, 2015				March 29, 2014
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	1,804	$	1,821	$	2,006	$	2,017
Due after one year through five years	2,834		2,844		2,908		2,949
Due after five years through ten years	2,467		2,452		924		872
Due after ten years	7,439		7,650		7,707		7,692
	$	14,544	$	14,767	$	13,545	$	13,530

Realized gains and losses from the sale of securities are determined using the specific identification method. Gross gains realized on the sales of investment securities for fiscal years 2015 and 2014 were approximately $871,000 and $885,000, respectively. Gross losses realized were approximately $254,000 and $320,000 for fiscal years 2015 and 2014, respectively.