3. Investments

Investments consist of the following (in thousands):



	April 1, 2017		April 2, 2016
Available-for-sale investment securities	$	24,162	$	24,247
Non-marketable equity investments	17,383		14,841
	$	41,545	$	39,088

Non-marketable equity investments includes $15.0 million as of April 1, 2017 and April 2, 2016, of contributions to equity-method investments in community-based initiatives that buy and sell our homes and provide home-only financing to residents of certain manufactured home communities. Other non-marketable investments include investments in other distribution operations.

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):



	April 1, 2017
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury and government debt securities	$	650	$	—	$	(1	)	$	649
Residential mortgage-backed securities	5,646		3		(90		)	5,559
State and political subdivision debt securities	7,195		145		(117		)	7,223
Corporate debt securities	1,698		4		(23		)	1,679
Marketable equity securities	5,752		2,430		(130		)	8,052
Certificates of deposit	1,000		—		—			1,000
	$	21,941	$	2,582	$	(361	)	$	24,162



	April 2, 2016
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury and government debt securities	$	1,002	$	—	$	(3	)	$	999
Residential mortgage-backed securities	5,866		13		(60		)	5,819
State and political subdivision debt securities	7,231		239		(49		)	7,421
Corporate debt securities	1,166		4		(6		)	1,164
Marketable equity securities	5,882		2,374		(412		)	7,844
Certificates of deposit	1,000		—		—			1,000
	$	22,147	$	2,630	$	(530	)	$	24,247

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):



	April 1, 2017
	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	$	349	$	(1	)	$	—	$	—		$	349	$	(1	)
Residential mortgage-backed securities	3,449		(38		)	1,962		(52		)	5,411		(90		)
State and political subdivision debt securities	1,948		(36		)	2,084		(81		)	4,032		(117		)
Corporate debt securities	1,424		(23		)	—		—			1,424		(23		)
Marketable equity securities	1,393		(90		)	157		(40		)	1,550		(130		)
	$	8,563	$	(188	)	$	4,203	$	(173	)	$	12,766	$	(361	)



	April 2, 2016
	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	$	—	$	—		$	699	$	(3	)	$	699	$	(3	)
Residential mortgage-backed securities	3,436		(27		)	898		(33		)	4,334		(60		)
State and political subdivision debt securities	1,865		(29		)	1,257		(20		)	3,122		(49		)
Corporate debt securities	763		(6		)	—		—			763		(6		)
Marketable equity securities	1,780		(324		)	152		(88		)	1,932		(412		)
	$	7,844	$	(386	)	$	3,006	$	(144	)	$	10,850	$	(530	)

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 April 1, 2017.

As of April 1, 2017, the Company’s investments in marketable equity securities consist of investments in common stock of industrial and other companies.

As of April 2, 2016, the Company’s investments in marketable equity securities consisted of investments in common stock of industrial and other companies ($7.7 million of the total fair value and $409,000 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).

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.



	April 1, 2017
	Amortized Cost		Fair Value
Due in less than one year	$	2,251	$	2,238
Due after one year through five years	3,724		3,678
Due after five years through ten years	3,408		3,311
Due after ten years	5,806		5,883
	$	15,189	$	15,110

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 2017 and 2016 were approximately $1.1 million and $431,000, respectively. Gross losses realized were approximately $413,000 and $385,000 for fiscal years 2017 and 2016, respectively.