3. Investments

Investments consist of the following (in thousands):



	March 31, 2018		April 1, 2017
Available-for-sale investment securities	$	26,586	$	24,162
Non-marketable equity investments	18,853		17,383
	$	45,439	$	41,545

The Company's investments in available-for-sale marketable securities consist of investments in common stock of industrial and other companies.

Non-marketable equity investments includes $15.0 million as of March 31, 2018 and April 1, 2017, 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.

We record investments in equity and fixed maturity securities classified as available-for-sale at fair value and record the difference between fair value and cost in other comprehensive income. 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 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. Treasury and government debt securities	$	300	$	—	$	(7	)	$	293
Residential mortgage-backed securities	7,654		—		(155		)	7,499
State and political subdivision debt securities	6,377		109		(149		)	6,337
Corporate debt securities	2,081		1		(30		)	2,052
Marketable equity securities	6,533		2,435		(273		)	8,695
Certificates of deposit	1,710		—		—			1,710
	$	24,655	$	2,545	$	(614	)	$	26,586



	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

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 31, 2018
	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	$	293	$	(7	)	$	—	$	—		$	293	$	(7	)
Residential mortgage-backed securities	3,185		(52		)	3,909		(103		)	7,094		(155		)
State and political subdivision debt securities	2,224		(40		)	2,180		(109		)	4,404		(149		)
Corporate debt securities	1,384		(12		)	367		(18		)	1,751		(30		)
Marketable equity securities	2,550		(268		)	15		(5		)	2,565		(273		)
	$	9,636	$	(379	)	$	6,471	$	(235	)	$	16,107	$	(614	)



	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	)

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 31, 2018.

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 31, 2018
	Amortized Cost		Fair Value
Due in less than one year	$	1,005	$	990
Due after one year through five years	3,140		3,056
Due after five years through ten years	1,228		1,197
Due after ten years	3,385		3,439
Mortgage-backed securities	7,654		7,499
	$	16,412	$	16,181

We recognize investment gains and losses when we sell or otherwise dispose of securities on a specific identification method. Gross gains realized on the sales of investment securities for fiscal years 2018, 2017 and 2016 were approximately $6.0 million, $1.1 million and $431,000, respectively. Gross losses realized were approximately $266,000, $413,000 and $385,000 for fiscal years 2018, 2017 and 2016, respectively.