Note 3 – Investments in Marketable Securities

We classify all of our investments in marketable securities as available-for-sale. The amortized cost and estimated fair value of investments in marketable securities and related unrealized gains and losses were as follows:

	June 30, 2017
	Amortized		Unrealized		Unrealized			Fair
	cost		gains		losses			value
Available-for-sale securities:
Debt instruments:
U.S. government and agency obligations	$	1,795	$	1	$	(7	)	$	1,789
Municipal debt securities		10		1		-			11
Certificates of deposit		2,200		-		(1	)		2,199
Corporate debt securities		382		4		-			386
Mortgage-backed securities:
U.S. government agency		43		1		-			44
Non-agency residential		2		-		-			2
Non-agency commercial		41		-		-			41
Asset-backed securities		35		-		-			35
Equity instruments:
Fixed income mutual funds:
Short-term floating NAV fund II		24		-		-			24
U.S. government sector fund		161		4		-			165
Municipal sector fund		7		-		-			7
Investment grade corporate sector fund		94		1		-			95
High-yield sector fund		30		2		-			32
Real return sector fund		36		1		-			37
Mortgage sector fund		145		2		-			147
Asset-backed securities sector fund		56		1		-			57
Emerging market sector fund		38		3		-			41
International sector fund		54		-		-			54
Total return bond funds		1,499		14		(1	)		1,512
Total investments in marketable securities	$	6,652	$	35	$	(9	)	$	6,678

Note 3 – Investments in Marketable Securities (Continued)

	March 31, 2017
	Amortized		Unrealized		Unrealized			Fair
	cost		gains		losses			value
Available-for-sale securities:
Debt instruments:
U.S. government and agency obligations	$	2,314	$	1	$	(7	)	$	2,308
Municipal debt securities		10		1	-				11
Certificates of deposit		755	-		-				755
Corporate debt securities		368		2		(1	)		369
Mortgage-backed securities:
U.S. government agency		45		1		(1	)		45
Non-agency residential		2	-		-				2
Non-agency commercial		37		1		(1	)		37
Asset-backed securities		31	-		-				31
Equity instruments:
Fixed income mutual funds:
Short-term floating NAV fund II		39	-		-				39
U.S. government sector fund		389	-		-				389
Municipal sector fund		20	-		-				20
Investment grade corporate sector fund		252		9	-				261
High-yield sector fund		83		6	-				89
Real return sector fund		147		5	-				152
Mortgage sector fund		390		2	-				392
Asset-backed securities sector fund		140		10	-				150
Emerging market sector fund		105		7	-				112
International sector fund		136	-		-				136
Total return bond funds		389		5	-				394
Total investments in marketable securities	$	5,652	$	50	$	(10	)	$	5,692

The Fixed income mutual funds, exclusive of the Total return bond funds, are investments in funds that are privately placed and managed by an open-end investment management company (the “Trust”). If we elect to redeem shares, the Trust will normally redeem all shares for cash, but may, in unusual circumstances, redeem amounts exceeding the lesser of $250 thousand or 1 percent of the Trust’s asset value by payment in kind of securities held by the respective fund during any 90-day period.

The Total return bond funds are investments in actively traded open-end mutual funds. Redemptions are subject to normal terms and conditions as described in each fund’s prospectus.

Note 3 – Investments in Marketable Securities (Continued)

Unrealized Losses on Securities

Investments in marketable securities in a continuous loss position for less than twelve months and for greater than twelve months were not significant as of June 30, 2017 and March 31, 2017.

Realized Gains and Losses on Securities

The following table represents realized gains and losses on our available-for-sale securities presented in our Consolidated Statements of Income:

	Three Months Ended
	June 30,
	2017			2016
Available-for-sale securities:
Realized gains on sales	$	42		$	13
Realized losses on sales	$	(1	)	$	-

Contractual Maturities

The amortized cost, fair value, and contractual maturities of available-for-sale debt instruments are summarized in the following table. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations.

	June 30, 2017
	Amortized Cost		Fair Value
Available-for-sale debt instruments:
Due within 1 year	$	3,351	$	3,349
Due after 1 year through 5 years		814		813
Due after 5 years through 10 years		135		135
Due after 10 years		87		88
Mortgage-backed and asset-backed securities¹		121		122
Total	$	4,508	$	4,507

¹	Mortgage-backed and asset-backed securities are shown separately from other maturity groupings as these securities do not have a single maturity date.