
	April 3, 2021		March 28, 2020
Available-for-sale debt securities	$	14,946	$	14,774
Marketable equity securities	17,600		9,829
Non-marketable equity investments	21,960		21,536
	54,506		46,139
Less current portion	(19,496)		(14,582)
	$	35,010	$	31,557

Investments in marketable equity securities consist of investments in the common stock of industrial and other companies.

As of April 3, 2021 and March 28, 2020, non-marketable equity investments included contributions of $15.0 million 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 equity investments included investments in other distribution operations.

We record investments in fixed maturity securities classified as available-for-sale at fair value and record the difference between fair value and cost in AOCI.

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


	April 3, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Residential mortgage-backed securities	$	2,787	$	30	$	(13)	$	2,804
State and political subdivision debt securities	7,239		125		(19)		7,345
Corporate debt securities	4,797		11		(11)		4,797
	$	14,823	$	166	$	(43)	$	14,946


	March 28, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Residential mortgage-backed securities	$	5,400	$	69	$	(26)	$	5,443
State and political subdivision debt securities	4,239		134		(3)		4,370
Corporate debt securities	5,021		5		(65)		4,961
	$	14,660	$	208	$	(94)	$	14,774

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


	April 3, 2021
	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Residential mortgage-backed securities	$	927	$	(6)	$	450	$	(7)	$	1,377	$	(13)
State and political subdivision debt securities	3,013		(19)		—		—		3,013		(19)
Corporate debt securities	2,153		(10)		249		(1)		2,402		(11)
	$	6,093	$	(35)	$	699	$	(8)	$	6,792	$	(43)


	March 28, 2020
	Less than 12 Months				12 Months or Longer				Total
	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Residential mortgage-backed securities	$	133	$	—	$	1,779	$	(26)	$	1,912	$	(26)
State and political subdivision debt securities	601		(2)		101		(1)		702		(3)
Corporate debt securities	3,747		(65)		—		—		3,747		(65)
	$	4,481	$	(67)	$	1,880	$	(27)	$	6,361	$	(94)

We are not aware of any changes to the securities or issuers that would indicate the losses above are indicative of credit impairment as of April 3, 2021. Further, we do not intend to sell the investments, and it is more likely than not that we will not be required to sell the investments, before recovery of their amortized cost.

The amortized cost and fair value of our investments in available-for-sale 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 penalties.


	April 3, 2021
	Amortized Cost		Fair Value
Due in less than one year	$	1,218	$	1,220
Due after one year through five years	8,487		8,484
Due after five years through ten years	1,022		1,087
Due after ten years	1,309		1,351
Mortgage-backed securities	2,787		2,804
	$	14,823	$	14,946

We recognize investment gains and losses on available-for-sale debt securities when we sell or otherwise dispose of securities using the specific identification method. There were no gross gains realized on the sale of available-for-sale debt securities for fiscal years 2021, 2020 and 2019. Gross losses realized on the sale of available-for-sale debt securities were $6,000 in fiscal year 2021, none in fiscal year 2020, and $38,000 in fiscal year 2019.

We recognize unrealized gains and losses on marketable equity securities from changes in market prices during the period as a component of earnings in the Consolidated Statements of Comprehensive Income. See Note 1 for further discussion. Net investment gains and losses on marketable equity securities for fiscal years 2021, 2020 and 2019 were as follows (in thousands):


	Year Ended
	April 3, 2021		March 28, 2020		March 30, 2019
Marketable equity securities:
Net gain (loss) recognized during the period	$	8,515	$	(2,264)	$	(355)
Less: Net (gains) losses recognized on securities sold during the period	(2,191)		232		64
Unrealized gains (losses) recognized during the period on securities still held	$	6,324	$	(2,032)	$	(291)