Note 4—Marketable Securities

The following is a summary of marketable securities:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Available-for-sale securities:
October 31, 2017:
Certificates of deposit*	$	31,908	$	2	$	(2	)	$	31,908
Federal Government Sponsored Enterprise notes		3,217		—		(17	)		3,200
International agency notes		402		—		(3	)		399
Mutual funds		5,391		56		—			5,447
Corporate bonds		3,379		—		(4	)		3,375
Equity		75		—		(6	)		69
U.S. Treasury notes		5,396		—		(22	)		5,374
Municipal bonds		4,519		3		(3	)		4,519
Total	$	54,287	$	61	$	(57	)	$	54,291
July 31, 2017:
Certificates of deposit*	$	29,011	$	1	$	(7	)	$	29,005
Federal Government Sponsored Enterprise notes		3,992		—		(14	)		3,978
International agency notes		291		—		—			291
Mutual funds		5,353		77		—			5,430
Corporate bonds		4,643		—		—			4,643
Equity		74		—		(26	)		48
U.S. Treasury notes		6,673		—		—			6,673
Municipal bonds		8,201		4		(1	)		8,204
Total	$	58,238	$	82	$	(48	)	$	58,272

* Each of the Company’s certificates of deposit has a CUSIP, was purchased in the secondary market through a broker, and may be sold in the secondary market.

At October 31, 2017 and July 31, 2017, the Company owned 23,741 and 23,227 shares, respectively, of Zedge, Inc. Class B common stock that had a fair value of $69,000 and $48,000, respectively.

Proceeds from maturities and sales of available-for-sale securities were $19.6 million and $6.0 million in the three months ended October 31, 2017 and 2016, respectively. The gross realized gains that were included in earnings as a result of sales were $7,000 in the three months ended October 31, 2017 and nil in the three months ended October 31, 2016. There were no gross realized losses that were included in earnings as a result of sales in the three months ended October 31, 2017 and 2016. The Company uses the specific identification method in computing the gross realized gains and gross realized losses on the sales of marketable securities.

The contractual maturities of the Company’s available-for-sale debt securities at October 31, 2017 were as follows:

	Fair Value
	(in thousands)
Within one year	$	31,586
After one year through five years		17,189
After five years through ten years		—
After ten years		—
Total	$	48,775

The following available-for-sale securities were in an unrealized loss position for which other-than-temporary impairments have not been recognized:

	Unrealized Losses		Fair Value
	(in thousands)
October 31, 2017:
Certificates of deposit	$	2	$	7,040
Federal Government Sponsored Enterprise notes		17		3,200
International agency notes		3		399
Corporate bonds		4		2,737
Equity		6		69
U.S. Treasury notes		22		5,374
Municipal bonds		3		3,998
Total	$	57	$	22,817
July 31, 2017:
Certificates of deposit	$	7	$	12,155
Federal Government Sponsored Enterprise notes		14		3,529
Equity		26		48
Municipal bonds		1		3,349
Total	$	48	$	19,081

At July 31, 2017, there were no securities in a continuous unrealized loss position for 12 months or longer. At October 31, 2017, the following available-for-sale securities included in the table above were in a continuous unrealized loss position for 12 months or longer:

	Unrealized Losses		Fair Value
	(in thousands)

Federal Government Sponsored Enterprise notes	$	8	$	1,362

At October 31, 2017, the Company did not intend to sell the securities that were in a continuous unrealized loss position for 12 months or longer, and it is not more likely than not that the Company will be required to sell the securities before recovery of their amortized cost bases, which may be at maturity.