Note 5—Marketable Securities

The following is a summary of marketable securities:

(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
July 31, 2018
Available-for-sale securities:
Certificates of deposit*	$	3,032	$	—	$	—		$	3,032
Equity		393		—		(33	)		360
U.S. Treasury notes		1,693		—		(1	)		1,692
Municipal bonds		888		—		—			888
TOTAL	$	6,006	$	—	$	(34	)	$	5,972
July 31, 2017
Available-for-sale securities:
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.

As part of the Zedge Spin-Off, holders of the Company’s restricted Class B common stock received, in respect of those restricted shares, one restricted share of Zedge’s Class B common stock for every three restricted shares of the Company that they held as of the record date for the Zedge Spin-Off. In January 2017, the Company received 23,227 shares of Zedge Class B common stock in connection with the lapsing of restrictions on Zedge restricted stock held by certain of the Company’s employees and the payment of taxes related thereto. In addition, in July 2018, the Company received 17,359 shares of Zedge Class B common stock in connection with the lapsing of restrictions on Zedge restricted stock held by certain of the Company’s employees and the payment of taxes related thereto. The Company received the Zedge shares in exchange for the payment of an aggregate of $0.1 million for the employees’ tax withholding obligations upon the vesting event. The number of shares was determined based on their fair market value on the trading day immediately prior to the vesting date. At July 31, 2018 and 2017, the Company owned 42,282 and 23,227 shares, respectively, of Zedge Class B common stock that had a fair value of $0.1 million and $48,000, respectively.

As part of the Rafael Spin-Off, holders of the Company’s restricted Class B common stock received, in respect of those restricted shares, one restricted share of Rafael Class B common stock for every two restricted shares of the Company that they held as of the record date for the Rafael Spin-Off. In July 2018, the Company received 25,803 shares of Rafael Class B common stock in connection with the lapsing of restrictions on Rafael restricted stock held by certain of the Company’s employees and the payment of taxes related thereto. The Company received the Rafael shares in exchange for the payment of an aggregate of $0.2 million for the employees’ tax withholding obligations upon the vesting event. The number of shares was determined based on their fair market value on the trading day immediately prior to the vesting date. At July 31, 2018, the Company owned 25,803 shares of Rafael Class B common stock that had a fair value of $0.2 million.

Proceeds from maturities and sales of available-for-sale securities were $41.5 million, $48.0 million and $35.0 million in fiscal 2018, fiscal 2017 and fiscal 2016, respectively. Realized gains from sales of available-for-sale securities were nil, $0.3 million and $0.5 million in fiscal 2018, fiscal 2017 and fiscal 2016, respectively. Realized losses from sales of available-for-sale securities were $16,000, nil and nil in fiscal 2018, fiscal 2017 and fiscal 2016, respectively.

The contractual maturities of the Company’s available-for-sale debt securities at July 31, 2018 were as follows:

(in thousands)	Fair Value
Within one year	$	5,308
After one year through five years		304
After five years through ten years		—
After ten years		—
TOTAL	$	5,612

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

(in thousands)	Unrealized Losses		Fair Value
July 31, 2018
Equity	$	33	$	360
U.S. Treasury notes		1		1,692
TOTAL	$	34	$	2,052
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, 2018 and 2017, there were no securities in a continuous unrealized loss position for 12 months or longer.