(2) Investments

Investments consist of the following (in thousands):


	April 30,
	2014		2013
Trading:
Debt securities:
Tax-exempt state and municipal bonds	$	15,167	$	13,031
Corporate bonds		1,188		1,486
Certificates of deposit		—		240
Other government bonds		—		278

Total debt securities		16,355		15,035
Marketable equity securities		7,416		9,999

	$	23,771	$	25,034


	April 30, 2014
	Carrying value		Unrealized Gain		Unrealized Loss		Fair value
Held-to-maturity:
Certificates of deposit	$	—	$	—	$	—	$	—
Tax-exempt state and municipal bonds		—		—		—		—

	$	—	$	—	$	—	$	—

	April 30, 2013
	Carrying value		Unrealized Gain		Unrealized Loss		Fair value
Held-to-maturity:
Certificates of deposit	$	—	$	—	$	—	$	—
Tax-exempt state and municipal bonds		226		1		—		227

	$	226	$	1	$	—	$	227

The total carrying value of all investments on a consolidated basis was approximately $23,771,000 and $25,260,000 at April 30, 2014 and 2013, respectively. At April 30, 2014, there were approximately $8,975,000 in trading investments included in investments-noncurrent in the accompanying consolidated balance sheet. At April 30, 2013, there were approximately $6,658,000 in trading investments included in investments-noncurrent in the accompanying consolidated balance sheet. As of April 30, 2014, the Company does not believe any investments to be other-than-temporarily impaired.

The contractual maturities of debt securities classified as trading at April 30, 2014 and 2013 were as follows (in thousands):


	2014		2013
Due within one year	$	7,646	$	8,648
Due within two years		6,228		4,776
Due within three years		1,970		751
Due after three years		511		860

	$	16,355	$	15,035

The contractual maturities of debt securities classified as held-to-maturity at April 30, 2014 and 2013 were as follows (in thousands):


	2014		2013
Due within one year	$	—	$	226
Due within two years		—		—
Due within three years		—		—
Due after three years		—		—

	$	—	$	226

In 2014, the Company’s investment portfolio of trading securities experienced net unrealized holding losses of approximately $160,000 and in 2013 and 2012, the Company’s investment portfolio of trading securities experienced net unrealized holding gains of approximately $815,000 and $45,000, respectively, which have been included in other income, net in the accompanying consolidated statements of operations.