(2) Investments

Investments consist of the following (in thousands):


	April 30,
	2015		2014
Trading:
Debt securities:
Tax-exempt state and municipal bonds	$	21,555	$	15,167
Corporate bonds		714		1,188

Total debt securities		22,269		16,355
Marketable equity securities		8,471		7,416

	$	30,740	$	23,771

The total carrying value of all investments on a consolidated basis was approximately $30,740,000 and $23,771,000 at April 30, 2015 and 2014, respectively. At April 30, 2015, there were approximately $13,156,000 in trading investments included in investments-noncurrent in the accompanying consolidated balance sheet. At April 30, 2014, there were approximately $8,975,000 in trading investments included in investments-noncurrent in the accompanying consolidated balance sheet.

The contractual maturities of debt securities classified as trading at April 30, 2015 and 2014 were as follows (in thousands):


	2015		2014
Due within one year	$	8,581	$	7,646
Due within two years		11,348		6,228
Due within three years		1,983		1,970
Due after three years		357		511

	$	22,269	$	16,355

In 2015 and 2014, the Company’s investment portfolio of trading securities experienced net unrealized holding losses of approximately $405,000 and $160,000, respectively, and in 2013, the Company’s investment portfolio of trading securities experienced net unrealized holding gains of approximately $815,000, which have been included in other income, net in the accompanying consolidated statements of operations.