(2) Investments

Investments consist of the following (in thousands):


	April 30,
	2017		2016
Trading:
Debt securities:
Tax-exempt state and municipal bonds	$	14,803	$	21,487
Corporate bonds		0		196

Total debt securities		14,803		21,683
Marketable equity securities		8,984		7,198

	$	23,787	$	28,881

The total carrying value of all investments on a consolidated basis was approximately $23,787,000 and $28,881,000 at April 30, 2017 and 2016, respectively. At April 30, 2017, there were approximately $4,455,000 in trading investments included in investments-noncurrent in the accompanying consolidated balance sheet. At April 30, 2016, there were approximately $7,924,000 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, 2017 and 2016 were as follows (in thousands):


	2017		2016
Due within one year	$	10,368	$	13,779
Due within two years		4,435		7,763
Due within three years		—		105
Due after three years		—		36

	$	14,803	$	21,683

In 2017, 2016 and 2015, the Company’s investment portfolio of trading securities experienced net a unrealized holding gain of approximately $1.3 million, and losses of $110,000 and $405,000, respectively, which have been included in other income, net in the accompanying consolidated statements of operations. In 2017, 2016 and 2015, the Company’s investment portfolio of trading securities experienced net realized holding losses of approximately $937,000, $878,000 and $228,000, respectively.