(2) Investments

Investments consist of the following (in thousands):


	April 30,
	2018		2017
Trading:
Debt securities—Tax-exempt state and municipal bonds	$	23,889	$	14,803
Marketable equity securities		11,125		8,984

	$	35,014	$	23,787

The total carrying value of all investments on a consolidated basis was approximately $35,014,000 and $23,787,000 at April 30, 2018 and 2017, respectively. At April 30, 2018, there were approximately $8,893,000 in trading investments included in investments-noncurrent in the accompanying consolidated balance sheet. At April 30, 2017, there were approximately $4,435,000 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, 2018 and 2017 were as follows (in thousands):


	2018		2017
Due within one year	$	14,996	$	10,368
Due within two years		8,893		4,435
Due within three years		—		—
Due after three years		—		—

	$	23,889	$	14,803

In 2018, 2017 and 2016, the Company’s investment portfolio of trading securities experienced net unrealized holding gains of approximately $907,000, and $1.3 million and losses of $110,000, respectively, which have been included in other income, net in the accompanying consolidated statements of operations. In 2018, 2017 and 2016, the Company’s investment portfolio of trading securities experienced net realized holding losses of approximately $653,000, $937,000 and $878,000, respectively.