(2) Investments

Investments consist of the following (in thousands):


	April 30,
	2016		2015
Trading:
Debt securities:
Tax-exempt state and municipal bonds	$	21,487	$	21,555
Corporate bonds		196		714

Total debt securities		21,683		22,269
Marketable equity securities		7,198		8,471

	$	28,881	$	30,740

The total carrying value of all investments on a consolidated basis was approximately $28,881,000 and $30,740,000 at April 30, 2016 and 2015, respectively. At April 30, 2016, there were approximately $7,924,000 in trading investments included in investments-noncurrent in the accompanying consolidated balance sheet. At April 30, 2015, there were approximately $13,156,000 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, 2016 and 2015 were as follows (in thousands):


	2016		2015
Due within one year	$	13,779	$	8,581
Due within two years		7,763		11,348
Due within three years		105		1,983
Due after three years		36		357

	$	21,683	$	22,269

In 2016, 2015 and 2014, the Company’s investment portfolio of trading securities experienced net unrealized holding losses of approximately $110,000, $405,000 and $160,000, respectively, which have been included in other income, net in the accompanying consolidated statements of operations. In 2016, 2015 and 2014 the Company’s investment portfolio of trading securities experienced net realized holding losses of approximately $878,000, 228,000 and $144,000, respectively.