3. INVESTMENTS

A summary of securities classified as held to maturity at March 31, 2001 and 2000 is set forth below (in thousands):

		AMORTIZED COST		GROSS UNREALIZED GAINS		GROSS UNREALIZED LOSSES		FAIR VALUE
March 31, 2001:  Municipal Obligations		$ 160,899		$ 831		$   8		$ 161,722
Tax Advantage Auction    Rate Securities		16,000						16,000
Tax Free Auction    Rate Securities		23,602				2		23,600
Zero Coupon Bonds		1,163		12				1,175
Securities Classified as    Held to Maturity	$ 201,664	$ 843	$ 10	$ 202,497
March 31, 2000  Municipal Obligations		$ 195,374		$   3		$ 769		$ 194,608
Tax Advantage Auction    Rate Securities		29,450						29,450
Tax Free Auction    Rate Securities		11,150						11,150
Securities Classified as    Held to Maturity	$ 235,974	$  3	$ 769	$ 235,208

Scheduled maturities of securities classified as held to maturity at March 31, 2001 were as follows (in thousands):

		AMORTIZED COST		FAIR VALUE
Due in:  2002		$ 185,176		$ 185,808
2002		16,488		16,689
Total	$ 201,664	$ 202,497

Marketable Securities-During fiscal 2000, the Company sold securities that had been classified as available-for-sale for approximately $14.2 million and realized a gain of approximately $10.9 million. There were no such transactions during fiscal 2001. The Company uses the specific identification method as a basis for determining cost and calculating realized gains.