Marketable securities consist of investments in fixed maturities and equity securities. The market value as of October 31, 2000 was $7,273, which included gross unrealized losses of $1,893. The market value as of October 31, 1999 was $46,549, which included gross unrealized gains of $2,040 and gross unrealized losses of $3,287. The Company realized net gains on the sales of securities of $1,079, $4,221 and $2,727 for the years ended October 31, 2000, 1999 and 1998, respectively. The cost of securities sold was determined by using the average cost method.

The market value of long-term investments as of October 31, 2000 and 1999 was $4,203 and $16,812, respectively, which included gross unrealized gains of $28 and $341, and gross unrealized losses of $0 and $109, respectively. There were no amounts classified as long-term investments and invested in debt securities as of October 31, 2000. See Notes 5 and 6 which include details of the Company’s long-term investments.