Radian Group Inc. Notes to Consolidated Financial Statements - (Continued) Net realized and unrealized gains (losses) on investments consisted of:   At December 31, 2010, we had gross unrealized losses, related to state and municipal obligations, that primarily  represented our interests in certain bonds held in our available for sale portfolio that were issued as part of securitizations  collateralized by the Master Settlement  Agreement among certain domestic tobacco manufacturers and  46 states and certain  territories. During the second quarter of 201 1, we sold all of our interests in these bonds, realizing a loss on the sale of  $53.7  million on proceeds received of $94.3 million. Although we expected the present value of cash flows ultimately to be collected  from each security to be suf ficient to recover our amortized cost basis, we concluded that the risk profile of these bonds no  longer suited our current portfolio objectives, and as a result, changed our prior intent to hold these bonds until maturity and  instead disposed of these securities during the second quarter of 201 1. For the years ended December 31, 2012, 2011 and 2010, we did not sell or transfer any fixed-maturity investments  classified as held to maturity . For the years ended December 31, 2012 and 2011, we did not transfer any securities from the  available for sale or trading categories. During 2010, we recorded  $3.1 million in gains on securities transferred from the  available for sale category into the trading category .  The sources of our proceeds and related investment gains (losses) on our available for sale securities are as follows:  216 Year Ended December 31, (In thousands) 2012 2011 2010 Fixed-maturities available for sale: Proceeds received from redemptions. . . . . . . . . . . . . . . $ 5,909 $ 32,214 $ 50,846 Proceeds received from sales . . . . . . . . . . . . . . . . . . . . . 79,535 136,217 1,218,460 Gross investment gains from sales and redemptions. . . 4,081 1,577 23,363 Gross investment losses from sales and redemptions. . . (525) (54,050) (31,024) Equities available for sale: Proceeds received from sales . . . . . . . . . . . . . . . . . . . . . 31,234 52,014 15,033 Gross investment gains from sales. . . . . . . . . . . . . . . . . 5,070 6,238 2,006 Gross investment losses from sales. . . . . . . . . . . . . . . . . — (10) (5) Year Ended December 31, (In thousands) 2012 2011 2010 Net realized gains (losses): Fixed-maturities held to maturity. . . . . . . . . . . . . . . . . $ 37 $ 491 $ 295 Fixed-maturities available for sale. . . . . . . . . . . . . . . . 3,556 (52,473) (7,661) Equities available for sale. . . . . . . . . . . . . . . . . . . . . . . 5,070 6,228 2,001 Trading securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224,000 121,393 66,351 Short-term investments. . . . . . . . . . . . . . . . . . . . . . . . . 7 (1) (67) Other invested assets. . . . . . . . . . . . . . . . . . . . . . . . . . . 375 — 388 Net realized gains on investments. . . . . . . . . . . . . . . . . . . . 233,045 75,638 61,307 Unrealized (losses) gains on trading securities. . . . . . . . . . (49,815) 126,539 78,637 Unrealized gains on other invested assets. . . . . . . . . . . . . . 1,658 — — Total gains on investments. . . . . . . . . . . . . . . . . . . . . . . . . . $ 184,888 $ 202,177 $ 139,944