ODYSSEY RE HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued 55 The proceeds from the sales of investments wer $1.8 billion, $4.9 billion and $2.5 billion for the years ended December 31, 2004, 2003 and 2002. The following table sets forth the components of net investment income for the years ended December 31, 2004, 2003 and 2002 (in thousands): Actual maturities may differ from the contractual maturities shown in the table above due to the existence of call features or put features. In the case of securities containing call features, the actual maturity will be the same as the contractual maturity if the issuer elects not to exercise its call feature. Total securities subject to call represent approximately 4% of the total fair value. In the case of securities containing put features, the actual maturity will be the same as the contractual maturity if the investor elects not to exercise its put feature. Total securities containing the put feature represent approximately 4% of the total fair value. The amortized cost and fair value of fixed income securities as of December 31, 2004, by contractual maturity, are shown below in thousands. Amortized Cost Fair Value Due in one year or less $ 68,478 $ 70,706 Due after one year through five years 228,106 237,252 Due after five years through ten years 141,833 136,987 Due after ten years 2,040,197 2,060,685 Total fixed income securities $2,478,614 $2,505,630 2004 2003 2002 Interest on fixed income securities and preferred stock $123,822 $91,971 $120,905 Dividends on common stocks, fair value 23,736 6,753 4,503 Net income of common stocks, at equity 7,979 10,407 11,792 Interest on cash and short-term investments 19,668 16,048 6,427 Other 21,432 45,061 10,091 Gross investment income 196,637 170,240 153,718 Investment expenses 11,819 9,476 6,610 Interest on funds held under reinsurance contracts 20,115 26,649 24,080 Net investment income $164,703 $134,115 $123,028