NOTE 6

Investment income. Income from investments and gross realized investment and other gains and losses follow:


	2012			2011			2010
	($000 omitted)

Investment income:
Debt securities		12,399			13,860			15,014
Short-term investments, cash equivalents and other		1,410			1,645			3,383

		13,809			15,505			18,397


Investment and other gains (losses):
Realized gains		9,417			12,151			24,055
Realized losses		(1,839	)		(9,849	)		(2,273	)

		7,578			2,302			21,782

Proceeds from the sales of investments available-for-sale were $134.8 million, $292.0 million and $280.9 million for the years ended December 31, 2012, 2011 and 2010, respectively. Expenses assignable to investment income were insignificant. There were no significant investments at December 31, 2012 that did not produce income during the year.

In 2012, investment and other gains (losses) – net included realized gains of $8.0 million from the sale of debt and investments available-for-sale and sale of fixed assets, partially offset by realized losses of $0.8 million for the impairment of cost-basis investments.

In 2011, investment and other gains (losses) – net included realized gains of $10.7 million from the sale of debt and investments available-for-sale, partially offset by realized losses of $3.5 million for the impairment of cost-basis investments and $4.3 million from a loss on a third-party loan guarantee obligation.

In 2010, investment and other gains (losses) – net included realized gains of $11.8 million from the sale of debt and investments available-for-sale, $6.3 million primarily from a transfer of the rights to internally developed software, $1.2 million from the sale of interests in subsidiaries and $3.0 million from the sale of real estate.