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## ODYSSEY RE HOLDINGS CORP. 

## NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued 

## 4. INVESTMENTS 

The composition of the fixed income securities, common stocks carried at fair value and short-term investments as of December 31, 2004 follows (in thousands): 

<img src='content_image/97909.jpg'>

The gross unrealized appreciation of $278.6 million and the gross unrealized depreciation of $118.0 million resulted principally from the change in value of U.S. and non-U.S. equities, the credit quality of fixed income securities and the current interest rate environment. 

