ODYSSEY RE HOLDINGS CORP. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS, Continued The following table sets forth the components of gross and net r ealized investment gains and losses for the years ended December 31, 2004, 2003 and 2002 (in thousands): 2004 2003 2002 Fixed income securities: Gains $ 55,899 $226,399 $156,419 Losses 2,352 64,521 15,330 Net 53,547 161,878 141,089 Preferred stock: Gains — 967 2,369 Losses — — — Net — 967 2,369 Equity securities: Gains 95,436 42,934 5,506 Losses 2,425 7,189 13,470 Net 93,011 35,745 (7,964) Other securities: Gains 30,117 11,435 6,663 Losses 63,211 7,283 6,361 Net (33,094) 4,152 302 Total realized gains (losses): Gains 181,452 281,735 170,957 Losses 67,988 78,993 35,161 Net $113,464 $202,742 $135,796 Included in gross losses for the years ended December 31, 2003 and 2002 are $58.8 million and $13.0 million, respectively, related to realized losses on the other than temporary write-down of certain fixed income and equity securities. The Company did not recognize any other than temporary write-down of investments for the year ended December 31, 2004. The following table sets forth the changes in unrealized net appr eciation (depreciation) of investments, and the related tax effect, reflected in accumulated other comprehensive income for the years ended December 31, 2004, 2003 and 2002 (in thousands): 56 2004 2003 2002 Fixed income securities $34,706 $(35,506) $29,618 Redeemable preferred stock — 704 (704) Equity securities 22,063 69,213 12,554 Other invested assets (40,376) 42,232 940 Subtotal 16,393 76,643 42,408 Provision for deferred income taxes (5,737) (26,825) (14,843) Net change in unrealized net  appreciation of investments $ 10,656 $ 49,818 $ 27,565