The composition by industry categories of shares in an unrealized loss position at December 31 is presented in the table below. Carrying value of shares with gross unrealized losses Gross unrealized losses 2003 2002 2003 2002 Funds 160 161 (14) (37) Cyclical consumer  39 117 (10) (22) Financials 205 459 (7) (45) Non-cyclical consumer 77 800 (5) (80) Cyclical services 94 257 (4) (47) Industries 63 120 (4) (20) Non-cyclical services 21 126 (2) (24) Technology 14 73 (2) (7) Transportation 13 0 (1) 0 Communications 17 37 (1) (5) Resources 1 74 0 (15) Other - limited partnerships 165 209 (33) (256) Other 117 393 (9) (40) Total shares in an unrealized loss position 986 2,826 (92) (598) 2003 2002 BONDS AND OTHER FIXED RATE SECURITIES 71,576 75,697 2003 2002 Redemption value of the bonds 73,677 76,496 Deferred purchase differences (5,054) (4,931) Amortization value bonds 68,623 71,565 Other fixed rate securities 2,953 4,132 71,576 75,697 AEGON GROUP ANNUAL REPORT 2003 89 Bonds are shown at amortized cost less provisions for uncollectable amounts, representing the cash value at the balance sheet date of future interest and principal repayment components based on the effective interest rate on the date of acquisition. Included in other fixed rate securities are redeemable preferred shares and money market investments. Redeemable preferred shares are valued at amortized cost; money market investments are valued at cost. Realized gains and losses from transactions within the bonds and private placements portfolios, unless a loss is considered a default loss, are deferred and released to the income statements in annual installments over the estimated average remaining maturity term of the investments sold.  In the United States a reduction in the carrying value is made for bonds which are in default or have experienced a significant downgrade in their credit rating or a significant decline in their market value. Such reductions are charged against the bond default provision. In the other countries the provision is accrued until the receivable has legally ceased to exist.