Investment gains/losses in the second quarter and first six months of 2020 and 2019 are summarized as follows (in millions).

	Second Quarter						First Six Months
	2020			2019			2020			2019
Equity securities:
Unrealized investment gains (losses) on securities held at the end of the period	$	39,369		$	9,827		$	(18,377	)	$	29,192
Investment gains (losses) on securities sold during the period		(87	)		5			(11,233	)		194
		39,282			9,832			(29,610	)		29,386
Fixed maturity securities:
Gross realized gains		25			7			41			12
Gross realized losses		(14	)		(6	)		(20	)		(16	)
Other		(4	)		2			(4	)		5
	$	39,289		$	9,835		$	(29,593	)	$	29,387

Equity securities gains and losses include unrealized gains and losses from changes in fair values during the period on equity securities we still own.

In the first six months of 2020 and 2019, as reflected in the Consolidated Statements of Cash Flows, we received proceeds of approximately $15.7 billion and $4.5 billion, respectively, from sales of equity securities. In the preceding table, investment gains/losses on equity securities sold reflect the difference between proceeds from sales and the fair value of the equity securities sold at the beginning of the applicable quarterly or annual period or the purchase date, if later. The losses on securities sold in the first six months of 2020 ($11.2 billion) include losses of $10.7 billion from market value changes in the first quarter on securities that were sold in the second quarter. Our taxable gains/losses on equity securities sold are generally the difference between the proceeds from sales and original cost. Taxable losses were $4.5 billion and $3.3 billion in the second quarter and first six months of 2020, respectively, and taxable gains were $832 million and $1.35 billion in the second quarter and first six months of 2019, respectively.