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Investments (Tables)
6 Months Ended
Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
Available-For-Sale Securities
Available-for-sale securities were as follows:
 
 
June 30, 2015
 
December 31, 2014
 
 
 
 
Gross Unrealized
 
Estimated
Fair
 
 
 
Gross Unrealized
 
Estimated
Fair
(in thousands)
 
Cost
 
Gains
 
(Losses)
 
Value
 
Cost
 
Gains
 
(Losses)
 
Value
Equity mutual funds
 
$
27,183

 
$
1,377

 
$
(612
)
 
$
27,948

 
$
26,887

 
$
1,216

 
$
(737
)
 
$
27,366

Fixed-income mutual funds
 
119,486

 
98

 
(2,027
)
 
117,557

 
118,081

 
110

 
(2,367
)
 
115,824

Total fluctuating-value mutual funds
 
$
146,669

 
$
1,475

 
$
(2,639
)
 
$
145,505

 
$
144,968

 
$
1,326

 
$
(3,104
)
 
$
143,190

Gains and losses on investments
The following table presents gains and losses recognized in (Loss) gain on securities, net on the Consolidated Statements of Income in connection with investments and economic derivatives held by certain consolidated investment companies:
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30,
 
June 30,
(in thousands)
 
2015

 
2014

 
2015

 
2014

Unrealized (loss) gain
 
 
 
 
 
 
 
 
Trading securities
 
$
(832
)
 
$
(919
)
 
$
(376
)
 
$
(570
)
Derivatives1
 
58

 
(89
)
 
(100
)
 
(150
)
Realized gains2
 
 
 
 
 
 
 
 
Available-for-sale securities3
 
0

 
1,477

 
0

 
3,005

Trading securities
 
326

 
2,148

 
516

 
3,101

Derivatives1
 
61

 
95

 
296

 
161

Realized losses2
 
 
 
 
 
 
 
 
Trading securities
 
(417
)
 
(181
)
 
(1,031
)
 
(1,095
)
Derivatives1
 
(176
)
 
(22
)
 
(539
)
 
(30
)
(Loss) gain on securities, net4
 
$
(980
)
 
$
2,509

 
$
(1,234
)
 
$
4,422

Amounts related to the settlement of economic derivatives held by certain consolidated investment companies.
Realized gains and losses are computed on a specific-identification basis.
3
Amounts related to redemptions of available-for-sale securities resulting in proceeds of $32.3 million and $41.7 million for the three and six months ended June 30, 2014, respectively.
4
Amounts related to consolidated investment companies totaled $(0.8) million and $(1.1) million for the three and six months ended June 30, 2015, respectively, and $0.8 million and $1.1 million for the three and six months ended June 30, 2014, respectively.