9.	Securities and Loan Securities Carried at Fair Value

Securities and loan securities carried at fair value are summarized in the table below (in thousands):


	September 30, 2014				December 31, 2013
	Cost		Liquidation Value		Cost		Fair Value

Loan securities	$	161	$	918	$	161	$	226

	$	161	$	918	$	161	$	226

No securities carried at fair value were sold during the one month ended July 31, 2014. During the seven months ended July 31, 2014, securities carried at fair value were sold for total proceeds of approximately $75,000. The Trust recorded a gain on these sales of approximately $2,000 in the seven months ended July 31, 2014. No securities have been sold subsequent to August 1, 2014.

During the three and nine months ended September 30, 2013, securities carried at fair value were sold for total proceeds of approximately $3,255,000 and $12,345,000, respectively. The Trust recorded a loss on these sales of approximately $31,000 and $133,000, respectively in the three and nine months ended September 30, 2013.

Prior to the adoption of liquidation accounting on August 1, 2014, the cost of securities was based on specific identification for the purpose of determining gains or losses. Subsequent to August 1, 2014 securities are carried at their estimated liquidation value. For the nine months ended September 30, 2013, the Trust recognized net unrealized gains on securities carried at fair value and loan securities carried at fair value of $73,000, as the result of the change in fair value of the financial assets for which the fair value option was elected. The Trust did not recognize any unrealized gains or losses on securities carried at fair value or loan securities carried at fair value for the three months ended September 30, 2013 or for the one and seven months ended July 31, 2014.