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Investments (Tables)
 3 Months Ended
Mar. 31, 2016
Investments, Debt and Equity Securities [Abstract]  
Available-For-Sale Securities
Available-for-sale securities were as follows:
 
 
March 31, 2016
 
December 31, 2015
 
 
 
 
Gross Unrealized
 
Estimated
Fair
 
 
 
Gross Unrealized
 
Estimated
Fair
(in thousands)
 
Cost
 
Gains
 
(Losses)
 
Value
 
Cost
 
Gains
 
(Losses)
 
Value
Equity mutual funds
 
$
32,459

 
$
566

 
$
(1,996
)
 
$
31,029

 
$
32,357

 
$
342

 
$
(2,416
)
 
$
30,283

Fixed-income mutual funds
 
103,331

 
123

 
(2,503
)
 
100,951

 
115,396

 
109

 
(4,040
)
 
111,465

Total fluctuating-value mutual funds
 
$
135,790

 
$
689

 
$
(4,499
)
 
$
131,980

 
$
147,753

 
$
451

 
$
(6,456
)
 
$
141,748
Gains and losses on investments
The following table presents gains and losses recognized in Gain (loss) on securities, net on the Consolidated Statements of Income in connection with Federated's investments as well as economic derivatives held by certain consolidated Federated Funds:
 
 
Three Months Ended
 
 
March 31,
(in thousands)
 
2016

 
2015

Unrealized gain (loss)
 
 
 
 
Trading securities
 
$
2,156

 
$
456

Derivatives1
 
107

 
(159
)
Realized gains2
 
 
 
 
Trading securities
 
116

 
189

Derivatives1
 
406

 
235

Realized losses2
 
 
 
 
Available-for-sale securities
 
(17
)
 
0

Trading securities
 
(1,297
)
 
(613
)
Derivatives1
 
(380
)
 
(362
)
Gain (loss) on securities, net3
 
$
1,091

 
$
(254
)
1 
Amounts related to the settlement of economic derivatives held by certain consolidated Federated Funds.
2 
Realized gains and losses are computed on a specific-identification basis.
3
Amounts related to consolidated entities, primarily Federated Funds, totaled $1.0 million and $(0.3) million for the three months ended March 31, 2016, and 2015, respectively.