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Investments (Tables)
 9 Months Ended
Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract]  
Available-For-Sale Securities
Available-for-sale securities were as follows:
 
 
September 30, 2016
 
December 31, 2015
 
 
 
 
Gross Unrealized
 
Estimated
Fair
 
 
 
Gross Unrealized
 
Estimated
Fair
(in thousands)
 
Cost
 
Gains
 
(Losses)
 
Value
 
Cost
 
Gains
 
(Losses)
 
Value
Equity funds
 
$
23,649

 
$
1,623

 
$
(58
)
 
$
25,214

 
$
32,357

 
$
342

 
$
(2,416
)
 
$
30,283

Fixed-income funds
 
104,747

 
156

 
(909
)
 
103,994

 
115,396

 
109

 
(4,040
)
 
111,465

Total fluctuating-value funds
 
$
128,396

 
$
1,779

 
$
(967
)
 
$
129,208

 
$
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
 
Nine Months Ended
 
 
September 30,
 
September 30,
(in thousands)
 
2016

 
2015

 
2016

 
2015

Unrealized gain (loss)
 
 
 
 
 
 
 
 
Trading securities
 
$
1,684

 
$
(903
)
 
$
5,410

 
$
(1,485
)
Derivatives1
 
315

 
148

 
11

 
122

Realized gains2
 
 
 
 
 
 
 
 
Available-for-sale securities3
 
266

 
0

 
291

 
0

Trading securities
 
472

 
224

 
1,058

 
739

Derivatives1
 
28

 
17

 
583

 
313

Realized losses2
 
 
 
 
 
 
 
 
Available-for-sale securities3
 
0

 
(1,342
)
 
(1,645
)
 
(1,342
)
Trading securities
 
(273
)
 
(1,547
)
 
(2,048
)
 
(2,371
)
Derivatives1
 
(460
)
 
(889
)
 
(1,107
)
 
(1,502
)
Gain (loss) on securities, net4
 
$
2,032

 
$
(4,292
)
 
$
2,553

 
$
(5,526
)
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
Proceeds from redemptions of available-for-sale securities were $7.8 million and $8.0 million for the three and nine months ended September 30, 2016.
4
Amounts related to consolidated entities, primarily Federated Funds, totaled $1.6 million and $3.5 million for the three and nine months ended September 30, 2016, respectively, and $(2.6) million and $(3.7) million for the three and nine months ended September 30, 2015, respectively.