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Investments (Tables)
9 Months Ended
Sep. 30, 2011
Investments, Debt and Equity Securities [Abstract] 
Available-For-Sale Securities
Available-for-sale securities were as follows:
 
 
September 30, 2011
 
December 31, 2010
 
 
 
 
Gross Unrealized
 
Estimated
Market
 
 
 
Gross Unrealized
 
Estimated
Market
(in thousands)
 
Cost
 
Gains
 
(Losses)
 
Value
 
Cost
 
Gains
 
(Losses)
 
Value
Equity mutual funds
 
$
43,142

 
$
369

 
$
(3,573
)
 
$
39,938

 
$
41,879

 
$
5,200

 
$
(24
)
 
$
47,055

Fixed-income mutual funds
 
114,765

 
430

 
(1,565
)
 
113,630

 
58,143

 
662

 
(136
)
 
58,669

Total fluctuating-value mutual funds
 
$
157,907

 
$
799

 
$
(5,138
)
 
$
153,568

 
$
100,022

 
$
5,862

 
$
(160
)
 
$
105,724

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
 
Nine Months Ended
 
 
September 30,
 
September 30,
(in thousands)
 
2011
 
2010
 
2011
 
2010
Unrealized (loss) gain
 
 
 
 
 
 
 
 
Trading securities
 
$
(1,963
)
 
$
2,201

 
$
(1,688
)
 
$
(438
)
Derivatives2
 
(163
)
 
239

 
(270
)
 
363

Realized gains1
 
 
 
 
 
 
 
 
Available-for-sale securities
 
223

 
10

 
2,310

 
35

Trading securities
 
92

 
797

 
704

 
1,986

Derivatives2
 
23

 
297

 
429

 
308

Realized losses1
 
 
 
 
 
 
 
 
Available-for-sale securities
 
0

 
0

 
0

 
(2
)
Trading securities
 
(214
)
 
(58
)
 
(529
)
 
(682
)
Derivatives2
 
(291
)
 
(60
)
 
(441
)
 
(735
)
(Loss) gain on securities, net3
 
$
(2,293
)
 
$
3,426

 
$
515

 
$
835

 
1 
Realized gains and losses are computed on a specific-identification basis.
2 
These items relate to the settlement of economic derivatives held by certain consolidated sponsored products.
3  (Loss) gain on securities, net related to consolidated investment companies totaled $(2.3) million and $2.6 million for the three months ended September 30, 2011 and 2010, respectively, and $(1.7) million and $0.1 million for the nine months ended September 30, 2011 and 2010, respectively.