INVESTMENTS

Investment balances are presented in the table below (in thousands). All investments are carried at fair value and are accounted for as trading securities.



	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Market Value
September 30, 2016:
U.S. Government and Government agency obligations	$	25,209	$	38	$	—		$	25,247
Money market funds	12,421		—		—			12,421
Equity funds	12,027		233		(79		)	12,181
Marketable securities	$	49,657	$	271	$	(79	)	$	49,849
December 31, 2015:
U.S. Government and Government agency obligations	$	50,972	$	15	$	(15	)	$	50,972
Money market funds	9,179		—		—			9,179
Equity funds	12,653		—		(484		)	12,169
Marketable securities	$	72,804	$	15	$	(499	)	$	72,320

As of September 30, 2016 and December 31, 2015, $11.1 million and $10.7 million in corporate funds, respectively, were invested in Westwood Funds®, Westwood Common Trust Funds and the UCITS Fund. See Note 8 “Variable Interest Entities.”