5. Marketable Securities

The Company’s marketable securities consist of trading securities, investments of consolidated sponsored investment products, and available-for-sale securities. The composition of the Company’s marketable securities as of June 30, 2013 and December 31, 2012 is summarized as follows:


June 30, 2013
	Cost		Unrealized Loss			Unrealized Gain		Fair Value
*($ in thousands)*
Trading:
Sponsored mutual funds and variable insurance funds	$	11,840	$	(779	)	$	2,310	$	13,371
Investments of consolidated sponsored investment products		45,138		(2,536	)		512		43,114
Equity securities		3,852		—			797		4,649
Available-for-sale:
Sponsored closed-end funds		2,715		(85	)		83		2,713

Total marketable securities	$	63,545	$	(3,400	)	$	3,702	$	63,847


December 31, 2012
	Cost		Unrealized Loss			Unrealized Gain		Fair Value
*($ in thousands)*
Trading:
Sponsored mutual funds and variable insurance funds	$	7,312	$	(689	)	$	1,390	$	8,013
Investments of consolidated sponsored investment products		41,367		(165	)		2,025		43,227
Equity securities		3,739		—			640		4,379
Available-for-sale:
Sponsored closed-end funds		2,619		(37	)		74		2,656

Total marketable securities	$	55,037	$	(891	)	$	4,129	$	58,275