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 September 30, 2013 and December 31, 2012 is summarized as follows:


September 30, 2013
	Cost		Unrealized Loss			Unrealized Gain		Fair Value
*($ in thousands)*
Trading:
Sponsored mutual funds and variable insurance funds	$	11,845	$	(685	)	$	2,653	$	13,813
Equity securities		3,898		—			1,206		5,104
Investments of consolidated sponsored investment products:
Debt securities		29,598		(2,154	)		165		27,609
Equity securities		66,679		(415	)		2,125		68,389
Available-for-sale:
Sponsored closed-end funds		2,764		(125	)		45		2,684

Total marketable securities	$	114,784	$	(3,379	)	$	6,194	$	117,599


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
Equity securities		3,739		—			640		4,379
Investments of consolidated sponsored investment products:
Debt securities		24,830		(21	)		1,003		25,812
Equity securities		16,537		(144	)		1,022		17,415
Available-for-sale:
Sponsored closed-end funds		2,619		(37	)		74		2,656

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