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Marketable Securities
 6 Months Ended
Jun. 30, 2011
Marketable Securities  
Marketable Securities
4. Marketable Securities

The Company's marketable securities consist of both trading (including securities held by a broker-dealer affiliate) and available-for-sale securities. The composition of the Company's marketable securities is summarized as follows:

 

June 30, 2011

           
     Cost      Unrealized
Loss		     Unrealized
Gain		      Fair
Value		  
($ in thousands)                           

Trading:

           

Affiliated mutual funds and variable insurance funds

    $ 12,256       $ (728 )    $ 1,601       $ 13,129   

Available-for-sale:

           

Affiliated closed-end funds

      2,159         (53 )      115         2,221   
  

 

 

     

 

 

    

 

 

     

 

 

  

Total marketable securities

    $ 14,415       $ (781 )    $ 1,716       $ 15,350   
  

 

 

     

 

 

    

 

 

     

 

 

  

December 31, 2010

           
     Cost      Unrealized
Loss		     Unrealized
Gain		      Fair
Value		  
($ in thousands)                           

Trading:

           

Affiliated mutual funds

    $ 8,368       $ (1,169 )    $ 1,158       $ 8,357   

Available-for-sale:

           

Affiliated closed-end funds

      1,981         (68 )      3         1,916   
  

 

 

     

 

 

    

 

 

     

 

 

  

Total marketable securities

    $ 10,349       $ (1,237 )    $ 1,161       $ 10,273   
  

 

 

     

 

 

    

 

 

     

 

 

  

At June 30, 2011 and December 31, 2010, all of the Company's financial instruments that are measured at fair value, which consist solely of mutual funds and marketable securities, utilize a Level 1 valuation technique which, as defined in ASC 820, Fair Value Measurements and Disclosures, is quoted prices in active markets for identical assets or liabilities.