Note 2

Investments

All of Seaboard’s available-for-sale and trading securities are classified as current assets, as they are readily available to support Seaboard’s current operating needs. At December 31, 2012 and 2011, amortized cost and estimated fair market value were not materially different for these investments. At December 31, 2012 and 2011, money market funds included $6,437,000 and $25,755,000 denominated in Euros, respectively, and at December 31, 2012 also included $2,620,000 denominated in British Pounds and $2,441,000 denominated in Canadian dollars. As of December 31, 2012 and 2011, the trading securities primarily consisted of high yield debt securities. As of December 31, 2012 and 2011, unrealized gains related to trading securities were $2,042,000 and $376,000, respectively.

The following is a summary of the amortized cost and estimated fair value of short-term investments for both available for sale and trading securities at December 31, 2012 and 2011:

	2012				2011
	Amortized		Fair		Amortized		Fair
(Thousands of dollars)	Cost		Value		Cost		Value
Money market funds	$	126,537	$	126,537	$	139,420	$	139,420
Corporate bonds	67,275		69,214		88,589		89,146
U.S. Government agency securities	23,647		23,775		9,720		9,757
Emerging markets debt mutual fund	17,693		18,734		17,693		16,399
U.S. Treasury securities	17,165		17,169		4,848		4,905
Collateralized mortgage obligations	15,059		15,162		14,915		15,011
Asset backed debt securities	12,180		12,238		3,533		3,533
Fixed rate municipal notes and bonds	-		-		17,718		17,788
Other	-		-		1,480		1,484
Total available-for-sale short-term investments	279,556		282,829		297,916		297,443
High yield trading debt securities	21,839		23,406		20,155		20,750
Emerging markets trading debt mutual funds	3,046		3,237		2,620		2,487
Emerging markets trading debt securities	2,361		2,600		2,444		2,355
Other trading investments	1,262		1,307		218		221
Total short-term investments	$	308,064	$	313,379	$	323,353	$	323,256

The following table summarizes the estimated fair value of fixed rate securities designated as available-for-sale, classified by the contractual maturity date of the security as of December 31, 2012:

(Thousands of dollars)		2012
Due within one year		$ 2,587
Due after one year through three years		52,411
Due after three years		60,721
Total fixed rate securities		$115,719

In addition to its short-term investments, Seaboard also has trading securities related to Seaboard’s deferred compensation plans classified in other current assets on the Consolidated Balance Sheets. See Note 9 for information on the types of trading securities held related to the deferred compensation plans and Note 10 for a discussion of assets held in conjunction with investments related to Seaboard’s defined benefit pension plan.