Note 2– Investments

Seaboard’s short-term investments are treated as either available-for-sale securities or trading securities. 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. Available-for-sale securities are recorded at their estimated fair value with unrealized gains and losses reported, net of tax, as a separate component of accumulated other comprehensive loss. Trading securities are recorded at their estimated fair value with unrealized gains and losses reflected in other investment income (loss), net. At March 30, 2013 and December 31, 2012, amortized cost and estimated fair value were not materially different for these investments.

At March 30, 2013, money market funds included $7,747,000 denominated in Euros and $7,184,000 denominated in Canadian dollars. As of March 30, 2013, the trading securities primarily consisted of high yield debt securities.

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 March 30, 2013 and December 31, 2012.

	2013				2012
	Amortized		Fair		Amortized		Fair
(Thousands of dollars)	Cost		Value		Cost		Value
Money market funds	$	138,756	$	138,756	$	126,537	$	126,537
Corporate bonds	65,071		66,661		67,275		69,214
Enhanced cash mutual fund	25,000		25,011		-		-
U.S. Government agency securities	22,276		22,336		23,647		23,775
U.S. Treasury securities	20,821		20,855		17,165		17,169
Emerging markets debt mutual fund	17,693		18,750		17,693		18,734
Collateralized mortgage obligations	14,622		14,716		15,059		15,162
Asset backed debt securities	12,485		12,544		12,180		12,238
Total available-for-sale short-term investments	316,724		319,629		279,556		282,829
High yield trading debt securities	22,604		24,190		21,839		23,406
Emerging markets trading debt mutual fund	3,079		3,237		3,046		3,237
Emerging markets trading debt securities	2,563		2,761		2,361		2,600
Other trading investments	935		985		1,262		1,307
Total available-for-sale and trading short-term investments	$	345,905	$	350,802	$	308,064	$	313,379

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 March 30, 2013.

(Thousands of dollars)	2013
Due within one year	$	4,254
Due after one year through three years	42,457
Due after three years	63,702
Total fixed rate securities	$	110,413

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 Condensed Consolidated Balance Sheets. See Note 5 to the Condensed Consolidated Financial Statements for information on the types of trading securities held related to the deferred compensation plans.