6. Investments

Investments consist of:

	December 31,
	2011		2010
	(in thousands)

Available-for-sale	$	13,883	$	16,588
Trading:
Deferred compensation-related		135,832		239,787
United States Treasury Bills		37,998		52,975
Seed money		278,932		177,589
Other		58,237		35,259
Investments in limited partnership hedge funds:
Deferred compensation-related		40,538		58,918
Seed money/other		123,920		47,735
Consolidated private equity fund		58,749		101,360
Private equity		35,726		17,803
Other		11,479		8,541
Total investments	$	795,294	$	756,555

Total investments related to deferred compensation obligations of $176.4 million and $298.7 million as of December 31, 2011 and 2010, respectively, consist of company-sponsored mutual funds and limited partnership hedge funds. We typically made investments in our services that were notionally elected by deferred compensation plan participants and maintain them in a consolidated rabbi trust or separate custodial account. The rabbi trust and custodial account enable us to hold such investments separate from our other assets for the purpose of settling our obligations to participants. The investments held in the rabbi trust and custodial account remain available to the general creditors of AllianceBernstein.

The underlying investments of the limited partnership hedge funds in which we invest include long and short positions in equity securities, fixed income securities (including various agency and non-agency asset-based securities), currencies, commodities and derivatives (including various swaps and forward contracts). These investments are valued at quoted market prices or, where quoted market prices are not available, are fair valued based on the pricing policies and procedures of the underlying funds.

United States Treasury Bills are held by SCB LLC in their investment account, the majority of which are pledged as collateral with clearing organizations.

We provide seed money to our investment teams to develop new products and services for our clients.

Trading securities also include long positions in corporate equities and long exchange-traded options traded through our options desk.

The following is a summary of the cost and fair value of available-for-sale and trading investments held as of December 31, 2011 and 2010:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
December 31, 2011:
Available-for-sale:
Equity investments	$	6,753	$	489	$	(342	)	$	6,900
Fixed income investments		6,857		133		(7	)		6,983
	$	13,610	$	622	$	(349	)	$	13,883
Trading:
Equity investments	$	375,287	$	5,959	$	(41,938	)	$	339,308
Fixed income investments		172,142		3,475		(3,926	)		171,691
	$	547,429	$	9,434	$	(45,864	)	$	510,999

December 31, 2010:
Available-for-sale:
Equity investments	$	9,695	$	1,380	$	(1,023	)	$	10,052
Fixed income investments		6,267		282		(13	)		6,536
	$	15,962	$	1,662	$	(1,036	)	$	16,588
Trading:
Equity investments	$	269,529	$	34,211	$	(6,259	)	$	297,481
Fixed income investments		207,436		2,894		(2,201	)		208,129
	$	476,965	$	37,105	$	(8,460	)	$	505,610

Proceeds from sales of available-for-sale investments were approximately $3.5 million, $4.3 million and $6.9 million in 2011, 2010 and 2009, respectively. Realized gains from our sales of available-for-sale investments were $0.1 million in 2011, $0.5 million in 2010 and zero in 2009. Realized losses from our sales of available-for-sale investments were $0.1 million in 2011, $0.4 million in 2010 and $2.5 million in 2009. We assess valuation declines to determine the extent to which such declines are fundamental to the underlying investment or attributable to temporary market-related factors. Based on our assessment, we do not believe the declines are other than temporary as of December 31, 2011.