Note 3. Investments

The Company has three classifications of investments: investments carried at fair value, investments carried at cost, and equity method investments. See Note 1 for definitions of each classification of investment.

At December 31, 2011 and 2010, investments carried at fair value consisted of:

	2011		2010
	(in thousands)
Cash management trust	$	197	$	186
Taxable bond funds		96		177
Domestic equity funds		1,232		1,314
International equity funds		635		610
	$	2,160	$	2,287

Investments carried at fair value were acquired under a rabbi trust arrangement related to the Company's SERP. The Company purchases investments in the trust to mirror the investment elections of participants in the SERP; gains and losses on the investments in the trust are reflected as increases or decreases in the liability owed to the participants. During the years ended December 31, 2011, 2010 and 2009, the Company recorded unrealized losses of $132 thousand during 2011, unrealized gains of $187 thousand during 2010, and unrealized gains of $580 thousand during 2009. Sales of investments resulted in the recognition of $27 thousand, $8 thousand and $201 thousand of realized losses in 2011, 2010 and 2009, respectively. Fair values for these investments are determined by quoted market prices (“level 1 fair values”) for the underlying mutual funds, which may be based upon net asset value.

At December 31, 2011 and 2010, other investments, comprised of equity securities which do not have readily determinable fair values, consist of the following:

	2011		2010
Cost method:	(in thousands)
NECA Services, Inc.	$	505	$	505
CoBank		2,747		2,557
Other		255		252
		3,507		3,314
Equity method:
Dolphin Communications Fund II, L.P.		514		1,266
Burton Partnership		1,708		1,799
Other		416		424
		2,638		3,489
Total other investments	$	6,145	$	6,803

The Company's investment in CoBank increased $190 thousand and $175 thousand in the years ended December 31, 2011 and 2010, respectively, due to the ongoing patronage earned from the outstanding investment and loan balances the Company has with CoBank.

In the year ended December 31, 2011, the Company received distributions from its equity investments totaling $398 thousand in cash and securities, and invested $84 thousand in two equity investments. The Dolphin Communications Parallel Fund II, LP investment generated $314 thousand of the distributions and $75 thousand of the additional investments shown above, as well as recording a net loss of approximately $513 thousand in the year ended December 31, 2011. Other equity investments had a net loss of $24 thousand in the year ended December 31, 2011.

The Company's ownership interests in equity method investees were unchanged during 2011.