Note 3.  Securities and Investments (Continued)
25 ■ 2003 ANNUAL REPORT
SHENANDOAH TELECOMMUNICATIONS COMPANY AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2003 2002 2001
Available-for-sale securities: (in thousands)
Beginning Balance $ (7) $ 68 $ 9,153
Unrealized holding gains (losses) during the year, net 48 (75) 5,615
Reclassification of recognized (gains) during the year, net - - (14,700)
41 (7) 68
Deferred tax effect related to net unrealized gains 15 (3) 26
Ending Balance $ 26 $ (4) $ 42
As of December 31, other investments, comprised of equity securities, which do not have readily determinable
fair values, consist of the following:
2003    2002     2001
Cost method: (in thousands)
Rural Telephone Bank $ 796 $ 796 $  796
NECA Services, Inc. 500 500 500
CoBank 1,321 1,126 768
NTC Communications (equity method in 2003 and 2002) - - 500
Other 182 241 254
$ 2,799 $ 2,663 $ 2,818
Equity method:
South Atlantic Venture Fund III L.P. $8 9 $ 263 $ 393
South Atlantic Private Equity Fund IV L.P. 541 707 891
Dolphin Communications Parallel Fund, L.P. 184 273 441
Dolphin Communications Fund II, L.P. 1,290 1,024 518
Burton Partnership 1,149 988 970
NTC Communications (cost method in 2001) 971 1,089 -
Virginia Independent Telephone Alliance 228 248 400
ValleyNet 17 17 7
$ 4,469 $ 4,609 $ 3,620
Total investments $ 7,268 $ 7,272 $ 6,438
The Company’s investment in CoBank increased $195 thousand in 2003 and $358 thousand in 2002, due to the
ongoing patronage earned from the outstanding investment and loan balances the Company has with CoBank.  For
2003 and 2002, the Company’s allocated portions of losses, recorded on the investment in NTC were $118 thousand
and $171 thousand, respectfully.
In 2003, the Company received distributions from its equity investments totaling $0.5 million in cash and invested $0.7
million in two equity investments, Dolphin Communications Parallel Fund, LP and Dolphin Communications Fund II,
LP.  These two investments recorded losses of approximately $0.4 million for the 2003 year.  The Company recorded a
loss from the Virginia Independent Telephone Alliance investment of $19 thousand, for 2003.  The Company recorded
a gain from the ValleyNet partnership of $84 thousand and received distributions of $84 thousand.  Other equity
investments lost an additional $0.4 million for 2003.
The Company was committed to invest an additional $1.8 million at December 31, 2003 in various equity method
investees pursuant to capital calls from the fund managers.  It is not practical to estimate the fair value of the other
investments due to their limited market and restrictive nature of their transferability.
The Company’s ownership interests in Virginia Independent Telephone Alliance and ValleyNet are approximately
22% and 20%, respectively.  The Company purchases services from Virginia Independent Telephone Alliance and
ValleyNet at rates comparable with other customers. The Company’s ownership in NTC Communications is
approximately 18%.  Other equity method investees are investment limited partnerships which are approximately 2%
owned each.
2003    2002     2001
(in thousands)
$ 796 $ 796 $  796
500 500 500
1,321 1,126 768
2) - - 500
182 241 254
$ 2,799 $ 2,663 $ 2,818
$8 9 $ 263 $ 393
541 707 891
184 273 441
1,290 1,024 518
1,149 988 970
971 1,089 -
228 248 400
17 17 7
$ 4,469 $ 4,609 $ 3,620
$ 7,268 $ 7,272 $ 6,438
$ 263
707
273
1,024
988
1,089
248
17
$ 4,609
$ 7,272
$ 2,663
$ 796
500
1,126
-
241
$
$
securities, which do not have readily determinable
fair values, consist of the following:
As of December 31, other investments, comprised of equity