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Investment Securities
 9 Months Ended
Sep. 30, 2017
Investment Securities  
Investment Securities

Note 4 — Investment Securities

The Company maintains cash reserves in the Ultra-Short-Term Bond Fund and the Short-Term Bond Index Fund, which are managed by The Vanguard Group, Inc. The target investment allocation between the Ultra-Short-Term Bond Fund and the Short-Term Bond Index Fund are 75% and 25%, respectively. The Ultra-Short-Term Bond Fund has an average maturity of approximately one year, and approximately 46% of such fund’s holdings are AAA-rated, with 0% non-investment grade rated. The Short-Term Bond Index Fund has an average maturity of approximately three years, and 70% of such fund’s holdings are AAA-rated, with 0% non-investment grade rated. Investment securities are classified as available-for-sale and consisted of the following (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

 

2017

 

2016

 

    

Fair value

    

Cost

    

Fair value

    

Cost

Ultra-Short-Term Bond Fund

 

$

3,804

 

$

3,805

 

$

3,760

 

$

3,767

Short-Term Bond Index Fund

 

 

1,256

 

 

1,273

 

 

1,237

 

 

1,257

Total investments

 

$

5,060

 

$

5,078

 

$

4,997

 

$

5,024