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Investment Securities
 3 Months Ended
Mar. 31, 2018
Investment Securities  
Investment Securities

Note 3 — 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 43% of such fund’s holdings are AAA-rated, with 1% 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 consisted of the following (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 

 

December 31,

 

 

2018

 

2017

 

    

Fair value

    

Cost

    

Fair value

    

Cost

Ultra-Short-Term Bond Fund

 

$

3,819

 

$

3,842

 

$

3,811

 

$

3,825

Short-Term Bond Index Fund

 

 

1,246

 

 

1,284

 

 

1,252

 

 

1,278

Total investments

 

$

5,065

 

$

5,126

 

$

5,063

 

$

5,103