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Investment Securities
 6 Months Ended
Jun. 30, 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 45% 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):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 

 

December 31,

 

 

2018

 

2017

 

    

Fair value

    

Cost

    

Fair value

    

Cost

Ultra-Short-Term Bond Fund

 

$

3,840

 

$

3,863

 

$

3,811

 

$

3,825

Short-Term Bond Index Fund

 

 

1,248

 

 

1,290

 

 

1,252

 

 

1,278

Total investments

 

$

5,088

 

$

5,153

 

$

5,063

 

$

5,103