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Investment Securities
 12 Months Ended
Dec. 31, 2018
Investment Securities  
Investment Securities

Note 5 — Investment Securities

In 2018, we invested in Class L shares of the JPMorgan Managed Income Fund.  The JPMorgan Managed Income Fund has an average maturity of approximately one year, duration of approximately six months, and approximately 7% of such fund’s holdings are AAA-rated with 0% non-investment grade rated.  Prior to our investment in the JPMorgan Managed Income Fund, we also maintained cash reserves in the Ultra-Short-Term Bond Fund and the Short-Term Bond Index Fund, which were managed by The Vanguard Group, Inc.    

Investment securities are included in Level 1 of the fair value hierarchy and consisted of the following (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 

 

December 31, 

 

 

2018

 

2017

 

    

Fair value

    

Cost

    

Fair value

    

Cost

JPMorgan Managed Income Fund

 

$

72,453

 

$

72,567

 

$

 —

 

$

 —

Ultra-Short-Term Bond Fund

 

 

 —

 

 

 —

 

 

3,811

 

 

3,825

Short-Term Bond Index Fund

 

 

 —

 

 

 —

 

 

1,252

 

 

1,278

Total investment securities

 

$

72,453

 

$

72,567

 

$

5,063

 

$

5,103