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Indian River County, Florida Notes To Financial Statements Year Ended September 30, 2020 NOTE 3 - CASH AND INVESTMENTS - Continued C. Investments As of September 30, 2020, the County had the following investments: Weighted Average Investment Maturity Portfolio Credit Investment Type Fair Value In Years Percentage*** Risks* Fixed Rate Debt Instruments: U.S. Treasuries $ 81,623,670 0.59 29.56 % N/A U.S. Agencies:** Federal Farm Credit Bureau 43,101,030 1.32 15.61 AA+ Federal Home Loan Bank 22,993,300 1.26 8.33 AA+ Federal Home Loan Mortgage 61,069,740 1.63 22.12 AA+ Federal National Mortgage Assoc. 18,170,480 0.70 6.58 AA+ Other Market Rate Investments: Florida Trust Day to Day Fund 348,881 0.08 0.13 AAAm Florida PRIME 3,660,428 0.18 1.33 AAAm FLSTAR 5,015,954 0.10 1.82 AAAm FLCLASS 38,944,659 0.23 14.10 AAAm W&tS Sinking Fund Reserve: U.S. Treasuries Total Fair Value 1,165,178 $ 276,093,320 0.17 Weighted Average Maturity of Investments 0.90 0.42 N/A 100.00 * Ratings based upon Standard and Poor's ** The weighted calculation considers the investments are carried until full maturity (i.e. call dates are not considered). ***Percentages calculated do not include the cash and deposits portion of the portfolio. Fair Value Measurement 0/0 The County categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair value of assets, as determined by the County's investment advisors. Level 1 inputs are quoted prices in active markets for identical assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant unobservable inputs. The County's fair value measurements for U.S. Treasuries and U.S. Agencies are categorized as Level 2 and are valued by the County's custodian bank using independent pricing services based on the type of asset. The pricing services may use 65