3. Investments

The following is a summary of amounts included in restricted and unrestricted investments as of March 31, 2015 and December 31, 2014. The University sold $9,965 of restricted investments during the three months ended March 31, 2015. The University considered all investments as available for sale.


	As of March 31, 2015
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value
Municipal securities	$	83,523	$	48	$	(165	)	$	83,406
Municipal bond mutual fund		75,484		—		—			75,484

Total restricted and unrestricted investments	$	159,007	$	48	$	(165	)	$	158,890


	As of December 31, 2014
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value
Municipal securities	$	83,364	$	51	$	(177	)	$	83,238
Municipal bond mutual fund		85,386		—		—			85,386

Total unrestricted investments	$	168,750	$	51	$	(177	)	$	168,624

The cash flows of municipal securities are backed by the issuing municipality’s credit worthiness. All municipal securities are due in one year or less as of March 31, 2015. For the three months ended March 31, 2015, the net unrealized loss on available-for-sale securities was $72, net of taxes.