3. Investments

The following is a summary of amounts included in restricted and unrestricted investments as of September 30, 2015 and December 31, 2014. The University considered all investments as available for sale.


	As of September 30, 2015
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value
Municipal securities	$	84,007	$	94	$	(85	)	$	84,016
Municipal bond mutual fund		55,621		—		(115	)		55,506


Total restricted and unrestricted investments	$	139,628	$	94	$	(200	)	$	139,522


	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 restricted and 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 September 30, 2015. As of September 30, 2015, the net unrealized loss on available-for-sale securities was $64, net of taxes.