3. Investments

The following is a summary of investments as of December 31, 2015 and 2014, which includes $67,840 of restricted investments as of December 31, 2014. In 2014, the University recorded a non-cash transaction to reflect the restriction of $67,840 of investments. The University considered all investments as available for sale.


	As of December 31, 2015
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value
Municipal securities	$	83,507	$	26	$	(169	)	$	83,364
Municipal bond mutual fund		55,720		—		(115	)		55,605

Total restricted and unrestricted investments	$	139,227	$	26	$	(284	)	$	138,969


	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 December 31, 2015. For the years ended December 31, 2015 and 2014, the net unrealized losses on available-for-sale securities were $(159) and ($93), net of taxes, respectively.