3. Investments

The following is a summary of amounts included in restricted and unrestricted investments as of March 31, 2016 and December 31, 2015. The University considered all investments as available for sale.


	As of March 31, 2016
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value
Municipal securities	$	84,150	$	56	$	(78	)	$	84,128
Municipal bond mutual fund	$	55,810	$	—	$	(173	)	$	55,637


Total restricted and unrestricted investments	$	139,960	$	56	$	(251	)	$	139,765


	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

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, 2016. For the three months ended March 31, 2016, the net unrealized losses on available-for-sale securities was $120, net of taxes.