3. Investments

The following is a summary of investments as of March 31, 2018 and December 31, 2017. The University considered all investments as available for sale.


	As of March 31, 2018
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value
Municipal securities	$	83,391	$	—	$	(379	)	$	83,012
Commercial paper	$	3,984	$	—	$	—		$	3,984
Certificates of Deposit	$	4,915	$	—	$	(1	)	$	4,914

Total investments	$	92,290	$	—	$	(380	)	$	91,910


	As of December 31, 2017
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value
Municipal securities	$	84,768	$	—	$	(409	)	$	84,359
Certificates of Deposit	$	4,915	$	—	$	(3	)	$	4,912

Total investments	$	89,683	$	—	$	(412	)	$	89,271

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, 2018. For the three months ended March 31, 2018, the net unrealized losses on available-for-sale securities was $230, net of taxes.