Short-Term Investments

12 Months Ended

Dec. 31, 2014

Short-Term Investments

3. Short-Term Investments

Short-term investments included the following at December 31, 2014 and 2013:

	2014		2013
	(In thousands)
Investments in mutual funds at fair value	$	186,842	$	149,828
Term deposits with banks		466,625		340,349
Fixed Maturity Plans (FMPs) of mutual funds, at cost		15,886		—
Total	$	669,353	$	490,177

Information related to investments in mutual funds (primarily Indian Mutual Funds) is as follows at and for the years ended December 31, 2014, 2013 and 2012:

	2014		2013		2012
	(In thousands)
Cost	$	180,143	$	144,353	$	59,598
Unrealized gain, net		6,699		5,475		948
Fair value	$	186,842	$	149,828	$	60,546
Gross realized gains	$	14,619	$	3,600	$	3,012
Proceeds on sales of mutual funds		305,298		200,836		238,604
Purchases of mutual funds		349,791		294,010		270,685

Held to maturity securities

Investments in held-to-maturity securities of the Company consist of investments in the units of FMPs of mutual funds in Indian subsidiaries.

Description	As of December 31, 2014		As of December 31, 2013		As of December 31, 2012
	(In thousands)
Aggregate fair value of the investment	$	16,612		—		—
Less: Gross unrecognized holding gain		726		—		—
Net carrying amount	$	15,886		—		—

Information related to investments in term deposits with banks included the following for the years ended December 31, 2014, 2013 and 2012:

	2014		2013		2012
	(In thousands)
Cost	$	466,625	$	340,349	$	266,107
Maturities of term deposits	$	445,717	$	288,719	$	194,873
Purchases of term deposits		583,341		395,589		277,116