7. INVESTMENTS:

The Company’s investments (short-term and long-term) consist of the following:

			Gross		Gross
	Amortized Cost		Unrealized		Unrealized		Fair
	Basis		Losses		Gains		Value
	(In thousands)
December 31, 2014
Corporate debt securities	$	789	$	(1)	$	17	$	805
Government-sponsored enterprise mortgage-backed securities		102		—		—		102
Mutual funds		2,135		(131)		—		2,004
Total investments	$	3,026	$	(132)	$	17	$	2,911

			Gross		Gross
	Amortized Cost		Unrealized		Unrealized		Fair
	Basis		Losses		Gains		Value
	(In thousands)
December 31, 2013
Corporate debt securities	$	147	$	(2)	$	2	$	147
Mutual funds		2,528		(213)		—		2,315
Total investments	$	2,675	$	(215)	$	2	$	2,462

The following tables show the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position:

	Fair		Unrealized		Fair		Unrealized		Total
	Value		Losses		Value		Losses		Unrealized
	< 1 Year		< 1 Year		> 1 Year		> 1 Year		Losses
	(In thousands)
December 31, 2014
Corporate debt securities	$	374	$	(1)	$	341	$	—	$	(1)
Government-sponsored enterprise mortgage-backed securities		—		—		100		—		—
Mutual funds		—		—		2,004		(131)		(131)
Total investments	$	374	$	(1)	$	2,445	$	(131)	$	(132)

	Fair		Unrealized		Fair		Unrealized		Total
	Value		Losses		Value		Losses		Unrealized
	< 1 Year		< 1 Year		> 1 Year		> 1 Year		Losses
	(In thousands)
December 31, 2013
Corporate debt securities	$	119	$	(2)	$	—	$	—	$	(2)
Mutual funds		765		(27)		1,477		(186)		(213)
Total investments	$	884	$	(29)	$	1,477	$	(186)	$	(215)

The Company’s investments in debt securities are sensitive to interest rate fluctuations, which impact the fair value of individual securities. The Company has analyzed the unrealized losses on the 23 and 12 securities that were in an unrealized loss position as of December 31, 2014, and 2013, respectively, and believe that they do not meet the criteria for an OTTI. The Company has not decided to sell the affected securities and it is not more likely than not that the Company will be required to sell before a recovery of the amortized cost of the affected securities. However, given the judgmental nature of the Company’s analysis, there is a continuing risk that further declines in fair value may occur. These declines could result in OTTI losses in future periods.

The amortized cost and estimated fair value of debt securities at December 31, 2014, by contractual maturity, are shown below.

	Amortized
	Cost Basis		Fair Value
	(In thousands)
Within 1 year	$	106	$	106
After 1 year through 5 years		376		384
After 5 years through 10 years		307		315
After 10 years		—		—
Total debt securities	$	789	$	805

A primary objective in the management of the fixed maturity portfolios is to maximize total return relative to underlying liabilities and respective liquidity needs. In achieving this goal, assets may be sold to take advantage of market conditions or other investment opportunities, as well as tax considerations. Sales will generally produce realized gains or losses. In the ordinary course of business, the Company may sell securities for a number of reasons, including, but not limited to: (i) changes to the investment environment; (ii) expectation that the fair value could deteriorate further; (iii) desire to reduce exposure to an issuer or an industry; (iv) changes in credit quality; and (v) changes in expected cash flow. Available-for-sale securities were sold as follows:

	Year Ended December 31,
	2014		2013
	(In thousands)
Proceeds from sales	$	482	$	1,665
Gross realized gains		—		—
Gross realized losses		4		—