3. Investments

The following is a summary of amounts included in investments as of June 30, 2014 and December 31, 2013. The University considered all investments as available for sale.


	As of June 30, 2014
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value
Municipal securities	$	156,512	$	12	$	(32	)	$	156,492


	As of December 31, 2013
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value
Municipal securities	$	108,393	$	35	$	(8	)	$	108,420

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 June 30, 2014. For the six months ended June 30, 2014, the net unrealized loss on available-for-sale securities was $28, net of taxes.