3. Investments

The following is a summary of amounts included in restricted and unrestricted investments as of June 30, 2016 and December 31, 2015. The University considered all investments as available for sale.


	As of June 30, 2016
	Adjusted Cost		Gross Unrealized Gains		Gross Unrealized (Losses)			Estimated Fair Value
Municipal securities	$	49,421	$	66	$	(47	)	$	49,440
Municipal bond mutual fund	$	55,919	$	—	$	(57	)	$	55,862


Total restricted and unrestricted investments	$	105,340	$	66	$	(104	)	$	105,302


	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 June 30, 2016. For the six months ended June 30, 2016, the net unrealized losses on available-for-sale securities was $24, net of taxes.