4. INVESTMENTS:

The Company’s investments (short-term and long-term) as of March 31, 2015, and December 31, 2014, consist of the following:

	Amortized Cost Basis		Gross Unrealized Losses		Gross Unrealized Gains		Fair Value

	(In thousands)
March 31, 2015
Corporate debt securities	$	592	$	(1)	$	2	$	593
Total investments	$	592	$	(1)	$	2	$	593

	Amortized Cost Basis		Gross Unrealized Losses		Gross Unrealized Gains		Fair 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

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 Value < 1 Year		Unrealized Losses < 1 Year		Fair Value > 1 Year		Unrealized Losses > 1 Year		Total Unrealized Losses
	(In thousands)
March 31, 2015
Corporate debt securities	$	—	$	—	$	593	$	(1)	$	(1)
Total investments	$	—	$	—	$	593	$	(1)	$	(1)

	Fair Value < 1 Year		Unrealized Losses < 1 Year		Fair Value > 1 Year		Unrealized Losses > 1 Year		Total Unrealized 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)

The Company’s investments in debt securities are sensitive to interest rate fluctuations, which impact the fair value of individual securities. Unrealized losses on the Company’s investments in debt securities have occurred due to volatility and liquidity concerns within the capital markets during the quarter ended March 31, 2015.

The amortized cost and estimated fair value of debt securities at March 31, 2015, by contractual maturity, are shown below.

	Amortized Cost Basis		Fair Value
	(In thousands)
Within 1 year	$	—	$	—
After 1 year through 5 years		392		393
After 5 years through 10 years		100		100
After 10 years		100		100
Total debt securities	$	592	$	593

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:

	Three Months Ended March 31,
	2015		2014
	(In thousands)
Proceeds from sales	$	3,035	$	23
Gross realized gains		19		—
Gross realized losses		(121)		—