B. FAIR VALUE

We apply the provisions of ASC 820, Fair Value Measurements and Disclosures, to assets and liabilities measured at fair value. Assets measured at fair value are as follows:


	March 30, 2019								March 31, 2018
	Quoted		Prices with						Quoted		Prices with
	Prices in		Other			Prices with			Prices in		Other
	Active		Observable			Unobservable			Active		Observable
	Markets		Inputs			Inputs			Markets		Inputs
(in thousands)	(Level 1)		(Level 2)			(Level 3)	Total		(Level 1)		(Level 2)		Total
Money market funds	$	56	$	549	$	—	$	605	$	65	$	4,744	$	4,809
Fixed income funds		3,860		9,763		—		13,623		2,159		7,111		9,270
Equity securities		8,258		—		—		8,258		7,202		—		7,202
Hedge funds		—		—		1,782		1,782
Mutual funds:
Domestic stock funds		2,151		—		—		2,151		1,158		—		1,158
International stock funds		2,085		—		—		2,085		1,159		—		1,159
Target funds		257		—		—		257		281		743		1,024
Bond funds		799		—		—		799		207		347		554
Alternative funds		1,344		—		—		1,344
Total mutual funds		6,636		—		—		6,636		2,805		1,090		3,895
Total	$	18,810	$	10,312		1,782	$	30,904	$	12,231	$	12,945	$	25,176
Assets at fair value	$	18,810	$	10,312		1,782	$	30,904	$	12,231	$	12,945	$	25,176

We maintain money market, mutual funds, bonds, and/or stocks in our non-qualified deferred compensation plan and our wholly owned licensed captive insurance company. These funds are valued at prices quoted in an active exchange market and are included in “Cash and Cash Equivalents”, “Investments”, “Restricted Cash”, and “Restricted Investments”. We have elected not to apply the fair value option under ASC 825, Financial Instruments, to any of our financial instruments except for those expressly required by U.S. GAAP.

During 2018, we purchased a private real estate income trust which are valued as a Level 3 asset. We did not maintain any Level 3 assets or liabilities at March 31, 2018.

In accordance with our investment policy, our wholly-owned captive, Ardellis Insurance Ltd. (“Ardellis”), maintains an investment portfolio, totaling $29.3 million as of March 30, 2019, consisting of domestic and international stocks, hedge funds, and fixed income bonds.

Ardellis’ available for sale investment portfolio, including funds held with the State of Michigan, consists of the following (in thousands):


	March 30,2019
			Unrealized
	Cost		Gain/(Loss)		Fair Value
Fixed Income	$	13,565	$	58	$	13,623
Equity		7,235		1,023		8,258
Mutual Funds		5,815		(150)		5,665
Hedge Funds		1,744		38		1,782
Total	$	28,359	$	969	$	29,328

Our fixed income investments consist of a blend of US Government and Agency bonds and investment grade corporate bonds with varying maturities. Our equity investments consist of small, mid, and large cap growth and value funds, as well as international equity. Our hedge funds consist of the private real estate income trust which is valued as a Level 3 asset. The net unrealized gain was $1.0 million. Carrying amounts above are recorded in the investments and restricted investments line items within the balance sheet as of March 30, 2019.