SAE Foundation Notes to the Financial Statements (continued) 3. Investments Fixed Income Domestic (Continued) At the end of each reporting period, the Foundation determines if transfers between levels of the fair value hierarchy have occurred based on information available, including pricing inputs and 2015 Changes in Level 3 assets Net realized and unrealized gains Less: Sales other market data, including trade activity. Net increase (decrease) in Level 3 assets Balance - January 1, 2015 The changes in Level 3 assets measured at fair value on a recurring basis are summarized as Balance - December 31, 2015 Real Estate Income Fund Total (in thousands) $ - $ (88) (88) 88 $ - $ 42 $ 42 659 701 $ 42 (88) (46) 747 701 follows: The 2016 increase in the Real Estate Income Fund is due to net realized and unrealized gains of approximately $6,000 for a balance at December 31, 2016 of approximately $707,000. Inspiring Curiosity in STEM | 35