NOTE 4 – FAIR VALUE

The Partnership's valuation methodologies for financial assets and financial liabilities measured at fair value and the fair value hierarchy are described in Part II, Item 8 – Financial Statements and Supplementary Data – Note 1 of the Partnership's Annual Report. There have been no material changes to the Partnership's valuation methodologies since December 31, 2017.

The Partnership did not have any assets or liabilities categorized as Level III during the nine and twelve month periods ended September 28, 2018 and December 31, 2017, respectively. In addition, there were no transfers into or out of Levels I, II or III during these periods.

The following tables show the Partnership’s financial assets measured at fair value:

	Financial Assets at Fair Value as of
	September 28, 2018
	Level I		Level II		Level III		Total
Cash equivalents:
Certificates of deposit	$	—	$	277	$	—	$	277

Investments segregated under federal regulations:
U.S. treasuries	$	1,495	$	—	$	—	$	1,495
Certificates of deposit		—	200			—		200
Total investments segregated under federal regulations	$	1,495	$	200	$	—	$	1,695

Securities owned:
Investment securities:
Mutual funds⁽¹⁾	$	264	$	—	$	—	$	264
Government and agency obligations		3		—		—		3
Equities		2		—		—		2
Corporate bonds and notes		—		1		—		1
Total investment securities	$	269	$	1	$	—	$	270

Inventory securities:
State and municipal obligations	$	—	$	30	$	—	$	30
Mutual funds		28		—		—		28
Equities		16		—		—		16
Corporate bonds and notes		—		6		—		6
Certificates of deposit		—		3		—		3
Total inventory securities	$	44	$	39	$	—	$	83

⁽¹⁾	The mutual funds balance consists primarily of securities held to economically hedge future liabilities related to the non-qualified deferred compensation plan.

	Financial Assets at Fair Value as of
	December 31, 2017
	Level I		Level II		Level III		Total
Cash equivalents:
Certificates of deposit	$	—	$	275	$	—	$	275

Investments segregated under federal regulations:
U.S. treasuries	$	2,399	$	—	$	—	$	2,399

Securities owned:
Investment securities:
Mutual funds⁽¹⁾	$	252	$	—	$	—	$	252
Government and agency obligations		3		—		—		3
Equities		2		—		—		2
Corporate bonds and notes		—		1		—		1
Total investment securities	$	257	$	1	$	—	$	258

Inventory securities:
State and municipal obligations	$	—	$	24	$	—	$	24
Equities		16		—		—		16
Mutual funds		4		—		—		4
Certificates of deposit		—		4		—		4
Corporate bonds and notes		—		2		—		2
Total inventory securities	$	20	$	30	$	—	$	50