VENTURE CAPITAL INVESTMENTS AND MARKETABLE SECURITIES

Venture Capital Investments

The Company invests in several venture capital funds that invest in start-up companies, primarily in the life sciences industry. The Company’s ownership interest in these funds ranges from 2.7% to 12.0%. The Company accounts for the investments in limited liability partnerships (LLP), which are variable interest entities, under the equity or cost method of accounting. The Company is not the primary beneficiary because it has no power to direct the activities that most significantly affect the LLP’s economic performance. The Company accounts for the investments in limited liability companies, which are not variable interest entities, under the equity method of accounting.

The Company’s total commitments to the entities as of June 25, 2016 were $80.6 million, of which the Company funded $34.0 million through June 25, 2016. During the three and six months ended June 25, 2016, the Company received no dividends from the entities. During the three and six months ended June 27, 2015, the Company received dividends totaling $2.1 million. The Company recognized a gain of $5.0 million and a loss of $0.9 million related to these investments for the three months ended June 25, 2016 and June 27, 2015, respectively.

Marketable Securities

The following is a summary of the Company's marketable securities, all of which are classified as available-for-sale:



	June 25, 2016
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Mutual fund	$	4,650	$	—	$	(23	)	$	4,627
Total	$	4,650	$	—	$	(23	)	$	4,627



	December 26, 2015
	Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
Mutual fund	$	4,650	$	—	$	(141	)	$	4,509
Total	$	4,650	$	—	$	(141	)	$	4,509

There were no sales of available-for-sale securities during the six months ended June 25, 2016 or June 27, 2015.