Table:
|  | Level 1 | Level 2 | Level 3 | Total |
| --- | --- | --- | --- | --- |
| Cash and cash equivalents | $0.7 | $77.7 | $— | $78.4 |
| Equity securities: |  |  |  |  |
| U.S. equity securities | 56.3 | 91.8 | — | 148.1 |
| International equity securities | 87.8 | 0.4 | — | 88.2 |
| Fixed income securities: |  |  |  |  |
| Government bonds | — | 748.3 | — | 748.3 |
| Corporate bonds | — | 2,255.5 | — | 2,255.5 |
| Mortgage-backed bonds | — | 31.1 | — | 31.1 |
| Real estate funds | 0.4 | — | — | 0.4 |
| Net receivables for unsettled transactions | 5.6 | — | — | 5.6 |
| Fair value measurement of pension plan assets in the fair value hierarchy | $150.8 | $3,204.8 | $— | $3,355.6 |
| Investments measured at net asset value |  |  |  | 245.9 |
| Total pension plan assets |  |  |  | $3,601.5 |
Paragraphs:
Plan Assets  The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 20, as of May 26, 2019, was as follows:
Level 1 assets are valued based on quoted prices in active markets for identical securities. The majority of the Level 1 assets listed above include the common stock of both U.S. and international companies, mutual funds, master limited partnership units, and real estate investment trusts, all of which are actively traded and priced in the market.
Level 2 assets are valued based on other significant observable inputs including quoted prices for similar securities, yield curves, indices, etc. Level 2 assets consist primarily of individual fixed income securities where values are based on quoted prices of similar securities and observable market data.
Level 3 assets consist of investments where active market pricing is not readily available and, as such, fair value is estimated using significant unobservable inputs.
Certain assets that are measured at fair value using the NAV (net asset value) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such investments are generally considered long-term in nature with varying redemption availability. For certain of these investments, with a fair value of approximately $51.0 million as of May 26, 2019, the asset managers have the ability to impose customary redemption gates which may further restrict or limit the redemption of invested funds therein. As of May 26, 2019, funds with a fair value of $4.2 million have imposed such gates.
As of May 26, 2019, we have unfunded commitments for additional investments of $48.3 million in private equity funds and $17.0 million in natural resources funds. We expect unfunded commitments to be funded from plan assets rather than the general assets of the Company.
Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)
Question:
What are Level 1 assets valued based on?
Answer: quoted prices in active markets for identical securities