Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
March
31,
2022.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
March
31,
2022,
totaled $(67,046,000) for
the
period ended
March
31,
2022.
In
accordance
with
GAAP,
the
following
table
provides
quantitative
information
about
significant
unobservable
inputs
used
to
determine
the
fair
valuations
of
the
fund’s
Level
3
assets,
by
class
of
financial
instrument.
Because
the
Valuation
Committee
considers
a
wide
variety
of
factors
and
inputs,
both
observable
and
unobservable,
in
determining
fair
values,
the
unobservable
inputs
presented
do
not
reflect
all
inputs
significant
to
the
fair
value
determination.
($000s)
Beginning
Balance
12/31/21
Gain
(Loss)
During
Period
Ending
Balance
3/31/22
Investment
in
Securities
Common
Stocks
$
235,376
$
(41,250)
$
194,126
Convertible
Preferred
Stocks
278,498
(25,796)
252,702
Total
$
513,874
$
(67,046)
$
446,828
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Common
Stock
$
194,126
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
uncertainty
3%
–
10%
9%
Decrease
Market
comparable
Enterprise
value
to
sales
multiple
3.6x
–
22.9x
14.2x
Increase
Sales
growth
rate
17%
–
75%
47%
Increase
Enterprise
value
to
gross
profit
multiple
7.1x
–
33.8x
23.6x
Increase