COHEN & STEERS GLOBAL REALTY SHARES, INC.
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
Shares | Value | |||||||||||
COMMON STOCK | 98.0 | % | ||||||||||
AUSTRALIA | 4.0 | % | ||||||||||
REAL ESTATE | ||||||||||||
DIVERSIFIED | 2.3 | % | ||||||||||
BGP Holdings PLC (EUR)(a),(b) | 11,893,063 | $ | 0 | |||||||||
Charter Hall Group | 3,035,784 | 36,891,924 | ||||||||||
Mirvac Group | 8,084,459 | 14,990,661 | ||||||||||
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| |||||||||||
51,882,585 | ||||||||||||
|
| |||||||||||
INDUSTRIALS | 0.6 | % | ||||||||||
Goodman Group | 840,302 | 14,282,204 | ||||||||||
|
| |||||||||||
OFFICE | 1.1 | % | ||||||||||
Dexus | 3,175,525 | 25,920,758 | ||||||||||
|
| |||||||||||
TOTAL AUSTRALIA | 92,085,547 | |||||||||||
|
| |||||||||||
BELGIUM | 1.0 | % | ||||||||||
REAL ESTATE | ||||||||||||
INDUSTRIALS | 0.5 | % | ||||||||||
VGP NV | 45,550 | 11,658,304 | ||||||||||
|
| |||||||||||
RESIDENTIAL | 0.5 | % | ||||||||||
Aedifica SA | 89,173 | 11,214,002 | ||||||||||
|
| |||||||||||
TOTAL BELGIUM | 22,872,306 | |||||||||||
|
| |||||||||||
CANADA | 1.4 | % | ||||||||||
REAL ESTATE—RETAIL | ||||||||||||
RioCan REIT | 1,613,382 | 32,560,595 | ||||||||||
|
| |||||||||||
CHINA | 0.5 | % | ||||||||||
REAL ESTATE—INDUSTRIALS | ||||||||||||
ESR Cayman Ltd., 144A (H Shares)(b),(c) | 3,588,400 | 11,120,070 | ||||||||||
|
| |||||||||||
FRANCE | 2.0 | % | ||||||||||
REAL ESTATE | ||||||||||||
DIVERSIFIED | 0.4 | % | ||||||||||
ICADE | 138,534 | 8,912,663 | ||||||||||
|
| |||||||||||
NET LEASE | 0.6 | % | ||||||||||
ARGAN SA | 106,658 | 13,622,912 | ||||||||||
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| |||||||||||
RETAIL | 1.0 | % | ||||||||||
Klepierre SA(b) | 631,546 | 16,814,339 | ||||||||||
Unibail-Rodamco-Westfield(b) | 96,982 | 7,264,653 | ||||||||||
|
| |||||||||||
24,078,992 | ||||||||||||
|
| |||||||||||
TOTAL FRANCE | 46,614,567 | |||||||||||
|
|
1
Shares | Value | |||||||||||
GERMANY | 3.3 | % | ||||||||||
REAL ESTATE | ||||||||||||
INDUSTRIALS | 0.5 | % | ||||||||||
Sirius Real Estate Ltd. (GBP) | 7,062,159 | $ | 11,633,612 | |||||||||
|
| |||||||||||
RESIDENTIAL | 2.8 | % | ||||||||||
Vonovia SE | 1,374,177 | 64,050,924 | ||||||||||
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| |||||||||||
RETAIL | 0.0 | % | ||||||||||
VIB Vermoegen AG | 12,610 | 509,001 | ||||||||||
|
| |||||||||||
TOTAL GERMANY | 76,193,537 | |||||||||||
|
| |||||||||||
HONG KONG | 4.3 | % | ||||||||||
REAL ESTATE | ||||||||||||
DIVERSIFIED | 2.2 | % | ||||||||||
CK Asset Holdings Ltd. | 2,353,000 | 16,083,759 | ||||||||||
Sun Hung Kai Properties Ltd. | 2,889,500 | 34,377,753 | ||||||||||
|
| |||||||||||
50,461,512 | ||||||||||||
|
| |||||||||||
RESIDENTIAL | 0.6 | % | ||||||||||
Wharf Real Estate Investment Co., Ltd. | 2,521,000 | 12,459,442 | ||||||||||
|
| |||||||||||
RETAIL | 1.5 | % | ||||||||||
Link REIT | 4,135,560 | 35,219,366 | ||||||||||
|
| |||||||||||
TOTAL HONG KONG | 98,140,320 | |||||||||||
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| |||||||||||
JAPAN | 9.2 | % | ||||||||||
REAL ESTATE | ||||||||||||
DIVERSIFIED | 5.3 | % | ||||||||||
Daiwa House REIT Investment Corp. | 5,762 | 15,534,392 | ||||||||||
Mitsui Fudosan Co., Ltd. | 2,138,800 | 45,775,251 | ||||||||||
Nomura Real Estate Holdings, Inc. | 811,100 | 19,425,056 | ||||||||||
Nomura Real Estate Master Fund, Inc. | 13,192 | 17,438,604 | ||||||||||
Tokyu Fudosan Holdings Corp. | 2,036,300 | 11,175,791 | ||||||||||
United Urban Investment Corp. | 9,654 | 11,126,680 | ||||||||||
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| |||||||||||
120,475,774 | ||||||||||||
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| |||||||||||
HOTEL | 0.4 | % | ||||||||||
Invincible Investment Corp. | 27,185 | 9,382,681 | ||||||||||
|
| |||||||||||
INDUSTRIALS | 1.6 | % | ||||||||||
GLP J-REIT | 15,730 | 23,901,763 | ||||||||||
Mitsui Fudosan Logistics Park, Inc. | 2,890 | 13,649,992 | ||||||||||
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| |||||||||||
37,551,755 | ||||||||||||
|
|
2
Shares | Value | |||||||||||
OFFICE | 0.9 | % | ||||||||||
Nippon Building Fund, Inc. | 3,502 | $ | 19,866,215 | |||||||||
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| |||||||||||
RESIDENTIAL | 1.0 | % | ||||||||||
Japan Metropolitan Fund Invest | 26,639 | 22,478,068 | ||||||||||
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| |||||||||||
TOTAL JAPAN | 209,754,493 | |||||||||||
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| |||||||||||
MACAU | 0.4 | % | ||||||||||
REAL ESTATE—HOTELS, RESTAURANTS & LEISURE | ||||||||||||
Sands China Ltd. (H Shares)(b) | 4,051,600 | 9,638,667 | ||||||||||
|
| |||||||||||
NETHERLANDS | 0.3 | % | ||||||||||
REAL ESTATE | ||||||||||||
INDUSTRIALS | 0.2 | % | ||||||||||
CTP NV, 144A(c) | 254,974 | 4,268,458 | ||||||||||
|
| |||||||||||
RETAIL | 0.1 | % | ||||||||||
Eurocommercial Properties NV | 95,279 | 2,612,047 | ||||||||||
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| |||||||||||
TOTAL NETHERLANDS | 6,880,505 | |||||||||||
|
| |||||||||||
SINGAPORE | 3.9 | % | ||||||||||
REAL ESTATE | ||||||||||||
DIVERSIFIED | 1.1 | % | ||||||||||
Capitaland Investment Ltd.(b) | 8,453,500 | 24,769,369 | ||||||||||
|
| |||||||||||
HEALTH CARE | 0.8 | % | ||||||||||
Parkway Life Real Estate Investment Trust | 5,068,500 | 17,546,336 | ||||||||||
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| |||||||||||
INDUSTRIALS | 0.7 | % | ||||||||||
Frasers Logistics & Commercial Trust | 14,879,100 | 15,958,385 | ||||||||||
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| |||||||||||
OFFICE | 0.7 | % | ||||||||||
Keppel REIT | 17,134,100 | 15,372,702 | ||||||||||
|
| |||||||||||
RETAIL | 0.6 | % | ||||||||||
CapitaLand Integrated Commercial Trust | 8,922,545 | 14,760,912 | ||||||||||
|
| |||||||||||
TOTAL SINGAPORE | 88,407,704 | |||||||||||
|
| |||||||||||
SPAIN | 1.4 | % | ||||||||||
COMMUNICATIONS—Towers | 0.5 | % | ||||||||||
Cellnex Telecom SA, 144A(c) | 226,924 | 10,920,581 | ||||||||||
|
| |||||||||||
REAL ESTATE—DIVERSIFIED | 0.9 | % | ||||||||||
Merlin Properties Socimi SA | 1,786,555 | 20,886,927 | ||||||||||
|
| |||||||||||
TOTAL SPAIN | 31,807,508 | |||||||||||
|
|
3
Shares | Value | |||||||||||
SWEDEN | 2.1 | % | ||||||||||
REAL ESTATE | ||||||||||||
DIVERSIFIED | 1.4 | % | ||||||||||
Castellum AB | 504,067 | $ | 12,445,284 | |||||||||
Fastighets AB Balder, Class B(b) | 296,433 | 19,517,175 | ||||||||||
|
| |||||||||||
31,962,459 | ||||||||||||
|
| |||||||||||
INDUSTRIALS | 0.5 | % | ||||||||||
Catena AB | 198,774 | 11,976,039 | ||||||||||
|
| |||||||||||
OFFICE | 0.2 | % | ||||||||||
Wihlborgs Fastigheter AB | 221,137 | 4,625,848 | ||||||||||
|
| |||||||||||
TOTAL SWEDEN | 48,564,346 | |||||||||||
|
| |||||||||||
SWITZERLAND | 0.4 | % | ||||||||||
REAL ESTATE— OFFICE | ||||||||||||
PSP Swiss Property AG | 63,234 | 8,304,661 | ||||||||||
|
| |||||||||||
UNITED KINGDOM | 6.0 | % | ||||||||||
REAL ESTATE | ||||||||||||
DIVERSIFIED | 0.9 | % | ||||||||||
British Land Co., PLC/The | 3,010,052 | 20,841,161 | ||||||||||
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| |||||||||||
HEALTH CARE | 0.6 | % | ||||||||||
Assura PLC | 15,465,674 | 13,591,723 | ||||||||||
|
| |||||||||||
INDUSTRIALS | 2.0 | % | ||||||||||
Segro PLC | 1,157,220 | 20,342,813 | ||||||||||
Tritax Big Box REIT PLC | 6,369,913 | 20,169,157 | ||||||||||
Urban Logistics REIT PLC | 2,027,569 | 5,073,997 | ||||||||||
|
| |||||||||||
45,585,967 | ||||||||||||
|
| |||||||||||
OFFICE | 0.7 | % | ||||||||||
Derwent London PLC | 197,142 | 8,275,279 | ||||||||||
Workspace Group PLC | 916,841 | 8,189,084 | ||||||||||
|
| |||||||||||
16,464,363 | ||||||||||||
|
| |||||||||||
RESIDENTIAL | 1.0 | % | ||||||||||
Grainger PLC | 2,818,096 | 10,747,612 | ||||||||||
UNITE Group PLC/The | 726,639 | 11,006,710 | ||||||||||
|
| |||||||||||
21,754,322 | ||||||||||||
|
| |||||||||||
SELF STORAGE | 0.8 | % | ||||||||||
Safestore Holdings PLC | 1,065,793 | 18,761,053 | ||||||||||
|
| |||||||||||
TOTAL UNITED KINGDOM | 136,998,589 | |||||||||||
|
|
4
Shares | Value | |||||||||||
UNITED STATES | 57.8 | % | ||||||||||
COMMUNICATIONS—TOWERS | 1.1 | % | ||||||||||
American Tower Corp. | 104,019 | $ | 26,131,653 | |||||||||
|
| |||||||||||
CONSUMER, CYCLICAL—HOTELS, RESTAURANTS & LEISURE | 0.6 | % | ||||||||||
Boyd Gaming Corp. | 176,832 | 11,632,009 | ||||||||||
Caesars Entertainment, Inc.(b) | 26,520 | 2,051,587 | ||||||||||
|
| |||||||||||
13,683,596 | ||||||||||||
|
| |||||||||||
REAL ESTATE | 56.1 | % | ||||||||||
DATA CENTERS | 3.5 | % | ||||||||||
Digital Realty Trust, Inc. | 467,458 | 66,285,544 | ||||||||||
Equinix, Inc. | 19,769 | 14,661,086 | ||||||||||
|
| |||||||||||
80,946,630 | ||||||||||||
|
| |||||||||||
HEALTH CARE | 8.0 | % | ||||||||||
Healthcare Trust of America, Inc., Class A | 621,170 | 19,467,468 | ||||||||||
Healthpeak Properties, Inc. | 1,662,152 | 57,061,678 | ||||||||||
Ventas, Inc. | 330,615 | 20,418,782 | ||||||||||
Welltower, Inc. | 904,433 | 86,952,189 | ||||||||||
|
| |||||||||||
183,900,117 | ||||||||||||
|
| |||||||||||
HOTEL | 1.6 | % | ||||||||||
Host Hotels & Resorts, Inc. | 1,877,350 | 36,476,911 | ||||||||||
|
| |||||||||||
INDUSTRIALS | 9.5 | % | ||||||||||
Americold Realty Trust | 1,082,960 | 30,192,925 | ||||||||||
BG LLH, LLC (Lineage Logistics)(d) | 68,361 | 6,540,733 | ||||||||||
Duke Realty Corp. | 1,003,953 | 58,289,511 | ||||||||||
Prologis, Inc. | 755,819 | 122,049,652 | ||||||||||
|
| |||||||||||
217,072,821 | ||||||||||||
|
| |||||||||||
NET LEASE | 3.6 | % | ||||||||||
Realty Income Corp. | 918,802 | 63,672,978 | ||||||||||
Spirit Realty Capital, Inc. | 384,494 | 17,694,414 | ||||||||||
|
| |||||||||||
81,367,392 | ||||||||||||
|
| |||||||||||
OFFICE | 1.0 | % | ||||||||||
Highwoods Properties, Inc. | 484,420 | 22,157,371 | ||||||||||
|
| |||||||||||
REAL ESTATE SERVICES | 1.3 | % | ||||||||||
Jones Lang LaSalle, Inc.(b) | 124,200 | 29,740,932 | ||||||||||
|
|
5
Shares | Value | |||||||||||
RESIDENTIAL | 13.7 | % | ||||||||||
APARTMENT | 8.4 | % | ||||||||||
Apartment Income REIT Corp. | 467,508 | $ | 24,992,978 | |||||||||
Camden Property Trust | 210,544 | 34,992,413 | ||||||||||
Essex Property Trust, Inc. | 176,959 | 61,135,795 | ||||||||||
UDR, Inc. | 1,240,329 | 71,157,675 | ||||||||||
|
| |||||||||||
192,278,861 | ||||||||||||
|
| |||||||||||
MANUFACTURED HOME | 1.6 | % | ||||||||||
Sun Communities, Inc. | 205,807 | 36,075,909 | ||||||||||
|
| |||||||||||
SINGLE FAMILY | 3.7 | % | ||||||||||
Invitation Homes, Inc. | 2,117,102 | 85,065,158 | ||||||||||
|
| |||||||||||
TOTAL RESIDENTIAL | 313,419,928 | |||||||||||
|
| |||||||||||
SELF STORAGE | 8.2 | % | ||||||||||
Extra Space Storage, Inc. | 270,231 | 55,559,494 | ||||||||||
Public Storage | 334,740 | 130,642,327 | ||||||||||
|
| |||||||||||
186,201,821 | ||||||||||||
|
| |||||||||||
SHOPPING CENTERS | 5.7 | % | ||||||||||
COMMUNITY CENTER | 2.1 | % | ||||||||||
Brixmor Property Group, Inc. | 528,111 | 13,630,545 | ||||||||||
Kimco Realty Corp. | 1,434,450 | 35,430,915 | ||||||||||
|
| |||||||||||
49,061,460 | ||||||||||||
|
| |||||||||||
REGIONAL MALL | 3.6 | % | ||||||||||
Simon Property Group, Inc. | 617,642 | 81,256,981 | ||||||||||
|
| |||||||||||
TOTAL SHOPPING CENTERS | 130,318,441 | |||||||||||
|
| |||||||||||
TOTAL REAL ESTATE | 1,281,602,364 | |||||||||||
|
| |||||||||||
TOTAL UNITED STATES | 1,321,417,613 | |||||||||||
|
| |||||||||||
TOTAL COMMON STOCK | 2,241,361,028 | |||||||||||
|
| |||||||||||
SHORT-TERM INVESTMENTS | 1.4 | % | ||||||||||
MONEY MARKET FUNDS | ||||||||||||
State Street Institutional Treasury Money Market Fund, Premier | 31,646,172 | 31,646,172 | ||||||||||
|
| |||||||||||
TOTAL SHORT-TERM INVESTMENTS | 31,646,172 | |||||||||||
|
| |||||||||||
TOTAL INVESTMENTS IN SECURITIES | 99.4 | % | 2,273,007,200 | |||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES | 0.6 | 13,211,811 | ||||||||||
|
|
|
| |||||||||
NET ASSETS | 100.0 | % | $ | 2,286,219,011 | ||||||||
|
|
|
|
6
Glossary of Portfolio Abbreviations
EUR | Euro Currency | |
GBP | Great British Pound | |
REIT | Real Estate Investment Trust |
Note: Percentages indicated are based on the net assets of the Fund.
a | Security value is determined based on significant unobservable inputs (Level 3). |
b | Non-income producing security. |
c | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. Aggregate holdings amounted to $26,309,109 which represents 1.2% of the net assets of the Fund, of which 0.0% are illiquid. |
d | Restricted security. Aggregate holdings equal 0.3% of the net assets of the Fund. This security was acquired on August 3, 2020, at a cost of $4,200,781. Security value is determined based on significant unobservable inputs (Level 3). |
e | Rate quoted represents the annualized seven-day yield. |
7
Sector Summary | % of Net Assets | |||
Residential | 19.6 | |||
Industrials | 16.6 | |||
Diversified | 14.5 | |||
Health Care | 9.4 | |||
Self Storage | 9.0 | |||
Shopping Centers | 5.7 | |||
Office | 5.0 | |||
Retail | 4.6 | |||
Net Lease | 4.2 | |||
Data Centers | 3.5 | |||
Hotel | 2.0 | |||
Communications—Towers | 1.6 | |||
Real Estate Services | 1.3 | |||
Hotels, Restaurants & Leisure | 1.0 | |||
Other | 2.0 | |||
|
| |||
100.0 | ||||
|
|
8
COHEN & STEERS GLOBAL REALTY SHARES, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
Note 1. Portfolio Valuation
Investments in securities that are listed on the New York Stock Exchange (NYSE) are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the business day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and ask prices on such day or, if no ask price is available, at the bid price.
Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges (including NASDAQ) are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price reflected at the close of the exchange representing the principal market for such securities on the business day as of which such value is being determined. If after the close of a foreign market, but prior to the close of business on the day the securities are being valued, market conditions change significantly, certain non-U.S. equity holdings may be fair valued pursuant to procedures established by the Board of Directors.
Readily marketable securities traded in the over-the-counter (OTC) market, including listed securities whose primary market is believed by Cohen & Steers Capital Management, Inc. (the investment advisor) to be OTC, are valued on the basis of prices provided by a third-party pricing service or third-party broker-dealers when such prices are believed by the investment advisor, pursuant to delegation by the Board of Directors, to reflect the fair value of such securities.
Short-term debt securities with a maturity date of 60 days or less are valued at amortized cost, which approximates fair value. Investments in open-end mutual funds are valued at net asset value (NAV).
The policies and procedures approved by the Fund’s Board of Directors delegate authority to make fair value determinations to the investment advisor, subject to the oversight of the Board of Directors. The investment advisor has established a valuation committee (Valuation Committee) to administer, implement and oversee the fair valuation process according to the policies and procedures approved annually by the Board of Directors. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
Securities for which market prices are unavailable, or securities for which the investment advisor determines that the bid and/or ask price or a counterparty valuation does not reflect market value, will be valued at fair value, as determined in good faith by the Valuation Committee, pursuant to procedures approved by the Fund’s Board of Directors. Circumstances in which market prices may be unavailable include, but are not limited to, when trading in a security is suspended, the exchange on which the security is traded is subject to an unscheduled close or disruption or material events occur after the close of the exchange on which the security is principally traded. In these circumstances, the Fund determines fair value in a manner that fairly reflects the market value of the security on the valuation date based on consideration of any information or factors it deems appropriate. These may include, but are not limited to, recent transactions in comparable securities, information relating to the specific security and developments in the markets. Foreign equity fair value pricing procedures utilized by the Fund may cause certain non-U.S. equity holdings to be fair valued on the basis of fair value factors provided by a pricing service to reflect any significant market movements between the time the Fund values such securities and the earlier closing of foreign markets.
For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities would be categorized as Level 2 or 3 in the hierarchy, depending on the relative significance of the valuation inputs. Securities, including private placements or other
COHEN & STEERS GLOBAL REALTY SHARES, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security’s underlying assets and liabilities.
The Fund’s use of fair value pricing may cause the NAV of Fund shares to differ from the NAV that would be calculated using market quotations. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.
Fair value is defined as the price that the Fund would expect to receive upon the sale of an investment or expect to pay to transfer a liability in an orderly transaction with an independent buyer in the principal market or, in the absence of a principal market, the most advantageous market for the investment or liability. The hierarchy of inputs that are used in determining the fair value of the Fund’s investments is summarized below.
• | Level 1 — quoted prices in active markets for identical investments |
• | Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, credit risk, etc.) |
• | Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The inputs or methodology used for valuing investments may or may not be an indication of the risk associated with those investments. Changes in valuation techniques may result in transfers into or out of an assigned level within the disclosure hierarchy.
The following is a summary of the inputs used as of March 31, 2022 in valuing the Fund’s investments carried at value:
Total | Quoted Prices in Active Markets for Identical Investments (Level 1) | Other Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||
Common Stock: | ||||||||||||||||
Australia | $ | 92,085,547 | $ | — | $ | 92,085,547 | $ | 0 | (a) | |||||||
Canada | 32,560,595 | 32,560,595 | — | — | ||||||||||||
Germany | 76,193,537 | 11,633,612 | 64,559,925 | — | ||||||||||||
Japan | 209,754,493 | 13,649,992 | 196,104,501 | — | ||||||||||||
United Kingdom | 136,998,589 | 37,426,773 | 99,571,816 | — | ||||||||||||
United States | 1,321,417,613 | 1,314,876,880 | — | 6,540,733 | (b) | |||||||||||
Other Countries | 372,350,654 | — | 372,350,654 | — | ||||||||||||
Short-Term Investments | 31,646,172 | — | 31,646,172 | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments in Securities(c) | $ | 2,273,007,200 | $ | 1,410,147,852 | $ | 856,318,615 | $ | 6,540,733 | ||||||||
|
|
|
|
|
|
|
|
(a) | BGP Holdings PLC was acquired via a spinoff and has been fair valued at $0, by the Valuation Committee, pursuant to the Fund’s fair value procedures and classified as a Level 3 security. |
COHEN & STEERS GLOBAL REALTY SHARES, INC.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
(b) | Restricted security, where observable inputs are limited, has been fair valued by the Valuation Committee, pursuant to the Fund’s fair value procedures and classified as Level 3 security. |
(c) | Portfolio holdings are disclosed individually on the Schedule of Investments. |
The following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining fair value:
Common Stock– United States– Real Estate– Industrials | ||||
Balance as of December 31, 2021 | $ | 6,864,078 | ||
Change in unrealized appreciation (depreciation) | (323,345 | ) | ||
|
| |||
Balance as of March 31, 2022 | $ | 6,540,733 | ||
|
|
The change in unrealized appreciation (depreciation) attributable to securities owned on March 31, 2022 which were valued using significant unobservable inputs (Level 3) amounted to $(323,345).
The following table summarizes the quantitative inputs and assumptions used for investments categorized in Level 3 of the fair value hierarchy.
Fair Value at March 31, 2022 | Valuation Technique | Unobservable Inputs | Amount | Valuation Impact from an Increase in Input(a) | ||||||||
Common Stock— | $ | 6,540,733 | Market Comparable Companies | Enterprise Value/ EBITDA(b) Multiple Liquidity Discount | 25.3x 15% | Increase Decrease |
(a) | Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may result in a materially higher or lower fair value measurement. |
(b) | Earnings Before Interest, Taxes, Depreciation and Amortization. |