; and (ii) are authorized to be appropriated solely to cover the costs of examinations and other program oversight activities. (b) Valuations (1) Frequency of valuations (A) In general Each participating investment fund shall submit to the Administrator a written valuation of the loans and investments of the participating investment fund not less often than semiannually or otherwise upon the request of the Administrator, except that any participating investment fund with no leverage outstanding shall submit such valuations annually, unless the Administrator determines otherwise. (B) Material adverse changes Not later than 30 days after the end of a fiscal quarter of a participating investment fund during which a material adverse change in the aggregate valuation of the loans and investments or operations of the participating investment fund occurs, the participating investment fund shall notify the Administrator in writing of the nature and extent of that change. (C) Independent certification (i) In general Not less than once during each fiscal year, each participating investment fund shall submit to the Administrator the financial statements of the participating investment fund, audited by an independent certified public accountant approved by the Administrator. (ii) Audit requirements Each audit conducted under clause (i) shall include— (I) a review of the procedures and documentation used by the participating investment fund in preparing the valuations required by this subsection; and (II) a statement by the independent certified public accountant that such valuations were prepared in conformity with the valuation criteria applicable to the participating investment fund established in accordance with paragraph (2). (2) Valuation criteria Each valuation submitted under this subsection shall be prepared by the participating investment fund in accordance with valuation criteria, which shall— (A) be established or approved by the Administrator