©2005 Investment Company Institute. All rights reserved. Information may be abridged and therefore incomplete.
Communications from the Institute do not constitute, and should not be considered a substitute for, legal advice.
[18852]
May 20, 2005
TO: ACCOUNTING/TREASURERS MEMBERS No. 9-05
END OF DAY PRICING FORUM No. 2-05
INTERNATIONAL COMMITTEE No. 10-05
INVESTMENT COMPANY DIRECTORS No. 14-05
PRIMARY CONTACTS - MEMBER COMPLEX No. 23-05
SEC RULES MEMBERS No. 68-05
SMALL FUNDS MEMBERS No. 48-05
VALUATION PROCEDURES TASK FORCE No. 1-05
RE: INSTITUTE PUBLISHES “AN INTRODUCTION TO FAIR VALUATION”
Attached is a copy of the first installment of the Institute’s new Fair Valuation Series. The
Series is part of the Institute’s ongoing efforts to assist funds and their boards in understanding
fair valuation compliance obligations under the Federal securities laws. It is produced in
collaboration with ICI Mutual Insurance Company and the Independent Directors Council.
The first installment of the Series, entitled “An Introduction to Fair Valuation,” provides
an overview of issues funds should consider in developing and administering valuation policies
and procedures. Subsequent installments in the Fair Valuation Series will explore specific
valuation topics in detail, such as the valuation of particular types of securities, the role of a
fund’s board of directors in the fair valuation process, and the correction of pricing errors.
Elizabeth Krentzman
General Counsel
Enclosure