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#                   Accounting and Disclosure Information                

# Valuation of Portfolio Securities and other Assets Held by Registered Investment Companies - Select Bibliography of the Division of Investment Management

                            Oct. 12, 2017                       

**SOME OF THE GUIDANCE REFERENCED AND OUTLINED IN THE BIBLIOGRAPHY HAS BEEN MODIFIED OR WITHDRAWN.**Please consult the following web pages for more information:https://www.sec.gov/divisions/investment/im-modified-withdrawn-staff-statements and https://www.sec.gov/rules/final/2020/ic-34128.pdf.

The Investment Company Act of 1940 (“Investment Company Act”) generally requires registered investment companies (“funds”) to use market values to value portfolio securities for which market quotations are readily available. When market quotations are not readily available, funds must value portfolio securities and all other assets by using their fair value as determined in good faith by the board of directors of the funds. Funds use these values to calculate their net asset values and the prices at which they sell and redeem their shares. Money market funds may value their portfolio securities on the basis of amortized cost pursuant to rule 2a-7 under the Investment Company Act.

The bibliography below lists select relevant provisions of the Investment Company Act and related rules and Commission guidance, which is intended to assist funds and their counsel in understanding and applying the valuation requirements under the Investment Company Act. Please refer to the referenced material for a complete understanding, including relevant context.

Also included in the bibliography are proposing releases, select staff guidance (including no-action letters), and enforcement actions in this area. Please refer to the referenced material for a complete understanding, including relevant context.

----

1 The sources of the valuation materials listed in the bibliography are the Commission and the Commission staff, with the exception of the guidance jointly issued by the Commission’s Office of the Chief Accountant and the staff of the Financial Accounting Standards Board (“FASB”), *supra*, in IV. Staff Guidance. Please note that the terminology used in the bibliography may differ from the terminology used by other entities that provide valuation guidance, such as the FASB.

This document has been prepared by the staff of the Division of Investment Management, and has not been subject to Commission review or approval. Funds should consult the actual authority set out herein, as well as any other applicable legal authority not included herein (both under the 1940 Act and under other laws).

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