Deloitte LLP United States´s 7th Annual Fair Value Pricing Survey has found that mutual funds are converging around certain universal fair value measurement practices. More than 50 fund managers representing more than 2،700 funds with assets under management exceeding $3.5 trillion participated in the survey. This is Deloitte´s seventh survey on the valuation practices and industry policies and procedures used by asset managers. We have seen valuation practices evolve into a mature set of practices، policies، and procedures that continue to be refined as the range and complexity of investment types expand and the investment valuation tools improve. Specific 2008 findings include:

• Seventy-four percent of those surveyed indicated that they have made changes to their valuation policies and procedures.
• Sixty-three percent reported that FAS 157 has impacted their valuation policies and procedures.
• Thirty-seven percent have added internal controls over valuation as a result of the credit crisis.
• When obtaining broker quotes، more than 50 percent of participants seek more than one quote for fixed-income securities.
• Greater than 75 percent noted that they are asking pricing services and brokers specific questions designed to understand the inputs and processes behind daily prices provided to mutual funds.