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In October 2023, the Forum and Stradley Ronon released an updated version of the 2012 Valuation Oversight white paper entitled, “Practical Guidance for Fund Directors on Valuation Oversight.” The paper examines the valuation of a fund’s portfolio securities, requirements surrounding fund valuation procedures, the board’s responsibility in overseeing valuation, and the responsibilities of the valuation designee under Rule 2a-5. Additionally, the paper addresses how boards can perform their ongoing oversight including a discussion of reporting, organization, and communication with management. The paper presents questions for boards to consider as well as highlighting that fund directors have a variety of resources they can utilize as they review their valuation policies and procedures.