Description: This paper examines the valuation of assets and poses the following questions: A. What bases, other than cost or market, are in use for valuing pension trust assets and acceptable under the Internal Revenue Code and Rulings? and B. How can a retirement plan having assets valued on a book or cost basis utilize existing unrealized appreciation for purposes of improving benefits or reducing current funding costs without changing to a market value basis? From Transactions of Society of Actuaries 1961, Vol. 13, Pt. 2.