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Use of Derivatives by Investment Companies under the Investment Company Act of 1940

The present publication builds off a 2009 FAO-ConCAP research study “Agricultural investment funds for developing countries” (“the study”). This research for this study, which focused primarily on Sub-Sahara Africa and transition economies, identified over 80 investment funds working in agriculture and rural development. It then selected 31 agricultural investment funds that primarily or exclusively focus on investing in agriculture of the developing world. The presence of these funds, many of which are relatively new, serves to validate the thesis that there is considerable interest by specialized funds in this important developmental sector. This research study identified and reviewed a broad. | SECURITIES AND EXCHANGE COMMISSION 17 CFR Part 271 Release No. IC-29776 File No. S7-33-11 RIN 3235-AL22 Use of Derivatives by Investment Companies under the Investment Company Act of 1940 AGENCY Securities and Exchange Commission. ACTION Concept release request for comments. SUMMARY The Securities and Exchange Commission the Commission and its staff are reviewing the use of derivatives by management investment companies registered under the Investment Company Act of 1940 the Investment Company Act or Act and companies that have elected to be treated as business development companies BDCs under the Act collectively funds . To assist in this review the Commission is issuing this concept release and request for comments on a wide range of issues relevant to the use of derivatives by funds including the potential implications for fund leverage diversification exposure to certain securities-related issuers portfolio concentration valuation and related matters. In addition to the specific issues highlighted for comment the Commission invites members of the public to address any other matters that they believe are relevant to the use of derivatives by funds. The Commission intends to consider the comments to help determine whether regulatory initiatives or guidance are needed to improve the current regulatory regime for funds and if so the nature of any such initiatives or guidance. DATES Comments should be received on or before November 7 2011. ADDRESSES Comments may be submitted by any of the following methods Electronic Comments Use the Commission s Internet comment form http www.sec.gov rules concept.shtml Send an e-mail to rule-comments@sec.gov or Use the Federal eRulemaking Portal http www.regulations.gov . Follow the instructions for submitting comments. Paper Comments Send paper comments in triplicate to Elizabeth M. Murphy Secretary Securities and Exchange Commission 100 F Street NE Washington DC 20549-1090. All submissions should refer to File Number S7-33-11. .