tailieunhanh - SECURITIES AND EXCHANGE COMMISSION 17 CFR Part 271

This section closes with a review of the evidence for managed port- folio performance based on the traditional measures. This discussion touches on the issues of survivorship bias and persistence in perfor- mance, among other topics. Chapter 3 discusses Conditional Performance Evaluation. Here, the idea is to measure performance accounting for the fact that the expected returns and risks for investing may vary over time depend- ing on the state of the economy. An example motivates the approach. We then discuss simple modifications to the traditional measures that attempt to condition on the state of the economy by using lagged vari- ables as instruments | 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 rules Send an e-mail to rule-comments@ or Use the Federal eRulemaking Portal http . 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. .