,,ii  #aagth ,,congress  #b;d ,session  
,s4 #cidh  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,march #bi1    
#bjbb,mr4 ,daines introduced the        
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to amend the ,investment       
,company ,act of #aidj to prohibit      
limitations on closed-end companies     
investing in private funds1 and for     
other purposes4  #a4 ,short title ,this 
,act may be cited as the ,increasing    
,investor ,opportunities ,act4  #b4     
,closed-end company authority to invest 
in private funds  7a7 ,in general       
,section #e of the ,investment ,company 
,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#e7  
is amended by adding at the end the     
following3  7d7 ,closed-,end company    
authority ,to invest in private funds   
7#a7 ,in general ,the ,commission may   
not limit a closed-end company from     
investing any or all of the assets of   
the company in a private fund solely or 

primarily because of the status of the  
fund as a private fund4  7#b7           
,application ,notwithstanding section   
#f7;f71 this subsection shall apply to a
 closed-end company that elects to be   
treated as a business development       
company pursuant to section #ed4  4  7b7
 ,definition of private fund  7#a7      
,investment ,company ,act of #aidj      
,section #b7;a7 of the ,investment      
,company ,act of #aidj 7#ae ,u4,s4,c4   
#hj;a-#b7;a77 is amended by adding at   
the end the following3  7#ee7 ,the term 
private fund means an issuer that would 
be an investment company but for the    
exception provided for in paragraph 7#a7
 or 7#g7 of section #c7;c74  4  7#b7    
,investment ,advisers ,act of #aidj     
,section #bjb7;a7 of the ,investment    
,advisers ,act of #aidj 7#ae ,u4,s4,c4  
#hj;b-#b7;a77 is amended-- 7,a7 by      
redesignating the second paragraph 7#bi7
 7relating to commodity pool and other  
terms7 as paragraph 7#ca72 and  7,b7 by 
amending paragraph 7#bi7 to read as     

follows3  7#bi7 ,the term private fund  
has the meaning given the term in       
section #b7;a7 of the ,investment       
,company ,act of #aidj 7#ae ,u4,s4,c4   
#hj;a-#b7;a774  4  7c7 ,treatment by    
national securities exchanges ,section  
#f7;b7 of the ,securities ,exchange ,act
 of #aicd 7#ae ,u4,s4,c4 #gh;f7b77 is   
amended by adding at the end the        
following3  7#aa7 7,a7 ,the rules of the
 exchange do not prohibit the listing or
 trading of securities of a closed-end  
company by reason of the amount of the  
investment by the company of assets in  
private funds4  7,b7 ,in this           
paragraph-- 7i7 the term closed-end     
company-- 7,i7 has the meaning given the
 term in section #e7;a7 of the          
,investment ,company ,act of #aidj 7#ae 
,u4,s4,c4 #hj;a-#e7;a772 and  7,,ii7    
includes a closed-end company that      
elects to be treated as a business      
development company under section #f7;f7
 of the ,investment ,company ,act of    
#aidj 7#ae ,u4,s4,c4 #hj;a-#f7;f772 and 

7ii7 the term private fund has the      
meaning given the term in section #b7;a7
 of the ,investment ,company ,act of    
#aidj 7#ae ,u4,s4,c4 #hj;a-#b7;a774  4  
7d7 ,investment limitation ,section     
#c7;c7 of the ,investment ,company ,act 
of #aidj 7#ae ,u4,s4,c4 #hj;a-#c7;c77 is
 amended-- 7#a7 in paragraph 7#a71 in   
the matter preceding subparagraph 7,a71 
in the second sentence1 by striking     
subparagraphs 7,a77i7 and 7,b77i7 and   
inserting subparagraphs 7,a77i71        
7,b77i71 and 7,c72 and  7#b7 in         
paragraph 7#g77;,d71 by striking        
subparagraphs 7,a77i7 and 7,b77i7 and   
inserting subparagraphs 7,a77i71        
7,b77i71 and 7,c74