Comment on FR Doc # 2012-09468

Examples 11-19 do an excellent job of expanding permissible activities and counterparties that may be considered eligible for PRIs, but I believe two additional examples could be advantageous. The attached document contains specific language related to proposed Examples 20 and 21. Example 20 addresses structured impact investment vehicles (funds, social bonds etc) in which the foundation assumes certain risks in order to catalyze the entry of private investment capital. A $10mm foundation PRI first loss tranche that makes a $100mm microfinance fund feasible or a PRI guarantee that makes a social bond issue possible would be relevant to this example. Example 21 incorporates explicit reference to new hybrid legal structures that pursue triple bottom lines, specifically B-corporations and L3Cs.