This report presents selected achievements and lessons from the growing portfolio of fisheries and aquaculture investments supported by the International Fund for Agricultural Development (IFAD). The introduction summarizes key issues and gives an overview of IFAD-supported actions and impacts of working with smallholders in developing countries. In keeping with IFAD’s drive to bring together and strengthen the key mainstreaming themes of climate and the environment, nutrition, gender, youth and indigenous peoples, the introduction touches upon all of them. A number of “witness statements” present the impacts of IFAD-supported engagement in fisheries and aquaculture on the lives of individual smallholders, and five case studies from the ongoing portfolio (Brazil, Cameroon, Djibouti, Eritrea and India) give concrete examples of how IFAD is working to support smallholders. The final section presents some lessons learned from IFAD’s support in the sector and looks ahead to IFAD’s eleventh replenishment period and beyond.