I
119THCONGRESS
1
STSESSION H. R. 2225
To permit a registered investment company to omit certain fees from the
calculation of Acquired Fund Fees and Expenses, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MARCH18, 2025
Mr. S
HERMAN(for himself, Mr. HUIZENGA, Mr. GARBARINO, and Ms.
B
YNUM) introduced the following bill; which was referred to the Com-
mittee on Financial Services
A BILL
To permit a registered investment company to omit certain
fees from the calculation of Acquired Fund Fees and
Expenses, and for other purposes.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Access to Small Busi-4
ness Investor Capital Act’’. 5
SEC. 2. AMENDMENTS TO ACQUIRED FUND FEES AND EX-6
PENSES REPORTING ON INVESTMENT COM-7
PANY REGISTRATION STATEMENTS. 8
(a) D
EFINITIONS.—In this section: 9
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•HR 2225 IH
(1) ACQUIRED FUND.—The term ‘‘Acquired 1
Fund’’ has the meaning given the term in Forms N– 2
1A, N–2, and N–3. 3
(2) A
CQUIRED FUND FEES AND EXPENSES .— 4
The term ‘‘Acquired Fund Fees and Expenses’’ 5
means the Acquired Fund Fees and Expenses sub- 6
caption in the Fee Table Disclosure. 7
(3) B
USINESS DEVELOPMENT COMPANY .—The 8
term ‘‘business development company’’ has the 9
meaning given the term in section 2(a) of the Invest-10
ment Company Act of 1940 (15 U.S.C. 80a–2(a)). 11
(4) F
EE TABLE DISCLOSURE .—The term ‘‘Fee 12
Table Disclosure’’ means the fee table described in 13
Item 3 of Form N–1A, Item 3 of Form N–2, or 14
Item 4 of Form N–3 (as applicable, and with respect 15
to each, in any successor fee table disclosure that 16
the Securities and Exchange Commission adopts). 17
(5) F
ORM N–1A.—The term ‘‘Form N–1A’’ 18
means the form described in section 274.11A of title 19
17, Code of Federal Regulations, or any successor 20
regulation. 21
(6) F
ORM N–2.—The term ‘‘Form N–2’’ means 22
the form described in section 274.11a–1 of title 17, 23
Code of Federal Regulations, or any successor regu-24
lation. 25
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•HR 2225 IH
(7) FORM N–3.—The term ‘‘Form N–3’’ means 1
the form described in section 274.11b of title 17, 2
Code of Federal Regulations, or any successor regu-3
lation. 4
(8) R
EGISTERED INVESTMENT COMPANY .—The 5
term ‘‘registered investment company’’ means an in-6
vestment company, as defined under section 3(a) of 7
the Investment Company Act of 1940, registered 8
with the Securities and Exchange Commission under 9
such Act. 10
(b) E
XCLUDINGBUSINESSDEVELOPMENT COMPA-11
NIESFROMACQUIREDFUNDFEES ANDEXPENSES.—A 12
registered investment company may, on any investment 13
company registration statement filed pursuant to section 14
8(b) of the Investment Company Act of 1940 (15 U.S.C. 15
80a–8(b)), omit from the calculation of Acquired Fund 16
Fees and Expenses those fees and expenses that the in-17
vestment company incurred indirectly as a result of invest-18
ment in shares of one or more Acquired Funds that is 19
a business development company. 20
Æ
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