I 

118TH CONGRESS 

1ST SESSION H. R. 1379 

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 

MARCH 7, 2023 

Mr. SHERMAN (for himself and Mr. HUIZENGA) introduced the following bill; 

which was referred to the Committee 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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Access to Small Busi5 ness Investor Capital Act’’. 

6 SEC. 2. AMENDMENTS TO ACQUIRED FUND FEES AND EX7 PENSES REPORTING ON INVESTMENT COM8 PANY REGISTRATION STATEMENTS. 

9 (a) DEFINITIONS.—In this section: 


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1 (1) ACQUIRED FUND.—The term ‘‘Acquired 

2 Fund’’ has the meaning given the term in Forms N– 

3 1A, N–2, and N–3. 

4 (2) ACQUIRED FUND FEES AND EXPENSES.— 

5 The term ‘‘Acquired Fund Fees and Expenses’’ 

6 means the Acquired Fund Fees and Expenses sub7 caption in the Fee Table Disclosure. 

8 (3) BUSINESS DEVELOPMENT COMPANY.—The 

9 term ‘‘business development company’’ has the 

10 meaning given the term in section 2(a) of the Invest11 ment Company Act of 1940 (15 U.S.C. 80a–2(a)). 

12 (4) FEE TABLE DISCLOSURE.—The term ‘‘Fee 

13 Table Disclosure’’ means the fee table described in 

14 Item 3 of Form N–1A, Item 3 of Form N–2, or 

15 Item 4 of Form N–3 (as applicable, and with respect 

16 to each, in any successor fee table disclosure that 

17 the Securities and Exchange Commission adopts). 

18 (5) FORM N–1A.—The term ‘‘Form N–1A’’ 

19 means the form described in section 274.11A of title 

20 17, Code of Federal Regulations, or any successor 

21 regulation. 

22 (6) FORM N–2.—The term ‘‘Form N–2’’ means 

23 the form described in section 274.11a–1 of title 17, 

24 Code of Federal Regulations, or any successor regu25 lation. 


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1 (7) FORM N–3.—The term ‘‘Form N–3’’ means 

2 the form described in section 274.11b of title 17, 

3 Code of Federal Regulations, or any successor regu4 lation. 

5 (8) REGISTERED INVESTMENT COMPANY.—The 

6 term ‘‘registered investment company’’ means an in7 vestment company, as defined under section 2(a) of 

8 the Investment Company Act of 1940, registered 

9 with the Securities and Exchange Commission under 

10 such Act. 

11 (b) EXCLUDING BUSINESS DEVELOPMENT COMPA12 NIES FROM ACQUIRED FUND FEES AND EXPENSES.—A 

13 registered investment company may, on any investment 

14 company registration statement filed pursuant to section 

15 8(b) of the Investment Company Act of 1940 (15 U.S.C. 

16 80a–8(b))— 

17 (1) omit from the calculation of Acquired Fund 

18 Fees and Expenses those fees and expenses that the 

19 investment company incurred indirectly as a result 

20 of investment in shares of one or more Acquired 

21 Funds that is a business development company; and 

22 (2) instead disclose in a footnote to the Fee 

23 Table Disclosure those fees and expenses that paraVerDate Sep 11 2014 21:59 Mar 20, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H1379.IH H1379

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1 graph (1) describes, calculated according to the Ac2 quired Fund Fees and Expenses formula. 

Æ 


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