II 

117TH CONGRESS 

2D SESSION S. 3961 

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 SENATE OF THE UNITED STATES 

MARCH 30, 2022 

Mr. DAINES (for himself and Mr. MENENDEZ) introduced the following bill; 

which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 

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 Form N– 

3 1A, Form N–2, and Form N–3. 

4 (2) ACQUIRED FUND FEES AND EXPENSES.— 

5 The term ‘‘acquired fund fees and expenses’’ means 

6 the acquired fund fees and expenses subcaption in 

7 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 item 

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

16 each, in any successor fee table disclosure that the 

17 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 in section 3 of the In8 vestment Company Act of 1940 (15 U.S.C. 80a–3), 

9 registered with the Securities and Exchange Com10 mission under that 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 1 or more acquired funds 

21 that is a business development company; and 

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

23 table disclosure those fees and expenses described in 


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1 paragraph (1), calculated according to the acquired 

2 fund fees and expenses formula. 

Æ 


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