Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Access to Small Business 
Investor Capital Act’’. 
SEC. 2. AMENDMENTS TO ACQUIRED FUND FEES AND EX-
PENSES REPORTING ON INVESTMENT COM-
PANY REGISTRATION STATEMENTS. 
(a) DEFINITIONS.—For purposes of this section: 
(1) ACQUIRED
FUND.—The term ‘‘Acquired 
Fund’’ has the meaning given the term in Forms N– 
1A, N–2, and N–3. 
(2) ACQUIRED FUND FEES AND EXPENSES.—The 
term ‘‘Acquired Fund Fees and Expenses’’ means the 
Acquired Fund Fees and Expenses sub-caption in the 
Fee Table Disclosure. 
(3) BUSINESS
DEVELOPMENT
COMPANY.—The 
term ‘‘business development company’’ has the mean-
ing given the term in section 2(a) of the Investment 
Company Act of 1940 (15 U.S.C. 80a–2(a)). 
(4) FEE TABLE DISCLOSURE.—The term ‘‘Fee 
Table Disclosure’’ means the fee table described in 
Item 3 of Form N–1A, Item 3 of Form N–2, or Item 
4 of Form N–3 (as applicable, and with respect to 
VerDate Sep 11 2014 
00:45 Jun 04, 2025
Jkt 059200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6203
E:\BILLS\H2225.RH
H2225
kjohnson on DSK7ZCZBW3PROD with $$_JOB
each, in any successor fee table disclosure that the Se-
curities and Exchange Commission adopts). 
(5) FORM N–1A.—The term ‘‘Form N–1A’’ means 
the form described in section 274.11A of title 17, Code 
of Federal Regulations, or any successor regulation. 
(6) FORM N–2.—The term ‘‘Form N–2’’ means 
the form described in section 274.11a–1 of title 17, 
Code of Federal Regulations, or any successor regula-
tion. 
(7) FORM N–3.—The term ‘‘Form N–3’’ means 
the form described in section 274.11b of title 17, Code 
of Federal Regulations, or any successor regulation. 
(8) REGISTERED
INVESTMENT
COMPANY.—The 
term ‘‘registered investment company’’ means an in-
vestment company, as defined under section 3(a) of 
the Investment Company Act of 1940, registered with 
the Securities and Exchange Commission under such 
Act. 
(b) EXCLUDING BUSINESS DEVELOPMENT COMPANIES 
FROM ACQUIRED FUND FEES AND EXPENSES.—A reg-
istered investment company may, on any investment com-
pany registration statement filed pursuant to section 8(b) 
of the Investment Company Act of 1940 (15 U.S.C. 80a– 
8(b)), omit from the calculation of Acquired Fund Fees and 
Expenses those fees and expenses that the investment com-
VerDate Sep 11 2014 
00:45 Jun 04, 2025
Jkt 059200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6203
E:\BILLS\H2225.RH
H2225
kjohnson on DSK7ZCZBW3PROD with $$_JOB
pany incurred indirectly as a result of investment in shares 
of one or more Acquired Funds that is a business develop-
ment company. 
VerDate Sep 11 2014 
00:45 Jun 04, 2025
Jkt 059200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6203
E:\BILLS\H2225.RH
H2225
kjohnson on DSK7ZCZBW3PROD with $$_JOB
Union Calendar No. 96 
119TH CONGRESS 
1ST SESSION 
H. R. 2225 
[Report No. 119–126] 
A BILL 
To permit a registered investment company to omit 
certain fees from the calculation of Acquired 
Fund Fees and Expenses, and for other pur-
poses. 
JUNE 3, 2025 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
VerDate Sep 11 2014 
00:45 Jun 04, 2025
Jkt 059200
PO 00000
Frm 00006
Fmt 6651
Sfmt 6651
E:\BILLS\H2225.RH
H2225
kjohnson on DSK7ZCZBW3PROD with $$_JOB