I 
119TH CONGRESS 
1ST SESSION 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 
MARCH 18, 2025 
Mr. SHERMAN (for himself, Mr. HUIZENGA, Mr. GARBARINO, and Ms. 
BYNUM) 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-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Access to Small Busi-
ness Investor Capital Act’’. 
SEC. 2. AMENDMENTS TO ACQUIRED FUND FEES AND EX-
PENSES REPORTING ON INVESTMENT COM-
PANY REGISTRATION STATEMENTS. 
(a) DEFINITIONS.—In this section: 
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(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 
meaning given the term in section 2(a) of the Invest-
ment 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 each, in any successor fee table disclosure that 
the Securities 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 regu-
lation. 
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(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 regu-
lation. 
(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 COMPA-
NIES FROM ACQUIRED FUND FEES AND EXPENSES.—A 
registered investment company may, on any investment 
company 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 in-
vestment company incurred indirectly as a result of invest-
ment in shares of one or more Acquired Funds that is 
a business development company. 
Æ 
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