,,ii  #aagth ,,congress  #b;d ,session  
,s4 #cifa  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,march #cj1    
#bjbb,mr4 ,daines 7for himself and ,mr4 
,menendez7 introduced the following     
bill2 which was read twice and referred 
to the ,committee on ,banking1 ,housing1
 and ,urban ,affairs  ,a ,,bill  ,to    
permit a registered investment company  
to omit certain fees from the           
calculation of acquired fund fees and   
expenses1 and for other purposes4  #a4  
,short title ,this ,act may be cited as 
the ,access to ,small ,business         
,investor ,capital ,act4  #b4           
,amendments to acquired fund fees and   
expenses reporting on investment company
 registration statements  7a7           
,definitions ,in this section3 7#a7     
,acquired fund ,the term acquired fund  
has the meaning given the term in ,form 
,n-#a;,a1 ,form ,n-#b1 and ,form ,n-#c4 
7#b7 ,acquired fund fees and expenses   
,the term acquired fund fees and        
expenses means the acquired fund fees   

and expenses subcaption in the fee table
 disclosure4  7#c7 ,business development
 company ,the term business development 
company has the meaning given the term  
in section #b7;a7 of the ,investment    
,company ,act of #aidj 7#ae ,u4,s4,c4   
#hj;a-#b7;a774  7#d7 ,fee table         
disclosure ,the term fee table          
disclosure means the fee table described
 in item #c of ,form ,n-#a;,a1 item #c  
of ,form ,n-#b1 or item #d of ,form     
,n-#c 7as applicable1 and with respect  
to each1 in any successor fee table     
disclosure that the ,securities and     
,exchange ,commission adopts74  7#e7    
,form ,n-#a;,a ,the term ,form ,n-#a;,a 
means the form described in section     
#bgd4aa;,a of title #ag1 ,code of       
,federal ,regulations1 or any successor 
regulation4  7#f7 ,form ,n-#b ,the term 
,form ,n-#b means the form described in 
section #bgd4aa;a-#a of title #ag1 ,code
 of ,federal ,regulations1 or any       
successor regulation4  7#g7 ,form ,n-#c 
,the term ,form ,n-#c means the form    

described in section #bgd4aa;b of title 
#ag1 ,code of ,federal ,regulations1 or 
any successor regulation4  7#h7         
,registered investment company ,the term
 registered investment company means an 
investment company1 as defined in       
section #c of the ,investment ,company  
,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#c71 
registered with the ,securities and     
,exchange ,commission under that ,act4  
7b7 ,excluding business development     
companies from ,acquired ,fund ,fees and
 ,expenses ,a registered investment     
company may1 on any investment company  
registration statement filed pursuant to
 section #h7;b7 of the ,investment      
,company ,act of #aidj 7#ae ,u4,s4,c4   
#hj;a-#h7;b77-- 7#a7 omit from the      
calculation of acquired fund fees and   
expenses those fees and expenses that   
the investment company incurred         
indirectly as a result of investment in 
shares of #a or more acquired funds that
 is a business development company2 and 
7#b7 instead disclose in a footnote to  

the fee table disclosure those fees and 
expenses described in paragraph 7#a71   
calculated according to the acquired    
fund fees and expenses formula4