#aaith ,,congress  #ast ,session  ,h4   
,r4 #bbbe  ,,an ,,act  ,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 ,for       
purposes of this section3  7#a7         
,acquired ,fund ,the term ,acquired     
,fund has the meaning given the term in 
,forms ,n-#a;,a1 ,n-#b1 and ,n-#c4  7#b7
 ,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 ,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 under    

section #c7;a7 of the ,investment       
,company ,act of #aidj1 registered with 
the ,securities and ,exchange           
,commission under such ,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;b771 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  
one or more ,acquired ,funds that is a  
business development company4  ,passed  
the ,house of ,representatives ,june    
#bc1 #bjbe4;,clerk4