,,ii  #aai? ,,congress  #a/ ,session    
,s4 #ahjh  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #bj1 #bjbe,mr4    
,mc,cormick 7= himself & ,ms4           
,alsobrooks7 introduc$ ! foll[+ bill2   
:i* 0 read twice & ref]r$ to !          
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs  ,a ,,bill  ,to p]mit a regi/]$
 inve/m5t company to omit c]ta9 fees f !
 calculation ( acquir$ fund fees &      
exp5ses1 & = o!r purposes4  #a4 ,%ort   
title ,?is ,act may be cit$ z ! ,access 
to ,small ,bus9ess ,inve/or ,capital    
,act4  #b4 ,am5dm5ts to acquir$ fund    
fees & exp5ses report+ on inve/m5t      
company regi/ration /atem5ts  7a7       
,def9itions ,9 ?is section3 7#a7        
,acquir$ fund ,! t]m acquir$ fund has ! 
mean+ giv5 ! t]m 9 ,=m ,n-#a;,a1 ,=m    
,n-#b1 & ,=m ,n-#c4  7#b7 ,acquir$ fund 
fees & exp5ses ,! t]m acquir$ fund fees 
& exp5ses means ! acquir$ fund fees &   
exp5ses subcaption 9 ! fee table        
disclosure4  7#c7 ,bus9ess developm5t   
company ,! t]m bus9ess developm5t       

company has ! mean+ giv5 ! t]m 9 section
 #b7;a7 ( ! ,inve/m5t ,company ,act (   
#aidj 7#ae ,u4,s4,c4 #hj;a-#b7;a774     
7#d7 ,fee table disclosure ,! t]m fee   
table disclosure means ! fee table      
describ$ 9 item #c ( ,=m ,n-#a;,a1 item 
#c ( ,=m ,n-#b1 or item #d ( ,=m ,n-#c  
7z applicable1 & ) respect to ea*1 9 any
 successor fee table disclosure t !     
,securities & ,ex*ange ,commission      
adopts74  7#e7 ,=m ,n-#a;,a ,! t]m ,=m  
,n-#a;,a means ! =m describ$ 9 section  
#bgd4aa;,a ( title #ag1 ,code ( ,f$]al  
,regulations1 or any successor          
regulation4  7#f7 ,=m ,n-#b ,! t]m ,=m  
,n-#b means ! =m describ$ 9 section     
#bgd4aa;a-#a ( title #ag1 ,code ( ,f$]al
 ,regulations1 or any successor         
regulation4  7#g7 ,=m ,n-#c ,! t]m ,=m  
,n-#c means ! =m describ$ 9 section     
#bgd4aa;b ( title #ag1 ,code ( ,f$]al   
,regulations1 or any successor          
regulation4  7#h7 ,regi/]$ inve/m5t     
company ,! t]m regi/]$ inve/m5t company 
means an inve/m5t company1 z def9$ 9    

section #c ( ! ,inve/m5t ,company ,act (
 #aidj 7#ae ,u4,s4,c4 #hj;a-#c71 regi/]$
 ) ! ,securities & ,ex*ange ,commission 
"u t ,act4  7b7 ,exclud+ bus9ess        
developm5t companies f ,acquir$ ,fund   
,fees & ,exp5ses ,a regi/]$ inve/m5t    
company may1 on any inve/m5t company    
regi/ration /atem5t fil$ pursuant to    
section #h7;b7 ( ! ,inve/m5t ,company   
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;a-#h7;b77 omit f ! calculation (    
acquir$ fund fees & exp5ses ^? fees &   
exp5ses t ! inve/m5t company incurr$    
indirectly z a result ( inve/m5t 9 %>es 
( #a or m acquir$ funds t is a bus9ess  
developm5t company4