Lets investment funds leave out fees from business development companies (BDCs) when they calculate “Acquired Fund Fees and Expenses” (AFFE) on SEC registration statements. It also defines key terms by pointing to the Investment Company Act and the SEC’s registration forms.

This change affects how expense information is shown to investors. It does not change the actual fees investors pay. Funds that invest in BDCs may show lower reported expense ratios on their filings because BDC-related fees would no longer be counted in AFFE.