Access to Small Business Investor Capital Act

This bill lets certain investment funds leave out some costs from the expense number they must show to investors. If a registered investment company (like a mutual fund) invests in a business development company (BDC), it may skip counting the fees and expenses passed through from that BDC in the “acquired fund fees and expenses” line of its fee table on SEC forms N‑1A, N‑2, or N‑3 . The change applies to what funds report in their registration statements to the SEC under section 8(b) of the Investment Company Act .

In short, the fund’s displayed expense number could look lower because it does not include BDC-related fees in that specific line. The bill’s short title suggests a goal of helping small business investor capital, but the text itself focuses on this reporting change for fees and expenses .

• Who is affected: Registered investment companies and their investors; investments involving BDCs .
• What changes: Funds may omit BDC-related costs from the “acquired fund fees and expenses” line in the fee table on Forms N‑1A, N‑2, or N‑3 .
• Where it shows: The fee table in the fund’s SEC registration statement (items 3 on N‑1A and N‑2; item 4 on N‑3) .
• When: The bill specifies the reporting change but does not provide an effective date in the text provided .