US HB2225

Registered investment companies may exclude fees and expenses from Business Development Companies (BDCs) when calculating "Acquired Fund Fees and Expenses" in their SEC registration statements

Applies to fee table disclosures required on Forms N-1A, N-2, and N-3, which are standard SEC registration forms for different types of investment companies

BDCs are defined under section 2(a) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)), typically investment firms that provide capital to small and developing businesses

Passed the House of Representatives on June 23, 2025