[Congressional Record Volume 168, Number 157 (Wednesday, September 28, 2022)]
[Senate]
[Page S5480]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 5971. Mr. DAINES (for himself and Mr. Menendez) submitted an 
amendment intended to be proposed to amendment SA 5499 submitted by Mr. 
Reed (for himself and Mr. Inhofe) and intended to be proposed to the 
bill H.R. 7900, to authorize appropriations for fiscal year 2023 for 
military activities of the Department of Defense, for military 
construction, and for defense activities of the Department of Energy, 
to prescribe military personnel strengths for such fiscal year, and for 
other purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. _____. AMENDMENTS TO ACQUIRED FUND FEES AND EXPENSES 
                   REPORTING ON INVESTMENT COMPANY REGISTRATION 
                   STATEMENTS.

       (a) Definitions.--In this section:
       (1) Acquired fund.--The term ``acquired fund'' has the 
     meaning given the term in Form N-1A, Form N-2, and Form N-3.
       (2) Acquired fund fees and expenses.--The term ``acquired 
     fund fees and expenses'' means the acquired fund fees and 
     expenses subcaption in the fee table disclosure.
       (3) Business development company.--The term ``business 
     development company'' has the meaning given the term in 
     section 2(a) of the Investment Company Act of 1940 (15 U.S.C. 
     80a-2(a)).
       (4) Fee table disclosure.--The term ``fee table 
     disclosure'' means the fee table described in item 3 of Form 
     N-1A, item 3 of Form N-2, or item 4 of Form N-3 (as 
     applicable, and with respect to each, in any successor fee 
     table disclosure that the Securities and Exchange Commission 
     adopts).
       (5) Form n-1a.--The term ``Form N-1A'' means the form 
     described in section 274.11A of title 17, Code of Federal 
     Regulations, or any successor regulation.
       (6) Form n-2.--The term ``Form N-2'' means the form 
     described in section 274.11a-1 of title 17, Code of Federal 
     Regulations, or any successor regulation.
       (7) Form n-3.--The term ``Form N-3'' means the form 
     described in section 274.11b of title 17, Code of Federal 
     Regulations, or any successor regulation.
       (8) Registered investment company.--The term ``registered 
     investment company'' means an investment company, as defined 
     in section 3 of the Investment Company Act of 1940 (15 U.S.C. 
     80a-3), registered with the Securities and Exchange 
     Commission under that Act.
       (b) Excluding Business Development Companies From Acquired 
     Fund Fees and Expenses.--A registered investment company may, 
     on any investment company registration statement filed 
     pursuant to section 8(b) of the Investment Company Act of 
     1940 (15 U.S.C. 80a-8(b))--
       (1) 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 1 
     or more acquired funds that is a business development 
     company; and
       (2) instead disclose in a footnote to the fee table 
     disclosure those fees and expenses described in paragraph 
     (1), calculated according to the acquired fund fees and 
     expenses formula.
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