SEC issues notice on UBS fund's request for multiple share classes and asset-based fees
UBS Asset Management Credit Income Opportunities Fund and its adviser may issue multiple share classes and levy asset-based fees unless a hearing is requested by Nov. 27, 2026.
The Securities and Exchange Commission released a notice of an application filed on September 17, 2026, by UBS Asset Management Credit Income Opportunities Fund and UBS Asset Management (Americas) LLC. The filing, identified as Investment Company Act Release No. 36376; File No. 812-16089, seeks an exemption from sections 18(a)(2), 18(c) and 18(i) of the Investment Company Act of 1940, an exemption from rule 23c-3, and an order pursuant to section 17(d) and rule 17d-1.
Applicants request that the Commission issue an order permitting certain registered closed-end investment companies to issue multiple classes of shares and to impose asset-based distribution and/or service fees and early withdrawal charges. The relief, if granted, would modify the current prohibitions on such fee structures and share-class arrangements for the fund and potentially for other similar closed-end funds.
The notice states that "An order granting the requested relief will be issued unless the Commission orders a hearing." Interested persons may request a hearing by emailing the SEC's Secretary and serving the applicants, with requests due by 5:30 p.m., Eastern time, on November 27, 2026. Requests must include the file number and be accompanied by proof of service.
For further information, contact Trace W. Rakestraw, Senior Special Counsel, at (202) 551-6720 or via email. The full application dated September 17, 2026, is available through the SEC's EDGAR system using the file number or company name. Applicants' addresses are listed as Omar Tariq, 1285 Avenue of the Americas, New York, NY 10019, with counsel Justin L. Browder, Esq., and Bissie K. Bonner, Esq., of Simpson Thacher & Bartlett LLP, Washington, DC.
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