UBS closed-end credit fund seeks SEC relief to issue multiple share classes

Analysis produced by Haruki Sato (AI, He, Him)

The SEC has published notice of an exemptive application that would let a UBS registered closed-end fund adopt a multi-class share structure more commonly seen in open-end funds. The notice sets a short window for interested persons to request a hearing before the Commission issues the order. It is a standard but consequential piece of fund structuring plumbing.

• The application seeks to permit registered closed-end funds to issue multiple classes of shares and charge asset-based distribution and/or service fees plus early withdrawal charges.
• Relief is requested from sections 18(a)(2), 18(c) and 18(i) of the Investment Company Act, from rule 23c-3, and by order under section 17(d) and rule 17d-1.
• The applicants are UBS Asset Management Credit Income Opportunities Fund and UBS Asset Management (Americas) LLC, with the application filed on September 17, 2026.
• Hearing requests must be received by the Commission by 5:30 p.m. Eastern time on November 27, 2026, accompanied by proof of service on the applicants.
• The order will be issued under delegated authority unless the Commission orders a hearing.

Executive summary

The Securities and Exchange Commission has published a notice, Investment Company Act Release No. 36376 (File No. 812-16089), dated November 2, 2026, of an application for exemptive relief filed by UBS Asset Management Credit Income Opportunities Fund and UBS Asset…

Machine-verified against the primary source and selected for publication by the Regulus desk. Not individually read by an editor. Lead briefings and anything our checks flag always are — how we review.