[Federal Register Volume 91, Number 60 (Monday, March 30, 2026)]
[Notices]
[Pages 15678-15681]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2026-06021]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 36070]
Multi-Class ETF Fund Exemptive Relief Under the Investment
Company Act of 1940
March 25, 2026.
AGENCY: Securities and Exchange Commission (``Commission'' or ``SEC'').
ACTION: Notice.
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Notice of applications under section 6(c) of the Investment Company
Act of 1940 (``Act''), each for an exemption from sections 2(a)(32),
5(a)(1), 18(f)(1), 18(i), 22(d) and 22(e) of the Act and rule 22c-1
under the Act and under sections 6(c) and 17(b) of the Act for an
exemption from sections 17(a)(1) and 17(a)(2) of the Act.
SUMMARY OF APPLICATIONS: In each case, the Applicants listed in the
relevant paragraph below request an order (``Order'') that would permit
a registered open-end management investment company to offer one class
of exchange-traded shares that operates as an exchange-traded fund (an
``ETF Class,'' and such shares, ``ETF Shares'') and one or more classes
of shares that are not exchange-traded (each such class, a ``Mutual
Fund Class,'' and such shares, ``Mutual Fund Shares,'' and each such
fund, a ``Multi-Class ETF Fund''). Each Order would provide Multi-Class
ETF Funds with two broad categories of relief: (i) the relief necessary
to permit standard exchange-traded fund (``ETF'') operations consistent
with Rule 6c-11 under the Act (``ETF Operational Relief'') and (ii) the
relief necessary for a fund to offer an ETF Class and one or more
Mutual Fund Classes (``ETF Class Relief'').
HEARING OR NOTIFICATION OF HEARING: An order granting the relevant
application referenced below will be issued unless the SEC orders a
hearing on that application. Interested persons may request a hearing
on any application by emailing the SEC's Secretary at [email protected] and serving the relevant applicant with a copy of the
request by email, if an email address is listed for the relevant
applicant below, or personally or by mail, if a physical address is
listed for the relevant applicant below. The email should include the
file number referenced below. Hearing requests should be received by
the SEC by 5:30 p.m., Eastern time, on April 20, 2026, and should be
accompanied by proof of service on applicants, in the form of an
affidavit or, for lawyers, a certificate of service. Pursuant to Rule
0-5 under the Act, hearing requests should state the nature of the
writer's interest, any facts bearing upon the desirability of a hearing
on the matter, the reason for the request, and the issues contested.
Persons who wish to be notified of a hearing may request notification
by writing to the Commission's Secretary at [email protected].
ADDRESSES: The Commission: [email protected].
FOR FURTHER INFORMATION CONTACT: The relevant person listed under each
application below, at (202) 551-6825 (Division of Investment
Management, Chief Counsel's Office).
SUPPLEMENTARY INFORMATION: For Applicants' representations, legal
analysis, and conditions, please refer to Applicants' application,
which may be obtained via the Commission's website by searching for the
applicable file number listed below, or for an applicant using the
Company name search field, on the SEC's EDGAR system. The SEC's EDGAR
system may be searched at https://www.sec.gov/search-filings. You may
also call the SEC's Office of Investor Education and Advocacy at (202)
551-8090.
Advisors Series Trust, et al. [File No. 812-15841]
Applicants: Advisors Series Trust and Pzena Investment Management,
LLC.
Filing Dates: The application was filed on June 27, 2025 and
amended on October 14, 2025.
Addresses: Geoff Bauer, Pzena Investment Management, LLC,
[email protected]; Michael W. Mundt, Esq., Stradley Ronon Stevens &
Young, LLP, [email protected].
For Further Information Contact: Deepak T. Pai, Senior Counsel, or
Kaitlin C. Bottock, Assistant Chief Counsel.
Axonic Funds, et al. [File No. 812-15934]
Applicants: Axonic Capital LLC and Axonic Funds.
Filing Date: The application was filed on November 4, 2025.
Addresses: Stephen T. Cohen, Esq. and Adam T. Teufel, Esq., Dechert
LLP, [email protected] and [email protected]; Jeffrey
Skinner, Esq., Kilpatrick Townsen & Stockton, LLP, [email protected].
For Further Information Contact: Asaf Barouk, Senior Counsel, or
Trace W. Rakestraw, Senior Special Counsel.
Cantor Select Portfolios Trust, et al. [File No. 812-15933]
Applicants: Cantor Select Portfolios Trust and Cantor Fitzgerald
Investment Advisors, L.P.
Filing Date: The application was filed on November 4, 2025 and
amended on March 13, 2026.
Addresses: Tanya L. Boyle, Esq. and Terrence O. Davis, Esq., DLA
Piper LLP (US), [email protected] and
[email protected].
For Further Information Contact: Asaf Barouk, Senior Counsel, or
Trace W. Rakestraw, Senior Special Counsel.
Columbia Funds Series Trust, et al. [File No. 812-15804]
Applicants: Columbia Funds Series Trust, Columbia Funds Series
Trust I, Columbia Funds Series Trust II, Columbia Acorn Trust, Columbia
ETF Trust I, Columbia ETF Trust II and Columbia Management Investment
Advisers, LLC.
Filing Dates: The application was filed on May 19, 2025 and amended
on June 26, 2025, and October 24, 2025.
Addresses: Marc Zeitoun, Ryan C. Larrenaga, Esq. and Joseph
D'Alessandro, Esq., 290 Congress Street, Boston, MA 02210; and Brian D.
McCabe, Esq., Ropes & Gray LLP, [email protected].
For Further Information Contact: Laura L. Solomon, Senior Counsel,
Trace W. Rakestraw, Senior Special Counsel.
Delaware Group Adviser Funds, et al. [File No. 812-15918]
Applicants: Delaware Group Adviser Funds, Delaware Group Cash
Reserve, Delaware Group Equity Funds II, Delaware Group Equity Funds
IV, Delaware Group Equity Funds V, Delaware Group Global &
International Funds, Delaware Group Government
[[Page 15679]]
Fund, Delaware Group Income Funds, Delaware Group Limited-Term
Government Funds, Delaware Group State Tax-Free Income Trust, Delaware
Group Tax Free Fund, Delaware Pooled Trust, Ivy Funds, Voyageur Insured
Funds, Voyageur Mutual Funds, Voyageur Mutual Funds II, Voyageur Tax
Free Funds, Macquarie ETF Trust, and Delaware Management Company.
Filing Date: The application was filed on October 16, 2025.
Addresses: David F. Connor, Esq., Macquarie Asset Management, 100
Independence, 610 Market Street, Philadelphia, PA 19106-2354; Bruce G.
Leto, Esq. and Michael W. Mundt, Esq., Stradley Ronon Stevens & Young,
LLP, [email protected] and [email protected]; and Sean Graber,
Morgan, Lewis & Bockius LLP, [email protected].
For Further Information Contact: Asaf Barouk, Senior Counsel, or
Kaitlin C. Bottock, Assistant Chief Counsel.
Diamond Hill Funds, et al. [File No. 812-15909]
Applicants: Diamond Hill Funds and Diamond Hill Capital Management,
Inc.
Filing Dates: The application was filed on September 30, 2025 and
amended on March 5, 2026.
Addresses: Thomas E. Line, Diamond Hill Funds, 325 John H.
McConnell Boulevard, Suite 200, Columbus, OH 43215; Michael V. Wible,
Esq., Thompson Hine LLP, [email protected].
For Further Information Contact: Laura L. Solomon, Senior Counsel,
or Kaitlin C. Bottock, Assistant Chief Counsel.
Franklin Templeton ETF Trust, et al. [File No. 812-15588]
Applicants: Legg Mason Global Asset Management Trust, Legg Mason
Partners Investment Trust, Franklin ETF Trust, Franklin Templeton ETF
Trust, Franklin Alternative Strategies Funds, Franklin Mutual Series
Funds, Franklin Value Investors Trust, Putnam California Tax Exempt
Income Fund, Putnam Convertible Securities Fund, Putnam Diversified
Income Trust, Putnam Asset Allocation Funds, Putnam ETF Trust, Putnam
Funds Trust, Putnam Focused International Equity Fund, George Putnam
Balanced Fund, Putnam Global Health Care Fund, Putnam Global Income
Trust, Putnam High Yield Fund, Putnam Income Fund, Putnam International
Equity Fund, Putnam Investment Funds, Putnam Large Cap Value Fund,
Putnam Massachusetts Tax Exempt Income Fund, Putnam Minnesota Tax
Exempt Income Fund, Putnam Mortgage Securities Fund, Putnam New Jersey
Tax Exempt Income Fund, Putnam New York Tax Exempt Income Fund, Putnam
Ohio Tax Exempt Income Fund, Putnam Pennsylvania Tax Exempt Income
Fund, Putnam Sustainable Leaders Fund, Putnam Target Date Funds, Putnam
Tax Exempt Income Fund, Putnam Tax-Free Income Trust, Franklin
California Tax Free Trust, Franklin California Tax-Free Income Fund,
Franklin Custodian Funds, Franklin Federal Tax-Free Income Fund,
Franklin Fund Allocator Series, Franklin Global Trust, Franklin Gold &
Precious Metals Fund, Franklin High Income Trust, Franklin Investors
Securities Trust, Franklin Managed Trust, Franklin Municipal Securities
Trust, Franklin New York Tax-Free Income Fund, Franklin New York Tax
Free Trust, Franklin Real Estate Securities Trust, Franklin Strategic
Series, Franklin Tax-Free Trust, Institutional Fiduciary Trust,
Templeton Developing Markets Trust, Templeton Funds, Templeton Global
Investment Trust, Templeton Global Smaller Companies Fund, Templeton
Growth Fund, Inc., Templeton Income Trust, Templeton Institutional
Funds, Western Asset Funds, Inc., Legg Mason Partners Income Trust and
Legg Mason Partners Institutional Trust, Franklin Templeton Fund
Adviser, LLC, Franklin Advisers, Inc., Franklin Advisory Services, LLC,
Franklin Templeton Investment Management Limited, Franklin Mutual
Advisers, LLC, K2/D&S Management Co., L.L.C., Franklin Templeton
Institutional, LLC, Franklin Templeton Investments Corp., Templeton
Asset Management Ltd., Templeton Investment Counsel, LLC, Templeton
Global Advisors Limited, Putnam Investment Management, LLC and
ClearBridge Investments, LLC.
Filing Dates: The application was filed on June 13, 2024 and
amended on July 24, 2025, and October 10, 2025.
Addresses: Alison E. Baur, Franklin Templeton Fund Adviser, LLC,
One Franklin Parkway, San Mateo, CA 94403-1906; Bryan Chegwidden, Esq.
and Adam M. Schlichtmann, Esq., Ropes & Gray LLP, 1211 Avenue of the
Americas, New York, New York 10036.
For Further Information Contact: Christopher D. Carlson, Senior
Counsel or Kaitlin C. Bottock, Assistant Chief Counsel.
Goldman Sachs Trust, et al. [File No. 812-15762]
Applicants: Goldman Sachs Trust, Goldman Sachs Trust II, Goldman
Sachs ETF Trust, Goldman Sachs ETF Trust II, Goldman Sachs Asset
Management, L.P.
Filing Dates: The application was filed on April 23, 2025 and
amended on October 15, 2025.
Addresses: Robert Griffith, Esq., Goldman Sachs & Co. LLC,
[email protected]; Stephen H. Bier, Esq., and Allison M. Fumai,
Esq., Dechert LLP, [email protected] and
[email protected].
For Further Information Contact: Christopher D. Carlson, Senior
Counsel, or Trace W. Rakestraw, Senior Special Counsel.
Hotchkis and Wiley Funds, et al. [File No. 812-15686]
Applicants: Hotchkis and Wiley Funds and Hotchkis & Wiley Capital
Management, LLC.
Filing Dates: The application was filed on January 7, 2025 and
amended on April 23, 2025, July 28, 2025, July 29, 2025 and October 15,
2025.
Addresses: Anna Marie Lopez, Hotchkis & Wiley Capital Management,
LLC, [email protected]; and Joseph M. Mannon, Esq., and
Nathaniel Segal, Esq., Vedder Price P.C., [email protected] and
[email protected].
For Further Information Contact: Laura L. Solomon, Senior Counsel,
and Trace W. Rakestraw, Senior Special Counsel.
Investment Managers Series Trust, et al. [File No. 812-15926]
Applicants: Investment Managers Series Trust and Euro Pacific Asset
Management, LLC.
Filing Date: The application was filed on October 27, 2025.
Addresses: Diane Drake, Esq., Investment Managers Series Trust, 235
West Galena Street, Milwaukee, WI 53212, ca.com">diane.drake@mfac-ca.com;
Laurie A. Dee, Morgan, Lewis & Bockius LLP, [email protected].
For Further Information Contact: Asaf Barouk, Senior Counsel, or
Kaitlin C. Bottock, Assistant Chief Counsel.
Litman Gregory Funds Trust, et al. [File No. 812-15914]
Applicants: IM Global Partner Fund Management, LLC and Litman
Gregory Funds Trust.
Filing Date: The application was filed on October 8, 2025, and
amended on March 17, 2026.
Addresses: David Hearth, Paul Hastings, LLP, 101 California Street,
48th Floor, San Francisco, CA 94111, [email protected].
For Further Information Contact: Asaf Barouk, Senior Counsel, or
Kaitlin C. Bottock, Assistant Chief Counsel.
[[Page 15680]]
Madison Funds, et al. [File No. 812-15727]
Applicants: Madison Funds, Madison ETFs Trust, and Madison Asset
Management, LLC.
Filing Dates: The application was filed on March 21, 2025, and
amended on April 18, 2025, June 24, 2025, and October 31, 2025.
Addresses: Steve J. Fredricks, Esq., Madison Funds, Madison ETFs
Trust, Madison Asset Management, LLC, 550 Science Drive, Madison, WI
53711; Pamela M. Krill, Esq., Godfrey & Kahn, S.C., [email protected].
For Further Information Contact: Deepak T. Pai, Senior Counsel, or
Kaitlin C. Bottock, Assistant Chief Counsel.
Mutual Fund Series Trust, et al. [File No. 812-15852]
Applicants: Mutual Fund Series Trust, Mutual Fund and Variable
Insurance Trust, Catalyst Capital Advisors LLC, AlphaCentric Advisors
LLC, and Rational Advisors, Inc.
Filing Dates: The application was filed on July 11, 2025 and
amended on November 12, 2025 and March 19, 2026.
Addresses: Jennifer Bailey, Mutual Fund Series Trust, Mutual Fund
and Variable Insurance Trust, 36 North New York Avenue, Huntington, NY
11743; Parker D. Bridgeport, Esq., Thompson Hine LLP, 41 S High St.,
Seventeenth Floor, Columbus, Ohio 43215.
For Further Information Contact: Deepak T. Pai, Senior Counsel, or
Kaitlin C. Bottock, Assistant Chief Counsel.
Nationwide Mutual Funds, et al. [File No. 812-15920]
Applicants: Nationwide Mutual Funds and Nationwide Fund Advisors.
Filing Date: The application was filed on October 23, 2025.
Addresses: Stephen R. Rimes, Esq., Senior Vice president and
Secretary of Nationwide Mutual Funds, One Nationwide Plaza, 1-18-102,
Columbus, OH 43215; Prufesh Modhera, Esq., and Michael W. Mundt, Esq.,
Stradley Ronon Stevens & Young, LLP, [email protected] and
[email protected].
For Further Information Contact: Asaf Barouk, Senior Counsel, or
Trace W. Rakestraw, Senior Special Counsel.
Northern Funds, et al. [File No. 812-15573]
Applicants: Northern Funds and Northern Trust Investments, Inc.
Filing Dates: The application was filed on May 14, 2024 and amended
on May 2, 2025, July 7, 2025, and October 17, 2025.
Addresses: Michael Mundt, Esq. and Sara Crovitz, Esq., Stradley
Ronon Stevens & Young, LLP, [email protected] and
[email protected]; Jose J. Del Real, Esq., Northern Trust
Investments, Inc., 50 South LaSalle Street, Chicago, Illinois 60603.
For Further Information Contact: Deepak T. Pai, Senior Counsel, or
Kaitlin C. Bottock, Assistant Chief Counsel.
Palmer Square Funds Trust, et al. [File No. 812-15677]
Applicants: Palmer Square Funds Trust and Palmer Square Capital
Management, LLC.
Filing Dates: The application was filed on December 19, 2024 and
amended on April 22, 2025, July 24, 2025, and October 16, 2025.
Addresses: Scott Betz, c/o Palmer Square Capital Management, LLC,
[email protected]; and Joseph M. Mannon and Nathaniel Segal,
Vedder Price P.C., [email protected] and [email protected].
For Further Information Contact: Laura L. Solomon, Senior Counsel,
or Kaitlin C. Bottock, Assistant Chief Counsel.
PGIM Investments LLC, et al. [File No. 812-15567]
Applicants: PGIM Investments LLC, The Prudential Investment
Portfolios, Inc., Prudential Investment Portfolios 2, Prudential
Investment Portfolios 3, Prudential Investment Portfolios 4, Prudential
Investment Portfolios 5, Prudential Investment Portfolios 6, Prudential
Investment Portfolios 7, Prudential Investment Portfolios 8, Prudential
Investment Portfolios 9, Prudential Investment Portfolios, Inc. 10,
Prudential Investment Portfolios 12, Prudential Investment Portfolios,
Inc. 14, Prudential Investment Portfolios, Inc. 15, Prudential
Investment Portfolios 16, Prudential Investment Portfolios, Inc. 17,
Prudential Investment Portfolios 18, Prudential Global Total Return
Fund, Inc., Prudential Jennison Blend Fund, Inc., Prudential Jennison
Mid-Cap Growth Fund, Inc., Prudential Jennison Natural Resources Fund,
Inc., Prudential Jennison Small Company Fund, Inc., Prudential National
Muni Fund, Inc., Prudential Sector Funds, Inc., Prudential Short-Term
Corporate Bond Fund, Inc., Prudential World Fund, Inc., and The Target
Portfolio Trust.
Filing Dates: The application was filed on April 19, 2024 and
amended on April 17, 2025, June 25, 2025, October 14, 2025, and March
12, 2026.
Addresses: Claudia DiGiacomo, Esq., Chief Legal Officer, PGIM
Investments LLC, [email protected]; Jay Spinola, Esq.,
Willkie Farr & Gallagher LLP, [email protected].
For Further Information Contact: Kris Easter Guidroz, Senior
Counsel, or Trace W. Rakestraw, Senior Special Counsel.
Principal Funds, Inc., et al. [File No. 812-15592]
Applicants: Principal Funds, Inc., Principal Exchange-Traded Funds,
and Principal Global Investors, LLC.
Filing Dates: The application was filed on June 20, 2024 and
amended on April 30, 2025, June 27, 2025, October 9, 2025 and October
14, 2025.
Addresses: Adam U. Shaikh, Principal Funds, Inc., 711 High Street,
Des Moines, Iowa 50392.
For Further Information Contact: Kris Easter Guidroz, Senior
Counsel, or Kaitlin C. Bottock, Assistant Chief Counsel.
RMB Investors Trust, et al. [File No. 812-15851]
Applicants: RMB Investors Trust and Curi Capital, LLC.
Filing Dates: The application was filed on July 11, 2025 and
amended on October 17, 2025 and March 3, 2026.
Addresses: Christopher M. Graff, RMB Investors Trust and Curi
Capital, LLC, One North Wacker Drive, Suite 3500, Chicago, Illinois
60606; Joseph M. Mannon and Mark A. Quade, Vedder Price P.C.,
[email protected] and [email protected].
For Further Information Contact: Deepak T. Pai, Senior Counsel, or
Kaitlin C. Bottock, Assistant Chief Counsel.
Starboard Investment Trust, et al. [File No. 812-15927]
Applicants: Starboard Investment Trust and Deschutes Portfolio
Strategy, LLC d/b/a Matisse Capital.
Filing Dates: The application was filed on October 27, 2025, and
amended on March 13, 2026.
Addresses: Tracie Coop, Esq., Starboard Investment Trust, 116 South
Franklin Street, Rocky Mount, NC 27804; Terrence Davis, Esq. and Tanya
Boyle, Esq., DLA Piper LLP, [email protected] and
[email protected].
For Further Information Contact: Asaf Barouk, Senior Counsel, or
Trace W. Rakestraw, Senior Special Counsel.
T. Rowe Price Associates, Inc., et al. [File No. 812-15613]
Applicants: T. Rowe Price Associates, Inc., T. Rowe Price Index
Trust, Inc., T.
[[Page 15681]]
Rowe Price Integrated Equity Funds, Inc., and T. Rowe Price Exchange-
Traded Funds, Inc.
Filing Dates: The application was filed on August 14, 2024 and
amended on April 11, 2025, June 20, 2025, October 14, 2025, and
February 26, 2026.
Addresses: Sonia P. Kurian, Esq. and Leah Greenstein, T. Rowe Price
Associates, Inc., [email protected] and
[email protected]; Adam T. Teufel, Esq., Dechert LLP,
[email protected].
For Further Information Contact: Deepak T. Pai, Senior Counsel, or
Trace W. Rakestraw, Senior Special Counsel.
Tidal Trust I, et al. [File No. 812-15643]
Applicants: Tidal Trust I, Tidal Trust II, Tidal Trust III, Tidal
Trust IV, Tidal Trust V, and Tidal Investments LLC.
Filing Dates: The application was filed on October 16, 2024 and
amended on April 24, 2025, June 25, 2025, and October 14, 2025.
Addresses: Michael Pellegrino, General Counsel, Tidal Investments
LLC, 234 West Florida Street, Suite 203, Milwaukee, WI 53204; Domenick
Pugliese, Sullivan & Worcester LLP, [email protected].
For Further Information Contact: Kris Easter Guidroz, Senior
Counsel, or Trace W. Rakestraw, Senior Special Counsel.
Transamerica Funds, et al. [File No. 812-15898]
Applicants: Transamerica Funds and Transamerica Asset Management,
Inc.
Filing Dates: The application was filed on September 15, 2025, and
amended on October 17, 2025, and March 6, 2026.
Addresses: Dennis Gallagher, Esq. and James Goundrey, Esq.,
Transamerica Asset Management, Inc., ca.com">dennis.gallagher@transamerica.com
and ca.com">james.goundrey@transamerica.com; Paul Raymond, Esq., Morgan Lewis &
Bockius, LLP, [email protected].
For Further Information Contact: Asaf Barouk, Senior Counsel, or
Kaitlin C. Bottock, Assistant Chief Counsel.
For the Commission, by the Division of Investment Management,
under delegated authority.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-06021 Filed 3-27-26; 8:45 am]
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