Multi-Class ETF Fund Exemptive Relief Under the Investment Company Act of 1940

<NOTICE> SECURITIES AND EXCHANGE COMMISSION <DEPDOC>[Investment Company Act Release No. 35834]</DEPDOC> <SUBJECT>Multi-Class ETF Fund Exemptive Relief Under the Investment Company Act of 1940</SUBJECT> <DATE>December 17, 2025.</DATE> <HD SOURCE="HED">AGENCY:</HD> Securities and Exchange Commission (“Commission” or “SEC”). <HD SOURCE="HED">ACTION:</HD> Notice. 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. <HD SOURCE="HED">Summary of the Applications:</HD> In each case, the Applicants (specified below) 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”). <HD SOURCE="HED">Hearing or Notification of Hearing:</HD> 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 <E T="03">Secretarys-Office@sec.gov</E> 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. Hearing requests should be received by the SEC by 5:30 p.m. on January 12, 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 <E T="03">Secretarys-Office@sec.gov.</E> <HD SOURCE="HED">ADDRESSES:</HD> The Commission: <E T="03">Secretarys-Office@sec.gov.</E> <FURINF> <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD> The relevant person listed under each application below at (202) 551-6825 (Division of Investment Management, Chief Counsel's Office). </FURINF> <SUPLINF> <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD> 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 <E T="03">https://www.sec.gov/edgar/searchedgar/companysearch.html.</E> You may also call the SEC's Office of Investor Education and Advocacy at (202) 551-8090. <HD SOURCE="HD1">AB Municipal Income Fund, Inc., et al. [File No. 812-15570]</HD> <E T="03">Applicants:</E> AB Municipal Income Fund, Inc. and AllianceBernstein L.P. <E T="03">Filing Dates:</E> The application was filed on May 1, 2024 and amended on April 17, 2025, June 24, 2025, September 30, 2025, and December 5, 2025. <E T="03">Addresses:</E> Nancy E. Hay, AllianceBernstein L.P., <E T="03">nancy.hay@alliancebernstein.com</E> and Paul M. Miller, Esq., Seward & Kissel LLP, <E T="03">millerp@sewkis.com.</E> <E T="03">For Further Information Contact:</E> Laura L. Solomon, Senior Counsel, or Kaitlin C. Bottock, Assistant Chief Counsel. <HD SOURCE="HD1">Allspring Funds Trust, et al. [File No. 812-15591]</HD> <E T="03">Applicants:</E> Allspring Funds Trust, Allspring Exchange-Traded Funds Trust and Allspring Funds Management, LLC. <E T="03">Filing Dates:</E> The application was filed on June 20, 2024 and amended on May 2, 2025, June 30, 2025, October 3, 2025, and December 15, 2025. <E T="03">Addresses:</E> Matthew Prasse, Allspring Funds Management, LLC, <E T="03">matthew.prasse@allspringglobal.com</E> and Edward Baer, Ropes & Gray LLP, <E T="03">Edward.Baer@ropesgray.com.</E> <E T="03">For Further Information Contact:</E> Laura L. Solomon, Senior Counsel, or Trace W. Rakestraw, Senior Special Counsel. <HD SOURCE="HD1">Baron Investment Funds Trust, et al. [File No. 812-15793]</HD> <E T="03">Applicants:</E> Baron Investment Funds Trust, Baron Select Funds and BAMCO, Inc. <E T="03">Filing Dates:</E> The application was filed on May 12, 2025 and amended on October 2, 2025. <E T="03">Addresses:</E> Kristine Treglia, <E T="03">ktreglia@baroncapitalgroup.com;</E> Allison M. Fumai, Esq., Dechert LLP, <E T="03">allison.fumai@dechert.com.</E> <E T="03">For Further Information Contact:</E> Deepak T. Pai, Senior Counsel, or Kaitlin C. Bottock, Assistant Chief Counsel. <HD SOURCE="HD1">BlackRock Funds, et al. [File No. 812-15652]</HD> <E T="03">Applicants:</E> BlackRock Advantage Global Fund, Inc., BlackRock Advantage SMID Cap Fund, Inc., BlackRock Bond Fund, Inc., BlackRock California Municipal Series Trust, BlackRock Equity Dividend Fund, BlackRock Funds <SU>SM</SU> , BlackRock Funds II, BlackRock Funds III, BlackRock Funds V, BlackRock Funds VI, BlackRock Global Allocation Fund, Inc., BlackRock International Select Equity Fund, BlackRock Large Cap Series Funds, Inc., BlackRock Multi-State Municipal Series Trust, BlackRock Municipal Bond Fund, Inc., BlackRock Municipal Series Trust, BlackRock Natural Resources Trust and BlackRock Strategic Global Bond Fund, Inc., BlackRock Advisors, LLC and BlackRock Fund Advisors. <E T="03">Filing Dates:</E> The application was filed on October 30, 2024 and amended on April 15, 2025, June 23, 2025, and September 30, 2025. <E T="03">Addresses:</E> Janey Ahn, Esq., BlackRock Advisors, LLC, 50 Hudson Yards, New York, New York 10001; Margery K. Neale, Esq., Willkie Farr & Gallagher LLP, <E T="03">MNeale@willkie.com.</E> <E T="03">For Further Information Contact:</E> Christopher D. Carlson, Senior Counsel, or Trace W. Rakestraw, Senior Special Counsel. <HD SOURCE="HD1">Deutsche DWS Asset Allocation Trust [File No. 812-15679-01]</HD> <E T="03">Applicants:</E> Deutsche DWS Asset Allocation Trust, Deutsche DWS Global/International Fund, Inc., Deutsche DWS Income Trust, Deutsche DWS Institutional Funds, Deutsche DWS International Fund, Inc., Deutsche DWS Investment Trust, Deutsche DWS Market Trust, Deutsche DWS Municipal Trust, Deutsche DWS Portfolio Trust, Deutsche DWS Securities Trust, Deutsche DWS State Tax-Free Income Series, Deutsche DWS Tax Free Trust, DBX ETF Trust, DWS Investment Management Americas, Inc. and DBX Advisors LLC. <E T="03">Filing Dates:</E> The application was filed on December 20, 2024 and amended on April 11, 2025, April 14, 2025, June 27, 2025, and October 3, 2025. <E T="03">Addresses:</E> Caroline Pearson, 100 Summer Street, 8th Floor, Boston, MA 02110-2146, <E T="03">caroline.pearson@dws.com;</E> John S. Marten, Vedder Price P.C., 222 North LaSalle Street, Chicago, IL 60601-1104, <E T="03">jmarten@vedderprice.com.</E> <E T="03">For Further Information Contact:</E> Deepak T. Pai, Senior Counsel, or Trace W. Rakestraw, Senior Special Counsel. <HD SOURCE="HD1">Fidelity Hastings Street Trust, et al. [File No. 812-15517]</HD> <E T="03">Applicants:</E> Fidelity Hastings Street Trust and Fidelity Management & Research Company LLC. <E T="03">Filing Dates:</E> The application was filed on October 24, 2023 and amended on April 11, 2025, June 3, 2025, and September 29, 2025. <E T="03">Addresses:</E> Nicole Macarchuk, Esq. and Margaret Carey, Esq., Fidelity Management & Research Company LLC, <E T="03">Nicole.Macarchuk@fmr.com</E> and <E T="03">Margaret.Carey@fmr.com;</E> John V. O'Hanlon, Esq., Allison M. Fumai, Esq., and Stephanie A. Capistron, Esq., Dechert LLP, One International Place, 40th Floor, 100 Oliver Street, Boston, MA 02110. <E T="03">For Further Information Contact:</E> Christopher D. Carlson, Senior Counsel, or Kaitlin C. Bottock, Assistant Director. <HD SOURCE="HD1">F/m Investments LLC, et al. [File No. 812-15501]</HD> <E T="03">Applicants:</E> The RBB Fund, Inc. and F/m Investments LLC. <E T="03">Filing Dates:</E> The application was filed on August 22, 2023 and amended on April 10, 2025, June 16, 2025, and September 29, 2025. <E T="03">Addresses:</E> Steven Plump, The RBB Fund, Inc., <E T="03">splump@rbbfund.com;</E> Aisha J. Hunt, Esq., Kelley Hunt, PLLC, <E T="03">aisha@kelleyhunt.law</E> ; Jillian L. Bosmann, Esq., Faegre Drinker Biddle & Reath LLP, <E T="03">jillian.bosmann@faegredrinker.com.</E> <E T="03">For Further Information Contact:</E> Christopher D. Carlson, Senior Counsel, or Trace W. Rakestraw, Senior Special Counsel. <HD SOURCE="HD1">GMO Trust, et al. [File No. 812-15577]</HD> <E T="03">Applicants:</E> Grantham, Mayo, Van Otterloo & Co. LLC and GMO Trust. <E T="03">Filing Dates:</E> The application was filed on May 23, 2024 and amended on May 22, 2025, June 26, 2025, and October 3, 2025. <E T="03">Addresses:</E> D ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ Preview showing 10k of 28k characters. Full document text is stored and available for version comparison. ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━