Company: GAINI
Filing Date: 2025-08-12
Form Type: 40-APP/A
Source: 0001193125-25-178985
Chunk: 2

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-08-12
Form: 40-APP/A
Chunk 2
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-member board (the “ GAIN Board” and, together with the GALT Board, the GLAD Board and the board of any Future Regulated Fund, the “ Board”), of which five members are not “interested” persons of GAIN within the meaning of Section 2(a)(19) of the Act.

| D. | GMC |

GMC serves as the investment adviser of the Existing Regulated Funds, and either it or another Adviser will serve as the investment adviser to any Future Regulated Fund. GMC is a Delaware corporation and is a registered investment adviser with the Commission under the Investment Advisers Act of 1940. On the date of this Application, GMC’s sole clients that intend to rely on the Order are GALT, GAIN and GLAD. GMC is a leading alternative asset manager providing services to funds that invest in a diverse range of alternative strategies, including private debt, private equity, real estate and natural resource real assets. The firm is headquartered in McClean, Virginia and has offices in other states. Under the terms of an investment advisory agreement with each Existing Regulated Fund, GMC will, among other things, manage the investment portfolio, direct purchases and sales of portfolio securities and report thereon to each Existing Regulated Fund’s officers and directors/trustees regularly.

| III. | ORDER REQUESTED |

The Applicants request an Order of the Commission under Sections 17(d) and 57(i) of the 1940 Act and Rule 17d-1thereunder to permit, subject to the terms and conditions set forth below in this Application (the “ Conditions”), each Regulated Fund to be able to participate with one or more Affiliated Entities in Co-InvestmentTransactions otherwise prohibited by Sections 17(d) and 57(a)(4) of the 1940 Act and Rule 17d-1thereunder.

| A. | Applicable Law |

Section 17(d), in relevant part, prohibits an affiliated person, or an affiliated person of such affiliated person, of a registered investment company, acting as principal, from effecting any transaction in which the registered investment company is “a joint or a joint and several participant with such person” in contravention of such rules as the SEC may prescribe “for the purpose of limiting or preventing participation by such [fund] on a basis different from or less advantageous than that of such other participant.” Rule 17d-1 prohibitsan affiliated person, or an affiliated person of such affiliated person, of a registered investment company, acting as principal