Company: GAINI
Filing Date: 2025-08-13
Form Type: 40-APP/A
Source: 0001193125-25-179356
Chunk: 11

Company: GLADSTONE INVESTMENT CORPORATION\DE
Filing Date: 2025-08-13
Form: 40-APP/A
Chunk 11
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 the security participates in the Disposition in approximate proportion to its then-current holding of the security; or (ii) the Disposition is a sale of a Tradable Security. 18 7. Board Oversight

| (a) | Each Regulated Fund’s directors will oversee the Regulated Fund’s participation in the co-investment program in the exercise of their reasonable business judgment. |

| (b) | Prior to a Regulated Fund’s participation in Co-Investment                                                                                                                                           
 Transactions, the Regulated Fund’s Board, including a Required Majority, will: (i) review the Co-Investment Policies, to ensure that they are reasonably designed to prevent the Regulated Fund from 
 being disadvantaged by participation in the co-investment program; and (ii) approve policies and procedures of the Regulated Fund that are reasonably designed to ensure compliance with the terms   
 of the Order.                                                                                                                                                                                        |

| (c) | At least quarterly, each Regulated Fund’s Adviser and chief compliance officer (as defined in Rule 38a-1(a)(4)) will provide the Regulated Fund Boards with reports or other information requested by the Board related to a Regulated Fund’s participation in 
 Co-Investment Transactions and a summary of matters, if any, deemed significant that may have arisen during the period related to the implementation of the                                                                                                    
 Co-Investment Policies and the Regulated Fund’s policies and procedures approved pursuant to (b) above.                                                                                                                                                        |

| (d) | Every year, each Regulated Fund’s Adviser and chief compliance officer will provide the Regulated                                                                                           
 Fund’s Board with reports or other information requested by the Board related to the Regulated Fund’s participation in the co-investment program and any material changes in the Affiliated 
 Entities’ participation in the co-investment program, including changes to the Affiliated Entities’ Co-Investment Policies.                                                                 |

| (e) | The Adviser and the chief compliance officer will also notify the Regulated Fund’s Board of a compliance                                                  
 matter related to the Regulated Fund’s participation in the co-investment program and related Co-Investment Policies or the Regulated Fund’s policies and 
 procedures approved pursuant to (b) above that a Regulated Fund’s chief compliance officer considers to be material.                                      |

8. Recordkeeping. All information presented to the Board pursuant to the order will be kept for the life of the Regulated Fund and at least two years thereafter, and will be subject to examination by the Commission and its Staff. Each Regulated Fund will