Company: VVR
Filing Date: 2025-05-06
Form Type: 40-APP
Source: 0001680359-25-000301
Chunk: 8

Company: Invesco Senior Income Trust
Filing Date: 2025-05-06
Form: 40-APP
Chunk 8
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 several participant with such persons in contravention of such rules as the Commission may prescribe for the purpose of limiting or preventing participation by the business development company on a basis less advantageous than that of such person. Section 57(i) provides that, until the SEC prescribes rules under Section 57(a), the SEC’s rules under Section l7(d) applicable to registered closed-end investment companies will be deemed to apply to persons subject to the prohibitions of Section

12 Rule 17d-1(c) defines a “[j]oint enterprise or other joint arrangement or profit-sharing plan”
    to include, in relevant part, “any written or oral plan, contract, authorization or arrangement or any practice or understanding concerning an enterprise or undertaking whereby a registered investment company … and any affiliated person of or principal
    underwriter for such registered company, or any affiliated person of such a person or principal underwriter, have a joint or a joint and several participation, or share in the profits of such enterprise or undertaking ….”

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57(a).  Because the SEC has not adopted any rules under Section 57(a), Rule l7d-l applies to persons subject to the
    prohibitions of Section 57(a).

Rule 17d-1(b) provides, in relevant part, that in passing upon applications under the rule, the Commission will consider
    whether the participation of a registered investment company in a joint enterprise, joint arrangement or profit-sharing plan on the basis proposed is consistent with the provisions, policies and purposes of the 1940 Act and the extent to which such
    participation is on a basis different from or less advantageous than that of other participants.

| B. | Need for Relief |

Each Regulated Fund may be deemed to be an affiliated person of each other Regulated Fund within the meaning of Section 2(a)(3) if it is deemed to be under common control because an Adviser is or will be either the investment adviser or sub-adviser to each Regulated Fund. Section 17(d) and Section 57(b) apply to any investment adviser to a closed-end fund or a business development company, respectively, including a sub-adviser. Thus, an Adviser and any Affiliated Entities that it advises could be deemed to be persons related to Regulated Funds in a manner described by Sections 17(d) and 57(b). ISSM is directly owned by IAI and under common control with IAI, and ISSM and IAI are thus