A copy of the Company’s Investment Company Bond No. 106628401, in the amount of $3,000,000, effective as of November 25, 2022, covering the Company, and its subsidiaries (the “Bond”). The Bond was received by the Company on November 16, 2022.

A copy of the resolutions adopted by written consent of the Board of Directors dated November 25, 2022, in which a majority of the Directors who are “not interested” ratified and approved the amendment to the Bond.

The information that needs to be included with the claim notice

The address, electronic mail address and/or facsimile number to which the policyholder can send claims related information

Get questions on the claim process answered

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Model Employee Handbook, including policies and forms for downloading or printing that reduce risks in the workplace.

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In the Sign-In box, click Register.

Enter the password/passcode: <TRVP300100 for Insurance Companies> <TRVP300400 for Banks and Diversified> <TRVP300300 for Asset Management>

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© 2018 The Travelers Indemnity Company. All rights reserved.

Independent Agent And Broker

Compensation Notice

© 2019 The Travelers Indemnity Company. All rights reserved.

Virginia Insurer And Insurance Department

Contact Information Notice

© 2019 The Travelers Indemnity Company. All rights reserved.

Investment Company Bond

Declarations

INSURED:

GLADSTONE INVESTMENT CORPORATION

Principal Address:

1521 WESTBRANCH DRIVE SUITE 100

MC LEAN, VA 22102

(hereinafter, “Insured”)

POLICY PERIOD:

Inception Date: November 25, 2022                 Expiration Date: November 25, 2023

12:01 A.M. local time as to both dates at the Principal Address stated in ITEM 1.

ALL NOTICES OF CLAIM OR LOSS MUST BE SENT TO THE COMPANY BY EMAIL, FACSIMILE, OR MAIL AS SET FORTH BELOW:

Email: BSIclaims@travelers.com

Fax: 1-888-460-6622

Mail: Travelers Bond & Specialty Insurance Claim

          P.O. Box 2989

          Hartford, CT 06104-2989

Overnight Mail: Travelers Bond & Specialty Insurance Claim

One Tower Square, S202A

Hartford, CT 06183

For questions related to claim reporting or handling, please call 1-800-842-8496.

INSURING AGREEMENT

A. FIDELITY

Coverage A.1.     Larceny or Embezzlement

Coverage A.2.     Restoration Expenses

© 2016 The Travelers Indemnity Company. All rights reserved.

B. ON PREMISES

C. IN TRANSIT

D. FORGERY OR ALTERATION

E. SECURITIES

F.  COUNTERFEIT MONEY AND COUNTERFEIT MONEY ORDERS

G.   CLAIM EXPENSE

H.   STOP PAYMENT ORDERS OR WRONGFUL DISHONOR OF CHECKS

I.   COMPUTER SYSTEMS

Coverage I.1. Computer Fraud

Coverage I.2. Fraudulent Instructions

Coverage I.3. Restoration Expense

J.  UNCOLLECTIBLE ITEMS OF DEPOSIT

ITEM 5

such cancellation or termination to be effective as of the time this bond becomes effective.

ITEM 6

(If exercised in accordance with section VI. CONDITIONS, S. DISCOVERY PERIOD)

ITEM 7

FORMS AND ENDORSEMENTS ATTACHED AT ISSUANCE:

© 2016 The Travelers Indemnity Company. All rights reserved.

© 2016 The Travelers Indemnity Company. All rights reserved.

Investment Company Bond

Table of Contents

© 2016 The Travelers Indemnity Company. All rights reserved.

I.

VALUATION

J.

ASSIGNMENT

K.

SUBROGATION

L.

RECOVERIES

M.

COOPERATION

N.

ANTI-BUNDLING

O.

LIMIT OF INSURANCE UNDER THIS BOND AND PRIOR INSURANCE

P.

OTHER INSURANCE OR INDEMNITY

Q.

COVERED PROPERTY

R.

CANCELATION, TERMINATION, CHANGE OR MODIFICATION

S.

DISCOVERY PERIOD

T.

HEADINGS

© 2016 The Travelers Indemnity Company. All rights reserved.

Investment Company Bond

with Extended Coverages

CONSIDERATION CLAUSE

INSURING AGREEMENTS

FIDELITY

ON PREMISES

Loss of Property resulting directly from:

robbery, burglary, mysterious unexplainable disappearance or misplacement and damage or destruction; or

theft, false pretenses, or common law or statutory larceny, committed by a person physically present in an office of, or on the premises of, the Insured at the time the Property was surrendered,

Direct loss, through any hazard specified in Insuring Agreement B.1. of any Property while such Property is within any of the Insured’s or an Investment Adviser’s offices and in the possession of any customer of the Insured, any representative of such customer or any Employee whether or not the Insured is liable for the loss thereof, and provided such loss, at the option of the Insured, is included in the Insured’s proof of loss, but excluding, in any event, loss caused by such customer, any representative of such customer, or any Employee.

© 2016 The Travelers Indemnity Company. All rights reserved.

IN TRANSIT

FORGERY OR ALTERATION

Negotiable Instrument (except an Evidence of Debt);

Certificate of Deposit;

Letter of Credit;

Withdrawal Order;

Acceptance;

receipt for the withdrawal of Property; or

instruction or advice directed to the Insured or an Investment Adviser and purportedly signed by a Customer of the Insured or by a Financial Institution,

SECURITIES

acquired, sold, delivered, or given value, extended credit or assumed liability, on the faith of any Original Written document that is a (an):

Certificated Security;

Document of Title;

deed, mortgage, or other instrument conveying title to, or creating or discharging a lien on, real property;

Certificate of Origin or Title;

Certificate of Deposit;

Evidence of Debt;

corporate, partnership, or personal Guarantee;

Security Agreement;

© 2016 The Travelers Indemnity Company. All rights reserved.

Instruction;

Statement of Uncertificated Security,

bears a handwritten signature material to the validity or enforceability of the Original Written document that is a Forgery, but only to the extent the Forgery causes the loss;

is altered, but only to the extent the alteration causes the loss; or

is lost or stolen;

guaranteed in writing or witnessed any handwritten signature upon any transfer, assignment, bill of sale, power of attorney, Guarantee, endorsement, or any items listed in items 1.a. through 1.i. above; or

acquired, sold or delivered, given value, extended credit or assumed liability, on the faith of any item listed in 1.a. through 1.d. above, that is a Counterfeit, but only to the extent the Counterfeit causes the loss.

COUNTERFEIT MONEY AND COUNTERFEIT MONEY ORDERS

CLAIM EXPENSE

STOP PAYMENT ORDERS OR WRONGFUL DISHONOR OF CHECKS

failed to comply with any notice of any customer of the Insured or any authorized representative of such customer to stop payment on any check or draft made or drawn by such customer; or

wrongfully dishonored or wrongfully failed to certify any check or draft made or drawn by the customer of the Insured or any authorized representative of such customer.

© 2016 The Travelers Indemnity Company. All rights reserved.

COMPUTER SYSTEMS

performed a Callback Verification with respect to such instruction; or

followed commercially reasonable Security Procedures applicable to the transaction and instruction.

UNCOLLECTIBLE ITEMS OF DEPOSIT

redemptions or withdrawals to be permitted;

shares to be issued; or

dividends to be paid.

GENERAL AGREEMENTS

ORGANIC GROWTH

© 2016 The Travelers Indemnity Company. All rights reserved.

CONSOLIDATION - MERGER - PURCHASE OR ACQUISITION OF ASSETS

has occurred or will occur in the offices or premises of such institution;

has been caused or will be caused by any employee or employees of such institution; or

has arisen or will arise out of the assets, assets under management or liabilities acquired by the Insured as a result of such Transaction,

Automatic Loss Sustained Coverage

Automatic Discovery Coverage

REPRESENTATION OF INSURED

JOINT INSURED

© 2016 The Travelers Indemnity Company. All rights reserved.

COURT COSTS AND ATTORNEY’S FEES - LEGAL PROCEEDINGS - ELECTION TO DEFEND

an Employee admits to being guilty of Larceny or Embezzlement;

an Employee is adjudicated to be guilty of Larceny or Embezzlement; or

in the absence of 1. or 2. above, an arbitration panel agrees, after a review of an agreed statement of facts, that an Employee would be found guilty of Larceny or Embezzlement if such Employee were prosecuted.

DEFINITIONS

Acceptance means a Written draft that the drawee has, by signature thereon, engaged to honor as presented.

Bond Period has the meaning set forth in section VI. CONDITIONS, C. BOND PERIOD.

Callback Verification means a verbal conversation with the purported Customer, using a Pre-Determined Telephone Number, to verify the identity of the Customer and the authenticity of a funds transfer request.

© 2016 The Travelers Indemnity Company. All rights reserved.

Certificate of Deposit means a Written acknowledgment by an Insured or a Financial Institution of receipt of Money with an engagement to repay it.

Certificate of Origin or Title means a Written document issued by a manufacturer of personal property or a governmental agency evidencing the ownership of the personal property and by which ownership is transferred.

Certificated Security means a share, participation or other interest in property of, or an enterprise of, the issuer or an obligation of the issuer, that is:

represented by a Written instrument issued in bearer or registered form;

of a type commonly dealt in on securities exchanges or markets or commonly recognized in any area in which it is issued or dealt in as a medium for investment; and

either one of a class or series or by its terms divisible into a class or series of shares, participations, interests or obligations.

Computer Fraud means an intentional, unauthorized, and fraudulent entry of data or computer instructions directly into, or change of data or computer instructions within, a Computer System by a natural person or entity other than an Employee, including any such entry or change made via the internet or a Network, provided that such entry or change causes:

Property to be transferred, paid, or delivered;

an account of the Insured, or of its customer, to be added, deleted, debited or credited; or

an unauthorized or fictitious account to be debited or credited.

Computer System means:

any computer; and

any input, output, processing, storage or communication device, or any related network, operating system or application software, that is connected to, or used in connection with, such computer,

Computer Violation means:

the introduction of a Computer Virus into a Computer System; or

damage to, or destruction of, computer programs, software or other electronic data stored within a Computer System by a natural person, who has:

gained unauthorized access to such Computer System; or

authorized access to such Computer System but uses such access to cause such damage or destruction.

Computer Virus means any malicious code that could destroy, alter, contaminate, or degrade the integrity, quality, or performance of:

electronic data used, or stored, in any Computer System or network; or

a computer network, any computer application software, or a computer operating system or related network.

Counterfeit means a Written imitation of an actual, valid, or verifiable Original that is intended to deceive and to be taken as the Original.

© 2016 The Travelers Indemnity Company. All rights reserved.

Custodian means an institution designated by an Insured or an Investment Adviser to maintain possession and control of the Insured’s assets.

Customer means, only with respect to Insuring Agreement I.2., an entity or natural person that has a Funds Transfer Agreement with the Insured or with an Investment Adviser.

Depository means a clearing corporation that is:

registered with the Securities Exchange Commission as a clearing agency under section 17A of the Securities Exchange Act of 1934 (15 U.S.C. 78q-1); or

a Federal Reserve Bank or other person or entity authorized to operate the federal book entry system described in the regulations of the Department of Treasury codified at 31 CFR 357, Subpart B, or book-entry systems operated pursuant to comparable regulations of other federal agencies.

Document of Title means a Written document that is a bill of lading, dock warrant, dock receipt, warehouse receipt or order for the delivery of goods, and also any other Written document that in the regular course of business or financing is treated as adequately evidencing that the person in possession of it is entitled to receive, hold and dispose of the document and the goods it covers and must purport to be issued by or addressed to a bailee and purport to cover goods in the bailee’s possession that are either identified or are fungible portions of an identified mass.

Electronic Data Processor means a natural person, partnership or corporation authorized in writing by the Insured or an Investment Adviser to perform services as a data processor of checks presented to the Insured by a customer or Financial Institution, but excluding any such processor who acts as a transfer agent or in any other agency capacity in issuing checks, drafts or securities for the Insured, A Federal Reserve Bank or clearinghouse will not be construed to be an Electronic Data Processor.

Electronic Record means information that is created, generated, sent, communicated, received, or stored by electronic means, and is retrievable in perceivable form.

Employee means:

an officer, partner or other employee of the Insured, while such person is employed by and performing services for the Insured, and whom the Insured directly compensates by wages, salaries or commissions; or for 60 days after such individual’s termination of service, provided such termination is not due to employee fraud or dishonesty;

a guest student or intern pursuing studies or duties in any of the Insured’s or an Investment Adviser’s offices or premises covered hereunder, while such person is performing services for the Insured;

any attorney retained by the Insured or an Investment Adviser, and any employee of such attorney, but only while performing legal services for the Insured;

any natural person assigned to perform the usual duties of an employee within the premises of the Insured or an Investment Adviser and under the Insured’s supervision, by contract, including such persons provided by any employment agency furnishing temporary personnel to the Insured or an Investment Adviser on a contingent or part-time basis, and including a natural person who is leased to the Insured or an Investment Adviser under a written agreement between the Insured and a labor leasing firm to perform duties related to the conduct of the Insured’s business; (all such natural persons provided by a single employment agency or labor leasing firm will collectively be deemed to be one person for all the purposes of this bond, excepting, however, the last paragraph of Condition R.2.);

an employee of an institution merged or consolidated with the Insured prior to the effective date of this bond, or, subject to General Agreement B., after the effective date of this bond, but only with respect to acts while an employee of such institution and which acts caused said institution to

© 2016 The Travelers Indemnity Company. All rights reserved.

each natural person, partnership, or corporation authorized by the Insured or an Investment Adviser to perform services as an Electronic Data Processor (each such Electronic Data Processor, and the partners, officers and employees of such Electronic Data Processor will collectively be deemed to be one Employee for all the purposes of this bond, except with respect to Condition R.2.);

any director or trustee of an Insured, Investment Adviser, underwriter (distributor), transfer agent, shareholder accounting record keeper, or administrator authorized by Written agreement with the Insured to keep financial or other required records, but only while performing acts coming within the scope of the usual duties of an officer or employee or while acting as a member of any committee duly elected or appointed to examine or audit or have custody of or access to the Property of the Insured;

any natural person who is a volunteer, while such person is subject to the Insured’s direction and control and is performing services for the Insured;

any natural person who is a former employee retained as a consultant, pursuant to a written agreement with the Insured, while that person is subject to the Insured’s direction and control and performing services for the Insured; and

any officer, partner, or employee of:

an Investment Adviser;

an underwriter (distributor);

a transfer agent or shareholder accounting record-keeper; or

an administrator authorized by written agreement to keep financial or other required records,

Evidence of Debt means a Written instrument, including a Negotiable Instrument, executed, or purportedly executed, by a customer of the Insured and held by the Insured or an Investment Adviser that in the regular course of business is treated as evidencing the customer’s debt to the Insured.

Financial Institution means:

a bank, trust company, savings bank, credit union, savings and loan association, or similar thrift institution; or

a stock brokerage firm, mutual fund, liquid assets fund or similar investment institution;

© 2016 The Travelers Indemnity Company. All rights reserved.

Forgery means signing the name of another person or organization with a handwritten signature directly applied to a Written document without authority, and with the intent to deceive.

Fraudulent Instruction means an intentional, fraudulent and unauthorized instruction directed to the Insured or an Investment Adviser, that is:

transmitted via telefacsimile, and:

purports and reasonably appears to be from a Customer, a Financial Institution, or another office of the Insured;

was in fact transmitted by someone other than a Customer, a Financial Institution, or another office of the Insured; and

purports and reasonably appears to contain the handwritten signature of a person authorized to initiate such transfer that proves to have been used by an unauthorized person; or

transmitted verbally, via telephone, and purports to be from:

an officer, director, partner or employee of a Customer, who is authorized by the Customer to instruct the Insured or an Investment Adviser to make such a transfer;

a Customer who is a natural person; or

an Employee in another office of the Insured who was authorized by the Insured to instruct other Employees to transfer funds on deposit in a Customer’s account; and was received by an Employee specifically designated to receive and act upon such instructions,

transmitted via electronic mail and purports and reasonably appears to be from a Customer of the Insured, but was in fact transmitted by someone other than such Customer.

Funds Transfer Agreement means an agreement, signed by the Customer, that:

authorizes the Insured or an Investment Adviser to rely on instructions transmitted by either voice, telefacsimile or electronic mail to make funds transfers; and

provides the Insured or an Investment Adviser with the names of persons authorized to initiate funds transfers.

© 2016 The Travelers Indemnity Company. All rights reserved.

Guarantee means a Written undertaking obligating the signer to pay the debt of another to the Insured or its assignee or to a Financial Institution from which the Insured has purchased participation in the debt, if the debt is not paid in accordance with its terms.

Instruction means a Written order to the issuer of an Uncertificated Security requesting that the transfer, pledge, or release from pledge of the Uncertificated Security specified be registered.

Investment Adviser means any entity defined in §202(a)(11) of, and registered under, the Investment Advisers Act of 1940, as amended, but only while acting on behalf of the Insured.

Item of Deposit means any checks or drafts deposited into the account of a customer, shareholder or subscriber.

Larceny or Embezzlement means larceny or embezzlement as defined in the Investment Company Act of 1940, §37 as amended.

Letter of Credit means an engagement in writing by a Financial Institution or other person made at the request of a customer that the Financial Institution or other person will honor drafts or other demands for payment upon compliance with the conditions specified in the Letter of Credit.

Loan means all extensions of credit by the Insured and all transactions creating a creditor relationship in favor of the Insured and all transactions by which the Insured assumes an existing creditor relationship.

Messenger means an Employee while in possession of the Insured’s Property away from the Insured’s or Investment Adviser’s premises and any other natural person acting as custodian of the Property during an emergency arising from the incapacity of the original Employee.

Money means a medium of exchange in current use authorized or adopted by a domestic or foreign government as a part of its currency.

Negotiable Instrument means a Written document, that:

is signed by the maker or drawer;

contains an unconditional promise or order to pay a sum certain in Money and no other promise, order, obligation or power given by the maker or drawer;

is payable on demand or at a definite time; and

is payable to order or bearer.

Network means any and all services provided by or through the facilities of any electronic or computer communication system, including Fedwire, Clearing House Interbank Payment System (CHIPS), Society for Worldwide Interbank Financial Telecommunication (SWIFT), National Automated Clearing House Association (NACHA) and similar interbank payment or settlement systems, including any shared networks, internet access facilities, or other similar facilities for such systems in which the Insured participates, allowing the input, output, examination, or transfer of data or programs from one computer to a Computer System.

Original means the first rendering or archetype and does not include photocopies or electronic transmissions even if received and printed.

Pre-Determined Telephone Number means a telephone number that:

was provided by the Customer when the Customer opened the account with the Insured or an Investment Adviser;

© 2016 The Travelers Indemnity Company. All rights reserved.

was provided in person by the Customer after the Customer opened the account with the Insured or an Investment Adviser, while physically present on the Insured’s or Investment Adviser’s premises and while presenting a government-issued photo identification;

was provided in a Funds Transfer Agreement;

replaced a telephone number previously provided for the Customer’s account, provided that confirmation of the legitimacy of the change was achieved through direct contact with the Customer at a telephone number described in paragraph JJ.1., JJ.2. or JJ.3. above; or

replaced a telephone number previously provided for the Customer’s account and was received by the Insured or the Investment Adviser at least 30 days prior to the receipt of the Fraudulent Instruction.

Property means Money, Certificated Securities, Uncertificated Securities, Negotiable Instruments, Certificates of Deposit, Documents of Title, Acceptances, Evidences of Debt, Security Agreements, Withdrawal Orders, Certificates of Origin or Title, Letters of Credit, insurance policies, abstracts of title, deeds and mortgages on real estate, revenue and other stamps, tokens, unsold state lottery tickets, books of account and other records whether Written or recorded electronically, gems, jewelry, precious metals of all kinds and in any form, and tangible items of personal property that are not hereinbefore enumerated.

Restoration Expenses means reasonable costs incurred by the Insured or an Investment Adviser, with the Company’s prior written consent, to restore, replace or reproduce damaged or destroyed computer programs, software or other electronic data stored within a Computer System, or that the Insured owns, holds or is responsible for, to the condition that existed immediately preceding a Computer Violation; provided that if it is determined by the Insured or Investment Adviser that such computer programs, software or other electronic data cannot reasonably be restored, replaced or reproduced, then Restoration Expenses means only the reasonable costs incurred by the Insured or an Investment Adviser, with the Company’s prior written consent, to reach such determination.

expenses incurred as a result of the reconstruction of computer programs, software, or other electronic data that the Insured did not have a license to use;

expenses incurred to restore, replace, or reproduce damaged or destroyed computer programs, software or other electronic data if such damage or destruction was caused by computer programs, software, or other electronic data that the Insured did not have a license to use;

expenses incurred to design, update, improve, or perfect the operation or performance of computer programs, software, or other electronic data; or

expenses incurred to redo the work product, research, or analysis that was the basis of, or resulted in, any computer programs, software, or other electronic data stored.

Security Agreement means a Written agreement that creates an interest in personal property or fixtures and that secures payment or performance of an obligation.

Security Procedure means the Insured’s or Investment Adviser’s established authentication process, other than voice recognition, that requires the use of algorithms or other codes, identifying words or numbers, encryption, or similar security devices or procedures. The following are not considered a Security Procedure:

a general statement that the Insured or Investment Adviser may establish security procedures;

a statement that the Insured or Investment Adviser may perform a callback or other security procedure; or

a statement that the Insured or Investment Adviser will only accept requests from persons named on the account.

© 2016 The Travelers Indemnity Company. All rights reserved.

Single Loss has the meaning set forth in section VI. CONDITIONS, D. SINGLE LOSS.

Statement of Uncertificated Security means a Written statement of the issuer of an Uncertificated Security containing:

a description of the issue of which the Uncertificated Security is a part;

the number of shares or units:

transferred to the registered owner;

pledged by the registered owner to the registered pledgee;

released from pledge by the registered pledgee;

registered in the name of the registered owner on the date of the statement; or

subject to pledge on the date of the statement;

the name and address of the registered owner and registered pledgee;

a notation of any liens and restrictions of the issuer and any adverse claims to which the Uncertificated Security is or may be subject to, or a statement that there are none of those liens, restrictions or adverse claims; and

the date:

the transfer of the shares or units to the new registered owner of the shares or units was registered;

the pledge of the registered pledgee was registered; or

of the statement, if it is a periodic or annual statement.

Substitute Check means a paper reproduction of an Original Written check as defined in the Check Clearing for the 21^st Century Act of 2003, as amended.

Transportation Company means any organization that provides its own or leased vehicles for transportation or that provides freight forwarding or air express services.

Uncertificated Security means a share, participation or other interest in property of, or an enterprise of, the issuer or an obligation of the issuer, that is:

not represented by a Written instrument issued in bearer or registered form and the transfer of which is registered upon books maintained for that purpose by or on behalf of the issuer;

of a type commonly dealt in on securities exchanges or markets, or commonly recognized in any area in which it is issued or dealt in as a medium for investment; and

either one of a class or series or by its terms divisible into a class or series of shares, participations, interests or obligations.

Withdrawal Order means a non-negotiable Written instrument, other than an Instruction, signed by a customer of the Insured authorizing the Insured to debit the customer’s account in the amount of funds stated therein.

Written means expressed through letters or marks placed upon paper and visible to the eye. It does not include information contained in an Electronic Record, or only with respect to Insuring Agreement D, information communicated via telefacsimile.

© 2016 The Travelers Indemnity Company. All rights reserved.

EXCLUSIONS

This bond does not cover loss resulting directly or indirectly from forgery or alteration, except when covered under Insuring Agreement A, D, E, F or G.

This bond does not cover loss due to war, invasion, acts of foreign enemies, hostilities (whether war is declared or not), civil war, rebellion, revolution, insurrection, military or usurped power, confiscation, nationalization, requisition, or destruction of, or damage to, property by or under the order of any government, public or local authority, unless such loss occurs in transit in the circumstances recited in Insuring Agreement C and unless, when such transit was initiated, there was no knowledge of such act or condition related to any of the foregoing on the part of any person acting for the Insured in initiating such transit.

This bond does not cover loss resulting directly or indirectly from nuclear reaction, nuclear radiation, radioactive contamination, biological, or chemical contamination or to any related act or incident.

This bond does not cover loss resulting directly or indirectly from any acts of any director or trustee of the Insured other than one employed as a salaried, pensioned, or elected official or an Employee of the Insured, except when performing acts coming within the scope of the usual duties of an Employee, or while acting as a member of any committee duly elected or appointed by resolution of the board of directors or trustees of the Insured to perform specific, as distinguished from general, directorial acts on behalf of the Insured.

This bond does not cover loss resulting directly or indirectly from the complete or partial non-payment of, or default upon, any Loan or transaction involving the Insured as a lender or borrower, or extension of credit, including the purchase, discounting or other acquisition of false or genuine accounts, invoices, notes, agreements or Evidences of Debt, whether such Loan, transaction or extension was procured in good faith or through trick, artifice, fraud, or false pretenses, except when covered under Insuring Agreement A or E.

This bond does not cover loss caused by an Employee, except:

when covered under Insuring Agreement A.; or

when covered under Insuring Agreement B. or C. and resulting directly from mysterious unexplainable disappearance or misplacement, or unintentional destruction of or damage to Property.

This bond does not cover loss resulting directly or indirectly from the use or purported use of credit, debit, charge, access, convenience, identification cash management or other cards:

in obtaining credit or funds;

in gaining access to any automated teller machine; or

in gaining access to any point of sale terminal, customer-bank communication terminal, or similar electronic terminal of any electronic funds transfer system,

This bond does not cover loss through the surrender of Property away from an office of the Insured or an Investment Adviser as a result of a threat:

to do bodily harm to any person, except loss of Property in transit in the custody of a Messenger provided that when such transit was initiated there was no knowledge by the Insured of any such threat; or

to do damage to the premises or property of the Insured,

© 2016 The Travelers Indemnity Company. All rights reserved.

This bond does not cover loss resulting directly or indirectly from payments made or withdrawals from a customer’s account involving erroneous credits to such account, unless such payments or withdrawals are physically received by such depositor or representative of such depositor who is within the office of the Insured or an Investment Adviser at the time of such payment or withdrawal, or except when covered under Insuring Agreement A.

This bond does not cover loss resulting directly or indirectly from payments made or withdrawals from a customer’s account involving items of deposit that are not finally paid for any reason, including forgery or any other fraud, except when covered under Insuring Agreement A or J, however, this exclusion does not apply to United States Government checks or drafts that are returned to the Insured by the United States Government for any reason after the funds for said checks or drafts have been remitted to the Insured or credited to the Insured’s account.

This bond does not cover loss resulting directly or indirectly from counterfeiting, except when covered under Insuring Agreement A, D, but only as respects Negotiable Instruments (except Evidences of Debt or Substitute Checks), E or F.

This bond does not cover loss of Property while:

in the mail;

in the custody of any Transportation Company, unless covered under Insuring Agreement C provided however that non-negotiable instruments while in the possession and custody of any Transportation Company will be deemed to be covered under Insuring Agreement C; or

located on the premises of any Transportation Company,

This bond does not cover potential income, including interest and dividends not realized by the Insured.

This bond does not cover damages of any type for which the Insured is legally liable, except direct compensatory damages, but not multiples thereof, arising directly from a loss covered under this bond.

This bond does not cover any fees, costs, or other expenses incurred by the Insured in establishing the existence of or amount of loss covered under this bond except when covered under Insuring Agreement G.

This bond does not cover indirect or consequential loss of any nature.

This bond does not cover loss resulting from any violation by the Insured or by any Employee:

of law regulating: (i) the issuance, purchase or sale of securities; (ii) securities transactions upon security exchanges or over the counter market; (iii) investment companies; or (iv) investment advisers; or

of any rule or regulation made pursuant to any such law,

This bond does not cover loss resulting directly or indirectly from the failure of a financial or depository institution, or its receiver or liquidator, to pay or deliver, on demand of the Insured or an Investment Adviser, funds or Property of the Insured held by it in any capacity, except when covered under Insuring Agreement A or B.1.a.

This bond does not cover loss involving any Uncertificated Security except an Uncertificated Security of any Federal Reserve Bank of the United States or when covered under Insuring Agreement A, E or I.

© 2016 The Travelers Indemnity Company. All rights reserved.

This bond does not cover under Insuring Agreement I, in addition to all of the other exclusions, loss:

resulting directly or indirectly from entries or changes made by an individual authorized to have access to a Computer System, who acts in good faith on instructions or advices received by telegraph, teletype, human voice over a telephone, or by any other means, unless such instructions or advices are given to that individual by a software contractor (or by a partner, officer or employee thereof) authorized by the Insured or an Investment Adviser to design, develop, prepare, supply, service, write, or implement programs for the Computer System, except when covered under Insuring Agreement I.2.;

caused by an employee or director of an automated clearing house (including a Federal Reserve Bank), service bureau, electronic communications systems (including Fedwire, CHIPS and SWIFT) or merchants who have contracted with the Insured to perform electronic funds transfer services; or

resulting directly or indirectly from entries or changes made by an Employee acting in good faith on any electronic communication, unless such instructions are purportedly sent by a customer, Financial Institution, or automated clearing house, except when covered under Insuring Agreement I.2.

This bond does not cover loss resulting directly or indirectly from Computer Fraud or mechanical breakdown or failure to function properly of any Computer System, except when covered under Insuring Agreement A, B, or I.

This bond does not cover under Insuring Agreement I.2., in addition to all of the other exclusions, loss resulting directly or indirectly from the Insured’s or an Investment Adviser’s assumption of liability by contract unless the liability arises from a loss covered by Insuring Agreement I.2. and would be imposed on the Insured regardless of the existence of the contract.

This bond does not cover loss resulting directly or indirectly from theft, disappearance, destruction, or disclosure of intangible property or confidential information, including trade secrets, customer lists, customer’s intellectual property, confidential processing methods, formulas, patents, computer programs, negatives, drawings, manuscripts, prints and other records of a similar nature, whether such confidential information is owned by the Insured or an Investment Adviser or held by the Insured or Investment Adviser in any capacity including concurrently with another person.

This bond does not cover expenses arising from a data security breach or incident, including forensic audit expenses, fines, penalties, expenses to comply with federal and state laws, payment card industry data security standards (if applicable), or expenses related to notifying affected individuals when the affected individual’s personally identifiable customer, financial or medical information was stolen, accessed, downloaded, or misappropriated while in the Insured’s care, custody, or control.

This bond does not cover under Insuring Agreement A.1., in addition to all of the other exclusions, loss resulting directly or indirectly from the alleged or actual destruction of Property by an Employee.

This bond does not cover loss, costs, or expenses the Insured or an Investment Adviser agrees to incur, or incurs on behalf of another person or entity, when the Insured is not legally obligated to incur such loss, costs, or expenses under the Uniform Commercial Code or any other common, case, or tort law, statute, rule, or code anywhere in the world, including any rule or code of any clearing or similar organization; except when covered under Insuring Agreement I.2.

This bond does not cover loss resulting directly or indirectly from the dishonest or fraudulent acts of an Employee as to whom the bond has terminated pursuant to Condition R. Cancelation, Termination, Change or Modification, provided, however, that this exclusion does not apply to loss of any Property already in transit in the custody of such Employee at the time the bond terminated or to loss resulting directly from dishonest or fraudulent acts occurring prior to the time the bond terminated.

This bond does not cover loss resulting from the unauthorized online Network, Computer System or internet access to a customer account maintained by the Insured, through the use of fraudulently obtained customer login, identification, password, or authentication information, except where such

© 2016 The Travelers Indemnity Company. All rights reserved.

This bond does not cover damages resulting from any civil, criminal, or other legal proceeding in which the Insured or Investment Adviser is adjudicated to have engaged in racketeering activity, except when the Insured establishes that the act or acts giving rise to such damages were committed by an Employee under circumstances that result directly in a loss to the Insured covered by Insuring Agreement A. For purposes of this exclusion, “racketeering activity” is defined in 18 U.S.C. 1961 et seq., as amended.

This bond does not cover any loss resulting directly or indirectly from a Fraudulent Instruction except when covered under Insuring Agreement I.2.

This bond does not cover loss or expenses due to liability imposed upon the Insured as a result of the unlawful disclosure of non-public information by the Insured, an Investment Adviser, or any Employee, or as a result of any Employee acting upon such information, whether or not authorized.

This bond does not cover loss resulting directly or indirectly from the input of an Electronic Record into a Computer System, either on the premises of a customer of the Insured or under the control of such a customer, by a customer or other person who had authorized access to the customer’s authentication mechanism.

CONDITIONS

ADDITIONAL COMPANIES INCLUDED AS INSURED

the total liability of the Company for loss or losses sustained by any one or more or all of them will not exceed the limit for which the Company would be liable hereunder if all such loss were sustained by any one of them;

the Insured first named will be deemed authorized to make, adjust and receive and enforce payment of all claims under the bond and will be deemed to be the agent of the others for such purposes and for the giving or receiving of any notice required or permitted to be given by the terms of this bond, provided however that the Company will furnish each named Insured with a copy of the bond and with any amendment to the bond, together with a copy of each formal filing of claim by any Insured and notification of the terms of any settlement of a claim prior to the execution of such settlement;

the Company will not be responsible for the proper application of any payment made hereunder to the first named Insured; and

knowledge possessed or discovery made by any partner, officer or supervisory Employee of any Insured will for the purposes of Condition B., Condition H. or Condition R. of this bond constitute knowledge or discovery by all the Insureds.

DISCOVERY

© 2016 The Travelers Indemnity Company. All rights reserved.

BOND PERIOD

SINGLE LOSS

any one act or series of related acts of burglary, robbery, or attempt thereat, in which no Employee is implicated;

any one act or series of related unintentional or negligent acts or omissions on the part of any person (whether an Employee or not) resulting in damage to or destruction or misplacement of Property;

all acts or omissions other than those specified in 1. and 2. above, caused by any person (whether an Employee or not) or in which such person is implicated; or

any one casualty or event not specified in 1., 2., or 3. above.

SINGLE LOSS LIMIT OF INSURANCE

DEDUCTIBLE

NON-ACCUMULATION OF LIMITS

NOTICE - PROOF OF LOSS - LEGAL PROCEEDINGS

At the earliest practicable moment not to exceed 90 days after discovery of loss, the Insured or Investment Adviser must give the Company notice thereof.

© 2016 The Travelers Indemnity Company. All rights reserved.

Within six months after such discovery, the Insured or Investment Adviser must furnish to the Company proof of loss, duly sworn to, with full particulars.

Lost Certificated Securities listed in a proof of loss will be identified by certificate or bond numbers if such securities were issued therewith.

Legal proceedings for the recovery of any loss hereunder will not be brought prior to the expiration of 60 days after the original proof of loss is filed with the Company or after the expiration of 24 months from the discovery of such loss, except that any action or proceeding to recover hereunder on account of any judgment against the Insured in any suit mentioned in General Agreement E., or to recover attorney’s fees paid in any such suit, will be brought within 24 months from the date upon which the judgment and such suit will become final.

If any limitation embodied in this bond is prohibited by any law controlling the construction hereof, such limitation will be deemed to be amended so as to equal the minimum period of limitation provided by such law.

This bond is for the use and benefit only of the Insured, and the Company will not be liable hereunder for loss sustained by anyone other than the Insured. No suit, action or legal proceedings will be brought hereunder by anyone other than the Insured.

VALUATION

Money

Securities

Books of Account and Other Records

© 2016 The Travelers Indemnity Company. All rights reserved.

Property other than Money, Securities, Books of Account or Other Records

ASSIGNMENT

SUBROGATION

RECOVERIES

All recoveries, whether effected by the Company or by the Insured will be applied, after first deducting the costs and expenses incurred in obtaining such recovery, in the following order of priority:

first, to the Insured to reimburse the Insured for loss sustained that would have been paid under this bond but for the fact that such loss is in excess of the Single Loss Limit of Insurance, provided however, such loss does not include claim expense payments made by the Insured in excess of the Single Loss Limit of Insurance of Insuring Agreement G and such payments will not be deemed excess for purposes of establishing order of priority;

second, to the Company in satisfaction of amounts paid or to be paid to the Insured in settlement of the Insured’s claim;

third, to the Insured in satisfaction of any Single Loss Deductible Amount; and

fourth, to the Insured in satisfaction of any loss not covered under this bond.

Recovery on account of loss of securities as set forth in Condition I.2., or recovery from reinsurance or indemnity of the Company, will not be deemed a recovery as used herein.

© 2016 The Travelers Indemnity Company. All rights reserved.

COOPERATION

submit to examination by the Company and subscribe to the same under oath;

produce for the Company’s examination all pertinent records; and

cooperate with the Company in all matters pertaining to the loss.

ANTI-BUNDLING

LIMIT OF INSURANCE UNDER THIS BOND AND PRIOR INSURANCE

OTHER INSURANCE OR INDEMNITY

the Insured;

anyone other than the Insured;

a Transportation Company;

another entity on whose premises the loss occurred or that employed the person causing the loss; or

the messenger conveying the Property involved.

© 2016 The Travelers Indemnity Company. All rights reserved.

COVERED PROPERTY

that is owned by the Insured;

that is held by the Insured in any capacity; or

for which the Insured is responsible,

CANCELATION, TERMINATION, CHANGE, OR MODIFICATION

Cancelation

This bond is canceled in its entirety immediately upon receipt by the Company of a Written notice from the Insured or an Investment Adviser of its desire to cancel this bond, provided the Insured or Investment Adviser has provided at least 60 days’ advance Written notice to the U.S. Securities and Exchange Commission (SEC). The Company will notify all other Insureds of the receipt of such a cancelation request from the Insured or Investment Adviser, however the cancelation will not be effective until 60 days after receipt of Written notice by all other Insureds.

This bond is canceled in its entirety 60 days after the receipt by each Insured and the SEC, of a Written notice from the Company of its desire to cancel this bond.

Coverage is canceled as to any Employee, or as to any partner, officer, or employee of any Electronic Data Processor 60 days after the receipt by the Insured and the SEC, of a written notice from the Company of its desire to cancel coverage under this bond as to such person.

Termination

This bond terminates in its entirety immediately upon the Expiration Date set forth in ITEM 2 of the Declarations.

This bond terminates as to any Insured:

immediately upon the surrender of such Insured’s charter to any governmental authority; or

immediately upon the taking over of such Insured by a receiver or other liquidator or by any State or Federal official,

Coverage terminates as to any Employee, or as to any partner, officer, or employee of any Electronic Data Processor:

as soon as any Director or Officer or Insured not in collusion with such person, learns of any dishonest or fraudulent employment related act, including Larceny or Embezzlement; or

60 days after any director or officer of the Insured not in collusion with such person, learns of any dishonest or fraudulent non-employment related act,

© 2016 The Travelers Indemnity Company. All rights reserved.

Change or Modification

DISCOVERY PERIOD

on the effective date of any other insurance obtained by the Insured, its successor in business or any other party, replacing in whole or in part the insurance afforded by this bond, whether or not such other insurance provides coverage for loss sustained prior to its effective date; or

upon any takeover of the Insured’s business by any state or federal official or agency, or by any receiver or liquidator acting or appointed for this purpose,

HEADINGS

© 2016 The Travelers Indemnity Company. All rights reserved.

The following is added to ITEM 4. of the DECLARATIONS:

Single Loss

Limit of Insurance

Single Loss

Deductible Amount

Social Engineering Fraud

The following is added to the DECLARATIONS:

Aggregate Limit of Insurance –

Social Engineering Fraud Insuring Agreement

The following INSURING AGREEMENT is added to section II. INSURING AGREEMENTS:

Solely with respect to the Social Engineering Fraud Insuring Agreement, part 3 of section IV. DEFINITIONS, Employee is deleted.

Solely with respect to the Social Engineering Fraud Insuring Agreement, the following replaces the last paragraph of IV. DEFINITIONS, R. Employee:

The following are added to section IV. DEFINITIONS:

purports to be from:

a Vendor;

a Client; or

an Employee,

© 2016 The Travelers Indemnity Company. All rights reserved.

directs the Employee to transfer, pay, or deliver funds, or to change the method, destination or account for payments to such Vendor, Client, or Employee;

contains a misrepresentation of a material fact; and

is reasonably relied upon by the Employee, believing the material fact to be true.

The following is added to section VI. CONDITIONS, E. AGGREGATE LIMIT OF INSURANCE:

the Company will have no further liability under the Social Engineering Fraud Insuring Agreement for any loss discovered during that Bond Period, whether or not previously reported to the Company; and

upon notice by the Company to the Insured that such Aggregate Limit of Insurance has been exhausted, the Company will have no further obligation for payment or indemnification of court costs and attorney’s fees as set forth in General Agreement G., with respect to any loss, claim or damage under the Social Engineering Fraud Insuring Agreement, whether or not the Company has elected to defend any action thereunder.

© 2016 The Travelers Indemnity Company. All rights reserved.

© 2016 The Travelers Indemnity Company All rights reserved. .

The following is added to section II. INSURING AGREEMENTS, D. FORGERY OR ALTERATION:

The following replaces section VI. CONDITIONS, N. ANTI-BUNDLING:

ANTI-BUNDLING

© 2016 The Travelers Indemnity Company. All rights reserved.

© 2016 The Travelers Indemnity Company. All rights reserved.

an increase in assets under management by current Insureds under the bond, per the terms of section III. GENERAL AGREEMENTS, A. ORGANIC GROWTH; or

an increase in assets under management due to the addition of new investment companies per the terms of section III. GENERAL AGREEMENTS, B. CONSOLIDATION – MERGER – PURCHASE OR ACQUISTION OF ASSETS,

© 2018 The Travelers Indemnity Company. All rights reserved.

© 2019 The Travelers Indemnity Company. All rights reserved.

The following is added to section IV. DEFINITIONS:

ownership of the majority of the outstanding securities or voting rights of the Insured representing the present right to elect, appoint, or exercise a majority control over such Insured’s board of directors, board of trustees, board of managers, natural person general partner, or functional foreign equivalent;

indemnification of, or representation that it has an obligation to indemnify, the Insured for loss sustained by such Insured; or

election or obligation to obtain insurance for such Insured.

The following is added to section VI. CONDITIONS, M. COOPERATION:

The following are added to section VI. CONDITIONS:

This bond does not apply to:

loss sustained by an Insured domiciled; or

loss of or damage to property located,

In the event an Insured sustains loss referenced in a. above to which this bond would have applied, the Company will reimburse the first named Insured for its loss, on account of its Financial Interest in such Insured.

© 2022 The Travelers Indemnity Company. All rights reserved.

The following replaces section VI. CONDITIONS, R. CANCELATION, TERMINATION, CHANGE, OR MODIFICATION, 1.b.:

This bond is canceled in its entirety 60 days after the receipt by each Insured and the SEC of a Written notice from the Company of its desire to cancel this bond.

The following replaces section VI. CONDITIONS, R. CANCELATION, TERMINATION, CHANGE, OR MODIFICATION, 2.a.:

This bond terminates in its entirety immediately upon the Expiration Date set forth in ITEM 2 of the Declarations, provided Written notice has been given to each Insured and the SEC at least 60 days prior to such date. Notice will be sent by certified or registered mail to the parties’ mailing address last known to the Company. A post office certificate of mailing or certified mail receipt will be sufficient proof of mailing of notice.

The following is added to section VI. CONDITIONS, R. CANCELATION, TERMINATION, CHANGE, OR MODIFICATION:

Nonrenewal

© 2016 The Travelers Indemnity Company. All rights reserved.

Anupama Muniyappa

PO Box 2950

Hartford, CT 06104-2950

Phone:

Fax:

Email:

Insuring Agreement

A.

B.

C.

D.

E.

F.

G.

H.

I.

J.

© 2016 The Travelers Indemnity Company. All rights reserved.

Additional Premium Percentage:

Additional Months:

Term

1 Year

BOND FORMS APPLICABLE:

IVBB-15001-0116

IVBB-16001-0116

ENDORSEMENTS APPLICABLE:

IVBB-18032-0116

IVBB-19003-0116

IVBB-19004-0116

IVBB-19010-0116

IVBB-19014-0116

Company Name

Gladstone Management Corporation and Gladstone Capital Corporation

IVBB-19038-0422

IVBB-19044-0518

IVBB-19045-0319

© 2016 The Travelers Indemnity Company. All rights reserved.

© 2016 The Travelers Indemnity Company. All rights reserved.