Company: PNNT
Filing Date: 2025-12-17
Form Type: 40-APP
Source: 0001193125-25-322955
Chunk: 10

Company: PENNANTPARK INVESTMENT CORP
Filing Date: 2025-12-17
Form: 40-APP
Chunk 10
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 to the prohibitions of Section 57(a).

| 10 | In the future, the Affiliated Fund may register as a closed-end                                                                               
 management investment company under the 1940 Act and, if so registered, will be considered a Regulated Fund for purposes of this application. |

| 11 | 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 ….”                                                                                                                                                                                                                       |

6

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-adviserto each Regulated Fund. Section 17(d) and Section 57(b) apply to any investment adviser to a closed-endfund 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). With respect to PennantPark and any other Advisers that are deemed to be affiliated persons of PennantPark, Affiliated Entities advised by any of them could be deemed to be persons related to Regulated Funds (or a company controlled by a Regulated Fund) in a manner described by Sections 17(d) and 57(b). In addition, any entities or accounts controlled by or under common control with PennantPark, and/or any other Advisers that are deemed to be affiliated persons of each other