Company: PNNT
Filing Date: 2025-12-17
Form Type: 40-APP
Source: 0001193125-25-322955
Chunk: 14

Company: PENNANTPARK INVESTMENT CORP
Filing Date: 2025-12-17
Form: 40-APP
Chunk 14
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 in such Disposition. (b) Prior to any Disposition by a Regulated Fund of a security acquired in a Co-InvestmentTransaction, the Required Majority will take the steps set forth in Section 57(f) of the 1940 Act, unless: (i) each Affiliated Entity holding 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. 19 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