PennantPark
Enhanced
Income Fund

Disclosures:

The Fund is engaged in a continuous offering of shares of beneficial interest of the Fund. The Fund is authorized as a Delaware statutory trust to issue an unlimited number of shares.

The Fund is offering to sell, through its principal underwriter, Ultimus Fund Distributors, LLC (the “Distributor”), under the terms of this prospectus, an unlimited number of shares of beneficial interest, at a price equal to NAV per share. The required minimum initial investment for Class A and Class C shares of the Fund is $2,500. The required minimum initial investment for Class I shares of the Fund is $100,000. The minimum additional investment for Class A, Class C and Class I shares in the Fund is $100. Assets that cannot be invested promptly in accordance with the Fund’s strategy will be invested in cash or cash equivalents. See "Plan of Distribution" in the prospectus.

Class A and C shares are not currently available for purchase. Only Class I is available at this time.

	Per Class A Share	Per Class C Share	Per Class I Share	Total(1)
Public Offering Price(1)	Current NAV	Current NAV	Current NAV	Amount invested at NAV
Sales Load(2) as a Percentage of Purchase Amount	5.75 %	None	None
Proceeds to the Fund Before Expenses(3)	Current NAV	Current NAV	Current NAV	Amount invested at NAV

(1) Class A shares, Class C shares and Class I shares are or will be continuously offered at a price per share equal to the NAV per share for such class. Each share class will initially be offered at $25.00 per share. The required minimum initial investment for Class A and Class C shares of the Fund is $2,500. The required minimum initial investment for Class I shares of the Fund is $100,000. The minimum additional investment for Class A, Class C and Class I shares of the Fund is $100. The Fund may, in the Adviser’s sole discretion, accept investments below these minimums. Investors subscribing through a given broker/dealer or registered investment adviser may have shares aggregated to meet these minimums, so long as initial investments are not less than the investment minimums stated above.

(2) For Class A shares, the maximum sales charge is 5.75% of the amount invested. The sales load may be reduced or waived as disclosed in the Prospectus. The table assumes the maximum sales load is charged. If you buy any shares of the Fund through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information.

(3) Assumes that all shares currently registered are sold in the continuous offering and the maximum sales load is charged. The proceeds may differ from that shown if additional shares are registered. The Fund bears certain ongoing offering costs associated with the Fund’s continuous offering of shares. Through December 31, 2026, the Adviser has agreed to waive its fees and/or reimburse expenses of the Fund so that certain of the Fund’s expenses (“Specified Expenses”) will not exceed an annual rate of 0.75% of the average daily value of the Fund’s net assets (annualized). The Fund has agreed to repay these amounts, when and if requested by the Adviser, but only if and to the extent that Specified Expenses are less than 0.75% of the average daily value of the Fund’s net assets (annualized) (or, if a lower expense limit is then in effect, such lower limit) within the 36-month period after the Adviser bears the expense.

Class C shares are subject to a contingent deferred sales charge (“CDSC”) of 1.00% on any shares repurchased fewer than 365 days after their purchase.

You should consult with your own professional advisors as to the legal, tax, financial or other matters relevant to the suitability of an investment in the Fund.

Investors should consider the investment objectives, risks, and charges and expenses of the Fund before investing. The prospectus contains this and other information about the Fund and should be read carefully before investing. The prospectus may be obtained by calling, (833) 635-6839, or at www.pennantparkenhanced.com.

The prospectus does not constitute an offer to sell, or a solicitation of an offer to buy, a security in any jurisdiction or to any person to whom it is unlawful to make such an offer or solicitation in that jurisdiction. The Fund’s outstanding shares do not represent a deposit or an obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.

The Fund is Distributed by Ultimus Fund Distributors, LLC, Member FINRA/SIPC.

PennantPark Investment Advisers, LLC is not affiliated with Ultimus Fund Distributors, LLC.

Important Risks:

The Fund is newly formed and has limited operating history. Investing in the PennantPark Enhanced Income Fund involves significant risk, including possible loss of all or part of your investment. The value of the fund's shares, when redeemed, may be worth more or less than their original cost.

Past performance is no guarantee of future results. There is no guarantee that any investment strategy will achieve its objectives, generate profits or avoid losses. The Fund is non-diversified, which means it may be invested in a limited number of issuers and susceptible to any economic, political and regulatory events than a more diversified fund.

Rising interest rates may adversely affect the value of our portfolio investments, which could have an adverse effect on our business, financial condition and results of operations. The Fund is subject to inflation risk, counterparty risk, prepayments and calls, increasing re-investment risk.

The Fund is suitable only for investors who can bear the risks associated with the Fund’s limited liquidity and should be viewed as a long-term investment. Our investments in CLOs may be riskier and less transparent to us and our shareholders than direct investments in the underlying companies. In order to provide some liquidity to our shareholders, we offer to repurchase our outstanding shares on a quarterly basis. Our repurchase offers are conducted pursuant to a fundamental policy, pursuant to which we offer to repurchase no less than 5% of our outstanding shares on a non-discretionary basis once each calendar quarter of each year. Although we will make quarterly repurchase offers, there is no guarantee that an investor will be able to sell all the shares that the investor desires to sell in the repurchase offer, and thus investors should consider our shares to be of limited liquidity.

We invest primarily in the junior debt securities and, to a lesser extent, equity, of CLOs that own a pool of senior secured loans. Investing in our shares may be speculative and involves a high degree of risk, including the risks associated with leverage.

We may be in a subordinated position with respect to realized losses on the Senior Secured Loans underlying our investments in the junior debt tranches of CLOs. The leveraged nature of junior debt tranches of CLOs, in particular, magnifies the adverse impact of Senior Secured Loan defaults. CLO investments represent a leveraged investment with respect to the underlying Senior Secured Loans. Therefore, changes in the market value of the CLOs could be greater than the change in the market value of the underlying Senior Secured Loans, which are subject to credit, liquidity and interest rate risk. Investments in the lowest tranches of CLOs bear the highest level of risk.

The Senior Secured Loans underlying our CLO investments typically will be rated BB or B, or to a lesser extent, CCC or unrated, by nationally recognized rating agencies. Non-investment grade or “junk” securities are predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal when due and therefore involve a greater risk of default and higher price volatility than investment grade debt We may invest in business development companies and private investment funds, including but not limited to private debt funds and private real estate funds, managed by unaffiliated institutional asset managers, and our performance depends in part upon the performance of the private investment fund managers and selected strategies. This is a “blind pool” offering and thus you will not have the opportunity to evaluate the Fund’s investments before the Fund makes them.

We may pay distributions in significant part from sources that may not be available in the future and that are unrelated to our performance, such as a return of capital, borrowings or offering proceeds.

Shareholder participation in the Fund’s Repurchase Program may result in adverse consequences for shareholders who remain invested in the Fund. The sale of securities to fund repurchases could reduce the market price of those securities, which in turn would reduce the Fund’s NAV per share. Our shares have no history of public trading, nor is it intended that our shares will be listed on a national securities exchange at this time, if ever. No secondary market is expected to develop for our shares.

Our ability to successfully conduct our continuous offering is dependent, in part, on the ability of PennantPark to successfully identify and establish relationships with Financial Intermediaries.

We will be subject to U.S. federal income tax imposed at corporate rates if we are unable to qualify as a RIC under Subchapter M of the Code. If we fail to qualify for or maintain RIC tax treatment for any reason and are subject to U.S. federal income tax imposed at corporate rates, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions.

Risks of investing in the Fund is not limited to those discussed above. Investors should refer to the Fund prospectus for a complete listing of principal risks of investing in the Fund.

NOT A DEPOSIT / NOT FDIC INSURED / MAY LOSE VALUE / NOT GUARANTEED BY ANY BANK / NOT INSURED BY ANY GOVERNMENT AGENCY