PennantPark

590 Madison Avenue, 15th Floor
New York, NY 10022
212.905.1000 main
212.905.1075 fax

Portfolio Companies
Overall Portfolio
Selected Recent Investments

PENNANTPARK INVESTMENT CORPORATION — SCHEDULE OF INVESTMENTS
JUNE 30, 2010

Issuer Name	Maturity	Industry	Current Coupon	Basic Point Spread Above Index ⁽⁴⁾	Par	Cost	Fair Value ⁽³⁾
Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 175.6%^(1),(2)
Subordinated Debt/Corporate Notes - 60.2%
Affinion Group Holdings, Inc. Sponsor: Apollo Description: Affinity marketing company	03/01/2012	Consumer Products	8.39%⁽⁶⁾	L+750	$ 24,541,792	$ 24,077,712	$ 22,823,867
Aquilex Holdings, LLC⁽⁵⁾ Sponsor: Teachers’ Private Capital Description: Global maintenance, repair & industrial cleaning provider	12/15/2016	Diversified / Conglomerate Services	11.13%	---	15,885,000	15,476,595	15,885,000
Consolidated Foundries, Inc. Sponsor: Arlington Capital Partners Description: Leading aerospace components manufacturer	04/17/2015	Aerospace and Defense	14.25%⁽⁶⁾	---	8,109,468	7,968,680	8,190,563
CT Technologies Intermediate Holdings, Inc. Sponsor: ABRY Description: Leading outsource provider of "release of information" services to healthcare facilities	03/22/2014	Business Services	14.00%⁽⁶⁾	---	20,617,803	20,237,130	21,236,337
Da-Lite Screen Company, Inc⁽⁵⁾ Description: Manufacturer and distributer of projection screens and other audio visual equipment	04/01/2015	Home and Office Furnishings, Housewares and Durable Consumer Products	12.50%	---	25,000,000	24,354,029	24,968,752
i2 Holdings Ltd.⁽¹⁰⁾ Sponsor: Silver Lake Sumeru Description: Leading provider of visual investigative analysis software	06/06/2014	Aerospace and Defense	14.75%⁽⁶⁾	---	23,124,745	22,801,947	23,166,369
Learning Care Group (US) Inc. Sponsor: Morgan Stanley Private Equity Description: Child education and care services provider	06/30/2013	Education	15.00%⁽⁶⁾	---	3,947,368	3,176,775	3,582,236
Realogy Corp. Sponsor: Apollo Description: Real estate brokerage and services company	04/15/2015	Buildings and Real Estate	12.38%	---	10,000,000	9,020,894	7,550,000
TRAK Acquisition Corp. Sponsor: HIG Capital Description: Outsourced legal collections on consumer receivables	12/29/2015	Business Services	15.00%⁽⁶⁾	---	11,646,610	11,282,917	11,646,610
Trizetto Group, Inc. Sponsor: Apax Partners Description: Leading healthcare information technology, software and consulting service provider	10/01/2016	Insurance	13.50%⁽⁶⁾	---	20,501,960	20,327,187	21,117,019
UP Acquisitions Sub Inc. Sponsor: KRG Capital Partners Description: Leading energy engineering services provider	02/08/2015	Oil and Gas	15.50%⁽⁶⁾	---	21,098,000	20,623,633	21,098,000
Veritext Corp. Sponsor: Investcorp Description: Provider of deposition and litigation support to law firms, corporations and regulatory agencies	12/31/2015	Business Services	14.00%⁽⁶⁾	---	15,000,000	14,625,000	15,000,000
Veritext Corp.⁽⁹⁾ Sponsor: Investcorp Description: Provider of deposition and litigation support to law firms, corporations and regulatory agencies	12/31/2012	Business Services	---	---	12,000,000	11,700,000	11,700,000
Total Subordinated Debt/Corporate Notes					$211,472,746	$205,672,499	$207,964,753

Second Lien Secured Debt - 41.2%
Brand Energy & Infrastructure Services, Inc. Sponsor: First Reserve Description: Specialty service provider to energy market	02/07/2015	Energy / Utilities	6.45%	L+600	13,600,000	13,197,356	12,002,000
Brand Energy & Infrastructure Services, Inc. Sponsor: First Reserve Description: Specialty service provider to energy market	02/07/2015	Energy / Utilities	7.49%	L+700	12,000,000	11,766,298	10,770,000
Generics International (U.S.), Inc. Sponsor: Apax Partners Description: Generic pharmaceuticals company	04/30/2015	Healthcare, Education and Childcare	8.03%	L+750	12,000,000	11,956,973	11,388,000
Greatwide Logistics Services, L.L.C. Sponsor: Centerbridge Partners Description: Transportation, third-party logistics, warehouse/distribution and truckload brokerage company	03/01/2014	Cargo Transport	11.00%⁽⁶⁾	L+700⁽⁸⁾	2,436,357	2,436,357	2,444,884
Mohegan Tribal Gaming Authority⁽⁵⁾ Sponsor: The Mohegan Tribe of Indians of Connecticut Description: Gaming facilities developer and operator	11/01/2017	Hotels, Motels, Inns and Gaming	11.50%	---	5,000,000	4,821,918	4,950,000
Questex Media Group LLC, Term Loan A Description: Business to business media organization	12/15/2014	Other Media	9.50%	L+650⁽⁸⁾	3,227,428	3,227,428	3,227,428
Questex Media Group LLC, Term Loan B Description: Business to business media organization	12/15/2015	Other Media	11.50%⁽⁶⁾	L+850⁽⁸⁾	1,723,738	1,723,738	1,723,738
Realogy Corp. Sponsor: Apollo Description: Real estate brokerage and services company	10/15/2017	Buildings and Real Estate	13.50%	---	10,000,000	10,000,000	10,433,330
Saint Acquisition Corp⁽⁵⁾ Description: Trucking and transportation company	05/15/2017	Transportation	12.50%	---	19,000,000	17,001,649	17,955,000
Saint Acquisition Corp⁽⁵⁾ Description: Trucking and transportation company	05/15/2015	Transportation	8.19%	L+775	10,000,000	9,949,586	9,050,000
Sheridan Holdings, Inc. Sponsor: Hellman & Friedman Description: Outsourced physician staffing	06/15/2015	Healthcare, Education and Childcare	6.10%⁽⁶⁾	L+575	21,500,000	19,113,540	19,618,750
Specialized Technology Resources, Inc. Sponsor: CSFB Merchant Banking Description: Encapsulants for solar panels and quality assurance testing provider	12/15/2014	Chemical, Plastics and Rubber	7.35%⁽⁶⁾	L+700	22,500,000	22,489,618	22,500,000
TransFirst Holdings, Inc. Sponsor: Welsh Carson Description: Transaction processing company	06/15/2015	Financial Services	7.10%⁽⁶⁾	L+675	17,706,723	17,215,645	16,095,412
Total Second Lien Secured Debt					$150,694,246	$144,900,106	$142,158,542

Preferred Equity/Partnership Interests⁽⁷⁾ – 2.6%					Shares
AHC Mezzanine, LLC (Advanstar, Inc.) Sponsor: Veronis Suhler Description: Business to business media company	---	Other Media	---	---	319	318,896	0
CFHC Holdings, Inc., Class A (Consolidated Foundries, Inc.) Sponsor: Arlington Capital Partners Description: Leading aerospace components manufacturer	---	Aerospace and Defense	12.00%	---	797	797,288	1,038,808
CT Technologies Holdings, LLC (CT Technologies Intermediate Holdings, Inc.) Sponsor: ABRY Description: Leading outsource provider of "release of information" services to healthcare facilities	---	Business Services	9.00%	---	144,375	144,375	147,263
i2 Holdings Ltd. ⁽¹⁰⁾ Sponsor: Silver Lake Sumeru Description: Leading provider of visual investigative analysis software	---	Aerospace and Defense	12.00%	---	4,137,240	4,137,240	4,363,693
TZ Holdings, L.P., Series A (Trizetto Group, Inc.) Sponsor: Apax Partners Description: Leading healthcare information technology, software and consulting service provider	---	Insurance	---	---	686	685,820	685,820
TZ Holdings, L.P., Series B (Trizetto Group, Inc.) Sponsor: Apax Partners Description: Leading healthcare information technology, software and consulting service provider	---	Insurance	6.50%	---	1,312	1,312,006	1,453,128
UP Holdings Inc., Class A-1 (UP Acquisitions Sub Inc.) Sponsor: KRG Capital Partners Description: Leading energy engineering services provider	---	Oil and Gas	8.00%	---	91,608	2,499,066	1,359,390
Total Preferred Equity/Partnership Interests					4,376,337	$9,894,691	$9,048,102

Common Equity/Warrants/Partnership Interests⁽⁷⁾ – 8.1%
CEA Autumn Management, L.L.C. Sponsor: CEA Description: Global video game publisher	---	Broadcasting and Entertainment	---	---	1,333	3,000,000	3,000,000
CFHC Holdings Inc., (Consolidated Foundries, Inc.) Sponsor: Arlington Capital Partners Description: Leading aerospace components manufacturer	---	Aerospace and Defense	---	---	1,627	16,271	376,787
CT Technologies Holdings, LLC (CT Technologies Intermediate Holdings, Inc.) Sponsor: ABRY Description: Leading outsource provider of "release of information" services to healthcare facilities	---	Business Services	---	---	5,557	3,200,000	7,285,925
i2 Holdings Ltd.⁽¹⁰⁾ Sponsor: Silver Lake Sumeru Description: Leading provider of visual investigative analysis software	---	Aerospace and Defense	---	---	457,322	454,030	0
Learning Care Group (US) Inc. (warrants) Sponsor: Morgan Stanley Private Equity Description: Child education and care services provider	04/27/2020	Education	---	---	1,267	779,920	720,582
Magnum Hunter Resources Corporation Description: Independent exploration and production company	---	Oil and Gas	---	---	1,055,932	2,464,999	4,582,745
QMG HoldCo, LLC, Class A (Questex Media Group, Inc.) Description: Business to business media organization	---	Other Media	---	---	4,325	1,306,167	1,255,907
QMG HoldCo, LLC, Class B (Questex Media Group, Inc.) Description: Business to business media organization	---	Other Media	---	---	531	0	154,193
TRAK Acquisition Corp., (warrants) Sponsor: HIG Capital Description: Outsourced legal collections on consumer receivables	12/29/2019	Business Services	---	---	3,500	29,400	670,917
Transportation 100 Holdco, L.L.C. (Greatwide Logistics Services, L.L.C.) Sponsor: Centerbridge Partners Description: Transportation, third-party logistics, warehouse/distribution and truckload brokerage company	---	Cargo Transport	---	---	137,923	2,433,112	4,369,483
TZ Holdings, L.P. (Trizetto Group, Inc.) Sponsor: Apax Partners Description: Leading healthcare information technology, software and consulting service provider	---	Insurance	---	---	2	6,467	1,396,056
UP Holdings Inc. (UP Acquisitions Sub Inc.) Sponsor: KRG Capital Partners Description: Leading energy engineering services provider	---	Oil and Gas	---	---	91,608	916	0
VText Holdings, Inc. Sponsor: Investcorp Description: Provider of deposition and litigation support to law firms, corporations and regulatory agencies	---	Business Services	---	---	35,526	4,050,000	4,050,000
Total Common Equity/Warrants/Partnership Interests					1,796,453	$17,741,282	$27,862,595



First Lien Secured Debt - 63.5%					Par
1-800 Contacts, Inc. Sponsor: Fenway Partners Description: Direct-to-consumer distributor of contact lenses	03/04/2015	Distribution	7.70%	P+295⁽⁸⁾	$11,829,625	$10,259,614	$11,711,327
Birch Communications, Inc. Description: Provider of integrated communications and IT services	06/21/2015	Telecommunications	15.00%	L+1,300⁽⁸⁾	16,363,636	15,765,861	16,363,636
Birch Communications, Inc.⁽⁹⁾ Description: Provider of integrated communications and IT services	09/30/2010	Telecommunications	---	---	3,636,364	3,636,364	3,636,364
Ceva Group PLC^(5),(10) Sponsor: Apollo Description: Integrated logistics company with services that include contract logistics, freight forwarding, distribution management, and transportation management	10/01/2016	Logistics	11.63%	---	7,500,000	7,300,183	7,743,750
Ceva Group PLC^(5),(10) Sponsor: Apollo Description: Integrated logistics company with services that include contract logistics, freight forwarding, distribution management, and transportation management	04/01/2018	Logistics	11.50%	---	1,000,000	987,488	1,015,000
Chester Downs and Marina, LLC Sponsor: Apollo Description: Horse racing and casino services provider	07/31/2016	Hotels, Motels, Inns and Gaming	12.38%	L+988⁽⁸⁾	9,437,500	8,934,730	9,366,719
Columbus International, Inc.^(5),(10) Sponsor: CFFI Venture Inc. AIC Global Holdings Inc. Description: Commercial & Retail broadband services provider	11/20/2014	Communication	11.50%	---	10,000,000	10,000,000	10,650,730
EnviroSolutions, Inc. Sponsor: Investcorp Description: Diversified environmental services provider	07/07/2012	Environmental Services	12.00%^(6),(7)	P+775⁽⁸⁾	14,228,928	13,445,577	10,771,298
EnviroSolutions, Inc.⁽⁹⁾ Sponsor: Investcorp Description: Diversified environmental services provider	11/10/2010	Environmental Services	---	---	6,666,666	6,666,666	6,666,666
Fairway Group Acquisition Company Sponsor: Sterling Investment Partners Description: Supermarket store operator	10/01/2014	Grocery	12.00%	L+950&P+850⁽⁸⁾	11,953,013	11,668,305	11,875,336
Hanley-Wood, L.L.C. Sponsor: CCMP	03/08/2014	Other Media	2.73%	L+225	8,775,000	8,775,000	4,852,575
Hughes Network Systems, L.L.C.	04/15/2014	Telecommunications	3.06%	L+250	5,000,000	5,000,000	4,708,335
Instant Web, Inc. Sponsor: Avista Capital Partners and Court Square Description: Fully integrated provider of direct mail solutions	08/07/2014	Printing and Publishing	14.50%	L+950⁽⁸⁾	24,937,500	24,447,386	24,937,500
Jacuzzi Brands Corp. Sponsor: Apollo and Ares	02/07/2014	Home and Office Furnishings, Housewares and Durable Consumer Products	2.59%	L+225	9,762,835	9,762,835	7,956,711
Learning Care Group, Inc. Sponsor: Morgan Stanley Private Equity Description: Child education and care services provider	04/27/2016	Education	12.00%	---	26,052,632	25,462,378	26,052,632
Mattress Holding Corp. Sponsor: J.W. Childs Associates	01/18/2014	Home and Office Furnishings, Housewares and Durable Consumer Products	2.69%	L+225	3,844,931	3,844,931	3,159,253
Penton Media, Inc. Sponsor: Mid Ocean and Wasserstein Description: Largest independent B2B platform provider	08/01/2014	Other Media	5.00%⁽⁶⁾	L+400⁽⁸⁾	9,830,510	8,363,445	7,127,120
Questex Media Group LLC Description: Business to business media organization	12/16/2012	Other Media	10.50%	L+650⁽⁸⁾	83,450	83,450	83,450
Questex Media Group LLC ⁽⁹⁾ Description: Business to business media organization	12/16/2012	Other Media	---	---	317,358	317,358	317,358
Sugarhouse HSP Gaming Prop. Sponsor: Walton Street Capital Description: $550 million casino and entertainment project manager along the Delaware River waterfront	09/23/2014	Hotels, Motels, Inns and Gaming	11.25%	L+825⁽⁸⁾	29,500,000	28,717,396	28,025,000
U.S. Xpress Enterprises, Inc. Description: One of the premier transportation companies in North America	10/12/2014	Cargo Transportation	6.50%	L+450⁽⁸⁾	14,831,269	10,660,443	13,496,454
World Color Press, Inc.⁽¹⁰⁾ Description: Leading printer in North America and Latin America	07/21/2012	Printing and Publishing	9.00%	P+500⁽⁸⁾	3,481,042	3,235,383	3,494,096
Yonkers Racing Corp.⁽⁵⁾ Description: Provider of video gaming machines, live harness racing, and simulcasting services in Yonkers, New York	07/15/2016	Hotels, Motels, Inns and Gaming	11.38%	---	5,000,000	4,866,444	5,356,250
Total First Lien Secured Debt					$234,032,259	$222,201,237	$219,367,560

Investments in Non-Controlled, Non-Affiliated Portfolio Companies						$600,409,815	$606,401,552
Investments in Non-Controlled, Affiliated Portfolio Companies - 4.9%^(1),(2)
Subordinated Debt/Corporate Notes – 1.6%
Performance Holdings, Inc. Sponsor: North Castle Partners Description: Independent bike dealer and bicycles and cycling accessories direct marketer	07/02/2014	Leisure, Amusement, Motion Pictures, Entertainment	14.25%⁽⁶⁾	---	5,640,077	5,463,471	5,513,175

Second Lien Secured Debt - 2.4%
Performance, Inc. Sponsor: North Castle Partners Description: Independant bike dealer and bicycles and cycling accessories direct marketer	07/02/2013	Leisure, Amusement, Motion Pictures, Entertainment	5.99%	L+575	8,750,000	8,750,000	8,295,000

Common Equity/Partnership Interests⁽⁷⁾ – 0.9%					Shares
NCP-Performance (Performance Holdings, Inc.) Sponsor: North Castle Partners Description: Independent bike dealer and bicycles and cycling accessories direct marketer	---	Leisure, Amusement, Motion Pictures, Entertainment	---	---	37,500	3,750,000	2,967,871

Investments in Non-Controlled, Affiliated Portfolio Companies						$17,963,471	$16,776,046

Total Investments - 180.5%						$618,373,286	$623,177,598

Cash Equivalents - 0.4%			---	---	$1,303,502	$1,303,502	$1,303,502
Total Investments and Cash Equivalents - 180.9%						$619,676,788	$624,481,100
Liabilities in Excess of Other Assets - (80.9)%							($279,215,050)
Net Assets - 100.0%							$345,266,050

(1) As used in this Schedule of Investments and in accordance with the 1940 Act, "non-controlled" means we own less than 25% of a portfolio company’s voting securities.

(2) As used in this Schedule of Investments and in accordance with the 1940 Act "non-affiliated" means we own less than 5% of a portfolio company's voting securities and “affiliated” means that we own 5% or more, but less than 25%, of a portfolio company’s voting securities.

(3) Valued based on our accounting policy. (see Note 2 to our financial statements).

(4) Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable London Interbank Offer Rate (LIBOR or "L") or Prime Rate (Prime or "P").

(5) Security is exempt from registration under Rule 144A promulgated under the Securities Act of 1933. The security may be resold in transactions that are exempt from registration, normally to qualified institutional buyers.

(6) Coupon payable in cash and/or in-kind ("PIK").

(7) Non-income producing securities.

(8) Coupon is subject to a LIBOR or Prime rate floor.

(9) Represents the purchase of a security with delayed settlement. This security does not have a basis point spread above an index.

(10) Non-U.S. company or principal place of business outside the U.S.



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