PennantPark

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

Portfolio Companies
Overall Portfolio

PennantPark Floating Rate Capital - SCHEDULE OF INVESTMENTS
December 31 , 2011

Issuer Name	Maturity	Industry	Current Coupon 5.00%⁽⁸⁾ (1% PIK)	Basis Points Above Index ⁽¹⁾	Par	Cost	Fair Value ⁽²⁾
Investments in Non-Controlled, Non-Affiliated Portfolio Companies - 137.9%^(3),(4)
First Lien Secured Debt - 113.5%
Airvana Network Solutions Inc.^{(11) Sponsor: S.A.C. Private Capital Group Description: Provider of network infrastructure software products used by wireless operators to provide mobile broadband services, primarily in North America.}	03/25/2015	Telecommunications	10.00%	L+800	$ 876,190	$ 879,384	$ 876,190
Autoparts Holdings Limited^{(11) Sponsor: Rank Group Limited Description: Manufacturer and distributer of vehicle aftermarket replacement parts}	07/29/2017	Automotive	6.50%	L+500	997,500	992,820	995,630
Chester Downs and Marina, LLC Description: Owner and operator of a gaming and entertainment facility comprised of a casino and a horse racing track.	07/31/2016	Hotel, Gaming and Leisure	12.38%	L+988	471,831	480,612	472,618
C.H.I. Overhead Doors, Inc.^{(11) Sponsor: Friedman Fleischer & Lowe LLC Description: Manufacturer of overhead garage doors}	08/17/2017	Consumer Goods: Durable	7.25%	L+575	3,990,000	3,914,525	3,950,100
Document Technologies, Inc.^{(11) Sponsor: Harvest Partners Description: Offers a comprehensive suite of legal information management services.}	12/01/2016	Business Services	7.50%	P+425	1,000,000	990,114	997,500
EAG, Inc.^{(11) Sponsor: Odyssey Investment Partners Description: Provides surface testing, chemical testing, and materials analysis}	07/28/2017	Business Services	6.75%	L+350	987,500	982,833	967,750
Ernest Health, Inc.^{(11) Sponsor: Ferrer Freeman Description: Provider of long-term acute care services, serving patients in markets throughout the Rocky Mountain and Sun Belt regions.}	05/13/2016	Healthcare and Pharmaceuticals	6.25%	L+475	2,943,750	2,918,506	2,914,312
Frac Tech International, LLC Sponsor: Temasek / RRJ Capital Description: Independent provider of hydraulic fracing to E&P operators in the U.S.	05/06/2016	Energy: Oil and Gas	6.25%	L+475	2,021,803	2,003,891	1,992,424
Fundtech (US FT HOLDCO, INC.)^{(11) Sponsor: GTCR Description: Provider of payments and banking technology with a comprehensive suite of SaaS and licensed solutions for financial institutions and corporations.}	11/30/2017	Business Services	7.50%	L+600	3,000,000	2,910,921	2,960,625
Global Tel*Link Corporation^{(11) Sponsor: American Securities Description: Provider of telecom and technology products and services used by inmates, administrators and investigators in the corrections industry.}	12/14/2017	Telecommunications	7.00%	L+550	3,000,000	2,940,420	2,925,000
Gundle / SLT Environmental, Inc.^{(11) Sponsor: CHS Capital Description: World’s largest lining solutions provider, serving environmentally focused end- markets that include waste containment, mining, power, agriculture, aquaculture and other industrial and civil applications.}	05/27/2016	Environmental Industries	7.01%	L+550	2,985,000	2,958,750	2,910,375
Harmony Foods Corporation^{(6) Sponsor: Levine Leichtman Description: Leading formulator and manufacturer of gummy nutraceuticals in the U.S.}	05/01/2016	Beverage, Food and Tobacco	10.00%	---	2,000,000	2,000,000	2,010,000
Insight Global, Inc.^{(11) Sponsor: Harvest Partners Description: Provider of information technology staffing to corporate clients}	08/16/2017	Business Services	6.50%	L+500	991,259	986,455	973,912
Instant Web, Inc.^{(11) Sponsor: Avista Capital Partners and Court Square Description: Fully integrated provider of direct mail solutions}	08/07/2014	Media: Advertising, Printing and Publishing	3.67%	L+338⁽⁵⁾	6,963,646	6,544,072	6,511,008
K2 Pure Solutions NoCal, L.P.^{(11) Sponsor: Centre Partners Description: Operates a chlor-alkali manufacturing facility that supplies water treatment, household and industrial end-markets.}	09/10/2015	Chemicals, Plastics and Rubber	10.00%	P+675	5,476,250	5,520,943	5,311,962
KAR Auction Services, Inc. Sponsor: Kelso Description: provider of car auctions and related services in North America. KAR is a public company and trades under the ticker “KAR” on the NYSE.	05/19/2017	Automotive	5.00%	L+375	2,985,000	2,971,729	2,936,493
KIK Custom Products Inc.^{(7) Sponsor: CI Capital Partners Description: One of North America’s largest contract manufacturers of consumer products, including bleach, household cleaners, personal care, over-the-counter medication and pharmaceuticals.}	05/31/2014	Consumer Goods: Non-Durable	8.50%	L+700	4,975,000	4,848,100	4,676,500
Medpace Holdings, Inc.^{(11) Sponsor: CCMP Capital Advisors Description: Global contract research organization focused primarily on Phase II – IV drug development services.}	06/17/2017	Business Services	6.50%	L+500	1,990,000	1,962,157	1,870,600
Mood Media Corporation^{(7),(11) Description: In-store media and marketing provider. Mood Media is a public company and trades under the ticker “MM” on the Toronto stock exchange.}	05/06/2018	Media: Diversified and Production	7.00%	L+550	3,980,000	3,943,646	3,641,700
MOSAID Technologies Incorporated^{(7),(11) Sponsor: Sterling Partners Description: Licenses patented intellectual property in the areas of semiconductors and communications systems.}	12/23/2016	High Tech Industries	8.50%	L+700	3,000,000	2,925,000	2,925,000
National Healing Corporation^{(11) Sponsor: Metalmark Description: Provider of outsourced wound management solutions to U.S. hospitals.}	11/30/2017	Healthcare and Pharmaceuticals	8.25%	L+675	5,000,000	4,751,563	4,800,000
Penton Media, Inc. Sponsor: MidOcean / Wasserstein Description: Largest independent B2B platform provider	08/01/2014	Media: Diversified and Production	5.00%⁽⁸⁾ (PIK 1.00%)	L+400	5,497,918	4,739,263	3,353,730
Potter's Holdings II, L.P.^{(11) Sponsor: Carlyle Description: A leading manufacturer of engineered glass materials for the highway safety, polymer additive, metal finishing, conductives and other industrial and consumer sectors.}	05/08/2017	Containers, Packaging and Glass	6.00%	L+450	1,995,000	1,977,094	1,967,569
Pro Mach, Inc.^{(11) Sponsor: The Jordan Company Description: Provider of packaging machinery solutions and related aftermarket products and services}	07/06/2017	Capital Equipment	6.25%	L+475	995,000	986,000	972,613
Renaissance Learning, Inc.^{(11) Sponsor: Permira Advisers LLC Description: Provides technology based student assessment and school improvement programs, focused on reading, math and writing for K-12 students.}	10/19/2017	Media: Broadcasting and Subscription	7.75%	L+625	1,995,000	1,916,193	1,967,569
Securus Technologies, Inc.^{(11) Sponsor: Castle Harlan Description: Provider of telecommunications services to the correctional services industry.}	05/31/2017	Telecommunications	5.25%	L+400	2,985,000	2,957,149	2,925,300
Select Medical Corporation^{(11) Description: Operator of specialty hospitals and outpatient rehabilitation clinics in the United States. Select Medical is a public company and trades under the ticker “SEM” on the NYSE.}	06/01/2018	Business Services	5.50%	L+375	2,985,000	2,957,742	2,835,750
Sotera Defense Solutions^{(11) Sponsor: Ares Description: technology and engineering solutions firm serving the Department of Defense, Department of Homeland Security, federal law enforcement agencies, and the US intelligence community.}	04/22/2017	Aerospace and Defense	7.00%	L+550	2,985,000	2,958,852	2,955,150
Tank Intermediate Holding Corp.^{(11) Sponsor: Olympus Partners Description: Designer and manufacturer of proprietary rotational molded polyethylene and steel storage tanks and containers used in above ground, below ground, and portable applications.}	04/15/2016	Containers, Packaging and Glass	5.00%	L+375	1,811,321	1,807,734	1,802,264
Terex Corporation^{(11) Description: Manufactures a variety of industrial machinery products}	04/28/2017	Capital Equipment	5.50%	L+400	1,995,000	1,976,781	1,970,063
Triple Point Technology, Inc.^{(11) Sponsor: ABRY Description: Global provider of commodity management software solutions.}	10/30/2017	High Tech Industries	8.00%	L+650	1,000,000	960,923	998,750
U.S. Healtworks Holding Company, Inc.^{(11) Sponsor: Altaris Capital Partners / Arch Partners Description: Leading national provider of outpatient occupational medicine services for work-related injuries and illnesses.}	06/15/2016	Healthcare and Pharmaceuticals	6.25%	L+475	2,992,500	2,966,172	2,902,725
Unifrax I LLC^{(11) Sponsor: American Securities Description: Producer of specialty materials and highly engineered components that provides innovative insulating solutions to customers across a wide variety of end markets.}	11/28/2018	Capital Equipment	7.00%	L+550	3,000,000	2,940,541	2,996,250
Univita Health Inc.^{(11) Sponsor: Genstar Capital Description: Provides home-based care management services.}	06/19/2017	Consumer Services	6.25%	L+475	2,985,000	2,958,105	2,835,750
Valitas Health Services, Inc.^{(11) Sponsor: Beecken Petty O'Keefe Description: Provides healthcare services to inmates of prisons and jails.}	06/02/2017	Healthcare and Pharmaceuticals	5.75%	L+450	1,492,500	1,485,850	1,432,800
Viamedia Services Corp.^{(11) Sponsor: Lake Capital Description: Largest independent sales organization for designated market area-based video advertising in the U.S.}	04/19/2016	Media: Advertising, Printing and Publishing	7.00%	L+550	4,625,000	4,574,010	4,567,188
Virtual Radiologic Corporation^{(11) Sponsor: Providence Equity Partners Description: Leading provider of teleradiology services to healthcare facilities, serving over 2,700 facilities with over 340 affiliated offsite radiologists.}	12/22/2016	Business Services	7.75%	P+450	2,992,500	2,965,099	2,797,988
W3 CO.^{(11) Sponsor: Warburg Pincus Description: Global outsourced provider of integrated safety and compliance solutions to clients operating in hazardous environments.}	10/31/2017	Energy: Oil and Gas	7.50%	L+625	2,000,000	1,921,824	1,952,500
Water Pik, Inc.^{(11) Sponsor: EG Capital Group, LLC Description: Marketer and supplier of consumer and professional health and wellness products}	08/10/2017	Consumer Goods: Durable	6.75%	L+525	3,491,250	3,458,105	3,438,881
Yonkers Racing Corporation^{(6) Description: Provider of video gaming machines, live harness racing, and simulcasting services in Yonkers, New York.}	07/15/2016	Hotel, Gaming and Leisure	11.38%	---	4,000,000	4,339,793	4,120,000
Total First Lien Secured Debt						$109,273,671	$106,412,539

Second Lien Secured Debt - 13.3%
Autoparts Holdings Limited^{(11) Sponsor: Rank Group Limited Description: Manufacturer and distributer of vehicle aftermarket replacement parts}	01/29/2018	Automotive	10.50%	L+900	1,000,000	995,030	965,000
Ernest Health, Inc. Sponsor: Ferrer Freeman Description: Provider of long-term acute care services, serving patients in markets throughout the Rocky Mountain and Sun Belt regions.	05/13/2017	Healthcare and Pharmaceuticals	10.25%	L+850	4,000,000	3,943,517	3,940,000
Mood Media Corporation^{(7) Description: In-store media and marketing provider. Mood Media is a public company and trades under the ticker “MM” on the Toronto stock exchange.}	11/06/2018	Media: Diversified and Production	10.25%	L+875	1,500,000	1,485,000	1,383,750
ROC Finance LLC and ROC Finance 1 Corp Sponsor: Rock Gaming / Caesars Entertainment Description: Operator of casinos in Cleveland and Cincinnati	09/01/2018	Hotel, Gaming and Leisure	12.13%	---	2,000,000	1,966,872	2,105,000
Sensus USA, Inc.^{(11) Sponsor: Jordan Company / Goldman Sachs Capital Partners Description: Leading provider of utility infrastructure systems, metering technologies and related communication systems to the worldwide utility industry.}	05/09/2018	Utilities: Water	8.50%	L+725	1,000,000	991,036	978,333
Seven Seas Cruises^{(6),(7) Sponsor: Apollo Description: Cruise company that owns and operates three, six-star luxury cruise vessels.}	05/15/2019	Hotel, Gaming and Leisure	9.13%	---	3,000,000	3,000,000	3,067,500
Total Second Lien Secured Debt						$12,381,455	$12,439,583

Subordinated Debt / Corporate Notes - 11.0%
Affinion Group Holdings, Inc.^{(5) Sponsor: Apollo Description: Direct marketer of membership, insurance and package enhancement programs and services.}	11/15/2015	Consumer Goods: Non-Durable	11.63%	---	4,100,000	3,738,475	3,403,000
Document Technologies, Inc. Sponsor: Harvest Partners Description: Offers a comprehensive suite of legal information management services.	12/01/2018	Business Services	13.00%	---	1,000,000	1,000,000	980,000
Trusthouse Services Group, Inc. Sponsor: Gryphon Partners III, L.P. Description: Provides onsite cafeteria management services	07/31/2018	Beverage, Food and Tobacco	---	---	3,781,731	3,709,152	3,781,731
Trusthouse Services Group, Inc.^{(9) Sponsor: Gryphon Partners III, L.P. Description: Provides onsite cafeteria management services}	07/31/2018	Beverage, Food and Tobacco	14.00% (PIK 2.00%)	---	2,206,000	2,161,880	2,206,000
Total Subordinated Debt / Corporate Notes						$10,609,507	$10,370,731

Preferred Equity / Partnership Interests - 0.1%⁽¹⁰⁾
Trusthouse Services Holdings, LLC ^{(Trusthouse Services Group, Inc.) Sponsor: Gryphon Partners III, L.P. Description: Provides onsite cafeteria management services}	---	Beverage, Food and Tobacco	12.50%	---	158	95,000	100,247
Total Preferred Equity / Partnership Interests						$95,000	$100,247

Common Equity - 0.0%⁽¹⁰⁾
Trusthouse Services Holdings, LLC ^{(Trusthouse Services Group, Inc.) Sponsor: Gryphon Partners III, L.P. Description: Provides onsite cafeteria management services}	---	Beverage, Food and Tobacco	---	---	8	5,000	5,244
Total Common Equity						$5,000	$5,244

Investments in Non-Controlled, Non-Affiliated Portfolio Companies						$132,364,633	$129,328,344

Cash Equivalents - 5.0%					$4,661,292	$4,661,292	$4,661,292
Total Investments and Cash Equivalents - 142.9%						$137,025,925	$133,989,636
Liabilities in Excess of Other Assets - (42.9%)							($40,251,006)
Net Assets - 100.0%							$93,738,630

(1) Represents floating rate instruments that accrue interest at a predetermined spread relative to an index, typically the applicable London Interbank Offered Rate, or LIBOR or "L", or prime rate or Prime or "P", and basis point spread is subject to a LIBOR or Prime rate floor where a spread is provided.

(2) Valued based on our valuation policy.

(3) The provisions of the Investment Company Act of 1940, as amended, or the 1940 Act, classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is deemed as “non-controlled” when we own less than 25% of a portfolio company’s voting securities and “controlled” when we own 25% or more of a portfolio company’s voting securities.

(4) The provisions of the 1940 Act classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.

(5) Coupon is not subject to a LIBOR or prime rate floor.

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

(7) Non-U.S. company or principal place of business outside the United States.

(8) Coupon is payable in cash and/or through payment-in-kind, or PIK. The PIK percentage represents the payment in PIK at the date of the report and is subject to change.

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

(10) Non-income producing securities.

(11) The securities are pledged as collateral under PennantPark Floating Rate Funding I, LLC's credit facility.

Our Family of Funds
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