PennantPark

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

Portfolio Companies
Overall Portfolio
Core Portfolio
Selected Recent Investments

PENNANTPARK INVESTMENT CORPORATION — SCHEDULE OF INVESTMENTS
DECEMBER 31, 2009

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 - 162.4%⁽¹⁾⁽²⁾
Subordinated Debt/ Corporate Notes - 56.1%
Affinion Group Holdings, Inc. Sponsor: Apollo Description: Affinity marketing company	03/01/2012	Consumer Products	8.27%⁽⁶⁾	L+750	$ 23,572,133	$ 22,993,485	$ 22,346,382
Aquilex Holdings, LLC⁽⁵⁾ Sponsor: Teachers’ Private Capital Description: Global maintenance, repair & industrial cleaning provider	12/15/2016	Diversified / Conglomerate Manufacturing	11.13%	---	10,000,000	9,596,022	9,975,000
Consolidated Foundries, Inc. Sponsor: Arlington Capital Partners Description: Leading aerospace components manufacturer	04/17/2015	Aerospace and Defense	14.25%⁽⁶⁾	---	8,109,468	7,957,538	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⁾	---	20,413,161	19,995,129	21,025,556
Digicel Limited⁽⁵⁾ Sponsor: Denis O'Brien Description: Provider of wireless communications services	04/01/2014	Telecommunications	12.00%	---	1,000,000	995,803	1,110,000
i2 Holdings Ltd. Sponsor: Silver Lake Sumeru Description: Leading provider of visual investigative analysis software	06/06/2014	Aerospace and Defense	14.75%⁽⁶⁾	---	22,810,883	22,451,159	22,993,370
IDQ Holdings, Inc. Sponsor: Arsenal Capital Partners Description: DIY air-condition repair aftermarket provider	05/20/2012	Auto Sector	13.75%	---	15,000,000	14,746,483	15,000,000
Learning Care Group, Inc. Sponsor: Morgan Stanley Private Equity Description: Child education and care services provider	12/28/2015	Education	13.50%⁽⁶⁾	---	10,390,942	10,267,437	9,975,304
Realogy Corp. Sponsor: Apollo Description: Real estate brokerage and services company	04/15/2015	Buildings and Real Estate	12.38%	---	10,000,000	8,955,185	7,775,000
TRAK Acquisition Corp. Sponsor: HIG Capital Description: Outsourced legal collections on consumer receivables	12/29/2015	Business Services	15.00%⁽⁶⁾	---	11,500,000	11,126,218	11,470,560
Trizetto Group, Inc. Sponsor: Apax Partners Description: Leading healthcare information technology, software and consulting service provider	10/01/2016	Insurance	13.50%⁽⁶⁾	---	20,394,340	20,165,943	20,807,200
UP Acquisitions Sub Inc. Sponsor: KRG Capital Partners Description: Leading energy engineering services provider	02/08/2015	Oil and Gas	13.50%	---	21,000,000	20,489,864	21,000,000
Total Subordinated Debt/Corporate Notes					$174,190,927	$169,740,266	$171,668,935

Second Lien Secured Debt - 45.5%
Brand Energy & Infrastructure Services, Inc. Sponsor: First Reserve Description: Specialty service provider to energy market	02/07/2015	Energy / Utilities	6.31%	L+600	13,600,000	13,167,599	12,185,600
Brand Energy & Infrastructure Services, Inc. Sponsor: First Reserve Description: Specialty service provider to energy market	02/07/2015	Energy / Utilities	7.29%	L+700	12,000,000	11,745,828	11,124,000
Generics International (U.S.), Inc. Sponsor: Apax Partners Description: Generic pharmaceuticals	04/30/2015	Healthcare, Education and Childcare	7.75%	L+750	12,000,000	11,951,224	11,496,000
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⁾	2,309,343	2,309,344	2,309,343
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	4,814,489	5,100,000
QMG Acquisition, LLC, Term Loan A (formerly Questex Media Group, Inc.) Description: Business to business media organization	12/15/2014	Other Media	9.50%	L+650⁽⁸⁾	3,243,646	3,243,646	3,243,646
QMG Acquisition, LLC, Term Loan B (formerly Questex Media Group, Inc.) Description: Business to business media organization	12/15/2015	Other Media	11.50%⁽⁶⁾	L+850⁽⁸⁾	1,629,488	1,629,488	1,629,488
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	10,566,670
Saint Acquisition Corp⁽⁵⁾ Description: Trucking and transportation company	05/15/2017	Transportation	12.50%	---	19,000,000	16,930,027	15,983,750
Saint Acquisition Corp⁽⁵⁾ Description: Trucking and transportation company	05/15/2015	Transportation	8.02%	L+775	10,000,000	9,943,805	7,512,500
Sheridan Holdings, Inc. Sponsor: Hellman & Friedman Description: Physician staffing outsourcing	06/15/2015	Healthcare, Education and Childcare	5.98%⁽⁶⁾	L+575	21,500,000	18,938,779	19,694,000
Specialized Technology Resources, Inc. Sponsor: CSFB Merchant Banking Description: Encapsulants for solar panels and quality assurance testing	12/15/2014	Chemical, Plastics and Rubber	7.23%⁽⁶⁾	L+700	22,500,000	22,488,167	22,500,000
TransFirst Holdings, Inc. Sponsor: Welsh Carson Description: Transaction processing company	06/15/2015	Financial Services	7.01%⁽⁶⁾	L+675	17,094,214	16,569,492	15,675,394
Total Second Lien Secured Debt					$149,876,691	$143,731,888	$139,020,391

Preferred Equity/Partnership Interests⁽⁷⁾ – 3.6%					Shares
AHC Mezzanine (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	978,806
i2 Holdings Ltd. Sponsor: Silver Lake Sumeru Description: Leading provider of visual investigative analysis software	---	Aerospace and Defense	12.00%	---	4,137,240	4,137,240	4,927,099
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	1,410,604
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	2,879,746
Total Preferred Equity/Partnership Interests					4,231,962	$9,750,316	$10,882,075

Common Equity/Warrants/Partnership Interests⁽⁷⁾ – 4.8%
CFHC Holdings Inc., (Consolidated Foundries, Inc.) Sponsor: Arlington Capital Partners Description: Leading aerospace components manufacturer	---	Aerospace and Defense	---	---	1,627	16,271	245,762
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	---	---	5,556	3,200,000	6,977,888
i2 Holdings Ltd. Sponsor: Silver Lake Sumeru Description: Leading provider of visual investigative analysis software	---	Aerospace and Defense	---	---	457,322	454,030	1,043,777
QMG HoldCo, LLC, Class A (formerly Questex Media Group, Inc.) Description: Business to business media organization	---	Other Media	---	---	4,325	1,306,167	1,306,126
QMG HoldCo, LLC, Class B (formerly Questex Media Group, Inc.) Description: Business to business media organization	---	Other Media	---	---	531	0	160,323
TRAK Acquisition Corp., (warrants) Sponsor: HIG Capital Description: Consumer collection services provider	12/29/2019	Business Services	---	---	3,500	29,400	29,400
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	3,449,041
TZ Holdings, L.P. (Trizetto Group, Inc.) Sponsor: Apax Partners Description: Leading healthcare information technology, software and consulting service provider	---	Insurance	---	---	2	6,467	1,242,185
UP Holdings Inc. (UP Acquisitions Sub Inc.) Sponsor: KRG Capital Partners Description: Leading energy engineering services provider	---	Oil and Gas	---	---	91,608	916	312,765
Total Common Equity/Warrants/Partnership Interests					702,394	$7,446,363	$14,767,267



First Lien Secured Debt - 52.2%					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⁾	$13,894,737	$11,907,829	$13,269,474
Ceva Group PLC⁽⁵⁾ 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	7,289,802	7,696,875
Chester Downs and Marina, LLC Sponsor: Apollo Description: Provides horse racing and casino services	07/31/2016	Hotels, Motels, Inns and Gaming	12.38%	L+988⁽⁸⁾	10,000,000	9,436,259	10,037,500
Columbus International, Inc.⁽⁵⁾ 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	10,500,000
EnviroSolutions, Inc. Sponsor: Investcorp Description: Diversified environmental services provider	07/07/2012	Environmental Services	11.00%⁽⁶⁾	P+775⁽⁸⁾	14,228,928	13,502,355	10,628,954
Fairway Group Acquisition Company Sponsor: Sterling Investment Partners Description: Supermarket store operator	10/01/2014	Grocery	12.00%	L+950	10,000,000	9,701,353	9,800,000
Hanley-Wood, L.L.C.	03/08/2014	Other Media	2.53%	L+225	8,797,500	8,797,500	5,225,715
Headwaters Incorporated⁽⁵⁾ Description: Products and services in the building products and energy industries	11/01/2014	Diversified / Conglomerate Manufacturing	11.38%	---	3,000,000	2,972,827	3,127,500
Hughes Network Systems, L.L.C.	04/15/2014	Telecommunications	2.81%	L+250	5,000,000	5,000,000	4,587,500
Jacuzzi Brands Corp.	02/07/2014	Home and Office Furnishings, Housewares and Durable Consumer Products	2.53%	L+225	9,799,324	9,799,324	6,712,537
Lyondell Chemical Co. Description: Global chemical manufacturer	04/06/2010	Chemicals, Plastics and Rubber	13.00%	L+1000⁽⁸⁾	12,668,615	13,002,337	13,175,360
Lyondell Chemical Co.⁽⁹⁾ Description: Global chemical manufacturer	04/06/2010	Chemicals, Plastics and Rubber	---	---	6,331,385	6,488,872	6,584,640
Mattress Holding Corp.	01/18/2014	Home and Office Furnishings, Housewares and Durable Consumer Products	2.51%	L+225	3,900,225	3,900,225	2,730,158
National Bedding Co., L.L.C.	02/28/2013	Home and Office Furnishings, Housewares and Durable Consumer Products	2.31%	L+200	6,790,000	6,793,783	6,207,194
Penton Media, Inc.	02/01/2013	Other Media	2.53%	L+225	4,862,500	4,862,500	3,215,328
Philosophy, Inc.	03/16/2014	Consumer Products	2.24%	L+200	1,426,506	1,426,506	1,184,000
QMG Acquisition, LLC, (formerly Questex Media Group, Inc.) Description: Business to business media organization	04/03/2010	Other Media	10.50%	L+650⁽⁸⁾	277,174	277,174	277,174
QMG Acquisition, LLC, ⁽⁹⁾ (formerly Questex Media Group, Inc.) Description: Business to business media organization	04/03/2010	Other Media	---	---	123,634	123,634	123,634
Rexnord, L.L.C.	07/19/2013	Manufacturing / Basic Industry	2.50%	L+225	2,880,457	2,880,457	2,698,628
Sitel, L.L.C.	01/30/2014	Business Services	5.77%	L+550	2,682,328	2,682,328	2,320,214
Sugarhouse HSP Gaming Prop. Sponsor: Walton Street Capital Description: $550 million casino and entertainment project along the Delaware River waterfront	09/23/2014	Hotels, Motels, Inns and Gaming	11.25%	L+825⁽⁸⁾	20,000,000	19,241,573	19,625,000
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⁾	14,915,634	10,407,364	12,230,820
World Color Press, Inc. Description: Leading printer in North America and Latin America	7/21/2012	Printing	9.00%	P+500⁽⁸⁾	3,493,681	3,196,579	3,502,415
Yonkers Racing Corp.⁽⁵⁾ Description: The company provides 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	4,861,682	5,250,000
Total First Lien Secured Debt					$177,572,628	$168,552,263	$160,710,620

Investments in Non-Controlled, Non-Affiliated Portfolio Companies						$499,221,096	$497,049,288
Investments in Non-Controlled, Affiliated Portfolio Companies - 5.4%⁽¹⁾⁽²⁾
Subordinated Debt / Corporate Notes – 1.7%
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⁾	---	5,258,719	5,066,905	5,127,251

Second Lien Secured Debt - 2.7%
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	6.04%	L+575	8,750,000	8,750,000	8,115,625

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	2,849,162

Investments in Non-Controlled, Affiliated Portfolio Companies						$17,566,905	$16,092,038

Total Investments - 167.6%						$516,788,001	$513,141,326

Cash Equivalents - 2.3%			---	---	$7,051,165	$7,051,165	$7,051,165
Total Investments and Cash Equivalents - 169.9%						$523,839,166	$520,192,491
Liabilities in Excess of Other Assets - (69.9%)							($214,044,169)
Net Assets - 100.0%							$306,148,322

(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.

(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.



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