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
MARCH 31, 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 - 163.6%⁽¹⁾⁽²⁾
Subordinated Debt/ Corporate Notes - 56.7%
Affinion Group Holdings, Inc. Sponsor: Apollo Description: Affinity marketing company	03/01/2012	Consumer Products	8.39%⁽⁶⁾	L+750	$ 24,541,792	$ 24,017,449	$ 23,069,285
Aquilex Holdings, LLC⁽⁵⁾ Sponsor: Teachers’ Private Capital Description: Global maintenance, repair & industrial cleaning provider	12/15/2016	Diversified / Conglomerate Services	11.13%	---	10,000,000	9,605,598	10,750,000
Consolidated Foundries, Inc. Sponsor: Arlington Capital Partners Description: Leading aerospace components manufacturer	04/17/2015	Aerospace and Defense	14.25%⁽⁶⁾	---	8,109,468	7,961,162	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⁾	---	20,515,227	20,115,539	21,130,684
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	24,328,495	24,312,500
Digicel Limited⁽⁵⁾,⁽¹⁰⁾ Sponsor: Denis O'Brien Description: Provider of wireless communications services	04/01/2014	Telecommunications	12.00%	---	1,000,000	995,991	1,132,500
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⁾	---	22,968,996	22,633,316	23,026,417
IDQ Holdings, Inc. Sponsor: Arsenal Capital Partners Description: DIY air-condition repair aftermarket provider	05/20/2012	Auto Sector	13.75%	---	15,000,000	14,769,363	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⁾	---	10,455,885	10,334,438	10,455,885
Realogy Corp. Sponsor: Apollo Description: Real estate brokerage and services company	04/15/2015	Buildings and Real Estate	12.38%	---	10,000,000	8,986,805	7,275,000
TRAK Acquisition Corp. Sponsor: HIG Capital Description: Outsourced legal collections on consumer receivables	12/29/2015	Business Services	15.00%⁽⁶⁾	---	11,573,472	11,205,768	11,573,472
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	20,170,101	20,959,820
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	20,507,457	21,000,000
Total Subordinated Debt/Corporate Notes					$200,559,180	$195,631,482	$197,876,126

Second Lien Secured Debt - 41.1%
Brand Energy & Infrastructure Services, Inc. Sponsor: First Reserve Description: Specialty service provider to energy market	02/07/2015	Energy / Utilities	6.28%	L+600	13,600,000	13,181,898	12,158,400
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	11,755,043	11,100,000
Generics International (U.S.), Inc. Sponsor: Apax Partners Description: Generic pharmaceuticals company	04/30/2015	Healthcare, Education and Childcare	7.79%	L+750	12,000,000	11,957,086	11,640,000
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	2,448,539
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	4,818,140	5,325,000
Questex Media Group LLC, Term Loan A Description: Business to business media organization	12/15/2014	Other Media	9.50%	L+650⁽⁸⁾	3,235,537	3,235,537	3,235,537
Questex Media Group LLC, Term Loan B Description: Business to business media organization	12/15/2015	Other Media	11.50%⁽⁶⁾	L+850⁽⁸⁾	1,675,694	1,675,694	1,675,694
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	10,955,000
Saint Acquisition Corp⁽⁵⁾ Description: Trucking and transportation company	05/15/2017	Transportation	12.50%	---	19,000,000	16,964,985	17,860,000
Saint Acquisition Corp⁽⁵⁾ Description: Trucking and transportation company	05/15/2015	Transportation	8.00%	L+775	10,000,000	9,946,635	9,062,500
Sheridan Holdings, Inc. Sponsor: Hellman & Friedman Description: Outsourced physician staffing	06/15/2015	Healthcare, Education and Childcare	6.00%⁽⁶⁾	L+575	21,500,000	19,036,433	19,672,500
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	7.25%⁽⁶⁾	L+700	22,500,000	22,489,125	22,500,000
TransFirst Holdings, Inc. Sponsor: Welsh Carson Description: Transaction processing company	06/15/2015	Financial Services	7.04%⁽⁶⁾	L+675	17,393,790	16,887,722	15,915,318
Total Second Lien Secured Debt					$150,341,378	$144,384,655	$143,548,488

Preferred Equity/Partnership Interests⁽⁷⁾ – 2.8%					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	1,007,863
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%	---	144,377	144,376	144,376
i2 Holdings Ltd. ⁽¹⁰⁾ Sponsor: Silver Lake Sumeru Description: Leading provider of visual investigative analysis software	---	Aerospace and Defense	12.00%	---	4,137,240	4,137,239	4,694,215
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	1,889,134
Total Preferred Equity/Partnership Interests					4,376,339	$9,894,691	$9,874,536

Common Equity/Warrants/Partnership Interests⁽⁷⁾ – 5.1%
CFHC Holdings Inc., (Consolidated Foundries, Inc.) Sponsor: Arlington Capital Partners Description: Leading aerospace components manufacturer	---	Aerospace and Defense	---	---	1,627	16,271	452,381
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	6,975,042
i2 Holdings Ltd.⁽¹⁰⁾ Sponsor: Silver Lake Sumeru Description: Leading provider of visual investigative analysis software	---	Aerospace and Defense	---	---	457,322	454,030	0
Magnum Hunter Resources Corporation Description: Independent exploration and production company	---	Oil and Gas	---	---	1,055,932	2,464,999	3,157,237
QMG HoldCo, LLC, Class A (Questex Media Group, Inc.) Description: Business to business media organization	---	Other Media	---	---	4,325	1,306,167	1,076,765
QMG HoldCo, LLC, Class B (Questex Media Group, Inc.) Description: Business to business media organization	---	Other Media	---	---	531	0	132,199
TRAK Acquisition Corp., (warrants) Sponsor: HIG Capital Description: Outsourced legal collections on consumer receivables	12/29/2019	Business Services	---	---	3,500	29,400	733,447
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	4,002,413
TZ Holdings, L.P. (Trizetto Group, Inc.) Sponsor: Apax Partners Description: Leading healthcare information technology, software and consulting service provider	---	Insurance	---	---	2	6,467	1,247,171
UP Holdings Inc. (UP Acquisitions Sub Inc.) Sponsor: KRG Capital Partners Description: Leading energy engineering services provider	---	Oil and Gas	---	---	91,608	916	0
Total Common Equity/Warrants/Partnership Interests					1,758,326	$9,911,362	$17,776,655



First Lien Secured Debt - 57.9%					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⁾	$13,859,649	$11,950,695	$13,721,052
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	7,294,823	8,006,250
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	987,205	1,037,500
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⁾	9,625,000	9,096,997	9,997,969
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	10,950,000
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	9,975,000	9,690,958	9,900,187
Hanley-Wood, L.L.C.	03/08/2014	Other Media	2.53%	L+225	8,797,500	8,797,500	5,252,107
Headwaters Incorporated⁽⁵⁾ Description: Provider of products and services for the building products and energy industries	11/01/2014	Diversified / Conglomerate Manufacturing	11.38%	---	3,000,000	2,973,923	3,131,250
Hughes Network Systems, L.L.C.	04/15/2014	Telecommunications	2.81%	L+250	5,000,000	5,000,000	4,725,000
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⁾	25,000,000	24,500,000	25,000,000
Jacuzzi Brands Corp.	02/07/2014	Home and Office Furnishings, Housewares and Durable Consumer Products	2.50%	L+225	9,781,081	9,781,081	7,922,676
Lyondell Chemical Co. Description: Global chemical manufacturer	06/03/2010	Chemicals, Plastics and Rubber	13.00%	L+1000⁽⁸⁾	12,668,615	13,025,033	13,101,945
Lyondell Chemical Co.⁽⁹⁾ Description: Global chemical manufacturer	06/03/2010	Chemicals, Plastics and Rubber	---	---	6,331,385	6,504,901	6,547,950
Mattress Holding Corp.	01/18/2014	Home and Office Furnishings, Housewares and Durable Consumer Products	2.69%	L+225	3,890,250	3,890,250	3,209,456
National Bedding Co., L.L.C.	02/28/2013	Home and Office Furnishings, Housewares and Durable Consumer Products	2.33%	L+200	1,790,000	1,790,365	1,737,464
Penton Media, Inc.	08/01/2014	Other Media	5.00%	L+400⁽⁸⁾	4,850,786	4,850,786	3,601,708
Philosophy, Inc.	03/16/2014	Consumer Products	2.25%	L+200	1,426,506	1,426,506	1,323,084
Questex Media Group LLC Description: Business to business media organization	12/16/2012	Other Media	10.50%	L+650⁽⁸⁾	56,730	56,730	56,730
Questex Media Group LLC ⁽⁹⁾ Description: Business to business media organization	12/16/2012	Other Media	---	---	344,078	344,078	344,078
Rexnord, L.L.C.	07/19/2013	Manufacturing / Basic Industry	2.50%	L+225	2,873,033	2,873,033	2,736,564
Sitel, L.L.C.	01/30/2014	Business Services	5.75%	L+550	1,623,261	1,623,261	1,594,854
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	28,683,880	29,131,250
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⁾	14,873,451	10,522,139	12,939,903
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⁾	3,487,361	3,215,489	3,519,330
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	4,864,144	5,400,000
Total First Lien Secured Debt					$213,149,280	$203,856,020	$202,326,271

Investments in Non-Controlled, Non-Affiliated Portfolio Companies						$563,678,210	$571,402,076
Investments in Non-Controlled, Affiliated Portfolio Companies - 4.7%⁽¹⁾⁽²⁾
Subordinated Debt / Corporate Notes – 1.5%
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⁾	---	5,446,061	5,261,718	5,364,370

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	6.00%	L+575	8,750,000	8,750,000	8,264,375

Common Equity/Partnership Interests⁽⁷⁾ – 0.8%					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	2,666,531

Investments in Non-Controlled, Affiliated Portfolio Companies						$17,761,718	$16,295,276

Total Investments - 168.3%						$581,439,928	$587,697,352

Cash Equivalents - 0.3%			---	---	$934,570	$934,570	$934,570
Total Investments and Cash Equivalents - 168.6%						$582,374,498	$588,631,922
Liabilities in Excess of Other Assets - (68.6)%							($239,420,024)
Net Assets - 100.0%							$349,211,898

(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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