______________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

______________________________________________________________________________________________________

FORM 10-Q

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended ~~December~~March 31, ~~2018~~2019

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 814-01128

Golub Capital Investment Corporation

(Exact name of registrant as specified in its charter)



Maryland		47-1893276
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

666 Fifth Avenue, 18th Floor

New York, NY 10103

(Address of principal executive offices)

(212) 750-6060

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes o No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



Large accelerated filer o	Accelerated filer o
Non-accelerated filer o	Smaller reporting company o
Emerging growth company þ

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. þ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

As of ~~February~~May 1113, 2019, the Registrant had 7075,~~438~~425,~~775~~292.~~169~~661 shares of common stock, $0.001 par value, outstanding.

Part I. Financial Information
Item 1.	Financial Statements	3
	Consolidated Statements of Financial Condition as of December 31, 2018 (unaudited) and September 30, 2018	3
	Consolidated Statements of Financial Condition as of March 31, 2019 (unaudited) and September 30, 2018	3
	Consolidated Statements of Operations for the three months ended December 31, 2018 (unaudited) and 2017 (unaudited)	4
	Consolidated Statements of Operations for the three and six months ended March 31,2019 (unaudited) and 2018 (unaudited)	4
	Consolidated Statements of Changes in Net Assets for the three months ended December 31, 2018 (unaudited) and 2017 (unaudited)	5
	Consolidated Statements of Changes in Net Assets for the three and six months ended March 31, 2019 (unaudited) and 2018 (unaudited)	5
	Consolidated Statements of Cash Flows for the three months ended December 31, 2018 (unaudited) and 2017 (unaudited)	6
	Consolidated Statements of Cash Flows for the six months ended March 31, 2019(unaudited) and 2018 (unaudited)	6
	Consolidated Schedules of Investments as of December 31, 2018 (unaudited) and September 30, 2018	8
	Consolidated Schedules of Investments as of March 31, 2019 (unaudited) and September30, 2018	8
	Notes to Consolidated Financial Statements (unaudited)	4245
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	8185
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	~~110~~114
Item 4.	Controls and Procedures	~~111~~115
Part II. Other Information
Item 1.	Legal Proceedings	~~112~~116
Item 1A.	Risk Factors	~~112~~116
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	116
Item 3.	Defaults Upon Senior Securities	116
Item 4.	Mine Safety Disclosures	116
Item 5.	Other Information	116
Item 6.	Exhibits	116

Golub Capital Investment Corporation and Subsidiaries

Consolidated Statements of Financial Condition

(In thousands, except share and per share data)

	December 31, 2018		September 30, 2018
	March 31, 2019		September 30, 2018
Assets	(unaudited)
Investments, at fair value
Non-controlled/non-affiliate company investments	$	1,~~813~~962,~~454~~581	$	1,620,783
Non-controlled affiliate company investments	4,~~130~~467		3,716
Controlled affiliate company investments	5049,~~069~~800		49,939
Total investments at fair value (amortized cost of $1,858,068 and $1,663,122, respectively)	1,867,653		1,674,438
Total investments at fair value (amortized cost of $2,007,430 and $1,663,122, respectively)	2,016,848		1,674,438
Cash and cash equivalents	266,~~760~~911		14,443
Foreign currencies (cost of $553 and $216, respectively)	553		216
Foreign currencies (cost of $239 and $216, respectively)	239		216
Restricted cash, cash equivalents and foreign currencies	54,819		23,857
Restricted cash, cash equivalents and foreign currencies (cost of $88,259 and $23,857, respectively)	88,257		23,857
Interest receivable	57,~~658~~626		5,813
Capital call receivable	~~1,375~~—		189
Other assets	6549		105
Total Assets	$	12,~~956~~119,~~883~~930	$	1,719,061
Liabilities
Debt	$	~~860~~993,~~751~~713	$	762,330
Less unamortized debt issuance costs	6,~~011~~320		1,921
Debt less unamortized debt issuance costs	~~854~~987,~~740~~393		760,409
Other short-term borrowings (proceeds of $24,755 and $0, respectively)	24,719		—
Interest payable	9,257		2,916
Interest payable	2,613		2,916
Distributions payable	12,962		11,840
Distributions payable	7,235		11,840
Management and incentive fees payable	10,180		10,102
Management and incentive fees payable	9,127		10,102
Accounts payable and accrued expenses	1,430		1,563
Accounts payable and accrued expenses	1,809		1,563
Accrued trustee fees	68		22
Accrued trustee fees	59		22
Total Liabilities	1,021,290		786,852
Total Liabilities	900,302		786,852
Commitments and Contingencies (Note 8)
Net Assets
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2018 and September 30, 2018	—		—
Preferred stock, par value $0.001 per share, 1,000,000 shares authorized, zero shares issued and outstanding as of March 31, 2019 and September 30, 2018	—		—
Common stock, par value $0.001 per share, 100,000,000 shares authorized, 70,438,775.169 and 62,147,237.484 shares issued and outstanding as of December 31, 2018 and September 30, 2018, respectively	70		62
Common stock, par value $0.001 per share, 100,000,000 shares authorized, 73,242,692.661 and 62,147,237.484 shares issued and outstanding as of March 31, 2019 and September 30, 2018, respectively	73		62
Paid in capital in excess of par	1,~~056~~098,~~249~~305		931,885
Distributable earnings	262		262
Total Net Assets	1,~~056~~098,~~581~~640		932,209
Total Liabilities and Total Net Assets	$	12,~~956~~119,~~883~~930	$	1,719,061
Number of common shares outstanding at end of period	7073,~~438~~242,~~775~~692.~~169~~661		62,147,237.484
Net asset value per common share	$	15.00	$	15.00

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Statements of Operations (unaudited)

(In thousands, except share and per share data)

	Three months ended December 31,
	Three months ended March 31,						Six months ended March 31,
	2018			2017
	2019			2018			2019			2018
Investment income
From non-controlled/non-affiliate company investments:
Interest income	$	3841,~~170~~656		$	2931,~~071~~498		$	79,826		$	60,569
Dividend income	30—			275			30			77
Fee income	~~380~~93			~~391~~897			473			1,288
Total investment income from non-controlled/non-affiliate company investments	3841,~~580~~749			2932,~~464~~470			80,329			61,934
From non-controlled affiliate company investments:
Interest income	2952			—			81			—
Total investment income from non-controlled affiliate company investments	2952			—			81			—
From controlled affiliate company investments:
Dividend income	1,~~036~~192			1,~~130~~294			2,228			2,424
Total investment income from controlled affiliate company investments	1,~~036~~192			1,~~130~~294			2,228			2,424
Total investment income	3942,~~645~~993			3033,~~594~~764			82,638			64,358
Expenses
Interest and other debt financing expenses	10,~~958~~945			67,~~879~~510			21,903			14,389
Base management fee	6,~~168~~667			45,~~986~~249			12,835			10,235
Incentive fee	24,~~858~~683			4,~~164~~940			7,541			9,104
Professional fees	~~765~~512			~~522~~450			1,277			972
Administrative service fee	~~651~~647			~~495~~531			1,298			1,026
General and administrative expenses	4855			5355			103			108
Total expenses	2123,~~448~~509			1718,~~099~~735			44,957			35,834
Base management fee waived (Note 4)	(1,~~682~~818		)	(1,~~360~~431		)	(3,500		)	(2,791		)
Incentive fee waived (Note 4)	(~~314~~1,001		)	(~~926~~1,235		)	(1,315		)	(2,161		)
Net expenses	1920,~~452~~690			1416,~~813~~069			40,142			30,882
Net investment income	2022,~~193~~303			1517,~~781~~695			42,496			33,476
Net gain (loss) on investments and foreign currency
Net realized gain (loss) on investments and foreign currency transactions:
Non-controlled/non-affiliate company investments	38(980		)	~~(449~~560		)	(942		)	111
Foreign currency transactions	~~(15~~40		)	~~(37~~20		)	25			(17		)
Net realized gain (loss) on investments and foreign currency transactions	23(940		)	~~(486~~580		)	(917		)	94
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation:
Non-controlled/non-affiliate company investments	(~~1,969~~15		)	1,~~767~~705			(1,984		)	3,472
Non-controlled affiliate company investments	~~108~~117			—			225			—
Controlled affiliate company investments	~~130~~(269		)	~~744~~736			(139		)	1,480
Translation of assets and liabilities in foreign currencies	~~253~~(97		)	(8		)	156			—
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation	(~~1,478~~264		)	2,~~519~~433			(1,742		)	4,952
Net gain (loss) on investments and foreign currency	(1,~~455~~204		)	23,~~033~~013			(2,659		)	5,046
Net increase in net assets resulting from operations	$	1821,~~738~~099		$	1720,~~814~~708		$	39,837		$	38,522
Per Common Share Data
Basic and diluted earnings per common share	$	0.2830		$	0.3437		$	0.58		$	0.71
Basic and diluted weighted average common shares outstanding	6571,~~402~~341,~~150~~480			5255,~~091~~957,~~851~~341			68,339,181			54,003,357

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Statements of Changes in Net Assets (unaudited)

(In thousands, except share data)

	Common Stock			Paid in Capital in Excess of Par		Distributable Earnings (1)			Total Net Assets
	Shares	Par Amount
Balance at September 30, 2017	51,214,683.496	$	51	$	767,908	$	261		$	768,220
Issuance of common stock (2)	25,~~223~~449,~~285~~408.~~533~~053	25		3381,~~347~~736		—			3381,~~349~~741
Net investment income	—	—		—		1533,~~781~~476			1533,~~781~~476
Net realized gain (loss) on investments and foreign currency transactions	—	—		—		~~(486~~94		)	~~(486~~94		)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation	—	—		—		24,~~519~~952			24,~~519~~952
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	~~684~~1,~~766~~155,601.~~325~~901	1		1017,~~271~~333		—			1017,~~272~~334
Distributions from distributable earnings (3)	—	—		—		(11,098		)	(11,098		)
Distributions from distributable earnings (1)	—	—		—		(24,323		)	(24,323		)
Distributions declared and payable	—	—		—		(614,~~716~~199		)	(614,~~716~~199		)
Total increase (decrease) for the period ended December 31, 2017	2,908,051.858	3		43,618		—			43,621
Total increase (decrease) for the six months ended March 31, 2018	6,605,009.954	6		99,069		—			99,075
Balance at March 31, 2018	57,819,693.450	$	57	$	866,977	$	261		$	867,295
Balance at December 31, 2017	54,122,735.354	$	54	$	811,526	$	261		$	811,841
Issuance of common stock (2)	3,226,122.520	3		48,389		—			48,392
Net investment income	—	—		—		17,695			17,695
Net realized gain (loss) on investments and foreign currency transactions	—	—		—		580			580
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation	—	—		—		2,433			2,433
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	470,835.576	—		7,062		—			7,062
Distributions from distributable earnings	—	—		—		(6,509		)	(6,509		)
Distributions declared and payable	—	—		—		(14,199		)	(14,199		)
Total increase (decrease) for the three months ended March 31, 2018	3,696,958.096	3		55,451		—			55,454
Balance at March 31, 2018	57,819,693.450	$	57	$	866,977	$	261		$	867,295
Balance at September 30, 2018	62,147,237.484	$	62	$	931,885	$	262		$	932,209
Issuance of common stock (4)	7,435,092.597	7		111,519		—			111,526
Issuance of common stock (3)	9,692,254.796	10		145,373		—			145,383
Net investment income	—	—		—		2042,~~193~~496			2042,~~193~~496
Net realized gain (loss) on investments and foreign currency transactions	—	—		—		23(917		)	23(917		)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation	—	—		—		(1,~~478~~742		)	(1,~~478~~742		)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	~~856~~1,~~445~~403,200.~~088~~381	1		1221,~~845~~047		—			1221,~~846~~048
Distributions from distributable earnings	—	—		—		(1126,~~503~~875		)	(1126,~~503~~875		)
Distributions declared and payable	—	—		—		(712,~~235~~962		)	(712,~~235~~962		)
Total increase (decrease) for the period ended December 31, 2018	8,291,537.685	8		124,364		—			124,372
Total increase (decrease) for the six months ended March 31, 2019	11,095,455.177	11		166,420		—			166,431
Balance at March 31, 2019	73,242,692.661	$	73	$	1,098,305	$	262		$	1,098,640
Balance at December 31, 2018	70,438,775.169	$	70	$	1,056,249	$	262		$	1,056,581
Issuance of common stock (3)	2,257,162.199	3		33,854		—			33,857
Net investment income	—	—		—		22,303			22,303
Net realized gain (loss) on investments and foreign currency transactions	—	—		—		(940		)	(940		)
Net change in unrealized appreciation (depreciation) on investments and foreign currency translation	—	—		—		(264		)	(264		)
Distributions to stockholders:
Stock issued in connection with dividend reinvestment plan	546,755.293	—		8,202		—			8,202
Distributions from distributable earnings	—	—		—		(8,137		)	(8,137		)
Distributions declared and payable	—	—		—		(12,962		)	(12,962		)
Total increase (decrease) for the three months ended March 31, 2019	2,803,917.492	3		42,056		—			42,059
Balance at March 31, 2019	73,242,692.661	$	73	$	1,098,305	$	262		$	1,098,640

	Total increase (decrease) for the period ended December 31, 2017
	Capital Distributions in Excess of Net Investment		Net Unrealized Appreciation (Depreciation) on Investments		Net Realized Gain (Loss) on Investments			Distributable Earnings
Net investment income	$	15,781	$	—	$	—		$	15,781
Net realized gain (loss) on investments and foreign currency transactions	—		—		(486		)	(486		)
Net change in unrealized gain (loss) on investments and foreign currency translation	—		2,519		—			2,519
Net increase in net assets from operations	$	15,781	$	2,519	$	(486	)	$	17,814

⁽¹⁾See Note 2. Significant Accounting Policies and Recent Accounting Updates.

(2) Refer to Note 3 for a detailed listing of the common stock issuances for the three and six months ended ~~December~~March 31, ~~2017~~2018.

	Total increase (decrease) for the period ended December 31, 2017
Distributions to stockholders:
Distributions from net investment income	$	(9,761	)
Distributions from realized gain	(1,337		)
Distributions from distributable earnings	$	(11,098	)

⁽³⁾Refer to Note 3 for a detailed listing of the common stock issuances for the three and six months ended March 31, 2019.

(4) Refer to Note 3 for a detailed listing of the common stock issuances for the three months ended December 31, 2018.

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

(In thousands)

	Three months ended December 31,
	Six months ended March 31,
	2018			2017
	2019			2018
Cash flows from operating activities
Net increase in net assets resulting from operations	$	1839,~~738~~837		$	1738,~~814~~522
Adjustments to reconcile net increase in net assets resulting from operations to net cash (used in) provided by operating activities
Amortization of deferred debt issuance costs	12,~~668~~299			~~553~~1,084
Accretion of discounts and origination fees	(13,~~998~~742		)	(24,~~026~~171		)
Net realized (gain) loss on investments	~~(38~~942		)	~~449~~(111		)
Net change in unrealized (appreciation) depreciation on investments	1,731			(2,511		)
Net realized (gain) loss on foreign currency and other transactions	(83		)	—
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies	(253		)	—
Net change in unrealized (appreciation) depreciation on investments	1,898			(4,952		)
Proceeds from (fundings of) revolving loans, net	(1,464		)	851
Net change in unrealized appreciation (depreciation) on translation of assets and liabilities in foreign currencies	(158		)	—
Fundings of investments	(230,120		)	(202,486		)
Proceeds from (fundings of) revolving loans, net	(1,810		)	774
Proceeds from principal payments and sales of portfolio investments	39,176			90,731
Fundings of investments	(420,035		)	(359,432		)
PIK interest	(502		)	(456		)
Proceeds from principal payments and sales of portfolio investments	81,108			191,888
PIK interest	(771		)	(919		)
Changes in operating assets and liabilities:
Interest receivable	~~155~~(1,813		)	(~~188~~1,280		)
Other assets	4056			~~104~~142
Interest payable	~~(303~~6,341		)	~~258~~445
Management and incentive fees payable	~~(975~~78		)	~~915~~1,962
Payable for investments purchased	—			~~355~~169
Accounts payable and accrued expenses	~~246~~(133		)	(92113		)
Accrued trustee fees	3746			153
Net cash (used in) provided by operating activities	(~~173~~295,~~862~~940		)	(95135,~~714~~989		)
Cash flows from financing activities
Borrowings on debt	~~790~~1,~~868~~204,152			~~129~~260,~~750~~850
Repayments of debt	(~~692~~972,~~230~~611		)	(75197,~~400~~750		)
Capitalized debt issuance costs	(56,~~758~~698		)	(11260		)
Proceeds from other short-term borrowings	2436,~~755~~067			—
Proceeds from issuance of common shares	110,340			34,407
Repayments on other short-term borrowings	(35,984		)
Distributions paid	(10,497		)	(9,065		)
Proceeds from issuance of common shares	145,572			82,799
Net cash provided by (used in) financing activities	217,478			79,681
Distributions paid	(17,667		)	(15,228		)
Net change in cash, cash equivalents, foreign currencies and restricted cash and cash equivalents	43,616			(16,033		)
Net cash provided by (used in) financing activities	352,831			130,411
Net change in cash, cash equivalents, foreign currencies and restricted cash and cash equivalents	56,891			(5,578		)
Cash, cash equivalents, foreign currencies and restricted cash and cash equivalents, beginning of period	38,516			51,131
Cash, cash equivalents, foreign currencies and restricted cash and cash equivalents, end of period	$	8295,~~132~~407		$	3545,~~098~~553
Supplemental information:
Cash paid during the period for interest	$	(913,~~592~~263	)	$	(612,~~069~~860	)
Distributions declared during the period	1839,~~738~~837			1738,~~814~~522
Supplemental disclosure of noncash financing activity:
Capital call receivable	$	~~1,186~~(189	)	$	(1,058	)
Stock issued in connection with dividend reinvestment plan	1221,~~846~~048			1017,~~272~~334
Distributions payable	712,~~235~~962			614,~~716~~199

Golub Capital Investment Corporation and Subsidiaries

Consolidated Statements of Cash Flows (unaudited) - (continued)

(In thousands)

The following table provides a reconciliation of cash and cash equivalents, foreign currencies and restricted cash and cash equivalents reported within the Consolidated Statements of Financial Condition that sum to the total of the same such amounts in the Consolidated Statements of Cash Flows:

	As of December 31,
	As of March 31,
	2018		2017
	2019		2018
Cash and cash equivalents	$	266,~~760~~911	$	8,~~886~~337
Foreign currencies	553		526
Foreign currencies (cost of $239 and $63, respectively)	239		63
Restricted cash and cash equivalents	54,819		25,686
Restricted cash, cash equivalents and foreign currencies (cost of $88,259 and $37,153, respectively)	88,257		37,153
Total cash, cash equivalents, foreign currencies and restricted cash and cash equivalents shown in the Consolidated Statements of Cash Flows	$	82,132	$	35,098
Total cash, cash equivalents, restricted cash, cash equivalents and foreign currencies shown in the Consolidated Statements of Cash Flows	$	95,407	$	45,553

See Note 2. Significant Accounting Policies and Recent Accounting Updates for a description of restricted cash, ~~and~~ cash equivalents. and foreign currencies.

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited)

~~December~~March 31, ~~2018~~2019

(In thousands)

	InvestmentType	SpreadAboveIndex(1)		InterestRate(2)	MaturityDate	Principal ($) /Shares(3)		Amortized Cost			Percentageof NetAssets		FairValue (4)
Investments
Non-controlled/non-affiliate company investments
Debt investments
Aerospace and Defense
ILC Dover, LP*	Senior loan	L + 4.75%	(c)(d)	7.63%	12/2023	$	1,324	$	1,313		0.1	%	$	1,324
ILC Dover, LP^	Senior loan	L + 4.75%	(c)(d)	7.63%	12/2023	$	1,320	$	1,310		0.1	%	$	1,320
NTS Technical Systems^*	One stop	L + 6.25%	(a)(c)	8.60%	06/2021	3,337		3,305			0.3		3,337
NTS Technical Systems*	One stop	L + 6.25%	(a)	8.74%	06/2021	3,328		3,300			0.3		3,328
NTS Technical Systems*	One stop	L + 6.25%	(c)	8.87%	06/2021	550		544			0.1		550
NTS Technical Systems^	One stop	L + 6.25%	(a)	8.74%	06/2021	550		545			0.1		550
NTS Technical Systems(5)	One stop	L + 6.25%		N/A(6)	06/2021	—		(76		)	—		—
Tresys Technology Holdings, Inc.(7)	One stop	L + 6.75%	(a)	9.2725%	12/2019	53		2827			—		1116
Tresys Technology Holdings, Inc.(7)	One stop	L + 6.75%	(a)	9.2725%	12/2019	9		9			—		9
Tronair Parent, Inc.*	Senior loan	L + 4.75%	(a)(c)	7.56%	09/2023	365		363			—		351
Tronair Parent, Inc.^	Senior loan	L + 4.75%	(a)(c)	7.56%	09/2023	364		362			—		350
Tronair Parent, Inc.	Senior loan	L + 4.50%	(a)(c)(f)	7.2847%	09/2021	80		79			—		77
Whitcraft LLC^	One stop	L + 6.25%	(c)	9.05%	04/2023	16,103		15,930			1.5		16,103
Whitcraft LLC*	One stop	L + 6.25%	(c)	8.85%	04/2023	16,062		15,899			1.5		16,062
Whitcraft LLC^	One stop	L + 6.25%	(c)	9.05%	04/2023	4,134		4,105			0.4		4,134
Whitcraft LLC*	One stop	L + 6.25%	(c)	8.85%	04/2023	4,124		4,096			0.4		4,124
Whitcraft LLC(5)	One stop	L + 6.25%		N/A(6)	04/2023	—		(1		)	—		—
						25,955		25,668			2.4		25,896
						25,890		25,620			2.4		25,836
Automobile
Dent Wizard International Corporation^	Senior loan	L + 4.00%	(a)	6.51%	04/2020	2,155		2,149			0.2		2,155
Dent Wizard International Corporation*	Senior loan	L + 4.00%	(a)	6.50%	04/2020	2,150		2,145			0.2		2,150
Grease Monkey International, LLC^	Senior loan	L + 5.00%	(a)	7.52%	11/2022	3,043		3,014			0.3		3,043
Grease Monkey International, LLC*	Senior loan	L + 5.00%	(a)	7.50%	11/2022	3,035		3,008			0.3		3,035
Grease Monkey International, LLC*	Senior loan	L + 5.00%	(a)	7.52%	11/2022	2,263		2,228			0.2		2,263
Grease Monkey International, LLC#	Senior loan	L + 5.00%	(a)	7.50%	11/2022	2,258		2,224			0.2		2,258
Grease Monkey International, LLC^	Senior loan	L + 5.00%	(a)	7.52%	11/2022	1,149		1,145			0.1		1,149
Grease Monkey International, LLC*	Senior loan	L + 5.00%	(a)	7.50%	11/2022	1,146		1,142			0.1		1,146
Grease Monkey International, LLC*	Senior loan	L + 5.00%	(a)	7.52%	11/2022	1,003		993			0.1		1,003
Grease Monkey International, LLC^	Senior loan	L + 5.00%	(a)	7.50%	11/2022	1,001		991			0.1		1,001
Grease Monkey International, LLC	Senior loan	L + 5.00%	(ca)	7.4750%	11/2022	~~115~~114		104			—		~~115~~114
Grease Monkey International, LLC	Senior loan	L + 5.00%	(a)~~(c)~~	7.5250%	11/2022	4943		4842			—		4943
Polk Acquisition Corp.^	Senior loan	L + 5.00%	(a)	7.52%	06/2022	4,742		4,728			0.4		4,647
Polk Acquisition Corp.*	Senior loan	L + 5.25%	(c)	7.85%	06/2022	5,086		5,056			0.5		4,984
Power Stop, LLC*	Senior loan	L + 4.75%	(c)	7.55%	10/2025	1,537		1,530			0.1		1,530
Power Stop, LLC^	Senior loan	L + 4.75%	(c)(f)	7.35%	10/2025	1,534		1,526			0.1		1,534
Quick Quack Car Wash Holdings, LLC^	One stop	L + 6.50%	(a)	9.02%	04/2023	4,588		4,539			0.4		4,588
Quick Quack Car Wash Holdings, LLC*	One stop	L + 6.50%	(a)	9.00%	04/2023	4,577		4,530			0.4		4,577
Quick Quack Car Wash Holdings, LLC	One stop	L + 6.50%	(a)~~(c)~~	89.9800%	04/2023	1,~~949~~944		1,~~933~~929			0.2		1,~~949~~944
Quick Quack Car Wash Holdings, LLC	One stop	L + 6.50%	(a)	9.0200%	04/2023	1,~~303~~300		1,~~292~~289			0.1		1,~~303~~300
Quick Quack Car Wash Holdings, LLC	One stop	L + 6.50%	(a)	89.9800%	04/2023	40		39			—		40
Quick Quack Car Wash Holdings, LLC(5)	One stop	L + 6.50%		N/A(6)	04/2023	—		(4240		)	—		—
						23,936		23,700			2.1		23,834
						24,228		23,985			2.2		24,126
Beverage, Food and Tobacco
Abita Brewing Co., L.L.C.*	One stop	L + 5.75%	(a)	8.27%	04/2021	3,377		3,359			0.3		3,377
Abita Brewing Co., L.L.C.^	One stop	L + 5.75%	(a)	8.25%	04/2021	3,349		3,333			0.3		3,349
Abita Brewing Co., L.L.C.	One stop	L + 5.75%		N/A(6)	04/2021	—		—			—		—
C. J. Foods, Inc.^*	One stop	L + 6.25%	(c)	9.05%	05/2020	20,840		20,745			2.0		20,840
C. J. Foods, Inc.#*	One stop	L + 6.25%	(c)	8.85%	05/2020	20,788		20,708			1.9		20,788
C. J. Foods, Inc.	One stop	L + 6.25%	(c)	98.0585%	05/2020	1,~~576~~572		1,~~576~~572			0.1		1,~~576~~572
C. J. Foods, Inc.	One stop	L + 6.25%	(c)	8.9186%	05/2020	1,~~259~~364		1,~~258~~364			0.1		1,~~259~~364
Cafe Rio Holding, Inc.^	One stop	L + 5.75%	(a)	8.27%	09/2023	8,602		8,483			0.8		8,602
Cafe Rio Holding, Inc.*	One stop	L + 5.50%	(a)	8.00%	09/2023	8,580		8,463			0.8		8,580
Cafe Rio Holding, Inc.^	One stop	L + 5.75%	(a)	8.27%	09/2023	1,373		1,362			0.1		1,373
Cafe Rio Holding, Inc.	One stop	L + 5.50%	(a)	8.00%	09/2023	2,157		2,140			0.2		2,157
Cafe Rio Holding, Inc.	One stop	L + 5.75%	(a)	8.27%	09/2023	689		633			0.1		689
Cafe Rio Holding, Inc.*	One stop	L + 5.50%	(a)	8.00%	09/2023	1,370		1,359			0.1		1,370
Cafe Rio Holding, Inc.	One stop	PL + 45.7550%	(fa)	108.2500%	09/2023	651,209		631,171			—0.1		651,209
Fintech Midco, LLC*	One stop	L + 6.00%	(a)	8.53%	08/2024	11,885		11,774			1.1		11,885
Cafe Rio Holding, Inc.	One stop	P + 4.50%	(f)	10.00%	09/2023	2		—			—		2
Fintech Midco, LLC(5)	One stop	L + 6.00%		N/A(6)	08/2024	—		(1		)	—		—
Cafe Rio Holding, Inc.(5)	One stop	L + 5.50%		N/A(6)	09/2023	—		(30		)	—		—
Fintech Midco, LLC(5)	One stop	L + 6.00%		N/A(6)	08/2024	—		(31		)	—		—
Fintech Midco, LLC#^	One stop	L + 5.25%	(a)	7.75%	08/2024	11,855		11,750			1.1		11,855
Flavor Producers, LLC^	Senior loan	L + 4.75%	(c)	7.56%	12/2023	2,830		2,795			0.3		2,830
Fintech Midco, LLC	One stop	L + 5.25%	(a)	7.75%	08/2024	1,068		1,058			0.1		1,068
Flavor Producers, LLC(5)	Senior loan	L + 4.75%		N/A(6)	12/2022	—		(1		)	—		—
Fintech Midco, LLC(5)	One stop	L + 5.25%		N/A(6)	08/2024	—		(1		)	—		—
FWR Holding Corporation^	One stop	L + 5.75%	(a)	8.26%	08/2023	4,028		3,981			0.4		4,028
FWR Holding Corporation	One stop	L + 5.75%	(a)	8.26%	08/2023	1,746		1,722			0.2		1,746
FWR Holding Corporation	One stop	L + 5.75%	(a)	8.26%	08/2023	1,107		1,098			0.1		1,107
FWR Holding Corporation	One stop	P + 4.75%	(f)	10.25%	08/2023	25		24			—		25
Global ID Corporation^	One stop	L + 6.50%	(c)	9.30%	11/2021	5,089		5,052			0.5		5,089
Global ID Corporation^	One stop	L + 6.50%	(c)	9.30%	11/2021	756		750			0.1		756
Global ID Corporation	One stop	L + 6.50%	(c)	9.30%	11/2021	452		443			0.1		452

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~December~~March 31, ~~2018~~ 2019

(In thousands)

	InvestmentType	SpreadAboveIndex(1)		InterestRate(2)	MaturityDate	Principal ($) /Shares(3)		Amortized Cost			Percentageof NetAssets		FairValue (4)
Beverage, Food and Tobacco - (continued)
Global ID Corporation	One stop	L + 6.50%		N/A(6)	11/2021	$	—	$	—		—	%	$	—
Fintech Midco, LLC(5)	One stop	L + 5.25%		N/A(6)	08/2024	$	—	$	(20	)	—	%	$	—
Mendocino Farms, LLC(5)	One stop	L + 1.00%		N/A(6)	06/2023	—		(22		)	—		—
Flavor Producers, LLC*	Senior loan	L + 4.75%	(c)	7.35%	12/2023	2,823		2,789			0.3		2,823
Mid-America Pet Food, L.L.C.^	One stop	L + 6.00%	(c)	8.80%	12/2021	12,155		12,062			1.2		12,155
Flavor Producers, LLC(5)	Senior loan	L + 4.75%		N/A(6)	12/2022	—		(1		)	—		—
FWR Holding Corporation*	One stop	L + 5.50%	(a)	8.00%	08/2023	4,018		3,973			0.4		4,018
FWR Holding Corporation	One stop	L + 5.50%	(a)	8%	08/2023	1,746		1,723			0.2		1,746
FWR Holding Corporation	One stop	L + 5.50%	(a)	8.00%	08/2023	1,104		1,096			0.1		1,104
FWR Holding Corporation	One stop	L + 5.50%	(a)	7.99%	08/2023	226		224			—		226
FWR Holding Corporation	One stop	L + 5.50%	(a)	8.00%	08/2023	17		16			—		17
FWR Holding Corporation(5)	One stop	L + 5.50%		N/A(6)	08/2023	—		(5		)	—		—
Global ID Corporation*	One stop	L + 6.50%	(c)	9.13%	11/2021	5,076		5,042			0.5		5,076
Global ID Corporation*	One stop	L + 6.50%	(c)	9.13%	11/2021	754		749			0.1		754
Global ID Corporation	One stop	L + 6.50%	(c)	9.13%	11/2021	452		444			0.1		452
Global ID Corporation	One stop	L + 6.50%		N/A(6)	11/2021	—		—			—		—
Mendocino Farms, LLC	One stop	L + 8.50%	(a)	3.50% cash/7.50% PIK	06/2023	690		684			0.1		690
Mendocino Farms, LLC(5)	One stop	L + 1.00%		N/A(6)	06/2023	—		(15		)	—		—
Mid-America Pet Food, L.L.C.*	One stop	L + 6.00%	(c)	8.60%	12/2021	12,124		12,039			1.1		12,124
Mid-America Pet Food, L.L.C.(5)	One stop	L + 6.00%		N/A(6)	12/2021	—		(1		)	—		—
NBC Intermediate, LLC ^	Senior loan	L + 4.25%	(a)	6.78%	09/2023	1,383		1,370			0.1		1,383
NBC Intermediate, LLC*	Senior loan	L + 4.25%	(a)	6.75%	09/2023	1,380		1,367			0.1		1,380
Purfoods, LLC^	One stop	L + 6.00%	(c)	8.71%	05/2021	7,797		7,741			0.7		7,797
Purfoods, LLC*	One stop	L + 5.50%	(c)	8.13%	05/2021	7,797		7,747			0.7		7,797
Purfoods, LLC	One stop	L + 65.0050%	(c)	8.7810%	05/2021	~~492~~491		487			0.1		~~492~~491
Purfoods, LLC	One stop	L + 65.0050%	(c)	8.8010%	05/2021	352		~~349~~350			—		352
Purfoods, LLC	One stop	L + 65.0050%	(c)	8.8010%	05/2021	~~268~~267		~~266~~265			—		~~268~~267
Purfoods, LLC	One stop	L + 65.0050%	(c)	8.8010%	05/2021	~~268~~266		~~266~~265			—		~~268~~266
Purfoods, LLC	One stop	L + 65.0050%	(c)	8.8010%	05/2021	267		265			—		267
Purfoods, LLC	One stop	N/A		7.00% PIK	05/2026	108		108			—		108
Purfoods, LLC	One stop	L + 65.0050%	(a)(c)	8.4305%	05/2021	3555		3454			—		3555
Purfoods, LLC	One stop	L + 65.0050%	(c)	8.8010%	05/2021	24		23			—		24
Purfoods, LLC	One stop	L + 65.0050%	(c)	8.8010%	05/2021	15		15			—		15
Purfoods, LLC	One stop	L + 65.0050%	(c)	8.8010%	05/2021	15		15			—		15
Purfoods, LLC	One stop	L + 65.0050%	(c)	8.8010%	05/2021	14		14			—		14
Purfoods, LLC	One stop	L + 65.0050%	(c)	8.8010%	05/2021	11		11			—		11
Purfoods, LLC	One stop	L + 65.0050%	(c)	8.8010%	05/2021	11		11			—		11
Purfoods, LLC	One stop	L + 65.0050%	(c)	8.8010%	05/2021	10		10			—		10
Rubio's Restaurants, Inc.^	Senior loan	L + 5.25%	(c)	8.05%	10/2019	295		285			—		295
Purfoods, LLC(5)	One stop	L + 5.50%		N/A(6)	05/2021	—		(1		)	—		—
Uinta Brewing Company*(7)	One stop	L + 8.50%	(a)	11.02%	08/2019	898		898			—		404
Purfoods, LLC(5)	One stop	L + 5.50%		N/A(6)	05/2021	—		(1		)	—		—
Uinta Brewing Company(7)	One stop	L + 8.50%	(a)	11.02%	08/2019	167		167			—		70
Rubio's Restaurants, Inc.*	Senior loan	L + 5.25%	(c)	7.85%	10/2019	294		287			—		279
Wood Fired Holding Corp.^	One stop	L + 5.75%	(c)	8.65%	12/2023	7,298		7,226			0.7		7,225
Rubio's Restaurants, Inc.	Senior loan	P + 3.50%	(f)	9.00%	10/2019	75		73			—		74
Wood Fired Holding Corp.(5)	One stop	L + 5.75%		N/A(6)	12/2023	—		(1		)	—		(1		)
Uinta Brewing Company^(7)	One stop	L + 4.00%	(a)	6.48%	08/2021	186		186			—		161
Wood Fired Holding Corp.(5)	One stop	L + 5.75%		N/A(6)	12/2023	—		(6		)	—		(6		)
Uinta Brewing Company(7)	One stop	L + 4.00%	(a)	6.48%	08/2021	37		37			—		32
						97,582		96,678			9.1		96,911
Wood Fired Holding Corp.*	One stop	L + 5.75%	(c)	8.65%	12/2023	7,298		7,230			0.7		7,298
Wood Fired Holding Corp.(5)	One stop	L + 5.75%		N/A(6)	12/2023	—		(1		)	—		—
Wood Fired Holding Corp.(5)	One stop	L + 5.75%		N/A(6)	12/2023	—		(6		)	—		—
						101,317		100,435			9.3		101,271
Broadcasting and Entertainment
TouchTunes Interactive Networks, Inc.^	Senior loan	L + 4.75%	(a)	7.27%	05/2021	681		680			0.1		681
TouchTunes Interactive Networks, Inc.*	Senior loan	L + 4.75%	(a)	7.25%	05/2021	680		678			0.1		680
Buildings and Real Estate
Brooks Equipment Company, LLC^	One stop	L + 5.00%	(c)	7.71%	08/2020	5,634		5,634			0.5		5,634
Brooks Equipment Company, LLC^	One stop	L + 5.00%	(b)(c)	7.67%	08/2020	563		561			0.1		563
Brooks Equipment Company, LLC	One stop	P + 3.75%	(f)	9.25%	08/2020	48		48			—		48
Jensen Hughes, Inc.*	Senior loan	L + 4.50%	(c)	6.99%	03/2024	430		428			0.1		430
Jensen Hughes, Inc.	Senior loan	L + 4.50%	(c)	6.96%	03/2024	373		371			—		373
Jensen Hughes, Inc.*	Senior loan	L + 4.50%	(c)(f)	7.31%	03/2024	132		130			—		132
MRI Software LLC^	One stop	L + 5.50%	(c)	8.31%	06/2023	18,593		18,326			1.8		18,593
MRI Software LLC*	One stop	L + 5.50%	(c)	8.31%	06/2023	17,217		17,063			1.6		17,217
MRI Software LLC^	One stop	L + 5.50%	(c)	8.31%	06/2023	3,091		3,076			0.3		3,091
MRI Software LLC*	One stop	L + 5.50%	(c)	7.90%	06/2023	1,978		1,971			0.2		1,978
MRI Software LLC^	One stop	L + 5.50%	(c)	8.31%	06/2023	345		341			—		345
MRI Software LLC	One stop	L + 5.50%	(a)	7.98%	06/2023	19		16			—		19
MRI Software LLC(5)	One stop	L + 5.50%		N/A(6)	06/2023	—		(121		)	—		—
Paradigm DKD Group, LLC*(7)	Senior loan	L + 6.25%	(a)	8.77%	05/2020	2,110		2,110			0.1		844
Paradigm DKD Group, LLC(7)	Senior loan	L + 6.25%	(a)	8.77%	05/2020	856		852			—		343
						51,389		50,806			4.7		49,610
Chemicals, Plastics and Rubber
Flexan, LLC^	One stop	L + 5.75%	(c)	8.55%	02/2020	1,028		1,023			0.1		1,028
Flexan, LLC^	One stop	L + 5.75%	(c)	8.55%	02/2020	485		483			0.1		485
Flexan, LLC	One stop	P + 4.50%	(f)	10.00%	02/2020	11		11			—		11
Inhance Technologies Holdings LLC^	One stop	L + 5.25%	(c)	8.03%	07/2024	6,048		5,979			0.6		6,048
Inhance Technologies Holdings LLC(5)	One stop	L + 5.25%		N/A(6)	07/2024	—		(1		)	—		—
Inhance Technologies Holdings LLC(5)	One stop	L + 5.25%		N/A(6)	07/2024	—		(19		)	—		—
						7,572		7,476			0.8		7,572

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~December~~March 31, ~~2018~~ 2019

(In thousands)

	InvestmentType	SpreadAboveIndex(1)		InterestRate(2)	MaturityDate	Principal ($) /Shares(3)		Amortized Cost			Percentageof NetAssets		FairValue (4)
Buildings and Real Estate
Brooks Equipment Company, LLC*	One stop	L + 5.00%	(c)	7.63%	08/2020	$	5,634	$	5,634		0.5	%	$	5,634
Brooks Equipment Company, LLC*	One stop	L + 5.00%	(c)	7.66%	08/2020	563		561			0.1		563
Brooks Equipment Company, LLC	One stop	P + 3.75%	(f)	9.25%	08/2020	48		48			—		48
Jensen Hughes, Inc.^	Senior loan	L + 4.25%	(c)(f)	6.86%	03/2024	429		427			0.1		429
Jensen Hughes, Inc.	Senior loan	L + 4.25%	(c)(f)	6.86%	03/2024	413		411			0.1		413
Jensen Hughes, Inc.^	Senior loan	L + 4.25%	(c)(f)	6.86%	03/2024	131		130			—		131
Jensen Hughes, Inc.	Senior loan	L + 4.25%	(a)(c)(f)	6.86%	03/2024	106		96			—		106
MRI Software LLC*	One stop	L + 5.50%	(a)	8.00%	06/2023	18,546		18,294			1.7		18,546
MRI Software LLC#^	One stop	L + 5.50%	(a)	8.00%	06/2023	17,174		17,029			1.6		17,174
MRI Software LLC	One stop	L + 5.50%	(c)	8.30%	06/2023	6,260		6,238			0.6		6,260
MRI Software LLC*	One stop	L + 5.50%	(a)	8.00%	06/2023	3,083		3,069			0.3		3,083
MRI Software LLC^	One stop	L + 5.50%	(c)	8.30%	06/2023	1,973		1,966			0.2		1,973
MRI Software LLC	One stop	L + 5.50%	(c)	8.10%	06/2023	1,152		1,030			0.1		1,152
MRI Software LLC*	One stop	L + 5.50%	(a)	8.00%	06/2023	344		341			—		344
MRI Software LLC	One stop	L + 5.50%	(a)(c)	8.00%	06/2023	19		16			—		19
Paradigm DKD Group, LLC^(7)	Senior loan	L + 6.25%	(a)	8.75%	05/2020	2,110		2,110			0.1		844
Paradigm DKD Group, LLC(7)	Senior loan	L + 6.25%	(a)	8.75%	05/2020	644		640			—		258
						58,629		58,040			5.4		56,977
Chemicals, Plastics and Rubber
Flexan, LLC*	One stop	L + 5.75%	(c)	8.35%	02/2020	1,025		1,021			0.1		1,025
Flexan, LLC*	One stop	L + 5.75%	(c)	8.35%	02/2020	483		482			0.1		483
Flexan, LLC	One stop	P + 4.50%	(f)	10.00%	02/2020	17		17			—		17
Inhance Technologies Holdings LLC*	One stop	L + 5.25%	(c)	7.84%	07/2024	6,033		5,967			0.5		6,033
Inhance Technologies Holdings LLC(5)	One stop	L + 5.25%		N/A(6)	07/2024	—		(1		)	—		—
Inhance Technologies Holdings LLC(5)	One stop	L + 5.25%		N/A(6)	07/2024	—		(18		)	—		—
						7,558		7,468			0.7		7,558
Diversified/Conglomerate Manufacturing
Chase Industries, Inc.*	Senior loan	L + 4.00%	(c)(f)	6.61%	05/2025	$	5,377	$	5,291		0.5	%	$	5,377
Chase Industries, Inc.^	Senior loan	L + 4.00%	(c)(f)	6.61%	05/2025	5,377		5,294			0.5		5,377
Chase Industries, Inc.	Senior loan	L + 4.00%	(c)(f)	6.8260%	05/2025	165		~~115~~117			—		165
Chase Industries, Inc.	Senior loan	L + 4.00%	(c)(f)	6.7665%	05/2023	4383		4181			—		4383
Inventus Power, Inc.*	One stop	L + 6.50%	(a)	9.02%	04/2020	9,054		9,025			0.8		8,149
Inventus Power, Inc.^	One stop	L + 6.50%	(a)	9.00%	04/2020	9,027		9,004			0.7		8,125
Inventus Power, Inc.	One stop	L + 6.50%	(a)(c)	9.0904%	04/2020	338		337			—		294
Onicon Incorporated^*	One stop	LP + 54.50%	(cf)	810.3000%	04/2022	308		~~305~~304			—		~~302~~308
Onicon Incorporated(8)(9)	One stop	L + 5.50%	(ca)	6.50%	04/2022	61		60			—		6063
Onicon Incorporated(5)	One stop	L + 5.50%		N/A(6)	04/2022	—		(1		)	—		(1		)
Onicon Incorporated	One stop	P + 4.50%	(f)	10.00%	04/2022	7		7			—		7
Pasternack Enterprises, Inc. and Fairview Microwave, Inc*	Senior loan	L + 4.00%	(c)(f)	6.52%	07/2025	5,245		5,220			0.5		5,245
Pasternack Enterprises, Inc. and Fairview Microwave, Inc^	Senior loan	L + 4.00%	(a)	6.50%	07/2025	5,232		5,208			0.5		5,232
Pasternack Enterprises, Inc. and Fairview Microwave, Inc	Senior loan	L + 4.00%		N/A(6)	07/2023	—		—			—		—
PetroChoice Holdings, Inc.^	Senior loan	L + 5.00%	(c)	7.53%	08/2022	1,608		1,579			0.2		1,608
PetroChoice Holdings, Inc.*	Senior loan	L + 5.00%	(c)	7.74%	08/2022	1,604		1,577			0.1		1,604
Reladyne, Inc.^	Senior loan	L + 5.00%	(c)	7.40%	07/2022	10,670		10,587			1.0		10,670
Reladyne, Inc.*	Senior loan	L + 5.00%	(c)	7.80%	07/2022	10,643		10,566			1.0		10,643
Reladyne, Inc.	Senior loan	L + 5.00%	(b)(c)	7.3963%	07/2022	12,~~121~~069		12,~~110~~055			0.12		12,~~121~~069
Reladyne, Inc.	Senior loan	L + 5.00%	(ba)~~(c)~~	7.4063%	07/2022	~~970~~1,465		~~964~~1,452			0.1		~~970~~1,465
Reladyne, Inc.	Senior loan	L + 5.00%	(c)	7.80%	07/2022	1,118		1,108			0.1		1,118
Reladyne, Inc.	Senior loan	L + 5.00%	(c)	7.80%	07/2022	968		962			0.1		968
Reladyne, Inc.	Senior loan	L + 5.00%	(c)	7.80%	07/2022	441		438			0.1		441
Reladyne, Inc.(5)	Senior loan	L + 5.00%		N/A(6)	07/2022	—		(1524		)	—		—
Reladyne, Inc.(5)	Senior loan	L + 5.00%		N/A(6)	07/2022	—		(40		)	—		—
Sunless Merger Sub, Inc.^	Senior loan	L + 5.00%	(a)(f)	7.54%	07/2019	262		257			—		262
Source Refrigeration & HVAC, Inc.^	Senior loan	L + 4.75%	(c)	7.56%	04/2023	7,219		7,147			0.7		7,219
Source Refrigeration & HVAC, Inc.^	Senior loan	L + 4.75%	(c)	7.56%	04/2023	1,434		1,422			0.1		1,434
Source Refrigeration & HVAC, Inc.	Senior loan	L + 4.75%	(c)	7.56%	04/2023	737		730			0.1		737
Source Refrigeration & HVAC, Inc.	Senior loan	P + 3.75%	(f)	9.25%	04/2023	43		42			—		43
Source Refrigeration & HVAC, Inc.(5)	Senior loan	L + 4.75%		N/A(6)	04/2023	—		(26		)	—		—
Sunless Merger Sub, Inc.*	Senior loan	L + 5.00%	(a)	7.52%	07/2019	262		253			—		262
Sunless Merger Sub, Inc.	Senior loan	P + 3.75%	(f)	9.25%	07/2019	52		51			—		52
Togetherwork Holdings, LLC^	One stop	L + 6.50%	(a)	9.02%	03/2025	6,708		6,619			0.6		6,708
Togetherwork Holdings, LLC*	One stop	L + 6.50%	(a)	9.02%	03/2025	1,714		1,698			0.2		1,714
Togetherwork Holdings, LLC*	One stop	L + 6.50%	(a)	9.02%	03/2025	1,621		1,607			0.2		1,621
Togetherwork Holdings, LLC*	One stop	L + 6.50%	(a)	9.02%	03/2025	1,509		1,496			0.1		1,509
Togetherwork Holdings, LLC	One stop	L + 6.50%	(a)	9.02%	03/2025	1,357		1,329			0.1		1,357
Togetherwork Holdings, LLC^	One stop	L + 6.50%	(a)	9.02%	03/2025	679		669			0.1		679
Togetherwork Holdings, LLC	One stop	L + 6.50%	(a)	9.02%	03/2025	56		34			—		56
Togetherwork Holdings, LLC	One stop	L + 6.50%	(a)	9.01%	03/2024	18		16			—		18
						58,810		58,103			5.5		57,853
Diversified/Conglomerate Service
Accela, Inc.^	One stop	L + 6.00%	(c)	8.80%	09/2023	6,665		6,583			0.6		6,665
Accela, Inc.	One stop	P + 5.00%	(f)	10.50%	09/2023	36		35			—		36
Agility Recovery Solutions Inc.^	One stop	L + 6.50%	(a)	9.02%	03/2020	6,138		6,115			0.6		6,138
Agility Recovery Solutions Inc.	One stop	L + 6.50%	(c)	8.89%	03/2020	124		123			—		124
Anaqua, Inc.^	One stop	L + 6.50%	(c)	8.98%	07/2022	8,828		8,731			0.8		8,828
Anaqua, Inc.(5)	One stop	L + 6.50%		N/A(6)	07/2022	—		(1		)	—		—
AutoQuotes, LLC*	One stop	L + 6.00%	(c)	8.69%	11/2024	5,252		5,200			0.5		5,199
AutoQuotes, LLC(5)	One stop	L + 6.00%		N/A(6)	11/2024	—		—			—		(1		)
Bazaarvoice, Inc.^*	One stop	L + 5.75%	(a)	8.27%	02/2024	23,523		23,225			2.2		23,288
Bazaarvoice, Inc.	One stop	L + 5.75%	(a)(f)	8.27%	02/2024	50		46			—		48
Browz LLC	One stop	L + 9.50%	(b)(c)(f)	10.40% cash/1.50% PIK	03/2023	1,843		1,824			0.2		1,843
Browz LLC	One stop	L + 9.50%		N/A(6)	03/2023	—		—			—		—
Caliper Software, Inc.^	One stop	L + 5.50%	(a)	8.02%	11/2025	7,025		6,967			0.7		6,972
Caliper Software, Inc.	One stop	L + 5.50%	(b)	8.04%	11/2023	4		4			—		4
Centrify Corporation	One stop	L + 6.25%	(c)	9.06%	08/2024	12,606		12,429			1.2		12,606
Centrify Corporation	One stop	P + 5.25%	(f)	10.75%	08/2024	50		48			—		50
Clearwater Analytics, LLC^	One stop	L + 5.00%	(a)	7.52%	09/2022	7,926		7,750			0.8		7,926
Clearwater Analytics, LLC(5)	One stop	L + 5.00%		N/A(6)	09/2022	—		(2		)	—		—
Cloudbees, Inc.	One stop	L + 9.00%	(a)	10.85% cash/0.50% PIK	05/2023	2,277		2,224			0.2		2,277
Cloudbees, Inc.	One stop	L + 9.00%		N/A(6)	05/2023	—		—			—		—

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~December~~March 31, ~~2018~~ 2019

(In thousands)

	InvestmentType	SpreadAboveIndex(1)		InterestRate(2)	MaturityDate	Principal ($) /Shares(3)		Amortized Cost			Percentageof NetAssets		FairValue (4)
Diversified/Conglomerate Service - (continued)
Diversified/Conglomerate Manufacturing - (continued)
Confluence Technologies, Inc.	One stop	L + 7.50%	(a)	9.94%	03/2024	$	8,573	$	8,480		0.8	%	$	8,573
Sunless Merger Sub, Inc.	Senior loan	P + 3.75%	(f)	9.25%	07/2019	$	52	$	51		—	%	$	52
Togetherwork Holdings, LLC*	One stop	L + 6.50%	(a)	9.00%	03/2025	6,691		6,605			0.6		6,691
Togetherwork Holdings, LLC^	One stop	L + 6.50%	(a)	9.00%	03/2025	1,709		1,695			0.2		1,709
Togetherwork Holdings, LLC#	One stop	L + 6.50%	(a)	9.00%	03/2025	1,617		1,603			0.1		1,617
Togetherwork Holdings, LLC^	One stop	L + 6.50%	(a)	9.00%	03/2025	1,505		1,493			0.1		1,505
Togetherwork Holdings, LLC	One stop	L + 6.50%	(a)	9.00%	03/2025	1,354		1,342			0.1		1,354
Togetherwork Holdings, LLC*	One stop	L + 6.50%	(a)	9.00%	03/2025	677		668			0.1		677
Togetherwork Holdings, LLC	One stop	L + 6.50%	(a)	9.00%	03/2025	611		596			0.1		611
Togetherwork Holdings, LLC	One stop	L + 6.50%	(a)	8.99%	03/2024	73		71			—		73
Togetherwork Holdings, LLC	One stop	L + 6.50%	(a)	9.00%	03/2025	56		35			—		56
						53,513		52,962			4.7		52,569
Diversified/Conglomerate Service
Accela, Inc.*	One stop	L + 6.25%	(c)	8.85%	09/2023	6,665		6,588			0.6		6,399
Accela, Inc.	One stop	L + 6.25%	(c)	8.85%	09/2023	48		47			—		46
Agility Recovery Solutions Inc.*	One stop	L + 6.00%	(a)	8.50%	03/2023	7,036		6,964			0.6		7,036
Agility Recovery Solutions Inc.	One stop	L + 6.00%	(a)	8.49%	03/2023	62		58			—		62
Anaqua, Inc.*	One stop	L + 6.50%	(c)	9.26%	07/2022	8,805		8,716			0.8		8,805
Anaqua, Inc.(5)	One stop	L + 6.50%		N/A(6)	07/2022	—		(1		)	—		—
Apptio, Inc. #	One stop	L + 7.25%	(a)	9.74%	01/2025	25,321		24,833			2.3		24,815
Apptio, Inc. (5)	One stop	L + 7.25%		N/A(6)	01/2025	—		(2		)	—		(2		)
AutoQuotes, LLC#	One stop	L + 6.00%	(c)	8.63%	11/2024	5,252		5,202			0.5		5,252
AutoQuotes, LLC	One stop	L + 6.00%		N/A(6)	11/2024	—		—			—		—
Bazaarvoice, Inc.^*	One stop	L + 5.75%	(a)	8.25%	02/2024	23,465		23,180			2.1		23,465
Bazaarvoice, Inc.	One stop	L + 5.75%	(a)	8.25%	02/2024	50		47			—		50
Caliper Software, Inc.*	One stop	L + 5.50%	(a)	8.00%	11/2025	7,007		6,951			0.6		7,007
Caliper Software, Inc.	One stop	L + 5.50%	(a)	8.00%	11/2023	9		8			—		9
Centrify Corporation	One stop	L + 6.25%	(c)	8.86%	08/2024	12,574		12,405			1.1		12,323
Centrify Corporation	One stop	P + 5.25%	(f)	10.75%	08/2024	150		148			—		147
Clearwater Analytics, LLC*	One stop	L + 5.00%	(a)	7.50%	09/2022	7,926		7,762			0.7		7,926
Clearwater Analytics, LLC(5)	One stop	L + 5.00%		N/A(6)	09/2022	—		(2		)	—		—
Cloudbees, Inc.	One stop	L + 9.00%	(a)	10.99% cash/0.50% PIK	05/2023	2,280		2,230			0.2		2,280
Cloudbees, Inc.	One stop	L + 9.00%		N/A(6)	05/2023	—		—			—		—
Confluence Technologies, Inc.	One stop	L + 7.50%	(a)	9.99%	03/2024	8,551		8,463			0.8		8,551
Confluence Technologies, Inc.(5)	One stop	L + 7.50%		N/A(6)	03/2024	—		(1		)	—		—
Connexin Software, Inc.	One stop	L + 8.50%	(a)	11.0200%	02/2024	2,920		2,~~883~~884			0.3		2,920
Connexin Software, Inc.	One stop	L + 8.50%		N/A(6)	02/2024	—		—			—		—
Conservice, LLC*	One stop	L + 5.25%	(a)	7.77%	12/2024	2,025		2,005			0.2		2,005
Conservice, LLC^	One stop	L + 5.25%	(a)	7.75%	12/2024	2,025		2,006			0.2		2,025
Conservice, LLC	One stop	PL + 45.25%	~~(f)~~	~~9.75%~~N/A(6)	12/2024	1—		1—			—		1—
Datto, Inc.	One stop	L + 8.00%	(ac)	10.4649%	12/2022	14,093		13,~~872~~885			1.3		14,093
Datto, Inc.(5)	One stop	L + 8.00%		N/A(6)	12/2022	—		(1		)	—		—
Daxko Acquisition Corporation^	One stop	L + 5.25%	(a)	7.77%	09/2023	11,126		10,903			1.1		11,126
Daxko Acquisition Corporation*	One stop	L + 4.75%	(a)	7.25%	09/2023	11,098		10,886			1.0		11,098
Daxko Acquisition Corporation(5)	One stop	L + 54.2575%		N/A(6)	09/2023	—		(1		)	—		—
Digital Guardian, Inc.	One stop	L + 9.00%	(c)	10.4080% cash/1.00% PIK	06/2023	4,~~364~~375		4,~~334~~347			0.4		4,~~364~~601
Digital Guardian, Inc.	Subordinated debt	N/A		8.00% PIK	01/~~2019~~2020	~~218~~228		~~218~~228			—		~~320~~238
Digital Guardian, Inc.(5)	One stop	L + 5.00%		N/A(6)	06/2023	—		—			—		(2		)
Digital Guardian, Inc.	Subordinated debt	N/A		8.00% PIK	04/2019	22		22			—		24
Digital Guardian, Inc.(5)	One stop	L + 9.00%		N/A(6)	06/2023	—		(2		)	—		—
Digital Guardian, Inc.	Subordinated debt	N/A		8.00% PIK	06/2023	4		—			—		4
DISA Holdings Acquisition Subsidiary Corp.^*	Senior loan	L + 4.00%	(a)(c)	6.35%	06/2022	2,380		2,365			0.2		2,380
Digital Guardian, Inc.(5)	One stop	L + 5.00%		N/A(6)	06/2023	—		—			—		(1		)
DISA Holdings Acquisition Subsidiary Corp.	Senior loan	L + 4.00%	(a)(c)(f)	6.51%	06/2022	21		20			—		21
DISA Holdings Acquisition Subsidiary Corp.(5)	Senior loan	L + 4.00%		N/A(6)	06/2022	—		(2		)	—		—
E2open, LLC*	One stop	L + 5.00%	(c)	7.68%	11/2024	31,324		30,862			2.9		31,011
E2open, LLC	One stop	L + 5.00%	(c)	7.68%	11/2024	1,265		1,148			0.1		1,153
E2open, LLC(5)	One stop	L + 5.00%		N/A(6)	11/2024	—		(4		)	—		(2		)
EGD Security Systems, LLC^	One stop	L + 6.25%	(c)	9.03%	06/2022	10,371		10,297			1.0		10,371
EGD Security Systems, LLC	One stop	L + 6.25%	(c)	9.00%	06/2022	891		878			0.1		891
EGD Security Systems, LLC^	One stop	L + 6.25%	(c)	8.96%	06/2022	98		97			—		98
EGD Security Systems, LLC	One stop	L + 6.25%	(c)	8.85%	06/2022	52		51			—		52
EGD Security Systems, LLC(5)	One stop	L + 6.25%		N/A(6)	06/2022	—		(1		)	—		—
GS Acquisitionco, Inc.^*	One stop	L + 5.25%	(a)	7.78%	05/2024	13,431		13,305			1.3		13,431
GS Acquisitionco, Inc.^	One stop	L + 5.25%	(a)	7.78%	05/2024	12,109		12,000			1.1		12,109
GS Acquisitionco, Inc.*	One stop	L + 5.25%	(a)	7.78%	05/2024	2,901		2,874			0.3		2,901
GS Acquisitionco, Inc.(5)	One stop	L + 5.00%		N/A(6)	05/2024	—		(1		)	—		—
GS Acquisitionco, Inc.(5)	One stop	L + 5.25%		N/A(6)	05/2024	—		(46		)	—		—
HealthcareSource HR, Inc.^	One stop	L + 6.75%	(c)	9.55%	05/2020	11,031		10,969			1.0		11,031
HealthcareSource HR, Inc.(5)	One stop	L + 6.75%		N/A(6)	05/2020	—		(1		)	—		—
Hydraulic Authority III Limited(8)(9)(10)(11)	One stop	L + 6.00%	(h)(j)	7.03%	11/2025	6,734		6,668			0.6		6,655
Hydraulic Authority III Limited(8)(9)(10)	One stop	N/A		11.00% PIK	11/2028	96		96			—		96
Hydraulic Authority III Limited(5)(8)(9)(10)	One stop	L + 6.00%		N/A(6)	11/2025	—		(1		)	—		(1		)
ICIMS, Inc.	One stop	L + 6.50%	(a)	8.94%	09/2024	6,183		6,066			0.6		6,183
ICIMS, Inc.(5)	One stop	L + 6.50%		N/A(6)	09/2024	—		(1		)	—		—
III US Holdings, LLC	One stop	L + 6.50%		N/A(6)	09/2022	—		—			—		—
Imprivata, Inc.^*	Senior loan	L + 4.00%	(c)	6.80%	10/2023	13,323		13,174			1.3		13,323
Imprivata, Inc.(5)	Senior loan	L + 4.00%		N/A(6)	10/2023	—		(2		)	—		—
Infogix, Inc.^	One stop	L + 6.00%	(c)	8.80%	04/2024	3,985		3,967			0.4		3,985
Infogix, Inc.*	One stop	L + 6.00%	(c)	8.80%	04/2024	614		605			0.1		614
Infogix, Inc.	One stop	L + 6.00%		N/A(6)	04/2024	—		—			—		—
Integral Ad Science, Inc.	One stop	L + 7.25%	(a)	8.53% cash/1.25% PIK	07/2024	5,758		5,652			0.5		5,758
Integral Ad Science, Inc.(5)	One stop	L + 7.25%		N/A(6)	07/2023	—		(1		)	—		—
Integration Appliance, Inc.	One stop	L + 7.25%	(a)	9.60%	08/2023	27,263		27,029			2.6		27,263
Integration Appliance, Inc.	One stop	L + 7.25%		N/A(6)	08/2023	—		—			—		—
JAMF Holdings, Inc.	One stop	L + 8.00%	(c)	10.61%	11/2022	5,764		5,675			0.5		5,764
JAMF Holdings, Inc.(5)	One stop	L + 8.00%		N/A(6)	11/2022	—		(1		)	—		—
Kareo, Inc.	One stop	L + 9.00%	(a)	11.52%	06/2022	5,755		5,573			0.5		5,755
Kareo, Inc.	One stop	L + 9.00%	(a)	11.52%	06/2022	421		418			0.1		421
Kareo, Inc.	One stop	L + 9.00%		N/A(6)	06/2022	—		—			—		—
Keais Records Service, LLC*	One stop	L + 4.50%	(a)	7.02%	10/2024	9,400		9,331			0.9		9,353
Keais Records Service, LLC(5)	One stop	L + 4.50%		N/A(6)	10/2024	—		(1		)	—		(1		)

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~December~~March 31, ~~2018~~ 2019

(In thousands)

	InvestmentType	SpreadAboveIndex(1)		InterestRate(2)	MaturityDate	Principal ($) /Shares(3)		Amortized Cost			Percentageof NetAssets		FairValue (4)
Diversified/Conglomerate Service - (continued)
Keais Records Service, LLC(5)	One stop	L + 4.50%		N/A(6)	10/2024	$	—	$	(5	)	—	%	$	(3	)
Digital Guardian, Inc.(5)	One stop	L + 9.00%		N/A(6)	06/2023	$	—	$	(2	)	—	%	$	21
Maverick Bidco Inc.^*	One stop	L + 6.25%	(c)	9.05%	04/2023	22,753		22,418			2.2		22,753
DISA Holdings Acquisition Subsidiary Corp.^*	Senior loan	L + 4.00%	(c)(f)	6.69%	06/2022	2,493		2,477			0.2		2,493
Maverick Bidco Inc.	One stop	L + 6.25%	(c)	9.05%	04/2023	3,073		3,073			0.3		3,073
DISA Holdings Acquisition Subsidiary Corp.	Senior loan	L + 4.00%	(c)(f)	6.69%	06/2022	18		16			—		18
Maverick Bidco Inc.	One stop	L + 6.25%	(a)	8.73%	04/2023	33		32			—		33
DISA Holdings Acquisition Subsidiary Corp.(5)	Senior loan	L + 4.00%		N/A(6)	06/2022	—		(1		)	—		—
Ministry Brands, LLC*	Senior loan	L + 4.00%	(a)	6.52%	12/2022	607		605			0.1		607
E2open, LLC#^	One stop	L + 5.00%	(c)	7.63%	11/2024	31,247		30,803			2.8		31,247
Ministry Brands, LLC*	Senior loan	L + 4.00%	(a)	6.52%	12/2022	347		346			—		347
E2open, LLC	One stop	L + 5.00%	(c)	7.66%	11/2024	11,243		11,082			1.0		11,243
Ministry Brands, LLC	Senior loan	L + 4.00%	(a)	6.52%	12/2022	241		237			—		241
E2open, LLC(5)	One stop	L + 5.00%		N/A(6)	11/2024	—		(3		)	—		—
MMan Acquisition Co.*	One stop	L + 6.00%	(c)	8.53%	08/2023	12,388		12,245			1.1		11,769
EGD Security Systems, LLC*	One stop	L + 6.25%	(c)	8.85%	06/2022	10,372		10,302			0.9		10,372
MMan Acquisition Co.	One stop	L + 6.00%	(c)	8.53%	08/2023	100		99			—		95
EGD Security Systems, LLC	One stop	L + 6.25%	(c)	8.85%	06/2022	891		883			0.1		891
Net Health Acquisition Corp.^	One stop	L + 5.50%	(a)	8.02%	12/2023	4,861		4,820			0.5		4,861
EGD Security Systems, LLC*	One stop	L + 6.25%	(c)	8.88%	06/2022	98		97			—		98
Net Health Acquisition Corp.^	One stop	L + 5.50%	(a)	8.02%	12/2023	678		673			0.1		678
EGD Security Systems, LLC	One stop	L + 6.25%	(c)	8.99%	06/2022	52		52			—		52
Net Health Acquisition Corp.	One stop	L + 5.50%		N/A(6)	12/2023	—		—			—		—
EGD Security Systems, LLC	One stop	L + 6.25%	(c)	8.86%	06/2022	25		24			—		25
Netsmart Technologies, Inc.*	Senior loan	L + 3.75%	(a)	6.27%	04/2023	1,612		1,602			0.2		1,606
EGD Security Systems, LLC(5)	One stop	L + 6.25%		N/A(6)	06/2022	—		(4		)	—		—
Netsmart Technologies, Inc.(5)	Senior loan	L + 4.75%		N/A(6)	04/2023	—		(6		)	—		(1		)
GS Acquisitionco, Inc.#*	One stop	L + 5.25%	(a)	7.75%	05/2024	13,398		13,277			1.2		13,398
Nextech Systems, LLC^	One stop	L + 6.00%	(a)	8.52%	03/2024	12,624		12,583			1.2		12,624
GS Acquisitionco, Inc.*	One stop	L + 5.25%	(a)	7.75%	05/2024	12,078		11,975			1.1		12,078
Nextech Systems, LLC	One stop	L + 6.00%		N/A(6)	03/2024	—		—			—		—
GS Acquisitionco, Inc.	One stop	L + 5.25%	(c)	7.86%	05/2024	3,137		3,093			0.3		3,137
Nexus Brands Group, Inc.*(8)(9)	One stop	L + 6.00%	(i)	7.00%	11/2023	4,116		4,075			0.4		4,081
GS Acquisitionco, Inc.^	One stop	L + 5.25%	(a)	7.75%	05/2024	2,894		2,868			0.3		2,894
Nexus Brands Group, Inc.^	One stop	L + 6.00%	(c)	8.78%	11/2023	3,811		3,772			0.4		3,811
GS Acquisitionco, Inc.(5)	One stop	L + 5.00%		N/A(6)	05/2024	—		(1		)	—		—
Nexus Brands Group, Inc.	One stop	L + 6.00%	(c)	8.80%	11/2023	1,373		1,367			0.1		1,373
HealthcareSource HR, Inc.*	One stop	L + 6.75%	(c)	9.35%	05/2020	11,003		10,951			1.0		11,003
Nexus Brands Group, Inc.	One stop	L + 6.00%	(a)	8.48%	11/2023	34		33			—		34
HealthcareSource HR, Inc.	One stop	L + 6.75%		N/A(6)	05/2020	—		—			—		—
Nexus Brands Group, Inc.(8)(9)	One stop	L + 6.00%		N/A(6)	11/2023	—		—			—		—
Hydraulic Authority III Limited(8)(9)(10)	One stop	L + 6.00%	(a)(c)	7.00%	11/2025	6,718		6,654			0.6		6,853
Nexus Brands Group, Inc.(5)(8)(9)	One stop	L + 6.00%		N/A(6)	11/2023	—		(12		)	—		(12		)
Hydraulic Authority III Limited(8)(9)(10)	One stop	N/A		11.00% PIK	11/2028	96		96			—		98
Nexus Brands Group, Inc.(5)	One stop	L + 6.00%		N/A(6)	11/2023	—		(14		)	—		—
Hydraulic Authority III Limited(8)(9)(10)	One stop	L + 6.00%	(a)	7.00%	11/2025	15		14			—		15
Personify, Inc.*	One stop	L + 5.75%	(c)	8.55%	09/2024	8,418		8,338			0.8		8,334
ICIMS, Inc.	One stop	L + 6.50%	(a)	8.99%	09/2024	6,183		6,071			0.6		6,183
Personify, Inc.(5)	One stop	L + 5.75%		N/A(6)	09/2024	—		(1		)	—		(1		)
ICIMS, Inc.(5)	One stop	L + 6.50%		N/A(6)	09/2024	—		(1		)	—		—
Property Brands, Inc.^	One stop	L + 6.00%	(a)	8.52%	01/2024	9,357		9,259			0.9		9,357
III US Holdings, LLC	One stop	L + 6.00%		N/A(6)	09/2022	—		—			—		—
Property Brands, Inc.	One stop	L + 6.00%	(a)	8.52%	01/2024	3,083		3,057			0.3		3,083
Imprivata, Inc.^*	Senior loan	L + 4.00%	(c)	6.60%	10/2023	10,367		10,230			0.9		10,367
Property Brands, Inc.	One stop	L + 6.00%	(a)	8.52%	01/2024	847		838			0.1		847
Imprivata, Inc.(5)	Senior loan	L + 4.00%		N/A(6)	10/2023	—		(2		)	—		—
Property Brands, Inc.(5)	One stop	L + 6.00%		N/A(6)	01/2024	—		(10		)	—		—
Infogix, Inc.*	One stop	L + 6.00%	(c)	8.60%	04/2024	3,975		3,958			0.4		3,975
Quickbase, Inc. ^*	One stop	L + 5.00%	(c)	7.80%	04/2022	35,692		35,211			3.4		35,692
Infogix, Inc.^	One stop	L + 6.00%	(c)	8.60%	04/2024	613		604			0.1		613
Quickbase, Inc. (5)	One stop	L + 5.00%		N/A(6)	04/2022	—		(2		)	—		—
Infogix, Inc.	One stop	L + 6.00%		N/A(6)	04/2024	—		—			—		—
RegEd Aquireco, LLC*	Senior loan	L + 4.25%	(c)	6.72%	12/2024	2,826		2,798			0.3		2,804
Integral Ad Science, Inc.	One stop	L + 7.25%	(a)	8.50% cash/1.25% PIK	07/2024	5,775		5,674			0.5		5,775
RegEd Aquireco, LLC(5)	Senior loan	L + 4.25%		N/A(6)	12/2024	—		(1		)	—		(1		)
Integral Ad Science, Inc.(5)	One stop	L + 7.25%		N/A(6)	07/2023	—		(1		)	—		(2		)
RegEd Aquireco, LLC(5)	Senior loan	L + 4.25%		N/A(6)	12/2024	—		(78		)	—		(59		)
Integration Appliance, Inc.	One stop	L + 7.25%	(a)	9.74%	08/2023	27,263		27,042			2.5		27,263
Saba Software, Inc.^*	Senior loan	L + 4.50%	(a)	7.02%	05/2023	29,321		28,956			2.8		29,174
Integration Appliance, Inc.	One stop	L + 7.25%	(a)	9.74%	08/2023	30		29			—		30
Saba Software, Inc.*	Senior loan	L + 4.50%	(a)	7.02%	05/2023	4,354		4,312			0.4		4,332
Invoice Cloud, Inc.#	One stop	L + 6.50%	(c)	5.95% cash/3.25% PIK	02/2024	2,361		2,338			0.2		2,337
Saba Software, Inc.(5)	Senior loan	L + 4.50%		N/A(6)	05/2023	—		(2		)	—		(1		)
Invoice Cloud, Inc.	One stop	L + 6.00%		N/A(6)	02/2024	—		—			—		—
Saldon Holdings, Inc. ^*	Senior loan	L + 4.25%	(a)(c)	6.78%	09/2022	1,130		1,122			0.1		1,130
Invoice Cloud, Inc.(5)	One stop	L + 6.00%		N/A(6)	02/2024	—		(19		)	—		(19		)
Telesoft, LLC^	One stop	L + 5.00%	(c)	7.40%	07/2022	5,286		5,248			0.5		5,286
JAMF Holdings, Inc.	One stop	L + 8.00%	(c)	10.69%	11/2022	6,683		6,586			0.6		6,683
Telesoft, LLC(5)	One stop	L + 5.00%		N/A(6)	07/2022	—		(1		)	—		—
JAMF Holdings, Inc.	One stop	L + 8.00%	(a)	10.50%	11/2022	34		34			—		34
TI Intermediate Holdings, LLC*	Senior loan	L + 4.50%	(a)	7.02%	12/2024	1,904		1,885			0.2		1,885
Kareo, Inc.	One stop	L + 9.00%	(a)	11.50%	06/2022	5,755		5,586			0.5		5,795
TI Intermediate Holdings, LLC	Senior loan	L + 4.50%	(a)	7.02%	12/2024	4		3			—		3
Kareo, Inc.#	One stop	L + 9.00%	(a)	11.50%	06/2022	527		521			0.1		530
Transaction Data Systems, Inc.^*	One stop	L + 5.25%	(a)	7.78%	06/2021	46,018		45,844			4.4		46,018
Kareo, Inc.	One stop	L + 9.00%	(a)	11.50%	06/2022	421		418			0.1		424
Transaction Data Systems, Inc.	One stop	L + 5.25%	(a)	7.74%	06/2021	65		64			—		65
Kareo, Inc.	One stop	L + 9.00%		N/A(6)	06/2022	—		—			—		—
Trintech, Inc. ^	One stop	L + 6.00%	(c)	8.53%	12/2023	11,954		11,829			1.1		11,954
Keais Records Service, LLC#^	One stop	L + 4.50%	(a)	7.00%	10/2024	9,377		9,310			0.9		9,377
Trintech, Inc. ^*	One stop	L + 6.00%	(c)	8.53%	12/2023	6,050		5,988			0.6		6,050
Keais Records Service, LLC(5)	One stop	L + 4.50%		N/A(6)	10/2024	—		(1		)	—		—
Trintech, Inc.	One stop	L + 6.00%	(c)	8.52%	12/2023	50		48			—		50
True Commerce, Inc.^	One stop	L + 5.75%	(c)	8.55%	11/2023	7,090		7,018			0.7		7,090
True Commerce, Inc.(8)(9)	One stop	L + 5.75%	(c)	8.55%	11/2023	2,783		2,755			0.3		2,690
True Commerce, Inc.(8)	One stop	L + 5.75%	(c)	8.55%	11/2023	926		916			0.1		926
True Commerce, Inc.(5)	One stop	L + 5.75%		N/A(6)	11/2023	—		(1		)	—		—
Upserve, Inc.	One stop	L + 5.50%	(a)	8.02%	07/2023	2,172		2,157			0.2		2,172
Upserve, Inc.	One stop	L + 5.50%		N/A(6)	07/2023	—		—			—		—
Upserve, Inc.(5)	One stop	L + 5.50%		N/A(6)	07/2023	—		(9		)	—		—
Valant Medical Solutions, Inc.	One stop	L + 11.00%	(c)	11.15% cash/2.25% PIK	10/2020	1,051		994			0.1		1,051

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~December~~March 31, ~~2018~~ 2019

(In thousands)

	InvestmentType	SpreadAboveIndex(1)		InterestRate(2)	MaturityDate	Principal ($) /Shares(3)		Amortized Cost			Percentageof NetAssets		FairValue (4)
Diversified/Conglomerate Service - (continued)
Valant Medical Solutions, Inc.	Subordinated debt	N/A		6.00% PIK	02/2020	$	189	$	189		—	%	$	283
Keais Records Service, LLC(5)	One stop	L + 4.50%		N/A(6)	10/2024	$	—	$	(5	)	—	%	$	—
Valant Medical Solutions, Inc.	One stop	L + 11.00%	(c)	11.15% cash/2.25% PIK	10/2020	10		10			—		10
Learn-it Systems, LLC#	Senior loan	L + 4.50%	(c)	7.11%	03/2025	1,699		1,674			0.2		1,673
Velocity Technology Solutions, Inc.^	One stop	L + 6.00%	(c)	8.80%	12/2023	10,398		10,247			1.0		10,398
Learn-it Systems, LLC	Senior loan	L + 4.50%	(a)(c)	7.05%	03/2025	10		10			—		10
Velocity Technology Solutions, Inc.(5)	One stop	L + 6.00%		N/A(6)	12/2023	—		(1		)	—		—
Learn-it Systems, LLC(5)	Senior loan	L + 4.50%		N/A(6)	03/2025	—		(19		)	—		(19		)
Vendavo, Inc.	One stop	L + 8.50%	(c)	11.21%	10/2022	6,970		6,882			0.7		6,970
Maverick Bidco Inc.#^*	One stop	L + 6.25%	(c)	8.85%	04/2023	22,695		22,379			2.0		22,241
Vendavo, Inc.(5)	One stop	L + 8.50%		N/A(6)	10/2022	—		(5		)	—		—
Maverick Bidco Inc.	One stop	L + 6.25%	(c)	8.85%	04/2023	3,065		3,065			0.3		3,004
Verisys Corporation^	One stop	L + 7.75%	(c)	10.55%	01/2023	4,744		4,696			0.4		4,744
Maverick Bidco Inc.	One stop	L + 6.25%	(c)	9.01%	04/2023	33		32			—		31
Verisys Corporation(5)	One stop	L + 7.75%		N/A(6)	01/2023	—		(1		)	—		—
Mindbody, Inc.#	One stop	L + 7.00%	(a)	9.48%	02/2025	25,742		25,490			2.3		25,485
Workforce Software, LLC	One stop	L + 6.50%	(c)	8.91%	06/2021	24,823		24,691			2.3		24,823
Mindbody, Inc.(5)	One stop	L + 7.00%		N/A(6)	02/2025	—		(1		)	—		(1		)
Workforce Software, LLC	One stop	L + 6.50%	(c)	9.21%	06/2021	2,454		2,433			0.2		2,454
Ministry Brands, LLC^	Senior loan	L + 4.00%	(a)	6.50%	12/2022	606		603			0.1		606
Workforce Software, LLC(5)	One stop	L + 6.50%		N/A(6)	06/2021	—		(1		)	—		—
Ministry Brands, LLC	Senior loan	L + 4.00%	(a)	6.50%	12/2022	355		352			—		355
						595,457		588,668			56.5		593,601
Ministry Brands, LLC^	Senior loan	L + 4.00%	(a)	6.50%	12/2022	347		345			—		347
Ecological
MMan Acquisition Co.^	One stop	L + 3.00%	(c)	5.74%	08/2023	12,551		12,415			0.9		10,418
Pace Analytical Services, LLC^*	One stop	L + 5.50%	(a)	8.02%	09/2022	15,027		14,826			1.4		15,027
Net Health Acquisition Corp.*	One stop	L + 5.50%	(c)	8.10%	12/2023	4,848		4,810			0.4		4,848
Pace Analytical Services, LLC^	One stop	L + 5.50%	(a)	8.02%	09/2022	1,397		1,379			0.1		1,397
Net Health Acquisition Corp.*	One stop	L + 5.50%	(c)	8.10%	12/2023	676		672			0.1		676
Pace Analytical Services, LLC^	One stop	L + 5.50%	(a)(c)	8.01%	09/2022	1,126		1,115			0.1		1,126
Net Health Acquisition Corp.	One stop	L + 5.50%		N/A(6)	12/2023	—		—			—		—
Pace Analytical Services, LLC^	One stop	L + 5.50%	(a)	8.02%	09/2022	831		822			0.1		831
Netsmart Technologies, Inc.^	Senior loan	L + 3.75%	(a)	6.25%	04/2023	1,608		1,599			0.1		1,600
Pace Analytical Services, LLC	One stop	L + 5.50%	(a)	8.02%	09/2022	515		483			0.1		515
Netsmart Technologies, Inc.(5)	Senior loan	L + 4.75%		N/A(6)	04/2023	—		(6		)	—		(1		)
Pace Analytical Services, LLC^	One stop	L + 5.50%	(a)	8.02%	09/2022	345		340			—		345
Nextech Systems, LLC*	One stop	L + 6.00%	(a)	8.50%	03/2024	12,592		12,553			1.1		12,466
Pace Analytical Services, LLC	One stop	L + 5.50%	(a)	8.01%	09/2022	10		8			—		10
Nextech Systems, LLC^	One stop	L + 6.00%	(a)	8.50%	03/2024	6,874		6,809			0.6		6,806
Pace Analytical Services, LLC(5)	One stop	L + 5.50%		N/A(6)	09/2022	—		(11		)	—		—
Nextech Systems, LLC(5)	One stop	L + 6.00%		N/A(6)	03/2024	—		—			—		(1		)
WRE Holding Corp.^	Senior loan	L + 5.00%	(a)(f)	7.53%	01/2023	1,309		1,298			0.1		1,309
Nexus Brands Group, Inc.^(8)(9)	One stop	L + 6.00%	(c)	6.84%	11/2023	4,105		4,067			0.4		4,202
WRE Holding Corp.	Senior loan	L + 5.00%	(a)(f)	7.53%	01/2023	914		905			0.1		914
Nexus Brands Group, Inc.*	One stop	L + 6.00%	(c)	8.59%	11/2023	3,801		3,764			0.3		3,801
WRE Holding Corp.	Senior loan	L + 5.00%	(a)(f)	7.44%	01/2023	254		253			—		254
Nexus Brands Group, Inc.	One stop	L + 6.00%	(c)(f)	8.60%	11/2023	1,892		1,867			0.2		1,892
WRE Holding Corp.	Senior loan	L + 5.00%	(a)(c)(f)	7.52%	01/2023	12		12			—		12
Nexus Brands Group, Inc.	One stop	L + 6.00%	(c)	8.60%	11/2023	1,369		1,364			0.1		1,369
						21,740		21,430			2.0		21,740
Nexus Brands Group, Inc.	One stop	L + 6.00%	(a)(c)	8.54%	11/2023	41		40			—		41
Electronics
Nexus Brands Group, Inc.(8)(9)	One stop	L + 6.00%		N/A(6)	11/2023	—		—			—		—
Appriss Holdings, Inc.^*	One stop	L + 6.25%	(c)	9.05%	05/2022	24,166		23,940			2.3		24,166
Nexus Brands Group, Inc.(5)(8)(9)	One stop	L + 6.00%		N/A(6)	11/2023	—		(11		)	—		—
Appriss Holdings, Inc.(5)	One stop	L + 6.25%		N/A(6)	05/2022	—		(12		)	—		—
Personify, Inc.^	One stop	L + 5.75%	(c)	8.35%	09/2024	8,397		8,320			0.8		8,397
Compusearch Software Holdings, Inc.^	Senior loan	L + 4.25%	(c)	7.05%	05/2021	995		994			0.1		995
Personify, Inc.(5)	One stop	L + 5.75%		N/A(6)	09/2024	—		(1		)	—		—
Diligent Corporation^*	One stop	L + 5.50%	(c)	8.09%	04/2022	31,302		30,750			3.0		31,302
Property Brands, Inc.*	One stop	L + 6.00%	(a)	8.50%	01/2024	9,333		9,240			0.8		9,240
Diligent Corporation^	One stop	L + 5.50%	(c)	8.09%	04/2022	8,779		8,666			0.8		8,779
Property Brands, Inc.*	One stop	L + 6.00%	(a)	8.49%	01/2024	3,705		3,670			0.3		3,668
Diligent Corporation^	One stop	L + 5.50%	(c)	8.09%	04/2022	7,767		7,674			0.7		7,767
Property Brands, Inc.	One stop	L + 6.00%	(a)	8.50%	01/2024	3,075		3,050			0.3		3,044
Diligent Corporation	One stop	L + 5.50%	(c)	8.28%	04/2022	52		49			—		52
Property Brands, Inc.	One stop	L + 6.00%	(a)	8.50%	01/2024	1,304		1,291			0.1		1,291
Diligent Corporation(5)	One stop	L + 5.50%		N/A(6)	04/2022	—		(35		)	—		—
Property Brands, Inc.	One stop	L + 6.00%	(a)	8.50%	01/2024	1,127		1,118			0.1		1,115
Episerver, Inc.(8)(9)(11)	One stop	L + 6.00%	(a)	6.00%	10/2024	11,408		11,263			1.1		11,270
Property Brands, Inc.	One stop	L + 6.00%	(c)	8.49%	01/2024	459		455			0.1		454
Episerver, Inc.(11)	One stop	L + 5.75%	(a)	8.27%	10/2024	6,613		6,529			0.6		6,547
Property Brands, Inc.(5)	One stop	L + 6.00%		N/A(6)	01/2024	—		(9		)	—		(1		)
Episerver, Inc.(5)	One stop	L + 5.75%		N/A(6)	10/2024	—		(3		)	—		(2		)
Property Brands, Inc.(5)	One stop	L + 6.00%		N/A(6)	01/2024	—		(50		)	—		(51		)
Gamma Technologies, LLC^*	One stop	L + 5.50%	(a)	8.02%	06/2024	12,241		12,149			1.2		12,241
Quickbase, Inc. #^*	One stop	P + 3.75%	(f)	9.25%	04/2022	35,692		35,247			3.2		35,692
Gamma Technologies, LLC(5)	One stop	L + 5.50%		N/A(6)	06/2024	—		(1		)	—		—
Quickbase, Inc. (5)	One stop	L + 5.00%		N/A(6)	04/2022	—		(2		)	—		—
SEI, Inc.^	Senior loan	L + 5.25%	(a)	7.77%	07/2023	5,938		5,885			0.6		5,938
RegEd Aquireco, LLC^	Senior loan	L + 4.25%	(a)	6.74%	12/2024	2,819		2,792			0.3		2,819
Sloan Company, Inc., The*	One stop	L + 8.50%	(c)	11.30%	04/2020	3,149		3,133			0.2		2,205
RegEd Aquireco, LLC	Senior loan	P + 3.25%	(f)	8.75%	12/2024	3		2			—		3
Sloan Company, Inc., The	One stop	L + 8.50%	(c)	11.30%	04/2020	212		212			—		148
RegEd Aquireco, LLC(5)	Senior loan	L + 4.25%		N/A(6)	12/2024	—		(75		)	—		—
Sloan Company, Inc., The	One stop	L + 8.50%	(c)	11.30%	04/2020	51		51			—		36
Saba Software, Inc.#^*	Senior loan	L + 4.50%	(a)	7.00%	05/2023	28,004		27,667			2.5		28,004
Sovos Compliance^*	One stop	L + 6.00%	(a)	8.52%	03/2022	32,012		31,669			3.0		32,012
Saba Software, Inc.^	Senior loan	L + 4.50%	(a)	7.00%	05/2023	4,159		4,120			0.4		4,159
Sovos Compliance^	One stop	L + 6.00%	(a)	8.52%	03/2022	5,359		5,303			0.5		5,359
Sovos Compliance	One stop	L + 6.00%	(a)	8.52%	03/2022	2,553		2,553			0.2		2,553
Sovos Compliance(5)	One stop	L + 6.00%		N/A(6)	03/2022	—		(1		)	—		—
Sovos Compliance(5)	One stop	L + 6.00%		N/A(6)	03/2022	—		(33		)	—		—
						152,597		150,735			14.3		151,368
Grocery
Teasdale Quality Foods, Inc.^	Senior loan	L + 4.75%	(c)	7.15%	10/2020	115		115			—		110
Teasdale Quality Foods, Inc.*	Senior loan	L + 5.25%	(c)(f)	7.65%	10/2020	76		75			—		72
						191		190			—		182

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~December~~March 31, ~~2018~~ 2019

(In thousands)

	InvestmentType	SpreadAboveIndex(1)		InterestRate(2)	MaturityDate	Principal ($) /Shares(3)		Amortized Cost			Percentageof NetAssets		FairValue (4)
Healthcare, Education and Childcare
Diversified/Conglomerate Service - (continued)
Active Day, Inc.^	One stop	L + 6.00%	(c)	8.80%	12/2021	$	11,379	$	11,280		1.0	%	$	11,038
Saba Software, Inc.(5)	Senior loan	L + 4.50%		N/A(6)	05/2023	$	—	$	(2	)	—	%	$	—
Active Day, Inc.^	One stop	L + 6.00%	(c)	8.80%	12/2021	878		874			0.1		852
Telesoft, LLC*	One stop	L + 5.00%	(c)	7.80%	07/2022	5,273		5,238			0.5		5,273
Active Day, Inc.^	One stop	L + 6.00%	(c)	8.80%	12/2021	566		564			0.1		549
Telesoft, LLC	One stop	L + 5.00%		N/A(6)	07/2022	—		—			—		—
Active Day, Inc.^	One stop	L + 6.00%	(c)	8.80%	12/2021	391		389			—		379
TI Intermediate Holdings, LLC^	Senior loan	L + 4.50%	(a)(f)	7.00%	12/2024	1,904		1,886			0.2		1,904
Active Day, Inc.	One stop	P + 5.00%	(f)	10.50%	12/2021	50		49			—		49
TI Intermediate Holdings, LLC	Senior loan	L + 4.50%	(a)	7.00%	12/2024	4		3			—		4
Acuity Eyecare Holdings, LLC^	One stop	L + 6.75%	(c)	9.40%	03/2022	3,426		3,388			0.3		3,426
Transaction Data Systems, Inc.#^*	One stop	L + 5.25%	(a)	7.75%	06/2021	45,903		45,746			4.2		45,903
Acuity Eyecare Holdings, LLC	One stop	L + 6.75%	(c)	9.41%	03/2022	3,187		3,156			0.3		3,187
Transaction Data Systems, Inc.	One stop	L + 5.25%	(a)	7.75%	06/2021	60		59			—		60
Acuity Eyecare Holdings, LLC	One stop	L + 6.75%	(c)	9.46%	03/2022	430		399			0.1		430
Trintech, Inc.*	One stop	L + 6.00%	(c)	8.75%	12/2023	11,924		11,805			1.1		11,924
Acuity Eyecare Holdings, LLC	One stop	L + 6.75%		N/A(6)	03/2022	—		—			—		—
Trintech, Inc.#*	One stop	L + 6.00%	(c)	8.75%	12/2023	6,035		5,976			0.5		6,035
Acuity Eyecare Holdings, LLC(5)	One stop	L + 6.25%		N/A(6)	12/2020	—		(74		)	—		—
Trintech, Inc.	One stop	L + 6.00%	(c)	8.68%	12/2023	60		59			—		60
ADCS Clinics Intermediate Holdings, LLC^*	One stop	L + 5.75%	(a)	8.27%	05/2022	21,627		21,341			2.0		21,627
True Commerce, Inc.*	One stop	L + 5.75%	(c)	8.35%	11/2023	7,072		7,003			0.6		7,072
ADCS Clinics Intermediate Holdings, LLC^	One stop	L + 5.75%	(a)	8.27%	05/2022	107		106			—		107
True Commerce, Inc.(8)(9)	One stop	L + 5.75%	(c)	8.35%	11/2023	2,776		2,749			0.2		2,742
ADCS Clinics Intermediate Holdings, LLC	One stop	L + 5.75%	(a)	8.27%	05/2022	83		82			—		83
True Commerce, Inc.(8)	One stop	L + 5.75%	(c)	8.35%	11/2023	923		914			0.1		923
ADCS Clinics Intermediate Holdings, LLC^	One stop	L + 5.75%	(a)	8.27%	05/2022	31		31			—		31
True Commerce, Inc.(5)	One stop	L + 5.75%		N/A(6)	11/2023	—		(1		)	—		—
ADCS Clinics Intermediate Holdings, LLC	One stop	P + 4.75%	(f)	10.25%	05/2022	25		24			—		25
Upserve, Inc.	One stop	L + 5.50%	(a)	8.00%	07/2023	2,172		2,158			0.2		2,172
Advanced Pain Management Holdings, Inc.*(7)	Senior loan	L + 5.00%	(a)	7.52%	02/2019	5,593		5,593			0.3		2,796
Upserve, Inc.	One stop	L + 5.50%	(a)	8.00%	07/2023	1,351		1,343			0.1		1,351
Advanced Pain Management Holdings, Inc.*(7)	Senior loan	L + 5.00%	(a)	7.52%	02/2019	383		382			—		191
Upserve, Inc.	One stop	L + 5.50%		N/A(6)	07/2023	—		—			—		—
Advanced Pain Management Holdings, Inc.(7)	Senior loan	L + 5.00%		N/A(6)	02/2019	—		—			—		—
Valant Medical Solutions, Inc.	One stop	L + 11.00%	(c)	11.55% cash/2.25% PIK	10/2020	1,057		1,008			0.1		1,097
Agilitas USA, Inc.^	One stop	L + 5.50%	(c)	7.90%	04/2022	1,951		1,938			0.2		1,951
Valant Medical Solutions, Inc.	Subordinated debt	N/A		6.00%	02/2020	189		189			—		283
Agilitas USA, Inc.	One stop	L + 5.50%	(c)	7.90%	04/2022	10		10			—		10
Valant Medical Solutions, Inc.	One stop	L + 11.00%	(c)	11.55% cash/2.25% PIK	10/2020	10		10			—		11
Agilitas USA, Inc.(5)	One stop	L + 5.50%		N/A(6)	04/2022	—		(11		)	—		—
Velocity Technology Solutions, Inc.*	One stop	L + 6.00%	(c)	8.60%	12/2023	10,372		10,228			0.9		10,372
Apothecary Products, LLC^*	Senior loan	L + 4.25%	(d)	6.77%	07/2023	3,294		3,252			0.3		3,294
Velocity Technology Solutions, Inc.(5)	One stop	L + 6.00%		N/A(6)	12/2023	—		(1		)	—		—
Apothecary Products, LLC(5)	Senior loan	L + 4.25%		N/A(6)	07/2023	—		(7		)	—		—
Vendavo, Inc.	One stop	L + 8.50%	(c)	11.13%	10/2022	6,970		6,888			0.6		6,970
Aris Teleradiology Company, LLC*(7)	Senior loan	L + 5.50%	(c)	8.30%	03/2021	2,500		2,486			0.1		1,036
Vendavo, Inc.(5)	One stop	L + 8.50%		N/A(6)	10/2022	—		(4		)	—		—
Aris Teleradiology Company, LLC(7)	Senior loan	L + 5.50%	(c)(d)	8.10%	03/2021	296		296			—		65
Verisys Corporation*	One stop	L + 6.75%	(c)	9.35%	01/2023	4,732		4,687			0.4		4,732
BIO18 Borrower, LLC*	One stop	L + 5.50%	(b)	8.12%	11/2024	4,030		3,981			0.4		3,990
Verisys Corporation	One stop	L + 6.75%		N/A(6)	01/2023	—		—			—		—
BIO18 Borrower, LLC(5)	One stop	L + 5.50%		N/A(6)	11/2024	—		(1		)	—		(1		)
Workforce Software, LLC	One stop	L + 6.50%	(c)	9.28%	06/2021	24,823		24,704			2.3		25,071
BIO18 Borrower, LLC(5)	One stop	L + 5.50%		N/A(6)	11/2024	—		(56		)	—		(46		)
Workforce Software, LLC	One stop	L + 6.50%	(c)	9.13%	06/2021	2,454		2,435			0.2		2,454
BIOVT, LLC^	One stop	L + 5.75%	(a)	8.27%	01/2021	16,314		16,195			1.5		16,151
Workforce Software, LLC	One stop	L + 6.50%		N/A(6)	06/2021	—		—			—		1
BIOVT, LLC	One stop	L + 5.75%	(a)	8.27%	01/2021	1,949		1,931			0.2		1,929
						674,158		666,665			60.6		670,571
BIOVT, LLC(5)	One stop	L + 5.75%		N/A(6)	01/2021	—		(1		)	—		(1		)
Ecological
BIOVT, LLC(5)	One stop	L + 5.75%		N/A(6)	01/2021	—		(26		)	—		(29		)
Pace Analytical Services, LLC#*	One stop	L + 5.50%	(a)	8.00%	09/2022	14,989		14,801			1.4		14,989
CLP Healthcare Services, Inc.^	Senior loan	L + 5.50%	(a)	8.02%	12/2020	924		919			0.1		924
Pace Analytical Services, LLC	One stop	L + 5.50%	(a)	8.00%	09/2022	1,518		1,508			0.1		1,518
CRH Healthcare Purchaser, Inc.*	Senior loan	L + 4.50%	(c)	7.30%	12/2024	5,851		5,793			0.5		5,792
Pace Analytical Services, LLC*	One stop	L + 5.50%	(a)	8.00%	09/2022	1,394		1,377			0.1		1,394
CRH Healthcare Purchaser, Inc.(5)	Senior loan	L + 4.50%		N/A(6)	12/2024	—		(1		)	—		(2		)
Pace Analytical Services, LLC*	One stop	L + 5.50%	(a)	8.00%	09/2022	1,123		1,113			0.1		1,123
CRH Healthcare Purchaser, Inc.(5)	Senior loan	L + 4.50%		N/A(6)	12/2020	—		(38		)	—		(39		)
Pace Analytical Services, LLC*	One stop	L + 5.50%	(a)	8.00%	09/2022	829		820			0.1		829
DCA Investment Holding, LLC^*	One stop	L + 5.25%	(c)	8.05%	07/2021	14,415		14,334			1.4		14,415
Pace Analytical Services, LLC	One stop	L + 5.50%	(a)	8.00%	09/2022	514		511			0.1		514
DCA Investment Holding, LLC^*	One stop	L + 5.25%	(c)	8.05%	07/2021	13,450		13,351			1.3		13,450
Pace Analytical Services, LLC*	One stop	L + 5.50%	(a)	8.00%	09/2022	344		339			—		344
DCA Investment Holding, LLC^	One stop	L + 5.25%	(c)	8.05%	07/2021	6,026		5,962			0.6		6,026
Pace Analytical Services, LLC	One stop	L + 5.50%	(a)	8.00%	09/2022	30		28			—		30
DCA Investment Holding, LLC	One stop	L + 5.25%	(a)(c)	7.92%	07/2021	3,169		3,060			0.3		3,169
Pace Analytical Services, LLC(5)	One stop	L + 5.50%		N/A(6)	09/2022	—		(10		)	—		—
DCA Investment Holding, LLC	One stop	L + 5.25%	(c)	8.05%	07/2021	2,408		2,378			0.2		2,408
Pace Analytical Services, LLC(5)	One stop	L + 5.50%		N/A(6)	09/2022	—		(17		)	—		—
DCA Investment Holding, LLC	One stop	L + 5.25%	(c)	8.05%	07/2021	151		150			—		151
WRE Holding Corp.*	Senior loan	L + 5.00%	(a)	7.49%	01/2023	1,305		1,295			0.1		1,305
DCA Investment Holding, LLC	One stop	P + 4.25%	(f)	9.75%	07/2021	99		91			—		99
WRE Holding Corp.	Senior loan	L + 5.00%	(a)	7.49%	01/2023	912		903			0.1		912
DCA Investment Holding, LLC	One stop	L + 5.25%	(c)	8.05%	07/2021	47		47			—		47
WRE Holding Corp.	Senior loan	L + 5.00%	(a)	7.49%	01/2023	253		252			—		253
Deca Dental Management LLC	One stop	L + 6.00%	(c)	8.80%	07/2020	7,423		7,334			0.7		7,423
WRE Holding Corp.	Senior loan	L + 5.00%	(a)	7.49%	01/2023	18		18			—		18
Deca Dental Management LLC^	One stop	L + 6.00%	(a)(c)	8.67%	07/2020	903		894			0.1		903
						23,229		22,938			2.1		23,229
Deca Dental Management LLC*	One stop	L + 6.00%	(c)	8.80%	12/2021	650		644			0.1		650
Deca Dental Management LLC	One stop	L + 6.00%	(a)	8.52%	07/2020	8		7			—		8
Deca Dental Management LLC(5)	One stop	L + 6.00%		N/A(6)	12/2021	—		(14		)	—		—
Dental Holdings Corporation^	One stop	L + 5.50%	(c)	8.03%	02/2020	3,178		3,162			0.3		3,178
Dental Holdings Corporation	One stop	L + 5.50%	(c)	8.03%	02/2020	505		502			0.1		505
Dental Holdings Corporation	One stop	L + 5.50%	(c)(f)	7.90%	02/2020	98		96			—		98
Elite Dental Partners LLC^	One stop	L + 5.25%	(a)	7.77%	06/2023	2,009		1,982			0.2		2,009

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~December~~March 31, ~~2018~~ 2019

(In thousands)

	InvestmentType	SpreadAboveIndex(1)		InterestRate(2)	MaturityDate	Principal ($) /Shares(3)		Amortized Cost			Percentageof NetAssets		FairValue (4)
Healthcare, Education and Childcare - (continued)
Electronics
Elite Dental Partners LLC*	One stop	L + 5.25%	(a)	7.77%	06/2023	$	1,574	$	1,560		0.1	%	$	1,574
Appriss Holdings, Inc.#^*	One stop	L + 5.75%	(c)	8.35%	05/2022	$	28,160	$	27,913		2.6	%	$	28,160
Elite Dental Partners LLC	One stop	L + 5.25%	(a)	7.77%	06/2023	1,509		1,496			0.1		1,509
Appriss Holdings, Inc.	One stop	L + 5.75%	(c)	8.38%	05/2022	347		336			—		347
Elite Dental Partners LLC	One stop	L + 5.25%	(a)	7.77%	06/2023	43		42			—		43
Compusearch Software Holdings, Inc.*	Senior loan	L + 4.25%	(c)	6.75%	05/2021	992		991			0.1		992
Elite Dental Partners LLC(5)	One stop	L + 5.25%		N/A(6)	06/2023	—		(155		)	—		—
Diligent Corporation#^*	One stop	L + 5.50%	(c)	8.10%	04/2022	31,223		30,713			2.8		31,223
ERG Buyer, LLC^	One stop	L + 5.50%	(c)	8.30%	05/2024	6,326		6,241			0.6		6,073
Diligent Corporation*	One stop	L + 5.50%	(c)	8.10%	04/2022	8,757		8,652			0.8		8,757
ERG Buyer, LLC(5)	One stop	L + 5.50%		N/A(6)	05/2024	—		(2		)	—		(6		)
Diligent Corporation*	One stop	L + 5.50%	(c)	8.10%	04/2022	7,748		7,661			0.7		7,748
ERG Buyer, LLC(5)	One stop	L + 5.50%		N/A(6)	05/2024	—		(140		)	—		(415		)
Diligent Corporation	One stop	L + 5.50%	(d)	8.35%	04/2022	437		432			0.1		437
eSolutions, Inc.^*	One stop	L + 6.50%	(a)	9.02%	03/2022	29,342		29,121			2.8		29,342
Diligent Corporation	One stop	L + 5.50%	(c)(d)	8.23%	04/2022	113		111			—		113
eSolutions, Inc.(5)	One stop	L + 6.50%		N/A(6)	03/2022	—		(1		)	—		—
Diligent Corporation(5)	One stop	L + 5.50%		N/A(6)	04/2022	—		(27		)	—		—
Excelligence Learning Corporation^	One stop	L + 6.00%	(a)	8.52%	04/2023	5,844		5,822			0.5		5,494
Episerver, Inc.#(8)(9)	One stop	L + 6.00%	(a)	6.00%	10/2024	11,379		11,224			1.0		11,109
Eyecare Services Partners Holdings LLC*	One stop	L + 6.25%	(c)	9.05%	05/2023	10,362		10,229			1.0		10,155
Episerver, Inc.*	One stop	L + 5.75%	(a)	8.25%	10/2024	6,597		6,517			0.6		6,597
Eyecare Services Partners Holdings LLC	One stop	L + 6.25%	(c)	9.05%	05/2023	7,437		7,306			0.7		7,289
Episerver, Inc.(5)	One stop	L + 5.75%		N/A(6)	10/2024	—		(2		)	—		—
Eyecare Services Partners Holdings LLC^	One stop	L + 6.25%	(c)	9.05%	05/2023	6,663		6,663			0.6		6,529
Gamma Technologies, LLC#*	One stop	L + 5.50%	(a)	8.00%	06/2024	12,211		12,123			1.1		12,211
Eyecare Services Partners Holdings LLC*	One stop	L + 6.25%	(c)	9.05%	05/2023	2,224		2,224			0.2		2,180
Gamma Technologies, LLC(5)	One stop	L + 5.50%		N/A(6)	06/2024	—		(1		)	—		—
Eyecare Services Partners Holdings LLC	One stop	L + 6.25%	(c)	9.05%	05/2023	1,438		1,438			0.1		1,409
SEI, Inc.*	Senior loan	L + 5.00%	(a)	7.50%	07/2023	5,938		5,888			0.5		5,938
Eyecare Services Partners Holdings LLC^	One stop	L + 6.25%	(c)	9.05%	05/2023	1,079		1,079			0.1		1,058
Sloan Company, Inc., The^	One stop	L + 8.50%	(c)	11.10%	04/2020	3,175		3,162			0.2		2,064
Eyecare Services Partners Holdings LLC^	One stop	L + 6.25%	(c)	9.05%	05/2023	951		951			0.1		932
Sloan Company, Inc., The	One stop	L + 8.50%	(c)	11.10%	04/2020	214		214			—		139
Eyecare Services Partners Holdings LLC*	One stop	L + 6.25%	(c)	9.05%	05/2023	614		478			0.1		602
Sloan Company, Inc., The	One stop	L + 8.50%	(c)	11.10%	04/2020	51		51			—		33
Eyecare Services Partners Holdings LLC	One stop	L + 6.25%	(c)	9.05%	05/2023	459		365			0.1		449
Sovos Compliance#^*	One stop	L + 6.00%	(a)	8.50%	03/2022	31,929		31,614			2.9		31,929
Eyecare Services Partners Holdings LLC	One stop	L + 6.25%	(c)	9.03%	05/2023	200		197			—		196
Sovos Compliance*	One stop	L + 6.00%	(a)	8.50%	03/2022	5,345		5,294			0.5		5,345
G & H Wire Company, Inc.^	One stop	L + 5.75%	(b)	8.37%	09/2023	1,101		1,093			0.1		1,101
Sovos Compliance	One stop	L + 6.00%	(a)	8.50%	03/2022	2,547		2,546			0.2		2,547
G & H Wire Company, Inc.(5)	One stop	L + 5.75%		N/A(6)	09/2022	—		(1		)	—		—
Sovos Compliance(5)	One stop	L + 6.00%		N/A(6)	03/2022	—		(1		)	—		—
Immucor, Inc. *	Senior loan	L + 5.00%	(c)	7.80%	06/2021	2,029		2,010			0.2		2,000
Sovos Compliance(5)	One stop	L + 6.00%		N/A(6)	03/2022	—		(31		)	—		—
Katena Holdings, Inc.^	One stop	L + 5.50%	(c)	8.30%	06/2021	4,463		4,435			0.4		4,463
						157,163		155,380			14.1		155,689
Katena Holdings, Inc.^	One stop	L + 5.50%	(c)	8.30%	06/2021	436		433			0.1		436
Finance
Katena Holdings, Inc.^	One stop	L + 5.50%	(c)	8.30%	06/2021	300		297			—		300
Institutional Shareholder Services#	Senior loan	L + 4.50%	(c)	7.10%	03/2026	14,261		14,119			1.3		14,189
Katena Holdings, Inc.(5)	One stop	L + 5.50%		N/A(6)	06/2021	—		(1		)	—		—
Institutional Shareholder Services	Senior loan	L + 4.50%	(c)	7.10%	03/2024	8		6			—		6
Lombart Brothers, Inc.^	One stop	L + 6.75%	(c)	9.55%	04/2022	4,680		4,608			0.4		4,680
						14,269		14,125			1.3		14,195
Lombart Brothers, Inc.^(8)	One stop	L + 6.75%	(c)	9.55%	04/2022	1,531		1,507			0.1		1,531
Grocery
Lombart Brothers, Inc.	One stop	P + 5.50%	(f)	11.00%	04/2022	33		32			—		33
Teasdale Quality Foods, Inc.*	Senior loan	L + 5.75%	(c)	8.55%	10/2020	107		107			—		96
Lombart Brothers, Inc.(8)	One stop	P + 5.50%	(f)	11.00%	04/2022	3		3			—		3
Teasdale Quality Foods, Inc.^	Senior loan	L + 5.75%	(c)	8.55%	10/2020	72		71			—		64
Maverick Healthcare Group, LLC*	Senior loan	L + 7.50%	(a)	8.02% cash/2.00% PIK	04/2017	409		409			—		409
						179		178			—		160
MD Now Holdings, Inc.*	One stop	L + 5.25%	(c)	8.05%	08/2024	7,052		6,986			0.7		7,052
Healthcare, Education and Childcare
MD Now Holdings, Inc.(5)	One stop	L + 5.25%		N/A(6)	08/2024	—		(1		)	—		—
Active Day, Inc.*	One stop	L + 6.00%	(c)	8.60%	12/2021	11,350		11,261			1.0		11,009
MD Now Holdings, Inc.(5)	One stop	L + 5.25%		N/A(6)	08/2024	—		(19		)	—		—
Active Day, Inc.*	One stop	L + 6.00%	(c)	8.60%	12/2021	876		872			0.1		849
MWD Management, LLC & MWD Services, Inc.^	One stop	L + 5.25%	(c)	8.05%	06/2023	4,370		4,370			0.4		4,370
Active Day, Inc.*	One stop	L + 6.00%	(c)	8.60%	12/2021	564		563			0.1		547
MWD Management, LLC & MWD Services, Inc.^	One stop	L + 5.25%	(c)	8.05%	06/2023	1,292		1,280			0.1		1,292
Active Day, Inc.*	One stop	L + 6.00%	(c)	8.60%	12/2021	390		388			—		378
MWD Management, LLC & MWD Services, Inc.(5)	One stop	L + 5.25%		N/A(6)	06/2022	—		(1		)	—		—
Active Day, Inc.	One stop	L + 6.00%	(c)	8.60%	12/2021	50		49			—		48
MWD Management, LLC & MWD Services, Inc.(5)	One stop	L + 5.25%		N/A(6)	06/2023	—		(68		)	—		—
Acuity Eyecare Holdings, LLC*	One stop	L + 6.25%	(c)	8.92%	03/2022	3,426		3,391			0.3		3,426
Oliver Street Dermatology Holdings, LLC^*	One stop	L + 6.25%	(c)	9.05%	05/2022	8,694		8,586			0.8		8,694
Acuity Eyecare Holdings, LLC	One stop	L + 6.25%	(c)	8.91%	03/2022	3,185		3,157			0.3		3,185
Oliver Street Dermatology Holdings, LLC^	One stop	L + 6.25%	(c)	9.05%	05/2022	1,880		1,864			0.2		1,880
Acuity Eyecare Holdings, LLC	One stop	L + 6.25%	(c)	8.88%	03/2022	429		401			0.1		429
Oliver Street Dermatology Holdings, LLC*	One stop	L + 6.25%	(c)	9.05%	05/2022	1,349		1,336			0.1		1,349
Acuity Eyecare Holdings, LLC	One stop	L + 6.25%		N/A(6)	03/2022	—		—			—		—
Oliver Street Dermatology Holdings, LLC*	One stop	L + 6.25%	(c)	9.05%	05/2022	1,192		1,182			0.1		1,192
Acuity Eyecare Holdings, LLC(5)	One stop	L + 6.25%		N/A(6)	12/2020	—		(64		)	—		—
Oliver Street Dermatology Holdings, LLC*	One stop	L + 6.25%	(c)	9.05%	05/2022	1,041		1,031			0.1		1,041
ADCS Clinics Intermediate Holdings, LLC#^*	One stop	L + 5.75%	(a)	8.25%	05/2022	21,572		21,307			2.0		21,572
Oliver Street Dermatology Holdings, LLC*	One stop	L + 6.25%	(c)	9.05%	05/2022	1,037		1,029			0.1		1,037
ADCS Clinics Intermediate Holdings, LLC*	One stop	L + 5.75%	(a)	8.25%	05/2022	107		106			—		107
Oliver Street Dermatology Holdings, LLC*	One stop	L + 6.25%	(c)	9.05%	05/2022	808		801			0.1		808
ADCS Clinics Intermediate Holdings, LLC	One stop	L + 5.75%	(a)	8.25%	05/2022	83		82			—		83
Oliver Street Dermatology Holdings, LLC*	One stop	L + 6.25%	(c)	9.05%	05/2022	700		695			0.1		700
ADCS Clinics Intermediate Holdings, LLC*	One stop	L + 5.75%	(a)	8.25%	05/2022	31		31			—		31
Oliver Street Dermatology Holdings, LLC*	One stop	L + 6.25%	(c)	9.05%	05/2022	432		428			0.1		432
Oliver Street Dermatology Holdings, LLC	One stop	L + 6.25%	(c)(f)	9.34%	05/2022	82		80			—		82
Oliver Street Dermatology Holdings, LLC^	One stop	L + 6.25%	(c)	9.05%	05/2022	46		45			—		46
Oliver Street Dermatology Holdings, LLC^	One stop	L + 6.25%	(c)	9.05%	05/2022	41		41			—		41
Oliver Street Dermatology Holdings, LLC^	One stop	L + 6.25%	(c)	9.05%	05/2022	32		32			—		32
Oliver Street Dermatology Holdings, LLC^	One stop	L + 6.25%	(c)	9.05%	05/2022	30		29			—		30
Oliver Street Dermatology Holdings, LLC(5)	One stop	L + 6.25%		N/A(6)	05/2022	—		(6		)	—		—

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~December~~March 31, ~~2018~~ 2019

(In thousands)

	InvestmentType	SpreadAboveIndex(1)		InterestRate(2)	MaturityDate	Principal ($) /Shares(3)		Amortized Cost			Percentageof NetAssets		FairValue (4)
Healthcare, Education and Childcare - (continued)
ONsite Mammography, LLC	One stop	L + 6.75%	(a)	9.27%	11/2023	$	2,831	$	2,798		0.3	%	$	2,831
ADCS Clinics Intermediate Holdings, LLC	One stop	P + 4.75%	(f)	10.25%	05/2022	$	25	$	24		—	%	$	25
ONsite Mammography, LLC	One stop	L + 6.75%	(c)(d)	9.44%	11/2023	427		414			0.1		427
Advanced Pain Management Holdings, Inc.^(7)	Senior loan	L + 5.00%	(a)	7.50%	06/2019	5,261		5,261			0.2		2,630
ONsite Mammography, LLC	One stop	L + 6.75%	(d)	9.62%	11/2023	4		3			—		4
Advanced Pain Management Holdings, Inc.^(7)	Senior loan	L + 5.00%	(a)	7.50%	06/2019	360		360			—		180
Pinnacle Treatment Centers, Inc.^	One stop	L + 5.75%	(c)	8.28%	08/2021	9,625		9,524			0.9		9,625
Advanced Pain Management Holdings, Inc.(7)	Senior loan	L + 5.00%		N/A(6)	06/2019	—		—			—		—
Pinnacle Treatment Centers, Inc.*	One stop	L + 5.75%	(a)	8.26%	08/2021	357		353			—		357
Agilitas USA, Inc.*	One stop	L + 5.50%	(c)	8.30%	04/2022	1,946		1,934			0.2		1,946
Pinnacle Treatment Centers, Inc.	One stop	L + 5.75%	(c)	8.28%	08/2021	55		54			—		55
Agilitas USA, Inc.	One stop	L + 5.50%	(c)	8.30%	04/2022	10		10			—		10
Pinnacle Treatment Centers, Inc.	One stop	L + 5.75%	(c)	8.28%	08/2021	42		41			—		42
Agilitas USA, Inc.(5)	One stop	L + 5.50%		N/A(6)	04/2022	—		(10		)	—		—
Pinnacle Treatment Centers, Inc.	One stop	L + 5.75%	(b)(c)	8.28%	08/2021	23		22			—		23
Apothecary Products, LLC^*	Senior loan	L + 4.25%	(c)	7.10%	07/2023	3,294		3,254			0.3		3,294
Pinnacle Treatment Centers, Inc.(5)	One stop	L + 5.75%		N/A(6)	08/2021	—		(14		)	—		—
Apothecary Products, LLC(5)	Senior loan	L + 4.25%		N/A(6)	07/2023	—		(7		)	—		—
PPT Management Holdings, LLC*	One stop	L + 7.50%	(a)	9.85%	12/2022	12,660		12,486			1.0		10,745
Aris Teleradiology Company, LLC^(7)	Senior loan	L + 5.50%	(c)	8.10%	03/2021	2,499		2,486			0.1		660
PPT Management Holdings, LLC	One stop	L + 7.50%	(a)	9.85%	12/2022	146		146			—		124
Aris Teleradiology Company, LLC(7)	Senior loan	L + 5.50%	(c)	8.29%	03/2021	356		356			—		67
PPT Management Holdings, LLC	One stop	L + 7.50%	(a)	9.85%	12/2022	86		86			—		73
BIO18 Borrower, LLC#	One stop	L + 5.50%	(c)	8.13%	11/2024	4,020		3,973			0.4		4,020
PPT Management Holdings, LLC	One stop	L + 7.50%	(a)	9.85%	12/2022	42		34			—		34
BIO18 Borrower, LLC	One stop	L + 5.50%	(b)	8.06%	11/2024	33		32			—		33
PPT Management Holdings, LLC(5)	One stop	L + 7.50%	(a)	9.85%	12/2022	8		5			—		(24		)
BIO18 Borrower, LLC(5)	One stop	L + 5.50%		N/A(6)	11/2024	—		(54		)	—		—
Pyramid Healthcare, Inc.*	One stop	L + 6.50%	(c)	9.03%	08/2020	326		323			—		322
BIOVT, LLC*	One stop	L + 5.75%	(a)	8.25%	01/2021	16,272		16,167			1.5		16,272
Pyramid Healthcare, Inc.	One stop	L + 6.50%	(a)	9.02%	08/2020	70		67			—		67
BIOVT, LLC	One stop	L + 5.75%	(a)	8.25%	01/2021	1,944		1,929			0.2		1,944
Riverchase MSO, LLC^	Senior loan	L + 5.75%	(c)	8.55%	10/2022	4,878		4,830			0.5		4,878
BIOVT, LLC(5)	One stop	L + 5.75%		N/A(6)	01/2021	—		(1		)	—		—
Riverchase MSO, LLC	Senior loan	L + 5.75%	(c)	8.51%	10/2022	56		56			—		56
BIOVT, LLC(5)	One stop	L + 5.75%		N/A(6)	01/2021	—		(23		)	—		—
RXH Buyer Corporation^*	One stop	L + 5.75%	(c)	8.55%	09/2021	10,992		10,892			1.0		10,992
CLP Healthcare Services, Inc.*	Senior loan	L + 5.25%	(a)	7.75%	12/2020	922		917			0.1		922
RXH Buyer Corporation^	One stop	L + 5.75%	(c)	8.55%	09/2021	1,244		1,239			0.1		1,244
CRH Healthcare Purchaser, Inc.^	Senior loan	L + 4.50%	(c)	7.10%	12/2024	5,836		5,781			0.5		5,836
RXH Buyer Corporation	One stop	P + 4.75%	(c)(f)	9.51%	09/2021	92		90			—		92
CRH Healthcare Purchaser, Inc.(5)	Senior loan	L + 4.50%		N/A(6)	12/2024	—		(1		)	—		—
SLMP, LLC	One stop	L + 6.00%	(a)	8.52%	05/2023	5,583		5,517			0.5		5,583
CRH Healthcare Purchaser, Inc.(5)	Senior loan	L + 4.50%		N/A(6)	12/2024	—		(37		)	—		—
SLMP, LLC^	One stop	L + 6.00%	(a)	8.52%	05/2023	4,689		4,635			0.4		4,689
DCA Investment Holding, LLC#^*	One stop	L + 5.25%	(c)	7.85%	07/2021	14,378		14,306			1.3		14,378
SLMP, LLC	Subordinated debt	N/A		7.50% PIK	05/2027	117		117			—		117
DCA Investment Holding, LLC^*	One stop	L + 5.25%	(c)	7.85%	07/2021	13,416		13,325			1.2		13,416
SLMP, LLC(5)	One stop	L + 6.00%		N/A(6)	05/2023	—		(1		)	—		—
DCA Investment Holding, LLC*	One stop	L + 5.25%	(c)	7.85%	07/2021	6,011		5,953			0.5		6,011
SLMP, LLC(5)	One stop	L + 6.00%		N/A(6)	05/2023	—		(9		)	—		—
DCA Investment Holding, LLC	One stop	L + 5.25%	(c)	7.85%	07/2021	3,508		3,469			0.3		3,508
Spear Education, LLC^	One stop	L + 6.00%	(c)	8.50%	08/2019	3,459		3,455			0.3		3,459
DCA Investment Holding, LLC	One stop	L + 5.25%	(c)	7.85%	07/2021	2,402		2,375			0.2		2,402
Spear Education, LLC	One stop	L + 6.00%	(c)	8.34%	08/2019	178		177			—		178
DCA Investment Holding, LLC	One stop	L + 5.25%	(c)	7.85%	07/2021	151		149			—		151
Spear Education, LLC	One stop	L + 6.00%		N/A(6)	08/2019	—		—			—		—
DCA Investment Holding, LLC	One stop	L + 5.25%	(c)	7.85%	07/2021	47		47			—		47
Summit Behavioral Healthcare, LLC^	Senior loan	L + 4.75%	(c)	7.46%	10/2023	2,395		2,375			0.2		2,395
DCA Investment Holding, LLC	One stop	P + 4.25%	(f)	9.75%	07/2021	28		21			—		28
Summit Behavioral Healthcare, LLC	Senior loan	L + 4.75%	(c)	7.50%	10/2023	118		111			—		118
DCA Investment Holding, LLC(5)	One stop	L + 5.25%		N/A(6)	07/2021	—		(59		)	—		—
Summit Behavioral Healthcare, LLC	Senior loan	L + 4.75%	(b)(c)	7.44%	10/2023	19		18			—		19
Deca Dental Management LLC*	One stop	L + 6.00%	(c)	8.60%	12/2021	7,404		7,318			0.7		7,404
WHCG Management, LLC^	Senior loan	L + 5.00%	(c)	7.80%	03/2023	3,940		3,905			0.4		3,861
Deca Dental Management LLC*	One stop	L + 6.00%	(a)(c)	8.55%	12/2021	901		893			0.1		901
WHCG Management, LLC	Senior loan	L + 5.00%	(c)	7.75%	03/2023	100		99			—		98
Deca Dental Management LLC^	One stop	L + 6.00%	(c)	8.60%	12/2021	648		643			0.1		648
WHCG Management, LLC(5)	Senior loan	L + 5.00%		N/A(6)	03/2023	—		(19		)	—		—
Deca Dental Management LLC	One stop	L + 6.00%	(c)	8.70%	12/2021	360		348			—		360
WIRB-Copernicus Group, Inc.^	Senior loan	L + 4.25%	(a)	6.77%	08/2022	10,901		10,839			1.0		10,901
Deca Dental Management LLC	One stop	L + 6.00%	(a)	8.50%	12/2021	8		7			—		8
WIRB-Copernicus Group, Inc.(5)	Senior loan	L + 4.25%		N/A(6)	08/2022	—		(1		)	—		—
Dental Holdings Corporation*	One stop	L + 6.00%	(c)	8.63%	02/2020	3,170		3,157			0.3		3,170
WIRB-Copernicus Group, Inc.(5)	Senior loan	L + 4.25%		N/A(6)	08/2022	—		(19		)	—		—
Dental Holdings Corporation	One stop	L + 6.00%	(c)	8.63%	02/2020	505		503			0.1		505
						336,405		332,331			30.8		327,165
Dental Holdings Corporation	One stop	L + 6.00%	(a)(b)(f)	9.18%	02/2020	255		253			—		255
Home and Office Furnishings, Housewares, and Durable Consumer
Elite Dental Partners LLC*	One stop	L + 5.25%	(a)	7.75%	06/2023	2,004		1,978			0.2		2,004
1A Smart Start LLC*	Senior loan	L + 4.50%	(a)	7.02%	02/2022	549		548			0.1		547
Elite Dental Partners LLC	One stop	L + 5.25%	(a)	7.75%	06/2023	1,646		1,633			0.1		1,646
CST Buyer Company	One stop	L + 5.00%	(a)	7.52%	03/2023	3,038		2,972			0.3		3,038
Elite Dental Partners LLC	One stop	L + 5.25%	(a)	7.75%	06/2023	1,756		1,623			0.2		1,756
CST Buyer Company(5)	One stop	L + 5.00%		N/A(6)	03/2023	—		(1		)	—		—
Elite Dental Partners LLC^	One stop	L + 5.25%	(a)	7.75%	06/2023	1,570		1,557			0.1		1,570
Plano Molding Company, LLC*	One stop	L + 7.50%	(a)	9.98%	05/2021	4,838		4,794			0.4		4,451
Elite Dental Partners LLC	One stop	L + 5.25%	(a)	7.75%	06/2023	1,505		1,493			0.1		1,505
						8,425		8,313			0.8		8,036
Elite Dental Partners LLC	One stop	L + 5.25%	(a)	7.75%	06/2023	8		7			—		8
Hotels, Motels, Inns, and Gaming
ERG Buyer, LLC*	One stop	L + 5.50%	(c)	8.10%	05/2024	6,310		6,230			0.5		5,932
Aimbridge Hospitality, LLC^	One stop	L + 5.00%	(a)	7.52%	06/2022	6,313		6,234			0.6		6,313
Aimbridge Hospitality, LLC^	One stop	L + 5.00%	(a)	7.52%	06/2022	4,981		4,920			0.5		4,981
Aimbridge Hospitality, LLC^	One stop	L + 5.00%	(a)	7.52%	06/2022	1,052		1,038			0.1		1,052
Aimbridge Hospitality, LLC	One stop	L + 5.00%	(a)	7.52%	06/2022	61		58			—		61
Aimbridge Hospitality, LLC(5)	One stop	L + 5.00%		N/A(6)	06/2022	—		(1		)	—		—
						12,407		12,249			1.2		12,407

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~December~~March 31, ~~2018~~ 2019

(In thousands)

	InvestmentType	SpreadAboveIndex(1)		InterestRate(2)	MaturityDate	Principal ($) /Shares(3)		Amortized Cost			Percentageof NetAssets			FairValue (4)
Insurance
Healthcare, Education and Childcare - (continued)
Captive Resources Midco, LLC^	One stop	L + 5.75%	(a)	8.27%	12/2021	$	12,296	$	12,162		1.2		%	$	12,296
ERG Buyer, LLC(5)	One stop	L + 5.50%		N/A(6)	05/2024	$	—	$	(2	)	—		%	$	(9	)
Captive Resources Midco, LLC(5)	One stop	L + 5.75%		N/A(6)	12/2021	—		(3		)	—			—
ERG Buyer, LLC(5)	One stop	L + 5.50%		N/A(6)	05/2024	—		(133		)	(0.1	)		(622		)
Captive Resources Midco, LLC(5)	One stop	L + 5.75%		N/A(6)	12/2021	—		(11		)	—			—
eSolutions, Inc.#^*	One stop	L + 6.50%	(a)	9.00%	03/2022	29,266		29,062			2.7			29,266
Integrity Marketing Acquisition, LLC*	Senior loan	L + 4.25%	(c)	6.96%	11/2025	1,522		1,514			0.1			1,514
eSolutions, Inc.	One stop	L + 6.50%	(a)	8.99%	03/2022	46		45			—			46
Integrity Marketing Acquisition, LLC(5)	Senior loan	L + 4.25%		N/A(6)	11/2025	—		(2		)	—			(2		)
Excelligence Learning Corporation*	One stop	L + 6.00%	(a)	8.50%	04/2023	5,829		5,809			0.5			5,246
Internet Pipeline, Inc.^	One stop	L + 4.75%	(a)	7.28%	08/2022	10,224		10,094			1.0			10,224
Eyecare Services Partners Holdings LLC^	One stop	L + 6.25%	(c)	8.85%	05/2023	10,336		10,210			0.9			10,129
Internet Pipeline, Inc.^	One stop	L + 4.75%	(a)	7.28%	08/2022	4,394		4,354			0.4			4,394
Eyecare Services Partners Holdings LLC	One stop	L + 6.25%	(c)	8.85%	05/2023	7,419		7,295			0.7			7,270
Internet Pipeline, Inc.(8)(9)	One stop	L + 4.75%	(a)	7.28%	08/2022	3,523		3,481			0.3			3,357
Eyecare Services Partners Holdings LLC*	One stop	L + 6.25%	(c)	8.85%	05/2023	6,646		6,646			0.6			6,513
Internet Pipeline, Inc.^	One stop	L + 4.75%	(a)	7.28%	08/2022	1,664		1,648			0.2			1,664
Eyecare Services Partners Holdings LLC^	One stop	L + 6.25%	(c)	8.85%	05/2023	2,219		2,219			0.2			2,174
Internet Pipeline, Inc.	One stop	L + 4.75%		N/A(6)	08/2021	—		—			—			—
Eyecare Services Partners Holdings LLC	One stop	L + 6.25%	(c)	8.85%	05/2023	1,434		1,434			0.1			1,405
Orchid Underwriters Agency, LLC*	Senior loan	L + 4.50%	(c)	7.38%	12/2024	1,872		1,853			0.2			1,853
Eyecare Services Partners Holdings LLC*	One stop	L + 6.25%	(c)	8.85%	05/2023	1,077		1,077			0.1			1,055
Orchid Underwriters Agency, LLC	Senior loan	L + 4.50%		N/A(6)	12/2024	—		—			—			—
Eyecare Services Partners Holdings LLC*	One stop	L + 6.25%	(c)	8.85%	05/2023	949		949			0.1			930
Orchid Underwriters Agency, LLC(5)	Senior loan	L + 4.50%		N/A(6)	12/2024	—		(9		)	—			(9		)
Eyecare Services Partners Holdings LLC^	One stop	L + 6.25%	(c)	8.85%	05/2023	613		484			0.1			600
RSC Acquisition, Inc.^*	Senior loan	L + 4.25%	(c)(f)	7.05%	11/2022	28,810		28,673			2.7			28,810
Eyecare Services Partners Holdings LLC	One stop	L + 6.25%	(c)	8.85%	05/2023	458		369			0.1			447
RSC Acquisition, Inc.	Senior loan	L + 4.25%	(c)	7.05%	11/2021	31		31			—			31
Eyecare Services Partners Holdings LLC	One stop	L + 6.25%	(c)	9.00%	05/2023	200		198			—			196
RSC Acquisition, Inc.(5)	Senior loan	L + 4.25%		N/A(6)	11/2022	—		(26		)	—			—
G & H Wire Company, Inc.*	One stop	L + 5.75%	(b)	8.33%	09/2023	1,099		1,090			0.1			1,099
						64,336		63,759			6.1			64,132
G & H Wire Company, Inc.(5)	One stop	L + 5.75%		N/A(6)	09/2022	—		(1		)	—			—
Leisure, Amusement, Motion Pictures, Entertainment
Immucor, Inc.^	Senior loan	L + 5.00%	(c)	7.60%	06/2021	2,024		2,006			0.2			2,023
NFD Operating, LLC^	One stop	L + 7.00%	(a)(c)	9.35%	06/2021	2,142		2,126			0.2			2,142
Katena Holdings, Inc.*	One stop	L + 5.50%	(c)	8.10%	06/2021	4,452		4,426			0.4			4,452
NFD Operating, LLC	One stop	L + 7.00%		N/A(6)	06/2021	—		—			—			—
Katena Holdings, Inc.*	One stop	L + 5.50%	(c)	8.10%	06/2021	435		432			0.1			435
PADI Holdco, Inc.*(8)(9)	One stop	E + 5.75%	(g)	5.75%	04/2023	12,474		12,474			1.1			11,968
Katena Holdings, Inc.*	One stop	L + 5.50%	(c)	8.10%	06/2021	299		297			—			299
PADI Holdco, Inc.^	One stop	L + 5.75%	(a)	8.28%	04/2023	12,605		12,455			1.2			12,605
Katena Holdings, Inc.	One stop	P + 4.50%	(f)	10.00%	06/2021	15		14			—			15
PADI Holdco, Inc.(5)	One stop	L + 5.75%		N/A(6)	04/2022	—		(1		)	—			—
Lombart Brothers, Inc.^*	One stop	L + 6.25%	(c)	8.85%	04/2023	12,657		12,481			1.1			12,498
Self Esteem Brands, LLC^	Senior loan	L + 4.75%	(a)	7.27%	02/2020	8,451		8,423			0.8			8,451
Lombart Brothers, Inc.*(8)	One stop	L + 6.25%	(c)	8.85%	04/2023	1,527		1,501			0.1			1,508
Sunshine Sub, LLC^	One stop	L + 4.75%	(a)	7.27%	05/2024	5,455		5,356			0.5			5,455
Lombart Brothers, Inc.	One stop	P + 5.00%	(f)	10.50%	04/2023	74		72			—			72
Sunshine Sub, LLC(5)	One stop	L + 4.75%		N/A(6)	05/2024	—		(1		)	—			—
Lombart Brothers, Inc.(8)	One stop	P + 5.00%	(f)	10.50%	04/2023	4		4			—			4
Sunshine Sub, LLC(5)	One stop	L + 4.75%		N/A(6)	05/2024	—		(37		)	—			—
MD Now Holdings, Inc.#^	One stop	L + 5.00%	(c)	7.60%	08/2024	7,034		6,972			0.6			7,034
Teaching Company, The^	One stop	L + 4.75%	(c)	7.35%	07/2023	7,023		6,993			0.7			7,023
MD Now Holdings, Inc.(5)	One stop	L + 5.00%		N/A(6)	08/2024	—		(1		)	—			—
Teaching Company, The(5)	One stop	L + 4.75%		N/A(6)	07/2023	—		(1		)	—			—
MD Now Holdings, Inc.(5)	One stop	L + 5.00%		N/A(6)	08/2024	—		(18		)	—			—
Titan Fitness, LLC^	One stop	L + 6.50%	(a)(c)	8.85%	06/2021	1,928		1,928			0.2			1,928
MWD Management, LLC & MWD Services, Inc.*	One stop	L + 5.25%	(c)	7.85%	06/2023	4,359		4,359			0.4			4,359
Titan Fitness, LLC^	One stop	L + 6.50%	(a)(c)	8.85%	06/2021	291		290			—			291
MWD Management, LLC & MWD Services, Inc.*	One stop	L + 5.25%	(c)	7.85%	06/2023	1,289		1,277			0.1			1,289
Titan Fitness, LLC^	One stop	L + 6.50%	(a)(c)	8.85%	06/2021	255		255			—			255
MWD Management, LLC & MWD Services, Inc.(5)	One stop	L + 5.25%		N/A(6)	06/2022	—		(1		)	—			—
Titan Fitness, LLC^	One stop	L + 6.50%	(a)(c)	8.85%	06/2021	138		137			—			138
MWD Management, LLC & MWD Services, Inc.(5)	One stop	L + 5.25%		N/A(6)	06/2023	—		(64		)	—			—
Titan Fitness, LLC	One stop	L + 6.50%		N/A(6)	06/2021	—		—			—			—
Oliver Street Dermatology Holdings, LLC#*	One stop	L + 6.25%	(c)	8.85%	05/2022	8,694		8,594			0.7			7,825
WBZ Investment LLC*	One stop	L + 5.50%	(a)	7.93%	09/2024	3,454		3,422			0.3			3,454
Oliver Street Dermatology Holdings, LLC*	One stop	L + 6.25%	(c)	8.85%	05/2022	1,880		1,865			0.2			1,692
WBZ Investment LLC	One stop	L + 5.50%	(c)	8.31%	09/2024	20		19			—			20
Oliver Street Dermatology Holdings, LLC^	One stop	L + 6.25%	(c)	8.85%	05/2022	1,349		1,337			0.1			1,214
WBZ Investment LLC(5)	One stop	L + 5.50%		N/A(6)	09/2024	—		(26		)	—			—
Oliver Street Dermatology Holdings, LLC^	One stop	L + 6.25%	(c)	8.85%	05/2022	1,192		1,183			0.1			1,072
						54,236		53,812			5.0			53,730
Oliver Street Dermatology Holdings, LLC#	One stop	L + 6.25%	(c)	8.85%	05/2022	1,041		1,032			0.1			936
Mining, Steel, Iron and Non-Precious Metals
Oliver Street Dermatology Holdings, LLC^	One stop	L + 6.25%	(c)	8.85%	05/2022	1,037		1,030			0.1			934
Benetech, Inc.*	One stop	L + 10.00%	(a)	10.52% cash/2.00% PIK	05/2019	183		183			—			183
Oliver Street Dermatology Holdings, LLC^	One stop	L + 6.25%	(c)	8.85%	05/2022	808		801			0.1			727
Benetech, Inc.	One stop	P + 8.75%	(a)(f)	11.87% cash/2.00% PIK	05/2019	7		7			—			7
Oliver Street Dermatology Holdings, LLC^	One stop	L + 6.25%	(c)	8.85%	05/2022	700		695			0.1			630
						190		190			—			190
Oliver Street Dermatology Holdings, LLC^	One stop	L + 6.25%	(c)	8.85%	05/2022	432		429			—			389
Oil and Gas
Oliver Street Dermatology Holdings, LLC	One stop	L + 6.25%	(c)	8.90%	05/2022	136		135			—			123
Drilling Info Holdings, Inc.^	Senior loan	L + 4.25%	(a)	6.77%	07/2025	15,203		15,022			1.4			15,203
Oliver Street Dermatology Holdings, LLC*	One stop	L + 6.25%	(c)	8.85%	05/2022	45		45			—			41
Drilling Info Holdings, Inc.(5)	Senior loan	L + 4.25%		N/A(6)	07/2023	—		(2		)	—			—
Oliver Street Dermatology Holdings, LLC*	One stop	L + 6.25%	(c)	8.85%	05/2022	41		41			—			37
Drilling Info Holdings, Inc.(5)	Senior loan	L + 4.25%		N/A(6)	07/2025	—		(40		)	—			—
Oliver Street Dermatology Holdings, LLC*	One stop	L + 6.25%	(c)	8.85%	05/2022	32		32			—			29
						15,203		14,980			1.4			15,203
Oliver Street Dermatology Holdings, LLC*	One stop	L + 6.25%	(c)	8.85%	05/2022	30		29			—			27

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~December~~March 31, ~~2018~~ 2019

(In thousands)

	InvestmentType	SpreadAboveIndex(1)		InterestRate(2)	MaturityDate	Principal ($) /Shares(3)		Amortized Cost			Percentageof NetAssets		FairValue (4)
Personal and Non Durable Consumer Products (Mfg. Only)
Healthcare, Education and Childcare - (continued)
Georgica Pine Clothiers, LLC^	One stop	L + 5.50%	(c)	8.30%	11/2021	$	4,811	$	4,787		0.5	%	$	4,763
Oliver Street Dermatology Holdings, LLC(5)	One stop	L + 6.25%		N/A(6)	05/2022	$	—	$	(5	)	—	%	$	—
Georgica Pine Clothiers, LLC*	One stop	L + 5.50%	(c)	8.30%	11/2022	3,019		2,989			0.3		2,989
ONsite Mammography, LLC	One stop	L + 6.75%	(a)	9.25%	11/2023	2,823		2,793			0.3		2,823
Georgica Pine Clothiers, LLC^	One stop	L + 5.50%	(c)	8.30%	11/2021	420		418			—		416
ONsite Mammography, LLC	One stop	L + 6.75%	(a)(d)	9.45%	11/2023	592		579			0.1		592
Georgica Pine Clothiers, LLC^	One stop	L + 5.50%	(c)	8.30%	11/2021	295		293			—		292
ONsite Mammography, LLC	One stop	L + 6.75%	(d)	9.62%	11/2023	8		7			—		8
Georgica Pine Clothiers, LLC(5)	One stop	L + 5.50%		N/A(6)	11/2021	—		(1		)	—		(1		)
Pinnacle Treatment Centers, Inc.*	One stop	L + 5.75%	(c)	8.49%	08/2021	9,600		9,508			0.9		9,600
IMPLUS Footcare, LLC^*	One stop	L + 6.75%	(c)	9.55%	04/2021	13,089		13,016			1.2		13,089
Pinnacle Treatment Centers, Inc.^	One stop	L + 5.75%	(c)	8.49%	08/2021	356		353			—		356
IMPLUS Footcare, LLC^	One stop	L + 6.75%	(c)	9.55%	04/2021	2,305		2,292			0.2		2,305
Pinnacle Treatment Centers, Inc.	One stop	L + 5.75%	(c)	8.49%	08/2021	54		54			—		54
IMPLUS Footcare, LLC	One stop	L + 6.75%	(c)	9.55%	04/2021	698		689			0.1		698
Pinnacle Treatment Centers, Inc.	One stop	L + 5.75%	(c)	8.49%	08/2021	42		41			—		42
Massage Envy, LLC^	One stop	L + 6.75%	(c)(f)	9.46%	09/2020	3,112		3,101			0.3		3,112
Pinnacle Treatment Centers, Inc.	One stop	L + 5.75%	(c)(f)	8.95%	08/2021	33		32			—		33
Massage Envy, LLC	One stop	L + 6.75%	(c)(f)	9.54%	09/2020	152		151			—		152
Pinnacle Treatment Centers, Inc.(5)	One stop	L + 5.75%		N/A(6)	08/2021	—		(13		)	—		—
Massage Envy, LLC^	One stop	L + 6.75%	(c)(f)	9.50%	09/2020	113		112			—		113
PPT Management Holdings, LLC^	One stop	L + 7.50%	(a)	3.49% cash/6.50% PIK	12/2022	12,763		12,600			1.0		10,818
Massage Envy, LLC^	One stop	L + 6.75%	(c)(f)	9.45%	09/2020	99		98			—		99
PPT Management Holdings, LLC	One stop	L + 7.50%	(a)	3.49% cash/6.50% PIK	12/2022	147		147			—		125
Massage Envy, LLC^	One stop	L + 6.75%	(c)(f)	9.55%	09/2020	98		98			—		98
PPT Management Holdings, LLC	One stop	L + 7.50%	(a)	3.49% cash/6.50% PIK	12/2022	87		87			—		74
Massage Envy, LLC^	One stop	L + 6.75%	(c)(f)	9.50%	09/2020	94		93			—		94
PPT Management Holdings, LLC	One stop	L + 7.50%	(a)	3.49% cash/6.50% PIK	12/2022	42		34			—		34
Massage Envy, LLC^	One stop	L + 6.75%	(c)(f)	9.51%	09/2020	90		89			—		90
PPT Management Holdings, LLC(5)	One stop	L + 7.50%	(a)	3.49% cash/6.50% PIK	12/2022	8		5			—		(24		)
Massage Envy, LLC^	One stop	L + 6.75%	(c)(f)	9.51%	09/2020	70		70			—		70
Pyramid Healthcare, Inc.^	One stop	L + 6.50%	(c)	9.10%	08/2020	325		322			—		325
Massage Envy, LLC^	One stop	L + 6.75%	(c)(f)	9.45%	09/2020	45		45			—		45
Pyramid Healthcare, Inc.	One stop	L + 6.50%	(a)(c)	9.02%	08/2020	263		261			—		263
Massage Envy, LLC^	One stop	L + 6.75%	(c)(f)	9.54%	09/2020	30		30			—		30
Pyramid Healthcare, Inc.(5)	One stop	L + 6.50%		N/A(6)	08/2020	—		(1		)	—		—
Massage Envy, LLC	One stop	L + 6.75%	(c)(f)	9.58%	09/2020	25		21			—		25
Riverchase MSO, LLC*	Senior loan	L + 5.75%	(c)	8.35%	10/2022	4,865		4,821			0.4		4,865
Massage Envy, LLC	One stop	L + 6.75%		N/A(6)	09/2020	—		—			—		—
Riverchase MSO, LLC	Senior loan	L + 5.75%	(a)(c)	8.34%	10/2022	65		64			—		65
Orthotics Holdings, Inc.^	One stop	L + 5.50%	(a)	8.02%	02/2020	3,647		3,632			0.3		3,647
RXH Buyer Corporation#*	One stop	L + 5.75%	(c)	8.35%	09/2021	10,964		10,873			1.0		10,964
Orthotics Holdings, Inc.^(8)	One stop	L + 5.50%	(a)	8.02%	02/2020	598		595			0.1		598
RXH Buyer Corporation*	One stop	L + 5.75%	(c)	8.35%	09/2021	1,241		1,236			0.1		1,241
Orthotics Holdings, Inc.(8)	One stop	L + 5.50%		N/A(6)	02/2020	—		—			—		—
RXH Buyer Corporation	One stop	L + 5.75%	(c)(f)	9.02%	09/2021	62		60			—		62
Orthotics Holdings, Inc.(5)	One stop	L + 5.50%		N/A(6)	02/2020	—		(2		)	—		—
SLMP, LLC*	One stop	L + 6.00%	(a)	8.50%	05/2023	5,569		5,507			0.5		5,569
						32,810		32,616			3.0		32,724
SLMP, LLC*	One stop	L + 6.00%	(a)	8.50%	05/2023	4,677		4,626			0.4		4,677
Personal, Food and Miscellaneous Services
SLMP, LLC	Subordinated debt	N/A		7.50% PIK	05/2027	117		117			—		117
Captain D's, LLC^	Senior loan	L + 4.50%	(c)	7.30%	12/2023	2,213		2,194			0.2		2,213
SLMP, LLC(5)	One stop	L + 6.00%		N/A(6)	05/2023	—		(1		)	—		—
Captain D's, LLC	Senior loan	P + 3.50%	(a)(f)	8.15%	12/2023	9		9			—		9
SLMP, LLC(5)	One stop	L + 6.00%		N/A(6)	05/2023	—		(8		)	—		—
Clarkson Eyecare LLC^*	One stop	L + 6.25%	(c)	8.77%	04/2021	43,393		43,071			4.1		43,393
Spear Education, LLC*	One stop	L + 5.75%	(c)	8.55%	08/2019	3,450		3,448			0.3		3,450
Clarkson Eyecare LLC	One stop	L + 6.25%	(a)	8.60%	04/2021	1,246		1,237			0.1		1,246
Spear Education, LLC	One stop	L + 5.75%	(c)	8.55%	08/2019	177		177			—		177
Clarkson Eyecare LLC	One stop	L + 6.25%	(c)	8.77%	04/2021	257		253			—		257
Spear Education, LLC	One stop	L + 5.75%		N/A(6)	08/2019	—		—			—		—
Community Veterinary Partners, LLC^	One stop	L + 5.50%	(c)	8.30%	10/2021	1,940		1,936			0.2		1,940
Summit Behavioral Healthcare, LLC*	Senior loan	L + 4.75%	(d)	7.44%	10/2023	2,389		2,370			0.2		2,389
Community Veterinary Partners, LLC	One stop	L + 5.50%	(c)	8.30%	10/2021	767		767			0.1		767
Summit Behavioral Healthcare, LLC	Senior loan	L + 4.75%	(d)	7.43%	10/2023	118		111			—		118
Community Veterinary Partners, LLC	One stop	L + 5.50%	(c)	8.30%	10/2021	578		578			0.1		578
Summit Behavioral Healthcare, LLC	Senior loan	L + 4.75%	(c)(d)	7.45%	10/2023	33		33			—		33
Community Veterinary Partners, LLC^	One stop	L + 5.50%	(c)	8.30%	10/2021	515		515			0.1		515
WHCG Management, LLC*	Senior loan	L + 5.00%	(c)	7.60%	03/2023	3,930		3,897			0.3		3,694
Community Veterinary Partners, LLC^	One stop	L + 5.50%	(c)	8.30%	10/2021	99		97			—		99
WHCG Management, LLC	Senior loan	L + 5.00%	(c)	7.61%	03/2023	100		99			—		94
Community Veterinary Partners, LLC	One stop	L + 5.50%	(c)	8.30%	10/2021	45		6			—		45
WHCG Management, LLC(5)	Senior loan	L + 5.00%		N/A(6)	03/2023	—		(18		)	—		—
Community Veterinary Partners, LLC(5)	One stop	L + 5.50%		N/A(6)	10/2021	—		(22		)	—		—
WIRB-Copernicus Group, Inc.*	Senior loan	L + 4.25%	(a)	6.75%	08/2022	10,874		10,816			1.0		10,874
Imperial Optical Midco Inc.	One stop	L + 4.75%	(b)(c)	7.38%	08/2023	658		601			0.1		658
WIRB-Copernicus Group, Inc.(5)	Senior loan	L + 4.25%		N/A(6)	08/2022	—		(1		)	—		—
Imperial Optical Midco Inc.	One stop	L + 4.75%	(b)	7.25%	08/2023	150		148			—		150
WIRB-Copernicus Group, Inc.(5)	Senior loan	L + 4.25%		N/A(6)	08/2022	—		(17		)	—		—
Imperial Optical Midco Inc.	One stop	L + 4.75%		N/A(6)	08/2023	—		—			—		—
						347,783		343,894			30.5		336,037
PPV Intermediate Holdings II, LLC	One stop	P + 4.00%	(f)	9.50%	05/2023	32		31			—		32
Home and Office Furnishings, Housewares, and Durable Consumer
PPV Intermediate Holdings II, LLC	One stop	N/A		7.90% PIK	05/2023	19		19			—		19
1A Smart Start LLC^	Senior loan	L + 4.50%	(a)	7.00%	02/2022	547		546			0.1		546
PPV Intermediate Holdings II, LLC(5)	One stop	L + 5.00%		N/A(6)	05/2020	—		(65		)	—		—
CST Buyer Company	One stop	L + 5.00%	(a)	7.50%	03/2023	2,990		2,928			0.3		2,990
Ruby Slipper Cafe LLC, The	One stop	L + 7.50%	(c)	9.98%	01/2023	59		59			—		59
CST Buyer Company	One stop	L + 5.00%		N/A(6)	03/2023	—		—			—		—
Ruby Slipper Cafe LLC, The	One stop	L + 7.50%	(c)	10.03%	01/2023	70		56			—		70
Plano Molding Company, LLC^	One stop	L + 7.50%	(a)	9.99%	05/2021	4,825		4,786			0.4		4,439
Ruby Slipper Cafe LLC, The	One stop	L + 7.50%	(c)	10.13%	01/2023	5		5			—		5
						8,362		8,260			0.8		7,975
Southern Veterinary Partners, LLC^	One stop	L + 5.50%	(a)	8.02%	05/2025	3,598		3,565			0.3		3,598
Southern Veterinary Partners, LLC	One stop	L + 5.50%	(a)	8.02%	05/2025	2,171		2,151			0.2		2,171
Southern Veterinary Partners, LLC	One stop	L + 5.50%	(a)	8.02%	05/2025	1,911		1,894			0.2		1,911
Southern Veterinary Partners, LLC^	One stop	L + 5.50%	(a)	8.02%	05/2025	1,569		1,546			0.1		1,569
Southern Veterinary Partners, LLC	One stop	L + 5.50%	(a)	8.02%	05/2025	1,189		1,178			0.1		1,189
Southern Veterinary Partners, LLC	One stop	L + 5.50%	(a)	8.02%	05/2025	1,108		1,072			0.1		1,108
Southern Veterinary Partners, LLC^	One stop	L + 5.50%	(a)	8.02%	05/2025	1,036		1,027			0.1		1,036

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~December~~March 31, ~~2018~~ 2019

(In thousands)

	InvestmentType	SpreadAboveIndex(1)		InterestRate(2)	MaturityDate	Principal ($) /Shares(3)		Amortized Cost			Percentageof NetAssets		FairValue (4)
Personal, Food and Miscellaneous Services - (continued)
Insurance
Southern Veterinary Partners, LLC	One stop	L + 5.50%	(a)	8.02%	05/2025	$	851	$	843		0.1	%	$	851
Captive Resources Midco, LLC*	One stop	L + 5.75%	(a)	8.25%	12/2021	$	12,188	$	12,065		1.1	%	$	12,188
Southern Veterinary Partners, LLC	One stop	L + 5.50%	(a)	8.02%	05/2025	775		740			0.1		775
Captive Resources Midco, LLC(5)	One stop	L + 5.75%		N/A(6)	12/2021	—		(3		)	—		—
Southern Veterinary Partners, LLC	One stop	L + 5.50%	(a)(c)	8.01%	05/2023	54		53			—		54
Captive Resources Midco, LLC(5)	One stop	L + 5.75%		N/A(6)	12/2021	—		(10		)	—		—
Southern Veterinary Partners, LLC(5)	One stop	L + 5.50%		N/A(6)	05/2025	—		(66		)	—		—
Integrity Marketing Acquisition, LLC^	Senior loan	L + 4.25%	(c)	6.85%	11/2025	1,522		1,515			0.1		1,522
Veterinary Specialists of North America, LLC^	One stop	L + 5.50%	(a)(c)	7.97%	07/2021	3,804		3,778			0.4		3,804
Integrity Marketing Acquisition, LLC	Senior loan	L + 4.25%	(c)	7.05%	11/2025	197		194			—		197
Veterinary Specialists of North America, LLC	One stop	L + 5.50%	(a)(b)	8.07%	07/2021	501		497			0.1		501
Internet Pipeline, Inc.*	One stop	L + 4.75%	(a)	7.25%	08/2022	10,198		10,076			0.9		10,198
Veterinary Specialists of North America, LLC	One stop	L + 5.50%	(a)	8.02%	07/2021	463		459			0.1		463
Internet Pipeline, Inc.*	One stop	L + 4.75%	(a)	7.25%	08/2022	4,383		4,345			0.4		4,383
Veterinary Specialists of North America, LLC	One stop	L + 5.50%	(a)	8.02%	07/2021	419		415			0.1		419
Internet Pipeline, Inc.(8)(9)	One stop	L + 4.75%	(a)	7.25%	08/2022	3,505		3,466			0.3		3,413
Veterinary Specialists of North America, LLC^	One stop	L + 5.50%	(a)	8.02%	07/2021	228		227			—		228
Internet Pipeline, Inc.*	One stop	L + 4.75%	(a)	7.25%	08/2022	1,659		1,644			0.2		1,659
Veterinary Specialists of North America, LLC^	One stop	L + 5.50%	(a)	8.02%	07/2021	88		88			—		88
Internet Pipeline, Inc.	One stop	L + 4.75%		N/A(6)	08/2021	—		—			—		—
Veterinary Specialists of North America, LLC	One stop	L + 5.50%	(a)	8.01%	07/2021	35		34			—		35
Orchid Underwriters Agency, LLC^	Senior loan	L + 4.50%	(c)	7.38%	12/2024	1,867		1,849			0.2		1,867
Veterinary Specialists of North America, LLC^	One stop	L + 5.50%	(a)	8.02%	07/2021	33		32			—		33
Orchid Underwriters Agency, LLC	Senior loan	L + 4.50%		N/A(6)	12/2024	—		—			—		—
Veterinary Specialists of North America, LLC(5)	One stop	L + 5.50%		N/A(6)	07/2021	—		(2		)	—		—
Orchid Underwriters Agency, LLC(5)	Senior loan	L + 4.50%		N/A(6)	12/2024	—		(9		)	—		—
Wetzel's Pretzels, LLC^	One stop	L + 6.75%	(a)	9.27%	09/2021	8,268		8,195			0.8		8,268
RSC Acquisition, Inc.^*	Senior loan	L + 4.25%	(c)	6.85%	11/2022	28,734		28,608			2.6		28,734
Wetzel's Pretzels, LLC	One stop	L + 6.75%	(a)	9.27%	09/2021	19		19			—		19
RSC Acquisition, Inc.	Senior loan	L + 4.25%		N/A(6)	11/2021	—		—			—		—
						80,175		79,240			7.8		80,175
RSC Acquisition, Inc.(5)	Senior loan	L + 4.25%		N/A(6)	11/2022	—		(25		)	—		—
Printing and Publishing
						64,253		63,715			5.8		64,161
Brandmuscle, Inc.^	Senior loan	L + 5.00%	(c)	7.80%	12/2021	531		528			0.1		534
Leisure, Amusement, Motion Pictures, Entertainment
Messenger, LLC*	One stop	L + 6.00%	(a)(f)	8.51%	08/2023	3,917		3,880			0.4		3,917
EOS Fitness Opco Holdings, LLC^	One stop	L + 4.75%	(a)	7.25%	01/2025	4,024		3,985			0.4		4,024
Messenger, LLC	One stop	L + 6.00%		N/A(6)	08/2023	—		—			—		—
EOS Fitness Opco Holdings, LLC	One stop	P + 3.75%	(f)	9.25%	01/2025	6		5			—		6
						4,448		4,408			0.5		4,451
EOS Fitness Opco Holdings, LLC(5)	One stop	L + 4.75%		N/A(6)	01/2025	—		(15		)	—		—
Retail Stores
PADI Holdco, Inc.^(8)(9)	One stop	E + 5.75%	(g)	5.75%	04/2023	12,442		12,442			1.1		11,679
Batteries Plus Holding Corporation^	One stop	L + 6.75%	(a)	9.27%	07/2022	11,350		11,231			1.1		11,350
PADI Holdco, Inc.*	One stop	L + 5.75%	(c)	8.50%	04/2023	12,573		12,431			1.1		12,573
Batteries Plus Holding Corporation(5)	One stop	L + 6.75%		N/A(6)	07/2022	—		(1		)	—		—
PADI Holdco, Inc.	One stop	L + 5.75%	(b)(c)	8.39%	04/2022	23		21			—		23
Boot Barn, Inc.*	Senior loan	L + 4.50%	(c)	7.31%	06/2021	206		202			—		206
Self Esteem Brands, LLC#*	Senior loan	L + 4.25%	(a)	6.75%	02/2022	14,763		14,657			1.3		14,616
Cycle Gear, Inc.^*	One stop	L + 4.50%	(c)	6.90%	01/2021	7,540		7,450			0.7		7,540
Sunshine Sub, LLC*	One stop	L + 4.75%	(a)	7.25%	05/2024	5,441		5,347			0.5		5,441
Cycle Gear, Inc.	One stop	L + 4.50%	(a)(c)	7.21%	01/2021	837		824			0.1		837
Sunshine Sub, LLC	One stop	L + 4.75%	(a)	7.25%	05/2024	5,315		5,227			0.5		5,315
Cycle Gear, Inc.^	One stop	L + 4.50%	(c)	6.90%	01/2021	703		700			0.1		703
Sunshine Sub, LLC(5)	One stop	L + 4.75%		N/A(6)	05/2024	—		(1		)	—		—
DTLR, Inc.^*	One stop	L + 6.50%	(c)	9.06%	08/2022	19,458		19,245			1.8		19,458
Teaching Company, The*	One stop	L + 4.75%	(c)	7.45%	07/2023	7,023		6,994			0.6		7,023
Feeders Supply Company, LLC^	One stop	L + 5.75%	(a)	8.27%	04/2021	4,479		4,452			0.4		4,479
Teaching Company, The(5)	One stop	L + 4.75%		N/A(6)	07/2023	—		(1		)	—		—
Feeders Supply Company, LLC	Subordinated debt	N/A		12.50% cash/7.00% PIK	04/2021	63		63			—		63
Titan Fitness, LLC^	One stop	L + 4.75%	(a)	7.24%	02/2025	15,015		14,869			1.4		14,865
Feeders Supply Company, LLC	One stop	L + 5.75%		N/A(6)	04/2021	—		—			—		—
Titan Fitness, LLC(5)	One stop	L + 4.75%		N/A(6)	02/2025	—		(2		)	—		(3		)
Jet Equipment & Tools Ltd.*(8)(9)(12)	One stop	L + 5.75%	(a)	8.03%	11/2024	9,791		9,672			0.9		9,300
Titan Fitness, LLC(5)	One stop	L + 4.75%		N/A(6)	02/2025	—		(31		)	—		(31		)
Jet Equipment & Tools Ltd.*(8)(12)	One stop	L + 5.75%	(c)	8.55%	11/2024	2,327		2,304			0.2		2,304
WBZ Investment LLC^	One stop	L + 5.50%	(a)	8.00%	09/2024	3,446		3,414			0.3		3,446
Jet Equipment & Tools Ltd.(5)(8)(9)(12)	One stop	L + 5.75%		N/A(6)	11/2024	—		(2		)	—		(1		)
WBZ Investment LLC	One stop	L + 5.50%	(a)	7.98%	09/2024	427		403			0.1		427
Marshall Retail Group LLC, The^	One stop	L + 6.00%	(c)	8.40%	08/2020	3,124		3,124			0.3		3,124
WBZ Investment LLC	One stop	L + 5.50%		N/A(6)	09/2024	—		—			—		—
Marshall Retail Group LLC, The	One stop	P + 4.75%	(f)	10.25%	08/2019	115		115			—		115
						80,498		79,745			7.3		79,404
Mills Fleet Farm Group LLC^*	One stop	L + 6.25%	(a)	8.77%	10/2024	37,030		36,408			3.5		37,030
Mining, Steel, Iron and Non-Precious Metals
Pet Holdings ULC^*(8)(12)	One stop	L + 5.50%	(c)	7.90%	07/2022	32,596		32,399			3.1		32,596
Benetech, Inc.^	One stop	L + 10.00%	(a)	10.50% cash/2.00% PIK	05/2019	181		181			—		181
Pet Holdings ULC^(8)(12)	One stop	L + 5.50%	(c)	7.90%	07/2022	130		128			—		130
Benetech, Inc.	One stop	P + 8.75%	(a)(f)	11.91% cash/2.00% PIK	05/2019	9		9			—		9
Pet Holdings ULC(5)(8)(12)	One stop	L + 5.50%		N/A(6)	07/2022	—		(2		)	—		—
						190		190			—		190
Pet Supplies Plus, LLC*	Senior loan	L + 4.50%	(c)	7.28%	12/2024	7,678		7,602			0.7		7,601
Oil and Gas
Pet Supplies Plus, LLC	Senior loan	P + 3.50%	(f)	9.00%	12/2023	28		27			—		27
Drilling Info Holdings, Inc.*	Senior loan	L + 4.25%	(a)	6.75%	07/2025	16,628		16,448			1.5		16,628
PetPeople Enterprises, LLC^	One stop	L + 5.00%	(a)	7.53%	09/2023	2,343		2,320			0.2		2,343
Drilling Info Holdings, Inc.(5)	Senior loan	L + 4.25%		N/A(6)	07/2023	—		(2		)	—		—
PetPeople Enterprises, LLC	One stop	L + 5.00%	(a)	7.52%	09/2023	15		15			—		15
Drilling Info Holdings, Inc.(5)	Senior loan	L + 4.25%		N/A(6)	07/2025	—		(32		)	—		—
PetPeople Enterprises, LLC(5)	One stop	L + 5.00%		N/A(6)	09/2023	—		(2		)	—		—
						16,628		16,414			1.5		16,628
Sola Franchise, LLC and Sola Salon Studios, LLC*	One stop	L + 5.50%	(c)	8.03%	10/2024	2,232		2,210			0.2		2,209
Sola Franchise, LLC and Sola Salon Studios, LLC(5)	One stop	L + 5.50%		N/A(6)	10/2024	—		—			—		(1		)
Sola Franchise, LLC and Sola Salon Studios, LLC(5)	One stop	L + 5.50%		N/A(6)	10/2024	—		(15		)	—		(16		)
Sola Franchise, LLC and Sola Salon Studios, LLC(5)	One stop	L + 5.50%		N/A(6)	10/2024	—		(19		)	—		(20		)
						142,045		140,450			13.3		141,392
Telecommunications
NetMotion Wireless Holdings, Inc.^	One stop	L + 6.25%	(c)	9.05%	10/2021	6,324		6,250			0.6		6,324
NetMotion Wireless Holdings, Inc.(5)	One stop	L + 6.25%		N/A(6)	10/2021	—		(1		)	—		—
						6,324		6,249			0.6		6,324

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~December~~March 31, ~~2018~~ 2019

(In thousands)

	InvestmentType	SpreadAboveIndex(1)		InterestRate(2)	MaturityDate	Principal ($) /Shares(3)		Amortized Cost			Percentageof NetAssets		FairValue (4)
Textiles and Leather
Personal and Non Durable Consumer Products (Mfg. Only)
SHO Holding I Corporation^	Senior loan	L + 5.00%	(c)	7.53%	10/2022	$	1,893	$	1,867		0.2	%	$	1,817
Georgica Pine Clothiers, LLC*	One stop	L + 5.50%	(c)	8.10%	11/2022	$	4,798	$	4,777		0.4	%	$	4,798
SHO Holding I Corporation	Senior loan	L + 4.00%	(c)	6.44%	10/2021	15		15			—		13
Georgica Pine Clothiers, LLC^	One stop	L + 5.50%	(c)	8.10%	11/2022	3,011		2,983			0.3		3,011
						1,908		1,882			0.2		1,830
Georgica Pine Clothiers, LLC*	One stop	L + 5.50%	(c)	8.10%	11/2022	419		417			0.1		419
Utilities
Georgica Pine Clothiers, LLC*	One stop	L + 5.50%	(c)	8.10%	11/2022	294		293			—		294
Arcos, LLC^	One stop	L + 6.00%	(c)	8.8%	02/2021	3294		3278			0.3		3294
Georgica Pine Clothiers, LLC	One stop	L + 5.50%	(c)(f)	8.91%	11/2022	35		34			—		35
Arcos, LLC	One stop	L + 6.00%		N/A(6)	02/2021	—		—			—		—
IMPLUS Footwear, LLC^*	One stop	L + 6.75%	(c)	9.35%	04/2021	13,053		12,989			1.2		13,053
						3,294		3,278			0.3		3,294
IMPLUS Footwear, LLC*	One stop	L + 6.75%	(c)	9.38%	04/2021	2,298		2,287			0.2		2,298
Total non-controlled/non-affiliate company debt investments						$	1,798,116	$	1,777,891		168.5	%	$	1,780,301
IMPLUS Footcare, LLC	One stop	L + 6.75%	(c)	9.35%	04/2021	697		689			0.1		697
Equity investments(12)(13)
Massage Envy, LLC*	One stop	L + 6.75%	(b)	9.31%	09/2020	3,104		3,094			0.3		3,104
Aerospace and Defense
Massage Envy, LLC	One stop	L + 6.75%	(a)(c)(f)	9.51%	09/2020	178		177			—		178
Whitcraft LLC	Common stock	N/A		N/A	N/A	7		$	688		0.1	%	$	1,166
Massage Envy, LLC	One stop	L + 6.75%	(a)(b)	9.26%	09/2020	151		151			—		151
Automobile
Massage Envy, LLC*	One stop	L + 6.75%	(a)(f)	9.25%	09/2020	112		112			—		112
Grease Monkey International, LLC	LLC units	N/A		N/A	N/A	448		448			0.1		720
Massage Envy, LLC*	One stop	L + 6.75%	(a)(f)	9.26%	09/2020	98		98			—		98
Polk Acquisition Corp.	LP interest	N/A		N/A	N/A	4		401			—		172
Massage Envy, LLC*	One stop	L + 6.75%	(a)	9.24%	09/2020	98		98			—		98
Quick Quack Car Wash Holdings, LLC	LLC units	N/A		N/A	N/A	—		248			—		248
Massage Envy, LLC*	One stop	L + 6.75%	(a)(f)	9.25%	09/2020	94		93			—		94
								1,097			0.1		1,140
Massage Envy, LLC*	One stop	L + 6.75%	(b)	9.31%	09/2020	90		89			—		90
Beverage, Food and Tobacco
Massage Envy, LLC	One stop	L + 6.75%	(a)(b)	9.25%	09/2020	70		70			—		70
Cafe Rio Holding, Inc.	Common stock	N/A		N/A	N/A	3		283			—		349
Massage Envy, LLC*	One stop	L + 6.75%	(a)(f)	9.24%	09/2020	70		70			—		70
Global ID Corporation	LLC interest	N/A		N/A	N/A	2		240			—		320
Massage Envy, LLC*	One stop	L + 6.75%	(b)	9.31%	09/2020	45		45			—		45
Hopdoddy Holdings, LLC	LLC units	N/A		N/A	N/A	17		84			—		73
Massage Envy, LLC*	One stop	L + 6.75%	(a)(b)	9.26%	09/2020	30		30			—		30
Hopdoddy Holdings, LLC	LLC units	N/A		N/A	N/A	8		24			—		21
Massage Envy, LLC	One stop	L + 6.75%		N/A(6)	09/2020	—		—			—		—
Mendocino Farms, LLC	Common stock	N/A		N/A	N/A	157		690			0.1		668
Massage Envy, LLC(5)	One stop	L + 6.75%		N/A(6)	09/2020	—		(1		)	—		—
Purfoods, LLC	LLC interest	N/A		N/A	N/A	355		355			0.1		555
Orthotics Holdings, Inc.*	One stop	L + 5.50%	(a)	8.00%	02/2020	3,637		3,626			0.3		3,637
Wood Fired Holding Corp.	LLC units	N/A		N/A	N/A	232		232			—		232
Orthotics Holdings, Inc.*(8)	One stop	L + 5.50%	(a)	8.00%	02/2020	596		594			0.1		596
Wood Fired Holding Corp.	LLC units	N/A		N/A	N/A	232		—			—		—
Orthotics Holdings, Inc.(8)	One stop	L + 5.50%		N/A(6)	02/2020	—		—			—		—
								1,908			0.2		2,218
Orthotics Holdings, Inc.(5)	One stop	L + 5.50%		N/A(6)	02/2020	—		(2		)	—		—
Chemicals, Plastics and Rubber
WU Holdco, Inc.*	One stop	L + 5.50%	(c)	8.11%	03/2026	2,080		2,080			0.2		2,080
Flexan, LLC	Preferred stock	N/A		N/A	N/A	—		40			—		31
WU Holdco, Inc.	One stop	L + 5.50%		N/A(6)	03/2026	—		—			—		—
Flexan, LLC	Common stock	N/A		N/A	N/A	—		—			—		—
WU Holdco, Inc.	One stop	L + 5.50%		N/A(6)	03/2025	—		—			—		—
Inhance Technologies Holdings LLC	LLC units	N/A		N/A	N/A	—		80			—		80
						35,058		34,893			3.2		35,058
								120			—		111
Personal, Food and Miscellaneous Services
Diversified/Conglomerate Manufacturing
Captain D's, LLC*	Senior loan	L + 4.50%	(a)	6.99%	12/2023	2,171		2,154			0.2		2,171
Inventus Power, Inc.	Preferred stock	N/A		N/A	N/A	—		259			—		—
Captain D's, LLC	Senior loan	P + 3.50%	(a)(f)	8.18%	12/2023	9		9			—		9
Inventus Power, Inc.	LLC units	N/A		N/A	N/A	—		38			—		37
Clarkson Eyecare LLC#^*	One stop	L + 6.25%	(c)	8.85%	04/2021	43,284		42,996			3.9		43,284
Inventus Power, Inc.	Common stock	N/A		N/A	N/A	—		—			—		—
Clarkson Eyecare LLC	One stop	L + 6.25%	(c)	8.99%	04/2021	1,243		1,234			0.1		1,243
Reladyne, Inc.	LP interest	N/A		N/A	N/A	—		242			0.1		576
Clarkson Eyecare LLC	One stop	L + 6.25%	(c)(f)	9.52%	04/2021	397		394			—		397
								539			0.1		613
Community Veterinary Partners, LLC*	One stop	L + 5.50%	(c)	8.10%	10/2021	1,935		1,931			0.2		1,935
Community Veterinary Partners, LLC	One stop	L + 5.50%	(c)	8.10%	10/2021	765		765			0.1		765
Community Veterinary Partners, LLC	One stop	L + 5.50%	(c)	8.10%	10/2021	650		650			0.1		650
Community Veterinary Partners, LLC	One stop	L + 5.50%	(c)	8.10%	10/2021	577		577			0.1		577
Community Veterinary Partners, LLC*	One stop	L + 5.50%	(c)	8.10%	10/2021	514		514			0.1		514
Community Veterinary Partners, LLC*	One stop	L + 5.50%	(c)	8.10%	10/2021	99		97			—		99
Community Veterinary Partners, LLC	One stop	L + 5.50%	(c)	8.10%	10/2021	45		10			—		45
Community Veterinary Partners, LLC(5)	One stop	L + 5.50%		N/A(6)	10/2021	—		(26		)	—		—
Imperial Optical Midco Inc.	One stop	L + 4.75%	(b)	7.33%	08/2023	656		603			0.1		656
Imperial Optical Midco Inc.	One stop	L + 4.75%	(b)	7.31%	08/2023	149		147			—		149

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~December~~March 31, ~~2018~~ 2019

(In thousands)

	InvestmentType	SpreadAboveIndex(1)		InterestRate(2)	MaturityDate	Principal ($) /Shares(3)		Amortized Cost			Percentageof NetAssets		FairValue (4)
Diversified/Conglomerate Service
Personal, Food and Miscellaneous Services - (continued)
Accela, Inc.	LLC units	N/A		N/A	N/A	374		$	374		0.1	%	$	381
Imperial Optical Midco Inc.	One stop	L + 4.75%		N/A(6)	08/2023	$	—	$	—		—	%	$	—
Agility Recovery Solutions Inc.	Preferred stock	N/A		N/A	N/A	30		152			—		231
PPV Intermediate Holdings II, LLC	One stop	P + 4.00%	(f)	9.50%	05/2023	32		31			—		32
Caliper Software, Inc.	Preferred stock	N/A		N/A	N/A	1		1,326			0.1		1,382
PPV Intermediate Holdings II, LLC	One stop	N/A		7.90% PIK	05/2023	19		19			—		19
Caliper Software, Inc.	Common stock	N/A		N/A	N/A	117		117			—		117
PPV Intermediate Holdings II, LLC(5)	One stop	L + 5.00%		N/A(6)	05/2020	—		(53		)	—		—
Centrify Corporation	LP interest	N/A		N/A	N/A	—		400			0.1		400
Ruby Slipper Cafe LLC, The	One stop	L + 7.50%	(c)	10.19%	01/2023	352		339			—		352
Centrify Corporation	LP interest	N/A		N/A	N/A	141		—			—		—
Ruby Slipper Cafe LLC, The	One stop	L + 7.50%	(c)	10.27%	01/2023	59		59			—		59
Cloudbees, Inc.	Preferred stock	N/A		N/A	N/A	39		247			—		248
Ruby Slipper Cafe LLC, The	One stop	L + 7.50%	(c)	10.18%	01/2023	5		5			—		5
Cloudbees, Inc.	Warrant	N/A		N/A	N/A	35		46			—		81
Southern Veterinary Partners, LLC*	One stop	L + 5.50%	(a)	8.00%	05/2025	3,589		3,557			0.3		3,589
Confluence Technologies, Inc.	LLC interest	N/A		N/A	N/A	1		106			—		131
Southern Veterinary Partners, LLC	One stop	L + 5.50%	(a)	8.00%	05/2025	2,166		2,147			0.2		2,166
Connexin Software, Inc.	LLC interest	N/A		N/A	N/A	84		84			—		117
Southern Veterinary Partners, LLC	One stop	L + 5.50%	(a)	8.00%	05/2025	1,907		1,890			0.2		1,907
Digital Guardian, Inc.	Warrant	N/A		N/A	N/A	67		11			—		67
Southern Veterinary Partners, LLC*	One stop	L + 5.50%	(a)	8.00%	05/2025	1,565		1,543			0.1		1,565
GS Acquisitionco, Inc.	LP interest	N/A		N/A	N/A	1		117			—		172
Southern Veterinary Partners, LLC	One stop	L + 5.50%	(a)	8.00%	05/2025	1,391		1,379			0.1		1,391
HealthcareSource HR, Inc.	LLC interest	N/A		N/A	N/A	—		165			—		196
Southern Veterinary Partners, LLC	One stop	L + 5.50%	(a)	8.00%	05/2025	1,186		1,176			0.1		1,186
Host Analytics, Inc.	Warrant	N/A		N/A	N/A	164		60			—		66
Southern Veterinary Partners, LLC	One stop	L + 5.50%	(a)	8.00%	05/2025	1,105		1,073			0.1		1,105
Hydraulic Authority III Limited(8)(9)(10)	Preferred stock	N/A		N/A	N/A	151		192			—		192
Southern Veterinary Partners, LLC*	One stop	L + 5.50%	(a)	8.00%	05/2025	1,034		1,025			0.1		1,034
Hydraulic Authority III Limited(8)(9)(10)	Common stock	N/A		N/A	N/A	3		—			—		—
Southern Veterinary Partners, LLC	One stop	L + 5.50%	(a)	8.00%	05/2025	849		841			0.1		849
Kareo, Inc.	Warrant	N/A		N/A	N/A	29		203			—		2
Southern Veterinary Partners, LLC	One stop	L + 5.50%	(a)	8.00%	05/2025	773		743			0.1		773
Kareo, Inc.	Preferred stock	N/A		N/A	N/A	1		5			—		6
Southern Veterinary Partners, LLC	One stop	L + 5.50%	(a)	8.00%	05/2023	75		74			—		75
Maverick Bidco Inc.	LLC units	N/A		N/A	N/A	1		597			0.1		630
Southern Veterinary Partners, LLC(5)	One stop	L + 5.50%		N/A(6)	05/2025	—		(51		)	—		—
MMan Acquisition Co.	LP interest	N/A		N/A	N/A	334		334			—		123
Veterinary Specialists of North America, LLC*	One stop	P + 4.50%	(a)(f)	9.53%	07/2021	3,794		3,771			0.3		3,794
MMan Acquisition Co.	Preferred stock	N/A		N/A	N/A	—		26			—		27
Veterinary Specialists of North America, LLC	One stop	P + 4.50%	(f)	10.00%	07/2021	500		496			0.1		500
Net Health Acquisition Corp.	LP interest	N/A		N/A	N/A	—		436			0.1		452
Veterinary Specialists of North America, LLC	One stop	P + 4.50%	(f)	10.00%	07/2021	462		458			0.1		462
Nexus Brands Group, Inc.	LP interest	N/A		N/A	N/A	—		236			—		274
Veterinary Specialists of North America, LLC	One stop	P + 4.50%	(f)	10.00%	07/2021	418		415			0.1		418
Personify, Inc.	LLC units	N/A		N/A	N/A	342		342			—		339
Veterinary Specialists of North America, LLC*	One stop	P + 4.50%	(f)	10.00%	07/2021	227		226			—		227
Pride Midco, Inc.	Preferred stock	N/A		N/A	N/A	1		1,256			0.1		1,306
Veterinary Specialists of North America, LLC	One stop	L + 5.50%	(a)	7.99%	07/2021	111		109			—		111
Project Alpha Intermediate Holding, Inc.	Common stock	N/A		N/A	N/A	—		399			0.1		488
Veterinary Specialists of North America, LLC*	One stop	P + 4.50%	(f)	10.00%	07/2021	88		87			—		88
Project Alpha Intermediate Holding, Inc.	Common stock	N/A		N/A	N/A	99		4			—		82
Veterinary Specialists of North America, LLC	One stop	L + 5.50%	(a)(f)	8.91%	07/2021	77		76			—		77
Property Brands, Inc.	Preferred stock	N/A		N/A	N/A	34		345			0.1		393
Veterinary Specialists of North America, LLC*	One stop	P + 4.50%	(f)	10.00%	07/2021	33		32			—		33
Quickbase, Inc.	Common stock	N/A		N/A	N/A	615		—			0.2		1,773
Wetzel's Pretzels, LLC*	One stop	L + 6.75%	(a)	9.25%	09/2021	8,245		8,179			0.8		8,245
RegEd Aquireco, LLC	LP interest	N/A		N/A	N/A	—		157			—		157
Wetzel's Pretzels, LLC	One stop	L + 6.75%	(a)	9.25%	09/2021	19		19			—		19
RegEd Aquireco, LLC	LP interest	N/A		N/A	N/A	2		—			—		—
						82,575		81,720			7.7		82,575
Valant Medical Solutions, Inc.	Warrant	N/A		N/A	N/A	6		86			—		47
Printing and Publishing
Verisys Corporation	LLC interest	N/A		N/A	N/A	318		318			—		239
Brandmuscle, Inc.*	Senior loan	L + 5.00%	(c)	7.60%	12/2021	529		527			0.1		532
Workforce Software, LLC	LLC units	N/A		N/A	N/A	1,373		1,373			0.1		1,519
Messenger, LLC^	One stop	L + 6.00%	(a)(f)	8.52%	08/2023	3,907		3,873			0.4		3,907
Xmatters, Inc. and Alarmpoint, Inc.	Preferred stock	N/A		N/A	N/A	232		212			—		211
Messenger, LLC	One stop	L + 6.00%		N/A(6)	08/2023	—		—			—		—
Xmatters, Inc. and Alarmpoint, Inc.	Warrant	N/A		N/A	N/A	41		33			—		16
						4,436		4,400			0.5		4,439
Xmatters, Inc. and Alarmpoint, Inc.	Preferred stock	N/A		N/A	N/A	10		10			—		12
Retail Stores
								9,769			1.1		11,877
Batteries Plus Holding Corporation*	One stop	L + 6.75%	(a)	9.25%	07/2022	11,321		11,211			1.0		11,321
Ecological
Batteries Plus Holding Corporation	One stop	P + 5.75%	(f)	11.25%	07/2022	8		6			—		8
Pace Analytical Services, LLC	Common stock	N/A		N/A	N/A	3		302			—		296
Boot Barn, Inc.^	Senior loan	L + 4.50%	(c)	7.10%	06/2021	206		202			—		206
Electronics
Cycle Gear, Inc.^*	One stop	L + 5.00%	(c)	7.80%	01/2021	7,521		7,446			0.7		7,521
Diligent Corporation	Preferred stock	N/A		N/A	N/A	359		4			0.1		1,438
Cycle Gear, Inc.*	One stop	L + 5.00%	(c)	7.80%	01/2021	701		699			0.1		701
Episerver, Inc.	Common stock	N/A		N/A	N/A	40		404			0.1		404
DTLR, Inc.^*	One stop	L + 6.50%	(c)	9.24%	08/2022	19,409		19,210			1.8		19,409
SEI, Inc.	LLC units	N/A		N/A	N/A	207		161			0.1		378
Feeders Supply Company, LLC*	One stop	L + 5.75%	(a)	8.25%	04/2021	4,425		4,400			0.4		4,425
Sloan Company, Inc., The	LLC units	N/A		N/A	N/A	—		74			—		—
Feeders Supply Company, LLC	Subordinated debt	N/A		12.50% cash/7.00% PIK	04/2021	64		64			—		64
Sloan Company, Inc., The	LLC units	N/A		N/A	N/A	1		7			—		—
Feeders Supply Company, LLC	One stop	L + 5.75%		N/A(6)	04/2021	—		—			—		—
								650			0.3		2,220
Jet Equipment & Tools Ltd.^(8)(9)(11)	One stop	L + 5.75%	(a)	7.72%	11/2024	9,766		9,652			0.9		9,478

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~December~~March 31, ~~2018~~ 2019

(In thousands)

	InvestmentType	SpreadAboveIndex(1)		InterestRate(2)	MaturityDate	Principal ($) /Shares(3)		Amortized Cost			Percentageof NetAssets		FairValue (4)
Healthcare, Education and Childcare
Retail Stores - (continued)
Active Day, Inc.	LLC interest	N/A		N/A	N/A	1		$	529		—	%	$	317
Jet Equipment & Tools Ltd.*(8)(11)	One stop	L + 5.75%	(c)	8.38%	11/2024	$	7,552	$	7,478		0.7	%	$	7,477
Acuity Eyecare Holdings, LLC	LLC interest	N/A		N/A	N/A	796		852			0.1		915
Jet Equipment & Tools Ltd.^(8)(11)	One stop	L + 5.75%	(a)	8.25%	11/2024	2,321		2,299			0.2		2,298
ADCS Clinics Intermediate Holdings, LLC	Preferred stock	N/A		N/A	N/A	1		596			0.1		432
Jet Equipment & Tools Ltd.(5)(8)(9)(11)	One stop	L + 5.75%		N/A(6)	11/2024	—		(2		)	—		(1		)
ADCS Clinics Intermediate Holdings, LLC	Common stock	N/A		N/A	N/A	—		6			—		—
Marshall Retail Group LLC, The*	One stop	L + 6.00%	(c)	8.80%	08/2020	3,117		3,117			0.3		3,117
BIO18 Borrower, LLC	LLC interest	N/A		N/A	N/A	105		548			0.1		548
Marshall Retail Group LLC, The	One stop	P + 4.75%	(f)	10.25%	08/2019	172		172			—		172
BIOVT, LLC	LLC units	N/A		N/A	N/A	—		360			0.1		631
Mills Fleet Farm Group LLC#^*	One stop	L + 6.25%	(a)	8.75%	10/2024	36,937		36,343			3.4		36,937
CRH Healthcare Purchaser, Inc.	LP interest	N/A		N/A	N/A	228		228			—		228
Pet Holdings ULC#^*(8)(11)	One stop	L + 5.50%	(c)	8.30%	07/2022	32,513		32,331			3.0		32,513
DCA Investment Holding, LLC	LLC units	N/A		N/A	N/A	5,253		525			0.1		681
Pet Holdings ULC*(8)(11)	One stop	L + 5.50%	(c)	8.30%	07/2022	129		128			—		129
DCA Investment Holding, LLC	LLC units	N/A		N/A	N/A	53		5			—		12
Pet Holdings ULC(5)(8)(11)	One stop	L + 5.50%		N/A(6)	07/2022	—		(2		)	—		—
Deca Dental Management LLC	LLC units	N/A		N/A	N/A	651		651			0.1		674
Pet Supplies Plus, LLC^	Senior loan	L + 4.50%	(c)	7.10%	12/2024	7,659		7,586			0.7		7,659
Dental Holdings Corporation	LLC units	N/A		N/A	N/A	394		370			—		239
Pet Supplies Plus, LLC(5)	Senior loan	L + 4.50%		N/A(6)	12/2023	—		(1		)	—		—
Elite Dental Partners LLC	Common stock	N/A		N/A	N/A	—		426			0.1		474
PetPeople Enterprises, LLC*	One stop	L + 5.00%	(a)	7.50%	09/2023	2,337		2,315			0.2		2,337
Encore GC Acquisition, LLC	LLC units	N/A		N/A	N/A	8		81			—		109
PetPeople Enterprises, LLC	One stop	L + 5.00%	(a)	7.50%	09/2023	1,044		1,031			0.1		1,044
Encore GC Acquisition, LLC	LLC units	N/A		N/A	N/A	8		—			—		16
PetPeople Enterprises, LLC	One stop	L + 5.00%	(a)	7.50%	09/2023	15		15			—		15
ERG Buyer, LLC	LLC units	N/A		N/A	N/A	—		418			—		213
Sola Franchise, LLC and Sola Salon Studios, LLC^	One stop	L + 5.50%	(c)	8.10%	10/2024	2,226		2,206			0.2		2,226
ERG Buyer, LLC	LLC units	N/A		N/A	N/A	4		4			—		—
Sola Franchise, LLC and Sola Salon Studios, LLC	One stop	L + 5.50%	(c)	8.10%	10/2024	1,614		1,584			0.1		1,614
Eyecare Services Partners Holdings LLC	LLC units	N/A		N/A	N/A	—		304			—		198
Sola Franchise, LLC and Sola Salon Studios, LLC	One stop	L + 5.50%	(a)	8.00%	10/2024	7		7			—		7
Eyecare Services Partners Holdings LLC	LLC units	N/A		N/A	N/A	—		3			—		—
Sola Franchise, LLC and Sola Salon Studios, LLC(5)	One stop	L + 5.50%		N/A(6)	10/2024	—		(19		)	—		—
G & H Wire Company, Inc.	LLC interest	N/A		N/A	N/A	187		188			—		138
						151,064		149,478			13.8		150,677
Katena Holdings, Inc.	LLC units	N/A		N/A	N/A	—		205			—		175
Telecommunications
Lombart Brothers, Inc.	Common stock	N/A		N/A	N/A	1		146			—		175
NetMotion Wireless Holdings, Inc.*	One stop	L + 6.25%	(c)	8.85%	10/2021	6,308		6,241			0.6		6,308
MD Now Holdings, Inc.	LLC units	N/A		N/A	N/A	8		78			—		78
NetMotion Wireless Holdings, Inc.	One stop	L + 6.25%		N/A(6)	10/2021	—		—			—		—
MWD Management, LLC & MWD Services, Inc.	LLC interest	N/A		N/A	N/A	230		230			—		155
						6,308		6,241			0.6		6,308
Oliver Street Dermatology Holdings, LLC	LLC units	N/A		N/A	N/A	218		218			—		286
Textiles and Leather
Pinnacle Treatment Centers, Inc.	Preferred stock	N/A		N/A	N/A	—		226			—		267
SHO Holding I Corporation*	Senior loan	L + 5.00%	(c)	7.74%	10/2022	1,888		1,864			0.2		1,812
Pinnacle Treatment Centers, Inc.	Common stock	N/A		N/A	N/A	2		2			—		17
SHO Holding I Corporation	Senior loan	L + 4.00%	(c)	6.79%	10/2021	15		15			—		13
RXH Buyer Corporation	LP interest	N/A		N/A	N/A	4		443			—		234
						1,903		1,879			0.2		1,825
SLMP, LLC	LLC interest	N/A		N/A	N/A	378		378			—		417
Utilities
Summit Behavioral Healthcare, LLC	LLC interest	N/A		N/A	N/A	1		86			—		60
Arcos, LLC*	One stop	L + 5.75%	(c)	8.35%	02/2021	8,116		8,053			0.7		8,035
Summit Behavioral Healthcare, LLC	LLC interest	N/A		N/A	N/A	1		—			—		—
Arcos, LLC	One stop	L + 5.75%		N/A(6)	02/2021	—		—			—		—
WHCG Management, LLC	LLC interest	N/A		N/A	N/A	—		314			—		105
						8,116		8,053			0.7		8,035
								8,420			0.7		7,794
Total non-controlled/non-affiliate company debt investments						$	1,947,987	$	1,927,356		175.5	%	$	1,926,173
Insurance
Equity investments(12)(13)
Internet Pipeline, Inc.	Preferred stock	N/A		N/A	N/A	—		153			—		209
Aerospace and Defense
Internet Pipeline, Inc.	Common stock	N/A		N/A	N/A	93		2			0.1		367
Whitcraft LLC	Common stock	N/A		N/A	N/A	7		$	688		0.1	%	$	1,101
Orchid Underwriters Agency, LLC	LP interest	N/A		N/A	N/A	42		42			—		42
Automobile
								197			0.1		618
Grease Monkey International, LLC	LLC units	N/A		N/A	N/A	448		448			0.1		886
Leisure, Amusement, Motion Pictures, Entertainment
Polk Acquisition Corp.	LP interest	N/A		N/A	N/A	4		401			—		162
PADI Holdco, Inc.	LLC units	N/A		N/A	N/A	1		539			0.1		602
Quick Quack Car Wash Holdings, LLC	LLC units	N/A		N/A	N/A	—		248			—		248
WBZ Investment LLC	LLC interest	N/A		N/A	N/A	36		56			—		56
								1,097			0.1		1,296
WBZ Investment LLC	LLC interest	N/A		N/A	N/A	25		38			—		38
WBZ Investment LLC	LLC interest	N/A		N/A	N/A	20		31			—		31
WBZ Investment LLC	LLC interest	N/A		N/A	N/A	18		27			—		27
WBZ Investment LLC	LLC interest	N/A		N/A	N/A	8		12			—		12
WBZ Investment LLC	LLC interest	N/A		N/A	N/A	1		1			—		1
								704			0.1		767
Mining, Steel, Iron and Non-Precious Metals
Benetech, Inc.	LLC interest	N/A		N/A	N/A	2		—			—		—
Benetech, Inc.	LLC interest	N/A		N/A	N/A	2		—			—		1
								—			—		1
Personal and Non Durable Consumer Products (Mfg. Only)
Georgica Pine Clothiers, LLC(15)	LLC units	N/A		N/A	N/A	9		91			—		114

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~December~~March 31, ~~2018~~ 2019

(In thousands)

	InvestmentType	SpreadAboveIndex(1)		InterestRate(2)	MaturityDate	Principal ($) /Shares(3)		Amortized Cost		Percentageof NetAssets		FairValue (4)
Personal, Food and Miscellaneous Services
Beverage, Food and Tobacco
Captain D's, LLC	LLC interest	N/A		N/A	N/A	88		$	88	—	%	$	70
Cafe Rio Holding, Inc.	Common stock	N/A		N/A	N/A	3		$	283	—	%	$	342
Clarkson Eyecare LLC	LLC units	N/A		N/A	N/A	—		86		—		182
Global ID Corporation	LLC interest	N/A		N/A	N/A	2		240		—		356
Community Veterinary Partners, LLC	Common stock	N/A		N/A	N/A	2		210		0.1		290
Hopdoddy Holdings, LLC	LLC units	N/A		N/A	N/A	17		84		—		59
PPV Intermediate Holdings II, LLC	LLC interest	N/A		N/A	N/A	160		160		—		180
Hopdoddy Holdings, LLC	LLC units	N/A		N/A	N/A	8		24		—		17
Ruby Slipper Cafe LLC, The	LLC units	N/A		N/A	N/A	19		186		—		222
Mendocino Farms, LLC	Common stock	N/A		N/A	N/A	157		690		0.1		646
Southern Veterinary Partners, LLC	LLC units	N/A		N/A	N/A	—		282		0.1		446
Purfoods, LLC	LLC interest	N/A		N/A	N/A	355		355		0.1		617
Southern Veterinary Partners, LLC	LLC units	N/A		N/A	N/A	83		3		—		56
Uinta Brewing Company	Common stock	N/A		N/A	N/A	30		—		—		33
Veterinary Specialists of North America, LLC	LLC units	N/A		N/A	N/A	—		56		—		112
Wood Fired Holding Corp.	LLC units	N/A		N/A	N/A	232		232		—		232
Wetzel's Pretzels, LLC	Common stock	N/A		N/A	N/A	—		149		—		202
Wood Fired Holding Corp.	LLC units	N/A		N/A	N/A	232		—		—		—
								1,220		0.2		1,760
								1,908		0.2		2,302
Printing and Publishing
Chemicals, Plastics and Rubber
Brandmuscle, Inc.	LLC interest	N/A		N/A	N/A	—		207		—		139
Flexan, LLC	Preferred stock	N/A		N/A	N/A	—		40		—		36
Retail Stores
Flexan, LLC	Common stock	N/A		N/A	N/A	—		—		—		—
Batteries Plus Holding Corporation	LP interest	N/A		N/A	N/A	5		505		0.1		802
Inhance Technologies Holdings LLC	LLC units	N/A		N/A	N/A	—		80		—		70
Cycle Gear, Inc.	LLC units	N/A		N/A	N/A	8		111		—		212
								120		—		106
Elite Sportswear, L.P.	LLC interest	N/A		N/A	N/A	—		73		—		10
Diversified/Conglomerate Manufacturing
Feeders Supply Company, LLC	Preferred stock	N/A		N/A	N/A	2		179		—		229
Inventus Power, Inc.	Preferred stock	N/A		N/A	N/A	—		259		—		—
Feeders Supply Company, LLC	Common stock	N/A		N/A	N/A	—		—		—		32
Inventus Power, Inc.	LLC units	N/A		N/A	N/A	—		38		—		33
Jet Equipment & Tools Ltd.(8)(9)(12)	LLC units	N/A		N/A	N/A	1		384		0.1		485
Inventus Power, Inc.	Common stock	N/A		N/A	N/A	—		—		—		—
Pet Holdings ULC(8)(12)	LP interest	N/A		N/A	N/A	222		188		—		225
Reladyne, Inc.	LP interest	N/A		N/A	N/A	—		264		0.1		597
Pet Supplies Plus, LLC	LLC units	N/A		N/A	N/A	77		77		—		77
								561		0.1		630
Sola Franchise, LLC and Sola Salon Studios, LLC	LLC units	N/A		N/A	N/A	2		206		—		206
Sola Franchise, LLC and Sola Salon Studios, LLC	LLC units	N/A		N/A	N/A	—		41		—		41
								1,764		0.2		2,319
Total non-controlled/non-affiliate company equity investments								$	27,676	3.2	%	$	33,153
Total non-controlled/non-affiliate company investments						$	1,798,116	$	1,805,567	171.7	%	$	1,813,454
Non-controlled affiliate company investments(16)
Debt investments
Diversified/Conglomerate Service
Switchfly LLC(8)	One stop	L + 3.00%	(c)	5.40%	10/2023	$	3,067	$	3,010	0.3	%	$	2,761
Accela, Inc.	LLC units	N/A		N/A	N/A	374		374		—		212
Switchfly LLC(8)	One stop	L + 3.00%	(c)	5.40%	10/2023	256		251		—		230
Agility Recovery Solutions Inc.	Preferred stock	N/A		N/A	N/A	30		152		—		194
Switchfly LLC(8)	One stop	L + 3.00%	(c)	5.40%	10/2023	17		17		—		15
Caliper Software, Inc.	Preferred stock	N/A		N/A	N/A	1		1,325		0.1		1,447
Switchfly LLC(8)	One stop	L + 8.50%		N/A(6)	10/2023	—		—		—		—
Caliper Software, Inc.	Common stock	N/A		N/A	N/A	117		117		—		114
						3,340		3,278		0.3		3,006
Centrify Corporation	LP interest	N/A		N/A	N/A	—		400		—		345
Total non-controlled affiliate company debt investments						$	3,340	$	3,278	0.3		$	3,006
Centrify Corporation	LP interest	N/A		N/A	N/A	141		—		—		—
Equity investments(13)(14)
Cloudbees, Inc.	Preferred stock	N/A		N/A	N/A	39		247		—		245
Diversified/Conglomerate Service
Cloudbees, Inc.	Warrant	N/A		N/A	N/A	35		46		—		81
Switchfly LLC(8)	LLC units	N/A		N/A	N/A	1,734		$	867	0.1	%	$	1,124
Confluence Technologies, Inc.	LLC interest	N/A		N/A	N/A	1		106		—		162
Total non-controlled affiliate company equity investments								$	867	0.1		$	1,124
Connexin Software, Inc.	LLC interest	N/A		N/A	N/A	84		84		—		117
Total non-controlled affiliate company investments						$	3,340	$	4,145	0.4		$	4,130
Digital Guardian, Inc.	Warrant	N/A		N/A	N/A	67		11		—		1
GS Acquisitionco, Inc.	LP interest	N/A		N/A	N/A	1		117		—		191
HealthcareSource HR, Inc.	LLC interest	N/A		N/A	N/A	—		165		—		230
Hydraulic Authority III Limited(8)(9)(10)	Preferred stock	N/A		N/A	N/A	151		192		—		196
Hydraulic Authority III Limited(8)(9)(10)	Common stock	N/A		N/A	N/A	3		—		—		—
Kareo, Inc.	Warrant	N/A		N/A	N/A	29		203		—		4
Kareo, Inc.	Preferred stock	N/A		N/A	N/A	1		5		—		4
Kareo, Inc.	Warrant	N/A		N/A	N/A	3		—		—		7
Maverick Bidco Inc.	LLC units	N/A		N/A	N/A	1		597		0.1		410
MMan Acquisition Co.	Preferred stock	N/A		N/A	N/A	—		26		—		21
MMan Acquisition Co.	Common stock	N/A		N/A	N/A	—		25		0.1		962
Net Health Acquisition Corp.	LP interest	N/A		N/A	N/A	—		436		0.1		530
Nexus Brands Group, Inc.	LP interest	N/A		N/A	N/A	—		236		—		280
Personify, Inc.	LLC units	N/A		N/A	N/A	342		342		—		313

See Notes to Consolidated Financial Statements.

Golub Capital Investment Corporation and Subsidiaries

Consolidated Schedule of Investments (unaudited) - (continued)

~~December~~March 31, ~~2018~~ 2019

(In thousands)

	InvestmentType	SpreadAboveIndex(1)	InterestRate(2)	MaturityDate	Principal ($) /Shares(3)		Amortized Cost		Percentageof NetAssets		FairValue (4)
Controlled affiliate company investments(17)
Diversified/Conglomerate Service - (continued)
Equity investments (13)(14)
Pride Midco, Inc.	Preferred stock	N/A	N/A	N/A	1		$	1,256	0.1	%	$	1,343
Investment Funds and Vehicles
Project Alpha Intermediate Holding, Inc.	Common stock	N/A	N/A	N/A	—		399		0.1		499
GCIC Senior Loan Fund LLC(8)(18)	LLC interest	N/A	N/A	N/A	48,356		$	48,356	4.7	%	$	50,069
Project Alpha Intermediate Holding, Inc.	Common stock	N/A	N/A	N/A	99		4		—		175
Total controlled affiliate company equity investments							$	48,356	4.7	%	$	50,069
Property Brands, Inc.	LLC units	N/A	N/A	N/A	34		345		0.1		415
Total controlled affiliate company investments							$	48,356	4.7	%	$	50,069
Quickbase, Inc.	Common stock	N/A	N/A	N/A	615		—		0.3		3,643
Total investments					$	1,801,456	$	1,858,068	176.7	%	$	1,867,653
RegEd Aquireco, LLC	LP interest	N/A	N/A	N/A	—		157		—		156
Cash, cash equivalents, foreign currencies and restricted cash and cash equivalents
RegEd Aquireco, LLC	LP interest	N/A	N/A	N/A	2		—		—		—
Cash, foreign currencies and restricted cash							$	82,132	7.8	%	$	82,132
Valant Medical Solutions, Inc.	Warrant	N/A	N/A	N/A	6		86		—		17
Total cash, cash equivalents, foreign currencies and restricted cash and cash equivalents							$	82,132	7.8	%	$	82,132
Verisys Corporation	LLC interest	N/A	N/A	N/A	318		318		—		300
Total investments and cash, cash equivalents, foreign currencies and restricted cash and cash equivalents							$	1,940,200	184.5	%	$	1,949,785
Workforce Software, LLC	LLC units	N/A	N/A	N/A	1,373		1,373		0.1		1,506
Xmatters, Inc. and Alarmpoint, Inc.	Preferred stock	N/A	N/A	N/A	232		212		—		245
Xmatters, Inc. and Alarmpoint, Inc.	Warrant	N/A	N/A	N/A	41		33		—		18
Xmatters, Inc. and Alarmpoint, Inc.	Preferred stock	N/A	N/A	N/A	10		10		—		15
							9,399		1.1		14,398
Ecological
Pace Analytical Services, LLC	Common stock	N/A	N/A	N/A	3		302		—		348
Electronics
Diligent Corporation	Preferred stock	N/A	N/A	N/A	359		4		0.1		1,392
Episerver, Inc.	Common stock	N/A	N/A	N/A	40		404		0.1		437
SEI, Inc.	LLC units	N/A	N/A	N/A	207		161		0.1		424
Sloan Company, Inc., The	LLC units	N/A	N/A	N/A	—		74		—		—
Sloan Company, Inc., The	LLC units	N/A	N/A	N/A	1		7		—		—
							650		0.3		2,253
Healthcare, Education and Childcare
Active Day, Inc.	LLC interest	N/A	N/A	N/A	1		529		—		319
Acuity Eyecare Holdings, LLC	LLC interest	N/A	N/A	N/A	796		852		0.1		931
ADCS Clinics Intermediate Holdings, LLC	Preferred stock	N/A	N/A	N/A	1		596		0.1		469
ADCS Clinics Intermediate Holdings, LLC	Common stock	N/A	N/A	N/A	—		6		—		—
BIO18 Borrower, LLC	LLC interest	N/A	N/A	N/A	105		548		0.1		548
BIOVT, LLC	LLC units	N/A	N/A	N/A	—		360		0.1		639
CRH Healthcare Purchaser, Inc.	LP interest	N/A	N/A	N/A	228		228		—		228
DCA Investment Holding, LLC	LLC units	N/A	N/A	N/A	5,253		525		0.1		694
DCA Investment Holding, LLC	LLC units	N/A	N/A	N/A	53		5		—		158
Deca Dental Management LLC	LLC units	N/A	N/A	N/A	651		651		0.1		796
Dental Holdings Corporation	LLC units	N/A	N/A	N/A	394		370		—		207
Elite Dental Partners LLC	Common stock	N/A	N/A	N/A	—		426		0.1		538
Encore GC Acquisition, LLC	LLC units	N/A	N/A	N/A	8		81		—		111
Encore GC Acquisition, LLC	LLC units	N/A	N/A	N/A	8		—		—		20
ERG Buyer, LLC	LLC units	N/A	N/A	N/A	—		442		—		232
ERG Buyer, LLC	LLC units	N/A	N/A	N/A	4		4		—		—
Eyecare Services Partners Holdings LLC	LLC units	N/A	N/A	N/A	—		304		—		202
Eyecare Services Partners Holdings LLC	LLC units	N/A	N/A	N/A	—		3		—		—
G & H Wire Company, Inc.	LLC interest	N/A	N/A	N/A	187		188		—		111
Katena Holdings, Inc.	LLC units	N/A	N/A	N/A	—		205		—		206
Lombart Brothers, Inc.	Common stock	N/A	N/A	N/A	1		146		—		226

#	Denotes that all or a portion of the investment collateralizes the Credit Facility (as defined in Note 7).
*	Denotes that all or a portion of the investment secures the notes offered in the CLO III 2018 Debt Securitization (as defined in Note 7).

See Notes to Consolidated Financial Statements.

(1) The majority of the investments bear interest at a rate that may be determined by reference to London Interbank Offered Rate (‘‘LIBOR’’ or ‘‘L’’), Euro Interbank Offered Rate ("EURIBOR" or "E") or Prime (‘‘P’’) and which reset daily, monthly, quarterly, semiannually or annually. For each, the Company has provided the spread over LIBOR, EURIBOR or Prime and the weighted average current interest rate in effect as of December 31, 2018. Certain investments are subject to a LIBOR, EURIBOR or Prime interest rate floor. For fixed rate loans, a spread above a reference rate is not applicable. Listed below are the index rates as of December 31, 2018, which was the last business day of the period on which LIBOR or EURIBOR was determined. The actual index rate for each loan listed may not be the applicable index rate outstanding as of December 31, 2018, as the loan may have priced or repriced based on an index rate prior to December 31, 2018.24

~~(a)~~Golub ~~Denotes~~Capital ~~that~~Investment ~~all~~Corporation orand ~~a portion of the loan was indexed to the 30-day LIBOR, which was 2.50% as of December 31, 2018.~~Subsidiaries

~~(b)~~Consolidated ~~Denotes~~Schedule ~~that all or a portion~~ of ~~the~~Investments ~~loan~~(unaudited) ~~was indexed to the 60~~-~~day~~ ~~LIBOR, which was 2.61% as of December 31, 2018.~~(continued)

~~(c)~~March ~~Denotes that all or a portion of the loan was indexed to the 90-day LIBOR, which was 2.81% as of December~~ 31, ~~2018.~~2019

(d)In ~~Denotes that all or a portion of the loan was indexed to the 180-day LIBOR, which was 2.88% as of December 31, 2018.~~thousands)

(e) Denotes that all or a portion of the loan was indexed to the 360-day LIBOR, which was 3.01% as of December 31, 2018.



	Investment Type	Spread Above Index⁽¹⁾	Interest Rate⁽²⁾	Maturity Date	Principal ($) / Shares⁽³⁾	Amortized Cost		Percentage of Net Assets		Fair Value ⁽⁴⁾
Healthcare, Education and Childcare - (continued)
MD Now Holdings, Inc.	LLC units	N/A	N/A	N/A	8	$	78	—	%	$	91
MWD Management, LLC & MWD Services, Inc.	LLC interest	N/A	N/A	N/A	230	230		—		151
Oliver Street Dermatology Holdings, LLC	LLC units	N/A	N/A	N/A	218	218		—		113
Pinnacle Treatment Centers, Inc.	Preferred stock	N/A	N/A	N/A	—	226		—		273
Pinnacle Treatment Centers, Inc.	Common stock	N/A	N/A	N/A	2	2		—		16
RXH Buyer Corporation	LP interest	N/A	N/A	N/A	4	443		—		258
SLMP, LLC	LLC interest	N/A	N/A	N/A	378	378		0.1		457
Summit Behavioral Healthcare, LLC	LLC interest	N/A	N/A	N/A	1	86		—		48
Summit Behavioral Healthcare, LLC	LLC interest	N/A	N/A	N/A	1	—		—		—
WHCG Management, LLC	LLC interest	N/A	N/A	N/A	—	314		—		77
						8,444		0.8		8,119
Insurance
Internet Pipeline, Inc.	Preferred stock	N/A	N/A	N/A	—	153		—		223
Internet Pipeline, Inc.	Common stock	N/A	N/A	N/A	93	2		0.1		469
Orchid Underwriters Agency, LLC	LP interest	N/A	N/A	N/A	42	42		—		42
						197		0.1		734
Leisure, Amusement, Motion Pictures, Entertainment
PADI Holdco, Inc.	LLC units	N/A	N/A	N/A	1	539		0.1		596
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	36	56		—		56
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	25	38		—		38
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	20	31		—		31
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	18	27		—		27
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	8	12		—		12
WBZ Investment LLC	LLC interest	N/A	N/A	N/A	1	1		—		1
						704		0.1		761
Mining, Steel, Iron and Non-Precious Metals
Benetech, Inc.	LLC interest	N/A	N/A	N/A	2	—		—		—
Benetech, Inc.	LLC interest	N/A	N/A	N/A	2	—		—		1
						—		—		1
Personal and Non Durable Consumer Products (Mfg. Only)
Georgica Pine Clothiers, LLC⁽¹⁴⁾	LLC units	N/A	N/A	N/A	9	91		—		132

Personal, Food and Miscellaneous Services
Captain D's, LLC	LLC interest	N/A	N/A	N/A	88	88		—		56
Clarkson Eyecare LLC	LLC units	N/A	N/A	N/A	—	86		—		189
Community Veterinary Partners, LLC	Common stock	N/A	N/A	N/A	2	210		—		302
PPV Intermediate Holdings II, LLC	LLC interest	N/A	N/A	N/A	160	160		—		143
Ruby Slipper Cafe LLC, The	LLC units	N/A	N/A	N/A	19	186		—		233
Southern Veterinary Partners, LLC	LLC units	N/A	N/A	N/A	—	282		0.1		457
Southern Veterinary Partners, LLC	LLC units	N/A	N/A	N/A	83	3		—		76
Veterinary Specialists of North America, LLC	LLC units	N/A	N/A	N/A	—	56		—		196
Wetzel's Pretzels, LLC	Common stock	N/A	N/A	N/A	—	149		—		203
						1,220		0.1		1,855
Printing and Publishing
Brandmuscle, Inc.	LLC interest	N/A	N/A	N/A	—	207		—		92

~~(f)~~See ~~Denotes~~Notes ~~that all or a portion of the loan was indexed~~ to ~~the~~Consolidated ~~Prime~~Financial ~~rate, which was 5~~Statements.~~50% as of December 31, 2018.~~

~~(g) Denotes that all or a portion of the loan was indexed to the 90-day EURIBOR, which was -0.31% as of December 31, 2018.~~25

~~(h)Denotes~~Golub ~~that~~Capital ~~all~~Investment orCorporation aand ~~portion of the loan was indexed to the 30-day GBP LIBOR, which was 0.73% as of December 31, 2018.~~Subsidiaries

~~(i)~~Consolidated ~~Denotes~~Schedule ~~that all or a portion~~ of ~~the~~Investments ~~loan~~(unaudited) ~~was indexed to the 90~~-~~day~~ ~~GBP LIBOR, which was 0.91% as of December 31, 2018.~~(continued)

~~(j)~~March ~~Denotes that all or a portion of the loan was indexed to the 180-day GBP LIBOR, which was 1.03% as of December~~ 31, ~~2018.~~2019

(2)In ~~For portfolio companies with multiple interest rate contracts, the interest rate shown is a weighted average current interest rate in effect as of December 31, 2018.~~thousands)



	Investment Type	Spread Above Index⁽¹⁾		Interest Rate⁽²⁾	Maturity Date	Principal ($) / Shares⁽³⁾		Amortized Cost		Percentage of Net Assets		Fair Value ⁽⁴⁾
Retail Stores - (continued)
Batteries Plus Holding Corporation	LP interest	N/A		N/A	N/A	5		$	505	0.1	%	$	764
Cycle Gear, Inc.	LLC units	N/A		N/A	N/A	8		111		—		190
Elite Sportswear, L.P.	LLC interest	N/A		N/A	N/A	—		74		—		—
Feeders Supply Company, LLC	Preferred stock	N/A		N/A	N/A	2		179		—		187
Feeders Supply Company, LLC	Common stock	N/A		N/A	N/A	—		—		—		—
Jet Equipment & Tools Ltd.^(8)(9)(11)	LLC units	N/A		N/A	N/A	1		384		0.1		629
Pet Holdings ULC^(8)(11)	LP interest	N/A		N/A	N/A	222		188		—		161
Pet Supplies Plus, LLC	LLC units	N/A		N/A	N/A	77		77		—		76
Sola Franchise, LLC and Sola Salon Studios, LLC	LLC units	N/A		N/A	N/A	2		206		—		227
Sola Franchise, LLC and Sola Salon Studios, LLC	LLC units	N/A		N/A	N/A	—		41		—		46
								1,765		0.2		2,280

Total non-controlled/non-affiliate company equity investments								$	27,353	3.2	%	$	36,408

Total non-controlled/non-affiliate company investments						$	1,947,987	$	1,954,709	178.7	%	$	1,962,581

Non-controlled affiliate company investments⁽¹⁵⁾
Debt investments
Diversified/Conglomerate Service
Switchfly LLC⁽⁸⁾	One stop	L + 3.00%	^(c)	5.80%	10/2023	$	3,067	$	3,013	0.3	%	$	2,761
Switchfly LLC⁽⁸⁾	One stop	L + 3.00%	^(c)	5.80%	10/2023	256		251		—		230
Switchfly LLC⁽⁸⁾	One stop	L + 3.00%	^(c)	5.80%	10/2023	17		17		—		15
Switchfly LLC⁽⁸⁾	One stop	L + 8.50%		N/A⁽⁶⁾	10/2023	—		—		—		—
						3,340		3,281		0.3		3,006

Total non-controlled affiliate company debt investments						$	3,340	$	3,281	0.3		$	3,006

Equity investments^(12)(13)

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