PENN CAPITAL MANAGEMENT
PORTFOLIO APPRAISAL
MASTER GROUP
30-Jun-00
Market
Security Cusip Value Quantity
-------------------------------- --------- ---------------- ---------------
SMALL CAP EQUITIES
------------------
AirTran Holdings Inc 00949p108 "294,241.72" "70,795"
Airgate PCS Inc 9367103 "1,183,970.31" "22,525"
Allied Waste Industries 19589308 "294,600.00" "29,460"
Anchor Gaming "359,291.56" "7,495"
Applica Incorporated 03815A106 "36,539.37" "3,230"
Arch Capital Group LTD 03937L105 "44,065.62" "2,950"
Argosy Gaming Corp 40228108 "2,415,934.37" "168,065"
AudioVox Corp CL A 50757103 "589,730.62" "26,730"
Aztar Corp 54802103 "24,800.00" "1,600"
BE Aerospace Inc 73302101 "185,831.25" "27,030"
Bankunited Financial Corp-CL A 06652b103 "22,656.25" "3,125"
Barrett Resources Corp 68480201 "1,446,724.81" "47,531"
CCBT Financial Companies 12500Q102 "67,040.47" "4,265"
Capital Gaming Inc Cl A 140180407 31.5 "3,150"
Caremark RX Inc 141705103 "456,437.50" "67,000"
Centex Construction Products 15231R109 "22,687.50" "1,000"
Champps Entertainment 158787101 "59,125.00" "11,000"
Chesapeake Energy Corp "4,450,786.25" "574,295"
Clearnet Communications Inc 184902104 "3,929,113.59" "141,510"
Coastal Bancorp Inc 19041p105 "133,328.12" "9,275"
Comstock Resource Inc 205768203 "497,160.00" "62,145"
Cornerstone Bancorp Inc 218925105 "49,878.75" "4,245"
Cullen/Frost Bankers Inc "152,875.62" "5,810"
Dan River Inc-GA CL A 235774106 "2,708,203.00" "570,148"
Decorative Home Accents Inc CL 2.5 250
Drypers Corp 262497308 "4,384.37" "2,806"
Drypers Corp CL B 262497308 "2,265.62" "1,450"
EOG Resources Inc 26875P101 "506,520.00" "15,120"
First Essex Bancorp Inc 320103104 "30,679.69" "1,925"
"Frontier Airlines, Inc." 359065109 "229,572.50" "16,040"
Gilat Satellite Networks LTD giltf "1,648,201.19" "23,758"
Grey Wolf Inc 397888108 "2,273,750.00" "454,750"
H & Q Life Science Investors 404053100 "516,651.56" "17,403"
Haynes Holdings Inc Private "1,435,240.00" "717,620"
Herbalife International CL B 426908307 "116,156.25" "14,750"
Hollywood Casino Corp CL A 436132203 "1,362,767.81" "196,435"
"Isle of Capri Casinos, Inc." 464592104 "369,374.69" "27,235"
Ivax Corp 465823102 "99,600.00" "2,400"
John Hancock BK & Thrift Opp F 409735107 "565,227.50" "84,520"
Jones International Networks L 480208000 "1,875,000.00" "150,000"
Kaufman & Broad Homes 486168107 "31,898.12" "1,610"
Kensey Nash Corp 490057106 "902,626.87" "81,135"
Laboratory Crp of America Hldg 50540r409 "2,450,107.00" "31,768"
Lennar Corp 526057104 "31,590.00" "1,560"
MECH Financial Inc 583492103 "78,258.75" "2,545"
Magnum Hunter Resources Inc 55972F203 "663,825.00" "100,200"
Marine Drilling Co Inc 568240204 "580,020.00" "20,715"
Medquist Inc 584949101 "189,890.00" "5,585"
Microcell Telecommunications I 59501t304 "7,603,228.75" "210,470"
Nabors Industries Inc DU "3,021,172.93" "72,690"
National Penn Bancshares Inc 637138108 "344,880.94" "16,722"
Neuberger Berman Inc. 641234109 "342,937.50" "7,375"
Orckit Comm LTD "111,914.37" "3,715"
Packaged Ice Inc 695148106 "20,937.50" "5,000"
Panaco Inc "291,330.00" "175,500"
Panera Bread Company-CL A 69840w108 "298,636.87" "29,495"
"Paradyne Network, Inc" 69911g107 "29,306.25" 900
Parker Drilling Co "18,562.50" "3,000"
Patterson Energy Inc 703414102 "1,143,277.50" "40,115"
Pegasus Com CL A RSTD 70557g989 "85,614.06" "1,745"
Pegasus Communications Corp 705904100 "5,353,619.58" "109,118"
Penn National Gaming Inc 707569109 "446,559.37" "32,775"
Penton Media Inc 709668107 "466,200.00" "13,320"
Powertel Inc 73936c109 "4,726,920.31" "66,635"
Premier National Bancorp 74053f107 "96,681.00" "7,437"
Pride International Inc 741932107 "633,847.50" "25,610"
Provident Bank Shares 743859100 "80,622.00" "5,972"
Pulte Corp 745867101 "28,220.62" "1,305"
Raymond James Financial Inc 754730109 "22,275.00" 990
Seacoast Banking FL A 811707108 "362,475.00" "13,425"
Sinclair Broadcast Group-A 829226109 "173,855.00" "15,805"
Sirius Satellite Radio Inc 82966U103 "1,569,327.19" "35,415"
Specialty Foods Corp 144A 3.15 "3,150"
Staten Island Bancorp Inc 857550107 "55,518.75" "3,150"
Station Casinos Inc 857689103 "157,250.00" "6,290"
Syratech Corp 871824108 "13,035.00" "1,738"
Thermadyne Ind Cl B 2 "2,000"
Toll Brothers Inc "31,262.50" "1,525"
Tropical Sportswear Intl 89708p102 "806,837.50" "46,105"
UTI Energy Corp 903387108 "534,264.37" "13,315"
Unit Corp "608,715.00" "45,090"
United Bankshares Inc-W VA 909907107 "69,112.50" "3,800"
Voicestream Wireless Corp 928615103 "2,360,012.48" "20,293"
Waste Systems Intl Cl B 941060000 "262,500.00" "150,000"
Webster Financial Corp 947890109 "18,948.12" 854
XM Satellite Radio Hold Cl A 983759101 "1,050,496.25" "28,060"
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Warrants
--------
Aladdin Gaming Wts 01071G114 248.7 "248,700"
Allegiance Telecom Inc Wts Ex 01747t110 "104,500.00" 950
American Tel Wts-New Exp 8-10- 35 "3,500"
Clearnet Comm WTS "20,212.50" "4,125"
Heartland Wireless 144A Wt-Exp 219 "21,900"
Key Energy Serv Warrants 492914122 "50,000.00" "1,000"
McCaw Intl LTD Wt Ex-2007 "3,000.00" "1,000"
Waste System Intl Wts EX-2006 94106p167 "1,875.00" "3,750"
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SMALL CAP SHORT STOCK
---------------------
Carmike Cinemas Inc-Cl A 143436103 "-72,850.00" "-18,800"
Galey & Lord Inc 36352k103 "-103,125.00" "-50,000"
Pillowtex Corp 721501104 "-42,500.00" "-10,000"
Waste Systems International 94106p209 "-8,750.00" "-5,000"
----------------
LARGE CAP EQUITIES
------------------
AT&T Corp-Liberty Media A 1957208 "444,745.00" "18,340"
AXA Financial Inc 2451102 "486,370.00" "14,305"
Alcatel Sa Sponsored ADR 13904305 "523,687.50" "7,875"
Alliance Capital Mgmt Holding- 01855A101 "43,879.69" 925
American Express Co 25816109 "358,098.75" "6,870"
American Home Prods Inc 26609107 "495,850.00" "8,440"
American Int'l Group 26874107 "827,082.50" "7,039"
Apache Corp 37411105 "795,145.00" "13,520"
Astoria Financial Corp 46265104 "19,338.25" 751
Bank United Corp - Cl A 65412108 "120,693.12" "3,430"
Bank of New York Co Inc 64057102 "119,040.00" "2,560"
BankAmerica Corp 60505104 "266,600.00" "6,200"
Bristol Myers Squibb Co 110122108 "164,847.50" "2,830"
Burlington Resources Inc 122014103 "1,190,799.00" "31,132"
Cable & Wireless PLC-SP ADR 126830207 "92,115.00" "1,840"
Capital One Financial Corp 14040h105 "75,193.12" "1,685"
Chase Manhattan Corp 16161a108 "123,102.03" "2,673"
Citigroup Inc 172967101 "167,013.00" "2,772"
Crown Castle Intl Group 228227104 "65,700.00" "1,800"
Deutsche Bank Spon-ADR 251525309 "16,564.40" 200
Echostar Communications - A 278762109 "675,596.80" "20,405"
Ericsson Tel - ADR 294821400 "550,000.00" "27,500"
Federal Natl Mortgage Assoc 313586109 "163,346.87" "3,130"
First Union Corp 337358105 "70,343.44" "2,835"
Fleet Boston Financial Corp 339030108 "120,394.00" "3,541"
General Motors Corp - CL H "945,067.50" "10,770"
Gillette Co "94,331.25" "2,700"
Global Crossing Ltd "157,875.00" "6,000"
Harrah's Entertainment Inc 413619107 "103,640.62" "4,950"
Int'l Game Technology "289,380.00" "10,920"
Intel Corp "258,016.87" "1,930"
Intl Business Machines 459200101 "180,230.31" "1,645"
Lucent Technologies Inc 549463107 "270,772.50" "4,570"
MBNA Corp 55262L100 "26,446.87" 975
Mannesmann REORG AG-Spon ADR 563775303 "122,220.00" 500
Mellon Bank Corp 58551a108 "164,333.12" "4,510"
Merck & Co "381,975.62" "4,985"
Metlife Inc 59156R108 "380,494.06" "18,065"
Microsoft Corp 594918104 "563,200.00" "7,040"
Motorola Inc w/Rts 620076109 "386,095.31" "13,285"
NTL Inc 629407107 "361,151.03" "6,032"
Nabors Industries Inc 629568106 "226,952.03" "5,461"
News Corp LTD ADR 652487703 "433,002.50" "7,945"
Nextel Comm - A 65332v103 "659,601.25" "10,780"
Nextel Partners Inc CL A 65333f107 "1,211,325.00" "37,200"
Nextlink Comm-A 65333h707 "538,712.50" "14,200"
Nortel Networks Corp 656568102 "810,468.75" "11,875"
North Fork Bancorporation Inc 659424105 "269,981.25" "17,850"
PNC Financial Corp 693475105 "119,531.25" "2,550"
Park Place Entertainment 700690100 "97,804.69" "8,025"
Peoples Bank Bridgeport 710198102 "24,990.00" "1,360"
Pfizer Inc "183,360.00" "3,820"
Quest Diagnostics Inc 74834L100 "97,175.00" "1,300"
R&B Falcon Corp 7.49E+105 "661,988.44" "28,095"
Regions Financial Corp 758940100 "14,707.50" 740
Smith International Inc 832110100 "429,957.81" "5,905"
Southwest Airlines 844741108 "94,403.44" "4,985"
Sprint Corp (FON Group) 852061100 "504,135.00" "9,885"
Sprint Corp (PCS Group) 852061506 "853,825.00" "14,350"
Summit Bancorp 866005101 "365,213.37" "14,831"
Suntrust Banks Inc 867914103 "74,379.25" "1,628"
T Rowe Price Associates Inc 741477103 "270,300.00" "6,360"
TV Guide Inc - CL A 87307q109 "316,641.25" "9,245"
Target Corp 8.76E+110 "153,700.00" "2,650"
Tele Norte Leste Part-ADR 879246106 685.12 29
Telebras-Sponsored ADR 584.25 "1,425"
Telefonica De Espana ADR 879382208 "367,860.97" "5,742"
Telefonos De Mexico - Cl L ADR 879403780 "47,985.00" 840
Telephone & Data Sys 879433100 "131,327.50" "1,310"
Telewest Communications PLC 87956p105 "106,005.00" "2,865"
Time-Warner Inc 887315109 "443,460.00" "5,835"
Transocean Sedco Forex Inc "984,105.00" "18,416"
U.S. Bancorp 902973106 "41,599.25" "2,161"
Vodafone Airtouch PLC-SP ADR 92857t107 26.77 1
Voicestream Wireless Corp 928615103 "256,318.31" "2,204"
Wal-Mart Stores Inc 931142103 "417,781.25" "7,250"
Washington Mutual Inc 939322103 "106,173.37" "3,677"
Wells Fargo & Co. 949746101 "143,568.75" "3,705"
Westamerica Bancorp 957090103 "6,531.25" 250
Witney Holding Corp 966612103 "52,990.62" "1,550"
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"92,761,819.88"
