PENN CAPITAL MANAGEMENT
PORTFOLIO APPRAISAL
MASTER GROUP (all accounts included)
"September 30, 2000"
Market
Security Cusip Value Quantity
-------------------------------- --------- ---------------- ---------------
SMALL CAP EQUITIES
------------------
Advance Paradigm Inc 007491103 " 407,531 " " 9,660 "
AirTran Holdings Inc 00949p108 " 449,230 " " 101,235 "
Airgate PCS Inc 009367103 " 4,474,486 " " 99,710 "
Allied Waste Industries 019589308 " 405,582 " " 44,145 "
Anchor Gaming 033071028 " 363,601 " " 4,570 "
Argosy Gaming Corp 040228108 " 5,580,597 " " 307,895 "
Aztar Corp 054802103 " 24,600 " " 1,600 "
BE Aerospace Inc 073302101 " 1,360,628 " " 84,380 "
Bankunited Financial Corp-CL A 06652b103 " 7,375 " " 1,000 "
Barrett Resources Corp 068480201 " 686,335 " " 18,151 "
CCBT Financial Companies 12500Q102 " 30,737 " " 1,690 "
Capital Gaming Inc Cl A 140180407 32 " 3,150 "
Caremark RX Inc 141705103 " 9,293,119 " " 826,055 "
Chesapeake Energy Corp 165167107 " 2,779,334 " " 386,690 "
Coastal Bancorp Inc 19041p105 " 65,423 " " 3,660 "
Comstock Resource Inc 205768203 " 637,341 " " 56,030 "
Cornerstone Bancorp Inc 218925105 " 18,968 " " 1,495 "
Cullen/Frost Bankers Inc 229899109 " 83,525 " " 2,570 "
Dan River Inc-GA CL A 235774106 " 1,513,640 " " 350,989 "
Decorative Home Accents Inc CL 3 250
Drypers Corp CL B 262497308 24 87
EOG Resources Inc 26875P101 " 515,288 " " 13,255 "
First Essex Bancorp Inc 320103104 " 16,900 " 800
"Frontier Airlines, Inc." 359065109 " 403,037 " " 20,735 "
Gilat Satellite Networks LTD m51474100 " 3,300,478 " " 42,933 "
Grey Wolf Inc 397888108 " 5,880,726 " " 1,022,735 "
H & Q Life Science Investors 404053100 " 531,718 " " 16,981 "
Harbor Federal Svgs Bk " 24,125 " " 2,000 "
Haynes Holdings Inc Private " 74,050 " " 148,100 "
Herbalife International CL B 426908307 " 273,443 " " 31,935 "
Hollywood Casino Corp CL A 436132203 " 1,248,704 " " 134,995 "
"Isle of Capri Casinos, Inc." 464592104 " 828,165 " " 53,430 "
John Hancock BK & Thrift Opp F 409735107 " 269,756 " " 33,985 "
Jones International Networks L 480208000 " 1,875,000 " " 150,000 "
Kensey Nash Corp 490057106 " 1,302,145 " " 100,165 "
Key Energy Group Inc 492914106 " 1,935,074 " " 197,205 "
Laboratory Crp of America Hldg 50540r409 " 5,218,029 " " 43,574 "
Loral Space & Comm. Ltd g56462107 " 246,256 " " 40,205 "
Magnum Hunter Resources Inc 55972F203 " 114,063 " " 12,500 "
Marine Drilling Co Inc 568240204 " 511,697 " " 17,915 "
Microcell Telecommunications I 59501t304 " 10,121,306 " " 348,260 "
National Penn Bancshares Inc 637138108 " 80,005 " " 4,160 "
Neuberger Berman Inc. 641234109 " 342,863 " " 5,575 "
Panaco Inc " 460,425 " " 131,550 "
Panera Bread Company-CL A 69840w108 " 548,908 " " 26,295 "
Parker Drilling Co 701081101 " 377,055 " " 53,865 "
Patterson Energy Inc 703414102 " 1,010,281 " " 29,390 "
Paxson Communications Group 704231109 " 289,800 " " 25,200 "
Pegasus Com CL A RSTD 70557g989 " 89,668 " " 1,856 "
Pegasus Communications Corp 705904100 " 9,265,017 " " 191,773 "
Penn National Gaming Inc 707569109 " 673,886 " " 44,280 "
Penton Media Inc 709668107 " 532,538 " " 19,365 "
Pier 1 Imports Inc/Del 720279108 " 247,516 " " 18,250 "
Plains Resources Inc 726540503 " 333,427 " " 17,665 "
Powertel Inc 73936c109 " 5,637,753 " " 74,120 "
Pride International Inc 741932107 " 805,600 " " 30,400 "
Provident Bank Shares 743859100 " 50,351 " " 3,006 "
Raymond James Financial Inc 754730109 " 19,763 " 600
Seacoast Banking FL A 811707108 " 131,950 " " 5,075 "
Sinclair Broadcast Group-A 829226109 " 2,216,977 " " 202,695 "
Sirius Satellite Radio Inc 82966U103 " 3,130,464 " " 59,205 "
Specialty Foods Corp 144A 3 " 3,150 "
Staten Island Bancorp Inc 857550107 " 24,000 " " 1,200 "
Station Casinos Inc 857689103 " 1,015,227 " " 71,244 "
Syratech Corp 871824108 " 13,035 " " 1,738 "
Thermadyne Ind Cl B 2 " 2,000 "
Tropical Sportswear Intl 89708p102 " 586,330 " " 34,490 "
Tucker Anthony Sutro Corp 898647102 " 19,031 " 750
UTI Energy Corp 903387108 " 518,766 " " 11,625 "
Unit Corp 909218109 " 406,363 " " 27,550 "
United Bankshares Inc-W VA 909907107 " 36,503 " " 1,860 "
Waste Systems Intl Cl B 941060000 " 168,750 " " 150,000 "
Webster Financial Corp 947890109 " 76,934 " " 2,856 "
XM Satellite Radio Hold Cl A 983759101 " 1,535,393 " " 35,655 "
----------------
" 93,516,650 "
Warrants
--------
Aladdin Gaming Wts 01071G114 286 " 285,900 "
Allegiance Telecom Inc Wts Ex 01747t110 " 38,000 " 950
Federated Wts D 12/19/01 31410h127 " 190,256 " " 41,700 "
Heartland Wireless 144A Wt-Exp 219 " 21,900 "
Key Energy Serv Warrants 492914122 " 50,000 " " 1,000 "
McCaw Intl LTD Wt Ex-2007 " 3,000 " " 1,000 "
Waste System Intl Wts EX-2006 94106p167 " 1,875 " " 3,750 "
XM Satellite Radio Wt Exp 3/15 98375Y114 " 381,150 " " 2,310 "
----------------
" 664,786 "
LARGE CAP EQUITIES
------------------
AT&T Corp-Liberty Media A 001957208 " 250,920 " " 13,940 "
AXA Financial Inc 002451102 " 504,791 " " 9,910 "
Abbott Laboratories 002824100 " 47,563 " " 1,000 "
Agilent Technologies Inc 00846U101 " 190,856 " " 3,900 "
Alcatel Sa Sponsored ADR 013904305 " 111,289 " " 1,770 "
Alliance Capital Mgmt Holding- 01855A101 " 9,273 " 185
American Express Co 025816109 " 240,266 " " 3,955 "
American General Corp 026351106 " 11,310 " 145
American Home Prods Inc 026609107 " 444,864 " " 7,865 "
American Int'l Group 026874107 " 669,430 " " 6,996 "
Apache Corp 037411105 " 599,823 " " 10,145 "
Astoria Financial Corp-DU 046265104 " 26,111 " 676
Banc One Corp 06423A103 " 28,969 " 750
Bank United Corp - Cl A 065412108 " 29,652 " 585
Bank of New York Co Inc 064057102 " 44,850 " 800
BankAmerica Corp 060505104 " 43,209 " 825
Blackrock Inc 09247x101 " 12,640 " 395
Bristol Myers Squibb Co 110122108 " 153,952 " " 2,695 "
Burlington Resources Inc 122014103 " 759,700 " " 20,637 "
Capital One Financial Corp 14040h105 " 229,455 " " 3,275 "
Chase Manhattan Corp 16161a108 " 50,344 " " 1,090 "
Citigroup Inc 172967101 " 402,279 " " 7,441 "
Crown Castle Intl Group 228227104 " 180,473 " " 5,810 "
Dell Computer Corp 247025109 " 115,547 " " 3,750 "
Deutsche Bank Spon-ADR 251525309 " 16,590 " 200
Echostar Communications - A 278762109 " 1,547,685 " " 29,340 "
Edwards AG Inc 281760108 " 17,002 " 325
Eli Lilly & Co. 532457108 " 313,954 " " 3,870 "
Ericsson Tel - ADR 294821400 " 151,162 " " 10,205 "
Federal Natl Mortgage Assoc 313586109 " 254,183 " " 3,555 "
First Union Corp 337358105 " 22,531 " 700
Fleet Boston Financial Corp 339030108 " 43,719 " " 1,121 "
Gemstar-TV Guide Intl Inc 36866W106 " 364,095 " " 4,176 "
General Motors Corp - CL H " 1,344,057 " " 36,150 "
Global Crossing Ltd " 202,585 " " 6,535 "
Harrah's Entertainment Inc 413619107 " 293,700 " " 10,680 "
Hearst-Argyle Television Inc 422317107 " 334,900 " " 16,745 "
Int'l Game Technology " 271,522 " " 8,075 "
Intel Corp " 307,147 " " 7,390 "
Intl Business Machines 459200101 " 177,750 " " 1,580 "
Legg Mason Inc 524901105 " 28,191 " 485
Level 3 Comm Inc 52729N100 " 252,584 " " 3,275 "
MGM Mirage 552953101 " 164,779 " " 4,315 "
Mannesmann REORG AG-Spon ADR 563775303 " 72,359 " 500
Mellon Bank Corp 58551a108 " 70,026 " " 1,510 "
Merck & Co " 353,578 " " 4,750 "
Metlife Inc 59156R108 " 328,653 " " 12,550 "
Microsoft Corp 594918104 " 208,681 " " 3,460 "
Motorola Inc w/Rts 620076109 " 178,258 " " 6,310 "
NTL Inc 629407107 127 3
Nabors Industries Inc 629568106 " 1,425,139 " " 27,197 "
News Corp LTD ADR 652487703 " 317,874 " " 5,670 "
Nextel Comm - A 65332v103 " 470,539 " " 10,065 "
Nextel Partners Inc CL A 65333f107 " 2,060,885 " " 70,760 "
Nokia Oyj 654902204 " 131,381 " " 3,300 "
Nortel Networks Corp 656568102 " 206,682 " " 3,470 "
North Fork Bancorporation Inc 659424105 " 86,500 " " 4,000 "
PNC Financial Corp 693475105 " 56,225 " 865
PSINet Inc 74437C101 " 72,813 " " 7,565 "
Park Place Entertainment 700690100 " 199,121 " " 13,165 "
Peoples Bank Bridgeport 710198102 " 20,431 " 970
Pfizer Inc " 164,022 " " 3,650 "
Quest Diagnostics Inc 74834L100 " 321,874 " " 2,805 "
R&B Falcon Corp 74912e101 " 476,523 " " 17,095 "
Smith International Inc 832110100 " 413,930 " " 5,075 "
Southwest Airlines 844741108 " 197,274 " " 8,135 "
Sprint Corp (PCS Group) 852061506 " 337,161 " " 9,616 "
Summit Bancorp 866005101 " 75,141 " " 2,178 "
Suntrust Banks Inc 867914103 " 34,520 " 693
T Rowe Price Associates Inc 741477103 " 287,727 " " 6,130 "
Tele Norte Leste Part-ADR 879246106 663 29
Telebras-Sponsored ADR " 3,206 " " 1,425 "
Telefonica De Espana ADR 879382208 191 3
Telephone & Data Sys 879433100 " 85,239 " 770
Time-Warner Inc 887315109 " 433,114 " " 5,535 "
Transocean Sedco Forex Inc " 789,444 " " 13,466 "
U.S. Bancorp 902973106 " 25,389 " " 1,116 "
Vodafone Airtouch PLC-SP ADR 92857t107 24 1
Voicestream Wireless Corp 928615103 " 1,166,080 " " 10,047 "
Washington Mutual Inc 939322103 " 54,026 " " 1,357 "
Wells Fargo & Co. 949746101 " 43,641 " 950
Westamerica Bancorp 957090103 " 8,359 " 250
Witney Holding Corp 966612103 " 24,547 " 676
----------------
" 22,467,066 "
" 116,648,502 "
