PENN CAPITAL MANAGEMENT
PORTFOLIO APPRAISAL
MASTER GROUP (all accounts included)
"March 31, 2000"
Market
Security Cusip Value Quantity
-------------------------------- --------- ---------------- ---------------
SMALL CAP EQUITIES
------------------
AK Steel Holding Corp DU 001547108 " 70,498 " " 6,795 "
Adelphia Business Solutions 006847107 " 2,136,909 " " 34,676 "
Advanced Radio Telecom Corp 00754u101 " 649,581 " " 19,610 "
AirTran Holdings Inc 00949p108 " 66,094 " " 15,000 "
Airgate PCS Inc 009367103 " 105,500 " " 1,000 "
American Mobile Satellie Corp 02755r103 " 72,000 " " 3,000 "
Argosy Gaming Corp 040228108 " 2,787,585 " " 195,620 "
AudioVox Corp CL A 050757103 " 792,884 " " 18,175 "
Aztar Corp 054802103 " 29,450 " " 3,100 "
BE Aerospace Inc 073302101 " 1,259,600 " " 214,400 "
Bankunited Financial Corp-CL A 06652b103 " 28,875 " " 4,125 "
Barrett Resources Corp 068480201 " 1,954,388 " " 65,556 "
Bio-Rad Laboratories Cl A 090572207 " 239,119 " " 8,775 "
CCBT Financial Companies 12500Q102 " 69,010 " " 5,360 "
Cadiz Inc. 127537108 " 253,555 " " 29,830 "
Capital Gaming Inc Cl A 140180407 32 " 3,150 "
Caprock Communications Corp 140667106 " 152,635 " " 3,115 "
Caremark RX Inc 141705103 " 280,563 " " 67,000 "
Champps Entertainment 158787101 " 48,125 " " 11,000 "
Clearnet Communications Inc 184902104 " 5,923,380 " " 143,815 "
Coastal Bancorp Inc 19041p105 " 184,628 " " 11,275 "
Comstock Resource Inc 205768203 " 401,995 " " 73,090 "
Cornerstone Bancorp Inc 218925105 " 56,496 " " 5,195 "
Dan River Inc-GA CL A 235774106 " 3,694,468 " " 573,898 "
Datastream Systems Inc 238124101 " 656,560 " " 22,640 "
Decorative Home Accents Inc CL 3 250
Denbury Resources Inc 247916208 " 80,000 " " 20,000 "
Drypers Corp CL B 262497308 " 60,854 " " 30,910 "
Duff & Phelps Credit Rating 26432f109 " 49,844 " 500
EOG Resources Inc 26875P101 " 642,723 " " 30,335 "
Echostar Communications - A 278762109 " 1,019,890 " " 12,910 "
Exide Corp 302051107 " 76,781 " " 6,500 "
First Essex Bancorp Inc 320103104 " 35,892 " " 2,325 "
"Frontier Airlines, Inc." 359065109 " 73,388 " " 6,180 "
Gilat Satellite Networks LTD m51474100 " 1,675,503 " " 14,290 "
Grey Wolf Inc 397888108 " 1,939,750 " " 492,635 "
H & Q Life Science Investors 404053100 " 727,900 " " 25,100 "
Haynes Holdings Inc Private " 2,152,860 " " 717,620 "
Hollywood Casino Corp CL A 436132203 " 764,476 " " 210,890 "
ICG Communications Inc 449246107 " 2,539,226 " " 70,290 "
"ITC Deltacom, Inc." 45031t104 " 856,603 " " 24,045 "
Ivax Corp 465823102 " 397,496 " " 14,587 "
Jones International Networks L 480208000 " 1,875,000 " " 150,000 "
Kensey Nash Corp 490057106 " 415,802 " " 25,105 "
Laboratory Crp of America Hldg 50540r409 " 1,729,495 " " 406,940 "
MDU Communications Intl Inc 582828109 " 120,232 " " 18,500 "
MECH Financial Inc 583492103 " 99,663 " " 2,975 "
MSC Industrial Direct Co-A 553530106 " 18,000 " " 1,000 "
Magnum Hunter Resources Inc 55972F203 " 548,700 " " 141,600 "
Marine Drilling Co Inc 568240204 " 754,806 " " 27,510 "
Medquist Inc 584949101 " 713,264 " " 26,235 "
Microcell Telecommunications I 59501t304 " 7,869,684 " " 177,345 "
Nabors Industries Inc DU " 4,580,472 " " 118,015 "
National Penn Bancshares Inc 637138108 " 359,670 " " 17,762 "
Neuberger Berman Inc. 641234109 " 223,386 " " 7,925 "
Nextel Partners Inc CL A 65333f107 " 633,650 " " 21,850 "
Orckit Comm LTD " 155,105 " " 2,315 "
"Pac-West Telecom, Inc" 69371y101 " 276,406 " " 8,845 "
Panera Bread Company-CL A 69840w108 " 135,938 " " 18,125 "
"Paradyne Network, Inc" 69911g107 " 209,250 " " 6,750 "
Patterson Energy Inc 703414102 " 1,834,356 " " 57,775 "
Pegasus Com CL A RSTD 70557g989 " 182,789 " " 1,745 "
Pegasus Communications Corp 705904100 " 6,081,104 " " 43,205 "
Penton Media Inc 709668107 " 318,240 " " 12,240 "
Pitcarin Properties " 62,500 " " 62,500 "
Powertel Inc 73936c109 " 1,185,528 " " 17,135 "
Premier National Bancorp 74053f107 " 135,482 " " 8,958 "
Price Communications Corp 741437305 " 756,010 " " 32,870 "
Pride International Inc 741932107 " 862,273 " " 37,695 "
Primus Telecommunications GP 741929103 " 488,964 " " 9,460 "
Provident Bank Shares 743859100 " 107,053 " " 6,797 "
Raymond James Financial Inc 754730109 " 24,589 " " 1,185 "
Rexall Sundown Inc 761648104 " 86,233 " " 6,105 "
Risk Capital Holdings Inc 767711104 " 65,500 " " 4,000 "
Seacoast Banking FL A 811707108 " 424,997 " " 16,425 "
Sirius Satellite Radio Inc 82966U103 " 1,572,915 " " 27,595 "
"SkyWest, Int" 830879102 " 85,097 " " 2,175 "
Specialty Foods Corp 144A 16 " 3,150 "
Staten Island Bancorp Inc 857550107 " 65,931 " " 3,850 "
Syratech Corp 871824108 " 13,035 " " 1,738 "
Telespectrum Worldwide Inc 87951u109 " 421,190 " " 60,170 "
Thermadyne Ind Cl B 2 " 2,000 "
Tropical Sportswear Intl 89708p102 " 826,324 " " 67,455 "
UTI Energy Corp 903387108 " 680,066 " " 18,015 "
Unit Corp 909218109 " 697,730 " " 63,430 "
United Bankshares Inc-W VA 909907107 " 103,950 " " 4,725 "
Viatel Inc 925529208 " 789,198 " " 15,725 "
Voicestream Wireless Corp 928615103 " 1,976,998 " " 15,348 "
Waste Systems International 94106p209 " 14,375 " " 5,000 "
Waste Systems Intl Cl B 941060000 " 431,250 " " 150,000 "
Webster Financial Corp 947890109 " 19,642 " 854
----------------
" 76,038,976 "
Warrants
--------
Aladdin Gaming Wts 01071G114 126 " 125,950 "
Allegiance Telecom Inc Wts Ex 01747t110 " 104,500 " 950
American Tel Wts-New Exp 8-10- 35 " 3,500 "
Clearnet Comm WTS " 20,213 " " 4,125 "
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 "
----------------
" 179,967 "
SMALL CAP SHORT STOCK
---------------------
Carmike Cinemas Inc-Cl A 143436103 " (75,038)" " (13,800)"
Drypers Corp 262497308 " (49,219)" " (25,000)"
Galey & Lord Inc 36352k103 " (102,688)" " (53,000)"
----------------
" (226,944)"
LARGE CAP EQUITIES
------------------
3Com Corp 885535104 " 611,041 " " 10,985 "
AT&T Corp 001957109 " 96,576 " " 1,715 "
AT&T Corp-Liberty Media A 001957208 " 543,896 " " 9,170 "
AXA Financial Inc 002451102 " 532,026 " " 14,830 "
Alcatel Sa Sponsored ADR 013904305 " 362,400 " " 8,405 "
Alliance Capital Mgmt-LP 018548107 " 49,103 " " 1,185 "
American Express Co 025816109 " 348,514 " " 2,340 "
American Home Prods Inc 026609107 " 472,463 " " 8,790 "
American Int'l Group 026874107 " 787,196 " " 7,189 "
Apache Corp 037411105 " 800,229 " " 16,085 "
Astoria Financial Corp-DU 046265104 " 28,545 " " 1,006 "
Bank United Corp - Cl A 065412108 " 135,877 " " 4,305 "
Bank of New York Co Inc 064057102 " 131,961 " " 3,175 "
BankAmerica Corp 060505104 " 163,867 " " 3,125 "
Bristol Myers Squibb Co 110122108 " 164,140 " " 2,830 "
Burlington Resources Inc 122014103 " 1,416,249 " " 38,277 "
Cable & Wireless HKT LTD 126828102 " 1,030 " 40
Cable & Wireless PLC-SP ADR 126830207 " 298,200 " " 5,325 "
Capital One Financial Corp 14040h105 " 81,494 " " 1,700 "
Chase Manhattan Corp 16161a108 " 98,522 " " 1,130 "
Cisco Systems Inc 17275R102 " 372,260 " " 4,815 "
Citigroup Inc 172967101 " 205,192 " " 3,427 "
Cullen/Frost Bankers Inc 229899109 " 127,429 " " 4,820 "
Deutsche Bank Spon-ADR 251525309 " 8,219 " 125
Ericsson Tel - ADR 294821400 " 668,414 " " 7,125 "
Federal Natl Mortgage Assoc 313586109 " 123,023 " " 2,175 "
First Union Corp 337358105 " 133,169 " " 3,575 "
Fleet Boston Financial Corp 339030108 " 100,594 " " 2,756 "
General Motors Corp - CL H " 1,163,453 " " 9,345 "
Global Crossing Ltd " 419,405 " " 10,245 "
Int'l Game Technology " 87,292 " " 4,025 "
Intel Corp " 286,304 " " 2,170 "
Intermedia Communications 458801107 " 275,864 " " 5,710 "
Intl Business Machines 459200101 " 194,110 " " 1,645 "
John Hancock DON'T USE BK & Th 409735107 " 130,078 " " 18,750 "
Lucent Technologies Inc 549463107 " 429,669 " " 7,015 "
MBNA Corp 55262L100 " 33,788 " " 1,325 "
Mannesmann REORG AG-Spon ADR 563775303 " 191,758 " 600
"McKesson HBOC, Inc" 58155q103 " 140,595 " " 6,695 "
Mellon Bank Corp 58551a108 " 147,560 " " 4,960 "
Merck & Co " 309,693 " " 4,985 "
Microsoft Corp 594918104 " 162,031 " " 1,525 "
Mony Group Inc 615337102 " 132,158 " " 4,090 "
Motorola Inc w/Rts 620076109 " 334,340 " " 2,290 "
NTL Inc 629407107 " 520,098 " " 5,604 "
News Corp LTD ADR 652487703 " 467,156 " " 8,305 "
Nextel Comm - A 65332v103 " 66,713 " 450
Nextlink Comm-A 65333h707 " 367,352 " " 2,970 "
Nokia Oyj 654902204 " 170,940 " 770
Nortel Networks Corp 656568102 " 1,145,215 " " 9,080 "
North Fork Bancorporation Inc 659424105 " 409,695 " " 22,920 "
Northpoint Communications 666610100 " 138,260 " " 5,995 "
PNC Financial Corp 693475105 " 141,496 " " 3,140 "
Peoples Bank Bridgeport 710198102 " 31,825 " " 1,520 "
Pfizer Inc " 139,669 " " 3,820 "
Qwest Communications Intl 749121109 " 402,000 " " 8,375 "
R&B Falcon Corp 74912e101 " 601,059 " " 30,530 "
Regions Financial Corp 758940100 " 24,295 " " 1,065 "
Smith International Inc 832110100 " 559,550 " " 7,220 "
Southwest Airlines 844741108 " 103,750 " " 4,985 "
Sprint Corp (FON Group) 852061100 " 506,000 " " 8,000 "
Sprint Corp (PCS Group) 852061506 " 1,021,800 " " 15,600 "
Summit Bancorp 866005101 " 121,564 " " 4,631 "
Suntrust Banks Inc 867914103 " 113,075 " " 1,958 "
T Rowe Price Associates Inc 741477103 " 251,220 " " 6,360 "
TV Guide Inc - CL A 87307q109 " 462,602 " " 9,625 "
Taiwan Semiconductor-SP ADR 874039100 " 225,150 " " 3,950 "
Target Corp 87612e106 " 229,856 " " 3,075 "
Telebras-Spons ADR 879287308 " 37,375 " 250
Telebras-Sponsored ADR 556 " 1,425 "
Telefonica De Espana ADR 879382208 " 457,199 " " 6,147 "
Telefonos De Mexico - Cl L ADR 879403780 " 76,619 " " 1,150 "
Telephone & Data Sys 879433100 " 159,285 " " 1,435 "
Telewest Communications PLC 87956p105 " 367,575 " " 4,350 "
Texas Instruments Inc " 61,600 " 385
Time-Warner Inc 887315109 " 583,500 " " 5,835 "
Transocean Sedco Forex Inc " 1,145,859 " " 22,331 "
U.S. Bancorp 902973106 " 56,459 " " 2,581 "
Vodafone Airtouch PLC-SP ADR 92857t107 " 131,405 " " 2,365 "
Wal-Mart Stores Inc 931142103 " 504,263 " " 8,925 "
Washington Mutual Inc 939322103 " 100,356 " " 3,787 "
Wells Fargo & Co. 949746101 " 118,175 " " 2,900 "
Westamerica Bancorp 957090103 " 6,938 " 250
Western Wireless Corp Cl A 95988E204 " 68,719 " " 1,500 "
Westpoint Stevens Inc 961238102 " 19,000 " " 1,000 "
Williams Communications Grp 969455104 " 873,575 " " 16,840 "
Witney Holding Corp 966612103 " 60,519 " " 1,855 "
----------------
" 26,349,040 "
" 102,341,039 "
