UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 12/31/1999
Check here if Amendment [ ] ; Amendment Number: _____
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Name: Penn Capital Management
Address: 52 Haddonfield-Berlin Road
Cherry Hill, NJ 08034
FORM 13F File Number : 28- Waiting for the #
The institutional investment manager filing this report and the person
by whom it is signed hereby represent that the person signing the report
is authorized to submit it, that all information contained herein is true,
correct and complete, and that it is understood that all required items,
statements, schedules, lists, and tables, are considered integral parts
of this form.
Person Signing this Report on Behalf of Reporting Manager
Name: Dennis Whelan
Title: Controller
Phone: (856) 354-1533 ext 15
Signature, Place, and Date of Signing
Dennis Whelan Cherry Hill NJ 3/30/00
Report Type (Check only one)
[ X ] 13F HOLDING REPORT. (Check here if all holdings of this reporting
manager are reported in this report.
[ ] 13F NOTICE. (Check here if no holdings reported are in this report,
and all holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT> (Check here if a portion of the holdings for
this reporting manager are reported in this report and a portion are
reported by other reporting manager(s).)
List of Other Manager Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name
28 - ____________ None
[Repeat as necessary.]
Form 13F SUMMARY PAGE
Report Summary: Number4 of Other Included Managers: 0
Form 13F Information Table Entry Total: 100,042
Form 13F Information Table Value Total: 100,042
(thousands)
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is
filed, other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column heading
and list entries.]
No. Form 13F File Number Name
____ 28-_____________ None
[repeat as necessary.]
PENN CAPITAL MANAGEMENT
PORTFOLIO APPRAISAL
MASTER GROUP (all accounts
included)
December 31, 1999
Sec
Market
Type
Security
Cusip
Value
Quantity
Code
--------------------------------
---------
----------------
---------------
----
SMALL CAP EQUITIES
------------------
AK Steel Holding Corp
001547108
1,735,556
91,950
scus
Adelphia Business Solutions
006847107
1,802,208
37,546
scus
AirTran Holdings Inc
00949p108
319,906
70,600
scus
Airgate PCS Inc
009367103
45,365
860
scus
Argosy Gaming Corp
040228108
1,076,225
69,155
scus
AudioVox Corp CL A
050757103
832,329
27,515
scus
Aztar Corp
054802103
33,713
3,100
scus
BE Aerospace Inc
073302101
2,891,531
342,700
scus
Bankunited Financial Corp-CL A
06652b103
43,855
5,525
scus
CCBT Financial Companies
12500Q102
107,010
6,960
scus
Cadiz Inc.
127537108
145,018
15,265
scus
Capital Gaming Inc Cl A
140180407
32
3,150
scus
Caremark RX Inc
141705103
339,188
67,000
scus
Champps Entertainment
158787101
38,500
11,000
scus
Clearnet Communications Inc
184902104
6,630,594
192,890
scus
Coastal Bancorp Inc
19041p105
223,563
12,775
scus
Cornerstone Bancorp Inc
218925105
65,194
5,795
scus
Dan River Inc-GA CL A
235774106
3,906,885
762,319
scus
Datastream Systems Inc
238124101
515,567
20,990
scus
Decorative Home Accents Inc CL
3
250
scus
Direct Focus Inc
254931108
174,548
6,290
scus
Dr Pepper Btlg Hldgs-Cl A
25612t103
268,875
10,755
scus
Dr Pepper Btlg Hldgs-Cl B
8,000
2,000
scus
Drypers Corp
262497308
839,697
348,965
scus
Drypers Corp CL B
262497308
74,726
31,055
scus
Duff & Phelps Credit Rating
26432f109
44,469
500
scus
ESAT Telecom Group PLC-ADR
26883Y102
1,191,330
13,020
scus
Echostar Communications - A
278762109
855,563
8,775
scus
Exide Corp
302051107
1,629,416
196,020
scus
First Essex Bancorp Inc
320103104
43,844
3,050
scus
Grey Wolf Inc
397888108
970,931
337,715
scus
Halsey Drug Co Inc
406369108
9,375
10,000
scus
Haynes Holdings Inc Private
3,588,100
717,620
scus
Hollywood Casino Corp CL A
436132203
219,938
51,000
scus
Hudson City Bancorp
443683107
33,594
2,500
scus
Interep National Radio Sales-A
45866V109
40,125
3,000
scus
Ivax Corp
465823102
256,213
9,950
scus
Jones International Networks L
480208000
1,875,000
150,000
scus
Kensey Nash Corp
490057106
258,638
21,780
scus
Laboratory Crp of America Hldg
50540r102
934,542
253,435
scus
MECH Financial Inc
583492103
127,017
3,675
scus
Marine Drilling Co Inc
568240204
558,806
24,905
scus
Medquist Inc
584949101
620,016
24,020
scus
Microcell Telecommunications I
59501t304
7,209,159
219,290
scus
National Penn Bancshares Inc
637138108
1,189,683
47,351
scus
Neuberger Berman Inc.
641234109
126,241
5,075
scus
Norsat International Inc
656512100
76,250
5,000
scus
Omnipoint REORG Corp
68212d102
2,168,234
17,975
scus
Orckit Comm LTD
89,213
2,600
scus
Packaged Ice Inc
695148106
97,500
30,000
scus
Panera Bread Company-CL A
69840w108
101,525
13,100
scus
Patterson Energy Inc
703414102
819,325
63,025
scus
Pegasus Com CL A RSTD
70557g989
154,054
1,576
scus
Pegasus Communications Corp
705904100
8,890,851
90,955
scus
Pitcarin Properties
62,500
62,500
scus
Players International Inc
253,343
30,825
scus
Powertel Inc
73936c109
387,949
3,865
scus
Premier National Bancorp
74053f107
302,338
16,398
scus
Price Communications Corp
741437305
437,769
15,740
scus
Pride International Inc
741932107
251,696
17,210
scus
Primus Telecommunications GP
741929103
431,460
11,280
scus
Provident Bank Shares
743859100
129,359
7,472
scus
Quest Diagnostics Inc
74834L100
137,531
4,500
scus
Raymond James Financial Inc
754730109
22,071
1,185
scus
Risk Capital Holdings Inc
767711104
63,125
5,000
scus
Safety-Kleen Corp
78648r203
235,300
20,800
scus
Seacoast Banking FL A
811707108
773,304
27,015
scus
Spanish Broadcasting Sys Cl A
846425882
337,094
8,375
scus
Specialty Equipment Cos
847497203
235,425
9,835
scus
Specialty Foods Corp 144A
16
3,150
scus
Staten Island Bancorp Inc
857550107
94,500
5,250
scus
Syratech Corp
871824108
13,035
1,738
scus
Telespectrum Worldwide Inc
87951u109
509,758
71,545
scus
Thermadyne Ind Cl B
2
2,000
scus
Tropical Sportswear Intl
89708p102
769,566
47,725
scus
United Bankshares Inc-W VA
909907107
146,234
6,125
scus
Viatel Inc
925529208
413,181
7,705
scus
Waste Systems International
94106p209
94,169
19,825
scus
Waste Systems Intl Cl B
941060000
712,500
150,000
scus
Webster Financial Corp
947890109
20,122
854
scus
Warrants
--------
Aladdin Gaming Wts
01071G114
675
67,500
wtus
Allegiance Telecom Inc Wts Ex
01747t110
95,713
950
wtus
American Tel Wts-New Exp 8-10-
35
3,500
wtus
Clearnet Comm WTS
20,213
4,125
wtus
Heartland Wireless 144A Wt-Exp
219
21,900
wtus
Key Energy Serv Warrants
492914122
20,000
1,000
wtus
McCaw Intl LTD Wt Ex-2007
3,000
1,000
wtus
Waste System Intl Wts EX-2006
94106p167
2,813
3,750
wtus
SMALL CAP SHORT STOCK
---------------------
Galey & Lord Inc
36352k103
(3,875)
(2,000)
scus
Revlon Inc
761525500
(59,531)
(7,500)
scus
LARGE CAP EQUITIES
------------------
AT&T Corp
001957109
118,596
2,334
lcus
AT&T Corp-Liberty Media A
001957208
745,096
13,115
lcus
AXA Financial Inc
002451102
664,020
19,530
lcus
Alliance Capital Mgmt-LP
018548107
121,097
4,045
lcus
American Express Co
025816109
876,969
5,275
lcus
American Home Prods Inc
026609107
322,831
8,225
lcus
American Int'l Group
026874107
826,508
7,644
lcus
Astoria Financial Corp
046265104
30,620
1,006
lcus
At Home Corp
045919107
61,097
1,425
lcus
Bank United Corp - Cl A
065412108
130,936
4,805
lcus
Bank of New York Co Inc
064057102
144,000
3,600
lcus
BankAmerica Corp
060505104
287,574
5,730
lcus
Bellsouth Corp
079860102
374,500
8,000
lcus
Bristol Myers Squibb Co
110122108
200,586
3,125
lcus
Burlington Resources Inc
122014103
872,916
26,402
lcus
Cable & Wireless HKT LTD
126828102
80,793
2,774
lcus
Cable & Wireless PLC-SP ADR
126830207
184,223
3,480
lcus
Capital One Financial Corp
14040h105
106,013
2,200
lcus
Chase Manhattan Corp
16161a108
103,324
1,330
lcus
Citigroup Inc
172967101
218,685
3,927
lcus
Coca Cola Co
191216100
239,116
4,105
lcus
Colgate-Palmolive Co
194162103
149,500
2,300
lcus
Columbia/HCA Healthcare Corp
197677107
31,071
1,060
lcus
Conoco Inc-CL A
208251306
510,840
20,640
lcus
Cullen/Frost Bankers Inc
229899109
160,165
6,220
lcus
Dayton-Hudson Corp
239753106
225,820
3,075
lcus
Ericsson Tel - ADR
294821400
743,583
11,320
lcus
Express Scripts Inc-CL A
302182100
320,320
5,005
lcus
Exxon Mobil Corp
30231g102
156,873
1,947
lcus
FDX Corporation
31304n107
446,833
10,915
lcus
Federal Natl Mortgage Assoc
313586109
135,802
2,175
lcus
First Union Corp
337358105
1,269,444
38,541
lcus
Fleet Boston Financial Corp
339030108
189,443
5,442
lcus
GTE Corp
362320103
263,551
3,735
lcus
General Electric
369604103
164,809
1,065
lcus
General Motors Corp - CL H
1,054,080
10,980
lcus
Gilat Satellite Networks LTD
370442832
1,125,156
9,475
lcus
Global Crossing Ltd
536,750
10,735
lcus
Halliburton Co
406216101
252,166
6,265
lcus
Harrah's Entertainment Inc
413619107
85,922
3,250
lcus
Infinity Broadcasting Corp-A
45662s102
378,883
10,470
lcus
Intl Business Machines
459200101
230,313
2,135
lcus
John Hancock BK & Thrift Opp F
409735107
229,922
27,250
lcus
Johnson & Johnson
478160104
205,150
2,200
lcus
Lucent Technologies Inc
549463107
868,500
11,580
lcus
MBNA Corp
55262L100
52,456
1,925
lcus
McKesson HBOC, Inc
58155q103
276,300
12,280
lcus
Mellon Bank Corp
58551a108
489,648
14,375
lcus
Merchantile Bankshares Corp
587405101
149,308
4,675
lcus
Merck & Co
409,844
6,100
lcus
Mony Group Inc
615337102
148,564
5,090
lcus
NTL Inc
629407107
501,495
4,020
lcus
Nabors Industries Inc
629568106
4,613,467
149,122
lcus
News Corp LTD ADR
652487703
445,039
11,635
lcus
Nextel Comm - A
65332v103
123,750
1,200
lcus
Nokia Oyj
654902204
214,945
1,125
lcus
North Fork Bancorporation Inc
659424105
254,891
14,670
lcus
Northern Telecom LTD
665815106
1,181,700
11,700
lcus
Omnipoint Corp
68212d102
205,063
1,700
lcus
PNC Financial Corp
693475105
466,805
10,490
lcus
Park Place Entertainment
700690100
476,250
38,100
lcus
Peoples Bank Bridgeport
710198102
37,919
1,795
lcus
Procter & Gamble Co
742718109
186,256
1,700
lcus
Quaker Oats Co
747402105
203,438
3,100
lcus
Qwest Communications Intl
749121109
402,050
9,350
lcus
R&B Falcon Corp
74912e101
299,450
22,600
lcus
Regions Financial Corp
758940100
38,693
1,540
lcus
Schlumberger Ltd
260,420
4,640
lcus
Smith International Inc
832110100
368,184
7,410
lcus
Sprint Corp (FON Group)
852061100
656,297
9,750
lcus
Sprint Corp (PCS Group)
852061506
911,738
8,895
lcus
Summit Bancorp
866005101
410,773
13,413
lcus
Suntrust Banks Inc
867914103
248,000
3,604
lcus
T Rowe Price Associates Inc
741477103
110,997
3,005
lcus
TV Guide Inc - CL A
87307q109
681,550
15,850
lcus
Tandy Corp
875382103
59,025
1,200
lcus
Telebras-Spons ADR
879287308
32,188
250
lcus
Telebras-Sponsored ADR
228
1,425
lcus
Telefonica De Espana ADR
879382208
520,163
6,600
lcus
Telefonos De Mexico - Cl L ADR
879403780
160,313
1,425
lcus
Telephone & Data Sys
879433100
309,960
2,460
lcus
Telewest Communications PLC
87956p105
112,986
2,045
lcus
Texaco Inc.
881694103
29,872
550
lcus
Time-Warner Inc
887315109
673,229
9,310
lcus
U.S. Bancorp
902973106
79,319
3,331
lcus
United Parcel Service CL B
911312106
34,500
500
lcus
Vodafone Airtouch
92857t107
63,113
1,275
lcus
Wal-Mart Stores Inc
931142103
900,008
13,020
lcus
Washington Mutual Inc
939322103
127,745
4,937
lcus
Wells Fargo & Co.
949746101
107,159
2,650
lcus
Westamerica Bancorp
957090103
6,984
250
lcus
Western Wireless Corp Cl A
95988E204
100,125
1,500
lcus
Westpoint Stevens Inc
961238102
1,561,525
89,230
lcus
Williams Communications Grp
969455104
592,495
20,475
lcus
Witney Holding Corp
966612103
91,915
2,480
lcus
