Penn Capital Management Inc. – ‘13F-HR’ for 12/31/99

As of:  Tuesday, 9/5/00   ·   For:  12/31/99   ·   Accession #:  1114951-0-6   ·   File #:  28-05903

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Quarterly Holdings and Combination Report by a Money Manager   —   Form 13F
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 13F-HR      Quarterly Holdings and Combination Report by a        20±    79K 
                Money Manager                                                    


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                                                                            

Dates Referenced Herein

This ‘13F-HR’ Filing		Date		Other Filings
Filed on:		9/5/00		None on these Dates
For Period end:		12/31/99
				List all Filings