^F,0^ - ^SBV,511,[S,47]^

Firm Overview Portfolio Management Team

^F,608^. ^SBV,511,[S,48,TPM_NM_1]^
^SBV,511,[S,48,TPM_JOB_1]^
PENN Capital has over ^DIV,[F,154,TDLTOT_CQ],[CON,1000],PRE[CON,$]^ billion in assets under ^SBV,511,[S,48,TPM_EXP_1]^ years of industry
management. experience
^SBV,511,[S,48,TPM_EDU_1]^
Investment Philosophy
^SBV,511,[S,660]^ ^SBV,511,[S,48,TPM_NM_2]^
^SBV,511,[S,48,TPM_JOB_2]^
^SBV,511,[S,48,TPM_EXP_2]^ years of industry
experience
^SBV,511,[S,48,TPM_EDU_2]^

^SBV,511,
Investment Process [S,48,TPM_NM_3]^
^SBV,511,[S,48,TPM_JOB_3]^
^SBV,511,[S,50]^ ^SBV,511,[S,48,TPM_EXP_3]^ years of industry
experience
^SBV,511,[S,48,TPM_EDU_3]^

^SBV,511,[S,48,TPM_NM_4]^
^SBV,511,[S,48,TPM_JOB_4]^
^SBV,511,[S,48,TPM_EXP_4]^ years of industry expe
^SBV,511,[S,48,TPM_EDU_4]^

Portfolio Highlights*

Style: Small Cap Core

PENN_06_30_10
 Objective: ^SBV,511,[S,607]^

Representative Clients Average Market Cap:

^SBV,511,[S,29,TACC_1]^ ^SBV,511,[S,29,TACC_2],PRE[CON,,]^ ^SBV,511,[S,29,TACC_3],PRE[CON,,]^ Average P/E Ratio:
^SBV,511,[S,29,TACC_4],PRE[CON,,]^ ^SBV,511,[S,29,TACC_5],PRE[CON,,]^ ^SBV,511,
Number of Holdings:
[S,29,TACC_6],PRE[CON,,]^ ^SBV,511,[S,29,TACC_7],PRE[CON,,]^ ^SBV,511,
[S,29,TACC_8],PRE[CON,,]^ Annual Portfolio Turnover:
*As of ^QTRDT,M-dd-yy^

^F,0^ - ^SBV,511,[S,47]^
Annualized Returns as of ^QTRDT,MM-dd- Calendar Year Returns Five Year Analysis as of ^QTRDT,M
PENN ^SBV,511,[S,55]^*
^QTRDT,Y,-5,yyyy^ Annualized Rate of Return
^QTRDT,Y,-4,yyyy^ Cumulative Rate of Return
^QTRDT,Y,-3,yyyy^ Standard Deviation
^QTRDT,Y,-2,yyyy^ Sharpe Ratio
^QTRDT,Y,-1,yyyy^ # of Positive Quarters
# of Negative Quarters
Best Quarter % Return
Top Ten Holdings as of ^QTRDT,M-dd-yy^ Worst Quarter % Return
^SBV,511,[S,63,TSEC1]^ ,TPCT1],POS[CON,%]^ ^SBV,511,[A,S,686]^
^SBV,511,[S,63,TSEC2]^ ,TPCT2],POS[CON,%]^ Sector Analysis as of ^QTRDT,M-dd
^SBV,511,[S,63,TSEC3]^ ,TPCT3],POS[CON,%]^ Consumer Discretionary
^SBV,511,[S,63,TSEC4]^ ,TPCT4],POS[CON,%]^ Technology
PENN ^SBV,511,[S,55]^* ^SBV,511,[S,63,TSEC5]^ ,TPCT5],POS[CON,%]^ Financial Services
1 Year ^SBV,511,[S,63,TSEC6]^ ,TPCT6],POS[CON,%]^ Producer Durables
3 Year ^SBV,511,[S,63,TSEC7]^ ,TPCT7],POS[CON,%]^ Healthcare
5 Year ^SBV,511,[S,63,TSEC8]^ ,TPCT8],POS[CON,%]^ Auto and Transportation
7 Year ^SBV,511,[S,63,TSEC9]^ ,TPCT9],POS[CON,%]^ Other Energy

PENN_06_30_10
10 Year ^SBV,511,[S,63,TSEC10]^ TPCT10],POS[CON,%]^ Utilities
*^SBV,511,[S,56]^ Materials and Processing
Cash
Consumer Staples

The Brinker Capital Manager Overview is based on data from PENN Capital Management as of ^QTRDT,MM-dd-yyyy^. Brinker Capital has not independently verified the information but believes it to be accurat
represented to Brinker that returns have been calculated in accordance with Global Investment Performance Standards (GIPS®) (prior to 2006, the Performance Standards of the Association for Investment Man
(AIMR-PPS)), but have not been reviewed by any regulatory body. Results represent the composite performance for PENN Capital’s Small Cap Opportunistic Value Equity Composite. Performance results are t
returns. Results include dividends and interest income, accrued income, realized and unrealized gains and losses. Cash and cash equivalents are included in performance returns. Securities transactions are ac
date using accrual accounting. Results are presented gross of custody expenses and PENN Capital Management’s investment management fees which are detailed in Part II of PENN Capital Management’s Fo

Client returns in Brinker Capital’s program will be reduced by advisory fees payable to Brinker Capital which are described in Part II of its Form ADV and the investment advisory agreement. Brink
includes the solicitor’s fee, manager’s fee, all trading costs and custody expenses. This is not a sales solicitation, but rather a profile on PENN Capital Management

PENN_06_30_10
gement Team *Please insert AUM
PM_NM_1]^ #VALUE!
PM_JOB_1]^ ^DIV,
[F,154,TD
PM_EXP_1]^ years of industry LTOT_CQ
PM_EDU_1]^ ],[CON,1]^

PM_NM_2]^
PM_JOB_2]^ #VALUE!
PM_EXP_2]^ years of industry
PM_EDU_2]^

PM_JOB_3]^
PM_EXP_3]^ years of industry
PM_EDU_3]^

PM_NM_4]^
PM_JOB_4]^
PM_EXP_4]^ years of industry experi
PM_EDU_4]^

l Cap Core

PENN_06_30_10
V,511,[S,607]^

^SBV,511,[DIV,
[S,81,TWMC_PRT],
[CON,1000],PRE[CON,
$],POS[CON,billion]]^
^SBV,511,[S,81,TAR_PRT]^
^SBV,511,
^SBV,511,
[S,81,TNEH_PRT]^
[S,81,TAPT_PRT],POS[CON,
%]^

Year Analysis as of ^QTRDT,M-dd-yy^

PENN ^SBV,511,[S,55]^*
alized Rate of Return
ulative Rate of Return
dard Deviation
pe Ratio
Positive Quarters
Negative Quarters
Quarter % Return
t Quarter % Return
V,511,[A,S,686]^
or Analysis as of ^QTRDT,M-dd-yy^
umer Discretionary S[CON,%]^
nology OS[CON,%]^
ncial Services OS[CON,%]^
ucer Durables S[CON,%]^
hcare S[CON,%]^
and Transportation S[CON,%]^
r Energy S[CON,%]^

PENN_06_30_10
es OS[CON,%]^
rials and Processing S[CON,%]^
S[CON,%]^
umer Staples OS[CON,%]^

ed the information but believes it to be accurate. PENN Capital has

ndards of the Association for Investment Management and Research
Equity Composite. Performance results are time weighted monthly
mance returns. Securities transactions are accounted for on a trade
d in Part II of PENN Capital Management’s Form ADV.

the investment advisory agreement. Brinker Capital’s fee

anagement

PENN_06_30_10
 ^SBV,511,[S,48,TPM_EXP_1]^

^SBV,511,[S,48,TPM_EXP_2]^

^SBV,511,[S,48,TPM_EXP_3]^

^SBV,511,[S,48,TPM_EXP_4]^

PENN_06_30_10
^F,0^ - ^SBV,510,[S,47]^
Firm Overview Portfolio Management Team
^F,608^. ^SBV,510,[S,48,TPM_NM_1]^
^SBV,510,[S,48,TPM_JOB_1]^
PENN Capital has over ^DIV,[F,154,TDLTOT_CQ],[CON,1000],PRE[CON,$]^ billion in assets under ^SBV,510,[S,48,TPM_EXP_1]^ years of industry
management. experience
^SBV,510,[S,48,TPM_EDU_1]^
Investment Philosophy
^SBV,510,[S,660]^ ^SBV,510,[S,48,TPM_NM_2]^
^SBV,510,[S,48,TPM_JOB_2]^
^SBV,510,[S,48,TPM_EXP_2]^ years of industry
experience
^SBV,510,[S,48,TPM_EDU_2]^

^SBV,510,
[S,48,TPM_NM_3]^
^SBV,510,[S,48,TPM_JOB_3]^
Investment Process ^SBV,510,[S,48,TPM_EXP_3]^ years of industry
^SBV,510,[S,50]^ experience
^SBV,510,[S,48,TPM_EDU_3]^

^SBV,510,[S,48,TPM_NM_4]^
^SBV,510,[S,48,TPM_JOB_4]^
^SBV,510,[S,48,TPM_EXP_4]^ years of industry exper
^SBV,510,[S,48,TPM_EDU_4]^

Portfolio Highlights*

Style: SMID Cap Core

PENN_06_30_10
 Objective: ^SBV,510,[S,607]^

Representative Clients
^SBV,510,[S,29,TACC_1]^ ^SBV,510,[S,29,TACC_2],PRE[CON,,]^ ^SBV,510,[S,29,TACC_3],PRE[CON,,]^ Average Market Cap:
^SBV,510,[S,29,TACC_4],PRE[CON,,]^ ^SBV,510,[S,29,TACC_5],PRE[CON,,]^ ^SBV,510,
Average P/E Ratio:
[S,29,TACC_6],PRE[CON,,]^ ^SBV,510,[S,29,TACC_7],PRE[CON,,]^ ^SBV,510,
[S,29,TACC_8],PRE[CON,,]^ Number of Holdings:
Annual Portfolio Turnover:

*As of ^QTRDT,M-dd-yy^

^F,0^ - ^SBV,510,[S,47]^
Annualized Returns as of ^QTRDT,M-dd-y Calendar Year Returns Five Year Analysis as of ^QTRDT,M
PENN ^SBV,510,[S,55]^*
^QTRDT,Y,-5,yyyy^ Annualized Rate of Return
^QTRDT,Y,-4,yyyy^ Cumulative Rate of Return
^QTRDT,Y,-3,yyyy^ Standard Deviation
^QTRDT,Y,-2,yyyy^ Sharpe Ratio
^QTRDT,Y,-1,yyyy^ # of Positive Quarters
# of Negative Quarters
Best Quarter % Return
Top Ten Holdings as of ^QTRDT,M-dd-yy^ Worst Quarter % Return
^SBV,510,[S,63,TSEC1]^ ,TPCT1],POS[CON,%]^ ^SBV,510,[A,S,686]^
^SBV,510,[S,63,TSEC2]^ ,TPCT2],POS[CON,%]^ Sector Analysis as of ^QTRDT,M-dd
^SBV,510,[S,63,TSEC3]^ ,TPCT3],POS[CON,%]^ Financial Services
^SBV,510,[S,63,TSEC4]^ ,TPCT4],POS[CON,%]^ Healthcare
PENN^SBV,510,[S,55]^* ^SBV,510,[S,63,TSEC5]^ ,TPCT5],POS[CON,%]^ Consumer Discretionary
1 Year ^SBV,510,[S,63,TSEC6]^ ,TPCT6],POS[CON,%]^ Technology
3 Year ^SBV,510,[S,63,TSEC7]^ ,TPCT7],POS[CON,%]^ Producer Durables

PENN_06_30_10
5 Year ^SBV,510,[S,63,TSEC8]^ ,TPCT8],POS[CON,%]^ Other Energy
7 Year ^SBV,510,[S,63,TSEC9]^ ,TPCT9],POS[CON,%]^ Utilities
*^SBV,510,[S,56]^ ^SBV,510,[S,63,TSEC10]^ TPCT10],POS[CON,%]^ Auto and Transportation
Consumer Staples
Materials and Processing
Cash

The Brinker Capital Manager Overview is based on data from PENN Capital Management as of ^QTRDT,MM-dd-yyyy^. Brinker Capital has not independently verified the information but believes it to be accurat
represented to Brinker that returns have been calculated in accordance with Global Investment Performance Standards (GIPS®) (prior to 2006, the Performance Standards of the Association for Investment Man
Research (AIMR-PPS)), but have not been reviewed by any regulatory body. Results represent the composite performance for PENN Capital’s Small Cap Opportunistic Value Equity Composite. Performance re
weighted monthly returns. Results include dividends and interest income, accrued income, realized and unrealized gains and losses. Cash and cash equivalents are included in performance returns. Securities t
accounted for on a trade date using accrual accounting. Results are presented gross of custody expenses and PENN Capital Management’s investment management fees which are detailed in Part II of PENN C
Form ADV.
Client returns in Brinker Capital’s program will be reduced by advisory fees payable to Brinker Capital which are described in Part II of its Form ADV and the investment advisory agreement. Brink
includes the solicitor’s fee, manager’s fee, all trading costs and custody expenses. This is not a sales solicitation, but rather a profile on PENN Capital Management

PENN_06_30_10
gement Team *Please insert AUM
PM_NM_1]^ #VALUE!
PM_JOB_1]^ ^DIV,
[F,154,TD
PM_EXP_1]^ years of industry LTOT_CQ
PM_EDU_1]^ ],[CON,1]^

PM_NM_2]^
PM_JOB_2]^ #VALUE!
PM_EXP_2]^ years of industry
PM_EDU_2]^

PM_JOB_3]^
PM_EXP_3]^ years of industry
PM_EDU_3]^

PM_NM_4]^
PM_JOB_4]^
PM_EXP_4]^ years of industry experi
PM_EDU_4]^

D Cap Core

PENN_06_30_10
V,510,[S,607]^

^SBV,510,[DIV,
[S,81,TWMC_PRT],
[CON,1000],PRE[CON,
$],POS[CON,billion]]^
^SBV,510,[S,81,TAR_PRT]^
^SBV,510,
^SBV,510,
[S,81,TNEH_PRT]^
[S,81,TAPT_PRT],POS[CON,
%]^

Year Analysis as of ^QTRDT,M-dd-yy^

PENN ^SBV,510,[S,55]^*
alized Rate of Return
ulative Rate of Return
dard Deviation
pe Ratio
Positive Quarters
Negative Quarters
Quarter % Return
t Quarter % Return
V,510,[A,S,686]^
or Analysis as of ^QTRDT,M-dd-yy^
ncial Services OS[CON,%]^
hcare S[CON,%]^
umer Discretionary S[CON,%]^
nology OS[CON,%]^
ucer Durables S[CON,%]^

PENN_06_30_10
r Energy S[CON,%]^
es OS[CON,%]^
and Transportation S[CON,%]^
umer Staples OS[CON,%]^
rials and Processing S[CON,%]^
S[CON,%]^

ed the information but believes it to be accurate. PENN Capital has

andards of the Association for Investment Management and
nistic Value Equity Composite. Performance results are time
e included in performance returns. Securities transactions are
ent fees which are detailed in Part II of PENN Capital Management’s

the investment advisory agreement. Brinker Capital’s fee

Management

PENN_06_30_10
 ^SBV,510,[S,48,TPM_EXP_1]^

^SBV,510,[S,48,TPM_EXP_2]^

^SBV,510,[S,48,TPM_EXP_3]^

^SBV,510,[S,48,TPM_EXP_4]^

PENN_06_30_10
^F,0^ - ^SBV,492,[S,47]^
Firm Overview Portfolio Management Team
^F,608^. ^SBV,492,[S,48,TPM_NM_1]^
^SBV,492,[S,48,TPM_JOB_1]^
PENN Capital has over ^DIV,[F,154,TDLTOT_CQ],[CON,1000],PRE[CON,$]^ billion in assets under ^SBV,492,[S,48,TPM_EXP_1]^ years of industry
management. experience
^SBV,492,[S,48,TPM_EDU_1]^
Investment Philosophy
^SBV,492,[S,660]^ ^SBV,492,[S,48,TPM_NM_2]^
^SBV,492,[S,48,TPM_JOB_2]^
^SBV,492,[S,48,TPM_EXP_2]^ years of industry
experience
^SBV,492,[S,48,TPM_EDU_2]^

^SBV,492,
Investment Process [S,48,TPM_NM_3]^
^SBV,492,[S,48,TPM_JOB_3]^
^SBV,492,[S,50]^ ^SBV,492,[S,48,TPM_EXP_3]^ years of industry
experience
^SBV,492,[S,48,TPM_EDU_3]^

^SBV,492,[S,48,TPM_NM_4]^
^SBV,492,[S,48,TPM_JOB_4]^
^SBV,492,[S,48,TPM_EXP_4]^ years of industry exper
^SBV,492,[S,48,TPM_EDU_4]^

Portfolio Highlights*

Style: Mid Cap Core Equity

PENN_06_30_10
 Objective: ^SBV,492,[S,607]^

Representative Clients
^SBV,492,[S,29,TACC_1]^ ^SBV,492,[S,29,TACC_2],PRE[CON,,]^ ^SBV,492,[S,29,TACC_3],PRE[CON,,]^ Average Market Cap:
^SBV,492,[S,29,TACC_4],PRE[CON,,]^ ^SBV,492,[S,29,TACC_5],PRE[CON,,]^ ^SBV,492,
[S,29,TACC_6],PRE[CON,,]^ ^SBV,492,[S,29,TACC_7],PRE[CON,,]^ ^SBV,492, Average P/E Ratio:
[S,29,TACC_8],PRE[CON,,]^ ^SBV,492,[S,29,TACC_9],PRE[CON,,]^ ^SBV,492, Number of Holdings:
[S,29,TACC_10],PRE[CON,,]^.
Annual Portfolio Turnover:

*As of ^QTRDT,M-dd-yy^

^F,0^ - ^SBV,492,[S,47]^
Annualized Returns as of ^QTRDT,M-dd-y Calendar Year Returns Five Year Analysis as of ^QTRDT,M
PENN ^SBV,492,[S,55]^*
^QTRDT,Y,-5,yyyy^ Annualized Rate of Return
^QTRDT,Y,-4,yyyy^ Cumulative Rate of Return
^QTRDT,Y,-3,yyyy^ Standard Deviation
^QTRDT,Y,-2,yyyy^ Sharpe Ratio
^QTRDT,Y,-1,yyyy^ # of Positive Quarters
# of Negative Quarters
Best Quarter % Return
Top Ten Holdings as of ^QTRDT,M-dd-yy^ Worst Quarter % Return
^SBV,492,[S,63,TSEC1]^ ,TPCT1],POS[CON,%]^ ^SBV,492,[A,S,686]^
^SBV,492,[S,63,TSEC2]^ ,TPCT2],POS[CON,%]^ Sector Analysis as of ^QTRDT,M-dd
^SBV,492,[S,63,TSEC3]^ ,TPCT3],POS[CON,%]^ Financial Services
^SBV,492,[S,63,TSEC4]^ ,TPCT4],POS[CON,%]^ Consumer Discretionary
PENN^SBV,492,[S,55]^* ^SBV,492,[S,63,TSEC5]^ ,TPCT5],POS[CON,%]^ Healthcare
1 Year ^SBV,492,[S,63,TSEC6]^ ,TPCT6],POS[CON,%]^ Other Energy

PENN_06_30_10
3 Year ^SBV,492,[S,63,TSEC7]^ ,TPCT7],POS[CON,%]^ Materials / Processing
5 Year ^SBV,492,[S,63,TSEC8]^ ,TPCT8],POS[CON,%]^ Producer Durables
7 Year ^SBV,492,[S,63,TSEC9]^ ,TPCT9],POS[CON,%]^ Auto / Transportation
*^SBV,492,[S,56]^ ^SBV,492,[S,63,TSEC10]^ TPCT10],POS[CON,%]^ Utilities
Technology
Cash
Consumer Staples
^SBV,492,[A,S,196]^

The Brinker Capital Manager Overview is based on data from PENN Capital Management as of ^QTRDT,MM-dd-yyyy^. Brinker Capital has not independently verified the information but believes it to be accurat
represented to Brinker that returns have been calculated in accordance with Global Investment Performance Standards (GIPS®) (prior to 2006, the Performance Standards of the Association for Investment Man
(AIMR-PPS)), but have not been reviewed by any regulatory body. Results represent the composite performance for PENN Capital’s Small Cap Opportunistic Value Equity Composite. Performance results are t
returns. Results include dividends and interest income, accrued income, realized and unrealized gains and losses. Cash and cash equivalents are included in performance returns. Securities transactions are ac
date using accrual accounting. Results are presented gross of custody expenses and PENN Capital Management’s investment management fees which are detailed in Part II of PENN Capital Management’s Fo

Client returns in Brinker Capital’s program will be reduced by advisory fees payable to Brinker Capital which are described in Part II of its Form ADV and the investment advisory agreement. Brink
includes the solicitor’s fee, manager’s fee, all trading costs and custody expenses. This is not a sales solicitation, but rather a profile on PENN Capital Management

PENN_06_30_10
gement Team *Please input AUM
PM_NM_1]^ #VALUE!
PM_JOB_1]^ ^DIV,
[F,154,TD
PM_EXP_1]^ years of industry LTOT_CQ
PM_EDU_1]^ ],[CON,1]^

PM_NM_2]^
PM_JOB_2]^ #VALUE!
PM_EXP_2]^ years of industry
PM_EDU_2]^

PM_JOB_3]^
PM_EXP_3]^ years of industry
PM_EDU_3]^

PM_NM_4]^
PM_JOB_4]^
PM_EXP_4]^ years of industry experi
PM_EDU_4]^

Cap Core Equity

PENN_06_30_10
V,492,[S,607]^

^SBV,492,[DIV,
[S,81,TWMC_PRT],
[CON,1000],PRE[CON,
$],POS[CON,billion]]^
^SBV,492,[S,81,TAR_PRT]^
^SBV,492,
^SBV,492,
[S,81,TNEH_PRT]^
[S,81,TAPT_PRT],POS[CON,
%]^

Year Analysis as of ^QTRDT,M-dd-yy^

PENN 2,[S,55]^*
alized Rate of Return
ulative Rate of Return
dard Deviation
pe Ratio
Positive Quarters
Negative Quarters
Quarter % Return
t Quarter % Return
V,492,[A,S,686]^
or Analysis as of ^QTRDT,M-dd-yy^
ncial Services OS[CON,%]^
umer Discretionary S[CON,%]^
hcare S[CON,%]^
r Energy S[CON,%]^

PENN_06_30_10
rials / Processing S[CON,%]^
ucer Durables S[CON,%]^
/ Transportation S[CON,%]^
es OS[CON,%]^
nology OS[CON,%]^
S[CON,%]^
umer Staples OS[CON,%]^

ed the information but believes it to be accurate. PENN Capital has

andards of the Association for Investment Management and Research
e Equity Composite. Performance results are time weighted monthly
rmance returns. Securities transactions are accounted for on a trade
d in Part II of PENN Capital Management’s Form ADV.

the investment advisory agreement. Brinker Capital’s fee

Management

PENN_06_30_10
 ^SBV,492,[S,48,TPM_EXP_1]^

^SBV,492,[S,48,TPM_EXP_2]^

^SBV,492,[S,48,TPM_EXP_3]^

^SBV,492,[S,48,TPM_EXP_4]^

PENN_06_30_10