CANYON VALUE REALIZATION FUND CAYMAN LTD
13F-NT, 1999-11-15
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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    Form 13F

                               Form 13F COVER PAGE


Report for the Calendar Year or Quarter Ended:  September 30, 1999
                                                ------------------

Check here if Amendment [  ]; Amendment Number:______________
         This Amendment [Check only one.]:  [  ] is a restatement
                                            [  ] adds new holdings entries

Institutional Investment Manager Filing this Report:

Name:       The Canyon Value Realization Fund (Cayman), Ltd.
            -------------------------------------------------
Address:    P.O. Box 2003GT, Grand Pavilion Commercial Centre
            -------------------------------------------------
            Bougainvillea Way, 802 West Bay Road
            -------------------------------------------------
            Grand Cayman, Cayman Islands, B.W.I.
            -------------------------------------------------

Form 13F File Number: 28-6844
                         --------

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:                      R. Christian B. Evensen
            --------------------------------------------------
Title:                     Director
            --------------------------------------------------
Phone:                     (310) 247-2700
            --------------------------------------------------

Signature, Place and Date of Signing:

/s/ R. Christian B. Evensen   Beverly Hills, CA    November 15, 1999
- ---------------------------   -----------------    -----------------
[Signature]                     [City, State]           [Date]

Report Type (Check only one):

[  ]     13F HOLDINGS REPORT. (Check here is all holdings of this reporting
         manager are reported in this report.)

[X ]     13F NOTICE. (Check here is no holdings reported are in this report, and
         all holdings are reported by other reporting manager(s)).

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[  ]     13F COMBINATION REPORT. (Check here is 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 Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]

   Form 13F File Number              Name
   28-7392                           Canyon Capital Advisors LLC
      ----------------               ----------------------------------
   [Repeat as Necessary]



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