<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 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: Canyon Capital Advisors LLC
----------------------------------
Address: 9665 Wilshire Boulevard, Suite 200
----------------------------------
Beverly Hills, CA 90212
----------------------------------
----------------------------------
Form 13F File Number: 28-7392
----
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: Joshua S. Friedman
-------------------------------
Title: Managing Director
-------------------------------
Phone: (310) 247-2700
-------------------------------
Signature, Place and Date of Signing:
/s/ Joshua S. Friedman Beverly Hills, CA May 13, 1999
------------------------------- ----------------- -------------
[Signature] [City, State] [Date]
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT. (Check here is all holdings of this reporting
manager are reported in this report.)
[ ] 13F NOTICE. (Check here is no holdings reported are in this report,
and all holdings are reported by other reporting manager(s)).
<PAGE>
[ ] 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).)
Report Summary:
Number of Other Included Managers: 2
--------------------
Form 13F Information Table Entry Total: 145
--------------------
Form 13F Information Table Value Total: $ 266,820
--------------------
(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 headings
and list entries.]
No. Form 13F File Number Name
1 28-6844 The Canyon Value Realization Fund (Cayman), Ltd.
- ------ ---- ------------------------------------------------
2 28-6780 The Value Realization Fund, L.P.
- ------ ---- ------------------------------------------------
[Repeat as necessary.]
<PAGE>
<TABLE>
<CAPTION>
Page 1 of 8 NAME OF REPORTING MANAGER: CANYON CAPITAL ADVISORS, LLC
AS OF 3/31/99
- -------------------------------------------------------------------------------------------------------------------------
Column 3: Column 4: Column 5:
- -------------------------------------------------------------------------------------------------------------------------
Column 1: Column 2: CUSIP Fair Shares or SH/ Put/
- -------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Number Market Principal PRN Call
- -------------------------------------------------------------------------------------------------------------------------
Value ($000) Amount
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
COM 001669100 108 7,000 SH
- -------------------------------------------------------------------------------------------------------------------------
AMC ENTMNT INC COM 001669100 272 17,700 SH
- -------------------------------------------------------------------------------------------------------------------------
ACTIVISION INC NEW SUB NT CV 144A05 004930AA1 900 1,000,000 PRN
- -------------------------------------------------------------------------------------------------------------------------
ACTIVISION INC NEW SUB NT CV 144A05 004930AA1 627 697,000 PRN
- -------------------------------------------------------------------------------------------------------------------------
ACTIVISION INC NEW SUB NT CV 144A05 004930AA1 273 303,000 PRN
- -------------------------------------------------------------------------------------------------------------------------
ACTIVISION INC NEW SUB NT CV 6.75%05 004930AC7 1,440 1,600,000 PRN
- -------------------------------------------------------------------------------------------------------------------------
ACTIVISION INC NEW SUB NT CV 6.75%05 004930AC7 1,187 1,319,000 PRN
- -------------------------------------------------------------------------------------------------------------------------
ACTIVISION INC NEW SUB NT CV 6.75%05 004930AC7 73 81,000 PRN
- -------------------------------------------------------------------------------------------------------------------------
AGRIUM INC COM 008916108 214 23,240 SH
- -------------------------------------------------------------------------------------------------------------------------
AGRIUM INC COM 008916108 182 19,760 SH
- -------------------------------------------------------------------------------------------------------------------------
AIRTOUCH COMMUNICATIONS INC COM 00949T100 11,329 117,250 SH
- -------------------------------------------------------------------------------------------------------------------------
AIRTOUCH COMMUNICATIONS INC COM 00949T100 23,818 246,500 SH
- -------------------------------------------------------------------------------------------------------------------------
AIRTOUCH COMMUNICATIONS INC COM 00949T100 1,087 11,250 SH
- -------------------------------------------------------------------------------------------------------------------------
ASCEND COMMUNICATIONS INC COM 043491109 5,921 70,750 SH
- -------------------------------------------------------------------------------------------------------------------------
ASCEND COMMUNICATIONS INC COM 043491109 12,260 146,500 SH
- -------------------------------------------------------------------------------------------------------------------------
ASCEND COMMUNICATIONS INC COM 043491109 649 7,750 SH
- -------------------------------------------------------------------------------------------------------------------------
ASSOCIATED GROUP INC CL B 045651205 211 4,450 SH
- -------------------------------------------------------------------------------------------------------------------------
ASSOCIATED GROUP INC CL B 045651205 237 5,000 SH
- -------------------------------------------------------------------------------------------------------------------------
ASSOCIATED GROUP INC CL B 045651205 26 550 SH
- -------------------------------------------------------------------------------------------------------------------------
Page Total: 60,814
- -------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
Column 6: Column 7: Column 8:
- ---------------------------------------------------------------------------------------------------------
Column 1: Investment Other VOTING AUTHORITY
- ---------------------------------------------------------------------------------------------------------
Name of Issuer Discretion Managers (a) Sole (b)Shared (c) None
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
DEFINED 1 7,000
- ---------------------------------------------------------------------------------------------------------
AMC ENTMNT INC DEFINED 2 17,700
- ---------------------------------------------------------------------------------------------------------
ACTIVISION INC NEW DEFINED 1 1,000,000
- ---------------------------------------------------------------------------------------------------------
ACTIVISION INC NEW DEFINED 2 697,000
- ---------------------------------------------------------------------------------------------------------
ACTIVISION INC NEW DEFINED 303,000
- ---------------------------------------------------------------------------------------------------------
ACTIVISION INC NEW DEFINED 1 1,600,000
- ---------------------------------------------------------------------------------------------------------
ACTIVISION INC NEW DEFINED 2 1,319,000
- ---------------------------------------------------------------------------------------------------------
ACTIVISION INC NEW DEFINED 81,000
- ---------------------------------------------------------------------------------------------------------
AGRIUM INC DEFINED 1 23,240
- ---------------------------------------------------------------------------------------------------------
AGRIUM INC DEFINED 2 19,760
- ---------------------------------------------------------------------------------------------------------
AIRTOUCH COMMUNICATIONS INC DEFINED 1 117,250
- ---------------------------------------------------------------------------------------------------------
AIRTOUCH COMMUNICATIONS INC DEFINED 2 246,500
- ---------------------------------------------------------------------------------------------------------
AIRTOUCH COMMUNICATIONS INC DEFINED 11,250
- ---------------------------------------------------------------------------------------------------------
ASCEND COMMUNICATIONS INC DEFINED 1 70,750
- ---------------------------------------------------------------------------------------------------------
ASCEND COMMUNICATIONS INC DEFINED 2 146,500
- ---------------------------------------------------------------------------------------------------------
ASCEND COMMUNICATIONS INC DEFINED 7,750
- ---------------------------------------------------------------------------------------------------------
ASSOCIATED GROUP INC DEFINED 1 4,450
- ---------------------------------------------------------------------------------------------------------
ASSOCIATED GROUP INC DEFINED 2 5,000
- ---------------------------------------------------------------------------------------------------------
ASSOCIATED GROUP INC DEFINED 550
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Page 2 of 8 NAME OF REPORTING MANAGER: CANYON CAPITAL ADVISORS, LLC
AS OF 3/31/99
- -------------------------------------------------------------------------------------------------------------------------
Column 3: Column 4: Column 5:
- -------------------------------------------------------------------------------------------------------------------------
Column 1: Column 2: CUSIP Fair Shares or SH/ Put/
- -------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Number Market Principal PRN Call
- -------------------------------------------------------------------------------------------------------------------------
Value ($000) Amount
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
AVIALL INC NEW COM 05366B102 676 43,600 SH
- -------------------------------------------------------------------------------------------------------------------------
AVIALL INC NEW COM 05366B102 814 52,500 SH
- -------------------------------------------------------------------------------------------------------------------------
AVIALL INC NEW COM 05366B102 60 3,900 SH
- -------------------------------------------------------------------------------------------------------------------------
BAYARD DRILLING TECHNOLOGIES COM 072700107 1,867 298,761 SH
- -------------------------------------------------------------------------------------------------------------------------
BAYARD DRILLING TECHNOLOGIES COM 072700107 2,541 406,593 SH
- -------------------------------------------------------------------------------------------------------------------------
BAYARD DRILLING TECHNOLOGIES COM 072700107 274 43,896 SH
- -------------------------------------------------------------------------------------------------------------------------
BRUNSWICK CORP COM 117043109 336 17,615 SH
- -------------------------------------------------------------------------------------------------------------------------
BRUNSWICK CORP COM 117043109 567 29,740 SH
- -------------------------------------------------------------------------------------------------------------------------
BRUNSWICK CORP COM 117043109 50 2,645 SH
- -------------------------------------------------------------------------------------------------------------------------
CENTURY COMMUNICATIONS CORP CL A 156503104 2,108 45,400 SH
- -------------------------------------------------------------------------------------------------------------------------
CENTURY COMMUNICATIONS CORP CL A 156503104 3,622 78,000 SH
- -------------------------------------------------------------------------------------------------------------------------
CENTURY COMMUNICATIONS CORP CL A 156503104 306 6,600 SH
- -------------------------------------------------------------------------------------------------------------------------
CIRRUS LOGIC CORP SB NT CV 6%03 172755AC4 1,873 2,800,000 PRN
- -------------------------------------------------------------------------------------------------------------------------
CIRRUS LOGIC CORP SB NT CV 6%03 172755AC4 2,341 3,500,000 PRN
- -------------------------------------------------------------------------------------------------------------------------
CIRRUS LOGIC CORP SB NT CV 6%03 172755AC4 468 700,000 PRN
- -------------------------------------------------------------------------------------------------------------------------
CITIZENS UTILITIES CO DEL CL B 177342201 4,779 616,623 SH
- -------------------------------------------------------------------------------------------------------------------------
CITIZENS UTILITIES CO DEL CL B 177342201 3,323 428,747 SH
- -------------------------------------------------------------------------------------------------------------------------
CITIZENS UTILITIES CO DEL CL B 177342201 215 27,726 SH
- -------------------------------------------------------------------------------------------------------------------------
CITIZENS UTILS TR PFD EPPICS CV 177351202 2,844 70,660 SH
- -------------------------------------------------------------------------------------------------------------------------
Page Total: 29,064
- -------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Column 6: Column 7: Column 8:
- ---------------------------------------------------------------------------------------------------------
Column 1: Investment Other VOTING AUTHORITY
- ---------------------------------------------------------------------------------------------------------
Name of Issuer Discretion Managers (a) Sole (b)Shared (c) None
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
AVIALL INC NEW DEFINED 1 43,600
- ---------------------------------------------------------------------------------------------------------
AVIALL INC NEW DEFINED 2 52,500
- ---------------------------------------------------------------------------------------------------------
AVIALL INC NEW DEFINED 3,900
- ---------------------------------------------------------------------------------------------------------
BAYARD DRILLING TECHNOLOGIES DEFINED 1 298,761
- ---------------------------------------------------------------------------------------------------------
BAYARD DRILLING TECHNOLOGIES DEFINED 2 406,593
- ---------------------------------------------------------------------------------------------------------
BAYARD DRILLING TECHNOLOGIES DEFINED 43,896
- ---------------------------------------------------------------------------------------------------------
BRUNSWICK CORP DEFINED 1 17,615
- ---------------------------------------------------------------------------------------------------------
BRUNSWICK CORP DEFINED 2 29,740
- ---------------------------------------------------------------------------------------------------------
BRUNSWICK CORP DEFINED 2,645
- ---------------------------------------------------------------------------------------------------------
CENTURY COMMUNICATIONS CORP DEFINED 1 45,400
- ---------------------------------------------------------------------------------------------------------
CENTURY COMMUNICATIONS CORP DEFINED 2 78,000
- ---------------------------------------------------------------------------------------------------------
CENTURY COMMUNICATIONS CORP DEFINED 6,600
- ---------------------------------------------------------------------------------------------------------
CIRRUS LOGIC CORP DEFINED 1 2,800,000
- ---------------------------------------------------------------------------------------------------------
CIRRUS LOGIC CORP DEFINED 2 3,500,000
- ---------------------------------------------------------------------------------------------------------
CIRRUS LOGIC CORP DEFINED 700,000
- ---------------------------------------------------------------------------------------------------------
CITIZENS UTILITIES CO DEL DEFINED 1 616,623
- ---------------------------------------------------------------------------------------------------------
CITIZENS UTILITIES CO DEL DEFINED 2 428,747
- ---------------------------------------------------------------------------------------------------------
CITIZENS UTILITIES CO DEL DEFINED 27,726
- ---------------------------------------------------------------------------------------------------------
CITIZENS UTILS TR DEFINED 2 70,660
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Page 3 of 8 NAME OF REPORTING MANAGER: CANYON CAPITAL ADVISORS, LLC
AS OF 3/31/99
- -------------------------------------------------------------------------------------------------------------------------
Column 3: Column 4: Column 5:
- -------------------------------------------------------------------------------------------------------------------------
Column 1: Column 2: CUSIP Fair Shares or SH/ Put/
- -------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Number Market Principal PRN Call
- -------------------------------------------------------------------------------------------------------------------------
Value ($000) Amount
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
CITIZENS UTILS TR PFD EPPICS CV 177351202 1,402 34,840 SH
- -------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED FREIGHTWAYS CORP COM 209232107 2,363 196,895 SH
- -------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED FREIGHTWAYS CORP COM 209232107 1,716 142,979 SH
- -------------------------------------------------------------------------------------------------------------------------
CONSOLIDATED FREIGHTWAYS CORP COM 209232107 122 10,126 SH
- -------------------------------------------------------------------------------------------------------------------------
DIAMOND OFFSHORE DRILLING INC COM 25271C102 2,715 85,860 SH
- -------------------------------------------------------------------------------------------------------------------------
DIAMOND OFFSHORE DRILLING INC COM 25271C102 1,596 50,465 SH
- -------------------------------------------------------------------------------------------------------------------------
DIAMOND OFFSHORE DRILLING INC COM 25271C102 203 6,425 SH
- -------------------------------------------------------------------------------------------------------------------------
DISNEY WALT CO COM 254687106 1,136 36,500 SH
- -------------------------------------------------------------------------------------------------------------------------
DISNEY WALT CO COM 254687106 1,525 49,000 SH
- -------------------------------------------------------------------------------------------------------------------------
DISNEY WALT CO COM 254687106 140 4,500 SH
- -------------------------------------------------------------------------------------------------------------------------
EL PASO ELEC CO COM NEW 283677854 50 6,500 SH
- -------------------------------------------------------------------------------------------------------------------------
EL PASO ELEC CO COM NEW 283677854 103 13,500 SH
- -------------------------------------------------------------------------------------------------------------------------
ELECTRIC LIGHTWAVE INC CL A 284895109 2,867 323,025 SH
- -------------------------------------------------------------------------------------------------------------------------
ELECTRIC LIGHTWAVE INC CL A 284895109 1,557 175,440 SH
- -------------------------------------------------------------------------------------------------------------------------
ELECTRIC LIGHTWAVE INC CL A 284895109 153 17,235 SH
- -------------------------------------------------------------------------------------------------------------------------
EMCOR GROUP INC COM 29084Q100 514 30,000 SH
- -------------------------------------------------------------------------------------------------------------------------
EMCOR GROUP INC COM 29084Q100 1,190 69,500 SH
- -------------------------------------------------------------------------------------------------------------------------
EMCOR GROUP INC COM 29084Q100 128 7,500 SH
- -------------------------------------------------------------------------------------------------------------------------
EXECUTONE INFORMATION SYS INC COM 301607107 901 250,600 SH
- -------------------------------------------------------------------------------------------------------------------------
Page Total: 20,381
- -------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Column 6: Column 7: Column 8:
- ---------------------------------------------------------------------------------------------------------
Column 1: Investment Other VOTING AUTHORITY
- ---------------------------------------------------------------------------------------------------------
Name of Issuer Discretion Managers (a) Sole (b)Shared (c) None
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CITIZENS UTILS TR DEFINED 34,840
- ---------------------------------------------------------------------------------------------------------
CONSOLIDATED FREIGHTWAYS CORP DEFINED 1 196,895
- ---------------------------------------------------------------------------------------------------------
CONSOLIDATED FREIGHTWAYS CORP DEFINED 2 142,979
- ---------------------------------------------------------------------------------------------------------
CONSOLIDATED FREIGHTWAYS CORP DEFINED 10,126
- ---------------------------------------------------------------------------------------------------------
DIAMOND OFFSHORE DRILLING INC DEFINED 1 85,860
- ---------------------------------------------------------------------------------------------------------
DIAMOND OFFSHORE DRILLING INC DEFINED 2 50,465
- ---------------------------------------------------------------------------------------------------------
DIAMOND OFFSHORE DRILLING INC DEFINED 6,425
- ---------------------------------------------------------------------------------------------------------
DISNEY WALT CO DEFINED 1 36,500
- ---------------------------------------------------------------------------------------------------------
DISNEY WALT CO DEFINED 2 49,000
- ---------------------------------------------------------------------------------------------------------
DISNEY WALT CO DEFINED 4,500
- ---------------------------------------------------------------------------------------------------------
EL PASO ELEC CO DEFINED 1 6,500
- ---------------------------------------------------------------------------------------------------------
EL PASO ELEC CO DEFINED 2 13,500
- ---------------------------------------------------------------------------------------------------------
ELECTRIC LIGHTWAVE INC DEFINED 1 323,025
- ---------------------------------------------------------------------------------------------------------
ELECTRIC LIGHTWAVE INC DEFINED 2 175,440
- ---------------------------------------------------------------------------------------------------------
ELECTRIC LIGHTWAVE INC DEFINED 17,235
- ---------------------------------------------------------------------------------------------------------
EMCOR GROUP INC DEFINED 1 30,000
- ---------------------------------------------------------------------------------------------------------
EMCOR GROUP INC DEFINED 2 69,500
- ---------------------------------------------------------------------------------------------------------
EMCOR GROUP INC DEFINED 7,500
- ---------------------------------------------------------------------------------------------------------
EXECUTONE INFORMATION SYS INC DEFINED 1 250,600
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Page 4 of 8 NAME OF REPORTING MANAGER: CANYON CAPITAL ADVISORS, LLC
AS OF 3/31/99
- -------------------------------------------------------------------------------------------------------------------------
Column 3: Column 4: Column 5:
- -------------------------------------------------------------------------------------------------------------------------
Column 1: Column 2: CUSIP Fair Shares or SH/ Put/
- -------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Number Market Principal PRN Call
- -------------------------------------------------------------------------------------------------------------------------
Value ($000) Amount
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
EXECUTONE INFORMATION SYS INC COM 301607107 424 118,100 SH
- -------------------------------------------------------------------------------------------------------------------------
EXECUTONE INFORMATION SYS INC COM 301607107 41 11,300 SH
- -------------------------------------------------------------------------------------------------------------------------
FOOTSTAR INC COM 344912100 3,367 105,210 SH
- -------------------------------------------------------------------------------------------------------------------------
FOOTSTAR INC COM 344912100 3,733 116,644 SH
- -------------------------------------------------------------------------------------------------------------------------
FOOTSTAR INC COM 344912100 296 9,246 SH
- -------------------------------------------------------------------------------------------------------------------------
FRONTIER CORPORATION COM 35906P105 415 8,000 SH
- -------------------------------------------------------------------------------------------------------------------------
FRONTIER CORPORATION COM 35906P105 571 11,000 SH
- -------------------------------------------------------------------------------------------------------------------------
FRONTIER CORPORATION COM 35906P105 52 1,000 SH
- -------------------------------------------------------------------------------------------------------------------------
GLOBAL INDS TECHNOLOGIES INC COM 379335102 268 25,500 SH
- -------------------------------------------------------------------------------------------------------------------------
GLOBAL INDS TECHNOLOGIES INC COM 379335102 242 23,000 SH
- -------------------------------------------------------------------------------------------------------------------------
GLOBAL INDS TECHNOLOGIES INC COM 379335102 16 1,500 SH
- -------------------------------------------------------------------------------------------------------------------------
HARRAHS ENTMT INC COM 413619107 872 45,750 SH
- -------------------------------------------------------------------------------------------------------------------------
HARRAHS ENTMT INC COM 413619107 1,059 55,562 SH
- -------------------------------------------------------------------------------------------------------------------------
HARRAHS ENTMT INC COM 413619107 72 3,788 SH
- -------------------------------------------------------------------------------------------------------------------------
LEVEL ONE COMMUNICATIONS INC COM 527295109 1,702 35,000 SH
- -------------------------------------------------------------------------------------------------------------------------
LEVEL ONE COMMUNICATIONS INC COM 527295109 2,918 60,000 SH
- -------------------------------------------------------------------------------------------------------------------------
LEVEL ONE COMMUNICATIONS INC COM 527295109 243 5,000 SH
- -------------------------------------------------------------------------------------------------------------------------
LOEWS CINEPLEX ENTMT CORP COM 540423100 538 54,105 SH
- -------------------------------------------------------------------------------------------------------------------------
LOEWS CINEPLEX ENTMT CORP COM 540423100 544 54,747 SH
- -------------------------------------------------------------------------------------------------------------------------
Page Total: 17,373
- -------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Column 6: Column 7: Column 8:
- ---------------------------------------------------------------------------------------------------------
Column 1: Investment Other VOTING AUTHORITY
- ---------------------------------------------------------------------------------------------------------
Name of Issuer Discretion Managers (a) Sole (b)Shared (c) None
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
EXECUTONE INFORMATION SYS INC DEFINED 2 118,100
- ---------------------------------------------------------------------------------------------------------
EXECUTONE INFORMATION SYS INC DEFINED 11,300
- ---------------------------------------------------------------------------------------------------------
FOOTSTAR INC DEFINED 1 105,210
- ---------------------------------------------------------------------------------------------------------
FOOTSTAR INC DEFINED 2 116,644
- ---------------------------------------------------------------------------------------------------------
FOOTSTAR INC DEFINED 9,246
- ---------------------------------------------------------------------------------------------------------
FRONTIER CORPORATION DEFINED 1 8,000
- ---------------------------------------------------------------------------------------------------------
FRONTIER CORPORATION DEFINED 2 11,000
- ---------------------------------------------------------------------------------------------------------
FRONTIER CORPORATION DEFINED 1,000
- ---------------------------------------------------------------------------------------------------------
GLOBAL INDS TECHNOLOGIES INC DEFINED 1 25,500
- ---------------------------------------------------------------------------------------------------------
GLOBAL INDS TECHNOLOGIES INC DEFINED 2 23,000
- ---------------------------------------------------------------------------------------------------------
GLOBAL INDS TECHNOLOGIES INC DEFINED 1,500
- ---------------------------------------------------------------------------------------------------------
HARRAHS ENTMT INC DEFINED 1 45,750
- ---------------------------------------------------------------------------------------------------------
HARRAHS ENTMT INC DEFINED 2 55,562
- ---------------------------------------------------------------------------------------------------------
HARRAHS ENTMT INC DEFINED 3,788
- ---------------------------------------------------------------------------------------------------------
LEVEL ONE COMMUNICATIONS INC DEFINED 1 35,000
- ---------------------------------------------------------------------------------------------------------
LEVEL ONE COMMUNICATIONS INC DEFINED 2 60,000
- ---------------------------------------------------------------------------------------------------------
LEVEL ONE COMMUNICATIONS INC DEFINED 5,000
- ---------------------------------------------------------------------------------------------------------
LOEWS CINEPLEX ENTMT CORP DEFINED 1 54,105
- ---------------------------------------------------------------------------------------------------------
LOEWS CINEPLEX ENTMT CORP DEFINED 2 54,747
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Page 5 of 8 NAME OF REPORTING MANAGER: CANYON CAPITAL ADVISORS, LLC
AS OF 3/31/99
- -------------------------------------------------------------------------------------------------------------------------
Column 3: Column 4: Column 5:
- -------------------------------------------------------------------------------------------------------------------------
Column 1: Column 2: CUSIP Fair Shares or SH/ Put/
- -------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Number Market Principal PRN Call
- -------------------------------------------------------------------------------------------------------------------------
Value ($000) Amount
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
LOEWS CINEPLEX ENTMT CORP COM 540423100 24 2,448 SH
- -------------------------------------------------------------------------------------------------------------------------
LOEWS CORP COM 540424108 2,075 27,800 SH
- -------------------------------------------------------------------------------------------------------------------------
LOEWS CORP COM 540424108 3,329 44,615 SH
- -------------------------------------------------------------------------------------------------------------------------
LOEWS CORP COM 540424108 223 2,985 SH
- -------------------------------------------------------------------------------------------------------------------------
MAI SYSTEMS CORP COM 552620205 275 137,365 SH
- -------------------------------------------------------------------------------------------------------------------------
MAI SYSTEMS CORP COM 552620205 458 228,835 SH
- -------------------------------------------------------------------------------------------------------------------------
MAI SYSTEMS CORP COM 552620205 18 8,800 SH
- -------------------------------------------------------------------------------------------------------------------------
MARINER POST-ACUTE NETWORK INC COM 568459101 533 243,810 SH
- -------------------------------------------------------------------------------------------------------------------------
MARINER POST-ACUTE NETWORK INC COM 568459101 299 136,870 SH
- -------------------------------------------------------------------------------------------------------------------------
MARINER POST-ACUTE NETWORK INC COM 568459101 14 6,520 SH
- -------------------------------------------------------------------------------------------------------------------------
MEDIAONE GROUP INC COM 58440J104 1,165 18,345 SH
- -------------------------------------------------------------------------------------------------------------------------
MEDIAONE GROUP INC COM 58440J104 1,003 15,790 SH
- -------------------------------------------------------------------------------------------------------------------------
MEDIAONE GROUP INC COM 58440J104 55 865 SH
- -------------------------------------------------------------------------------------------------------------------------
METRO GOLDWYN MAYER INC COM 591610100 585 44,555 SH
- -------------------------------------------------------------------------------------------------------------------------
METRO GOLDWYN MAYER INC COM 591610100 817 62,220 SH
- -------------------------------------------------------------------------------------------------------------------------
METRO GOLDWYN MAYER INC COM 591610100 45 3,425 SH
- -------------------------------------------------------------------------------------------------------------------------
METROMEDIA INTL GROUP INC PFD CONV% 591695200 649 24,250 SH
- -------------------------------------------------------------------------------------------------------------------------
METROMEDIA INTL GROUP INC PFD CONV% 591695200 322 12,050 SH
- -------------------------------------------------------------------------------------------------------------------------
METROMEDIA INTL GROUP INC PFD CONV% 591695200 27 1,000 SH
- -------------------------------------------------------------------------------------------------------------------------
Page Total: 11,916
- -------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Column 6: Column 7: Column 8:
- ---------------------------------------------------------------------------------------------------------
Column 1: Investment Other VOTING AUTHORITY
- ---------------------------------------------------------------------------------------------------------
Name of Issuer Discretion Managers (a) Sole (b)Shared (c) None
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
LOEWS CINEPLEX ENTMT CORP DEFINED 2,448
- ---------------------------------------------------------------------------------------------------------
LOEWS CORP DEFINED 1 27,800
- ---------------------------------------------------------------------------------------------------------
LOEWS CORP DEFINED 2 44,615
- ---------------------------------------------------------------------------------------------------------
LOEWS CORP DEFINED 2,985
- ---------------------------------------------------------------------------------------------------------
MAI SYSTEMS CORP DEFINED 1 137,365
- ---------------------------------------------------------------------------------------------------------
MAI SYSTEMS CORP DEFINED 2 228,835
- ---------------------------------------------------------------------------------------------------------
MAI SYSTEMS CORP DEFINED 8,800
- ---------------------------------------------------------------------------------------------------------
MARINER POST-ACUTE NETWORK INC DEFINED 1 243,810
- ---------------------------------------------------------------------------------------------------------
MARINER POST-ACUTE NETWORK INC DEFINED 2 136,870
- ---------------------------------------------------------------------------------------------------------
MARINER POST-ACUTE NETWORK INC DEFINED 6,520
- ---------------------------------------------------------------------------------------------------------
MEDIAONE GROUP INC DEFINED 1 18,345
- ---------------------------------------------------------------------------------------------------------
MEDIAONE GROUP INC DEFINED 2 15,790
- ---------------------------------------------------------------------------------------------------------
MEDIAONE GROUP INC DEFINED 865
- ---------------------------------------------------------------------------------------------------------
METRO GOLDWYN MAYER INC DEFINED 1 44,555
- ---------------------------------------------------------------------------------------------------------
METRO GOLDWYN MAYER INC DEFINED 2 62,220
- ---------------------------------------------------------------------------------------------------------
METRO GOLDWYN MAYER INC DEFINED 3,425
- ---------------------------------------------------------------------------------------------------------
METROMEDIA INTL GROUP INC DEFINED 1 24,250
- ---------------------------------------------------------------------------------------------------------
METROMEDIA INTL GROUP INC DEFINED 2 12,050
- ---------------------------------------------------------------------------------------------------------
METROMEDIA INTL GROUP INC DEFINED 1,000
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Page 6 of 8 NAME OF REPORTING MANAGER: CANYON CAPITAL ADVISORS, LLC
AS OF 3/31/99
- -------------------------------------------------------------------------------------------------------------------------
Column 3: Column 4: Column 5:
- -------------------------------------------------------------------------------------------------------------------------
Column 1: Column 2: CUSIP Fair Shares or SH/ Put/
- -------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Number Market Principal PRN Call
- -------------------------------------------------------------------------------------------------------------------------
Value ($000) Amount
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NS GROUP INC COM 628916108 3,029 544,495 SH
- -------------------------------------------------------------------------------------------------------------------------
NEWS CORP LTD SP ADR PFD 652487802 2,012 73,147 SH
- -------------------------------------------------------------------------------------------------------------------------
NEWS CORP LTD SP ADR PFD 652487802 1,473 53,557 SH
- -------------------------------------------------------------------------------------------------------------------------
NEWS CORP LTD SP ADR PFD 652487802 80 2,920 SH
- -------------------------------------------------------------------------------------------------------------------------
NORTEK INC COM 656559101 7,074 285,829 SH
- -------------------------------------------------------------------------------------------------------------------------
NORTEK INC COM 656559101 6,490 262,227 SH
- -------------------------------------------------------------------------------------------------------------------------
NORTEK INC COM 656559101 234 9,444 SH
- -------------------------------------------------------------------------------------------------------------------------
NU SKIN ENTERPRISES INC CL A 67018T105 122 11,719 SH
- -------------------------------------------------------------------------------------------------------------------------
PAYLESS SHOESOURCE INC COM 704379106 10,496 225,710 SH
- -------------------------------------------------------------------------------------------------------------------------
PAYLESS SHOESOURCE INC COM 704379106 9,189 197,615 SH
- -------------------------------------------------------------------------------------------------------------------------
PAYLESS SHOESOURCE INC COM 704379106 613 13,175 SH
- -------------------------------------------------------------------------------------------------------------------------
PEGASUS COMMUNICATIONS CORP CL A 705904100 5,525 198,205 SH
- -------------------------------------------------------------------------------------------------------------------------
PEGASUS COMMUNICATIONS CORP CL A 705904100 4,636 166,300 SH
- -------------------------------------------------------------------------------------------------------------------------
PEGASUS COMMUNICATIONS CORP CL A 705904100 397 14,245 SH
- -------------------------------------------------------------------------------------------------------------------------
PRIMEX TECHNOLOGIES INC COM 741597108 1,938 93,400 SH
- -------------------------------------------------------------------------------------------------------------------------
PRIMEX TECHNOLOGIES INC COM 741597108 2,080 100,252 SH
- -------------------------------------------------------------------------------------------------------------------------
PRIMEX TECHNOLOGIES INC COM 741597108 90 4,348 SH
- -------------------------------------------------------------------------------------------------------------------------
QUANTUM CORP SUB NT CONV 7%04 747906AC9 5,163 5,850,000 PRN
- -------------------------------------------------------------------------------------------------------------------------
QUANTUM CORP SUB NT CONV 7%04 747906AC9 3,124 3,540,000 PRN
- -------------------------------------------------------------------------------------------------------------------------
Page Total: 63,765
- -------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Column 6: Column 7: Column 8:
- -------------------------------------------------------------------------------------------------------------------------
Column 1: Investment Other VOTING AUTHORITY
- ---------------------------------------------------------------------------------------------------------
Name of Issuer Discretion Managers (a) Sole (b)Shared (c) None
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NS GROUP INC DEFINED 1 544,495
- ---------------------------------------------------------------------------------------------------------
NEWS CORP LTD DEFINED 1 73,147
- ---------------------------------------------------------------------------------------------------------
NEWS CORP LTD DEFINED 2 53,557
- ---------------------------------------------------------------------------------------------------------
NEWS CORP LTD DEFINED 2,920
- ---------------------------------------------------------------------------------------------------------
NORTEK INC DEFINED 1 285,829
- ---------------------------------------------------------------------------------------------------------
NORTEK INC DEFINED 2 262,227
- ---------------------------------------------------------------------------------------------------------
NORTEK INC DEFINED 9,444
- ---------------------------------------------------------------------------------------------------------
NU SKIN ENTERPRISES INC DEFINED 2 11,719
- ---------------------------------------------------------------------------------------------------------
PAYLESS SHOESOURCE INC DEFINED 1 225,710
- ---------------------------------------------------------------------------------------------------------
PAYLESS SHOESOURCE INC DEFINED 2 197,615
- ---------------------------------------------------------------------------------------------------------
PAYLESS SHOESOURCE INC DEFINED 13,175
- ---------------------------------------------------------------------------------------------------------
PEGASUS COMMUNICATIONS CORP DEFINED 1 198,205
- ---------------------------------------------------------------------------------------------------------
PEGASUS COMMUNICATIONS CORP DEFINED 2 166,300
- ---------------------------------------------------------------------------------------------------------
PEGASUS COMMUNICATIONS CORP DEFINED 14,245
- ---------------------------------------------------------------------------------------------------------
PRIMEX TECHNOLOGIES INC DEFINED 1 93,400
- ---------------------------------------------------------------------------------------------------------
PRIMEX TECHNOLOGIES INC DEFINED 2 100,252
- ---------------------------------------------------------------------------------------------------------
PRIMEX TECHNOLOGIES INC DEFINED 4,348
- ---------------------------------------------------------------------------------------------------------
QUANTUM CORP DEFINED 2 5,850,000
- ---------------------------------------------------------------------------------------------------------
QUANTUM CORP DEFINED 1 3,540,000
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Page 7 of 8 NAME OF REPORTING MANAGER: CANYON CAPITAL ADVISORS, LLC
AS OF 3/31/99
- -------------------------------------------------------------------------------------------------------------------------
Column 3: Column 4: Column 5:
- -------------------------------------------------------------------------------------------------------------------------
Column 1: Column 2: CUSIP Fair Shares or SH/ Put/
- -------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Number Market Principal PRN Call
- -------------------------------------------------------------------------------------------------------------------------
Value ($000) Amount
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
QUANTUM CORP SUB NT CONV 7%04 747906AC9 538 610,000 PRN
- -------------------------------------------------------------------------------------------------------------------------
R & B FALCON CORP COM 74912E101 522 59,195 SH
- -------------------------------------------------------------------------------------------------------------------------
R & B FALCON CORP COM 74912E101 325 36,907 SH
- -------------------------------------------------------------------------------------------------------------------------
R & B FALCON CORP COM 74912E101 34 3,898 SH
- -------------------------------------------------------------------------------------------------------------------------
SPELLING ENTMT GROUP COM 847807104 104 11,870 SH
- -------------------------------------------------------------------------------------------------------------------------
SPELLING ENTMT GROUP COM 847807104 120 13,677 SH
- -------------------------------------------------------------------------------------------------------------------------
SPELLING ENTMT GROUP COM 847807104 9 1,023 SH
- -------------------------------------------------------------------------------------------------------------------------
TENET HEALTHCARE CORP COM 88033G100 625 33,025 SH
- -------------------------------------------------------------------------------------------------------------------------
TENET HEALTHCARE CORP COM 88033G100 681 35,950 SH
- -------------------------------------------------------------------------------------------------------------------------
TENET HEALTHCARE CORP COM 88033G100 50 2,625 SH
- -------------------------------------------------------------------------------------------------------------------------
TRANSAMERICA CORP COM 893485102 2,627 37,000 SH
- -------------------------------------------------------------------------------------------------------------------------
TRANSAMERICA CORP COM 893485102 4,260 60,000 SH
- -------------------------------------------------------------------------------------------------------------------------
TRANSAMERICA CORP COM 893485102 213 3,000 SH
- -------------------------------------------------------------------------------------------------------------------------
WHX CORP COM 929248102 1,813 230,213 SH
- -------------------------------------------------------------------------------------------------------------------------
WHX CORP COM 929248102 1,225 155,602 SH
- -------------------------------------------------------------------------------------------------------------------------
WHX CORP COM 929248102 72 9,185 SH
- -------------------------------------------------------------------------------------------------------------------------
WALTER INDS INC COM 93317Q105 3,438 305,580 SH
- -------------------------------------------------------------------------------------------------------------------------
WALTER INDS INC COM 93317Q105 3,559 316,396 SH
- -------------------------------------------------------------------------------------------------------------------------
WALTER INDS INC COM 93317Q105 213 18,924 SH
- -------------------------------------------------------------------------------------------------------------------------
Page Total: 20,428
- -------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Column 6: Column 7: Column 8:
- ---------------------------------------------------------------------------------------------------------
Column 1: Investment Other VOTING AUTHORITY
- ---------------------------------------------------------------------------------------------------------
Name of Issuer Discretion Managers (a) Sole (b)Shared (c) None
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
QUANTUM CORP DEFINED 610,000
- ---------------------------------------------------------------------------------------------------------
R & B FALCON CORP DEFINED 1 59,195
- ---------------------------------------------------------------------------------------------------------
R & B FALCON CORP DEFINED 2 36,907
- ---------------------------------------------------------------------------------------------------------
R & B FALCON CORP DEFINED 3,898
- ---------------------------------------------------------------------------------------------------------
SPELLING ENTMT GROUP DEFINED 1 11,870
- ---------------------------------------------------------------------------------------------------------
SPELLING ENTMT GROUP DEFINED 2 13,677
- ---------------------------------------------------------------------------------------------------------
SPELLING ENTMT GROUP DEFINED 1,023
- ---------------------------------------------------------------------------------------------------------
TENET HEALTHCARE CORP DEFINED 1 33,025
- ---------------------------------------------------------------------------------------------------------
TENET HEALTHCARE CORP DEFINED 2 35,950
- ---------------------------------------------------------------------------------------------------------
TENET HEALTHCARE CORP DEFINED 2,625
- ---------------------------------------------------------------------------------------------------------
TRANSAMERICA CORP DEFINED 1 37,000
- ---------------------------------------------------------------------------------------------------------
TRANSAMERICA CORP DEFINED 2 60,000
- ---------------------------------------------------------------------------------------------------------
TRANSAMERICA CORP DEFINED 3,000
- ---------------------------------------------------------------------------------------------------------
WHX CORP DEFINED 1 230,213
- ---------------------------------------------------------------------------------------------------------
WHX CORP DEFINED 2 155,602
- ---------------------------------------------------------------------------------------------------------
WHX CORP DEFINED 9,185
- ---------------------------------------------------------------------------------------------------------
WALTER INDS INC DEFINED 1 305,580
- ---------------------------------------------------------------------------------------------------------
WALTER INDS INC DEFINED 2 316,396
- ---------------------------------------------------------------------------------------------------------
WALTER INDS INC DEFINED 18,924
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Page 8 of 8 NAME OF REPORTING MANAGER: CANYON CAPITAL ADVISORS, LLC
AS OF 3/31/99
- -------------------------------------------------------------------------------------------------------------------------
Column 3: Column 4: Column 5:
- -------------------------------------------------------------------------------------------------------------------------
Column 1: Column 2: CUSIP Fair Shares or SH/ Put/
- -------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Number Market Principal PRN Call
- -------------------------------------------------------------------------------------------------------------------------
Value ($000) Amount
<S> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------------------
WELLS FARGO & CO NEW COM 949740101 689 19,650 SH
- -------------------------------------------------------------------------------------------------------------------------
WELLS FARGO & CO NEW COM 949740101 820 23,400 SH
- -------------------------------------------------------------------------------------------------------------------------
WELLS FARGO & CO NEW COM 949740101 68 1,950 SH
- -------------------------------------------------------------------------------------------------------------------------
WHITTAKER CORP DEL COM PAR $0.01 966680407 18,623 955,012 SH
- -------------------------------------------------------------------------------------------------------------------------
WHITTAKER CORP DEL COM PAR $0.01 966680407 20,106 1,031,086 SH
- -------------------------------------------------------------------------------------------------------------------------
WHITTAKER CORP DEL COM PAR $0.01 966680407 1,725 88,452 SH
- -------------------------------------------------------------------------------------------------------------------------
ZAPATA CORP COM NEW 989070503 185 20,710 SH
- -------------------------------------------------------------------------------------------------------------------------
ZAPATA CORP COM NEW 989070503 246 27,540 SH
- -------------------------------------------------------------------------------------------------------------------------
ZAPATA CORP COM NEW 989070503 16 1,750 SH
- -------------------------------------------------------------------------------------------------------------------------
IRIDIUM WORLD COMMUNICATIONS CL A G49398103 368 24,500 SH
- -------------------------------------------------------------------------------------------------------------------------
IRIDIUM WORLD COMMUNICATIONS CL A G49398103 172 11,450 SH
- -------------------------------------------------------------------------------------------------------------------------
IRIDIUM WORLD COMMUNICATIONS CL A G49398103 61 4,050 SH
- -------------------------------------------------------------------------------------------------------------------------
Page Total: 43,079
- -------------------------------------------------------------------------------------------------------------------------
Grand Total: 266,820
- -------------------------------------------------------------------------------------------------------------------------
<CAPTION>
Column 6: Column 7: Column 8:
- ---------------------------------------------------------------------------------------------------------
Column 1: Investment Other VOTING AUTHORITY
- ---------------------------------------------------------------------------------------------------------
Name of Issuer Discretion Managers (a) Sole (b)Shared (c) None
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
WELLS FARGO & CO NEW DEFINED 1 19,650
- ---------------------------------------------------------------------------------------------------------
WELLS FARGO & CO NEW DEFINED 2 23,400
- ---------------------------------------------------------------------------------------------------------
WELLS FARGO & CO NEW DEFINED 1,950
- ---------------------------------------------------------------------------------------------------------
WHITTAKER CORP DEL DEFINED 1 955,012
- ---------------------------------------------------------------------------------------------------------
WHITTAKER CORP DEL DEFINED 2 1,031,086
- ---------------------------------------------------------------------------------------------------------
WHITTAKER CORP DEL DEFINED 88,452
- ---------------------------------------------------------------------------------------------------------
ZAPATA CORP DEFINED 1 20,710
- ---------------------------------------------------------------------------------------------------------
ZAPATA CORP DEFINED 2 27,540
- ---------------------------------------------------------------------------------------------------------
ZAPATA CORP DEFINED 1,750
- ---------------------------------------------------------------------------------------------------------
IRIDIUM WORLD COMMUNICATIONS DEFINED 1 24,500
- ---------------------------------------------------------------------------------------------------------
IRIDIUM WORLD COMMUNICATIONS DEFINED 2 11,450
- ---------------------------------------------------------------------------------------------------------
IRIDIUM WORLD COMMUNICATIONS DEFINED 4,050
- ---------------------------------------------------------------------------------------------------------
</TABLE>
