<PAGE>
Page 1 of 15
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year Ended: MARCH 31, 2000
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, California 5/12/2000
---------------------------------------------------------------------------
[Signature[ [City, State] [Date]
Report Type (Check only one):
/X/ 13F HOLDINGS 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)).
<PAGE>
Page 2 of 15
/ / 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).)
Report Summary:
Number of Other Included Managers: 2
--------------------------------
Form 13F Information Table Entry Total: 204
--------------------------------
Form 13F Information Table Value Total: $401,365
--------------------------------
(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.]
<TABLE>
<CAPTION>
No. Form 13F File Number Name
<S> <C> <C>
1. 28-6844 The Canyon Value Realization Fund (Cayman), Ltd.
--- ---- -----------------------------------------------
2. 28-6780 The Value Realization Fund, L.P.
--- ---- -----------------------------------
</TABLE>
[Repeat as necessary.]
<PAGE>
Page 3 of 15
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
Column 3: Column 4: Column 5:
- ------------------------------------------------------------------------------------------------------------------------------
Column 1: Column 2: CUSIP Fair Shares or SH/
- ------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Number Market Principal PRN
- ------------------------------------------------------------------------------------------------------------------------------
Value ($000) Amount
==============================================================================================================================
<S> <C> <C> <C> <C> <C>
AMC ENTMT INC COM 001669100 27 5,400 SH
- ------------------------------------------------------------------------------------------------------------------------------
AMC ENTMT INC COM 001669100 22 4,300 SH
- ------------------------------------------------------------------------------------------------------------------------------
AMC ENTMT INC COM 001669100 2 300 SH
- ------------------------------------------------------------------------------------------------------------------------------
AT&T CORP COM 001957109 494 8,775 SH
- ------------------------------------------------------------------------------------------------------------------------------
AT&T CORP COM 001957109 596 10,589 SH
- ------------------------------------------------------------------------------------------------------------------------------
AT&T CORP COM 001957109 33 586 SH
- ------------------------------------------------------------------------------------------------------------------------------
AT&T CORP COM LIB GRP A 001957208 660 11,140 SH
- ------------------------------------------------------------------------------------------------------------------------------
AT&T CORP COM LIB GRP A 001957208 759 12,810 SH
- ------------------------------------------------------------------------------------------------------------------------------
AT&T CORP COM LIB GRP A 001957208 62 1,050 SH
- ------------------------------------------------------------------------------------------------------------------------------
ACME COMMUNICATION INC COM 004631107 782 35,969 SH
- ------------------------------------------------------------------------------------------------------------------------------
ACME COMMUNICATION INC COM 004631107 260 11,982 SH
- ------------------------------------------------------------------------------------------------------------------------------
AERIAL COMMUNICATIONS INC COM 007655103 1,302 22,915 SH
- ------------------------------------------------------------------------------------------------------------------------------
AERIAL COMMUNICATIONS INC COM 007655103 1,130 19,890 SH
- ------------------------------------------------------------------------------------------------------------------------------
AERIAL COMMUNICATIONS INC COM 007655103 79 1,395 SH
- ------------------------------------------------------------------------------------------------------------------------------
AGRIUM INC COM 008916108 187 23,240 SH
- ------------------------------------------------------------------------------------------------------------------------------
AGRIUM INC COM 008916108 159 19,760 SH
- ------------------------------------------------------------------------------------------------------------------------------
Page Total: 6,554
- ------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
Column 6: Column 7: Column 8:
- -------------------------------------------------------------------------------------------------------------
Column 1: Put/ Investment Other VOTING AUTHORITY
- -------------------------------------------------------------------------------------------------------------
Name of Issuer Call Discretion Managers (a) Sole (b) Shared (c) None
- -------------------------------------------------------------------------------------------------------------
=============================================================================================================
<S> <C> <C> <C> <C> <C> <C>
AMC ENTMT INC DEFINED 1 5,400
- -------------------------------------------------------------------------------------------------------------
AMC ENTMT INC DEFINED 2 4,300
- -------------------------------------------------------------------------------------------------------------
AMC ENTMT INC DEFINED 300
- -------------------------------------------------------------------------------------------------------------
AT&T CORP DEFINED 1 8,775
- -------------------------------------------------------------------------------------------------------------
AT&T CORP DEFINED 2 10,589
- -------------------------------------------------------------------------------------------------------------
AT&T CORP DEFINED 586
- -------------------------------------------------------------------------------------------------------------
AT&T CORP DEFINED 1 11,140
- -------------------------------------------------------------------------------------------------------------
AT&T CORP DEFINED 2 12,810
- -------------------------------------------------------------------------------------------------------------
AT&T CORP DEFINED 1,050
- -------------------------------------------------------------------------------------------------------------
ACME COMMUNICATION INC DEFINED 1 35,969
- -------------------------------------------------------------------------------------------------------------
ACME COMMUNICATION INC DEFINED 2 11,982
- -------------------------------------------------------------------------------------------------------------
AERIAL COMMUNICATIONS INC DEFINED 1 22,915
- -------------------------------------------------------------------------------------------------------------
AERIAL COMMUNICATIONS INC DEFINED 2 19,890
- -------------------------------------------------------------------------------------------------------------
AERIAL COMMUNICATIONS INC DEFINED 1,395
- -------------------------------------------------------------------------------------------------------------
AGRIUM INC DEFINED 1 23,240
- -------------------------------------------------------------------------------------------------------------
AGRIUM INC DEFINED 2 19,760
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Page 4 of 15
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
Column 3: Column 4: Column 5:
- ------------------------------------------------------------------------------------------------------------------------------
Column 1: Column 2: CUSIP Fair Shares or SH/
- ------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Number Market Principal PRN
- ------------------------------------------------------------------------------------------------------------------------------
Value ($000) Amount
==============================================================================================================================
<S> <C> <C> <C> <C> <C>
AMERICA ONLINE INC DEL COM 02364J104 2,159 32,100 SH
- ------------------------------------------------------------------------------------------------------------------------------
AMERICA ONLINE INC DEL COM 02364J104 1,735 25,800 SH
- ------------------------------------------------------------------------------------------------------------------------------
AMERICA ONLINE INC DEL COM 02364J104 141 2,100 SH
- ------------------------------------------------------------------------------------------------------------------------------
ANACOMP INC DEL COM 032371106 830 53,350 SH
- ------------------------------------------------------------------------------------------------------------------------------
ANACOMP INC DEL COM 032371106 665 42,700 SH
- ------------------------------------------------------------------------------------------------------------------------------
ANACOMP INC DEL COM 032371106 46 2,950 SH
- ------------------------------------------------------------------------------------------------------------------------------
ARGOSY GAMING CO COM 040228108 229 16,050 SH
- ------------------------------------------------------------------------------------------------------------------------------
ARGOSY GAMING CO COM 040228108 184 12,900 SH
- ------------------------------------------------------------------------------------------------------------------------------
ARGOSY GAMING CO COM 040228108 15 1,050 SH
- ------------------------------------------------------------------------------------------------------------------------------
BLOCKBUSTER INC CL A 93679108 2,167 216,681 SH
- ------------------------------------------------------------------------------------------------------------------------------
BLOCKBUSTER INC CL A 93679108 1,778 177,776 SH
- ------------------------------------------------------------------------------------------------------------------------------
BLOCKBUSTER INC CL A 93679108 131 3,143 SH
- ------------------------------------------------------------------------------------------------------------------------------
BROOKE GROUP LTD COM 112525100 1,039 85,225 SH
- ------------------------------------------------------------------------------------------------------------------------------
BROOKE GROUP LTD COM 112525100 803 65,850 SH
- ------------------------------------------------------------------------------------------------------------------------------
BROOKE GROUP LTD COM 112525100 61 5,025 SH
- ------------------------------------------------------------------------------------------------------------------------------
BRUNSWICK CORP COM 117043109 102 5,400 SH
- ------------------------------------------------------------------------------------------------------------------------------
Page Total: 12,085
- ------------------------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
Column 6: Column 7: Column 8:
- -------------------------------------------------------------------------------------------------------------
Column 1: Put/ Investment Other VOTING AUTHORITY
- -------------------------------------------------------------------------------------------------------------
Name of Issuer Call Discretion Managers (a) Sole (b) Shared (c) None
- -------------------------------------------------------------------------------------------------------------
=============================================================================================================
<S> <C> <C> <C> <C> <C> <C>
AMERICA ONLINE INC DEL DEFINED 1 32,100
- -------------------------------------------------------------------------------------------------------------
AMERICA ONLINE INC DEL DEFINED 2 25,800
- -------------------------------------------------------------------------------------------------------------
AMERICA ONLINE INC DEL DEFINED 2,100
- -------------------------------------------------------------------------------------------------------------
ANACOMP INC DEL DEFINED 1 53,350
- -------------------------------------------------------------------------------------------------------------
ANACOMP INC DEL DEFINED 2 42,700
- -------------------------------------------------------------------------------------------------------------
ANACOMP INC DEL DEFINED 2,950
- -------------------------------------------------------------------------------------------------------------
ARGOSY GAMING CO DEFINED 1 16,050
- -------------------------------------------------------------------------------------------------------------
ARGOSY GAMING CO DEFINED 2 12,900
- -------------------------------------------------------------------------------------------------------------
ARGOSY GAMING CO DEFINED 1,050
- -------------------------------------------------------------------------------------------------------------
BLOCKBUSTER INC DEFINED 1 216,681
- -------------------------------------------------------------------------------------------------------------
BLOCKBUSTER INC DEFINED 2 177,776
- -------------------------------------------------------------------------------------------------------------
BLOCKBUSTER INC DEFINED 13,143
- -------------------------------------------------------------------------------------------------------------
BROOKE GROUP LTD DEFINED 1 85,225
- -------------------------------------------------------------------------------------------------------------
BROOKE GROUP LTD DEFINED 2 65,850
- -------------------------------------------------------------------------------------------------------------
BROOKE GROUP LTD DEFINED 5,025
- -------------------------------------------------------------------------------------------------------------
BRUNSWICK CORP DEFINED 1 5,400
- -------------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Page 5 of 15
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
Column 3: Column 4: Column 5:
- -------------------------------------------------------------------------------------------------------------------------------
Column 1: Column 2: CUSIP Fair Shares or SH/
- -------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Number Market Principal PRN
- -------------------------------------------------------------------------------------------------------------------------------
Value ($000) Amount
===============================================================================================================================
<S> <C> <C> <C> <C> <C>
BRUNSWICK CORP COM 117043109 81 4,300 SH
- -------------------------------------------------------------------------------------------------------------------------------
BRUNSWICK CORP COM 117043109 6 300 SH
- -------------------------------------------------------------------------------------------------------------------------------
CHECKERS DRIVE-IN RESTAURANTS WT EXP 122200 162809115 - 341,881 SH
- -------------------------------------------------------------------------------------------------------------------------------
CHECKERS DRIVE-IN RESTAURANTS WT EXP 122200 162809115 - 695,556 SH
- -------------------------------------------------------------------------------------------------------------------------------
CHECKERS DRIVE-IN RESTAURANTS WT EXP 122200 162809115 - 102,165 SH
- -------------------------------------------------------------------------------------------------------------------------------
CITIZENS UTILS CO DEL CL B 177342201 10,636 649,548 SH
- -------------------------------------------------------------------------------------------------------------------------------
CITIZENS UTILS CO DEL CL B 177342201 7,554 461,297 SH
- -------------------------------------------------------------------------------------------------------------------------------
CITIZENS UTILS CO DEL CL B 177342201 495 30,251 SH
- -------------------------------------------------------------------------------------------------------------------------------
CITIZENS UTILS TR PFD EPPICS CV 177351202 963 15,400 SH
- -------------------------------------------------------------------------------------------------------------------------------
CITIZENS UTILS TR PFD EPPICS CV 177351202 3,398 54,360 SH
- -------------------------------------------------------------------------------------------------------------------------------
CITIZENS UTILS TR PFD EPPICS CV 177351202 1,609 25,740 SH
- -------------------------------------------------------------------------------------------------------------------------------
COLUMBIA ENERGY GROUP COM 197648108 1,638 27,648 SH
- -------------------------------------------------------------------------------------------------------------------------------
COLUMBIA ENERGY GROUP COM 197648108 1,304 22,016 SH
- -------------------------------------------------------------------------------------------------------------------------------
COLUMBIA ENERGY GROUP COM 197648108 91 1536 SH
- -------------------------------------------------------------------------------------------------------------------------------
COLUMBIA/HCA HEALTHCARE CORP COM 197677107 205 8,100 SH
- -------------------------------------------------------------------------------------------------------------------------------
COLUMBIA/HCA HEALTHCARE CORP COM 197677107 163 6,450 SH
- -------------------------------------------------------------------------------------------------------------------------------
Page Total: 28,143
- -------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
Column 6: Column 7: Column 8:
- -----------------------------------------------------------------------------------------------------------
Column 1: Put/ Investment Other VOTING AUTHORITY
- -----------------------------------------------------------------------------------------------------------
Name of Issuer Call Discretion Managers (a) Sole (b) Shared (c) None
- -----------------------------------------------------------------------------------------------------------
===========================================================================================================
<S> <C> <C> <C> <C> <C> <C>
BRUNSWICK CORP DEFINED 2 4,300
- -----------------------------------------------------------------------------------------------------------
BRUNSWICK CORP DEFINED 300
- -----------------------------------------------------------------------------------------------------------
CHECKERS DRIVE-IN RESTAURANTS DEFINED 1 341,881
- -----------------------------------------------------------------------------------------------------------
CHECKERS DRIVE-IN RESTAURANTS DEFINED 2 695,556
- -----------------------------------------------------------------------------------------------------------
CHECKERS DRIVE-IN RESTAURANTS DEFINED 102,165
- -----------------------------------------------------------------------------------------------------------
CITIZENS UTILS CO DEL DEFINED 1 649,548
- -----------------------------------------------------------------------------------------------------------
CITIZENS UTILS CO DEL DEFINED 2 461,297
- -----------------------------------------------------------------------------------------------------------
CITIZENS UTILS CO DEL DEFINED 30,251
- -----------------------------------------------------------------------------------------------------------
CITIZENS UTILS TR DEFINED 1 15,400
- -----------------------------------------------------------------------------------------------------------
CITIZENS UTILS TR DEFINED 2 54,360
- -----------------------------------------------------------------------------------------------------------
CITIZENS UTILS TR DEFINED 25,740
- -----------------------------------------------------------------------------------------------------------
COLUMBIA ENERGY GROUP DEFINED 1 27,648
- -----------------------------------------------------------------------------------------------------------
COLUMBIA ENERGY GROUP DEFINED 2 22,016
- -----------------------------------------------------------------------------------------------------------
COLUMBIA ENERGY GROUP DEFINED 1,536
- -----------------------------------------------------------------------------------------------------------
COLUMBIA/HCA HEALTHCARE CORP DEFINED 1 8,100
- -----------------------------------------------------------------------------------------------------------
COLUMBIA/HCA HEALTHCARE CORP DEFINED 2 6,450
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Page 6 of 15
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
Column 3: Column 4: Column 5:
- ------------------------------------------------------------------------------------------------------------------------------
Column 1: Column 2: CUSIP Fair Shares or SH/
- ------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Number Market Principal PRN
- ------------------------------------------------------------------------------------------------------------------------------
Value ($000) Amount
==============================================================================================================================
<S> <C> <C> <C> <C> <C>
COLUMBIA/HCA HEALTHCARE CORP COM 197677107 11 450 SH
- ------------------------------------------------------------------------------------------------------------------------------
CONEXANT SYSTEMS INC SUB NT CV 144A 07 207142AD2 14,320 15,780,000 PRN
- ------------------------------------------------------------------------------------------------------------------------------
CONEXANT SYSTEMS INC SUB NT CV 144A06 207142AD2 11,489 12,660,000 PRN
- ------------------------------------------------------------------------------------------------------------------------------
CONEXANT SYSTEMS INC SUB NT CV 144A06 207142AD2 1,416 1,1,560,000 PRN
- ------------------------------------------------------------------------------------------------------------------------------
DIAMOND OFFSHORE DRILLING INC COM 25271C102 2,630 65,860 SH
- ------------------------------------------------------------------------------------------------------------------------------
DIAMOND OFFSHORE DRILLING INC COM 25271C102 1,676 41,965 SH
- ------------------------------------------------------------------------------------------------------------------------------
DIAMOND OFFSHORE DRILLING INC COM 25271C102 197 4,925 SH
- ------------------------------------------------------------------------------------------------------------------------------
DISNEY WALT CO COM DISNEY 254687106 744 17,992 SH
- ------------------------------------------------------------------------------------------------------------------------------
DISNEY WALT CO COM DISNEY 254687106 737 17,820 SH
- ------------------------------------------------------------------------------------------------------------------------------
DISNEY WALT CO COM DISNEY 254687106 70 1,688 SH
- ------------------------------------------------------------------------------------------------------------------------------
DUCOMMUN INC DEL COM 264147109 345 37,578 SH
- ------------------------------------------------------------------------------------------------------------------------------
DUCOMMUN INC DEL COM 264147109 294 31,992 SH
- ------------------------------------------------------------------------------------------------------------------------------
DUCOMMUN INC DEL COM 264147109 21 2,330 SH
- ------------------------------------------------------------------------------------------------------------------------------
E-TEK DYNAMICS INC COM 269240107 12,586 53,500 SH
- ------------------------------------------------------------------------------------------------------------------------------
E-TEK DYNAMICS INC COM 269240107 10,116 43,000 SH
- ------------------------------------------------------------------------------------------------------------------------------
E-TEK DYNAMICS INC COM 269240107 823 3,500 SH
- ------------------------------------------------------------------------------------------------------------------------------
Page Total: 57,475
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
Column 6: Column 7: Column 8:
- ------------------------------------------------------------------------------------------------------------
Column 1: Put/ Investment Other VOTING AUTHORITY
- ------------------------------------------------------------------------------------------------------------
Name of Issuer Call Discretion Managers (a) Sole (b) Shared (c) None
- ------------------------------------------------------------------------------------------------------------
============================================================================================================
<S> <C> <C> <C> <C> <C> <C>
COLUMBIA/HCA HEALTHCARE CORP DEFINED 450
- ------------------------------------------------------------------------------------------------------------
CONEXANT SYSTEMS INC DEFINED 1 15,780,000
- ------------------------------------------------------------------------------------------------------------
CONEXANT SYSTEMS INC DEFINED 2 12,660,000
- ------------------------------------------------------------------------------------------------------------
CONEXANT SYSTEMS INC DEFINED 1,560,000
- ------------------------------------------------------------------------------------------------------------
DIAMOND OFFSHORE DRILLING INC DEFINED 1 2,630
- ------------------------------------------------------------------------------------------------------------
DIAMOND OFFSHORE DRILLING INC DEFINED 2 1,676
- ------------------------------------------------------------------------------------------------------------
DIAMOND OFFSHORE DRILLING INC DEFINED 197
- ------------------------------------------------------------------------------------------------------------
DISNEY WALT CO DEFINED 1 17,992
- ------------------------------------------------------------------------------------------------------------
DISNEY WALT CO DEFINED 2 17,820
- ------------------------------------------------------------------------------------------------------------
DISNEY WALT CO DEFINED 1,688
- ------------------------------------------------------------------------------------------------------------
DUCOMMUN INC DEL DEFINED 1 37,578
- ------------------------------------------------------------------------------------------------------------
DUCOMMUN INC DEL DEFINED 2 31,992
- ------------------------------------------------------------------------------------------------------------
DUCOMMUN INC DEL DEFINED 2,330
- ------------------------------------------------------------------------------------------------------------
E-TEK DYNAMICS INC DEFINED 1 53,500
- ------------------------------------------------------------------------------------------------------------
E-TEK DYNAMICS INC DEFINED 2 43,000
- ------------------------------------------------------------------------------------------------------------
E-TEK DYNAMICS INC DEFINED 3,500
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Page 7 of 15
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
Column 3: Column 4: Column 5:
- -------------------------------------------------------------------------------------------------------------------------------
Column 1: Column 2: CUSIP Fair Shares or SH/
- -------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Number Market Principal PRN
- -------------------------------------------------------------------------------------------------------------------------------
Value ($000) Amount
===============================================================================================================================
<S> <C> <C> <C> <C> <C>
E TRADE GROUP INC SUB NT CV 144A07 269246AA2 17,901 12,662,000 PRN
- -------------------------------------------------------------------------------------------------------------------------------
E TRADE GROUP INC SUB NT CV 144A07 269246AA2 14,738 10,425,000 PRN
- -------------------------------------------------------------------------------------------------------------------------------
E TRADE GROUP INC SUB NT CV 144A07 269246AA2 2,705 1,913,000 PRN
- -------------------------------------------------------------------------------------------------------------------------------
ELECTRIC LIGHTWAVE INC CL A 284895109 6,027 252,422 SH
- -------------------------------------------------------------------------------------------------------------------------------
ELECTRIC LIGHTWAVE INC CL A 284895109 3,638 152,365 SH
- -------------------------------------------------------------------------------------------------------------------------------
ELECTRIC LIGHTWAVE INC CL A 284895109 277 11,613 SH
- -------------------------------------------------------------------------------------------------------------------------------
FEDERATED DEPT STORES INC DEL COM 31410H101 111 2,650 SH
- -------------------------------------------------------------------------------------------------------------------------------
FEDERATED DEPT STORES INC DEL COM 31410H101 90 2,150 SH
- -------------------------------------------------------------------------------------------------------------------------------
FEDERATED DEPT STORES INC DEL COM 31410H101 8 200 SH
- -------------------------------------------------------------------------------------------------------------------------------
FIRST AVIATION SVCS INC COM 31865W108 122 30,588 SH
- -------------------------------------------------------------------------------------------------------------------------------
FIRST AVIATION SVCS INC COM 31865W108 735 183,821 SH
- -------------------------------------------------------------------------------------------------------------------------------
FIRST AVIATION SVCS INC COM 31865W108 978 244,409 SH
- -------------------------------------------------------------------------------------------------------------------------------
GST TELECOMMINICATIONS INC COM 361942105 164 27,050 SH
- -------------------------------------------------------------------------------------------------------------------------------
GST TELECOMMINICATIONS INC COM 361942105 130 21,450 SH
- -------------------------------------------------------------------------------------------------------------------------------
GST TELECOMMINICATIONS INC COM 361942105 9 1,500 SH
- -------------------------------------------------------------------------------------------------------------------------------
HARRAHS ENTMT INC COM 413619107 1,792 96,550 SH
- -------------------------------------------------------------------------------------------------------------------------------
Page Total: 49,425
- -------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
Column 6: Column 7: Column 8:
- --------------------------------------------------------------------------------------------------------
Column 1: Put/ Investment Other VOTING AUTHORITY
- --------------------------------------------------------------------------------------------------------
Name of Issuer Call Discretion Managers (a) Sole (b) Shared (c) None
- --------------------------------------------------------------------------------------------------------
========================================================================================================
<S> <C> <C> <C> <C> <C> <C>
E TRADE GROUP INC DEFINED 1 12,662,000
- --------------------------------------------------------------------------------------------------------
E TRADE GROUP INC DEFINED 2 10,425,000
- --------------------------------------------------------------------------------------------------------
E TRADE GROUP INC DEFINED 1,913,000
- --------------------------------------------------------------------------------------------------------
ELECTRIC LIGHTWAVE INC DEFINED 1 252,422
- --------------------------------------------------------------------------------------------------------
ELECTRIC LIGHTWAVE INC DEFINED 2 152,365
- --------------------------------------------------------------------------------------------------------
ELECTRIC LIGHTWAVE INC DEFINED 11,613
- --------------------------------------------------------------------------------------------------------
FEDERATED DEPT STORES INC DEL DEFINED 1 2,650
- --------------------------------------------------------------------------------------------------------
FEDERATED DEPT STORES INC DEL DEFINED 2 2,150
- --------------------------------------------------------------------------------------------------------
FEDERATED DEPT STORES INC DEL DEFINED 200
- --------------------------------------------------------------------------------------------------------
FIRST AVIATION SVCS INC DEFINED 1 30,588
- --------------------------------------------------------------------------------------------------------
FIRST AVIATION SVCS INC DEFINED 2 183,821
- --------------------------------------------------------------------------------------------------------
FIRST AVIATION SVCS INC DEFINED 244,409
- --------------------------------------------------------------------------------------------------------
GST TELECOMMINICATIONS INC DEFINED 1 27,050
- --------------------------------------------------------------------------------------------------------
GST TELECOMMINICATIONS INC DEFINED 2 21,450
- --------------------------------------------------------------------------------------------------------
GST TELECOMMINICATIONS INC DEFINED 1,500
- --------------------------------------------------------------------------------------------------------
HARRAHS ENTMT INC DEFINED 1 96,550
- --------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Page 8 of 15
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
Column 3: Column 4: Column 5:
- ------------------------------------------------------------------------------------------------------------------------------
Column 1: Column 2: CUSIP Fair Shares or SH/
- ------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Number Market Principal PRN
- ------------------------------------------------------------------------------------------------------------------------------
Value ($000) Amount
==============================================================================================================================
<S> <C> <C> <C> <C> <C>
HARRAHS ENTMT INC COM 413619107 1,437 77,400 SH
- ------------------------------------------------------------------------------------------------------------------------------
HARRAHS ENTMT INC COM 413619107 112 6,050 SH
- ------------------------------------------------------------------------------------------------------------------------------
HOLLYWOOD ENTMT CORP COM 436141105 969 120,157 SH
- ------------------------------------------------------------------------------------------------------------------------------
HOLLYWOOD ENTMT CORP COM 413619107 840 104,238 SH
- ------------------------------------------------------------------------------------------------------------------------------
HOLLYWOOD ENTMT CORP COM 413619107 57 7,105 SH
- ------------------------------------------------------------------------------------------------------------------------------
HUMAN GENOME SCIENCES INC SUB NT CV 144A07 444903AE8 9,394 10,585,000 PRN
- ------------------------------------------------------------------------------------------------------------------------------
HUMAN GENOME SCIENCES INC SUB NT CV 144A07 444903AE8 7,624 8,590,000 PRN
- ------------------------------------------------------------------------------------------------------------------------------
HUMAN GENOME SCIENCES INC SUB NT CV 144A07 444903AE8 732 825,000 PRN
- ------------------------------------------------------------------------------------------------------------------------------
INVITROGEN CORP SUB NT CV 144A07 46185RAA8 9,876 11,500,000 PRN
- ------------------------------------------------------------------------------------------------------------------------------
INVITROGEN CORP SUB NT CV 144A07 46185RAA8 7,922 9,225,000 PRN
- ------------------------------------------------------------------------------------------------------------------------------
INVITROGEN CORP SUB NT CV 144A07 46185RAA8 1,095 1,275,000 PRN
- ------------------------------------------------------------------------------------------------------------------------------
JDS UNIPHASE CORP COM 46612J101 8,753 72,603 SH
- ------------------------------------------------------------------------------------------------------------------------------
JDS UNIPHASE CORP COM 46612J101 8,002 66,370 SH
- ------------------------------------------------------------------------------------------------------------------------------
JDS UNIPHASE CORP COM 46612J101 432 3,587 SH
- ------------------------------------------------------------------------------------------------------------------------------
LSI LOGIC CORP SB NT CV 4.25%04 502161AD4 24,718 5,300,000 PRN
- ------------------------------------------------------------------------------------------------------------------------------
LSI LOGIC CORP SB NT CV 4.25%04 502161AD4 19,588 4,200,000 PRN
- ------------------------------------------------------------------------------------------------------------------------------
Page Total: 101,551
- ------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
Column 6: Column 7: Column 8:
- -----------------------------------------------------------------------------------------------------------
Column 1: Put/ Investment Other VOTING AUTHORITY
- -----------------------------------------------------------------------------------------------------------
Name of Issuer Call Discretion Managers (a) Sole (b) Shared (c) None
- -----------------------------------------------------------------------------------------------------------
===========================================================================================================
S> <C> <C> <C> <C> <C> <C>
HARRAHS ENTMT INC DEFINED 2 77,400
- -----------------------------------------------------------------------------------------------------------
HARRAHS ENTMT INC DEFINED 6,050
- -----------------------------------------------------------------------------------------------------------
HOLLYWOOD ENTMT CORP DEFINED 1 120,157
- -----------------------------------------------------------------------------------------------------------
HOLLYWOOD ENTMT CORP DEFINED 2 104,238
- -----------------------------------------------------------------------------------------------------------
HOLLYWOOD ENTMT CORP DEFINED 7,105
- -----------------------------------------------------------------------------------------------------------
HUMAN GENOME SCIENCES INC DEFINED 1 10,585,000
- -----------------------------------------------------------------------------------------------------------
HUMAN GENOME SCIENCES INC DEFINED 2 8,590,000
- -----------------------------------------------------------------------------------------------------------
HUMAN GENOME SCIENCES INC DEFINED 825,000
- -----------------------------------------------------------------------------------------------------------
INVITROGEN CORP DEFINED 1 11,500,000
- -----------------------------------------------------------------------------------------------------------
INVITROGEN CORP DEFINED 2 9,225,000
- -----------------------------------------------------------------------------------------------------------
INVITROGEN CORP DEFINED 1,275,000
- ----------------------------------------------------------------------------------------------------------
JDS UNIPHASE CORP DEFINED 1 72,603
- -----------------------------------------------------------------------------------------------------------
JDS UNIPHASE CORP DEFINED 2 66,370
- -----------------------------------------------------------------------------------------------------------
JDS UNIPHASE CORP DEFINED 3,587
- -----------------------------------------------------------------------------------------------------------
LSI LOGIC CORP DEFINED 1 5,300,000
- -----------------------------------------------------------------------------------------------------------
LSI LOGIC CORP DEFINED 2 4,200,000
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Page 9 of 15
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
Column 3: Column 4: Column 5:
- ------------------------------------------------------------------------------------------------------------------------------
Column 1: Column 2: CUSIP Fair Shares or SH/
- ------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Number Market Principal PRN
- ------------------------------------------------------------------------------------------------------------------------------
Value ($000) Amount
==============================================================================================================================
<S> <C> <C> <C> <C> <C>
LSI LOGIC CORP SB NT CV 4.25%04 502161AD4 2,332 500,000 PRN
- ------------------------------------------------------------------------------------------------------------------------------
LIMITED INC COM 532716107 302 7,178 SH
- ------------------------------------------------------------------------------------------------------------------------------
LIMITED INC COM 532716107 243 5,762 SH
- ------------------------------------------------------------------------------------------------------------------------------
LIMITED INC COM 532716107 19 460 SH
- ------------------------------------------------------------------------------------------------------------------------------
LODGENET ENTMT CORP COM 540211109 840 41,850 SH
- ------------------------------------------------------------------------------------------------------------------------------
LODGENET ENTMT CORP COM 540211109 669 33,325 SH
- ------------------------------------------------------------------------------------------------------------------------------
LODGENET ENTMT CORP COM 540211109 47 2,325 SH
- ------------------------------------------------------------------------------------------------------------------------------
LOEWS CINEPLEX ENTMT CORP COM 540423100 481 37,488 SH
- ------------------------------------------------------------------------------------------------------------------------------
LOEWS CINEPLEX ENTMT CORP COM 540423100 473 135,202 SH
- ------------------------------------------------------------------------------------------------------------------------------
LOEWS CINEPLEX ENTMT CORP COM 540423100 28 7,910 SH
- ------------------------------------------------------------------------------------------------------------------------------
LUCENT TECHNOLOGIES INC COM 549463107 2,572 42,336 SH
- ------------------------------------------------------------------------------------------------------------------------------
LUCENT TECHNOLOGIES INC COM 549463107 2,048 33,712 SH
- ------------------------------------------------------------------------------------------------------------------------------
LUCENT TECHNOLOGIES INC COM 549463107 143 2,352 SH
- ------------------------------------------------------------------------------------------------------------------------------
MAI SYSTEMS CORP COM 552620205 141 562,248 SH
- ------------------------------------------------------------------------------------------------------------------------------
MAI SYSTEMS CORP COM 552620205 158 632,276 SH
- ------------------------------------------------------------------------------------------------------------------------------
MAI SYSTEMS CORP COM 552620205 64 257,576 SH
- ------------------------------------------------------------------------------------------------------------------------------
Page Total: 10,560
- ------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
Column 6: Column 7: Column 8:
- -----------------------------------------------------------------------------------------------------------
Column 1: Put/ Investment Other VOTING AUTHORITY
- -----------------------------------------------------------------------------------------------------------
Name of Issuer Call Discretion Managers (a) Sole (b) Shared (c) None
- -----------------------------------------------------------------------------------------------------------
===========================================================================================================
<S> <C> <C> <C> <C> <C> <C>
LSI LOGIC CORP DEFINED 500,000
- -----------------------------------------------------------------------------------------------------------
LIMITED INC DEFINED 1 7,178
- -----------------------------------------------------------------------------------------------------------
LIMITED INC DEFINED 2 5,762
- -----------------------------------------------------------------------------------------------------------
LIMITED INC DEFINED 460
- -----------------------------------------------------------------------------------------------------------
LODGENET ENTMT CORP DEFINED 1 41,850
- -----------------------------------------------------------------------------------------------------------
LODGENET ENTMT CORP DEFINED 2 33,325
- -----------------------------------------------------------------------------------------------------------
LODGENET ENTMT CORP DEFINED 2,325
- -----------------------------------------------------------------------------------------------------------
LOEWS CINEPLEX ENTMT CORP DEFINED 1 137,488
- -----------------------------------------------------------------------------------------------------------
LOEWS CINEPLEX ENTMT CORP DEFINED 2 135,202
- -----------------------------------------------------------------------------------------------------------
LOEWS CINEPLEX ENTMT CORP DEFINED 7,910
- -----------------------------------------------------------------------------------------------------------
LUCENT TECHNOLOGIES INC DEFINED 1 42,336
- -----------------------------------------------------------------------------------------------------------
LUCENT TECHNOLOGIES INC DEFINED 2 33,712
- -----------------------------------------------------------------------------------------------------------
LUCENT TECHNOLOGIES INC DEFINED 2,352
- -----------------------------------------------------------------------------------------------------------
MAI SYSTEMS CORP DEFINED 1 562,248
- -----------------------------------------------------------------------------------------------------------
MAI SYSTEMS CORP DEFINED 2 632,276
- -----------------------------------------------------------------------------------------------------------
MAI SYSTEMS CORP DEFINED 257,576
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Page 10 of 15
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
Column 3: Column 4: Column 5:
- ------------------------------------------------------------------------------------------------------------------------------
Column 1: Column 2: CUSIP Fair Shares or SH/
- ------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Number Market Principal PRN
- ------------------------------------------------------------------------------------------------------------------------------
Value ($000) Amount
==============================================================================================================================
<S> <C> <C> <C> <C> <C>
MAXXAM INC COM 577913106 1,034 36,271 SH
- ------------------------------------------------------------------------------------------------------------------------------
MAXXAM INC COM 577913106 875 30,691 SH
- ------------------------------------------------------------------------------------------------------------------------------
MAXXAM INC COM 577913106 72 2,538 SH
- ------------------------------------------------------------------------------------------------------------------------------
METROMEDIA INTL GROUP INC PRF CONV % 591695200 776 24,250 SH
- ------------------------------------------------------------------------------------------------------------------------------
METROMEDIA INTL GROUP INC PRF CONV % 591695200 386 12,050 SH
- ------------------------------------------------------------------------------------------------------------------------------
METROMEDIA INTL GROUP INC PRF CONV % 591695200 32 1,000 SH
- ------------------------------------------------------------------------------------------------------------------------------
MIRAGE RESORTS INC COM 60462E104 1,494 77,125 SH
- ------------------------------------------------------------------------------------------------------------------------------
MIRAGE RESORTS INC COM 60462E104 1,230 63,475 SH
- ------------------------------------------------------------------------------------------------------------------------------
MIRAGE RESORTS INC COM 60462E104 85 4,400 SH
- ------------------------------------------------------------------------------------------------------------------------------
NEWBRIDGE NETWORKS CORP COM 650901101 2,627 81,000 SH
- ------------------------------------------------------------------------------------------------------------------------------
NEWBRIDGE NETWORKS CORP COM 650901101 2,092 64,500 SH
- ------------------------------------------------------------------------------------------------------------------------------
NEWBRIDGE NETWORKS CORP COM 650901101 146 4,500 SH
- ------------------------------------------------------------------------------------------------------------------------------
NEWS CORP LTD SP ADR PFD 652487802 2,063 43,197 SH
- ------------------------------------------------------------------------------------------------------------------------------
NEWS CORP LTD SP ADR PFD 652487802 1,806 37,822 SH
- ------------------------------------------------------------------------------------------------------------------------------
NEWS CORP LTD SP ADR PFD 652487802 101 2,105 SH
- ------------------------------------------------------------------------------------------------------------------------------
NORTEK INC COM 656559101 5,103 230,639 SH
- ------------------------------------------------------------------------------------------------------------------------------
Page Total: 19,922
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
Column 6: Column 7: Column 8:
- ------------------------------------------------------------------------------------------------------------
Column 1: Put/ Investment Other VOTING AUTHORITY
- ------------------------------------------------------------------------------------------------------------
Name of Issuer Call Discretion Managers (a) Sole (b) Shared (c) None
- ------------------------------------------------------------------------------------------------------------
============================================================================================================
<S> <C> <C> <C> <C> <C> <C>
MAXXAM INC DEFINED 1 36,271
- ------------------------------------------------------------------------------------------------------------
MAXXAM INC DEFINED 2 30,691
- ------------------------------------------------------------------------------------------------------------
MAXXAM INC DEFINED 2,538
- ------------------------------------------------------------------------------------------------------------
METROMEDIA INTL GROUP INC DEFINED 1 24,250
- ------------------------------------------------------------------------------------------------------------
METROMEDIA INTL GROUP INC DEFINED 2 12,050
- ------------------------------------------------------------------------------------------------------------
METROMEDIA INTL GROUP INC DEFINED 1,000
- ------------------------------------------------------------------------------------------------------------
MIRAGE RESORTS INC DEFINED 1 77,125
- ------------------------------------------------------------------------------------------------------------
MIRAGE RESORTS INC DEFINED 2 63,475
- ------------------------------------------------------------------------------------------------------------
MIRAGE RESORTS INC DEFINED 4,400
- ------------------------------------------------------------------------------------------------------------
NEWBRIDGE NETWORKS CORP DEFINED 1 81,000
- ------------------------------------------------------------------------------------------------------------
NEWBRIDGE NETWORKS CORP DEFINED 2 64,500
- ------------------------------------------------------------------------------------------------------------
NEWBRIDGE NETWORKS CORP DEFINED 4,500
- ------------------------------------------------------------------------------------------------------------
NEWS CORP LTD DEFINED 1 43,197
- ------------------------------------------------------------------------------------------------------------
NEWS CORP LTD DEFINED 2 37,822
- ------------------------------------------------------------------------------------------------------------
NEWS CORP LTD DEFINED #REF!
- ------------------------------------------------------------------------------------------------------------
NORTEK INC DEFINED 1 230,639
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Page 11 of 15
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
Column 3: Column 4: Column 5:
- -------------------------------------------------------------------------------------------------------------------------------
Column 1: Column 2: CUSIP Fair Shares or SH/
- -------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Number Market Principal PRN
- -------------------------------------------------------------------------------------------------------------------------------
Value ($000) Amount
===============================================================================================================================
<S> <C> <C> <C> <C> <C>
NORTEK INC COM 656559101 4,678 211,427 SH
- -------------------------------------------------------------------------------------------------------------------------------
NORTEK INC COM 656559101 164 7,434 SH
- -------------------------------------------------------------------------------------------------------------------------------
OGDEN CORP COM 676346109 578 48,400 SH
- -------------------------------------------------------------------------------------------------------------------------------
OGDEN CORP COM 676346109 516 43,250 SH
- -------------------------------------------------------------------------------------------------------------------------------
OGDEN CORP COM 676346109 40 3,350 SH
- -------------------------------------------------------------------------------------------------------------------------------
ORTEL CORP COM 68749W102 5,043 26,871 SH
- -------------------------------------------------------------------------------------------------------------------------------
ORTEL CORP COM 68749W102 4,024 21,440 SH
- -------------------------------------------------------------------------------------------------------------------------------
ORTEL CORP COM 68749W102 317 1,689 SH
- -------------------------------------------------------------------------------------------------------------------------------
PAXSON COMMUNICATIONS CORP COM 704231109 677 87,388 SH
- -------------------------------------------------------------------------------------------------------------------------------
PAXSON COMMUNICATIONS CORP COM 704231109 436 56,270 SH
- -------------------------------------------------------------------------------------------------------------------------------
PAXSON COMMUNICATIONS CORP COM 704231109 42 5,442 SH
- -------------------------------------------------------------------------------------------------------------------------------
PAYLESS SHOESOURCE INC COM 704379106 15,425 296,995 SH
- -------------------------------------------------------------------------------------------------------------------------------
PAYLESS SHOESOURCE INC COM 704379106 13,319 256,445 SH
- -------------------------------------------------------------------------------------------------------------------------------
PAYLESS SHOESOURCE INC COM 704379106 865 16,660 SH
- -------------------------------------------------------------------------------------------------------------------------------
PEGASUS COMMUNICATIONS CORP CL A 705904100 1,816 12,900 SH
- -------------------------------------------------------------------------------------------------------------------------------
PEGASUS COMMUNICATIONS CORP CL A 705904100 1,450 10,300 SH
- -------------------------------------------------------------------------------------------------------------------------------
Page Total: 49,390
- -------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
Column 6: Column 7: Column 8:
- -----------------------------------------------------------------------------------------------------------
Column 1: Put/ Investment Other VOTING AUTHORITY
- -----------------------------------------------------------------------------------------------------------
Name of Issuer Call Discretion Managers (a) Sole (b) Shared (c) None
- -----------------------------------------------------------------------------------------------------------
===========================================================================================================
<S> <C> <C> <C> <C> <C> <C>
NORTEK INC DEFINED 2 211,427
- -----------------------------------------------------------------------------------------------------------
NORTEK INC DEFINED 7,434
- -----------------------------------------------------------------------------------------------------------
OGDEN CORP DEFINED 1 48,400
- -----------------------------------------------------------------------------------------------------------
OGDEN CORP DEFINED 2 43,250
- -----------------------------------------------------------------------------------------------------------
OGDEN CORP DEFINED 3,350
- -----------------------------------------------------------------------------------------------------------
ORTEL CORP DEFINED 1 26,871
- -----------------------------------------------------------------------------------------------------------
ORTEL CORP DEFINED 2 21,440
- -----------------------------------------------------------------------------------------------------------
ORTEL CORP DEFINED 1,689
- -----------------------------------------------------------------------------------------------------------
PAXSON COMMUNICATIONS CORP DEFINED 1 87,388
- -----------------------------------------------------------------------------------------------------------
PAXSON COMMUNICATIONS CORP DEFINED 2 56,270
- -----------------------------------------------------------------------------------------------------------
PAXSON COMMUNICATIONS CORP DEFINED 5,442
- -----------------------------------------------------------------------------------------------------------
PAYLESS SHOESOURCE INC DEFINED 1 296,995
- -----------------------------------------------------------------------------------------------------------
PAYLESS SHOESOURCE INC DEFINED 2 256,445
- -----------------------------------------------------------------------------------------------------------
PAYLESS SHOESOURCE INC DEFINED 16,660
- -----------------------------------------------------------------------------------------------------------
PEGASUS COMMUNICATIONS CORP DEFINED 1 12,900
- -----------------------------------------------------------------------------------------------------------
PEGASUS COMMUNICATIONS CORP DEFINED 2 10,300
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Page 12 of 15
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
Column 3: Column 4: Column 5:
- -------------------------------------------------------------------------------------------------------------------------------
Column 1: Column 2: CUSIP Fair Shares or SH/
- -------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Number Market Principal PRN
- -------------------------------------------------------------------------------------------------------------------------------
Value ($000) Amount
===============================================================================================================================
<S> <C> <C> <C> <C> <C>
PEGASUS COMMUNICATIONS CORP CL A 705904100 113 800 SH
- -------------------------------------------------------------------------------------------------------------------------------
PINNACLE ENTMT INC COM 723456109 7,126 350,800 SH
- -------------------------------------------------------------------------------------------------------------------------------
PINNACLE ENTMT INC COM 723456109 5,677 279,500 SH
- -------------------------------------------------------------------------------------------------------------------------------
PINNACLE ENTMT INC COM 723456109 396 19500 SH
- -------------------------------------------------------------------------------------------------------------------------------
READ-RITE CORP SUB NT CV 6.5%04 755246AA3 1,097 1,075,000 PRIN
- -------------------------------------------------------------------------------------------------------------------------------
READ-RITE CORP SUB NT CV 6.5%04 755246AA3 882 865,000 PRIN
- -------------------------------------------------------------------------------------------------------------------------------
READ-RITE CORP SUB NT CV 6.5%04 755246AA3 61 60,000 PRIN
- -------------------------------------------------------------------------------------------------------------------------------
SAVIOR TECHNOLOGY GROUP INC COM 80533W107 217 30,440 SH
- -------------------------------------------------------------------------------------------------------------------------------
SAVIOR TECHNOLOGY GROUP INC COM 80533W107 70 9,764 SH
- -------------------------------------------------------------------------------------------------------------------------------
SAVIOR TECHNOLOGY GROUP INC COM 80533W107 35 4,882 SH
- -------------------------------------------------------------------------------------------------------------------------------
SEAGATE TECHNOLOGY COM 811804103 5,856 97,200 SH
- -------------------------------------------------------------------------------------------------------------------------------
SEAGATE TECHNOLOGY COM 811804103 4,663 77,400 SH
- -------------------------------------------------------------------------------------------------------------------------------
SEAGATE TECHNOLOGY COM 811804103 325 5,400 SH
- -------------------------------------------------------------------------------------------------------------------------------
SIRIUS SATELLITE RADIO INC PFD CV C 10.5% 82966U202 1,811 5,500 SH
- -------------------------------------------------------------------------------------------------------------------------------
SIRIUS SATELLITE RADIO INC PFD CV C 10.5% 82966U202 1,000 3,038 SH
- -------------------------------------------------------------------------------------------------------------------------------
TELE SUDESTE CELULAR PART S A SPON ADR PFD 879252104 1,473 29,500 SH
- -------------------------------------------------------------------------------------------------------------------------------
Page Total: 30,802
- -------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
Column 6: Column 7: Column 8:
- -----------------------------------------------------------------------------------------------------------
Column 1: Put/ Investment Other VOTING AUTHORITY
- -----------------------------------------------------------------------------------------------------------
Name of Issuer Call Discretion Managers (a) Sole (b) Shared (c) None
- -----------------------------------------------------------------------------------------------------------
===========================================================================================================
<S> <C> <C> <C> <C> <C> <C>
PEGASUS COMMUNICATIONS CORP DEFINED 800
- -----------------------------------------------------------------------------------------------------------
PINNACLE ENTMT INC DEFINED 1 350,800
- -----------------------------------------------------------------------------------------------------------
PINNACLE ENTMT INC DEFINED 2 279,500
- -----------------------------------------------------------------------------------------------------------
PINNACLE ENTMT INC DEFINED 19,500
- -----------------------------------------------------------------------------------------------------------
READ-RITE CORP DEFINED 1 1,075,000
- -----------------------------------------------------------------------------------------------------------
READ-RITE CORP DEFINED 2 865,000
- -----------------------------------------------------------------------------------------------------------
READ-RITE CORP DEFINED 60,000
- -----------------------------------------------------------------------------------------------------------
SAVIOR TECHNOLOGY GROUP INC DEFINED 1 9,764
- -----------------------------------------------------------------------------------------------------------
SAVIOR TECHNOLOGY GROUP INC DEFINED 2 #REF!
- -----------------------------------------------------------------------------------------------------------
SAVIOR TECHNOLOGY GROUP INC DEFINED 4,882
- -----------------------------------------------------------------------------------------------------------
SEAGATE TECHNOLOGY DEFINED 1 77,400
- -----------------------------------------------------------------------------------------------------------
SEAGATE TECHNOLOGY DEFINED 2 #REF!
- -----------------------------------------------------------------------------------------------------------
SEAGATE TECHNOLOGY DEFINED 5,400
- -----------------------------------------------------------------------------------------------------------
SIRIUS SATELLITE RADIO INC DEFINED 1 5,500
- -----------------------------------------------------------------------------------------------------------
SIRIUS SATELLITE RADIO INC DEFINED 2 3,038
- -----------------------------------------------------------------------------------------------------------
TELE SUDESTE CELULAR PART S A DEFINED 1 29,500
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Page 13 of 15
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------------------
Column 3: Column 4: Column 5:
- -------------------------------------------------------------------------------------------------------------------------------
Column 1: Column 2: CUSIP Fair Shares or SH/
- -------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Number Market Principal PRN
- -------------------------------------------------------------------------------------------------------------------------------
Value ($000) Amount
===============================================================================================================================
<S> <C> <C> <C> <C> <C>
TELE SUDESTE CELULAR PART S A SPON ADR PFD 879252104 1,199 24,000 SH
- -------------------------------------------------------------------------------------------------------------------------------
TELE SUDESTE CELULAR PART S A SPON ADR PFD 879252104 75 1,500 SH
- -------------------------------------------------------------------------------------------------------------------------------
TELECOMUNICACOES DE SAO PAULO SPON ADR PFD 87929A102 465 15,660 SH
- -------------------------------------------------------------------------------------------------------------------------------
TELECOMUNICACOES DE SAO PAULO SPON ADR PFD 87929A102 370 12,470 SH
- -------------------------------------------------------------------------------------------------------------------------------
TELECOMUNICACOES DE SAO PAULO SPON ADR PFD 87929A102 26 870 SH
- -------------------------------------------------------------------------------------------------------------------------------
TELEPHONE & DATA SYS INC COM 879433100 803 7,233 SH
- -------------------------------------------------------------------------------------------------------------------------------
TELEPHONE & DATA SYS INC COM 879433100 650 5,860 SH
- -------------------------------------------------------------------------------------------------------------------------------
TELEPHONE & DATA SYS INC COM 879433100 50 451 SH
- -------------------------------------------------------------------------------------------------------------------------------
TENET HEALTHCARE CORP COM 88033G100 586 25,465 SH
- -------------------------------------------------------------------------------------------------------------------------------
TENET HEALTHCARE CORP COM 88033G100 548 23,831 SH
- -------------------------------------------------------------------------------------------------------------------------------
TENET HEALTHCARE CORP COM 88033G100 53 2,304 SH
- -------------------------------------------------------------------------------------------------------------------------------
TRANS WORLD ENTMT CORP COM 89336Q100 2,880 288,010 SH
- -------------------------------------------------------------------------------------------------------------------------------
TRANS WORLD ENTMT CORP COM 89336Q100 2,667 266,676 SH
- -------------------------------------------------------------------------------------------------------------------------------
TRANS WORLD ENTMT CORP COM 89336Q100 255 25,514 SH
- -------------------------------------------------------------------------------------------------------------------------------
UTI ENERGY CORP COM 903387108 1,388 36,757 SH
- -------------------------------------------------------------------------------------------------------------------------------
UTI ENERGY CORP COM 903387108 790 20,933 SH
- -------------------------------------------------------------------------------------------------------------------------------
Page Total: 12,805
- -------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
Column 6: Column 7: Column 8:
- -----------------------------------------------------------------------------------------------------------
Column 1: Put/ Investment Other VOTING AUTHORITY
- -----------------------------------------------------------------------------------------------------------
Name of Issuer Call Discretion Managers (a) Sole (b) Shared (c) None
- -----------------------------------------------------------------------------------------------------------
===========================================================================================================
<S> <C> <C> <C> <C> <C> <C>
TELE SUDESTE CELULAR PART S A DEFINED 2 24,000
- -----------------------------------------------------------------------------------------------------------
TELE SUDESTE CELULAR PART S A DEFINED 1,500
- -----------------------------------------------------------------------------------------------------------
TELECOMUNICACOES DE SAO PAULO DEFINED 1 15,660
- -----------------------------------------------------------------------------------------------------------
TELECOMUNICACOES DE SAO PAULO DEFINED 2 12,470
- -----------------------------------------------------------------------------------------------------------
TELECOMUNICACOES DE SAO PAULO DEFINED 870
- -----------------------------------------------------------------------------------------------------------
TELEPHONE & DATA SYS INC DEFINED 1 7,233
- -----------------------------------------------------------------------------------------------------------
TELEPHONE & DATA SYS INC DEFINED 2 5,860
- -----------------------------------------------------------------------------------------------------------
TELEPHONE & DATA SYS INC DEFINED 451
- -----------------------------------------------------------------------------------------------------------
TENET HEALTHCARE CORP DEFINED 1 25,465
- -----------------------------------------------------------------------------------------------------------
TENET HEALTHCARE CORP DEFINED 2 23,831
- -----------------------------------------------------------------------------------------------------------
TENET HEALTHCARE CORP DEFINED 2,304
- -----------------------------------------------------------------------------------------------------------
TRANS WORLD ENTMT CORP DEFINED 1 288,010
- -----------------------------------------------------------------------------------------------------------
TRANS WORLD ENTMT CORP DEFINED 2 266,676
- -----------------------------------------------------------------------------------------------------------
TRANS WORLD ENTMT CORP DEFINED 25,514
- -----------------------------------------------------------------------------------------------------------
UTI ENERGY CORP DEFINED 1 36,757
- -----------------------------------------------------------------------------------------------------------
UTI ENERGY CORP DEFINED 2 20,933
- -----------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Page 14 of 15
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
Column 3: Column 4: Column 5:
- ------------------------------------------------------------------------------------------------------------------------------
Column 1: Column 2: CUSIP Fair Shares or SH/
- ------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Number Market Principal PRN
- ------------------------------------------------------------------------------------------------------------------------------
Value ($000) Amount
==============================================================================================================================
<S> <C> <C> <C> <C> <C>
UTI ENERGY CORP COM 903387108 300 7,948 SH
- ------------------------------------------------------------------------------------------------------------------------------
UNITED STATES CELLULAR CORP COM 911684108 188 2,650 SH
- ------------------------------------------------------------------------------------------------------------------------------
UNITED STATES CELLULAR CORP COM 911684108 156 2,200 SH
- ------------------------------------------------------------------------------------------------------------------------------
UNITED STATES CELLULAR CORP COM 911684108 11 150 SH
- ------------------------------------------------------------------------------------------------------------------------------
UNITEDGLOBALCOM CL A 913247508 211 2,808 SH
- ------------------------------------------------------------------------------------------------------------------------------
UNITEDGLOBALCOM CL A 913247508 168 2,236 SH
- ------------------------------------------------------------------------------------------------------------------------------
UNITEDGLOBALCOM CL A 913247508 12 156 SH
- ------------------------------------------------------------------------------------------------------------------------------
VAIL RESORTS INC COM 91879Q109 1,025 63,550 SH
- ------------------------------------------------------------------------------------------------------------------------------
VAIL RESORTS INC COM 91879Q109 875 54,250 SH
- ------------------------------------------------------------------------------------------------------------------------------
VAIL RESORTS INC COM 91879Q109 84 5,200 SH
- ------------------------------------------------------------------------------------------------------------------------------
VERISIGN INC COM 92343E102 1,615 10,800 SH
- ------------------------------------------------------------------------------------------------------------------------------
VERISIGN INC COM 92343E102 1,286 8,600 SH
- ------------------------------------------------------------------------------------------------------------------------------
VERISIGN INC COM 92343E102 90 600 SH
- ------------------------------------------------------------------------------------------------------------------------------
WHX CORP COM 929248102 3,168 460,745 SH
- ------------------------------------------------------------------------------------------------------------------------------
WHX CORP COM 929248102 2,353 342,196 SH
- ------------------------------------------------------------------------------------------------------------------------------
WHX CORP COM 929248102 167 24,359 SH
- ------------------------------------------------------------------------------------------------------------------------------
Page Total: 11,709
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
Column 6: Column 7: Column 8:
- ------------------------------------------------------------------------------------------------------------
Column 1: Put/ Investment Other VOTING AUTHORITY
- ------------------------------------------------------------------------------------------------------------
Name of Issuer Call Discretion Managers (a) Sole (b) Shared (c) None
- ------------------------------------------------------------------------------------------------------------
============================================================================================================
<S> <C> <C> <C> <C> <C> <C>
UTI ENERGY CORP DEFINED 7,948
- ------------------------------------------------------------------------------------------------------------
UNITED STATES CELLULAR CORP DEFINED 1 2,650
- ------------------------------------------------------------------------------------------------------------
UNITED STATES CELLULAR CORP DEFINED 2 2,200
- ------------------------------------------------------------------------------------------------------------
UNITED STATES CELLULAR CORP DEFINED 150
- ------------------------------------------------------------------------------------------------------------
UNITEDGLOBALCOM DEFINED 1 2,808
- ------------------------------------------------------------------------------------------------------------
UNITEDGLOBALCOM DEFINED 2 2,236
- ------------------------------------------------------------------------------------------------------------
UNITEDGLOBALCOM DEFINED 156
- ------------------------------------------------------------------------------------------------------------
VAIL RESORTS INC DEFINED 1 63,550
- ------------------------------------------------------------------------------------------------------------
VAIL RESORTS INC DEFINED 2 54,250
- ------------------------------------------------------------------------------------------------------------
VAIL RESORTS INC DEFINED 5,200
- ------------------------------------------------------------------------------------------------------------
VERISIGN INC DEFINED 1 10,800
- ------------------------------------------------------------------------------------------------------------
VERISIGN INC DEFINED 2 8,600
- ------------------------------------------------------------------------------------------------------------
VERISIGN INC DEFINED 600
- ------------------------------------------------------------------------------------------------------------
WHX CORP DEFINED 1 460,745
- ------------------------------------------------------------------------------------------------------------
WHX CORP DEFINED 2 342,196
- ------------------------------------------------------------------------------------------------------------
WHX CORP DEFINED 24,359
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
Page 15 of 15
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
Column 3: Column 4: Column 5:
- ------------------------------------------------------------------------------------------------------------------------------
Column 1: Column 2: CUSIP Fair Shares or SH/
- ------------------------------------------------------------------------------------------------------------------------------
Name of Issuer Title of Class Number Market Principal PRN
- ------------------------------------------------------------------------------------------------------------------------------
Value ($000) Amount
==============================================================================================================================
<S> <C> <C> <C> <C> <C>
WALTER INDS INC COM 93317Q105 2,316 298,810 SH
- ------------------------------------------------------------------------------------------------------------------------------
WALTER INDS INC COM 93317Q105 2,396 309,196 SH
- ------------------------------------------------------------------------------------------------------------------------------
WALTER INDS INC COM 93317Q105 143 18,494 SH
- ------------------------------------------------------------------------------------------------------------------------------
WELLS FARGO & CO NEW COM 949746101 1,095 26,750 SH
- ------------------------------------------------------------------------------------------------------------------------------
WELLS FARGO & CO NEW COM 949746101 880 21,500 SH
- ------------------------------------------------------------------------------------------------------------------------------
WELLS FARGO & CO NEW COM 949746101 72 1,750 SH
- ------------------------------------------------------------------------------------------------------------------------------
XM SATELLITE RADIO HLDGS INC PFD CV B 8.25% 983759200 1,624 30,000 SH
- ------------------------------------------------------------------------------------------------------------------------------
XM SATELLITE RADIO HLDGS INC PFD CV B 8.25% 983759200 1,299 24,000 SH
- ------------------------------------------------------------------------------------------------------------------------------
XM SATELLITE RADIO HLDGS INC PFD CV B 8.25% 983759200 325 6,000 SH
- ------------------------------------------------------------------------------------------------------------------------------
ZAPATA CORP COM NEW 989070503 381 80,125 SH
- ------------------------------------------------------------------------------------------------------------------------------
ZAPATA CORP COM NEW 989070503 388 81,668 SH
- ------------------------------------------------------------------------------------------------------------------------------
ZAPATA CORP COM NEW 989070503 25 5,307 SH
- ------------------------------------------------------------------------------------------------------------------------------
Page Total: 10,944
- ------------------------------------------------------------------------------------------------------------------------------
Grand Total: 401,365
- ------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
Column 6: Column 7: Column 8:
- ------------------------------------------------------------------------------------------------------------
Column 1: Put/ Investment Other VOTING AUTHORITY
- ------------------------------------------------------------------------------------------------------------
Name of Issuer Call Discretion Managers (a) Sole (b) Shared (c) None
- ------------------------------------------------------------------------------------------------------------
============================================================================================================
<S> <C> <C> <C> <C> <C> <C>
WALTER INDS INC DEFINED 1 298,810
- ------------------------------------------------------------------------------------------------------------
WALTER INDS INC DEFINED 2 309,196
- ------------------------------------------------------------------------------------------------------------
WALTER INDS INC DEFINED 18,494
- ------------------------------------------------------------------------------------------------------------
WELLS FARGO & CO NEW DEFINED 1 26,750
- ------------------------------------------------------------------------------------------------------------
WELLS FARGO & CO NEW DEFINED 2 21,500
- ------------------------------------------------------------------------------------------------------------
WELLS FARGO & CO NEW DEFINED 1,750
- ------------------------------------------------------------------------------------------------------------
XM SATELLITE RADIO HLDGS INC DEFINED 1 30,000
- ------------------------------------------------------------------------------------------------------------
XM SATELLITE RADIO HLDGS INC DEFINED 2 24,000
- ------------------------------------------------------------------------------------------------------------
XM SATELLITE RADIO HLDGS INC DEFINED 6,000
- ------------------------------------------------------------------------------------------------------------
ZAPATA CORP DEFINED 1 80,125
- ------------------------------------------------------------------------------------------------------------
ZAPATA CORP DEFINED 2 81,668
- ------------------------------------------------------------------------------------------------------------
ZAPATA CORP DEFINED 5,307
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------
</TABLE>
