-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 OQOvpOovIycRb0TdJFpa77ORUd5pDBbse88WtRIsJ99P/C725UU+shco+vfoSQz3
 r/cGk6M0pXLBIpd0ZEu3CQ==

<SEC-DOCUMENT>0000949509-03-000006.txt : 20030513
<SEC-HEADER>0000949509-03-000006.hdr.sgml : 20030513
<ACCEPTANCE-DATETIME>20030512190746
ACCESSION NUMBER:		0000949509-03-000006
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030331
FILED AS OF DATE:		20030513
EFFECTIVENESS DATE:		20030513

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OAKTREE CAPITAL MANAGEMENT LLC
		CENTRAL INDEX KEY:			0000949509
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-05050
		FILM NUMBER:		03693739

	BUSINESS ADDRESS:	
		STREET 1:		333 S GRAND AVENUE 28TH FL
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071
		BUSINESS PHONE:		2138306300

	MAIL ADDRESS:	
		STREET 2:		333 S GRAND AVE 28TH FL
		CITY:			LOS ANGLES
		STATE:			CA
		ZIP:			90071
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>r13f1stq.txt
<DESCRIPTION>OAKTREE CAPITAL MANAGEMENT LLC 13F 3/31/03
<TEXT>
	FORM 13F

	FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: March 31, 2003

Check here if Amendment [   ] ; Amendment Number:
This Amendment (Check only one.) : [   ] is a restatement.
				   [   ] adds new holding entries.

Institutional Manager Filing this Report:

Name:	Oaktree Capital Management, LLC
Address:333 South Grand Avenue
	28 Floor
	Los Angeles, CA 90071

13F File Number: 28-5050

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:	Kristin H. Scott
Title:	Senior Vice President
Phone:	213-830-6225
Signature, Place, and Date of Signing:

    Kristin H. Scott         Los Angeles, CA               May 12, 2003

Report Type (Check only one.):

[ X ]	13F HOLDINGS REPORT
[   ]	13F NOTICE REPORT
[   ]	13F COMBINATION REPORT

List of Other Managers Reporting for this Manager:

<PAGE>

	FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:	0

Form 13F Information Table Entry Total: 184

Form 13F Information Table Value Total:	$1,877,684



List of Other Included Managers:

No.	13F File Number	Name

<PAGE>

<TABLE>
FORM 13F INFORMATION TABLE
<CAPTION>
<C>		<C>
                                                            VALUE    SHARES/    SH/ INVSTMT OTHER  VOTING AUTHORITY
NAME OF ISSUER                 TITLE OF CLASS    CUSIP      (X$1000) PRN AMT    PRN DSCRETN MRGRS  SOLE            SHAREDNONE

ACXIOM CORP                    NOTE 3.750%2/1    005125AB5  9,279   7,650,000   PRN SOLE
AFFYMETRIX INC                 NOTE 4.750%2/1    00826TAD0  1,740   1,970,000   PRN SOLE
AFFYMETRIX INC                 NOTE 5.000%10/0   00826TAB4  3,414   3,520,000   PRN SOLE
ALDERWOODS GROUP INC           COM               014383103  24,898  7,113,619   SH  SOLE
ALPHARMA INC                   NOTE 3.000%6/0    020813AD3  6,826   6,705,000   PRN SOLE
ALZA CORP                      SDCV 7/2          02261WAB5  12,714  15,600,000  PRN SOLE
AMAZON COM INC                 NOTE 4.750%2/0    023135AF3  2,548   3,000,000   PRN SOLE
AMERICA MOVIL S A DE CV        SPON ADR L SHS    02364W105  10,227  764,900     SH  SOLE
AMERICA ONLINE INC DEL         NOTE 12/0         02364JAC8  6,509   11,150,000  PRN SOLE
AMERICAN TOWER CORP            NOTE 2.250%10/1   029912AD4  793     1,000,000   PRN SOLE
AMERICAN TOWER CORP            NOTE 5.000%2/1    029912AF9  4,161   5,300,000   PRN SOLE
AMERICAN TOWER CORP            NOTE 6.250%10/1   029912AB8  2,803   3,400,000   PRN SOLE
AMGEN INC                      NOTE 3/0          031162AE0  11,147  14,500,000  PRN SOLE
AMKOR TECHNOLOGY INC           NOTE 5.000%3/1    031652AH3  864     1,250,000   PRN SOLE
AMKOR TECHNOLOGY INC           NOTE 5.750%6/0    031652AN0  3,383   4,500,000   PRN SOLE
ANADIGICS INC                  NOTE 5.000%11/1   032515AB4  2,290   3,000,000   PRN SOLE
ANIXTER INTL INC               NOTE 6/2          035290AC9  1,950   6,020,000   PRN SOLE
ANTEC CORP                     NOTE 4.500%5/1    03664PAB1  1,476   1,500,000   PRN SOLE
APT SATELLITE HOLDINGS LTD     SPONSORED ADR     00203R105  3,005   1,878,286   SH  SOLE
ASAT HLDGS LTD                 SPONSORED ADR     00208B105  3,009   6,540,250   SH  SOLE
ASE TEST LTD                   ORD               Y02516105  4,778   1,516,966   SH  SOLE
ASPECT TELECOMMUNICATIONS CO   SDCV 8/1          045237AE4  2,641   6,500,000   PRN SOLE
ASPEN TECHNOLOGY INC           SDCV 5.250%6/1    045327AB9  1,553   2,096,000   PRN SOLE
ATMEL CORP                     SDCV 5/2          049513AE4  1,247   4,000,000   PRN SOLE
AVAYA INC                      NOTE 10/3         053499AA7  7,245   15,750,000  PRN SOLE
AVIRON                         NOTE 5.250%2/0    053762AD2  1,040   1,000,000   PRN SOLE
AVON PRODS INC                 NOTE 7/1          054303AP7  17,004  31,365,000  PRN SOLE
BAXTER INTL INC                CORP UNITS 7%     071813406  4,671   121,300     SH  SOLE
BEA SYS INC                    NOTE 4.000%12/1   073325AD4  2,335   2,500,000   PRN SOLE
BENCHMARK ELECTR INC           NOTE 6.000%8/1    08160HAC5  4,809   4,750,000   PRN SOLE
BIOPURE CORP                   CL A              09065H105  6,018   1,801,907   SH  SOLE
BRIGGS & STRATTON CORP         NOTE 5.000%5/1    109043AE9  13,017  12,130,000  PRN SOLE
BROCADE COMMUNICATIONS SYS I   NOTE 2.000%1/0    111621AB4  5,025   6,500,000   PRN SOLE
CALPINE CORP                   NOTE 4.000%12/2   131347BA3  2,639   4,000,000   PRN SOLE
CAMINUS CORP                   COM               133766105  20,076  2,509,473   SH  SOLE
CBRL GROUP INC                 NOTE 4/0          12489VAB2  10,438  23,000,000  PRN SOLE
CELESTICA INC                  NOTE 8/0          15101QAA6  57,137  115,590,000 PRN SOLE
CEPHALON INC                   NOTE 2.500%12/1   156708AE9  22,453  25,000,000  PRN SOLE
CEPHALON INC                   NOTE 5.250%5/0    156708AC3  615     640,000     PRN SOLE
CHARMING SHOPPES INC           NOTE 4.750%6/0    161133AC7  3,166   3,950,000   PRN SOLE
CHARTER COMMUNICATIONS INC D   NOTE 5.750%10/1   16117MAB3  4,200   20,000,000  PRN SOLE
CHECKFREE HLDGS CORP           NOTE 6.500%12/0   162816AC6  5,819   6,000,000   PRN SOLE
CHECKPOINT SYS INC             SDCV 5.250%11/0   162825AB9  7,847   8,327,000   PRN SOLE
CHINA UNICOM LTD               SPONSORED ADR     16945R104  415     75,000      SH  SOLE
CHUBB CORP                     CORP UNIT %       171232309  6,388   298,500     SH  SOLE
CIENA CORP                     NOTE 3.750%2/0    171779AA9  3,565   4,650,000   PRN SOLE
CKE RESTAURANTS INC            NOTE 4.250%3/1    12561EAB1  1,512   1,597,000   PRN SOLE
COLLAGENEX PHARMACEUTICALS I   COM               19419B100  3,324   431,733     SH  SOLE
COMMSCOPE INC                  NOTE 4.000%12/1   203372AB3  1,292   1,500,000   PRN SOLE
COMPANHIA VALE DO RIO DOCE     SPONSORED ADR     204412209  3,989   148,000     SH  SOLE
COMPANIA ANONIMA NACIONL TEL   SPON ADR D        204421101  19,300  2,149,199   SH  SOLE
COMPANIA DE MINAS BUENAVENTU   SPONSORED ADR     204448104  8,050   322,000     SH  SOLE
COMPANIA DE TELECOMUNICS CH I  SPON ADR NEW      204449300  10,124  1,074,700   SH  SOLE
COMPUTER NETWORK TECHNOLOGY    NOTE 3.000%2/1    204925AC5  5,149   6,600,000   PRN SOLE
COMVERSE TECHNOLOGY INC        DBCV 1.500%12/0   205862AJ4  3,650   4,000,000   PRN SOLE
COR THERAPEUTICS INC           NOTE 5.000%3/0    217753AD4  1,650   1,500,000   PRN SOLE
CORNING INC                    DBCV 11/0         219350AJ4  48,864  48,500,000  PRN SOLE
CORNING INC                    NOTE 3.500%11/0   219350AK1  82,280  121,000,000 PRN SOLE
COUNTRYWIDE FINANCIAL CORP     NOTE 2/0          222372AE4  20,943  25,000,000  PRN SOLE
DIXIE GROUP INC                SDCV 7.000% 5/1   255519AA8  107     178,000     PRN SOLE
DOUBLECLICK INC                NOTE 4.750%3/1    258609AC0  6,416   6,650,000   PRN SOLE
DUANE READE INC                NOTE 2.147%4/1    263578AC0  3,861   8,000,000   PRN SOLE
E TRADE GROUP INC              NOTE 6.000%2/0    269246AB0  6,727   8,450,000   PRN SOLE
ECHOSTAR COMMUNICATIONS NEW    NOTE 4.875%1/0    278762AD1  3,671   3,780,000   PRN SOLE
ECHOSTAR COMMUNICATIONS NEW    NOTE 5.750%5/1    278762AG4  48,537  47,380,000  PRN SOLE
EDO CORP                       NOTE 5.250%4/1    281347AD6  1,012   1,000,000   PRN SOLE
ELAN FIN CORP LTD              NOTE 12/1         284129AC7  4,341   8,950,000   PRN SOLE
EMBOTELLADORA ANDINA S A       SPON ADR B        29081P303  18,363  2,820,700   SH  SOLE
EMCORE CORP                    NOTE 5.000%5/1    290846AB0  987     2,000,000   PRN SOLE
EMMIS COMMUNICATIONS CORP      PFD CV SER A      291525202  2,016   50,000      SH  SOLE
ENZON PHARMACEUTICALS INC      NOTE 4.500%7/0    293904AB4  5,480   7,000,000   PRN SOLE
FINISAR                        NOTE 5.250%10/1   31787AAC5  516     1,100,000   PRN SOLE
FIRST DATA CORP                DEBT 2.000%3/0    319963AD6  16,134  14,500,000  PRN SOLE
FIRST UN REAL EST EQ & MTG INV SH BEN INT        337400105  118     70,000      SH  SOLE
FOMENTO ECONOMICO MEXICANO S   SPON ADR UNITS    344419106  14,456  434,500     SH  SOLE
FOREST OIL CORP                COM PAR $0.01     346091705  62,605  2,807,399   SH  SOLE
FREEPORT-MCMORAN COPPER & GO   PFD CV 0.05SH     35671D501  4,694   225,000     SH  SOLE
GENCORP INC                    NOTE 5.750%4/1    368682AE0  2,335   2,750,000   PRN SOLE
GENERAL MTRS CORP              DEB SR CONV A     370442741  4,606   192,300     PRN SOLE
GENERAL SEMICONDUCTOR INC      NOTE 5.750%12/1   370787AB9  1,258   1,315,000   PRN SOLE
GENESIS HEALTH VENTURE INC N   COM               37183F107  27,346  1,840,269   SH  SOLE
GETTY IMAGES INC               NOTE 5.000%3/1    374276AE3  59,594  62,570,000  PRN SOLE
GTECH HLDGS CORP               DBCV 1.750%12/1   400518AB2  3,914   2,795,000   PRN SOLE
HANOVER COMPRESSOR CO          NOTE 4.750% 3/1   410768AC9  1,545   1,925,000   PRN SOLE
HARMONY GOLD MNG LTD           SPONSORED ADR     413216300  2,995   244,900     SH  SOLE
HEALTH MGMT ASSOC INC NEW      NOTE 1/2          421933AD4  9,506   10,900,000  PRN SOLE
HEALTH MGMT ASSOC INC NEW      SDCV 0.250% 8/1   421933AB8  3,671   5,500,000   PRN SOLE
HEXCEL CORP                    SDCV 7.000%8/0    428290AA8  1,938   2,809,000   PRN SOLE
HUMAN GENOME SCIENCES INC      NOTE 5.000%2/0    444903AF5  1,640   2,000,000   PRN SOLE
ICN PHARMACEUTICALS INC NEW    NOTE 6.500%7/1    448924AM2  5,105   6,000,000   PRN SOLE
IMCLONE SYS INC                NOTE 5.500%3/0    45245WAD1  1,324   1,500,000   PRN SOLE
IMPERIAL PGK CORP              COM               453077109  62,605  2,807,399   SH  SOLE
INCO LTD                       NOTE 3/2          453258AM7  18,532  28,600,000  PRN SOLE
INTERPUBLIC GROUP COS INC      NOTE 1.800%9/1    460690AF7  2,330   2,500,000   PRN SOLE
INTERPUBLIC GROUP COS INC      NOTE 1.870%6/0    460690AJ9  4,210   5,050,000   PRN SOLE
INVITROGEN CORP                NOTE 2.250%12/1   46185RAD2  6,097   7,000,000   PRN SOLE
IVAX CORP                      NOTE 4.500%5/1    465823AG7  5,178   6,000,000   PRN SOLE
IVAX CORP                      NOTE 5.500%5/1    465823AD4  3,653   3,825,000   PRN SOLE
JOY GLOBAL INC                 COM               481165108  43,766  4,041,200   SH  SOLE
KT CORP                        SPONSORED ADR     48268K101  8,698   506,578     SH  SOLE
KULICKE & SOFFA INDS INC       NOTE 4.750%12/1   501242AE1  3,948   6,000,000   PRN SOLE
L-3 COMMUNICATIONS HLDGS INC   DEBT 4.000%9/1    502424AD6  16,489  15,555,000  PRN SOLE
LAMAR ADVERTISING CO           NOTE 5.250%9/1    512815AF8  3,829   3,800,000   PRN SOLE
LODGIAN INC                    COM NEW           54021P205  4,562   1,578,611   SH  SOLE
LOWES COS INC                  NOTE 2/1          548661CF2  22,819  30,000,000  PRN SOLE
LSI LOGIC CORP                 NOTE 4.000%11/0   502161AG7  3,416   4,000,000   PRN SOLE
MARKEL CORP                    NOTE 6/0          570535AC8  10,436  32,000,000  PRN SOLE
MEDIACOM COMMUNICATIONS CORP   NOTE 5.250%7/0    58446KAA3  6,826   7,300,000   PRN SOLE
MEDICIS PHARMACEUTICAL CORP    NOTE 2.500% 6/0   58470KAA2  9,583   8,000,000   PRN SOLE
MEDTRONIC INC                  DBCV 1.250%9/1    585055AB2  34,303  32,710,000  PRN SOLE
MENTOR GRAPHICS CORP           NOTE 6.875%6/1    587200AB2  282     300,000     PRN SOLE
MERCURY INTERACTIVE CORP       NOTE 4.750%7/0    589405AB5  946     1,000,000   PRN SOLE
MIRANT CORP                    DBCV 2.500%6/1    604675AB4  3,050   4,920,000   PRN SOLE
MIRANT CORP                    NOTE 5.750%7/1    604675AC2  2,598   5,000,000   PRN SOLE
NAVISTAR FINL CORP             NOTE 4.750% 4/0   638902AM8  10,502  13,000,000  PRN SOLE
NCO GROUP INC                  NOTE 4.750%4/1    628858AB8  5,441   6,250,000   PRN SOLE
NEWFIELD FINL TR I             QUIPS SER A       651291205  8,791   162,800     SH  SOLE
NEXTEL COMMUNICATIONS INC      NOTE 4.750%7/0    65332VAT0  27,064  28,500,000  PRN SOLE
NEXTEL COMMUNICATIONS INC      NOTE 6.000%6/0    65332VBC6  29,587  30,250,000  PRN SOLE
NORTEL NETWORKS CORP NEW       NOTE 4.250% 9/0   656568AB8  58,830  79,500,000  PRN SOLE
NORTEL NETWORKS CORP NEW       NOTE 4.250%9/0    656568AB8  36,939  49,500,000  PRN SOLE
NVIDIA CORP                    NOTE 4.750%10/1   67066GAA2  2,809   3,000,000   PRN SOLE
OAK INDS INC                   NOTE 4.875%3/0    671400AL3  1,089   1,341,000   PRN SOLE
OMNICARE INC                   SDCV 5.000%12/0   681904AD0  5,158   5,125,000   PRN SOLE
P T TELEKOMUNIKASI INDONESIA   SPONSORED ADR     715684106  651     80,000      SH  SOLE
PANAMERICAN BEVERAGES INC      CL A              P74823108  55,570  2,563,200   SH  SOLE
PENN TRAFFIC CO NEW            COM NEW           707832200  2,138   1,724,396   SH  SOLE
PENNEY J C INC                 NOTE 5.000%10/1   708160BV7  19,951  19,620,000  PRN SOLE
PEP BOYS MANNY MOE & JACK      NOTE 4.250% 6/0   713278AP4  3,842   4,500,000   PRN SOLE
PERFORMANCE FOOD GROUP CO      NOTE 5.500% 10/1  713755AA4  2,261   1,915,000   PRN SOLE
PETROLEO BRASILEIRO SA PETRO   SPONSORED ADR     71654V101  13,727  997,600     SH  SOLE
PHOTRONICS INC                 NOTE 4.750%12/1   719405AC6  4,469   5,000,000   PRN SOLE
PHOTRONICS INC                 NOTE 6.000%6/0    719405AA0  1,981   2,000,000   PRN SOLE
PREMIERE TECHNOLOGIES INC      NOTE 5.750%7/0    74058FAC6  6,901   7,475,000   PRN SOLE
PROVIDIAN FINL CORP            NOTE 2/1          74406AAB8  6,392   17,500,000  PRN SOLE
PROVIDIAN FINL CORP            NOTE 3.250%8/1    74406AAA0  795     1,000,000   PRN SOLE
PROVINCE HEALTHCARE CO         NOTE 4.500%11/2   743977AC4  1,880   2,000,000   PRN SOLE
QUANTA SVCS INC                NOTE 4.000%7/0    74762EAA0  4,106   5,865,000   PRN SOLE
QUANTA SVCS INC                NOTE 4.000%7/0    74762EAA0  69,013  103,005,000 PRN SOLE
RADISYS CORP                   NOTE 5.500% 8/1   750459AB5  1,743   2,000,000   PRN SOLE
RADWARE LTD                    ORD               M81873107  3,059   301,340     SH  SOLE
REDBACK NETWORKS INC           NOTE 5.000% 4/0   757209AB7  10,237  37,227,001  PRN SOLE
REINSURANCE GROUP AMER INC     PFD TR INC EQ     759351307  4,762   100,000     SH  SOLE
RENAL TREATMENT CTRS INC       NOTE 5.625%7/1    759671AC4  1,699   1,660,000   PRN SOLE
REPTRON ELECTRONICS INC        NOTE 6.750%8/0    76026WAA7  510     1,500,000   PRN SOLE
RES-CARE INC                   NOTE 6.000%12/0   760943AC4  5,924   6,535,000   PRN SOLE
RF MICRODEVICES INC            NOTE 3.750%8/1    749941AB6  5,804   6,300,000   PRN SOLE
RITE AID CORP                  NOTE 4.750%12/0   767754BA1  5,175   6,030,000   PRN SOLE
ROGERS COMMUNICATIONS INC      DBCV 2.000% 11/2  775109AE1  3,848   4,500,000   PRN SOLE
ROYAL CARIBBEAN CRUISES LTD    NOTE 2/0          780153AK8  6,000   15,100,000  PRN SOLE
ROYAL CARIBBEAN CRUISES LTD    NOTE 5/1          780153AM4  14,114  33,618,000  PRN SOLE
S L INDS INC                   COM               784413106  3,092   525,000     SH  SOLE
SANMINA SCI CORP               NOTE 4.250%5/0    800907AB3  1,955   2,000,000   PRN SOLE
SCI SYS INC                    NOTE 3.000%3/1    783890AF3  5,592   7,000,000   PRN SOLE
SCIENTIFIC GAMES CORP          CL A              80874P109  21,060  3,900,000   SH  SOLE
SEALED AIR CORP NEW            PFD CV A $2       81211K209  41,961  912,600     SH  SOLE
SEMTECH CORP                   NOTE 4.500%2/0    816850AD3  3,064   3,250,000   PRN SOLE
SERVICE CORP INTL              NOTE 6.750%6/2    817565AU8  47,261  52,960,000  PRN SOLE
SHAW GROUP INC                 NOTE 5/0          820280AC9  942     1,484,000   PRN SOLE
SK TELECOM LTD                 SPONSORED ADR     78440P108  4,906   360,200     SH  SOLE
SKECHERS U S A INC             NOTE 4.500% 4/1   830566AB1  2,053   2,431,000   PRN SOLE
STANDARD MTR PRODS INC         SDCV 6.750%7/1    853666AB1  1,462   1,800,000   PRN SOLE
SUNRISE ASSISTED LIVING INC    NOTE 5.250%2/0    86768KAE6  20,401  20,725,000  PRN SOLE
SYSTEMS & COMPUTER TECHNOLOG   SDCV 5.000%10/1   871873AB1  1,180   1,218,000   PRN SOLE
TAKE-TWO INTERACTIVE SOFTWAR   COM               874054109  8,581   384,976     SH  SOLE
TEKELEC                        NOTE 3.250%11/0   879101AC7  3,700   4,000,000   PRN SOLE
TELEFONOS DE MEXICO S A        DBCV 4.250%6/1    879403AD5  1,684   1,500,000   PRN SOLE
TELEFONOS DE MEXICO S A        SPON ADR ORD L    879403780  19,481  655,500     SH  SOLE
TENARIS S A                    SPONSORED ADR     88031M109  3,367   152,759     SH  SOLE
TEVA PHARMACEUTICALS FIN LLC   DBCV 1.500%10/1   88163VAB5  126     115,000     PRN SOLE
TEVA PHARMACEUTICALS FIN NV    NOTE 0.750%8/1    88163XAB1  48,598  43,402,000  PRN SOLE
TOTAL RENAL CARE HLDGS INC     NOTE 7.000%5/1    89151AAC1  4,372   4,300,000   PRN SOLE
TRIQUINT SEMICONDUCTOR INC     NOTE 4.000%3/0    89674KAB9  1,657   2,000,000   PRN SOLE
UNITED PARCEL SERVICE INC      NOTE 1.750%9/2    911312AB2  2,070   2,050,000   PRN SOLE
UNIVERSAL HLTH SVCS INC        DBCV 0.426%6/2    913903AL4  14,884  24,625,000  PRN SOLE
VIROPHARMA INC                 NOTE 6.000%3/0    928241AC2  990     2,000,000   PRN SOLE
WASHINGTON GROUP INTL INC      COM NEW           938862208  2,511   143,149     SH  SOLE
WASTE CONNECTIONS INC          NOTE 5.500%4/1    941053AB6  3,774   3,210,000   PRN SOLE
WILSHIRE OIL CO TEX            COM               971889100  441     120,400     SH  SOLE
WIND RIVER SYSTEMS INC         NOTE 3.750%12/1   973149AE7  808     1,000,000   PRN SOLE
WMX TECHNOLOGIES INC           NOTE 2.000% 1/2   92929QAF4  934     1,000,000   PRN SOLE
XEROX CORP                     SDCV 0.570%4/2    984121BB8  2,355   3,647,000   PRN SOLE
XL CAP LTD                     DBCV 5/2          98372PAB4  15,004  23,750,000  PRN SOLE
XM SATELLITE RADIO HLDGS INC   NOTE 7.750%3/0    983759AA9  378     450,000     PRN SOLE

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