-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 7T7fbfWdO/LHtdUU4NQL5Q==

<SEC-DOCUMENT>0000887211-01-500005.txt : 20010515
<SEC-HEADER>0000887211-01-500005.hdr.sgml : 20010515
ACCESSION NUMBER:		0000887211-01-500005
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20010331
FILED AS OF DATE:		20010514

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALENZUELA CAPITAL PARTNERS LLC
		CENTRAL INDEX KEY:			0000887211
		STANDARD INDUSTRIAL CLASSIFICATION:	 []
		IRS NUMBER:				134034639
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		
		SEC FILE NUMBER:	028-03157
		FILM NUMBER:		1632759

	BUSINESS ADDRESS:	
		STREET 1:		1270 AVENUE OF THE AMERICAS SUITE 1200
		STREET 2:		SUITE 508
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10020
		BUSINESS PHONE:		2123328590

	MAIL ADDRESS:	
		STREET 1:		1270 AVENUE OF THE AMERICAS
		STREET 2:		SUITE 508
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10020

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALENZUELA CAPITAL PARTNERS INC
		DATE OF NAME CHANGE:	19970811

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALENZUELA CAPITAL MANAGEMENT INC
		DATE OF NAME CHANGE:	19970221
</SEC-HEADER>
<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>cov13f.txt
<DESCRIPTION>COVER & TABLE
<TEXT>

                  UNITED STATES
                SECURITIES AND EXCHANGE COMMISSION
                    Washington, D.C.  20549

                          FORM 13F

                    FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: March 31, 2001

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:           VALENZUELA CAPITAL PARTNERS, LLC
Address:        1270 Avenue of the Americas, Suite 508
		New York, NY 10020


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:   Fred T. Perlstadt
Title:  Director Client Administration
Phone:  (212) 332-8590

Signature, Place, and Date of Signing:

             Fred T. Perlstadt      New York, NY        5/07/2001


Report Type (Check only one.):

[ X]    13F HOLDINGS REPORT.

[  ]    13F NOTICE.

[  ]    13F COMBINATION REPORT.


List of Other Managers Reporting for this Manager:

NONE

I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934.
<PAGE>

                        FORM 13F SUMMARY PAGE


Report Summary:


Number of Other Included Managers:                0

Form 13F Information Table Entry Total:           82

Form 13F Information Table Value Total: $         976,882



List of Other Included Managers:

NONE
<PAGE>
<TABLE>
                                                                  FORM 13F INFORMATION TABLE
                                                           VALUE   SHARES/  SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
        NAME OF ISSUER          TITLE OF CLASS    CUSIP   (x$1000) PRN AMT  PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
<S>                            <C>              <C>       <C>      <C>      <C> <C>  <C>     <C>          <C>      <C>      <C>
Advanced Energy Indus          com              007973100      696    26976 SH       SOLE                     4321             22655
Airborne Inc                   com              009269101    12416  1220814 SH       SOLE                   903014            317800
AnnTaylor Stores Corp          com              036115103      760    28629 SH       SOLE                     4539             24090
Apria Healthcare Group         com              037933108    19949   825022 SH       SOLE                   661529            163493
Avery Dennison Corp            com              053611109    21009   403856 SH       SOLE                   334359             69497
BMC Software Inc               com              055921100    17546   816105 SH       SOLE                   671465            144640
Cabot Oil & Gas Corp           com              127097103      696    25780 SH       SOLE                     4115             21665
Caminus Corp                   com              133766105      445    21787 SH       SOLE                     3657             18130
Capital One Financial          com              14040H105    11191   201632 SH       SOLE                   166400             35232
Cardinal Health Inc            com              14149Y108    21169   218802 SH       SOLE                   180056             38746
Clayton Homes Inc              com              184190106    20503  1701491 SH       SOLE                  1350083            351408
Consolidated Stores            com              210149100    25438  2531124 SH       SOLE                  2014824            516300
Countrywide Credit Ind         com              222372104    16433   332992 SH       SOLE                   271843             61149
Cypress Semiconductor          com              232806109    11241   634035 SH       SOLE                   525184            108851
Cytec Industries Inc           com              232820100     4618   144234 SH       SOLE                   122348             21886
Delta & Pine Land Co           com              247357106      816    33876 SH       SOLE                     5336             28540
Devon Energy Corp              com              25179M103    13312   228736 SH       SOLE                   192624             36112
Dime Bancorp Inc               com              25429Q102    36619  1118136 SH       SOLE                   917082            201054
Dime Corp Warrant              com              25429Q110      254  1085493 SH       SOLE                   884439            201054
Downey Financial Corp          com              261018105      930    20531 SH       SOLE                     3296             17235
EChapman.com Inc               com              26830Q103      298    99200 SH       SOLE                    72500             26700
Engelhard Corp                 com              292845104    22273   861293 SH       SOLE                   711076            150217
Everest Re Group Ltd           com              G3223R108     5299    79665 SH       SOLE                    71814              7851
Exelon Corp                    com              30161N101    24769   377575 SH       SOLE                   310221             67354
Federated Dep Stores           com              31410H101    28680   690241 SH       SOLE                   560863            129378
First American Corp            com              318522307      625    24046 SH       SOLE                     3811             20235
FirstFed Financial Corp        com              337907109      746    26648 SH       SOLE                     5948             20700
Forward Air Corp               com              349853101      588    17974 SH       SOLE                     3189             14785
Franklin Resources Inc         com              354613101    20078   513365 SH       SOLE                   421750             91615
Fritz Companies Inc            com              358846103     6057   553770 SH       SOLE                   252770            301000
Furniture Brands Intl Inc      com              360921100      880    37148 SH       SOLE                     6858             30290
General Dynamics Corp          com              369550108    19868   316668 SH       SOLE                   260093             56575
Georgia-Pacific Group          com              373298108    25851   879271 SH       SOLE                   715912            163359
Global Marine Inc              com              379352404    11323   442319 SH       SOLE                   371781             70538
Hartford Financial Svcs        com              416515104    15496   262636 SH       SOLE                   221551             41085
Heller Financial Inc           com              423328103    14616   415817 SH       SOLE                   342534             73283
Henry Schein Inc               com              806407102    30241   822871 SH       SOLE                   664524            158347
Hexcel Corp                    com              428291108      478    48022 SH       SOLE                     7142             40880
Hilb Rogal & Hamilton          com              431294107      672    19211 SH       SOLE                     3101             16110
Houghton Mifflin Co            com              441560109    30081   653802 SH       SOLE                   516851            136951
Jefferies Group Inc            com              472319102      850    29464 SH       SOLE                     4694             24770
John Hancock Fin Svcs          com              41014S106     3800    98818 SH       SOLE                    98445               373
KeyCorp                        com              493267108    21326   826596 SH       SOLE                   680598            145998
Keynote Systems Inc            com              493308100      600    53631 SH       SOLE                     8491             45140
Kinder Morgan Inc              com              49455P101     3415    64194 SH       SOLE                    63936               258
Lancaster Colony Corp          com              513847103      796    27387 SH       SOLE                     4172             23215
Legato Systems Inc             com              524651106      492    40827 SH       SOLE                     6697             34130
Leggett & Platt Inc            com              524660107    20016  1040869 SH       SOLE                   856002            184867
Lehman Brothers                com              524908100    23152   369253 SH       SOLE                   303907             65346
LifePoint Hospitals            com              53219L109      750    20988 SH       SOLE                     3198             17790
Longs Drug Stores              com              543162101     1012    34236 SH       SOLE                     6736             27500
Newell Rubbermaid Inc          com              651229106    22462   847622 SH       SOLE                   693729            153893
Noble Affiliates Inc           com              654894104    10626   254632 SH       SOLE                   200059             54573
Ocean Energy Inc               com              67481E106    18908  1142449 SH       SOLE                   929446            213003
Offshore Logistics             com              676255102      525    21151 SH       SOLE                     3381             17770
Omnicare Inc                   com              681904108    23928  1115546 SH       SOLE                   898577            216969
Oregon Steel Mills             com              686079104      648   127000 SH       SOLE                    16310            110690
Owens & Minor Inc              com              690732102      834    50481 SH       SOLE                     7856             42625
PNC Fin Svcs Group             com              693475105    29132   429999 SH       SOLE                   355706             74293
Pinnacle Systems Inc           com              723481107      631    74746 SH       SOLE                    10096             64650
Praxair Inc                    com              74005P104    28314   634122 SH       SOLE                   520625            113497
Precision Castparts            com              740189105      703    21257 SH       SOLE                     3400             17857
Radian Group                   com              750236101     4515    66635 SH       SOLE                    52135             14500
Reebok Int'l Ltd               com              758110100    25927  1042939 SH       SOLE                   831907            211032
Reliant Energy Inc             com              75952J108    15797   349114 SH       SOLE                   310895             38219
Ruby Tuesday Inc               com              781182100     1162    59263 SH       SOLE                     9153             50110
Sara Lee Corp                  com              803111103    23287  1079095 SH       SOLE                   852095            227000
Scholastic Corp                com              807066105      815    22608 SH       SOLE                     3488             19120
T Rowe Price Group Inc         com              74144T108    13658   436177 SH       SOLE                   366953             69224
TJX Companies Inc              com              872540109    26279   821213 SH       SOLE                   677487            143726
Take-Two Interactive Software  com              874054109      872    61092 SH       SOLE                     9502             51590
Tenet Healthcare Corp          com              88033G100    23336   530360 SH       SOLE                   437582             92778
Titanium Metals Corp           com              888339108      933   103108 SH       SOLE                    14883             88225
Toll Brothers Inc              com              889478103      569    14773 SH       SOLE                     2495             12278
Transocean Sedco Forex         com              G90078109     8002   184600 SH       SOLE                   145550             39050
USA Education Inc              com              90390U102    35832   493217 SH       SOLE                   402448             90769
Unisys Corp                    com              909214108    17656  1261174 SH       SOLE                  1041950            219224
Wabtec Corporation             com              929740108      688    54203 SH       SOLE                     8503             45700
Waddell & Reed Fin             com              930059100    12053   425166 SH       SOLE                   359646             65520
Washington Mutual Inc          com              939322103    32340   590678 SH       SOLE                   482934            107744
Williams Companies Inc         com              969457100    24416   569807 SH       SOLE                   473054             96753
Woodward Governor Co           com              980745103      864    16811 SH       SOLE                     2661             14150
</TABLE>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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