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, 2011

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:    Post Advisory Group, LLC
Address: 1620 26th Street, Suite 6500-North

         Santa Monica, CA  90404

13F File Number:  28-12454

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:      Sanije Perrett
Title:     Chief Compliance Officer
Phone:     (310) 996-9600

Signature, Place, and Date of Signing:

     Sanije Perrett     Los Angeles, CA     May 11, 2011


Report Type (Check only one.):

[ X]         13F HOLDINGS REPORT.

[  ]         13F NOTICE.

[  ]         13F COMBINATION REPORT.







                              FORM 13F SUMMARY PAGE


Report Summary:

Number of Other Included Managers:         0

Form13F Information Table Entry Total:     5

Form13F Information Table Value Total:     $69,158 (thousands)


List of Other Included Managers:

Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional managers with respect to which this report is filed, other
than the manager filing this report.

NONE






             
                                                     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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
CAPITALSOURCE INC              NOTE 7.250% 7/1  14055XAG7     6081  5790000 PRN                                  0        0        0
HORIZON LINES INC              NOTE 4.250% 8/1  44044KAB7    21916 27992000 PRN                                  0        0        0
LDK SOLAR CO LTD               NOTE 4.750% 4/1  50183LAB3    11184 11025000 PRN                                  0        0        0
PENN VA CORP                   NOTE 4.500%11/1  707882AA4    28822 27463000 PRN                                  0        0        0
SMITH & WESSON HLDG CORP       NOTE 4.000%12/1  831756AB7     1155  1136000 PRN                                  0        0        0