SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT


                       Pursuant to Section 13 or 15(d) of
                       The Securities Exchange Act of 1934



          Date of Report (Date of earliest event reported) May 23, 2003

                                IOS Capital, LLC
             (Exact name of registrant as specified in its charter)
    -------------------------------------------------------------------------



      OHIO                       File No. 0-20405                23-2493042
   -------------                 ----------------               ------------
  (State or other               (Commission File               (IRS Employer
  jurisdiction of                     Number)                  Identification
  incorporation)                                                  Number)


                 1738 Bass Road, Macon, Georgia        31210
                 ------------------------------        ------

       Registrant's telephone number, including area code: (912) 471-2300
                                                           ---------------


                                 Not Applicable
             ------------------------------------------------------
          (Former name or former address, if changed since last report)








Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits

c.   The following  exhibits are furnished in accordance  with the provisions of
     Item 601 of Regulation S-K:

(99.1)              Amendment  to  Receivables  Transfer  Agreement  among  IKON
                    Funding-1,  LLC, IOS Capital,  LLC,  Market  Street  Funding
                    Corporation, and PNC Bank, National Association.
(99.2)              Amendment  to  Receivables  Transfer  Agreement  among  IKON
                    Funding-1,  LLC, IOS Capital,  LLC,  Market  Street  Funding
                    Corporation, and PNC Bank, National Association.
(99.3)              Amendment  to  Receivables  Transfer  Agreement  among  IKON
                    Funding-2,  LLC, IOS Capital,  LLC, Park Avenue  Receivables
                    Corporation, and JP Morgan Chase Bank.


Item 9.  Regulation FD Disclosure

         A copy of  certain  amendments  eliminating  certain  rating  downgrade
provisions  contained in the revolving  asset  securitization  agreements of IOS
Capital, LLC are appended hereto as exhibits to this report.







                                    SIGNATURE


         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned thereunto duly authorized.



                                          IOS CAPITAL, LLC




                                          By:  /s/ HARRY KOZEE
                                               ----------------------------
                                                   Harry G. Kozee
                                                   Vice President- Finance



Dated:  May 23, 2003