INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2014

AIH LLC

INVESTMENTS

Summary of investments held

	Fair value at				Fair value as a percentage of total investments at
	March 31, 2014		December 31, 2013		March 31, 2014			December 31, 2013
Private Investment Partnership Interests:
Ares Credit Strategies Fund II, L.P.	$	884	$	1,998		0.7	%		2.2	%
Ares Credit Strategies Fund III, L.P.		18		—		0.0	%		—
Ares Strategic Investment Partners, L.P.		77		—		0.1	%		—
Ares Strategic Investment Partners III, L.P.		2,757		2,714		2.3	%		3.0	%
Ares Corporate Opportunities Fund, L.P.(1)		1,116		1,009		0.9	%		1.1	%
Ares Special Situations Fund III, L.P.		26,235		24,253		21.6	%		27.2	%
Ares SSF Riopelle, L.P.		2,223		—		1.8	%		—
Ares Enhanced Loan Investment Strategy IX, L.P.		517		512		0.4	%		0.6	%
Ares Europe CSF Fund (C) LP		581		301		0.5	%		0.3	%
Ares Multi-Strategy Credit Fund V (H), L.P.		1,054		1,022		0.9	%		1.1	%
AREA European Property Enhancement Program L.P.		1,344		1,735		1.1	%		1.9	%
AREA Sponsor Holdings LLC		32,294		31,560		26.6	%		35.4	%
Resolution Life L.P.		39,955		21,846		32.8	%		24.4	%
Ares Strategic Real Estate Program—HHC, LLC		1,256		1,227		1.0	%		1.4	%
Ares Capital Europe II (D), L.P.		10,010		—		8.2	%		—
Ares Capital Europe II (E), L.P.		21		—		0.0	%		—
Total private investment partnership interests (cost: $96,023 and $68,580 at March 31, 2014 and December 31, 2013, respectively)		120,342		88,177		98.9	%		98.6	%
Common Stock:
Ares Multi-Strategy Credit Fund, Inc.		92		89		0.1	%		0.1	%
Total common stock (cost: $100 and $100 at March 31, 2014 and December 31, 2013, respectively)		92		89		0.1	%		0.1	%
Corporate Bonds:
Ares Commercial Real Estate Corporation Convertible Senior Notes		1,174		1,172		1.0	%		1.3	%
Total corporate bond (cost: $1,150 and $1,150, at March 31, 2014 and December 31, 2013, respectively)		1,174		1,172		1.0	%		1.3	%
Total investments (cost: $97,273 and $69,830 at March 31, 2014 and December 31, 2013, respectively)	$	121,608	$	89,438		100.0	%		100.0	%

(1)

Security represents the sole underlying investment within ACOF Co-Investors LLC.

Consolidated Funds

INVESTMENTS

Summary of investments held

	Fair value at				Fair value as a percentage of total investments at
	March 31, 2014		December 31, 2013		March 31, 2014			December 31, 2013
United States:
Fixed income securities:
Consumer discretionary	$	4,036,222	$	4,146,611		20.8	%		20.0	%
Consumer staples		179,326		338,735		0.9	%		1.6	%
Energy		507,527		535,857		2.6	%		2.6	%
Financials		579,374		544,879		3.0	%		2.6	%
Healthcare, education and childcare		1,072,158		1,176,418		5.5	%		5.6	%
Industrials		2,009,958		2,038,390		10.4	%		9.8	%
Information technology		490,988		542,377		2.5	%		2.6	%
Materials		338,512		463,864		1.7	%		2.2	%
Telecommunication services		1119,397		1,153,691		5.7	%		5.5	%
Utilities		235,137		222,410		1.2	%		1.1	%
Total fixed income securities (cost: $10,511,946 and $11,071,982, at March 31, 2014 and December 31, 2013, respectively)		10,568,599		11,163,232		54.3	%		53.6	%
Equity securities:
Consumer discretionary		2,327,631		2,464,520		12.0	%		11.9	%
Consumer staples		252,157		201,059		1.3	%		1.0	%
Energy		191,165		193,946		1.0	%		1.0	%
Financials		7,069		6,172		0.0	%		0.0	%
Healthcare, education and childcare		316,317		296,817		1.6	%		1.5	%
Industrials		133,071		134,544		0.7	%		0.6	%
Materials		1		31		0.0	%		0.0	%
Partnership and LLC interests		43,993		41,001		0.2	%		0.2	%
Telecommunication services		32,934		51,921		0.2	%		0.2	%
Total equity securities (cost: $2,548,496 and $2,733,448 at March 31, 2014 and December 31, 2013, respectively)		3,304,338		3,390,011		17.0	%		16.4	%

	Fair value at				Fair value as a percentage of total investments at
	March 31, 2014		December 31, 2013		March 31, 2014			December 31, 2013
Europe:
Fixed income securities:
Consumer discretionary		1,381,696		1,858,364		7.2	%		8.9	%
Consumer staples		189,839		175,440		1.0	%		0.8	%
Energy		17,293		4,906		0.1	%		0.0	%
Financials		434,952		322,355		2.2	%		1.5	%
Healthcare, education and childcare		341,277		410,726		1.8	%		2.0	%
Industrials		442,971		485,243		2.3	%		2.3	%
Information technology		106,368		140,976		0.5	%		0.7	%
Materials		295,924		328,867		1.5	%		1.6	%
Telecommunication services		881,047		944,800		4.5	%		4.5	%
Utilities		7,205		37,001		0.0	%		0.2	%
Total fixed income securities (cost: $4,023,703 and $4,747,808 at March 31, 2014 and December 31, 2013, respectively)		4,098,572		4,708,678		21.1	%		22.5	%
Equity securities:
Consumer discretionary		9,924		10,686		0.1	%		0.1	%
Consumer staples		762		668		0.0	%		0.0	%
Healthcare, education and childcare		28,075		28,607		0.1	%		0.1	%
Industrials		86		8,595		0.0	%		0.0	%
Materials		34		773		0.0	%		0.0	%
Telecommunication services		1,937		1,524		0.0	%		0.0	%
Total equity securities (cost: $79,206 and $83,277 at March 31, 2014 and December 31, 2013, respectively)		40,818		50,853		0.2	%		0.2	%
Asia and other:
Fixed income securities:
Consumer discretionary		41,216		43,538		0.2	%		0.2	%
Financials		457,245		456,463		2.3	%		2.2	%
Healthcare, education and childcare		14,543		14,556		0.1	%		0.1	%
Information Technology		22,247		22,012		0.1	%		0.1	%
Materials		16,212		15,885		0.1	%		0.1	%
Telecommunication services		80,872		81,978		0.4	%		0.4	%
Total fixed income securities (cost: $570,815 and $593,188, at March 31, 2014 and December 31, 2013, respectively)		632,335		634,432		3.2	%		3.1	%
Equity securities:
Consumer staples		30,874		77,572		0.2	%		0.4	%
Healthcare, education and childcare		33,610		23,493		0.2	%		0.1	%
Materials		52,947		52,947		0.3	%		0.3	%
Partnership and LLC interests		8,825		—		0.0	%		0.3	%
Utilities		10,203		4,724		0.1	%		0.0	%
Total equity securities (cost: $118,859 and $135,631 at March 31, 2014 and December 31, 2013, respectively)		136,459		158,736		0.8	%		0.8	%

	Fair value at					Fair value as a percentage of total investments at
	March 31, 2014		December 31, 2013			March 31, 2014			December 31, 2013
Canada:
Fixed income securities:
Consumer discretionary		113,336		121,132			0.6	%		0.6	%
Energy		92,273		87,469			0.5	%		0.4	%
Healthcare, education and childcare		78,570		104,464			0.4	%		0.5	%
Industrials		16,308		16,331			0.1	%		0.1	%
Telecommunication services		143,770		142,374			0.7	%		0.7	%
Total fixed income securities (cost: $448,124 and $480,231at March 31, 2014 and December 31, 2013, respectively)		444,257		471,770			2.3	%		2.3	%
Equity securities:
Consumer discretionary		901		892			0.0	%		0.0	%
Energy		34,125		51,187			0.2	%		0.2	%
Total equity securities (cost: $75,256 and $75,256 at March 31, 2014 and December 31, 2013, respectively)		35,026		52,079			0.2	%		0.2	%
Australia:
Fixed income securities:
Consumer discretionary		—		203			—			0.0	%
Energy		43,433		—			0.0	%		—
Industrials		97,605		99,376			0.5	%		0.5	%
Telecommunication services				—			—			—
Utilities		67,715		68,513			0.3	%		0.3	%
Total fixed income securities (cost: $208,979 and $169,831 at March 31, 2014 and December 31, 2013, respectively)		208,753		168,092			0.8	%		0.8	%
Equity Securities:
Telecommunication services		10,860		16,102			0.1	%		0.1	%
Utilities		5,050		9,353			0.0	%		0.0	%
Total equity securities (cost: $22,545 and $30,140 at March 31, 2014 and December 31, 2013, respectively)		15,910		25,455			0.1	%		0.1	%
Total fixed income securities		15,952,516		17,146,204			81.7	%		82.3	%
Total equity securities		3,532,551		3,677,134			18.3	%		17.7	%
Total Investments, at fair value	$	19,485,067	$	20,823,338			100.0	%		100.0	%
Securities sold short, at fair value	$	—	$	(1,633	)