FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2014

Ares Holdings, Inc. and Ares Investments LLC

Summary of valuation of investments and other financial instruments by fair value hierarchy levels

The table below summarizes the valuation of investments and other financial instruments by fair value hierarchy levels as of March 31, 2014:

Investments of the Company

	Level I		Level II			Level III		Total

Investments, at fair value
Equity securities	$	92	$	—		$	—	$	92
Bonds		—		1,174			—		1,174
Partnership interests		—		—			120,342		120,342

Total investments, at fair value		92		1,174			120,342		121,608

Derivative assets, at fair value
Forward foreign currency contracts		—		367			—		367
Purchased option contracts		—		765			—		765

Total derivative assets, at fair value		—		1,132			—		1,132

Total	$	92	$	2,306		$	120,342	$	122,740


Derivative liabilities, at fair value
Forward foreign currency contracts	$	—	$	(1,745	)	$	—	$	(1,745	)
Interest rate contracts		—		(1,197	)		—		(1,197	)

Total derivative liabilities, at fair value	$	—	$	(2,942	)	$	—	$	(2,942	)

The table below summarizes the valuation of investments and other financial instruments by fair value hierarchy levels as of December 31, 2013:

Investments of the Company

	Level I		Level II			Level III		Total

Investments, at fair value
Equity securities	$	89	$	—		$	—	$	89
Bonds		—		1,172			—		1,172
Partnership interests		—		—			88,177		88,177

Total investments, at fair value		89		1,172			88,177		89,438

Derivative assets, at fair value
Forward foreign currency contracts		—		247			—		247
Purchased option contracts		—		917			—		917

Total derivative assets, at fair value		—		1,164			—		1,164

Total	$	89	$	2,336		$	88,177	$	90,602


Derivative liabilities, at fair value
Forward foreign currency contracts	$	—	$	(1,653	)	$	—	$	(1,653	)
Interest rate contracts		—		(1,254	)		—		(1,254	)

Total derivative liabilities, at fair value	$	—	$	(2,907	)	$	—	$	(2,907	)

Summary of changes in the fair value of the Level III investments

	For the Three Months Ended March 31, 2014 Investments of AIH LLC

	Fixed Income		Partnership Interests			Total
Balance, beginning of period	$	—	$	88,177		$	88,177
Initial consolidation of new funds		—		9,951			9,951
Transfer out		—		—			—
Purchases		—		21,504			21,504
Sales		—		(23,124	)		(23,124	)
Realized and unrealized appreciation, net		—		23,834			23,834

Balance, end of period	$	—	$	120,342		$	120,342


Changes in unrealized appreciation included in earnings related to financial assets still held at the reporting date	$	—	$	4,286		$	4,286

	For the Year Ended December 31, 2013 Investments of AIH LLC

	Fixed Income			Partnership Interests			Total
Balance, beginning of period	$	1,170		$	21,695		$	22,865
Transfer out		(1,170	)		—			(1,170	)
Purchases		—			51,329			51,329
Sales		—			(2,447	)		(2,447	)
Realized and unrealized appreciation, net		—			17,600			17,600

Balance, end of period	$	—		$	88,177		$	88,177


Changes in unrealized appreciation included in earnings related to financial assets still held at the reporting date	$	—		$	16,816		$	16,816

	For the Three Months Ended March 31, 2013 Investments of AIH LLC

	Fixed Income			Partnership Interests			Total
Balance, beginning of period	$	1,170		$	21,695		$	22,865
Transfer out		(1,170	)		—			(1,170	)
Purchases		—			503			503
Sales		—			(86	)		(86	)
Realized and unrealized appreciation (depreciation), net		—			1,207			1,207

Balance, end of period	$	—		$	23,319		$	23,319


Changes in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	$	—		$	1,179		$	1,179

Summary of changes in the fair value of the Level III investments for the CLO loan obligations

	For the Three Months Ended March 31, 2014			For the Year Ended December 31, 2013

Balance, beginning of period	$	11,534,956		$	9,422,570
Equity appropriated for Consolidated Funds		—			3,309,986
Borrowings		23,528			79,859
Paydowns		(475,467	)		(1,511,971	)
Issuances		—			—
Realized and unrealized gains, net		(16,764	)		234,512

Balance, end of period	$	11,066,253		$	11,534,956

Summary of quantitative inputs and assumptions used for the Company's Level III inputs

ARES INVESTMENTS HOLDINGS LLC
As of March 31, 2014

Investments	Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range

Assets
Partnership interests	$	120,342	NAV	N/A	N/A

Total	$	120,342

ARES INVESTMENTS HOLDINGS LLC
As of December 31, 2013

Investments	Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range

Assets
Partnership interests	$	88,177	NAV	N/A	N/A

Total	$	88,177

Summary of fair value by segment along with the remaining unfunded commitment and any redemption restriction of investments valued using NAV per share

For investments valued using NAV per share, a summary of fair value by segment along with the remaining unfunded commitment and any redemption restriction of such investments as of March 31, 2014 is presented below:

Strategy	Fair Value		Unfunded Commitments

Direct Lending Group	$	20,336	$	30,503	(1)(3)
Real Estate Group		34,894		9,686	(1)
Tradable Credit Group		72,818		150,464	(1)(2)(3)
Private Equity Group		45,112		153,327	(1)

Totals	$	173,160	$	343,980

Strategy	Fair Value		Unfunded Commitments

Direct Lending Group	$	2,298	$	1,045	(3)
Real Estate Group		34,521		9,734	(1)
Tradable Credit Group		50,349		145,818	(1)(2)(3)
Private Equity Group		42,010		156,966	(1)

Totals	$	129,178	$	313,563

(1): The funds within these strategies are closed-ended and generally do not permit investors to redeem their interests. Distributions are received as the underlying investments are liquidated.
(2): The funds within these strategies are open-ended and subject to a lock-up period of six months after the closing date, an investor has the right to withdraw their capital. Distributions are received as the underlying investments are liquidated.
(3): The funds within these strategies are separately managed investment vehicles, which may be redeemed only upon dissolution or liquidation of the fund at the discretion of the investor. Distributions are received as the underlying investments are liquidated.

Consolidated Funds

FAIR VALUE

Summary of valuation of investments and other financial instruments by fair value hierarchy levels

The table below summarizes the valuation of investments and other financial instruments by fair value hierarchy levels as of March 31, 2014:

Investments of Consolidated Funds

	Level I		Level II			Level III			Total

Investments, at fair value
Equity securities	$	112,075	$	538,158		$	2,825,221		$	3,475,454
Bonds		—		1,466,070			1,477,844			2,943,914
Loans		—		11,448,952			983,174			12,432,126
Collateralized loan obligations		—		—			567,846			567,846
Partnership interests		—		—			43,993			43,993
Other		—		19,141			2,593			21,734

Total investments, at fair value		112,075		13,472,321			5,900,671			19,485,067

Derivative assets, at fair value
Interest rate contracts		—		0			—			0
Credit contracts		—		6,272			2,330			8,602
Equity contracts		—		244			—			244
Foreign exchange contracts		—		115			—			115

Total derivative assets, at fair value		—		6,631			2,330			8,961

Total	$	112,075	$	13,478,952		$	5,903,001		$	19,494,028


Derivative liabilities, at fair value
Forward foreign currency contracts	$	—	$	(2,544	)	$	—		$	(2,544	)
Written options		—		—			(78	)		(78	)
Credit contracts		—		(39,177	)		(9,299	)		(48,476	)
Interest rate swaps		—		(2,545	)		—			(2,545	)

Total derivative liabilities, at fair value		—		(44,266	)		(9,377	)		(53,643	)
Loan obligations of CLOs(1)		—		—			(11,066,253	)		(11,066,253	)

Total liabilities	$	—	$	(44,266	)	$	(11,075,630	)	$	(11,119,896	)

(1): Ares Enhanced Loan Investment Strategy II, Ltd. has not elected to fair value its loan obligation and is therefore carried at cost of $209,604.

The table below summarizes the valuation of investments and other financial instruments by fair value hierarchy levels as of December 31, 2013:

Investments of Consolidated Funds

	Level I		Level II			Level III			Total

Investments, at fair value
Equity securities	$	166,535	$	482,568		$	2,958,232		$	3,607,335
Bonds		—		1,576,942			2,052,984			3,629,926
Loans		—		11,868,584			1,058,635			12,927,219
Collateralized loan obligations		—		65,405			515,534			580,939
Partnership interests		—		—			41,001			41,001
Other		—		34,546			2,372			36,918

Total investments, at fair value		166,535		14,028,045			6,628,758			20,823,338

Derivative assets, at fair value
Interest rate contracts		—		8			—			8
Credit contracts		—		2,651			—			2,651
Equity contracts		—		179			—			179
Foreign exchange contracts		—		8,652			—			8,652
Other financial instruments		—		—			3,135			3,135

Total derivative assets, at fair value		—		11,490			3,135			14,625

Total	$	166,535	$	14,039,535		$	6,631,893		$	20,837,963


Derivative liabilities, at fair value
Forward foreign currency contracts	$	—	$	(38,594	)	$	(899	)	$	(39,493	)
Written options		—		(34	)		—			(34	)
Credit contracts		—		(25,754	)		(1,633	)		(27,387	)
Interest rate swaps		—		(3,703	)		(371	)		(4,074	)
Other financial instruments		—		(175	)		(3,952	)		(4,127	)

Total derivative liabilities, at fair value		—		(68,260	)		(6,855	)		(75,115	)
Loan obligations of CLOs(1)		—		—			(11,534,956	)		(11,534,956	)
Securities sold short, at fair value		—		(1,633	)		—			(1,633	)

Total liabilities	$	—	$	(69,893	)	$	(11,541,811	)	$	(11,611,704	)

(1): Ares Enhanced Loan Investment Strategy II, Ltd. has not elected to fair value its loan obligation and is therefore carried at cost of $239,201.

Summary of changes in the fair value of the Level III investments

	For the Three Months Ended March 31, 2014 Investments of Consolidated Funds

	Equity Securities			Fixed Income			Partnership Interests		Other Financial Instruments			Total
Balance, beginning of period	$	2,958,232		$	3,627,153		$	41,001	$	(1,348	)	$	6,625,038
Initial consolidation of new funds		8,152			—			—		—			8,152
Deconsolidation of previous funds		—			(378,397	)		—		—			(378,397	)
Transfer in		—			222,382			—		—			222,382
Transfer out		—			(364,608	)		—		—			(364,608	)
Purchases		11,337			215,514			2,276		5			229,132
Sales		(167,142	)		(274,491	)		—		(6,387	)		(448,020	)
Accrued discounts/premiums		15			10,849			—		(0	)		10,864
Realized and unrealized appreciation (depreciation), net		14,627			(29,540	)		717		3,277			(10,919	)

Balance, end of period	$	2,825,221		$	3,028,862		$	43,994	$	(4,453	)	$	5,893,624


Changes in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	$	118,757		$	(21,711	)	$	717	$	1,102		$	98,865

	For the Year Ended December 31, 2013 Investments of Consolidated Funds

	Equity Securities			Fixed Income			Partnership Interests			Other Financial Instruments			Total
Balance, beginning of period	$	1,978,138		$	3,920,451		$	6,177		$	5,202		$	5,909,968
Initial consolidation of new funds		—			29,570			—			—			29,570
Transfer in		74,438			237,312			—			(29	)		311,721
Transfer out		(52,573	)		(249,763	)		—			—			(302,336	)
Purchases		555,589			1,313,850			34,369			1,135			1,904,943
Sales		(43,695	)		(1,704,939	)		(851	)		(23,743	)		(1,773,228	)
Accrued discounts/premiums		—			27,149			—			88			27,237
Realized and unrealized appreciation (depreciation), net		446,335			53,523			1,306			15,999			517,163

Balance, end of period	$	2,958,232		$	3,627,153		$	41,001		$	(1,348	)	$	6,625,038


Changes in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	$	417,659		$	(26,038	)	$	1,306		$	(4,896	)	$	388,031

	For the Three Months Ended March 31, 2013 Investments of Consolidated Funds

	Equity Securities			Fixed Income			Partnership Interests			Other Financial Instruments			Total
Balance, beginning of period	$	1,978,138		$	3,920,451		$	6,177		$	5,202		$	5,909,968
Initial consolidation of new funds		—			28,471			—			—			28,471
Transfer in		135			362,811			—			—			362,946
Transfer out		(8,725	)		(316,201	)		—			(2,420	)		(327,346	)
Purchases		21,794			310,985			43			(3,974	)		328,848
Sales		(7,382	)		(285,685	)		—			(7,446	)		(300,513	)
Accrued discounts/premiums		—			10,342			—			9			10,351
Realized and unrealized appreciation (depreciation), net		119,481			(86,157	)		(41	)		17,780			51,063

Balance, end of period	$	2,103,441		$	3,945,017		$	6,179		$	9,151		$	6,063,788


Changes in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	$	(1,441	)	$	(35,663	)	$	1,307		$	5,657		$	(30,140	)

Summary of quantitative inputs and assumptions used for the Company's Level III inputs

CONSOLIDATED FUNDS
As of March 31, 2014

Investments	Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range

Assets
Equity securities
Consumer discretionary	$	11,168	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
		5,491	EV market multiple analysis	EBITDA multiple	6.6x - 9.0x	8.4x
		1,035	Discounted cash flow	Yield to worst	5.0%	5.0	%
		231,434	Market approach (comparable companies)	Book value multiple	2.0x - 2.3x	2.1x
		1,228,877	Market approach (comparable companies)	EBITDA multiple	7.5x - 15.0x	10.6x
		71,288	Market approach (comparable companies)	Net income multiple	15.0x	15.0x
		1,112	Market approach (other)	Other	N/A	N/A
		1,642	Other	N/A	N/A	N/A
		4,961	Other	Volume weighted average price	25.2x	25.2x
		1,478	Other	Volume weighted average price / illiquidity discount	15%/25.2x	15%/25.2x
		250,000	Recent transaction price(1)	N/A	N/A	N/A
Consumer staples		762	EV market multiple analysis	EBITDA multiple	7.9x	7.9x
		221,864	Market approach (comparable companies)	EBITDA multiple	6.0x - 8.0x	7.5x
		30,293	Market approach (comparable companies)	Net income multiple	8.0x - 10.0x	9.0x
Energy		128,493	Market approach (comparable companies)	EBITDA multiple	1.0x - 1.4x	1.2x
		34,125	Other	N/A	N/A	N/A
		6,600	Option pricing model	Volatility	26.0%	26.0	%
Financials		7,069	EV market multiple analysis	EBITDA multiple	10.5x	10.5x
Healthcare, education, and childcare		28,075	EV market multiple analysis	EBITDA multiple	7.8x - 19.7x	7.3x
		316,317	Market approach (comparable companies)	EBITDA multiple	8.0x - 12.0x	10.4x
		33,610	Market approach (comparable companies)	Net income multiple	30.0x - 40.0x	35.0x
Industrials		86	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
		130,478	Market approach (comparable companies)	EBITDA multiple	8.0x - 12.7x	10.0x
Materials		52,947	Market approach (comparable companies)	Net income multiple	8.0x - 10.0x	9.0x
Telecommunication services		1,367	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
		570	EV market multiple analysis	EBITDA multiple	6.9x	6.9x
Utilities		15,253	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
Fixed Income
Consumer discretionary		340,008	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
		18,508	EV market multiple analysis	EBITDA multiple	6.2x - 10.0x	7.3x
		6,741	Income approach (other)	Yield to worst	4.8% - 5.8%	5.3	%
		115,076	Market approach (comparable companies)	Book value multiple	2.0x - 2.3x	2.1x
		15,454	Market approach (comparable companies)	EBITDA multiple	8.1x	8.1x
		783,465	Recent transaction price(1)	N/A	N/A	N/A
		291,435	Yield analysis	Market yield	2.5% - 13.0%	9.9	%
Consumer staples		515	Discounted cash flow	Other	20.0%	20.0	%
		4,297	Income approach (other)	Yield	18.4%	18.4	%
Energy		66,912	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
		11,888	Recent transaction price(1)	N/A	N/A	N/A
Financials		491,152	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
		74,439	Discounted cash flow	Discount rate, Constant default rate, Recovery rate, prepayment rate	10.8%, 2.0%, 70.0%, 20.0%	36.0	%
		13,201	EV market multiple analysis	EBITDA multiple	2.4x	2.4x
		287,824	Yield analysis	Market yield	4.5% - 13.5%	10.6	%
		2,030	Income approach (other)	Weighted average collection rate	1.2x	1.2x
		2,892	Recent transaction price(1)	N/A	N/A	N/A
Healthcare, education, and childcare		57,847	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
		5,959	EV market multiple analysis	EBITDA multiple	32.0x	32.0x
		7,390	Income approach (other)	Yield to worst	6.0%	6.0	%
		72,874	Yield analysis	Market yield	6.0% - 10.0%	7.5	%
Industrials		83,495	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
		5,075	Yield analysis	Market yield	18.8%	18.8	%
		4,773	Income approach (other)	Yield	4.8% - 5.6%	5.3	%
		31,018	Market approach (comparable companies)	EBITDA multiple	10.0x - 12.7x	11.4x
		43,400	Yield analysis	Market yield	2.5% - 12.8%	8.9	%
Information technology		18,410	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
		39,748	Yield analysis	Market yield	5.3% - 14.0%	11.5	%
Materials		31,369	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
		14,850	Market approach (comparable companies)	EBITDA multiple	8.0x - 10.0x	9.3x
		731	Market approach (comparable companies)	Recovery rate	1.1% - 2.5%	1.8	%
		16,212	Yield analysis	Market yield	6.0% - 13.0%	8.8	%
Telecommunication services		69,877	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
Partnership and LLC interests		52,818	NAV	N/A	N/A	N/A
Other		2,593	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
Derivative instruments of Consolidated Funds		2,330	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A

Total assets	$	5,903,001


Liabilities
Loans payable of Consolidated Funds:
Fixed income	$	10,860,388	Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
		42,228	Discounted cash flow	Discount Rate	10.7%	10.7	%
		163,637	Market approach (other)	Other	N/A	N/A
Derivatives instruments of Consolidated Funds		9,377	Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A

Total liabilities	$	11,075,630

(1): Recent transaction price consists of securities purchased or restructured within the last six months. The Company has determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions.

CONSOLIDATED FUNDS
As of December 31, 2013

Investments	Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range

Assets
Equity securities
Consumer discretionary	$	13,044	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
		6,146	EV market multiple analysis	EBITDA multiple	6.2x - 18.0x	9.3x
		246,227	Market approach (comparable companies)	Book value multiple	1.5x - 1.8x	1.6x
		1,162,641	Market approach (comparable companies)	EBITDA multiple	7.5x - 15.0x	10.6x
		42,080	Market approach (comparable companies)	Net income multiple	9.6x	9.6x
		1,114	Market approach (comparable companies)	Yield to worst	5.0%	5.0	%
		1,557	Market approach (other)	Other	N/A	N/A
		1,729	Other	Other	N/A	N/A
		8,466	Other	Volume weighted average price	25.2x	25.2x
		1,418	Other	Volume weighted average price / illiquidity discount	25.2x / 15%	25.2x / 15	%
		505,270	Recent transaction price(1)	N/A	N/A	N/A
Consumer staples		668	EV market multiple analysis	EBITDA multiple	7.9x	7.9x
		201,059	Market approach (comparable companies)	EBITDA multiple	6.0x - 8.5x	7.5x
		25,000	Recent transaction price(1)	N/A	N/A	N/A
Energy		119,344	Market approach (comparable companies)	EBITDA multiple	1.0x - 1.4x	1.2x
		58,987	Other	Other	N/A	N/A
Financials		6,172	EV market multiple analysis	EBITDA multiple	10.5x	10.5x
Healthcare, education, and childcare		28,607	EV market multiple analysis	EBITDA multiple	7.8x - 43.7x	10.9x
		296,817	Market approach (comparable companies)	EBITDA multiple	8.0x - 12.0x	10.5x
		23,493	Market approach (comparable companies)	Net income multiple	20.0x - 25.0x	22.5x
Industrials		8,595	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
		130,478	Market approach (comparable companies)	EBITDA multiple	8.0x - 14.5x	10.3x
Materials		773	EV market multiple analysis	EBITDA multiple	6.0x	6.0x
		52,947	Market approach (comparable companies)	Net income multiple	8.0x - 10.0x	9.0x
Telecommunication services		957	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
		566	EV market multiple analysis	EBITDA multiple	6.9x	6.9x
Utilities		14,077	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
Fixed Income
Consumer discretionary		287,572	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
		394,891	Discounted cash flow	Yield to maturity	7.0% - 10.0%	8.5	%
		18,383	EV market multiple analysis	EBITDA multiple	6.2x - 18.0x	8.0x
		4,565	Income approach (other)	Yield	17.9%	17.9	%
		5,366	Income approach (other)	Yield to worst	4.8% - 5.8%	5.3	%
		113,305	Market approach (comparable companies)	Book value multiple	1.5x - 1.8x	1.6x
		406,854	Market approach (comparable companies)	EBITDA multiple	8.0x 10.5x	9.2x
		9,730	Recent transaction price(1)	N/A	N/A	N/A
		623,437	Yield analysis	Market yield	2.5% - 13.0%	9.2	%
Consumer staples		469	Discounted cash flow	Other	20.0%	20.0	%
		4,032	Income approach (other)	Yield	4.4%	4.4	%
Energy		112,362	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
		7,327	Recent transaction price(1)	N/A	N/A	N/A
Financials		561,569	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
		942	Discounted cash flow	Weighted average collection rate	N/A	N/A
		13,177	EV market multiple analysis	EBITDA multiple	2.4x	2.4x
		214,719	Yield analysis	Market yield	2.8% - 13.5%	9.3	%
Healthcare, education, and childcare		100,868	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
		5,919	EV market multiple analysis	EBITDA multiple	7.8x - 43.7x	10.9x
		3,916	Income approach (other)	Discount rate	4.1% - 4.2%	4.2	%
		146,983	Yield analysis	Market yield	6.0% - 10.0%	7.7	%
Industrials		89,817	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
		17,894	Income approach (other)	Yield	4.4% - 5.8%	4.6	%
		30,579	Market approach (comparable companies)	EBITDA multiple	9.7x - 14.5x	12.1x
		4,760	Market approach (comparable companies)	Illiquidity premium	2.0% - 2.5%	2.3	%
		53,194	Yield analysis	Market yield	2.5% - 12.8%	9.6	%
Information technology		51,357	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
		6,851	Recent transaction price(1)	N/A	N/A	N/A
		38,317	Yield analysis	Market yield	5.3% - 14.0%	11.5	%
Materials		39,743	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
		20,259	Discounted cash flow	Discount rate	13.0%	13.0	%
		14,056	Market approach (comparable companies)	EBITDA multiple	6.0x - 10.0x	9.0x
		54,714	Yield analysis	Market yield	6.0% - 13.0%	7.7	%
Telecommunication services		112,901	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
		52,989	Yield analysis	Market yield	8.8%	8.8	%
Utilities		3,336	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
Partnership and LLC interests		41,001	NAV	N/A	N/A	N/A
Other		2,372	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A
Derivative instruments of Consolidated Funds		3,135	Broker quotes and/or 3^rd party pricing services	N/A	N/A	N/A

Total assets	$	6,631,893


Liabilities
Loans payable of Consolidated Funds:
Fixed income	$	10,931,836	Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A
		41,920	Discounted cash flow	Discount Rate	10.7%	10.7	%
		561,200	Market approach (other)	Other	N/A	N/A
Derivatives instruments of Consolidated Funds		6,855	Broker quotes and/or 3rd party pricing services	N/A	N/A	N/A

Total liabilities	$	11,541,811

(1): Recent transaction price consists of securities purchased or restructured within the last six months. The Company has determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions.

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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- Definition

Tabular disclosure of the fair value of investees that calculate net asset value per share (including by unit, membership interest, or other equity (ownership interest) unit measure) (alternative investments), whether measured at fair value on a recurring or nonrecurring basis, by major category of assets and liabilities (as defined), including, for example, (i) fair value measurements at the reporting date, (ii) the level within the fair value hierarchy in which the fair value measurements fall, (iii) a reconciliation of beginning and ending balances for those alternative investments that are measured at fair value using unobservable inputs (Level 3 - fair value hierarchy fair value measurement inputs), (iv) the inputs and valuation techniques used to measure fair value, (v) a discussion of changes to valuation techniques and inputs, if any, during the period, (vi) a description of the nature and risk associated with the alternative investments, and (vii) a discussion of the probability that any of the alternative investments are to be sold.

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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