INVESTMENTS, AT FAIR VALUE

Investments held and securities sold short in the consolidated funds are summarized below:



	Fair Value as of				Fair Value as a Percentage of Investments of Consolidated Funds as of
Investments:	September 30, 2013		December 31, 2012		September 30, 2013		December 31, 2012
United States:
Fixed income securities:
Consumer discretionary	$	3,754,991	$	5,072,283	9.7	%	13.2	%
Consumer staples	850,671		697,300		2.2		1.8
Energy	709,682		565,151		1.8		1.5
Financials	551,391		1,013,230		1.4		2.6
Health care	724,472		658,932		1.9		1.7
Industrials	1,840,898		1,957,259		4.7		5.1
Information technology	1,244,353		908,662		3.2		2.4
Materials	1,081,165		826,008		2.8		2.2
Telecommunication services	332,734		282,101		0.9		0.7
Utilities	2,062,556		1,717,978		5.3		4.5
Total fixed income securities (cost: $13,054,005 and $13,320,475 as of September 30, 2013 and December 31, 2012, respectively)	13,152,913		13,698,904		33.9		35.7
Equity securities:
Consumer discretionary	2,973,559		3,289,347		7.7		8.6
Consumer staples	470,065		444,735		1.2		1.2
Energy	563,676		448,412		1.5		1.2
Financials	5,636,471		6,001,493		14.5		15.6
Health care	250,276		134,239		0.6		0.3
Industrials	1,554,872		1,201,156		4.0		3.1
Information technology	243,756		199,003		0.6		0.5
Materials	1,225,018		1,407,850		3.2		3.7
Telecommunication services	40,796		15,022		0.1		0.0
Utilities	176,216		140,037		0.5		0.4
Total equity securities (cost: $10,526,283 and $11,637,988 as of September 30, 2013 and December 31, 2012, respectively)	13,134,705		13,281,294		33.9		34.6



	Fair Value as of				Fair Value as a Percentage of Investments of Consolidated Funds as of
Investments:	September 30, 2013		December 31, 2012		September 30, 2013		December 31, 2012
Europe:
Fixed income securities:
Consumer discretionary	$	1,509,502	$	1,607,822	3.9	%	4.2	%
Consumer staples	154,953		486,037		0.4		1.3
Energy	282,569		272,079		0.7		0.7
Financials	531,437		627,161		1.4		1.6
Health care	25,159		19,585		0.1		0.0
Industrials	502,857		531,770		1.3		1.4
Information technology	7,280		5,397		0.0		0.0
Materials	681,813		717,294		1.8		1.9
Telecommunication services	172,840		190,369		0.4		0.5
Utilities	18,049		28,561		0.0		0.1
Total fixed income securities (cost: $3,085,553 and $4,383,068 as of September 30, 2013 and December 31, 2012, respectively)	3,886,459		4,486,075		10.0		11.7
Equity securities:
Consumer discretionary	167,589		117,485		0.5		0.3
Consumer staples	747,302		1,336,420		1.9		3.5
Energy	77,901		91,724		0.2		0.2
Financials	2,876,742		1,553,598		7.4		4.1
Health care	12,850		—		0.0		—
Industrials	462,977		1,388		1.2		0.0
Information technology	1,398		335		0.0		0.0
Materials	246,176		374,169		0.7		1.0
Telecommunication services	882		—		0.0		—
Total equity securities (cost: $3,749,094 and $2,960,210 as of September 30, 2013 and December 31, 2012, respectively)	4,593,817		3,475,119		11.9		9.1
Asia and other:
Fixed income securities:
Consumer discretionary	124,192		680,273		0.3		1.8
Consumer staples	19,488		3,615		0.1		0.0
Energy	62,885		47,776		0.2		0.1
Financials	117,585		22,186		0.3		0.1
Health care	—		1,622		—		0.0
Industrials	676,076		290,639		1.7		0.8
Information technology	18,648		33,260		0.0		0.1
Materials	97,568		92,974		0.3		0.2
Telecommunication services	834		1,939		0.0		0.0
Utilities	7,188		129,474		0.0		0.3
Total fixed income securities (cost: $1,099,405 and $1,298,868 as of September 30, 2013 and December 31, 2012, respectively)	1,124,464		1,303,758		2.9		3.4



	Fair Value as of						Fair Value as a Percentage of Investments of Consolidated Funds as of
Investments:	September 30, 2013			December 31, 2012			September 30, 2013		December 31, 2012
Asia and other:
Equity securities:
Consumer discretionary	$	554,280		$	99,527		1.4	%	0.3	%
Consumer staples	25,462			42,688			0.1		0.1
Energy	251,661			213,490			0.7		0.6
Financials	955,794			973,745			2.5		2.5
Health care	810			71			0.0		0.0
Industrials	809,879			613,020			2.1		1.6
Information technology	82,707			75,583			0.2		0.2
Materials	54,050			51,296			0.1		0.1
Telecommunication services	7,934			6,044			0.0		0.0
Utilities	129,492			52,012			0.3		0.1
Total equity securities (cost: $2,298,307 and $1,726,145 as of September 30, 2013 and December 31, 2012, respectively)	2,872,069			2,127,476			7.4		5.5
Total fixed income securities	18,163,836			19,488,737			46.8		50.8
Total equity securities	20,600,591			18,883,889			53.2		49.2
Total investments, at fair value	$	38,764,427		$	38,372,626		100.0	%	100.0	%
Securities Sold Short:
Securities sold short – equities	$	(120,598	)	$	(126,530	)

As of September 30, 2013 and December 31, 2012, no single issuer or investment had a fair value that exceeded 5% of Oaktree's total consolidated net assets.

Net Gains From Investment Activities of Consolidated Funds

Net gains from investment activities in the condensed consolidated statements of operations consist primarily of the realized and unrealized gains and losses on the consolidated funds' investments (including foreign exchange gains and losses attributable to foreign-denominated investments and related activities) and other financial instruments. Unrealized gains or losses result from changes in the fair value of these investments and other financial instruments. Upon disposition of an investment, unrealized gains or losses are reversed and an offsetting realized gain or loss is recognized in the current period.

The following table summarizes net gains (losses) from investment activities:



	Three Months Ended September 30,
	2013						2012
	Net Realized Gain (Loss) on Investments			Net Change in Unrealized Appreciation (Depreciation) on Investments			Net Realized Gain (Loss) on Investments		Net Change in Unrealized Appreciation (Depreciation) on Investments
Investments and other financial instruments	$	760,923		$	306,542		$	1,028,109	$	948,408
Total-return, credit-default and interest-rate swaps ⁽¹⁾	(1,235		)	19,637			28,849		2,189
Foreign currency forward contracts ⁽¹⁾	9,382			(222,589		)	40,148		(135,228		)
Options and futures ⁽¹⁾	(2,871		)	(5,817		)	199		(6,380		)
Total	$	766,199		$	97,773		$	1,097,305	$	808,989



	Nine Months Ended September 30,
	2013						2012
	Net Realized Gain (Loss) on Investments			Net Change in Unrealized Appreciation (Depreciation) on Investments			Net Realized Gain (Loss) on Investments			Net Change in Unrealized Appreciation (Depreciation) on Investments
Investments and other financial instruments	$	2,773,547		$	998,935		$	2,754,917		$	1,535,611
Total-return, credit-default and interest-rate swaps ⁽¹⁾	2,648			44,396			59,313			38,311
Foreign currency forward contracts ⁽¹⁾	28,934			(38,598		)	103,052			(137,422		)
Options and futures ⁽¹⁾	(8,681		)	2,762			(12,318		)	(1,904		)
Total	$	2,796,448		$	1,007,495		$	2,904,964		$	1,434,596


(1)	Please see note 5 for additional information.