UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                    Form 13F

                              Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: September 30, 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:    Oak Hill Advisors, L.P.
Address: 1114 Avenue of the Americas
         27th Floor
         New York, NY  10036

13F File Number:  028-12211

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:      Gregory S. Rubin
Title:     Asst. General Counsel and Chief Compliance Officer
Phone:     212-326-1578

Signature, Place, and Date of Signing:

 /s/    Gregory S. Rubin     New York, NY     November 14, 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

Form 13F Information Table Entry Total:    10

Form 13F Information Table Value Total:    $189,919 (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
------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
AERCAP HOLDINGS NV             SHS              N00985106    14880  1500000 SH       SOLE                  1500000        0        0
AMERICAN INTL GROUP INC        COM NEW          026874784    35120  1600000 SH       SOLE                  1600000        0        0
AMERISTAR CASINOS INC          COM              03070Q101     5618   350000 SH       SOLE                   350000        0        0
BELO CORP                      COM SER A        080555105     7976  1631000 SH       SOLE                  1631000        0        0
BOOZ ALLEN HAMILTON HLDG COR   CL A             099502106     2231   150000 SH       SOLE                   150000        0        0
EXCO RESOURCES INC             COM              269279402     5360   500000 SH       SOLE                   500000        0        0
HORIZON LINES INC              NOTE 4.250% 8/1  44044KAB7     2190  3000000 PRN      SOLE                  3000000        0        0
LYONDELLBASELL INDUSTRIES N    SHS - A -        N53745100    74054  3031287 SH       SOLE                  3031287        0        0
RSC HOLDINGS INC               COM              74972L102    12390  1737765 SH       OTHER                       0  1737765        0
VISTEON CORP                   COM NEW          92839U206    30100   700000 SH       SOLE                   700000        0        0