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:	March 31, 2013		December 31, 2012		March 31, 2013		December 31, 2012
United States:
Fixed income securities:
Consumer discretionary	$	4,558,574	$	5,072,283	12.1	%	13.2	%
Consumer staples	705,214		697,300		1.9		1.8
Energy	619,857		565,151		1.6		1.5
Financials	1,065,663		1,013,230		2.8		2.6
Health care	769,322		658,932		2.0		1.7
Industrials	1,928,011		1,957,259		5.1		5.1
Information technology	1,060,867		908,662		2.8		2.4
Materials	983,266		826,008		2.6		2.2
Telecommunication services	348,055		282,101		0.9		0.7
Utilities	1,760,442		1,717,978		4.7		4.5
Total fixed income securities (cost: $13,224,025 and $13,320,475 as of March 31, 2013 and December 31, 2012, respectively)	13,799,271		13,698,904		36.5		35.7
Equity securities:
Consumer discretionary	2,865,073		3,289,347		7.6		8.6
Consumer staples	461,876		444,735		1.2		1.2
Energy	494,730		448,412		1.3		1.2
Financials	5,274,052		6,001,493		14.0		15.6
Health care	153,835		134,239		0.4		0.3
Industrials	1,354,035		1,201,156		3.6		3.1
Information technology	230,370		199,003		0.6		0.5
Materials	1,535,207		1,407,850		4.1		3.7
Telecommunication services	20,290		15,022		0.0		0.0
Utilities	173,493		140,037		0.5		0.4
Total equity securities (cost: $10,515,616 and $11,637,988 as of March 31, 2013 and December 31, 2012, respectively)	12,562,961		13,281,294		33.3		34.6



	Fair Value as of				Fair Value as a Percentage of Investments of Consolidated Funds as of
Investments:	March 31, 2013		December 31, 2012		March 31, 2013		December 31, 2012
Europe:
Fixed income securities:
Consumer discretionary	$	1,552,799	$	1,607,822	4.1	%	4.2	%
Consumer staples	412,196		486,037		1.1		1.3
Energy	268,174		272,079		0.7		0.7
Financials	665,995		627,161		1.8		1.6
Health care	16,878		19,585		0.0		0.0
Industrials	579,332		531,770		1.5		1.4
Information technology	5,216		5,397		0.0		0.0
Materials	704,453		717,294		1.9		1.9
Telecommunication services	198,473		190,369		0.5		0.5
Utilities	20,097		28,561		0.1		0.1
Total fixed income securities (cost: $4,274,165 and $4,383,068 as of March 31, 2013 and December 31, 2012, respectively)	4,423,613		4,486,075		11.7		11.7
Equity securities:
Consumer discretionary	148,105		117,485		0.4		0.3
Consumer staples	1,193,343		1,336,420		3.2		3.5
Energy	84,776		91,724		0.2		0.2
Financials	1,603,677		1,553,598		4.2		4.1
Industrials	142,833		1,388		0.4		0.0
Information technology	580		335		0.0		0.0
Materials	336,214		374,169		0.9		1.0
Total equity securities (cost: $2,953,128 and $2,960,210 as of March 31, 2013 and December 31, 2012, respectively)	3,509,528		3,475,119		9.3		9.1
Asia and other:
Fixed income securities:
Consumer discretionary	106,229		680,273		0.3		1.8
Consumer staples	4,243		3,615		0.0		0.0
Energy	62,597		47,776		0.2		0.1
Financials	21,892		22,186		0.1		0.1
Health care	1,806		1,622		0.0		0.0
Industrials	384,437		290,639		1.0		0.8
Information technology	32,983		33,260		0.1		0.1
Materials	62,344		92,974		0.2		0.2
Telecommunication services	2,034		1,939		0.0		0.0
Utilities	134,524		129,474		0.3		0.3
Total fixed income securities (cost: $835,378 and $1,298,868 as of March 31, 2013 and December 31, 2012, respectively)	813,089		1,303,758		2.2		3.4



	Fair Value as of						Fair Value as a Percentage of Investments of Consolidated Funds as of
Investments:	March 31, 2013			December 31, 2012			March 31, 2013		December 31, 2012
Asia and other:
Equity securities:
Consumer discretionary	$	550,766		$	99,527		1.5	%	0.3	%
Consumer staples	46,687			42,688			0.1		0.1
Energy	206,864			213,490			0.5		0.6
Financials	1,056,497			973,745			2.8		2.5
Health care	75			71			0.0		0.0
Industrials	610,115			613,020			1.6		1.6
Information technology	64,202			75,583			0.2		0.2
Materials	53,116			51,296			0.1		0.1
Telecommunication services	7,612			6,044			0.0		0.0
Utilities	88,517			52,012			0.2		0.1
Total equity securities (cost: $2,133,062 and $1,726,145 as of March 31, 2013 and December 31, 2012, respectively)	2,684,451			2,127,476			7.0		5.5
Total fixed income securities	19,035,973			19,488,737			50.4		50.8
Total equity securities	18,756,940			18,883,889			49.6		49.2
Total investments, at fair value	$	37,792,913		$	38,372,626		100.0	%	100.0	%
Securities Sold Short:
Securities sold short – equities	$	(122,865	)	$	(126,530	)

As of March 31, 2013 and December 31, 2012, no single issuer or investment had a fair value which 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 during a period. Upon disposition of an investment, previously recognized 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 March 31,
	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	$	1,237,119		$	855,550	$	1,000,658		$	889,721
Total-return, credit-default and interest-rate swaps ⁽¹⁾	2,327			12,992		10,926			17,184
Foreign currency forward contracts ⁽¹⁾	(35,989		)	147,889		64,817			(100,818		)
Options and futures ⁽¹⁾	(5,197		)	5,086		(2,263		)	(264		)
Total	$	1,198,260		$	1,021,517	$	1,074,138		$	805,823


(1)	Please see note 5 for additional information.