Transaction Update: Carlyle Global Market Strategies CLO 2014-1 Ltd./Carlyle Global Market Strategies CLO 2014-1 LLC

As of Aug. 22, 2014, approximately $706.77 million of portfolio collateral has been purchased or committed for purchase by the issuer (see tables 1-3 and charts 4-5 for the actual portfolio that was purchased or committed for purchase on the effective date, and charts 1-3 for a comparison of the actual portfolio that was purchased or committed for purchase on the effective date and the target portfolio that was presented by the issuer for our rating analysis as of March 25, 2014). The collateral pool presented to Standard&Poor's for its rating analysis consisted of obligors in the industries shown in table 1. The collateral pool presented to Standard&Poor's for its rating analysis consists of the industry

...Closing date March 25, 2014 Effective date June 12, 2014 Reinvestment period end date April 17, 2018 Noncall period end date April 17, 2016 Stated maturity date April 17, 2025. Total rated amount $652.50 million. Total note balance (including the class Y and subordinatednotes) $730.00 million. Collateral A revolving pool consisting primarily of broadly syndicated senior secured loans. Structure type A cash flow CLO consisting of broadly syndicated market loans. Structure purpose Arbitrage. Management An actively managed portfolio. Note payment frequency Quarterly. Issuer Carlyle Global Market Strategies CLO 2014-1 Ltd. (incorporated in the Cayman Islands). Co-issuer Carlyle Global Market Strategies CLO 2014-1 LLC (incorporated in Delaware). Arranger Morgan Stanley & Co. LLC. Trustee and collateral administrator State Street Bank and Trust Co. Hedge counterparty None. CLO--Collateralized loan obligation....

Transaction Update Report