<SEC-DOCUMENT>0001104659-17-000454.txt : 20170104
<SEC-HEADER>0001104659-17-000454.hdr.sgml : 20170104
<ACCEPTANCE-DATETIME>20170104122143
ACCESSION NUMBER:		0001104659-17-000454
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20161031
FILED AS OF DATE:		20170104
DATE AS OF CHANGE:		20170104
EFFECTIVENESS DATE:		20170104

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Dynamic Credit Allocation Fund, Inc.
		CENTRAL INDEX KEY:			0001515324
		IRS NUMBER:				454969053
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22535
		FILM NUMBER:		17504252

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310) 201-4200

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ares Senior Credit Strategies Fund, Inc.
		DATE OF NAME CHANGE:	20110314
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>a16-22968_2ncsr.htm
<DESCRIPTION>N-CSR
<TEXT>


<html>
<head>






  </head>
<body link=blue lang="EN-US">
<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">UNITED STATES</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">SECURITIES AND EXCHANGE COMMISSION</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Washington, D.C. 20549</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">FORM N-CSR</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CERTIFIED SHAREHOLDER REPORT OF REGISTERED<br> MANAGEMENT INVESTMENT COMPANIES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="29%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:29.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment Company Act file number</font></p>    </td>
<td width="70%" colspan="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22535</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="10" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="10" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARES DYNAMIC CREDIT ALLOCATION FUND, INC.</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="10" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as   specified in charter)</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="10" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:66.0%;">
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2000 AVENUE OF THE STARS<br>   12</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">TH</font>&nbsp;FLOOR</p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" colspan="8" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:66.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LOS ANGELES, CALIFORNIA</font></p>    </td>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">90067</font></p>    </td>   </tr>
<tr>
<td width="66%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:66.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive   offices)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip code)</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="10" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" colspan="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Daniel J. Hall</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2000 Avenue of the Stars, 12</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&nbsp;Floor</p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Los Angeles, California 90067</font></p>    </td>
<td width="50%" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Copy to:<br>    <br>   P. Jay Spinola, Esq.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Willkie Farr &amp; Gallagher LLP</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">787 Seventh Avenue </font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;New   York, New York 10019</font></p>    </td>   </tr>
<tr>
<td width="50%" colspan="6" valign="bottom" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name and address of agent for   service)</font></p>    </td>
<td width="50%" colspan="4" valign="bottom" style="padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="10" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="39%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:39.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone number, including   area code:</font></p>    </td>
<td width="22%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(310) 201-4100</font></p>    </td>
<td width="37%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:37.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="10" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of fiscal year end:</font></p>    </td>
<td width="19%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October 31</font></p>    </td>
<td width="62%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="10" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="19%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of reporting period:</font></p>    </td>
<td width="17%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October 31,   2016</font></p>    </td>
<td width="62%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="0">
<td width="128" style="border:none;"></td>
<td width="10" style="border:none;"></td>
<td width="69" style="border:none;"></td>
<td width="56" style="border:none;"></td>
<td width="20" style="border:none;"></td>
<td width="72" style="border:none;"></td>
<td width="90" style="border:none;"></td>
<td width="24" style="border:none;"></td>
<td width="14" style="border:none;"></td>
<td width="227" style="border:none;"></td>   </tr> </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\107546\16-22968-2\task8221799\22968-2-be.htm',USER='107546',CD='Jan  4 07:37 2017' -->


<br clear="all" style="page-break-before:always;">
<div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 1.&#160; Report to Stockholders.</font></u></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105342\16-22968-2\task8217499\22968-2-bg.htm',USER='105342',CD='Dec 29 08:46 2016' -->


<br clear="all" style="page-break-before:always;">
<!-- Document name: 16-22968-1.aa-->
<p style="margin:12pt 0pt 12pt 0pt;"><img src="j16229681_aa001.jpg" height="101 pt" width="459 pt"></p>
<p style="margin:12pt 0pt 12pt 0pt;"><img src="j16229681_aa002.jpg"></p>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:21pt;"><b>Ares Dynamic Credit Allocation Fund, Inc.<BR>(NYSE: ARDC)</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 10pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:14pt;"><b>Annual Report</b></font></p>
<p style="margin:0pt 0pt 10pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:14pt;"><b>October 31, 2016</b></font></p>
</div>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=1,FOLIO='',FILE='16-22968-1.aa',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">
<!-- Document name: 16-22968-1.ba-->
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Contents</b></font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="166" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Letter to Shareholders</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">2</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="166" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Fund Profile &amp; Financial Data</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">5</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="166" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Schedule of Investments</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">6</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="166" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Statement of Assets and Liabilities</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">17</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="166" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Statement of Operations</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">18</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="166" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Statement of Changes in Net Assets</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">19</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="166" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Statement of Cash Flows</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">20</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="166" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Financial Highlights</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">21</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="166" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Notes to Financial Statements</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">22</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="166" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Proxy &amp; Portfolio Information</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">36</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="166" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Dividend Reinvestment Plan</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">37</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="166" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Corporate Information</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">43</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="166" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Privacy Notice</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">44</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="166" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Directors and Officers</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">45</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="22" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;"> &nbsp;</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=2,FOLIO='',FILE='16-22968-1.ba',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Letter to Shareholders</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016 (Unaudited)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>Dear Shareholders,</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">We would like to start by thanking you for your interest and participation in the Ares Dynamic Credit Allocation Fund, Inc. ("ARDC" or the "Fund"). We appreciate the trust and confidence that you have demonstrated in Ares through your investment in ARDC.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Economic Conditions and Leveraged Finance Market Update</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2016 thus far through October has been a strong year for credit with the Credit Suisse Leveraged Loan Index ("CSLLI") and Merrill Lynch High Yield Master II Index ("H0A0") posting gains of 8.28% and 15.68%, respectively, compared to gains of 5.87% for the S&amp;P 500. The year began with a continued collapse in oil prices, concerns about China's currency devaluation pace, and U.S. recession fears. Through February 11, the S&amp;P 500 had traded down by as much as 5.7%, oil traded down to a low of $26.21 a barrel and the sell-off in high yield bonds gathered momentum, putting high yield securities squarely in oversold territory. Around mid-February, improvements across a number of global issues provided a more constructive macro backdrop for non-investment grade credit markets. The European Central Bank ("ECB") provided a larger expansion of monetary policy than anticipated, China gave more reassurance on foreign exchange rates, OPEC and non-OPEC members held talks regarding the possibility of putting a floor under oil prices, U.S. recession concerns faded amidst better economic data and the Federal Reserve ("Fed") narrative remained dovish. Following the momentum gained in late February, capital markets firmly advanced through the spring as a more traditional risk rally took hold amid improving investor sentiment and accommodative central bank action and rhetoric. Through June 30, U.S. credit markets posted strong returns, led by lower rated assets and cyclical sectors. Following a brief disruption at the end of June surrounding the surprising vote by the British populous to leave the European Union ("Brexit"), credit markets rallied throughout the Summer and early Fall as market participants continued their search for yield owing to negative sovereign rates persistent across the globe. The strong risk rally within credit that prevailed for much of the year began to show indications of waning in October amid the increased probability of a December rate hike, renewed concern over potential OPEC agreements and rising Treasury yields. Following Donald Trump's unexpected victory in the U.S. presidential election, high yield bonds came under pressure amid the sharpest sell-off in Treasuries since the "Taper Tantrum" in May 2013 while leveraged loans held up relatively well. Rate concerns are now heightened amid prospects for firmer global economic conditions, higher deficits, a rise in inflation expectations, and possibly an even more active Fed under a Trump White House. At this stage uncertainty abounds, in particular regarding the detailed policies, posture, and makeup of the forthcoming administration. Continued volatility is likely, and drawing conclusions or making macroeconomic forecasts in such a fluid environment remains difficult.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">October saw generally positive economic data releases offset rising concerns surrounding the political landscape, a potential rate hike in December and renewed weakness in commodities. The U.S. Department of Commerce released the advance estimate of U.S. GDP in late October, reporting the economy expanded at a 2.9% annual rate during the third quarter of 2016, marking the strongest quarter of growth in two years. Estimates for real GDP exceeded expectations this quarter largely due to strength in business investment, consumer spending and a better performance in global trade. Specific to payrolls, the U.S. Labor Department reported that 161,000 jobs were added during the month of October, which was fewer than expected but still a healthy gain. Importantly, the unemployment rate fell back down to 4.9% and average hourly earnings rose 2.8% year-over-year, the fastest pace of wage growth since the financial recession. The October employment report marked the 73rd consecutive month of job gains for the U.S. economy and may be enough to clear the path for the Fed to raise interest rates at its next meeting in December. Nonetheless, the market's focus in October centered around the U.S. Presidential election which took place on November 8 after almost two years of contentious and unpredictable campaigning. In the days leading up to the election, the polls and political pundits gave Republican Donald Trump little chance of winning and were projecting that Secretary of State Hillary Clinton would likely be elected. However, in a historic upset, the American people chose Mr. Trump to be the 45th President of the United States. This outcome was widely unexpected and while equity futures plunged late Tuesday night after Mr. Trump claimed victories in several key battleground states, U.S. stocks rebounded the following day led by large gains in the healthcare, financials, and industrials sectors. The market's initial reaction was generally positive but a great deal of fiscal, monetary, political and economic uncertainty remains. We believe it will take time for investors to consider the implications of a Trump presidency and act accordingly. Therefore, in the more immediate term we expect the market to re-focus on important events between now and year-end including the November 30 OPEC meeting and the ECB, Bank of Japan, and Fed meetings taking place in December. According to pricing in federal funds futures, the probability of a rate hike in December now stands at 84%, but the odds could fluctuate between now and then given the unexpected outcome of the Presidential election, concerns about low inflation, moderate economic growth and continued turmoil abroad.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>2</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=3,FOLIO='2',FILE='16-22968-1.ba',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Letter to Shareholders </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016 (Unaudited)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Continued signs of a modestly recovering EU were provided in the form of Eurozone factory activity, as data released by Markit pointed to their most active month in nearly three years. The Eurozone factory purchasing managers index rose to 53.5, its highest level since 2014. Additionally, manufacturers reported hiring has picked up and that they had raised their selling prices as well, a boost to the ECB who has been intently focused on increasing inflation through its various QE initiatives. Although inflation still remains doggedly low, green shoots have started to appear. These improvements have led to speculation that the ECB may look to taper its current bond purchasing program as early as December. The scarcity of eligible bonds and the artificial effects the stimulative program has had on the credit markets in general may prompt the ECB to scale back its current efforts to drive inflation and economic recovery. This would certainly increase the probability for increased volatility within the region at a time where concerns are mounting regarding the growth prospects for 2017. Elections in Germany and France could provide surprise results much like the Brexit vote or the recent U.S Presidential election. Additional volatility could be experienced with the UK set to begin its negotiations to separate from the EU in early 2017 as well.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Improved market tone and strong demand technicals in both the loan and CLO debt markets has led to a rally in credit and CLOs. Surpassing September's $8.2 billion of new issuance, October was the strongest month for primary CLO issuance in the U.S. with ~$8.4 billion across 17 deals. As of October 31, year-to-date 2016 primary issuance totals ~$55.9 billion &#151; exceeding certain CLO analyst forecasts of $55 billion for the full year. With the U.S. risk retention deadline a few short weeks away, we expect November to be another busy month as CLO managers race to get deals done in advance of the deadline. In Europe, primary issuance is on track to set a new post-crisis high with &euro;1.7 billion across four deals in October bringing the year-to-date 2016 total to &euro;14.3 billion as of October month-end.<sup>1, 2, 3, 4 </sup> In the primary market, spreads continue to tighten as international demand remains strong. In Europe, new issue AAA spreads reached a post-crisis low of 98bps in October. Senior spread tightening has lowered the average cost of funding for primary Euro CLOs, even despite widening lower in the capital stack. Single-B tranches priced in the mid to high 900s, up from the low to mid 800s at the end of 2015. In the U.S., primary AAA spreads ranged from 143-159bps while BB spreads ranged from 725-875bps. With elevated supply in the primary, new issue AAA spreads have yet to break 140bps in the U.S.<sup>5</sup> The trailing twelve month default rate for the S&amp;P Leveraged Loan Index remained flat at 1.95% in October. With no new defaults, the amount of defaulted collateral in post-crisis CLOs continues to decline. However, in light of the outlook for the loan market in October,<sup>3</sup> we believe the quantum of fundamental risks have increased slightly as our pipeline of watch list credits continues to grow.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The CLO market had a muted reaction to the election of Donald Trump &#151; both the U.S. and European CLO markets were virtually unchanged. It appears market participants were positioned with a "buy the dip / opportunistic" posture &#151; similar to what occurred after Brexit &#151; though so far that buying opportunity has been limited. Against an uncertain background and expected further volatility, we seek to manage our portfolios with caution and pragmatism but stand ready to hunt for value. Despite having to endure market volatility and the resultant impact on short-term returns, these are the kinds of markets where we believe our process, team and technology platform can really shine. For additional information about the instruments in which ARDC invests, please refer to the Fund's shareholder report.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Ares Dynamic Credit Allocation Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">ARDC is a closed-end fund that trades on the New York Stock Exchange under the symbol "ARDC" and is externally managed by Ares Capital Management II LLC (the "Advisor"), a subsidiary of Ares Management, L.P. ("Ares") ARDC's investment objective is to provide an attractive risk adjusted level of total return, primarily through current income and, secondarily, through capital appreciation by investing in a broad, dynamically-managed portfolio of below investment grade senior secured loans, high yield corporate bonds and collateralized loan obligation securities.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Portfolio Performance and Positioning</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">For the calendar year-to-date period through October 31, 2016, ARDC has returned 16.6% based on Net Asset Value ("NAV"), which compares to 8.3% for the Credit Suisse Leveraged Loan Index ("CSLLI") and 15.7% for the Bank of America Merrill Lynch High Yield Master II Index ("H0A0"). On a last twelve months basis through October 31, 2016, ARDC has returned 9.0% based on NAV, which compares to 6.3% for the CSLLI and 10.2% for the H0A0. For the period ended October 31, 2016, ARDC Market Price returns were 18.9% for the calendar year-to-date and 12.5% for the last twelve months basis, respectively. However, it is important to note that given its flexible mandate and focus on senior secured bank loans, high yield bonds and CLOs, we believe there is no single established benchmark that reasonably lends itself to comparison with ARDC.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>3</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=4,FOLIO='3',FILE='16-22968-1.ba',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Letter to Shareholders </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016 (Unaudited)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Over the past year, ARDC increased its allocation to CLO debt and equity to 25.1% as of October 31, 2016 from 20.7% as of October 31, 2015, as those assets were relatively dislocated toward the end of 2015/beginning of 2016 which allowed us to source investments at attractive valuations. In addition, ARDC slightly increased its allocation to bank loans while slightly reducing exposure to high yield bonds and holding very low cash balances throughout the year. From an industry perspective, over the last twelve months we meaningfully increased exposure to Metals &amp; Mining to 4.9% from 0.5% and modestly increased exposure to Energy to 7.7% from 6.6% as those industries have been experiencing a recovery, while reducing exposure to Broadcasting to 4.4% from 7.2%.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">On November 6, 2015, the Board of Directors (the "Board") of ARDC authorized the repurchase of shares of common stock of the Fund (the "Common Shares") on the open market when the Common Shares are trading on the New York Stock Exchange at a discount of 10% or more (or such other percentage as the Board may determine from time to time) from the net asset value ("NAV") of the Common Shares. The Fund may repurchase its outstanding Common Shares in open-market transactions at the Fund management's discretion. The Fund is not required to effect share repurchases. Any future purchases of Common Shares may not materially impact the discount of the market price of the Common Shares relative to their NAV and any narrowing of this discount that does result may not be maintained. Since inception of the program through October 31, 2016, the Fund has repurchased 489,383 shares at an average price of $12.97, representing an average discount of -15.3%.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In conclusion, we maintain strong conviction in the ARDC portfolio and believe the Fund continues to be well positioned to take advantage of buying opportunities in the new issue and secondary markets. We continue to believe that the ability to dynamically allocate is critical to successfully navigating an evolving market environment with headline and interest rate driven volatility. Thank you again for your continued support of ARDC. If you have any questions about the Fund, please call 1-877-855-3434, or visit the Fund's website at www.arespublicfunds.com.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Best Regards,</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ares Capital Management II LLC</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 13.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><i>Note: The opinions of the Adviser expressed herein are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but is not guaranteed. This letter is distributed for educational purposes and should not be considered investment advice or an offer of any security for sale. This material may contain "forward-looking" information that is not purely historical in nature. No representations are made as to the accuracy of such information or that such information will be realized. Actual events or conditions are unlikely to be consistent with, and may differ materially from, those assumed. Past performance is not indicative of future results. Ares does not undertake any obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise, except as required by law.</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>1</sup> Source: S&amp;P Capital IQ LCD. "Global Databank," October 31, 2016.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>2</sup> Source: J.P. Morgan. "Salt n Pepa: Seasoning of CLO Asset Portfolios," November 4, 2016.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>3</sup> Source: Deutsche Bank. "The Outlook: MBS and Securitized Products," November 9, 2016.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>4</sup> Source: Goldman Sachs. "GS CLO Secondary: October 2016 Month End Recap and Thoughts "Tourbillon," November 8, 2016.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>5</sup> Source: S&amp;P Capital IQ LCD. "Global CLO Roundup: European AAA Spreads Reach Post-Crisis Low," October 31, 2016.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>4</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=5,FOLIO='4',FILE='16-22968-1.ba',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Fund Profile &amp; Financial Data</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016 (Unaudited)</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Portfolio Characteristics as of 10.31.16</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="138" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Weighted Average Floating Coupon<sup>1</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5.79</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="138" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Weighted Average Bond Coupon<sup>2</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">7.95</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="138" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Current Distribution Rate<sup>3</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">8.37</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="138" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Dividend Per Share</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">0.1025</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 2pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">1 The weighted-average gross interest rate on the pool of loans as of October 31, 2016.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">2 The weighted-average gross interest rate on the pool of bonds at the time the securities were issued.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">3 October 2016 dividend per share annualized and divided by the October 31, 2016 market price per share. The Fund's October 2016 distributions were comprised of net investment income and short-term capital gains. The distribution rate alone is not indicative of Fund performance. To the extent that any portion of the current distributions were estimated to be sourced from something other than income, such as return of capital, the source would have been disclosed in a Section 19(a) Notice located under the "Investor Information" section of the Fund's website. Please note that the distribution classifications are preliminary and certain distributions may be re-classified at year end. Please refer to year-end tax documents for the final classifications of the Fund's distributions for a given year.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Top 10 Holdings</b><b><sup>4</sup></b><b> as of 10.31.16</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="138" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Rite Aid Corp</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.53</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="138" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Cablevision Systems Corp</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.27</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="138" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Guala Closures S.P.A.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.25</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="138" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Alinta Energy Ltd</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.18</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="138" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Mohegan Tribal Gaming Authority</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.17</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="138" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Tegna Inc.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.15</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="138" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">TMF Group Holdings BV</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.14</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="138" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">AerCap Holdings N.V.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.12</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="138" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Builders FirstSource, Inc.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.09</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="138" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Numericable Group</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.09</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">4 Market value percentage may represent multiple instruments by the named issuer and/or multiple issuers being consolidated to the extent they are owned by the same parent company. These values may be different than the issuer concentrations in certain regulatory filings.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Performance as of 10.31.16</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="83" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="71" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Market</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">NAV</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="83" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">1 </font><font face="Arial, Helvetica" style="font-size:8pt;">Month</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">-0.32</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">0.90</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="83" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Year to Date</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">18.90</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">16.55</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="83" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">3 Years (annualized)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.95</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3.37</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="83" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since Inception**</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="41" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">0.43</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4.60</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 2pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">**Since Inception of fund (11/27/2012) and annualized.</font></p>
<p style="margin:0pt 0pt 2pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">Source: Morningstar</font></p>
<p style="margin:0pt 0pt 2pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Since Inception returns assume a purchase of common shares at the initial offering price of $20.00 per share for market price returns or initial net asset value (NAV) of $19.10 per share for NAV returns. Returns for periods of less than one year are not annualized. All distributions are assumed to be reinvested either in accordance with the dividend reinvestment plan (DRIP) for market price returns or NAV for NAV returns. </font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Portfolio Composition as of 10.31.16</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><img src="j16229681_ba003.jpg">
</p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Fixed vs. Floating Rate as of 10.31.16</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><img src="j16229681_ba004.jpg">
</p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Industry Allocation</b><b><sup>5</sup></b><b> as of 10.31.16</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><img src="j16229681_ba005.jpg">
</p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">5 Merrill Lynch industry classifications weighted by market value. These values may be different than industry classifications in certain regulatory filings.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">This data is subject to change on a daily basis. As of 10.31.16, the Fund held a negative traded cash balance of -3.41%.</font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>5</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=6,FOLIO='5',FILE='16-22968-1.ba',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">
<!-- Document name: 16-22968-1.ca-->
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Floating Rate Term Loans 47.0%</b><b><sup>(b)</sup></b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Amount</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="122" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Value</b><b><sup>(a)</sup></b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Aerospace and Defense 2.0%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Doncasters U.S., LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan 2nd Lien, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.50%, 10/09/2020</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,410,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Engility Corporation, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term B-2 Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.75%, 08/12/2023</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,411,765</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,428,240</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Square Holding Germany GmbH, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan B, (Denmark), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 5.00%, 05/31/2023<sup>(c)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&euro;</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,229,592</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">TransDigm, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Tranche F Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3.75%, 06/09/2023</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,793,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,780,795</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:0pt .7pt 7.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 7.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 7.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 7.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>7,848,627</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 7.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Automotive 1.0%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Gates Global, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">USD</font><font face="Arial, Helvetica" style="font-size:8pt;"> Term Loan,<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.25%, 07/06/2021</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,493,546</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,456,392</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">KAR Auction Services, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Tranche B-3 Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.38%, 03/09/2023</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,343,250</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,357,099</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:0pt .7pt 7.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 7.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 7.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 7.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>3,813,491</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 7.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Banking, Finance, Insurance &amp; Real Estate 3.1%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Asurion, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2</font><font face="Arial, Helvetica" style="font-size:8pt;">nd Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.50%, 03/03/2021</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,021,240</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Asurion, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">B-5 Term Loan B,<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 3.75%, 10/31/2023<sup>(c)(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Gulf Finance, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Tranche B Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.25%, 08/25/2023</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,272,396</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,218,427</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Headwaters, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term B-1 Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.00%, 03/24/2022</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">997,475</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,002,153</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Jeld-Wen, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term B-1 Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.75%, 07/01/2022</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,960,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,983,087</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 7.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="84" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 7.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 7.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 7.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>12,224,907</b></font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 7.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Beverage, Food and Tobacco 1.5%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Albertson's, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2016-1 </font><font face="Arial, Helvetica" style="font-size:8pt;">Term B-4 Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.50%, 08/25/2021</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,813,377</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,840,376</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Candy Intermediate Holdings, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Term Loan 1st Lien, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.50%, 06/15/2023</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,019,296</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,033,188</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="84" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>5,873,564</b></font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Floating Rate Term Loans</b><b><sup>(b)</sup></b><b> </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Amount</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="122" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Value</b><b><sup>(a)</sup></b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Chemicals, Plastics &amp; Rubber 2.4%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Allnex Sarl, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Tranche B-1 Term Loan, (Luxembourg), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.00%, 09/13/2023</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&euro;</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">392,266</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">436,113</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">HII Holding Corporation, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan 2nd Lien, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.75%, 12/21/2020</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,477,500</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">HII Holding Corporation, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">U.S. Term Loan 1st Lien, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.25%, 12/20/2019</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">999,522</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">999,522</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Inovyn Finance PLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Tranche B Euro Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Great Britain), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.25%, 05/15/2021</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&euro;</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,571,063</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,743,902</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Kraton Polymers, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.00%, 01/06/2022</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,519,250</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">PQ Corporation, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Tranche B-1 Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.75%, 11/04/2022</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,243,781</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,242,226</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>9,418,513</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Consumer Goods: Durable 0.6%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">NBTY, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">USD</font><font face="Arial, Helvetica" style="font-size:8pt;"> Term B Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.00%, 05/05/2023</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,174,550</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,180,487</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Consumer Goods: Non-Durable 0.5%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">G-III Apparel Group, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan B,<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 5.25%, 10/05/2022<sup>(c)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,068,966</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,056,034</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Containers, Packaging &amp; Glass 0.6%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Fort Dearborn Company, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2</font><font face="Arial, Helvetica" style="font-size:8pt;">nd Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.50%, 10/07/2024</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">625,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">631,250</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Fort Dearborn Holding Company, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Term Loan 1st Lien, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.00%, 10/19/2023</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,875,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,883,213</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2,514,463</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Energy: Electricity 0.4%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Cortes NP Acquisition Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan B,<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 5.00%, 09/29/2023<sup>(c)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,650,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,639,687</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Energy: Oil &amp; Gas 2.8%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">California Resources Corporation, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">11.38%, 12/31/2021</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,925,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,066,969</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>6</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=7,FOLIO='6',FILE='16-22968-1.ca',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Floating Rate Term Loans</b><b><sup>(b)</sup></b><b> </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Amount</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="122" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Value</b><b><sup>(a)</sup></b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Chesapeake Energy Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Class A Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.50%, 08/23/2021</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,738,455</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Energy &amp; Exploration Partners, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2</font><font face="Arial, Helvetica" style="font-size:8pt;">nd Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.00%, 05/13/2022<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">156,403</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">105,572</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Energy &amp; Exploration Partners, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Tranche A Term Loan 1st Lien, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">13.00%, 11/12/2021<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">280,535</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">284,742</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Energy &amp; Exploration Partners, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Tranche B Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">13.00%, 11/12/2021<sup>(d)(e)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">107,898</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,618</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">MEG Energy Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 2.75%, 03/31/2020<sup>(c)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">942,030</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Western Refining, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2016 Incremental Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.50%, 06/23/2023</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,715,688</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,708,739</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="84" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>10,848,125</b></font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Healthcare &amp; Pharmaceuticals 2.6%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">DJO Finance, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Term Loan,<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 3.25%, 06/08/2020<sup>(c)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,042,120</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,030,397</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Envigo Holdings, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan,<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 8.50%, 10/28/2021<sup>(c)(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,153,846</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,136,538</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Envision Healthcare Corporation, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Tranche B-2 Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.50%, 10/28/2022</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,983,756</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,989,965</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Financiere Verdi I S.A.S, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Facility B, (France), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.00%, 06/21/2023</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&euro;</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,615,385</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,791,081</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Immucor, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term B-2 Loan,<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 3.75%, 08/17/2018<sup>(c)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">300,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">292,800</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Kinetic Concepts, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">USD</font><font face="Arial, Helvetica" style="font-size:8pt;"> Term F Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.00%, 11/04/2020</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">997,494</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,004,357</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Lantheus Medical Imaging, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Term Loan,<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 6.00%, 06/30/2022<sup>(c)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">706,284</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">692,158</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Press Ganey Holdings, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Loan 2nd Lien,<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 7.25%, 10/21/2024<sup>(c)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">555,556</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">562,500</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Press Ganey Holdings, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Term Loan,<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 3.25%, 10/21/2023<sup>(c)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,750,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,750,000</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>10,249,796</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Floating Rate Term Loans</b><b><sup>(b)</sup></b><b> </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Amount</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="122" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Value</b><b><sup>(a)</sup></b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>High Tech Industries 3.9%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Applied Systems, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2</font><font face="Arial, Helvetica" style="font-size:8pt;">nd Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 6.50%, 01/24/2022<sup>(c)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,011,880</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dell International, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term B Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.00%, 09/07/2023</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,180,328</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,195,219</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Diebold, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">USD</font><font face="Arial, Helvetica" style="font-size:8pt;"> Term B Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.25%, 11/06/2023</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,790,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,808,652</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">ON Semiconductor Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2016 Incremental Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3.78%, 03/31/2023</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,080,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,096,940</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Rocket Software, Inc., Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 9.50%, 10/11/2024<sup>(c)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">665,514</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">667,178</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Rocket Software, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 4.25%, 10/14/2023<sup>(c)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,255,931</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,261,168</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Veritas US, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial USD Term B-1 Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.63%, 01/27/2023</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,655,416</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,472,033</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Western Digital Corporation, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">USD</font><font face="Arial, Helvetica" style="font-size:8pt;"> Term B Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.50%, 04/29/2023</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,847,370</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,867,155</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>15,380,225</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Hotel, Gaming &amp; Leisure 1.6%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Affinity Gaming,, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan 2nd Lien, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 8.25%, 09/23/2024<sup>(c)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,957,500</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Mohegan Tribal Gaming Authority, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term B Loan,<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 4.50%, 10/13/2023<sup>(c)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,230,769</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,213,592</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>6,171,092</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Media: Advertising, Printing &amp; Publishing 1.3%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">F&amp;W Media, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.75%, 06/30/2019</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,635,176</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,108,141</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Lee Enterprises, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.25%, 03/31/2019</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">525,532</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">525,532</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">LSC Communications, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term B Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.00%, 09/30/2022</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">990,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Tribune Publishing Company, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.75%, 08/04/2021</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,440,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,400,400</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>5,024,073</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>7</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=8,FOLIO='7',FILE='16-22968-1.ca',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Floating Rate Term Loans</b><b><sup>(b)</sup></b><b> </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Amount</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="122" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Value</b><b><sup>(a)</sup></b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Media: Broadcasting &amp; Subscription 1.4%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Cumulus Media Holdings, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.25%, 12/23/2020</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,600,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,475,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Intelsat Jackson Holdings S.A., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Tranche B-2 Term Loan, (Luxembourg), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3.75%, 06/30/2019</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,865,330</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">RCN Corporation, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Commitment Bridge Loan,<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 6.75%, 10/18/2017<sup>(c)(d)(e)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="84" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>5,340,330</b></font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Media: Diversified &amp; Production 1.8%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Delta 2 (LUX) Sarl, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Facility B-3 USD, (Luxembourg), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.75%, 07/30/2021</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,502,085</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Delta 2 (LUX) Sarl, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan 2nd Lien, (Luxembourg), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.75%, 07/29/2022</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,006,670</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Equinox Holdings, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2</font><font face="Arial, Helvetica" style="font-size:8pt;">nd Lien Term Loan,<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 8.50%, 07/31/2020<sup>(c)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,375,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,373,281</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Equinox Holdings, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.00%, 01/31/2020</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,220,174</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,238,304</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="84" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>7,120,340</b></font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Metals &amp; Mining 1.7%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Freeport-McMoran Copper &amp; Gold, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3.29%, 05/31/2018</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">599,732</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">597,111</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Freeport-McMoran, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2020 </font><font face="Arial, Helvetica" style="font-size:8pt;">Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3.29%, 02/28/2020</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,447,500</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Murray Energy Corporation, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan B-2,<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 7.25%, 04/16/2020<sup>(c)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,493,219</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,107,072</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Zekelman Industries, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.00%, 06/14/2021</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">598,500</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">602,240</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="84" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>6,753,923</b></font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Printing and Publishing 0.5%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dex Media, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Closing Date Loan,<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 10.00%, 07/29/2021<sup>(c)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,109,696</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,049,928</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Floating Rate Term Loans</b><b><sup>(b)</sup></b><b> </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Amount</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="122" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Value</b><b><sup>(a)</sup></b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Retail 6.3%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Academy, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 4.00%, 07/01/2022<sup>(c)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,875,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,816,988</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">GOBP Holdings, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.00%, 10/21/2021</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,223,318</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,217,677</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">GOBP Holdings, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2</font><font face="Arial, Helvetica" style="font-size:8pt;">nd Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.25%, 10/21/2022</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,750,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,744,173</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Harbor Freight Tools USA, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Loan 2nd Lien, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.14%, 08/19/2023</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,692,977</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,717,203</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">J.C. Penney Corp., Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.25%, 06/23/2023</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,484,375</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,498,660</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Petco Animal Supplies, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Tranche B-1 Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.00%, 01/26/2023</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,481,250</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,501,026</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Rite Aid Corporation, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2nd Priority Tranche 1 Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.75%, 08/21/2020</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,170,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,181,718</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Rite Aid Corporation, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Tranche 2 Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.88%, 06/21/2021</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,575,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,585,439</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">True Religion Apparel, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.88%, 07/30/2019</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,342,500</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,116,630</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">True Religion Apparel, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Term Loan 2nd Lien, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">11.00%, 01/30/2020<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,369,565</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">241,687</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>24,621,201</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Services: Business 5.2%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Cypress Semiconductor Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2016 Incremental Term Loan Facility, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.50%, 07/05/2021</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,468,750</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,498,079</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Micron Technology, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.29%, 04/26/2022</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,745,625</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,755,453</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Solera, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">USD</font><font face="Arial, Helvetica" style="font-size:8pt;"> Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.75%, 03/03/2023</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,492,500</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,508,126</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Syncreon Global Finance (US), Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.25%, 10/28/2020</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,968,773</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,547,091</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">TMF Group Holding B.V., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan B, (Netherlands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 4.00%, 09/29/2023<sup>(c)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&euro;</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,211,599</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,346,580</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>8</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=9,FOLIO='8',FILE='16-22968-1.ca',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Floating Rate Term Loans</b><b><sup>(b)</sup></b><b> </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Amount</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="122" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Value</b><b><sup>(a)</sup></b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">TMF Group Holding B.V., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan B-2, (Netherlands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 4.00%, 09/29/202<sup>(c)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&euro;</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">538,401</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">590,465</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Travelport Finance Sarl, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term B Loan, (Luxembourg), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.00%, 09/02/2021</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,826,716</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,858,763</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">VWR Funding, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Tranche B Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.00%, 01/15/2022</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&euro;</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,977,500</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,300,137</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>20,404,694</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Services: Consumer 0.4%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Weight Watchers International, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Tranche B-2 Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.10%, 04/02/2020</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,984,576</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,506,293</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Technology 0.8%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Allflex Holdings III, Inc., (U.S.), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Term Loan 2nd Lien, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.00%, 07/19/2021</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,000,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Telecommunications 1.3%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Rackspace Hosting, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan,<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 4.25%, 10/26/2023<sup>(c)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,200,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,211,352</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Windstream Services, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Tranche B-6 Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.75%, 03/29/2021</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,006,870</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>5,218,222</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Transportation: Consumer 1.0%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Air Medical Group Holdings, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.25%, 04/28/2022</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,950,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,912,988</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Utilities: Electric 0.6%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">TEX Operations Company, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term C Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.00%, 08/04/2023</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">456,609</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">460,604</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">TEX Operations Company, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.00%, 08/04/2023</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,002,053</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,019,571</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2,480,175</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Utilities: Oil &amp; Gas 1.7%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Alinta Energy Finance Pty, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Delayed Draw Term Loan, (Australia), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.38%, 08/13/2018</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">408,794</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">407,568</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Floating Rate Term Loans</b><b><sup>(b)</sup></b><b> </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Amount</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="122" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Value</b><b><sup>(a)</sup></b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Alinta Energy Finance Pty, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term B Loan, (Australia), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.38%, 08/13/2019</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">6,159,323</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">6,140,844</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>6,548,412</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Floating Rate Term Loans <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cost: $188,151,056)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="84" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>184,199,590</b></font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Corporate Bonds 61.8%</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Aerospace and Defense 1.1%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Engility Corp., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.88%, 09/01/2024</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,600,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,632,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Leidos, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.13%, 07/01/2032</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,581,688</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>4,213,688</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Automotive 0.4%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dana Financing Luxembourg Sarl, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144</font><font face="Arial, Helvetica" style="font-size:8pt;">A, (Luxembourg), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.50%, 06/01/2026</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,595,625</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Banking, Finance, Insurance &amp; Real Estate 1.9%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Builders FirstSource, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.75%, 08/15/2023</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,270,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">6,060,500</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Hillman Group, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.38%, 07/15/2022</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,391,250</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>7,451,750</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Beverage, Food and Tobacco 0.8%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Albertsons Cos, LLC, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.75%, 03/15/2025</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">820,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">809,496</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Albertsons Cos, LLC, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.63%, 06/15/2024</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">610,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">632,875</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Iceland Bondco PLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Great Britain), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.25%, 07/15/2021</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&pound;</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,762,703</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="84" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>3,205,074</b></font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Chemicals, Plastics &amp; Rubber 2.4%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">GCP Applied Technologies, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.50%, 02/01/2023</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,250,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,945,625</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Kraton Polymers, LLC, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.50%, 04/15/2023</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,120,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">PQ Corp., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.75%, 11/15/2022</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,157,500</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>9,223,125</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>9</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=10,FOLIO='9',FILE='16-22968-1.ca',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Corporate Bonds </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Amount</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="122" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Value</b><b><sup>(a)</sup></b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Construction &amp; Building 1.6%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Aer Cap Global Aviation Trust, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.75%, 03/15/2017</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,099,360</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Aer Cap Global Aviation Trust, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.88%, 09/01/2017</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,107,500</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>6,206,860</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Consumer Goods: Durable 0.6%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">NBTY, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.63%, 05/15/2021</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,443,750</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Containers, Packaging &amp; Glass 5.3%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Albea Beauty Holdings S.A., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144</font><font face="Arial, Helvetica" style="font-size:8pt;">A, (Luxembourg), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.38%, 11/01/2019</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,365,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,579,600</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Ardagh Packaging Finance PLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144</font><font face="Arial, Helvetica" style="font-size:8pt;">A, (Ireland), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.25%, 05/15/2024</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,165,000</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Crown Cork &amp; Seal Co., Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.38%, 12/15/2026</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,350,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,760,375</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">GCL Holdings S.C.A., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144</font><font face="Arial, Helvetica" style="font-size:8pt;">A, (Luxembourg), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.38%, 04/15/2018</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&euro;</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">6,182,649</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Guala Closures S.p.A., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144</font><font face="Arial, Helvetica" style="font-size:8pt;">A, (Italy), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.08%, 11/15/2019<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">695,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">762,588</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Reynolds Group Issuer, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.88%, 08/15/2019</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">662,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">678,550</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Reynolds Group Issuer, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.00%, 07/15/2024</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">695,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">742,781</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="84" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>20,871,543</b></font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Energy: Oil &amp; Gas 6.6%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Concho Resources, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.50%, 04/01/2023</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">430,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">439,890</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Concho Resources, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.50%, 01/15/2022</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,035,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Continental Resources, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.38%, 10/01/2020</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,051,400</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Denbury Resources, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.00%, 05/15/2021</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,090,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">EP Energy, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.38%, 05/01/2020</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,570,000</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Extraction Oil &amp; Gas Holdings, LLC, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.88%, 07/15/2021</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,172,500</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Gibson Energy, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144</font><font face="Arial, Helvetica" style="font-size:8pt;">A, (Canada), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.75%, 07/15/2021</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,316,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,407,190</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Corporate Bonds </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Amount</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="122" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Value</b><b><sup>(a)</sup></b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">MEG Energy Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144</font><font face="Arial, Helvetica" style="font-size:8pt;">A, (Canada), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.50%, 03/15/2021</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,725,000</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">MEG Energy Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144</font><font face="Arial, Helvetica" style="font-size:8pt;">A, (Canada), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.00%, 03/31/2024</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">832,500</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Midstates Petroleum Company, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.25%, 06/01/2021<sup>(g)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">35,000</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Midstates Petroleum Company, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.75%, 10/01/2020<sup>(g)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">20,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Newfield Exploration Co, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.63%, 07/01/2024</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,600,000</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">ONEOK, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.50%, 09/01/2023</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,700,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,946,500</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Targa Resources Partners LP, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.75%, 03/15/2024</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,250,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,407,500</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Whiting Petroleum Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.00%, 03/15/2019</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,750,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,662,500</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="84" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>25,994,980</b></font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Healthcare &amp; Pharmaceuticals 3.8%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">BioScrip, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.88%, 02/15/2021</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,665,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,540,125</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">DJO Finance, LLC, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.13%, 06/15/2021</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,835,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Greatbatch, Ltd., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.13%, 11/01/2023</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,145,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,059,200</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">HCA, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.25%, 04/15/2025</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,571,250</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">HCA, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.00%, 10/01/2018</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,663,125</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">IASIS Healthcare, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.38%, 05/15/2019</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,857,500</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Kinetic Concepts, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.88%, 02/15/2021</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,077,500</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Kinetic Concepts, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.63%, 10/01/2021</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,415,625</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="84" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>15,019,325</b></font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>High Tech Industries 1.7%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Diebold, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.50%, 04/15/2024</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,100,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,165,725</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Syniverse Holdings, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.13%, 01/15/2019</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,800,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">TIBCO Software, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">11.38%, 12/01/2021</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">965,000</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>10</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=11,FOLIO='10',FILE='16-22968-1.ca',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Corporate Bonds </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Amount</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="122" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Value</b><b><sup>(a)</sup></b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Western Digital Corp., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.50%, 04/01/2024</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,732,500</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>6,663,225</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Hotel, Gaming &amp; Leisure 2.4%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Gala Group Finance, PLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Great Britain), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.88%, 09/01/2018</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&pound;</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">293,920</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">367,703</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Gala Group Finance, PLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Great Britain), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">11.50%, 06/01/2019<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,704,546</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,418,626</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">MGM Resorts International, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.63%, 02/01/2019</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,121,875</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">MGM Resorts International, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">11.38%, 03/01/2018</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,235,000</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Mohegan Tribal Gaming Authority, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.88%, 10/15/2024</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,222,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,255,330</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="84" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>9,398,534</b></font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Media: Advertising, Printing &amp; Publishing 1.5%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">EMI Music Publishing Group <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">North America Holdings, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.63%, 06/15/2024</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,400,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,512,000</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Lee Enterprises, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.50%, 03/15/2022</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,275,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,403,250</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="84" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>5,915,250</b></font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Media: Broadcasting &amp; Subscription 14.5%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Altice Financing S.A., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144</font><font face="Arial, Helvetica" style="font-size:8pt;">A, (Luxembourg), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.63%, 02/15/2023</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,030,000</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Altice Financing S.A., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144</font><font face="Arial, Helvetica" style="font-size:8pt;">A, (Luxembourg), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.50%, 05/15/2026</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,060,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Altice Financing S.A., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144</font><font face="Arial, Helvetica" style="font-size:8pt;">A, (Luxembourg), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.88%, 12/15/2020</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,646,875</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Belo Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.25%, 09/15/2027</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,758,750</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Block Communications, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.25%, 02/01/2020</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,177,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,203,482</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Cablevision Systems Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.63%, 09/15/2017</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,619,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,826,855</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">CSC Holdings, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.63%, 02/15/2019</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,220,000</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Lamar Media Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.38%, 01/15/2024</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,105,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Corporate Bonds </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Amount</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="122" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Value</b><b><sup>(a)</sup></b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">LIN Television Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.38%, 01/15/2021</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">895,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">922,969</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Midcontinent Communications, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.88%, 08/15/2023</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,750,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,863,750</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Nexstar Broadcasting, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.88%, 11/15/2020</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,875,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,979,219</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Nexstar Broadcasting, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.13%, 02/15/2022</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,025,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">RCN Telecom Services, LLC, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.50%, 08/15/2020</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,065,625</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">SF</font><font face="Arial, Helvetica" style="font-size:8pt;">R Group SA, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144</font><font face="Arial, Helvetica" style="font-size:8pt;">A, (France), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.25%, 05/15/2024</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">999,370</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">SF</font><font face="Arial, Helvetica" style="font-size:8pt;">R Group SA, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144</font><font face="Arial, Helvetica" style="font-size:8pt;">A, (France), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.38%, 05/01/2026</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,050,000</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Sinclair Television Group, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.13%, 10/01/2022</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,112,580</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Sinclair Television Group, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.63%, 08/01/2024</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">506,250</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Sirius XM Radio, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.38%, 04/15/2025</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,529,850</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">TEGNA, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.38%, 10/15/2023</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,586,250</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Tribune Media Co, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.88%, 07/15/2022</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,000,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Univision Communications, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.50%, 05/15/2021</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,963,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,022,915</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Virgin Media Secured Finance PLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Great Britain), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.25%, 01/15/2026</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,463,950</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">WaveDivision Holdings, LLC, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.13%, 09/01/2020</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,185,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,277,862</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">WideOpenWest Finance, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.25%, 07/15/2019</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,327,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,593,350</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="84" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>56,849,902</b></font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Media: Diversified &amp; Production 2.4%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">ClubCorp Club Operations, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.25%, 12/15/2023</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,662,500</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Life Time Fitness, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.50%, 06/15/2023</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,035,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Live Nation Entertainment, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.00%, 09/01/2020</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,671,900</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>9,369,400</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>11</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=12,FOLIO='11',FILE='16-22968-1.ca',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Corporate Bonds </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Amount</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="122" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Value</b><b><sup>(a)</sup></b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Metals &amp; Mining 6.0%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Alcoa Nederland Holding B.V., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.75%, 09/30/2024</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,035,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Anglo American Capital PLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Great Britian), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.38%, 04/08/2019</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,750,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,438,750</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Constellium NV, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Netherlands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.00%, 01/15/2023</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">250,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">243,750</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">First Quantum Minerals, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144</font><font face="Arial, Helvetica" style="font-size:8pt;">A, (Canada), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.00%, 02/15/2021</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">949,375</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">First Quantum Minerals, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144</font><font face="Arial, Helvetica" style="font-size:8pt;">A, (Canada), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.25%, 10/15/2019</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">250,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">246,563</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">First Quantum Minerals, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144</font><font face="Arial, Helvetica" style="font-size:8pt;">A, (Canada), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.25%, 05/15/2022</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,600,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,460,250</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">FMG Resources August 2006 Pty, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144</font><font face="Arial, Helvetica" style="font-size:8pt;">A, (Australia), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.75%, 03/01/2022</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,060,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Freeport-McMoran Copper &amp; Gold, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.50%, 11/15/2020</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,531,875</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Freeport-McMoran Copper &amp; Gold, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.88%, 02/15/2023</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">750,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">778,125</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">HudBay Minerals, Inc., (Canada), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.50%, 10/01/2020</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,100,000</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">United States Steel Corp., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.38%, 07/01/2021</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,125,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Zekelman Industries, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.88%, 06/15/2023</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">526,250</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>23,494,938</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Retail 2.4%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">JC Penney Corporation, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.13%, 10/01/2019</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,782,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,028,902</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">L Brands, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.75%, 07/01/2036</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,025,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,088,038</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">L Brands, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.50%, 06/15/2019</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,650,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Rite Aid Corp., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.13%, 04/01/2023</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">690,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">727,950</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>9,494,890</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Services: Business 2.9%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Ashtead Capital, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.50%, 07/15/2022</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,097,500</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Corporate Bonds </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Amount</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="122" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Value</b><b><sup>(a)</sup></b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Ceridian HCM Holding, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">11.00%, 03/15/2021</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,052,500</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Hertz Corp., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.50%, 10/15/2024</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,200,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,165,080</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Solera, LLC, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.50%, 03/01/2024</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,794,550</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">TMF Group Holding B.V., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Netherlands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.88%, 12/01/2019</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&euro;</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,750,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,359,384</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="84" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>11,469,014</b></font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Telecommunications 2.5%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Digicel Group, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144</font><font face="Arial, Helvetica" style="font-size:8pt;">A, (Bermuda), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.25%, 09/30/2020</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,750,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,433,750</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Frontier Communications Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">11.00%, 09/15/2025</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,250,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,303,775</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Sprint Communications, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.13%, 03/01/2017</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,040,000</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">T-Mobile USA, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.63%, 04/28/2021</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,146,250</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="84" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>9,923,775</b></font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Utilities: Electric 0.8%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dynegy, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.63%, 11/01/2024</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,250,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,196,875</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dynegy, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.00%, 01/15/2025</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,447,500</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">NRG Energy, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.88%, 05/15/2021</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">275,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">287,375</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">NRG Energy, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.25%, 05/15/2026</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">375,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">368,966</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="84" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>3,300,716</b></font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Corporate Bonds <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cost: $248,164,458)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>242,105,364</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Collateralized Loan Obligations/<BR>Collateralized Debt Obligations 35.5%</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">AMMC CLO XIII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.68%, 01/26/2026<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,703,396</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">AMMC CLO XIV, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.68%, 07/27/2026<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,278,690</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Apidos CLO XII, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.08%, 04/15/2025<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,790,846</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>12</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=13,FOLIO='12',FILE='16-22968-1.ca',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Collateralized Loan Obligations/<BR>Collateralized Debt Obligations </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Amount</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="122" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Value</b><b><sup>(a)</sup></b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Apidos CLO XVI, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.38%, 01/19/2025<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,720,212</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Atlas Senior Loan Fund III, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">08/18/2025</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">834,642</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Atlas Senior Loan Fund IV, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.52%, 02/17/2026<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,695,042</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Atlas Senior Loan Fund VI, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.08%, 10/15/2026<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">865,798</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Atrium CLO VII, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">11/16/2022</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,600,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,203,794</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Atrium XI, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.98%, 10/23/2025<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,590,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,978,856</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Babson CLO, Ltd., 2013-II, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.38%, 01/18/2025<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,721,522</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Canyon Capital CLO 2015-1, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.33%, 04/15/2027<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,321,577</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Carlyle Global Market Strategies <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">CLO 2013-4, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/15/2025</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,259,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">694,531</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Carlyle Global Market Strategies <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">CLO 2014-1, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.33%, 04/17/2025<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,341,540</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Cedar Funding IV CLO, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/23/2026</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,344,772</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Cedar Funding VI CLO, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/20/2028<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,757,500</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Cent CLO XVIII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.48%, 07/23/2025<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,584,221</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Cent CLO XXIII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.28%, 04/17/2026<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,750,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,404,803</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Clear Creek CLO, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.63%, 04/20/2027<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">920,380</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Collateralized Loan Obligations/<BR>Collateralized Debt Obligations </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Amount</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="122" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Value</b><b><sup>(a)</sup></b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Denali Capital CLO XI, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2015-1</font><font face="Arial, Helvetica" style="font-size:8pt;">A D, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.33%, 04/20/2027<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">886,342</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Denali Capital CLO XI, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2015-1</font><font face="Arial, Helvetica" style="font-size:8pt;">A E, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.83%, 04/20/2027<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,529,238</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Denali Capital CLO XI, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2015-1</font><font face="Arial, Helvetica" style="font-size:8pt;">X D, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.15%, 04/20/2027<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">460,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">407,717</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Denali Capital CLO XII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2016-1</font><font face="Arial, Helvetica" style="font-size:8pt;">A E, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.63%, 04/15/2028<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,020,180</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dorchester Park CLO, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144</font><font face="Arial, Helvetica" style="font-size:8pt;">A, (Ireland), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.13%, 01/20/2027<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">625,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">590,433</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dorchester Park CLO, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144</font><font face="Arial, Helvetica" style="font-size:8pt;">A, (Ireland), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.13%, 01/20/2027<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,315,180</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dryden XXV Senior Loan Fund, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">01/15/2025</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">250,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">129,947</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dryden XXXVI Senior Loan Fund, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.99%, 11/09/2025<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,370,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,898,783</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dryden XXXVII Senior Loan Fund, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.28%, 04/15/2027<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,250,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,113,958</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dryden XLII Senior Loan Fund, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.13%, 07/15/2027<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,490,121</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Flatiron CLO 2013-1, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.78%, 01/17/2026<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,750,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,487,073</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Galaxy XIX CLO, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.98%, 01/24/2027<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">800,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">709,135</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Galaxy XX CLO, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.38%, 07/20/2027<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,116,764</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Goldentree Loan Opportunities VI, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">04/17/2022</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">280,556</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Goldentree Loan Opportunities X, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.90%, 07/20/2027<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,312,107</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>13</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=14,FOLIO='13',FILE='16-22968-1.ca',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Collateralized Loan Obligations/<BR>Collateralized Debt Obligations </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Amount</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="122" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Value</b><b><sup>(a)</sup></b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Goldentree Loan Opportunities XI, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.43%, 04/18/2027<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">899,821</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Greywolf CLO II, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.38%, 04/15/2025<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,350,848</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Halcyon Loan Advisors <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Funding 2013-1, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.38%, 04/15/2025<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,445,984</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Halcyon Loan Advisors <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Funding 2015-1, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.53%, 04/20/2027<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">750,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">606,297</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Halcyon Loan Advisors <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Funding 2015-3, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.83%, 10/18/2027<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,072,342</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Jamestown CLO IV, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.88%, 07/15/2026<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,567,860</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Jamestown CLO VI, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.56%, 02/20/2027<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">900,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">736,025</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">LCM XII, L.P., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/19/2022</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">577,428</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">LCM XIII, L.P., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">01/19/2023</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,775,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,011,913</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">LCM XV, L.P., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">08/25/2024</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,875,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,056,909</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Madison Park Funding IV, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">03/22/2021</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,700,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,878,498</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Madison Park Funding XII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/20/2026</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,943,340</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Madison Park Funding XIII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.88%, 01/19/2025<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,250,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,770,139</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Madison Park Funding XIV, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.63%, 07/20/2026<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,750,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,453,278</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Magnetite XIV, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.38%, 07/18/2028<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,280,180</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Collateralized Loan Obligations/<BR>Collateralized Debt Obligations </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Amount</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="122" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Value</b><b><sup>(a)</sup></b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Mountain Hawk III CLO, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.73%, 04/18/2025<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,504,388</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Nautique Funding, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">04/15/2020</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,300,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">575,699</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Northwoods Capital X, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.37%, 11/04/2025<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,703,624</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Northwoods Capital XI, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.33%, 04/15/2025<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,279,167</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Oaktree CLO, Ltd. 2015-1A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/20/2027</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,048,800</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Octagon Investment <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Partners XVIII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.07%, 12/16/2024<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,600,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,418,991</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">OHA Credit Partners VI, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.93%, 05/15/2023<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">750,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">692,929</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">OHA Loan Funding 2013-1, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/23/2025</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,996,644</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">OZLM Funding V, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.63%, 01/17/2026<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,900,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,639,302</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">OZLM VII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.88%, 07/17/2026<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,750,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,389,728</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">OZLM XI, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.29%, 01/30/2027<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,776,098</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">OZLM XIV, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.03%, 01/15/2029<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,236,304</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Steele Creek CLO 2014-1, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.21%, 08/21/2026<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,450,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,263,327</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">THL Credit Wind River <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2015-2 CLO, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.58%, 10/15/2027<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,619,904</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">THL Credit Wind River <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2016-1 CLO, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.22%, 07/15/2028<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,488,817</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>14</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=15,FOLIO='14',FILE='16-22968-1.ca',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Collateralized Loan Obligations/<BR>Collateralized Debt Obligations </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Amount</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="122" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Value</b><b><sup>(a)</sup></b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">TICP CLO III, Ltd, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.43%, 01/20/2027<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,413,148</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Venture XIII CLO, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.15%, 06/10/2025<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,327,589</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">West CLO 2013-1, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">11/07/2025</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">176,635</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">West CLO 2013-1, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.44%, 11/07/2025<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,603,775</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">WhiteHorse VII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.53%, 11/24/2025<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,857,298</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Collateralized Loan Obligations/<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Collateralized Debt Obligations <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cost: $136,341,385)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>139,112,685</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><BR>Common Stocks 1.9%</b><b><sup>(h)</sup></b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Shares</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="122" align="center" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Value</b><b><sup>(a)</sup></b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Energy: Oil &amp; Gas 1.5%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Energy &amp; Exploration Partners, LLC<sup>(d)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">402</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">153,564</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Halcon Resources Corp.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">292,519</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,618,045</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Templar Energy, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">New Class A Common Equity</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">145,457</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">872,741</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Templar Energy, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">New Preferred Equity</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">212,182</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,280,956</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>5,925,306</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Printing and Publishing 0.2%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Dex Media, Inc.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">266,744</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">586,837</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="396" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Services: Business 0.2%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Affinion Group Holdings, Inc.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">110,400</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">828,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Common Stocks <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cost: $16,550,471)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="84" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>7,340,143</b></font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Investments &#151; 146.2%<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cost: $589,207,370)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>572,757,782</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Liabilities in Excess of <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Other Assets &#151; (46.2%)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="84" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>(180,970,731</b></font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>)</b></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="182" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Assets &#151; 100.0%</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>391,787,051</b></font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Footnotes:</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(a)&nbsp;&nbsp;Investment holdings in foreign currencies are converted to U.S. Dollars using period end spot rates. All investments are in United States enterprises unless otherwise noted.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(b)&nbsp;&nbsp;Interest rates on floating rate term loans adjust periodically based upon a predetermined schedule. Stated interest rates in this schedule represents the "all-in" rate as of October 31, 2016.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(c)&nbsp;&nbsp;This position or a portion of this position represents an unsettled loan purchase. The interest rate will be determined at the time of settlement and will be based upon the London-Interbank Offered Rate ("LIBOR" or "L") or the applicable LIBOR floor plus a spread which was determined at the time of purchase.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(d)&nbsp;&nbsp;Security valued at fair value using methods determined in good faith by or under the direction of the board of directors.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(e)&nbsp;&nbsp;Reported net of unfunded commitments, reduced by any upfront payments received if purchased at a discount, see Note 2.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(f)&nbsp;&nbsp;Variable rate coupon rate shown as of October 31, 2016.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(g)&nbsp;&nbsp;See Note 4 regarding defaulted securities.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(h)&nbsp;&nbsp;Non-income producing security.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">&nbsp;&nbsp;As of October 31, 2016, the aggregate cost of securities for Federal income tax purposes was $589,426,950. <BR>Unrealized appreciation and depreciation on investments for Federal income tax purposes were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="116" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Gross unrealized appreciation</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">15,924,667</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="116" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Gross unrealized depreciation</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(32,593,835</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="116" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net unrealized depreciation</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(16,669,168</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>15</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=16,FOLIO='15',FILE='16-22968-1.ca',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Abbreviations:</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">144A&nbsp;&nbsp;Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">CLO&nbsp;&nbsp;Collateralized Loan Obligation</font></p>
<p style="margin:6.5pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Currencies:</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">&euro;</font><font face="Arial, Helvetica" style="font-size:8pt;">&nbsp;&nbsp;Euro Currency</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">&pound;&nbsp;&nbsp;British Pounds</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">$&nbsp;&nbsp;U.S. Dollars</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>16</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=17,FOLIO='16',FILE='16-22968-1.ca',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">
<!-- Document name: 16-22968-1.ea-->
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Statement of Assets and Liabilities</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="397" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Assets:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="291" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Investments, at value (cost $589,207,370)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$572,757,782</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="291" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Cash</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">8,287,049</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="291" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Cash denominated in foreign currency, at value (cost $359,424)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">358,796</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="291" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Receivable for securities sold</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">6,362,728</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="291" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Interest and principal receivable</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">6,210,565</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="291" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Deferred debt issuance costs</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">113,069</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="291" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Total assets</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">594,089,989</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="397" bgcolor="#cceeff" align="left" valign="bottom" style="padding:16.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Liabilities:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="291" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Line of credit outstanding</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">168,027,371</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="291" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable for securities purchased</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">33,335,502</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="291" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable for investment advisory fees</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">480,391</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="291" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable for interest expense</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">177,675</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="291" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable for commitment fee</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">51,549</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="291" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable for investor support fees</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">48,044</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="291" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable for administration, custodian, and transfer agent fees</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,843</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="291" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Accrued expenses and other payables</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">177,563</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="291" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Total liabilities</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">202,302,938</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="291" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net assets</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>391,787,051</b></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="397" align="left" valign="bottom" style="padding:16.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net assets consist of:</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="291" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Paid-in capital</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$445,066,437</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="291" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Distributions in excess of net investment income</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(222,899)</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="291" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Accumulated net realized losses on investments and foreign currency</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(38,680,505)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="291" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net unrealized depreciation on investments and foreign currency</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(14,375,982)</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="291" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net assets</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>391,787,051</b></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="397" align="left" valign="bottom" style="padding:16.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Common shares:</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="291" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Shares outstanding (authorized 1 billion shares of each Fund of $0.001 par value)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">22,991,775</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="291" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net asset value per share</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$17.04</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>17</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=18,FOLIO='17',FILE='16-22968-1.ea',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Statement of Operations</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">For the year ended October 31, 2016</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="406" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Investment income:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="295" align="left" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Interest</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="23" align="right" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">39,450,462</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="406" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Expenses:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="295" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Investment advisory fees (Note 6)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,348,639</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="295" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Interest expense (Note 5)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,049,876</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="295" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Administrative services of the adviser (Note 6)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">910,555</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="295" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Legal fees</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">558,143</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="295" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Investor support fees (Note 6)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">534,864</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="295" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Administration, custodian and transfer agent fees (Note 6)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">420,017</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="295" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Insurance expense</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">311,001</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="295" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Amortization of debt issuance cost (Note 5)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">261,354</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="295" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Audit fees</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">157,772</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="295" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Directors fees</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">152,692</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="295" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Commitment fee (Note 5)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">104,359</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="295" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Printing expense</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">95,176</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="295" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Other expenses</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">80,292</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="295" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Total expenses</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">10,984,740</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="295" align="left" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net investment income</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">28,465,722</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="406" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net realized and net change in unrealized gain (loss) on investments and foreign currency</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="295" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net realized loss on investments</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(32,491,932</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="295" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net realized gain on foreign currency</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,486,956</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="295" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net change in unrealized appreciation (depreciation) on investments</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">32,452,035</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="295" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net change in unrealized appreciation (depreciation) on foreign currency</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(3,652,603</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="295" align="left" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net realized and net change in unrealized gain on investments and foreign currency</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,794,456</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="295" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net increase in net assets resulting from operations</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="23" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>30,260,178</b></font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>18</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=19,FOLIO='18',FILE='16-22968-1.ea',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Statement of Changes in Net Assets</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="315" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="135" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>October 31, 2016</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="135" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>October 31, 2015</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="593" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Increase (decrease) in net assets from operations:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="315" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net investment income</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">28,465,722</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">21,316,206</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="315" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net realized loss on investments and foreign currency</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(27,004,976</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(9,724,463</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="315" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net change in unrealized appreciation (depreciation) on investments and foreign currency</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">28,799,432</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(18,733,928</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="315" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net increase (decrease) in net assets resulting from operations</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">30,260,178</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(7,142,185</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="593" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Distributions to shareholders from:</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="315" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net investment income</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(28,847,985</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(24,213,323</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="315" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net realized gains</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(1,309,683</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="315" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Return of capital</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(1,305,942</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(55,818</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="315" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Total distributions</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(30,153,927</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(25,578,824</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="315" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Increase (decrease) in net assets from operations and distributions</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">106,251</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(32,721,009</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="593" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Share transactions:</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="315" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Proceeds of shares issued in connection with fund merger</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">109,397,217</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="315" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Cost of shares repurchased (Note 4)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(6,363,294</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="315" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net increase (decrease) from share transactions</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(6,363,294</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">109,397,217</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="315" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Total increase (decrease) in net assets</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(6,257,043</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">76,676,208</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="315" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net Assets, beginning of period</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">398,044,094</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">321,367,886</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="315" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Assets, end of period</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>391,787,051</b></font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>398,044,094</b></font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="315" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Distributions in excess of net investment income</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(222,899</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(250,896</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>19</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=20,FOLIO='19',FILE='16-22968-1.ea',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Statement of Cash Flows</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">For the year ended October 31, 2016</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="362" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Operating activities:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Increase in net assets resulting from operations</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">30,260,178</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="362" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Adjustments to reconcile increase in net assets resulting from operations to net cash provided by <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">operating activities:</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Purchases of investments</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(551,282,115</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Proceeds from the sale of investments</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">561,872,573</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Amortization and accretion of discounts and premiums, net</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">457,636</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net realized loss on investments</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">32,491,932</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net realized gain on foreign currency</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(5,486,956</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net change in unrealized (appreciation) depreciation on investments</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(32,452,035</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net change in unrealized (appreciation) depreciation on foreign currency</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,652,603</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="362" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Changes in operating assets and liabilities:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Interest and principal receivable</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,008,887</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Prepaid expenses</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">33,147</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Deferred debt issuance costs</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">83,351</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable for investment advisory fees</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(3,801</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable for interest expense</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">17,550</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable for investor support fees</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(380</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable for commitment fee</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">46,284</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable for administration, custodian and transfer agent fees</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(17,656</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Accrued expenses and other payables</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(99,202</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net cash provided by operating activities</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">40,581,996</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="362" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Financing activities:</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Borrowings on line of credit</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">151,788,371</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Paydowns of line of credit</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(152,745,093</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Cost of shares redeemed</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(6,363,294</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Distributions paid to common shareholders</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(30,153,927</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net cash used in financing activities</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(37,473,943</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Effect of exchange rate changes on cash</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,834,353</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net increase in cash</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,942,406</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="362" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Cash:</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Beginning of period</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,703,439</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">End of period</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">8,645,845</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="362" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Supplemental disclosure of cash flow information:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Cash paid during the period for interest</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,032,326</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>20</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=21,FOLIO='20',FILE='16-22968-1.ea',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">
<!-- Document name: 16-22968-1.fa-->
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Financial Highlights</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="189" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="146" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>For the<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>October 31, 2016</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="140" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>For the<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>October 31, 2015</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="138" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>For the<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>October 31, 2014</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="161" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>For the<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Period Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>October 31, 2013</b><b><sup>(a)</sup></b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="798" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Per share data:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net asset value, beginning of period</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">16.95</font></p></td>
<td colspan="1" width="30" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">18.72</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">19.43</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">19.10</font></p></td>
<td colspan="1" width="32" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="798" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Income from investment operations:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net investment income</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.23</font></p></td>
<td colspan="1" width="30" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.21</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.24</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.09</font></p></td>
<td colspan="1" width="32" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net realized and net change in unrealized gain (loss)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">0.16</font></p></td>
<td colspan="1" width="30" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(1.58</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(0.55</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">0.45</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Total income from investment operations</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.39</font></p></td>
<td colspan="1" width="30" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(0.37</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">0.69</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.54</font></p></td>
<td colspan="1" width="32" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="798" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Less distributions declared to shareholders:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">From net investment income</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(1.23</font></p></td>
<td colspan="1" width="30" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(1.33</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(1.40</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(1.17</font></p></td>
<td colspan="1" width="32" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">From net realized gains</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="30" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(0.07</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">From return of capital</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(0.07</font></p></td>
<td colspan="1" width="30" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>(b)</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="32" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Total distributions declared to shareholders</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(1.30</font></p></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(1.40</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(1.40</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(1.17</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="798" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Capital share transactions:</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Common share offering costs charged to paid-in <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">capital</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="30" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(0.04</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net asset value common shares, end of period</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">17.04</font></p></td>
<td colspan="1" width="30" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">16.95</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">18.72</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">19.43</font></p></td>
<td colspan="1" width="32" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Market value common shares, end of period</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">14.70</font></p></td>
<td colspan="1" width="30" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">14.37</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">16.86</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">18.05</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net asset value total return<sup>(c)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">8.98</font></p></td>
<td colspan="1" width="30" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(2.11</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3.54</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">8.04</font></p></td>
<td colspan="1" width="32" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%<sup>(d)</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Market value total return<sup>(e)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">12.47</font></p></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(6.74</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.02</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(4.03</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)%<sup>(d)</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="798" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Ratios to average net assets/supplemental data:</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net assets, end of period (in 000's)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">391,787</font></p></td>
<td colspan="1" width="30" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">398,044</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">321,368</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">333,526</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Expenses, inclusive of interest expense and <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">amortization of debt issuance costs</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2.96</font></p></td>
<td colspan="1" width="30" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2.83</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2.58</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2.18</font></p></td>
<td colspan="1" width="32" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%<sup>(d)</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Expenses, exclusive of interest expense and <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">amortization of debt issuance costs</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2.34</font></p></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2.39</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.97</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.74</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%<sup>(d)</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net investment income</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">7.68</font></p></td>
<td colspan="1" width="30" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">6.51</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">6.40</font></p></td>
<td colspan="1" width="22" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5.74</font></p></td>
<td colspan="1" width="32" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%<sup>(d)</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="189" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Portfolio turnover rate</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">92.30</font></p></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%<sup>(d)</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">89.67</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">96.01</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="108" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">189.46</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%<sup>(d)</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:9pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(a)&nbsp;&nbsp;For the period from November 27, 2012 (commencement of operations) to October 31, 2013.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(b)&nbsp;&nbsp;Less than 0.005.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(c)&nbsp;&nbsp;Based on net asset value per share. Distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund's Dividend Reinvestment Plan. Total Return is not annualized for periods less than one year.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(d)&nbsp;&nbsp;Not annualized.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(e)&nbsp;&nbsp;Based on market value per share (beginning market value common shares $20.00). Distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund's Dividend Reinvestment Plan. Total Return is not annualized for periods less than one year.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>21</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=22,FOLIO='21',FILE='16-22968-1.fa',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">
<!-- Document name: 16-22968-1.ga-->
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>(1) Organization</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc. (NYSE: ARDC) ("ARDC" or "Fund") is a corporation incorporated under the laws of the State of Maryland and registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "Investment Company Act''), as a closed-end, non-diversified, management investment company, and intends to qualify each year to be treated as a Regulated Investment Company ("RIC"), under Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund commenced operations on November 27, 2012. Ares Capital Management II LLC (the "Adviser'') was registered as a Registered Investment Adviser with the SEC on June 9, 2011 and serves as the investment adviser to the Fund.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Investment Objective and Policies</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund's investment objective is to seek an attractive risk adjusted level of total return, primarily through current income and, secondarily, through capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in a broad, dynamically managed portfolio of (i) senior secured loans ("Senior Loans") made primarily to companies whose debt is rated below investment grade, (ii) corporate bonds ("Corporate Bonds") that are primarily high yield issues rated below investment grade, (iii) other fixed-income instruments of a similar nature that may be represented by derivatives, and (iv) securities issued by entities commonly referred to as collateralized loan obligations ("CLOs") and other asset-backed securities. The Fund's investments in CLOs include investments in subordinated tranches of CLO securities. The Adviser will dynamically allocate the Fund's portfolio among investments in the various targeted credit markets, to seek to manage interest rate and credit risk and the duration of the Fund's portfolio.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>(2) Significant Accounting Policies</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Basis of Presentation</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The accompanying financial statements have been prepared on an accrual basis of accounting in conformity with U.S. generally accepted accounting principles ("GAAP"), and include the accounts of the Fund. The Fund is an investment company following accounting and reporting guidance in Financial Accounting Standards ("FASB") Accounting Standards Codification ("ASC") Topic 946, </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Financial Services &#151; Investment Companies</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">. The Advisor makes estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results may differ from those estimates and such differences may be material.</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Investments Valuation</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">All investments in securities are recorded at their estimated fair value, as described in Note 3.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Revolving loan, bridge loan and delayed draw term loan agreements</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">For investment purposes, the Fund has entered into certain loan commitments which may include revolving loan, bridge loan, partially unfunded term loan and delayed draw term loan commitments ("unfunded loan commitments"). Unfunded loan commitments purchased at a discount/premium may include cash received/paid for the amounts representing such discounts/premiums. Unfunded loan commitments are agreements to participate in the lending of up to a specified maximum amount for a specified period. As of October 31, 2016, the fair value of loans disclosed in the Schedule of Investments does not include unfunded loan commitments, which total $3,607,898.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Interest Income</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Interest income is recorded on the accrual basis to the extent that such amounts are expected to be collected, and adjusted for accretion of discounts and amortization of premiums. The Fund may have investments that contain payment-in-kind ("PIK") provisions. The PIK interest, computed at the contractual rate specified, is added to the principal balance and adjusted cost of the investments and recorded as interest income. The PIK interest for the year ended October 31, 2016 was $36,456 recorded as interest income.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Discounts and Premiums</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Discounts and premiums on securities purchased are accreted/amortized over the life of the respective security using the effective interest method. The adjusted cost of investments represents the original cost adjusted for PIK interest and the accretion of discounts and amortization of premiums.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Investment Transactions, Related Investment Income and Expenses</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Investment transactions are accounted for on the trade date. Interest income, adjusted for amortization of premiums and accretion of discounts on investments, is earned from settlement date and is recorded on the accrual basis. Realized gains and losses are reported on the specific identification method. Expenses are recorded on the accrual basis as incurred.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Foreign Currency Transactions</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other </font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>22</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=23,FOLIO='22',FILE='16-22968-1.ga',USER='sholt',CD='Dec 30 17:27 2016' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the date of valuation; and (ii) purchases and sales of investments and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on transaction dates.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund does not isolate that portion of the results of operations resulting from the changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the net realized and unrealized gain on investments in the Statements of Operations.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates of securities transactions, and the difference between the amounts of income and expense items recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from the changes in fair values of assets and liabilities, other than investments in securities at year end, resulting from changes in exchange rates.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Investments in foreign companies and securities of foreign governments may involve special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. government. These risks include, among other things, revaluation of currencies, less reliable information about issuers, different transaction clearance and settlement practices, and potential future adverse political and economic developments. Moreover, investments in foreign companies and securities of foreign governments and their markets may be less liquid and their prices more volatile than those of comparable U.S. companies and the U.S. government.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Dividends to Shareholders</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund intends to make regular monthly cash distributions of all or a portion of its net investment income available to common shareholders. The Fund intends to pay common shareholders at least annually all or substantially all of its net investment income. The Fund intends to pay any capital gains distributions at least annually. Dividends to shareholders are recorded on the ex-dividend date.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The distributions for any full or partial year might not be made in equal amounts, and one distribution may be larger than another. The Fund will make distributions only if authorized by its board of directors and declared by the Fund out of assets legally available for these distributions. The Fund may pay a special distribution at the end of each calendar year. This </font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">distribution policy may, under certain circumstances, have certain adverse consequences to the Fund and its shareholders because it may result in a return of capital to shareholders, which would reduce the Fund's net asset value and, over time, potentially increase the Fund's expense ratios. If the Fund distributes a return of capital, it means that the Fund is returning to shareholders a portion of their investment rather than making a distribution that is funded from the Fund's earned income or other profits. The board of directors may elect to change the Fund's distribution policy at any time.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Commitments</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In the normal course of business, the Fund's investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, dealers and the Fund's custodian. These activities may expose the Fund to risk in the event that such parties are unable to fulfill contractual obligations. Management does not anticipate any material losses from counterparties with whom it conducts business. Consistent with standard business practice, the Fund enters into contracts that contain a variety of indemnifications, and is engaged from time to time in various legal actions. The maximum exposure of the Fund under these arrangements and activities is unknown. However, the Fund expects the risk of material loss to be remote.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Income Taxes</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund intends to distribute all or substantially all of its taxable income and to comply with the other requirements of Subchapter M of the U.S. Internal Revenue Code of 1986, as amended, applicable to RICs. Accordingly, no provision for U.S. federal income taxes is required.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund may elect to incur an excise tax if it is deemed prudent by its board of directors from a cash management perspective or in the best interest of shareholders due to other facts and circumstances. For the twelve months ended December 31, 2015, the Fund did not pay U.S. federal excise taxes.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">As of October 31, 2016, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Net investment income and net realized gains and losses may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to differing treatments for foreign currency gains and losses, defaulted bonds, paydown </font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>23</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=24,FOLIO='23',FILE='16-22968-1.ga',USER='sholt',CD='Dec 30 17:27 2016' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">gains and losses, losses due to wash sales, QEF income and capital gains and consent fees. To the extent these differences are permanent, reclassifications are made to the appropriate capital accounts in the fiscal period that the differences arise. On the Statement of Assets and Liabilities, the following reclassifications were made:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="172" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="139" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2016</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="172" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Undistributed net investment income</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="100" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,716,202</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="172" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Accumulated net realized gain/(loss)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="100" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(465,289</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="172" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Additional paid-in capital/(reduction)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="100" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(1,250,913</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The character of distributions made during the fiscal period from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period in which amounts are distributed may differ from the fiscal period that the income or realized gains or losses were recorded by the Fund.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The character of distributions paid during the fiscal years ended October 31, 2016 and 2015 were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="128" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2016</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2015</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="128" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ordinary income</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">28,847,985</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">24,213,323</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="128" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Capital gain</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,309,683</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="128" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Return of capital</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,305,942</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">55,818</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">As of October 31, 2016, the components of accumulated earnings (deficit) on a tax basis were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="172" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="139" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>2016</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="172" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Undistributed ordinary income</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="100" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="172" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Undistributed capital gains</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="100" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="172" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Accumulated capital and other losses</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="100" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(38,460,925</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="172" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Other undistributed ordinary losses</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="100" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="172" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net unrealized depreciation</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="100" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(14,595,562</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">At October 31, 2016, the Fund had capital loss carryovers as indicated below. The capital loss carryovers are available to offset future realized capital gains to the extent provided in the Code and regulations promulgated thereunder. Capital loss carryovers may be limited under IRS section 382.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="172" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>No Expiration Short-Term</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="139" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>No Expiration Long-Term</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="143" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">3,062,448</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="100" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">35,398,477</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">During the year ended October 31, 2016, the Fund did not utilize capital loss carryforwards.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The FASB, Accounting Standards Codification 740, Income Taxes (ASC 740), provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. The Fund has evaluated the implications of ASC 740 for all open tax years, and has determined there is no impact to the Fund's financial </font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">statements as of the year ended October 31, 2016. The Fund's federal and state income returns for which the applicable statutes of limitations have not expired (2013, 2014, 2015) remain subject to examination by the Internal Revenue Service and states department of revenue.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">All penalties and interest associated with income taxes, if any, are included in other expenses in the Statement of Operations. There were no penalties and interest incurred by the Fund for the current fiscal year.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Recently Issued Accounting Pronouncements</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">On October 13, 2016 the SEC amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to Regulation S-X which sets forth the form and content of financial statements. At this time, management is evaluating the implications of adopting these amendments and their potential impact on the financial statements and accompanying notes.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-03, "</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Interest-Imputation of Interest</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">" (Subtopic 835-30), which provides guidance simplifying the presentation of debt issuance costs. The amendments require that debt issuance costs related to recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the new guidance. In addition, in August 2015, the FASB issued ASU No. 2015-15, "</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Interest-Imputation of Interest</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">" (Subtopic 835-30). The additional guidance reiterates that the SEC would not object to an entity deferring and presenting debt issuance costs related to a line of credit arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line of credit arrangement, regardless of whether there are any outstanding borrowings. The amendments are effective for annual reporting periods, including interim periods within those reporting period beginning after December 15, 2015, and early adoption is permitted. The guidance is to be applied on a retrospective basis and accounted for a change in accounting principle.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In May 2014, the FASB issued ASU No. 2014-09, "</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Revenue from Contracts with Customers</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> (Topic 606)." The guidance in Topic 606 supersedes the revenue recognition requirement in Topic 605 "Revenue Recognition." Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In March 2016, the FASB issued ASU No. 2016-08, "</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Revenue </i></font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>24</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=25,FOLIO='24',FILE='16-22968-1.ga',USER='sholt',CD='Dec 30 17:27 2016' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>from Contracts with Customers</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> (Topic 606): Principal versus Agent Considerations," which clarifies the guidance in ASU No. 2014-09. In April 2016, the FASB issued ASU No. 2016-10, "Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing," an update on identifying performance obligations and accounting for licenses of intellectual property. Additionally, in May 2016, the FASB issued ASU No. 2016-12, "</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Revenue from Contracts with Customers</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> (Topic 606): Narrow-Scope Improvements and Practical Expedients," which includes amendments for enhanced clarification of the guidance. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within the reporting period. The amendments are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. While management is still assessing the potential impact of this update, it is not expected to be material to the Fund's financial statements.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>(3) Investments</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Fair Value Measurements</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund follows the provisions of Fair Value Measurements and Disclosures under U.S. GAAP, which among other matters, requires enhanced disclosures about investments that are measured and reported at fair value. This standard defines fair value and establishes a hierarchal disclosure framework, which prioritizes and ranks the level of market price observability used in measuring investments at fair value and expands disclosures about assets and liabilities measured at fair value. The hierarchal disclosure framework establishes a three-tier hierarchy to maximize the use of observable data and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;Level 1 &#151; Valuations based on quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;Level 2 &#151; Valuations based on quoted prices in markets that are not active or which all significant inputs are observable either directly or indirectly (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;Level 3 &#151; Valuations based on inputs that are unobservable and significant to the overall fair value measurement (including a single broker quote or the Fund's own assumptions in determining the fair value of investments)</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The fair value of the Fund's investments are primarily estimated based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs. The Fund's custodian obtains prices from independent pricing services based on an authorized pricing matrix as approved by the Fund's board of directors. The Adviser has internal controls in place that support its reliance on information received from third-party pricing sources. For any security, if market or dealer quotations are not readily available, or if the Adviser determines that a quotation of a security does not represent a fair value, then the security is valued at a fair value as determined in good faith by the Adviser and will be classified as Level 3. In such instances, the Adviser will use valuation techniques consistent with the market or income approach to measure fair value and will give consideration to all factors which might reasonably affect the fair value. The Adviser is responsible for all inputs and assumptions related to the pricing of securities. As part of its internal controls, the Adviser obtains, reviews and tests information to corroborate prices received from third-party pricing sources. The main inputs into the Adviser's valuation model for these Level 3 securities include earnings multiples (based on the historical earnings of the issuer) and discounted cash flows. The Adviser may also consider original transaction price, recent transactions in the same or similar instruments and completed third-party transactions in comparable instruments as well as other liquidity, credit and market risk factors. Models will be adjusted as deemed necessary by the Adviser.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Bank loans and corporate debts:</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> The fair value of bank loans and corporate debt is estimated based on quoted market prices, forward foreign exchange rates, dealer quotations or alternative pricing sources supported by observable inputs and are generally classified within Level 2 or 3. The Adviser obtains prices from independent pricing services which generally utilize broker quotes and may use various other pricing techniques which take into account appropriate factors </font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>25</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=26,FOLIO='25',FILE='16-22968-1.ga',USER='sholt',CD='Dec 30 17:27 2016' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. If the pricing services are only able to obtain a single broker quote or utilize a pricing model the securities will be classified as Level 3. If the pricing services are unable to provide prices, the Adviser will attempt to obtain one or more broker quotes directly from a dealer and price such securities at the last bid price obtained; such securities are classified as Level 3.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Collateralized loan obligations:</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> The fair value of CLOs is estimated based on various valuation models of third-party pricing services as well as internal models. The valuation models generally utilize discounted cash flows and take into consideration prepayment and loss assumptions, based on historical experience and projected performance, economic factors, the characteristics and condition of the underlying collateral, comparable yields for similar securities and recent trading activity. These securities are classified as Level 3.</font></p>
<p style="margin:0pt 0pt 9pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The following is a summary of the inputs used as of October 31, 2016, in valuing the Fund's investments carried at fair value:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="73" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Level 1 &#151; <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Quoted <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Prices ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Level 2 &#151; <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Other <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Significant <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Observable <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Inputs ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Level 3 &#151; <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Significant <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Unobservable <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Inputs ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Total ($)</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Floating Rate <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loans</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">167,510,120</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">16,689,470</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">184,199,590</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Corporate <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Bonds</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">238,686,738</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,418,626</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">242,105,364</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Collateralized <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Obligations/<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Collateralized <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Debt <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Obligations</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">139,112,685</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">139,112,685</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Common <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Stock</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,618,045</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,722,098</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">7,340,143</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Total <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,618,045</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">406,196,858</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">163,942,879</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">572,757,782</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The following is a reconciliation of the Fund's investments in which significant unobservable inputs (Level 3) were used in determining fair value.</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 9pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">For the year ended October 31, 2016:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="53" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:6pt;"><b>Floating <BR></b></font><font face="Arial, Helvetica" style="font-size:6pt;"><b>Rate Term <BR></b></font><font face="Arial, Helvetica" style="font-size:6pt;"><b>Loans ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="64" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:6pt;"><b>Corporate <BR></b></font><font face="Arial, Helvetica" style="font-size:6pt;"><b>Bonds ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:6pt;"><b>Collateralized <BR></b></font><font face="Arial, Helvetica" style="font-size:6pt;"><b>Loan <BR></b></font><font face="Arial, Helvetica" style="font-size:6pt;"><b>Obligations/<BR></b></font><font face="Arial, Helvetica" style="font-size:6pt;"><b>Collateralized <BR></b></font><font face="Arial, Helvetica" style="font-size:6pt;"><b>Debt <BR></b></font><font face="Arial, Helvetica" style="font-size:6pt;"><b>Obligations <BR></b></font><font face="Arial, Helvetica" style="font-size:6pt;"><b>($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:6pt;"><b>Common <BR></b></font><font face="Arial, Helvetica" style="font-size:6pt;"><b>Stock ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:6pt;"><b>Total ($)</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="53" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:6pt;">Balance as of <BR></font><font face="Arial, Helvetica" style="font-size:6pt;">10/31/15</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">18,371,397</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">115,761,300</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">&#151;</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">134,132,697</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="53" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:6pt;">Purchases<sup>(a)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">10,179,677</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">47,066,030</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">13,937,812</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">71,183,519</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="53" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:6pt;">Sales<sup>(b)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">(10,561,474</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">(27,975,968</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">(550,664</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">(39,088,106</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="53" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:6pt;">Net realized <BR></font><font face="Arial, Helvetica" style="font-size:6pt;">and unrealized<BR></font><font face="Arial, Helvetica" style="font-size:6pt;">gains (losses)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">(1,190,640</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">3,367,032</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">(8,665,050</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">(6,488,658</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="53" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:6pt;">Accrued <BR></font><font face="Arial, Helvetica" style="font-size:6pt;">discounts/<BR></font><font face="Arial, Helvetica" style="font-size:6pt;">(premiums)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">40,686</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">894,291</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">&#151;</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">934,977</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="53" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:6pt;">Transfers in <BR></font><font face="Arial, Helvetica" style="font-size:6pt;">to Level 3</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">4,477,501</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">3,418,626</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">&#151;</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">&#151;</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">7,896,127</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="53" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:6pt;">Transfers out <BR></font><font face="Arial, Helvetica" style="font-size:6pt;">of Level 3</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">(4,627,677</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">&#151;</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">&#151;</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">(4,627,677</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="53" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:6pt;">Balance as of <BR></font><font face="Arial, Helvetica" style="font-size:6pt;">10/31/16</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">16,689,470</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">3,418,626</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">139,112,685</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">4,722,098</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">163,942,879</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="53" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:6pt;">Net change <BR></font><font face="Arial, Helvetica" style="font-size:6pt;">in unrealized <BR></font><font face="Arial, Helvetica" style="font-size:6pt;">appreciation/<BR></font><font face="Arial, Helvetica" style="font-size:6pt;">(depreciation) <BR></font><font face="Arial, Helvetica" style="font-size:6pt;">from <BR></font><font face="Arial, Helvetica" style="font-size:6pt;">Investments <BR></font><font face="Arial, Helvetica" style="font-size:6pt;">held as of <BR></font><font face="Arial, Helvetica" style="font-size:6pt;">10/31/16</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">(826,698</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="48" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">6,894,809</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">(8,665,050</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="56" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">(2,596,939</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:6pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">Investments were transferred into and out of Level 3 and into and out of Level 2 during the year ended October 31, 2016 due to changes in the quantity and quality of information obtained to support the fair value of each investment as assessed by the Adviser.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(a) Purchases include payment-in-kind interest and securities received from restructure.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(b) Sales include principal redemptions.</font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>26</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=27,FOLIO='26',FILE='16-22968-1.ga',USER='sholt',CD='Dec 30 17:27 2016' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 9pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The valuation techniques used by the Adviser to measure fair value as of October 31, 2016 maximized the use of observable inputs and minimized the use of unobservable inputs. The valuation techniques and significant amounts of unobservable inputs used in the valuation of the Fund's Level 3 securities are outlined in the table below.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="73" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Fair Value<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Valuation <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Technique</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Unobservable <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Inputs</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Range</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="19" width="422" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Assets <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Investments in securities</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Floating Rate <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loans<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="65" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">16,055,851<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Broker quotes <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">and/or 3rd <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">party pricing <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">services</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="65" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">N/A<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="65" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">N/A<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">241,687<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Market<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Approach <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Other)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">N/A<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">N/A<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="65" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">391,932<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Market<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Approach<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Other)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">WITI Oil Price; <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">PV Discount<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Rate</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="65" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">N/A<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">&#151;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Recent <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Transaction<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Price</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">N/A<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">N/A<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Total<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Floating<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Rate Loans</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
</td>
<td colspan="1" width="65" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">16,689,470<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Corporate Bonds<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">3,418,626<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Broker quotes <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">and/or 3rd <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">party pricing <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">services</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">N/A<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">N/A<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Collateralized<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan Obligation/<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Collateralized<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Debt Obligation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="65" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">137,355,185<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Broker quotes <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">and/or 3rd <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">party pricing <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">services</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="65" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">N/A<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="65" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">N/A<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">1,757,500<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Recent <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Transaction<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Price</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">N/A<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">N/A<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Total <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Collateralized <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan Obligation/<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Collateralized <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Debt Obligation</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
</td>
<td colspan="1" width="65" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">139,112,685<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Common Stock<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">4,568,534<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Broker quotes <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">and/or 3rd <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">party pricing <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">services</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">N/A<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">N/A<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="65" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">153,564<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Market <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Approach<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Other)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">WITI Oil Price; <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">PV Discount <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Rate</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="65" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">N/A<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Total Common <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Stock</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">4,722,098<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="81" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="81" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Total Level 3 <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
</td>
<td colspan="1" width="65" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><BR></font><font face="Arial, Helvetica" style="font-size:8pt;">163,942,879</font></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="82" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> &nbsp;</font></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">There were no transfers between Level 1 and 2 during the period. It is the Fund's policy to recognize transfers into and out of all levels at the end of the reporting period.</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>(4) Common Stock</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Common share transactions were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="128" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="211" align="center" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Year Ended October 31, 2016</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="128" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Shares</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="104" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Amount ($)</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="128" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Common shares outstanding &#151; <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">beginning of year</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">23,481,158</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">436,586,674</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="128" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Common shares repurchased &#151; <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">shares repurchase plan</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(489,383</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(6,363,294</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="128" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Common shares outstanding &#151; <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">end of year</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">22,991,775</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">430,223,380</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The board has authorized the repurchase of shares of the Fund's outstanding common stock on the open market at the fund management's discretion when shares of the common stock are trading on the NYSE at a discount of 10% or more (or such other percentage as the board may determine from time to time) from the net asset value of the shares. The Fund is not required to effect common share repurchases. Any such purchases of Fund shares of common stock may not materially impact the discount of the market price of the Fund's shares of common stock relative to their net asset value and any narrowing of this discount that does result may not be maintained.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>(5) Credit Facility</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">On September 30, 2016, the Fund amended its expiring credit agreement with State Street Bank and Trust Company (the "Lender") in which the Lender agreed to make loans to the Fund up to $212 million, under a revolving credit facility (the "Credit Facility") secured by certain assets of the Fund. Effective September 30, 2016, loans under the Credit Facility generally bear interest at the applicable LIBOR rate plus 0.95%. Prior to September 30, 2016, interest was charged at the applicable LIBOR rate plus 0.85%. The interest expense for the year ended October 31, 2016 was $2,049,876 for the Fund. Unused portions of the Credit Facility will accrue a commitment fee equal to an annual rate of 0.15% if 80% of the Credit Facility is utilized or 0.25% if less than 80% of the Credit Facility is utilized. Prior to September 30, 2016, the unused commitment fee was equity to an annual rate of 0.10% if 80% of the Credit Facility was utilized or 0.25% if less than 80% of the Credit Facility was utilized. The unused commitment fee for the year ended October 31, 2016 was $104,359 for the Fund. Debt issuance costs including related legal expenses incurred by the Fund in connection with the Credit Facility are deferred and are amortized on an effective yield method over the term of the Credit Facility. These amounts are included in the Statements of Operations as amortization of debt issuance cost. The fair value of the Fund's borrowings under the Credit Facility approximates the carrying amount presented in the accompanying Statements of </font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>27</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=28,FOLIO='27',FILE='16-22968-1.ga',USER='sholt',CD='Dec 30 17:27 2016' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Assets and Liabilities based on a yield analysis and remaining maturity for which the Fund has determined would be categorized as Level 2 in the fair value hierarchy.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The weighted average outstanding daily balance of all loans during the period from November 1, 2015 to October 31, 2016 was approximately $164,462,040 with an average borrowing cost of 2.63%. As of October 31, 2016, the amount outstanding under the Credit Facility was $168,027,371. The Credit Facility maturity date is October 2, 2018. As of October 31, 2016, the Fund was in compliance in all material respects with the terms of the Credit Facility.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Under the Investment Company Act, the Fund is not permitted to incur indebtedness, including through the issuance of debt securities, unless immediately thereafter the Fund will have an asset coverage of at least 300%. In general, the term "asset coverage" for this purpose means the ratio which the value of the total assets of the Fund, less all liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of senior securities representing indebtedness of the Fund. In addition, the Fund may be limited in its ability to declare any cash distribution on its capital stock or purchase its capital stock unless, at the time of such declaration or purchase, the Fund has an asset coverage (on its indebtedness) of at least 300% after deducting the amount of such distribution or purchase price, as applicable. For non-public indebtedness issued by the Fund (for example, the Credit Facility), the Fund may be able to continue to pay distributions on its capital stock or purchase its capital stock even if the asset coverage ratio on its indebtedness falls below 300%.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>(6) Investment Advisory and Other Agreements</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Adviser is an affiliate of Ares Management, L.P. ("Ares") and leverages Ares' entire investment platform and benefits from the significant capital markets, trading and research expertise of all of Ares' investment professionals.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Adviser provides certain investment advisory and administrative services to the Fund pursuant to the investment advisory agreement with the Fund ("Investment Advisory Agreement"). Pursuant to its Investment Advisory Agreement, the Fund has agreed to pay the Adviser a management fee at an annual rate of 1.00% of the average daily value of the Fund's Managed Assets. "Managed Assets" means the total assets of the Fund (including any assets attributable to any preferred shares that may be issued or to indebtedness) minus the Fund's liabilities other than liabilities relating to indebtedness. The management fees incurred for the year ended October 31, 2016 were $5,348,639 for the Fund.</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In addition to advisory services, the Adviser and its affiliates provide certain administrative services to the Fund at the Fund's request. Under the Investment Advisory Agreement, the Adviser may seek reimbursement from the Fund for the costs of these administrative services provided to the Fund by the Adviser and its affiliates. The Fund reimbursed the Adviser for administrative costs, resulting in reimbursements by the Fund of $910,555 to the Adviser for the year ended October 31, 2016.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund has engaged State Street Bank and Trust Company ("State Street") to serve as the Fund's administrator, custodian and transfer agent. Under the service agreements between State Street and the Fund, State Street provides certain administrative services necessary for the operation of the Fund. Such services include maintaining certain Fund books and records, providing accounting and tax services and preparing certain regulatory filings. State Street also performs custodial, fund accounting and portfolio accounting services, as well as transfer agency and dividend paying services with respect to the common shares. The Fund pays State Street for these services. The total expenses incurred for the year ended October 31, 2016 were $420,017 for the Fund.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund has retained Destra Capital Investments LLC ("Destra") to provide investor support services in connection with the on-going operation of the Fund. Such services include providing ongoing contact with respect to the Fund and its performance with financial advisors that are representatives of broker-dealers and other financial intermediaries, communicating with the NYSE specialist for the Fund's common shares and with the closed-end fund analyst community regarding the Fund on a regular basis, and maintaining a website for the Fund. The Fund pays Destra 0.10% of Managed Assets for these services. The terms of this agreement continue for successive one year periods. The total expenses incurred for the year ended October 31, 2016 were $534,864 for the Fund.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>(7) Investment Transactions</b></font></p>
<p style="margin:0pt 0pt 9pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">For the year ended October 31, 2016, the cost of purchases and proceeds from sales of securities, excluding short obligations, were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="172" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Cost of Investments <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Purchased</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="139" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Proceeds from <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Investments Sold</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="143" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">508,424,767</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="100" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(493,717,783</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>(8) Defaulted Securities</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund held defaulted securities and/or other securities for which the income has been deemed uncollectible. As of October 31, 2016, the aggregate value of those securities was $55,000 representing 0.01% of the Fund's net assets. The Fund </font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>28</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=29,FOLIO='28',FILE='16-22968-1.ga',USER='sholt',CD='Dec 30 17:27 2016' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">no longer accrues income on securities for which income has been deemed uncollectible. Additionally, the Fund provides an estimate for losses on interest of receivable. Such securities have been identified on the accompanying Schedule of Investments.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>(9) Risk Factors</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Senior Loans Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Although Senior Loans are senior and typically secured in a first or second lien position in contrast to other below investment grade fixed income instruments, which are often subordinated or unsecured, the risks associated with such Senior Loans are generally similar to the risks of other below investment grade fixed income instruments. Investments in below investment grade Senior Loans are considered speculative because of the credit risk of the issuers of debt instruments (each, a "Borrower"). Such Borrowers are more likely than investment grade Borrowers to default on their payments of interest and principal owed to the Fund, and such defaults could reduce the net asset value of the common shares and income distributions. An economic downturn would generally lead to a higher non-payment rate, and a Senior Loan may lose significant market value before a default occurs. Moreover, any specific collateral used to secure a Senior Loan may decline in value or become illiquid, which would adversely affect the Senior Loan's value.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Senior Loans are subject to the risk of non-payment of scheduled interest or principal. Such non-payment would result in a reduction of income to the Fund, a reduction in the value of the investment and a potential decrease in the net asset value of the common shares. There can be no assurance that the liquidation of any collateral securing a Senior Loan would satisfy the Borrower's obligation in the event of nonpayment of scheduled interest or principal payments, whether when due or upon acceleration, or that the collateral could be liquidated, readily or otherwise. In the event of bankruptcy or insolvency of a Borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral, if any, securing a Senior Loan. The collateral securing a Senior Loan, if any, may lose all or substantially all of its value in the event of the bankruptcy or insolvency of a Borrower. Some Senior Loans are subject to the risk that a court, pursuant to fraudulent conveyance or other similar laws, could subordinate such Senior Loans to presently existing or future indebtedness of the Borrower or take other action detrimental to the holders of Senior Loans including, in certain circumstances, invalidating such Senior Loans or causing interest previously paid to be refunded to the Borrower. Additionally, a Senior Loan may be </font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">"primed" in bankruptcy, which reduces the ability of the holders of the Senior Loan to recover on the collateral.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">There may be less readily available information about most Senior Loans and the Borrowers thereunder than is the case for many other types of securities, including securities issued in transactions registered under the Securities Act of 1933, as amended (the "Securities Act") or the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Borrowers subject to the periodic reporting requirements of Section 13 of the Exchange Act. Senior Loans may be issued by companies that are not subject to SEC reporting requirements and these companies, therefore, do not file reports with the SEC that must comply with SEC form requirements and, in addition, are subject to a less stringent liability disclosure regime than companies subject to SEC reporting requirements. As a result, the Adviser will rely primarily on its own evaluation of a Borrower's credit quality rather than on any available independent sources. Consequently, the Fund will be particularly dependent on the analytical abilities of the Adviser. In certain circumstances, Senior Loans may not be deemed to be securities under certain federal securities laws, other than the Investment Company Act. Therefore, in the event of fraud or misrepresentation by a Borrower or an arranger, the Fund may not have the protection of the anti-fraud provisions of the federal securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, parties generally would rely on the contractual provisions in the Senior Loan agreement itself and common-law fraud protections under applicable state law.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The secondary trading market for Senior Loans may be less liquid than the secondary trading market for registered investment grade debt securities. No active trading market may exist for certain Senior Loans, which may make it difficult to value them. Illiquidity and adverse market conditions may mean that the Fund may not be able to sell Senior Loans quickly or at a fair price. To the extent that a secondary market does exist for certain Senior Loans, the market for them may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Senior Loans are subject to legislative risk. If legislation or state or federal regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of Senior Loans for investment by the Fund may be adversely affected. In addition, such requirements or restrictions could reduce or eliminate sources of financing for certain Borrowers. This would increase the risk of default. If legislation or federal or state regulations require financial institutions to increase their capital requirements, this may cause financial institutions to dispose </font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>29</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=30,FOLIO='29',FILE='16-22968-1.ga',USER='sholt',CD='Dec 30 17:27 2016' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">of Senior Loans that are considered highly levered transactions. If the Fund attempts to sell a Senior Loan at a time when a financial institution is engaging in such a sale, the price the Fund could receive for the Senior Loan may be adversely affected.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Subordinated Loans Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Subordinated loans generally are subject to similar risks as those associated with investments in Senior Loans, except that such loans are subordinated in payment and/or lower in lien priority to first lien holders. In the event of default on a Subordinated Loan, the first priority lien holder has first claim to the underlying collateral of the loan to the extent such claim is secured. Additionally, an over secured creditor may be entitled to additional interest and other charges in bankruptcy increasing the amount of their allowed claim. Subordinated Loans are subject to the additional risk that the cash flow of the Borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior obligations of the Borrower. This risk is generally higher for subordinated unsecured loans or debt, which are not backed by a security interest in any specific collateral. Subordinated Loans generally have greater price volatility than Senior Loans and may be less liquid.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Corporate Bond Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates. The market value of intermediate- and longer-term corporate bonds is generally more sensitive to changes in interest rates than is the market value of shorter-term corporate bonds. The market value of a corporate bond also may be affected by factors directly related to the Borrower, such as investors' perceptions of the creditworthiness of the Borrower, the Borrower's financial performance, perceptions of the Borrower in the market place, performance of management of the Borrower, the Borrower's capital structure and use of financial leverage and demand for the Borrower's goods and services. There is a risk that the Borrowers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. High yield corporate bonds are often high risk and have speculative characteristics. High yield corporate bonds may be particularly susceptible to adverse Borrower-specific developments.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>CLO Securities Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">CLOs issue securities in tranches with different payment characteristics and different credit ratings. The rated tranches of securities issued by CLOs ("CLO Securities") are generally </font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">assigned credit ratings by one or more nationally recognized statistical rating organizations. The subordinated (or residual) tranches do not receive ratings. Below investment grade tranches of CLO Securities typically experience a lower recovery, greater risk of loss or deferral or non-payment of interest than more senior tranches of the CLO.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The riskiest portion of the capital structure of a CLO is the subordinated (or residual) tranche, which bears the bulk of defaults from the loans in the CLO and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CLO typically has higher ratings and lower yields than the underlying securities, and can be rated investment grade. Despite the protection from the subordinated tranche, CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults and aversion to CLO Securities as a class. The risks of an investment in a CLO depend largely on the collateral and the tranche of the CLO in which the Fund invests.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The CLOs in which the Fund invests may have issued and sold debt tranches that will rank senior to the tranches in which the Fund invests. By their terms, such more senior tranches may entitle the holders to receive payment of interest or principal on or before the dates on which the Fund is entitled to receive payments with respect to the tranches in which the Fund invests. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a CLO, holders of more senior tranches would typically be entitled to receive payment in full before the Fund receives any distribution. After repaying such senior creditors, such CLO may not have any remaining assets to use for repaying its obligation to the Fund. In the case of tranches ranking equally with the tranches in which the Fund invests, the Fund would have to share on an equal basis any distributions with other creditors holding such securities in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant CLO. Therefore, the Fund may not receive back the full amount of its investment in a CLO.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The transaction documents relating to the issuance of CLO Securities may impose eligibility criteria on the assets of the CLO, restrict the ability of the CLO's investment manager to trade investments and impose certain portfolio-wide asset quality requirements. These criteria, restrictions and requirements may limit the ability of the CLO's investment manager to maximize returns on the CLO Securities. In addition, other parties involved in CLOs, such as third-party credit enhancers and investors in the rated tranches, may </font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>30</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=31,FOLIO='30',FILE='16-22968-1.ga',USER='sholt',CD='Dec 30 17:27 2016' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">impose requirements that have an adverse effect on the returns of the various tranches of CLO Securities. Furthermore, CLO Securities issuance transaction documents generally contain provisions that, in the event that certain tests are not met (generally interest coverage and over-collateralization tests at varying levels in the capital structure), proceeds that would otherwise be distributed to holders of a junior tranche must be diverted to pay down the senior tranches until such tests are satisfied. Failure (or increased likelihood of failure) of a CLO to make timely payments on a particular tranche will have an adverse effect on the liquidity and market value of such tranche.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Payments to holders of CLO Securities may be subject to deferral. If cash flows generated by the underlying assets are insufficient to make all current and, if applicable, deferred payments on CLO Securities, no other assets will be available for payment of the deficiency and, following realization of the underlying assets, the obligations of the Borrower of the related CLO Securities to pay such deficiency will be extinguished.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The market value of CLO Securities may be affected by, among other things, changes in the market value of the underlying assets held by the CLO, changes in the distributions on the underlying assets, defaults and recoveries on the underlying assets, capital gains and losses on the underlying assets, prepayments on underlying assets and the availability, prices and interest rate of underlying assets. Furthermore, the leveraged nature of each subordinated class may magnify the adverse impact on such class of changes in the value of the assets, changes in the distributions on the assets, defaults and recoveries on the assets, capital gains and losses on the assets, prepayment on assets and availability, price and interest rates of assets. Finally, CLO Securities are limited recourse and may not be paid in full and may be subject to up to 100% loss.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Asset-Backed Securities Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Asset-backed securities often involve risks that are different from or more acute than risks associated with other types of debt instruments. For instance, asset-backed securities may be particularly sensitive to changes in prevailing interest rates. In addition, the underlying assets are subject to prepayments that shorten the securities' weighted average maturity and may lower their return. Asset-backed securities are also subject to risks associated with their structure and the nature of the assets underlying the security and the servicing of those assets. Payment of interest and repayment of principal on asset-backed securities is largely dependent upon the cash flows generated by the assets backing the securities and, in certain cases, supported by letters of credit, surety bonds or other </font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">credit enhancements. The values of asset-backed securities may be substantially dependent on the servicing of the underlying asset pools, and are therefore subject to risks associated with the negligence by, or defalcation of, their servicers. Furthermore, debtors may be entitled to the protection of a number of state and federal consumer credit laws with respect to the assets underlying these securities, which may give the debtor the right to avoid or reduce payment. In addition, due to their often complicated structures, various asset-backed securities may be difficult to value and may constitute illiquid investments. If many Borrowers on the underlying loans default, losses could exceed the credit enhancement level and result in losses to investors in asset-backed securities.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Investment and Market Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">An investment in the common shares of the Fund is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in the common shares of the Fund represents an indirect investment in the portfolio of Senior Loans, Corporate Bonds, CLO Securities and other securities and loans owned by the Fund, and the value of these securities and loans may fluctuate, sometimes rapidly and unpredictably. For instance, during periods of global economic downturn, the secondary markets for Senior Loans and investments with similar economic characteristics (such as second lien loans and unsecured loans) and Corporate Bonds can experience sudden and sharp price swings, which can be exacerbated by large or sustained sales by major investors in these markets, a high-profile default by a major Borrower, movements in indices tied to these markets or related securities or investments, or a change in the market's perception of Senior Loans and investments with similar economic characteristics (such as second lien loans and unsecured loans) and Corporate Bonds. At any point in time, an investment in the common shares of the Fund may be worth less than the original amount invested, even after taking into account distributions paid by the Fund, if any, and the ability of common shareholders to reinvest dividends. The Fund may utilize leverage, which will magnify the Fund's risks and, in turn, the risks to the common shareholders.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Interest Rate Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The market value of Corporate Bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as rates rise. Accordingly, an increase in market interest rates (which are currently considered low by historic standards) may cause a decrease in the price of a debt security and, therefore, a decline in the net asset value of the </font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>31</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=32,FOLIO='31',FILE='16-22968-1.ga',USER='sholt',CD='Dec 30 17:27 2016' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Fund's common shares. The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Because Senior Loans with floating or variable rates reset their interest rates only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the Fund's common shares. In addition, Senior Loans or similar loans or securities may allow the Borrower to opt between LIBOR-based interest rates and interest rates based on bank prime rates, which may have an effect on the net asset value of the Fund's common shares.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Liquidity Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund may not be able to readily dispose of illiquid securities or loans at prices that approximate those at which the Fund could sell the securities or loans if they were more widely traded and, as a result of that illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of securities, thereby adversely affecting the net asset value of the common shares and ability to make dividend distributions.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Some Senior Loans are not readily marketable and may be subject to restrictions on resale. Senior Loans generally are not listed on any national securities exchange and no active trading market may exist for the Senior Loans in which the Fund may invest. When a secondary market exists, if at all, the market for some Senior Loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Further, the lack of an established secondary market for illiquid securities may make it more difficult to value such securities, which may negatively affect the price the Fund would receive upon disposition of such securities. The Adviser's judgment may play a greater role in the valuation process.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Duration and Maturity Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund has no fixed policy regarding portfolio maturity or duration. Holding long duration and long maturity investments will expose the Fund to certain additional risks.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">When interest rates rise, certain obligations will be paid off by the Borrower more slowly than anticipated, causing the value of these obligations to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">When interest rates fall, certain obligations will be paid off by the Borrower more quickly than originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields. In periods of falling interest rates, the rate of prepayments tends to increase (as does price fluctuation) as Borrowers are motivated to pay off debt and refinance at new lower rates. During such periods, reinvestment of the prepayment proceeds by the Adviser will generally be at lower rates of return than the return on the assets that were prepaid. Prepayment reduces the yield to maturity and the average life of the security.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Special Situations and Stressed Investments Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Although investments in debt and equity securities and other obligations of companies that may be in some level of financial or business distress, including companies involved in, or that have recently completed, bankruptcy or other reorganization and liquidation proceedings ("Stressed Issuers") (such investments, "Special Situation Investments") may result in significant returns for the Fund, they are speculative and involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful investment in distressed assets is unusually high. Therefore, the Fund will be particularly dependent on the analytical abilities of the Adviser. In any reorganization or liquidation proceeding relating to a company in which the Fund invests, the Fund may lose its entire investment, may be required to accept cash or securities with a value less than the Fund's original investment and/or may be required to accept payment over an extended period of time. Among the risks inherent in investments in a troubled company is that it may be difficult to obtain information as to the true financial condition of such company. Troubled company investments and other distressed asset-based investments require active monitoring.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund may make investments in Stressed Issuers when the Adviser believes it is reasonably likely that the Stressed Issuer will make an exchange offer or will be the subject to a plan of reorganization pursuant to which the Fund will receive new securities in return for a Special Situation Investment. There can be no assurance, however, that such an exchange offer will be made or that such a plan of reorganization will be adopted. In addition, a significant period of time may pass between the time at which the Fund makes its investment in the Special Situation Investment and the time that any such exchange offer or plan of reorganization is completed, if at all. During this period, it is unlikely that the Fund would receive any interest payments on the Special Situation Investment, the Fund would be subject to significant uncertainty whether the exchange offer or plan of reorganization will be completed and the Fund may be required to bear certain extraordinary expenses to </font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>32</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=33,FOLIO='32',FILE='16-22968-1.ga',USER='sholt',CD='Dec 30 17:27 2016' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">protect and recover its investment. Therefore, to the extent the Fund seeks capital appreciation through investment in Special Situation Investments, the Fund's ability to achieve current income for its shareholders may be diminished. The Fund also will be subject to significant uncertainty as to when, in what manner and for what value the obligations evidenced by Special Situation Investments will eventually be satisfied (e.g., through a liquidation of the obligor's assets, an exchange offer or plan of reorganization involving the Special Situation Investments or a payment of some amount in satisfaction of the obligation). Even if an exchange offer is made or plan of reorganization is adopted with respect to Special Situation Investments held by the Fund, there can be no assurance that the securities or other assets received by the Fund in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made or even no value. Moreover, any securities received by the Fund upon completion of an exchange offer or plan of reorganization may be restricted as to resale. Similarly, if the Fund participates in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of Special Situation Investments, the Fund may be restricted from disposing of such securities. To the extent that the Fund becomes involved in such proceedings, the Fund may have a more active participation in the affairs of the issuer than that assumed generally by an investor.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">To the extent that the Fund holds interests in a Stressed Issuer that are different (or more senior or junior) than those held by other funds and/or accounts managed by Ares or its affiliates ("Other Accounts"), the Adviser is likely to be presented with decisions involving circumstances where the interests of such Other Accounts may be in conflict with the Fund's interests. Furthermore, it is possible that the Fund's interest may be subordinated or otherwise adversely affected by virtue of such Other Accounts' involvement and actions relating to their investment. In addition, when the Fund and Other Accounts hold investments in the same Stressed Issuer (including in the same level of the capital structure), the Fund may be prohibited by applicable law from participating in restructurings, work-outs, renegotiations or other activities related to its investment in the Stressed Issuer absent an exemption due to the fact that Other Accounts hold investments in the same Stressed Issuer. As a result, the Fund may not be permitted by law to make the same investment decisions as Other Accounts in the same or similar situations even if the Adviser believes it would be in the Fund's best economic interests to do so. Also, the Fund may be prohibited by applicable law from investing in a Stressed Issuer (or an affiliate) that Other Accounts are also investing in or currently </font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">invest in even if the Adviser believes it would be in the best economic interests of the Fund to do so. Furthermore, entering into certain transactions that are not deemed prohibited by law when made may potentially lead to a condition that raises regulatory or legal concerns in the future. This may be the case, for example, with Stressed Issuers who are near default and more likely to enter into restructuring or work-out transactions with their existing debt holders, which may include the Fund and its affiliates. In some cases, to avoid the potential of future prohibited transactions, the Adviser may avoid recommending allocating an investment opportunity to the Fund that it would otherwise recommend, subject to the Adviser's then-current allocation policy and any applicable exemptions.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Below Investment Grade Rating Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Debt instruments that are rated below investment grade are often referred to as "high yield" securities or "junk bonds." Below investment grade instruments are rated "Ba1" or lower by Moody's, "BB+" or lower by S&amp;P or "BB+" or lower by Fitch or, if unrated, are judged by the Adviser to be of comparable credit quality. While generally providing greater income and opportunity for gain, below investment grade debt instruments may be subject to greater risks than securities or instruments that have higher credit ratings, including a higher risk of default. The credit rating of an instrument that is rated below investment grade does not necessarily address its market value risk, and ratings may from time to time change, positively or negatively, to reflect developments regarding the Borrower's financial condition. Below investment grade instruments often are considered to be speculative with respect to the capacity of the Borrower to timely repay principal and pay interest or dividends in accordance with the terms of the obligation and may have more credit risk than higher rated securities. Lower grade securities and similar debt instruments may be particularly susceptible to economic downturns. It is likely that a prolonged or deepening economic recession could adversely affect the ability of some Borrowers issuing such debt instruments to repay principal and pay interest on the instrument, increase the incidence of default and severely disrupt the market value of the securities and similar debt instruments.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The secondary market for below investment grade instruments may be less liquid than that for higher rated instruments. Because unrated securities may not have an active trading market or may be difficult to value, the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund's ability to achieve its investment objectives will be more dependent on the Adviser's credit analysis than would be the case when the Fund invests in rated securities.</font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>33</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=34,FOLIO='33',FILE='16-22968-1.ga',USER='sholt',CD='Dec 30 17:27 2016' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Under normal market conditions, the Fund will invest in debt instruments rated in the lower rating categories ("Caa1" or lower by Moody's, "CCC+" or lower by S&amp;P or CCC+ or lower by Fitch) or unrated and of comparable quality. For these securities, the risks associated with below investment grade instruments are more pronounced. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to an investment, the Fund may lose its entire investment or may be required to accept cash or securities with a value substantially less than its original investment.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Eurozone Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Recent concerns regarding the sovereign debt of various Eurozone countries and proposals for investors to incur substantial write-downs and reductions in the face value of the sovereign debt of certain countries have given rise to new concerns about sovereign defaults, the possibility that one or more countries might leave the European Union or the Eurozone and various proposals (still under consideration and unclear in material respects) for support of affected countries and the Euro as a currency. The outcome of this situation cannot yet be predicted. Sovereign debt defaults and European Union and/or Eurozone exists could have material adverse effects on investments by the Fund in securities of European companies, including but not limited to the availability of credit to support such companies' financing needs, uncertainty and disruption in relation to financing, customer and supply contracts denominated in Euro and wider economic disruption in markets served by those companies, while austerity and other measures that have been introduced in order to limit or contain these issues may themselves lead to economic contraction and resulting adverse effects for the Fund. A number of the Fund's securities may be denominated in the Euro. Legal uncertainty about the funding of Euro denominated obligations following any breakup or exits from the Eurozone (particularly in the case of investments in securities of companies in affected countries) could also have material adverse effects on the Fund.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Brexit Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund may invest a portion of its capital in debt securities issued by issuers domiciled in Europe, including issuers domiciled in the United Kingdom ("UK"). The government of the UK held an in-or-out referendum on the UK's membership in the European Union ("EU") on June 23, 2016. The referendum resulted in a vote in favor of the exit of the UK from the EU ("Brexit"). There will be a process of negotiation that will determine the future terms of the UK's relationship </font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">with the EU. The uncertainty in the wake of the referendum and subsequent political developments could have a negative impact on both the UK economy and the economies of other countries in Europe. The Brexit process also may lead to greater volatility in the global currency and financial markets, which could adversely affect the Fund. In connection with investments in non-US issuers, the Fund may engage in foreign currency exchange transactions but is not required to hedge its currency exposure. As such, the Fund makes investments that are denominated in British pound sterling or Euros. The Fund's assets are valued in US dollars, and the depreciation of the British pound sterling and/or the Euro in relation to the US dollar in anticipation of Brexit or otherwise adversely affects the Fund's investments denominated in British pound sterling or Euros that are not fully hedged regardless of the performance of the underlying issuer. Global central banks may maintain historically low interest rates longer than was anticipated prior to the Brexit vote, which could adversely affect the Fund's income and its level of distributions.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>(12) Subsequent Events</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Adviser has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were the following subsequent events:</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The following common share distributions were declared on October 12, 2016:</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ex-Date: November 22, 2016<BR>Record Date: November 24, 2016<BR>Payable Date: November 30, 2016<BR>Per Share Amount: $0.1025</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ex-Date: December 20, 2016<BR>Record Date: December 22, 2016<BR>Payable Date: December 30, 2016<BR>Per Share Amount: $0.1025</font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>34</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=35,FOLIO='34',FILE='16-22968-1.ga',USER='sholt',CD='Dec 30 17:27 2016' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">
<!-- Document name: 16-22968-1.ha-->
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Report of Independent Registered Public Accounting Firm</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>The Board of Directors and Shareholders of<BR>Ares Dynamic Credit Allocation Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">We have audited the accompanying statement of assets and liabilities of Ares Dynamic Credit Allocation Fund, Inc., (the Fund), which comprise the statement of assets and liabilities, including the schedule of investments, as of October 31, 2016, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended and for the period from November 27, 2012 (commencement of operations) to October 31, 2013 These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Fund's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2016, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Ares Dynamic Credit Allocation Fund, Inc. at October 31, 2016, and the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the three years in the period then ended and for the period from November 27, 2012 (commencement of operations) to October 31, 2013 in conformity with U.S. generally accepted accounting principles.</font></p>
<p style="margin:4.5pt 0pt 4.5pt 0pt;" align="left"><img src="j16229681_ha006.jpg">
</p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">December 21, 2016</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>35</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=36,FOLIO='35',FILE='16-22968-1.ha',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Additional Information</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Proxy Information</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The policies and procedures used to determine how to vote proxies relating to securities held by the Fund are available (1) without charge, upon request, by calling 1-877-855-3434, or (2) on the SEC's website at http://www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 will be available on Form N-PX by August 31 of each year (1) without charge, upon request, by calling 1-877-855-3434, or (2) on the SEC's website at http://www.sec.gov.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Portfolio Information</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund's Form N-Q will be available (1) without charge, upon request, by calling 1-877-855-3434; (2) on the SEC's website at http://www.sec.gov; or (3) for review and copying at the SEC's Public Reference Room (the "PRR") in Washington, DC. Information regarding the operation of the PRR may be obtained by calling 1-800-SEC-0330.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>36</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=37,FOLIO='36',FILE='16-22968-1.ha',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Additional Information </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Dividend Reinvestment Plan</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Unless a shareholder specifically elects to receive distributions in cash, distributions will automatically be reinvested in additional common shares of the Fund. A shareholder may elect to have the cash portion of dividends and distributions distributed in cash. To exercise this option, such shareholder must notify State Street, the plan administrator and the Fund's transfer agent and registrar, in writing or by telephone so that such notice is received by the plan administrator not less than 10 days prior to the record date fixed by the board of directors for the dividend or distribution involved. Participants who hold their common shares through a broker or other nominee and who wish to elect to receive any dividends and other distributions in cash must contact their broker or nominee. The plan administrator will set up an account for shares acquired pursuant to the plan for each shareholder that does not elect to receive distributions in cash (each a "Participant"). The plan administrator may hold each Participant's common shares, together with the other Participant's common shares, in non-certificated form in the plan administrator's name or that of its nominee. The shares are acquired by the plan administrator for a Participant's account, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized common shares from the Fund ("Newly Issued Shares") or (ii) by purchase of outstanding common shares on the open market ("Open-Market Purchases") on the NYSE or elsewhere. If, on the dividend payment date, the net asset value per share of the common shares is equal to or less than the market price per common share on the NYSE plus estimated brokerage commissions (such condition being referred to as "market premium"), the plan administrator will invest the dividend amount in Newly Issued Shares on behalf of the Participant. The number of Newly Issued Shares to be credited to the Participant's account will be determined by dividing the dollar amount of the dividend by the net asset value per share of the common shares on the date the shares are issued, unless the net asset value of the common shares is less than 95% of the then current market price per share on the NYSE, in which case the dollar amount of the dividend will be divided by 95% of the then current market price per common share on the NYSE. If on the dividend payment date the net asset value per share of the common shares is greater than the market price per common share on the NYSE (such condition being referred to as "market discount"), the plan administrator will invest the dividend amount in common shares acquired on behalf of the Participant in Open-Market Purchases.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The plan administrator's service fee, if any, and expenses for administering the plan will be paid for by the Fund. There will be no brokerage charges to shareholders with respect to common shares issued directly by the Fund as a result of dividends or distributions payable either in common shares or in cash. However, each Participant will pay a pro-rata share of brokerage commissions incurred with respect to the plan administrator's Open-Market Purchases in connection with the reinvestment of dividends and distributions.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Shareholders who elect to receive their distributions in cash are subject to the same federal, state and local tax consequences as shareholders who reinvest their distributions in additional common shares. A shareholder's basis for determining gain or loss upon the sale of shares acquired due to reinvestment of a distribution will generally be equal to the total dollar amount of the dividend payable to the shareholders. Any shares received due to reinvestment of a dividend will have a new holding period for tax purposes commencing on the day following the day on which the shares are credited to the U.S. shareholder's account.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Participants may terminate their accounts under the dividend reinvestment plan by writing to the plan administrator at State Street Bank and Trust Company, located at One Lincoln Street, Boston, Massachusetts, 02111 or by calling the plan administrator's hotline at (877) 272-8164. Such termination will be effective immediately if the Participant's notice is received by the plan administrator at least 10 days prior to any dividend or distribution record date for the payment of any dividend or distribution by the Fund; otherwise, such termination will be effective only with respect to any subsequent dividend or distribution. Participants who hold their common shares through a broker or other nominee and who wish to terminate their account under the plan may do so by notifying their broker or nominee. The dividend reinvestment plan may be terminated by the Fund upon notice in writing mailed to each Participant at least 30 days prior to any record date for the payment of any dividend or distribution by the Fund. Additional information about the dividend reinvestment plan may be obtained by contacting the plan administrator by mail at One Lincoln Street, Boston, Massachusetts 02111 or by telephone at (877) 272-8164.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>37</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=38,FOLIO='37',FILE='16-22968-1.ha',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Additional Information </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Additional Tax Information</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">For the fiscal year ended October 31, 2016, certain dividends paid by the Fund may be subject to a maximum tax rate of 20% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. To the extent dividends are paid during the calendar year 2016, complete information will be reported on shareholders' 2016 Form 1099-DIV.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The amount designated as qualified dividend income for the year ended October 31, 2016 will be at the highest amount permitted by law.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>38</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=39,FOLIO='38',FILE='16-22968-1.ha',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Additional Information </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Renewal of Investment Advisory Agreement</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Board of Directors (the "Board") of the Ares Dynamic Credit Allocation Fund, Inc. (the "Fund"), a majority of whom are not "interested persons" (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of the Fund (the "Independent Directors"), renewed the Investment Advisory and Management Agreement between Ares Capital Management II LLC (the "Adviser") and the Fund (the "Investment Advisory Agreement") at an in-person meeting held on October 5, 2016.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund's Board has the responsibility under the 1940 Act to consider the renewal of the Fund's Investment Advisory Agreement on an annual basis at an in-person meeting of the Board called for the purpose of voting on such renewal. While particular emphasis might be placed on information concerning the Fund's investment performance, comparability of fees and total expenses and the Adviser's profitability at any meeting at which a renewal of the Investment Advisory Agreement is considered, the process of evaluating the Adviser and the Fund's Investment Advisory Agreement is an ongoing one. In this regard, the Board's consideration of the nature, extent and quality of the services provided by the Adviser under the Investment Advisory Agreement includes deliberations at multiple meetings. In addition, the Fund's Board generally receives, reviews and evaluates information concerning the Fund's operations, expenses and performance throughout the year, including at quarterly Board meetings.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In connection with the renewal of the Investment Advisory Agreement, the Independent Directors met with their independent counsel in executive session. Counsel to the Independent Directors reviewed with the Independent Directors a memorandum outlining the legal duties of the Board under the 1940 Act and applicable state law and discussed the factors outlined by the federal courts as relevant to a board's consideration of the approval of an investment advisory agreement.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In considering whether to renew the Investment Advisory Agreement, the Fund's Board reviewed certain information provided to the Board by the Adviser, including, among other things, information concerning the services rendered to the Fund by the Adviser, comparative fee, expense and performance information, and other reports of and presentations by representatives of the Adviser concerning the Fund's and Adviser's operations, compliance programs and risk management. The Board also reviewed a report prepared by Broadridge, an independent provider of investment company data, which included information comparing (1) the Fund's performance with the performance of a group of comparable funds (the "Performance Group") for various periods ended June 30, 2016, and (2) the Fund's actual and contractual management fees and total expenses with those of a group of comparable funds (the "Expense Group") and with a broader group of funds (the "Expense Universe"), the information for which was derived in part from fund financial statements available to Broadridge and the Adviser as of the date of its analysis.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In determining whether to renew the Investment Advisory Agreement, the Board considered all factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Director may have attributed different weights to the factors considered.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(a) </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>The nature, extent and quality of services provided by the Adviser</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> &#151; With respect to the nature, extent and quality of services provided by the Adviser, the Board reviewed the information regarding the types of services provided under the Investment Advisory Agreement and information describing the Adviser's organization and business, including the quality of the investment research capabilities of the Adviser and the other resources dedicated to performing services for the Fund. The Board noted the professional experience and qualifications of the Fund's portfolio management team and other senior personnel of the Adviser involved with the Fund, including the portfolio management team's expertise in managing loan portfolios, the integrated platform of the Adviser and its affiliates and the benefits, resources and opportunities of the platform that the Adviser is able to access. Fund management discussed the size and experience of the Adviser's staff, the experience of its key personnel in providing investment management services, and the ability of the Adviser to attract and retain capable personnel. The quality of administrative and other services, including the Adviser's role in coordinating the activities of the Fund's other service providers, were also considered. The Board also noted the reputation and track record of the Adviser's organization as a leading manager of credit assets.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(b) </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Investment performance of the Fund and the Adviser</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> &#151; With respect to investment performance of the Fund and the Adviser, the Board reviewed statistical information concerning the Fund's investment performance in relation to its stated objective, as well as comparative data with respect to the performance of unaffiliated closed-end funds employing similar investment strategies provided by the Adviser as well as the comparative information provided by Broadridge. </font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>39</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=40,FOLIO='39',FILE='16-22968-1.ha',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Additional Information </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Representatives of the Adviser reviewed with the Board the Fund's performance and discussed the Fund's stock price and net asset value, and its yield based on both. In connection with its review, the Board discussed the results of the performance comparisons provided by the Adviser and Broadridge.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In reviewing the Adviser's report, the Board took into consideration that the Adviser identified senior loan closed-end funds and hybrid credit closed-end funds that invest across several credit-oriented asset classes as the peer categories the Adviser believed were most comparable to the Fund given the Fund's flexible mandate and focus on senior secured bank loans, high yield bonds and collateralized loan obligations ("CLOs"). The Board noted that the Fund's cumulative market return and NAV return had outperformed the average return of the senior loan closed-end funds in the year-to-date period ended June 30, 2016 while underperforming in the one-, three- and since inception annualized periods ended June 30, 2016. In comparison to the average hybrid credit peer group's market and NAV returns, the Board noted that the Fund's market return underperformed and its NAV return outperformed in the year-to-date period ended June 30, 2016 while underperforming in the one-, three- and since inception annualized periods ended June 30, 2016.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Board noted, in reviewing the Broadridge report, that the Fund's total return performance, on a net asset value basis, was equal to the Performance Group median for the year-to-date period ended June 30, 2016 and below the Performance Group median in the one-, two- and three year periods ended June 30, 2016.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Representatives of the Adviser noted that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations that may be applicable to the Fund and comparable funds, highlighting, in particular, the difficulty in finding an appropriate universe of comparable funds. In discussing the Fund's performance, they noted, among other things, the underperformance may be attributable to: (i) the Fund's relatively higher exposure to bank loans, which have had lower returns than high yield bonds over the noted time periods, (ii) the Fund's lower interest rate risk as measured by its duration compared to the higher average duration of the hybrid credit group and (iii) the Fund's exposure to CLO debt and equity investments, which impacted performance in late 2015 and early 2016 but have since experienced a recovery.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(c) </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Cost of the services provided and profits realized by the Adviser from the relationship with the Fund</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> &#151; The Board considered information about the profitability of the Fund to the Adviser, as well as the costs of services provided by the Adviser to the Fund. The Board received and reviewed information relating to the financial condition of the Adviser's parent, Ares Management, L.P. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing the Fund and the method used to determine the expenses and profit. The Board concluded that the profitability results were not unreasonable, given the services rendered and service levels provided by the Adviser and its affiliates.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(d) </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Economies of scale and whether fee levels reflect these economies of scale </i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&#151; The Board considered the extent to which economies of scale are expected to be realized and whether fee levels reflect these economies of scale. It was noted that, because the Fund is a closed-end fund, any increase in asset levels generally would have to come from material appreciation through investment performance absent a special corporate action such as a material acquisition or an offering of additional shares.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(e) </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Comparison of services rendered and fees paid to those under other investment advisory contracts, such as contracts of the same and other investment advisers or other clients</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> &#151; The Board reviewed the results of the expense comparisons provided by the Adviser and Broadridge. The Board discussed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds as contained in Broadridge's report and discussed the results of the comparisons. The Board noted that the Fund's contractual management fee, based on common assets, was below the Expense Group median, and that the Fund's actual management fee, based on common assets alone, was equal to the Expense Group median but above the Expense Universe median. The Board further noted that based on common assets and leveraged assets, the Fund's actual management fee was above the Expense Group and Expense Universe medians. The Board also noted that the Fund's total expenses, both based on common assets alone and on common assets and leveraged assets, were above the Expense Group and Expense Universe medians.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In analyzing the comparative expense information provided by the Adviser, it was noted that the Fund's expense ratio was above the averages of the respective senior loan and hybrid credit closed-end fund peer groups. The Board </font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>40</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=41,FOLIO='40',FILE='16-22968-1.ha',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Additional Information </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">considered that pursuant to the terms of the Investment Advisory Agreement, after the Fund's second fiscal year, which ended on October 31, 2014, the Fund began reimbursing the Adviser for its cost of providing certain accounting, legal, clerical or administrative services to the Fund by employees of the Adviser or its affiliates. Representatives of the Adviser noted that although the Fund's use of leverage is an expense, the use of leverage has contributed positively to the Fund's return.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Representatives of the Adviser also reviewed with the Board the management or investment advisory fees paid by commingled funds or separately managed accounts advised by the Adviser or its affiliates that are considered to have similar investment strategies and policies as the Fund (the "Similar Clients"), and explained the nature of the Similar Clients. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness and reasonableness of the Fund's management fee.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(f) </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Benefits derived or to be derived by the Adviser from its relationship with the Fund</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> &#151; The Board also considered the extent to which benefits other than the fees and reimbursement amounts pursuant to the Investment Advisory Agreement might accrue to the Adviser and its affiliates from their relationships with the Fund. The Board noted in this regard that neither the Adviser nor its affiliates trade with the Fund, or execute portfolio transactions on its behalf, and that the Adviser had confirmed that the Fund does not invest in securities issued by affiliates of the Adviser, including CLOs sponsored by the Adviser. However, it recognized that the Adviser might derive reputational and other benefits from its association with the Fund.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Conclusion</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Investment Advisory Agreement. Based on the discussions and considerations as described above, and in reliance on information received on a routine and regular basis throughout the year relating to the operations of the Fund and the investment management and other services provided under the Investment Advisory Agreement, the Board, including the Independent Directors, voted to approve the renewal of the Investment Advisory Agreement for an additional one-year period.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>41</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=42,FOLIO='41',FILE='16-22968-1.ha',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Additional Information </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Stockholder Meeting Results</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">On June 28, 2016, ARDC held a Regular Meeting of Stockholders for the election of Directors. The proposal was approved by ARDC's stockholders and the results of the voting were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>NAME</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="88" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>FOR</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="83" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>WITHHELD</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">David A. Sachs</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="72" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">17,375,622.68</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,145,545.11</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">M. Freddie Reiss</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="72" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">18,763,754.02</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">757,413.77</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Effective November 1, 2016, M. Freddie Reiss resigned from the Board of Directors of ARDC. Also effective November 1, 2016, James K. Hunt was appointed to the Board of Directors of ARDC. David A. Sachs, Seth J. Brufsky, John J. Shaw and Bruce H. Spector continue to serve in their capacities as Directors of ARDC.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>42</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=43,FOLIO='42',FILE='16-22968-1.ha',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Additional Information </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Investment Adviser</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ares Capital Management II LLC<BR>2000 Avenue of the Stars, 12th Floor<BR>Los Angeles CA 90067</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Administrator Custodian and Transfer Agent</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">State Street Bank and Trust Company<BR>One Lincoln Street<BR>Boston, MA 02111</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>DRIP Administrator</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">State Street Bank and Trust Company<BR>One Lincoln Street<BR>Boston, MA 02111</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Investor Support Services</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Destra Capital Investments LLC<BR>901 Warrenville Road, Suite 15<BR>Lisle, IL 60532</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Independent Registered Public Accounting Firm</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ernst &amp; Young LLP<BR>725 South Figueroa Street<BR>Los Angeles, CA 90017</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Fund Counsel</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Willkie Farr &amp; Gallagher LLP<BR>787 Seventh Avenue<BR>New York, NY 10019</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>43</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=44,FOLIO='43',FILE='16-22968-1.ha',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Additional Information </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Privacy Notice</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">We are committed to maintaining the privacy of our shareholders and to safeguarding their nonpublic personal information. The following information is provided to help you understand what personal information we collect, how we protect that information and why, in certain cases, we may share information with select other parties.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Generally, we will not receive any non-public personal information about shareholders of the common stock of the Fund, although certain of our shareholders' non-public information may become available to us. The non-public personal information that we may receive falls into the following categories:</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;Information we receive from shareholders, whether we receive it orally, in writing or electronically. This includes shareholders' communications to us concerning their investment;</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;Information about shareholders' transactions and history with us; or</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;Other general information that we may obtain about shareholders, such as demographic and contact information such as address.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">We do not disclose any non-public personal information about shareholders, except:</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;to our affiliates (such as our investment adviser) and their employees that have a legitimate business need for the information;</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;to our service providers (such as our administrator, accountants, attorneys, custodians, transfer agent, underwriter and proxy solicitors) and their employees as is necessary to service shareholder accounts or otherwise provide the applicable service;</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;to comply with court orders, subpoenas, lawful discovery requests, or other legal or regulatory requirements; or</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp; as allowed or required by applicable law or regulation.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">When the Fund shares non-public shareholder personal information referred to above, the information is made available for limited business purposes and under controlled circumstances designed to protect our shareholders' privacy. The Fund does not permit use of shareholder information for any non-business or marketing purpose, nor does the Fund permit third parties to rent, sell, trade or otherwise release or disclose information to any other party.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund's service providers, such as their adviser, administrator, and transfer agent, are required to maintain physical, electronic, and procedural safeguards to protect shareholder nonpublic personal information; to prevent unauthorized access or use; and to dispose of such information when it is no longer required.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Personnel of affiliates may access shareholder information only for business purposes. The degree of access is based on the sensitivity of the information and on personnel need for the information to service a shareholder's account or comply with legal requirements.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">If a shareholder ceases to be a shareholder, we will adhere to the privacy policies and practices as described above. We may choose to modify our privacy policies at any time. Before we do so, we will notify shareholders and provide a description of our privacy policy.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In the event of a corporate change in control resulting from, for example, a sale to, or merger with, another entity, or in the event of a sale of assets, we reserve the right to transfer your non-public personal information to the new party in control or the party acquiring assets.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>44</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=45,FOLIO='44',FILE='16-22968-1.ha',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Additional Information </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Directors</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="119" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Name, Address</b><b><sup>(1)<BR></sup></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>and Age</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="172" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Position(s) Held <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>with the Fund</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Length of Time<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Served and<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Term of Office</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1217" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Occupation(s)<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>or Employment <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>During Past <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Number of<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Funds in the<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Complex</b><b><sup>(3)<BR></sup></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Overseen by<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>the Director</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="163" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Other Public <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Company Board <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Memberships<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>During Past <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" align="left" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Interested Directors</b><b><sup>(2)</sup></b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="172" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1217" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="163" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">David A. Sachs (57)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="172" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Director and Chairman of the Board</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2011***</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1217" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Senior Partner, Ares Management, L.P.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="69" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="163" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Terex Corporation</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Seth J. Brufsky (50)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="172" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Director, President and Chief Executive Officer</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2012**</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1217" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Senior Partner, Ares Management, L.P.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="69" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="163" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">None</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" align="left" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Independent Directors </b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="172" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1217" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="163" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">James K. Hunt<sup>(4) </sup>(65)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="172" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Director</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2016***</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1217" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Consultant, Tournament Capital Advisors, LLC; from 2015 to 2016, Managing Partner and Chief Executive Officer, Middle Market Credit platform &#151; Kayne Anderson Capital Advisors LLC; from 2014 to 2015, Chairman, THL Credit, Inc.; from 2010 to 2014, Chief Executive Officer and Chief Investment Officer, THL Credit, Inc. and THL Credit Advisors LLC</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="69" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="163" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">PennyMac Financial Services, Inc.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">John J. Shaw (65)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="172" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Director</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2012**</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1217" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Independent Consultant; prior to 2012, President, St. Louis Rams</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="69" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="163" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">None</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="119" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Bruce H. Spector (74)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="172" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Director</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2014*</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1217" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Independent Consultant; from 2007 to 2013, Senior Advisor, Apollo Global Management LLC (private equity)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="69" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="163" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">The Private Bank of California (2007-2013)</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>(1)</sup>&nbsp;&nbsp;The address of each Director is care of the Secretary of the Fund at 2000 Avenue of the Stars, 12th Floor, Los Angeles, CA 90067.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>(2)</sup>&nbsp;&nbsp;"Interested person," as defined in the Investment Company Act, of the Fund. Mr. Sachs and Mr. Brufsky are interested persons of the Fund due to their affiliation with the Adviser.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>(3)</sup>&nbsp;&nbsp;The term "Fund Complex" means two or more registered investment companies that share the same investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies or hold themselves out to investors as related companies for the purpose of investment and investor services.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>(4)</sup>&nbsp;&nbsp;Mr. Hunt was appointed to the Board of Directors (the "Board") on November 1, 2016 and replaced M. Freddie Reiss who resigned from the Board effective November 1, 2016.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">* Term continues until the Fund's 2017 Annual Meeting of Stockholders and until his successor is duly elected and qualifies.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">** Term continues until the Fund's 2018 Annual Meeting of Stockholders and until his successor is duly elected and qualifies.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">*** Term continues until the Fund's 2019 Annual Meeting of Stockholders and until his successor is duly elected and qualifies.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>45</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=46,FOLIO='45',FILE='16-22968-1.ha',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Additional Information </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Officers</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="95" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Name, Address</b><b><sup>(1)<BR></sup></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>and Age</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Position(s) Held <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>with Funds</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Officer Since</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="4632" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal Occupation(s) or Employment During Past Five Years</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="95" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Seth J. Brufsky (50)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">President, Chief Executive Officer and Director</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2012</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="4632" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Mr. Brufsky is a Partner and Portfolio Manager in the Ares Credit Group and a member of the Management Committee of Ares Management. He is responsible for managing Ares' credit strategies. Mr. Brufsky also serves as a Director, President, Chief Executive Officer and one of three Portfolio Managers of the Ares Dynamic Credit Allocation Fund, Inc. ("ARDC"), a NYSE-listed, closed end fund managed by an affiliate of Ares Management. Additionally, he serves as a member of select Ares Credit Group investment committees. Prior to joining Ares in 1998, Mr. Brufsky was a member of the Corporate Strategy and Research Group of Merrill Lynch &amp; Co., where he focused on analyzing and marketing non-investment grade securities and was acknowledged by Institutional Investor as a member of the top-ranked credit analyst team during each year of his tenure. Previously, Mr. Brufsky was a member of the Institutional Sales and Trading Group of the Global Fixed Income Division at Union Bank of Switzerland. Mr. Brufsky serves on the Board of Directors of the Luminescence Foundation, a charitable giving organization.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="95" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Penni Roll (51)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Chief Financial Officer</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2016</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="4632" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ms. Roll is a Partner and the Chief Financial Officer of the Ares Credit Group. She also serves as the Chief Financial Officer and Executive Vice President of Ares Capital Corporation ("ARCC") and Chief Financial Officer of Ares Dynamic Credit Allocation Fund, Inc. ("ARDC"), a NYSE-listed, closed end fund managed by an affiliate of Ares. She joined Ares in April 2010 as Executive Vice President &#151; Finance of Ares Capital Management and may from time to time serve as an officer, director or principal of entities affiliated with Ares Management or of investment funds managed by Ares Management and its affiliates. Ms. Roll served as Chief Financial Officer of Allied Capital Corporation from 1998 until April 2010. Ms. Roll joined Allied Capital Corporation in 1995 as its Controller after serving as a Manager in KPMG LLP's financial services practice.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="95" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Brett A. Byrd (49)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Chief Compliance Officer and Anti-Money Laundering Officer</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2014</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="4632" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Mr. Byrd is a Principal and Deputy CCO in the Ares Compliance Group. Additionally, Mr. Byrd serves as Chief Compliance Officer and Anti-Money Laundering Officer of Ares Dynamic Credit Allocation Fund, Inc. ("ARDC"), a NYSE-listed, closed end fund managed by an affiliate of Ares Management. Prior to joining Ares in 2011, he was an Associate Director at Macquarie Funds Group, where he served as Chief Compliance Officer for four U.S. registered investment advisers and its listed infrastructure closed end fund. Previously, Mr. Byrd was Director of the Structured Products Analytics Group at ING Capital Advisors. In addition, he was a Portfolio Administrator at Astra Management Corporation and worked at The Pilgrim Group.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="95" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Scott Lem (39)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Treasurer</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2016</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="4632" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Mr. Lem is a Managing Director and Chief Accounting Officer, Credit (Direct Lending) in the Ares Finance Department. Mr. Lem additionally serves as Chief Accounting Officer, Vice President and Treasurer of Ares Capital Corporation ("ARCC") and previously served as Assistant Treasurer of Ares Capital from May 2009 to May 2013. Mr. Lem also serves as Treasurer of Ares Dynamic Credit Allocation Fund, Inc. ("ARDC"), a NYSE-listed, closed end fund managed by an affiliate of Ares. He may from time to time serve as an officer, director or principal of entities affiliated with Ares Management or investment funds managed by Ares Management and its affiliates. From July 2003 to December 2008, Mr. Lem served as Controller of Ares Management. Prior to joining Ares in July 2003, he was with Ernst &amp; Young LLP and Arthur Andersen LLP, most recently as a Senior Associate conducting audits for clients across several industries including entertainment, hospitality and real estate.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>46</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=47,FOLIO='46',FILE='16-22968-1.ha',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Additional Information </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Officers</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="95" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Name, Address</b><b><sup>(1)<BR></sup></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>and Age</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Position(s) Held <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>with Funds</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Officer Since</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="4632" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal Occupation(s) or Employment During Past Five Years</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="95" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Daniel J. Hall (38)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">General Counsel, Chief Legal Officer and Secretary</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2012</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="4632" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Mr. Hall is a Managing Director and Co-General Counsel (Credit) in the Ares Legal Group. Mr. Hall also serves as the General Counsel, Chief Legal Officer and Secretary of Ares Dynamic Credit Allocation Fund, Inc. ("ARDC"), a NYSE-listed, closed end fund managed by an affiliate of Ares Management. Prior to joining Ares in 2009, Mr. Hall worked at Clifford Chance LLP in New York and London, where he focused on capital markets, structured finance and derivatives. Previously, Mr. Hall was an Associate in the London and Moscow offices of Norton Rose LLP.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="95" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Michael Weiner (64)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Vice President and Assistant Secretary</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2012</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="4632" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Mr. Weiner is Executive Vice President and Chief Legal Officer of Ares Management GP LLC, Ares' general partner, a Partner and General Counsel in the Ares Legal Group and a member of the firm's Management Committee. Mr. Weiner has been an officer of Ares Capital Corporation since 2006, including General Counsel from September 2006 to January 2010, and also serves as Vice President of Ares Commercial Real Estate Corporation and Vice President and Assistant Secretary of Ares Dynamic Credit Allocation Fund, Inc. ("ARDC"), a NYSE-listed, closed end fund managed by an affiliate of Ares Management. He additionally serves as a member of the Ares Operations Management Group and the Ares Enterprise Risk Committee. Mr. Weiner joined Ares in September 2006. Previously, Mr. Weiner served as General Counsel to Apollo Management L.P. and had been an officer of the corporate general partners of Apollo since 1992. Prior to joining Apollo, Mr. Weiner was a partner in the law firm of Morgan, Lewis &amp; Bockius specializing in corporate and alternative financing transactions and securities law, as well as general partnership, corporate and regulatory matters. Mr. Weiner has served on the boards of directors of several public and private corporations. Mr. Weiner also serves on the Board of Governors of Cedars Sinai Medical Center in Los Angeles.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="95" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Keith Ashton (49)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Vice President</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2013</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="4632" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Mr. Ashton is a Partner and Portfolio Manager in the Ares Credit Group, where he is responsible for managing Ares' structured credit investment strategies. Mr. Ashton serves as a Vice President and one of three Portfolio Managers for the Ares Dynamic Credit Allocation Fund, Inc. ("ARDC"), a NYSE-listed, closed end fund managed by an affiliate of Ares Management. Additionally, he serves as a member of select Ares Credit Group investment committees. Prior to joining Ares in 2011, Mr. Ashton was a Partner at Indicus Advisors LLP, where he focused on launching the global structured credit business in May 2007. Previously, Mr. Ashton was a Portfolio Manager and Head of Structured Credit at TIAA-CREF, where he focused on managing a portfolio of structured credit investments and helped launch TIAA's institutional asset management business. Mr. Ashton's experience as an investor in alternative fixed income products spans virtually all securitized asset classes, including CLOs, consumer and commercial receivables, insurance and legal settlements, small business and trade receivables, whole business securitizations, timeshare and other mortgage-related receivables, and esoteric asset classes such as catastrophe risk and intellectual property.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="95" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Americo <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Cascella (45)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Vice President</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2013</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="4632" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Mr. Cascella is a Partner in the Ares Credit Group and serves as Co-Head of Product Management, Credit. Mr. Cascella also serves as a Vice President of Ares Dynamic Credit Allocation Fund, Inc. ("ARDC"), a NYSE-listed, closed end fund managed by an affiliate of Ares. Additionally, he serves as a member on select Ares Credit Group investment committees. Prior to joining Ares in 1998, Mr. Cascella was a Senior Associate at Price Waterhouse LLP, where he focused on foreign exchange and interest rate derivative risk analysis and corporate treasury risk management consulting and directed corporate audits of companies in various industries.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>47</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=48,FOLIO='47',FILE='16-22968-1.ha',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Additional Information </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">October 31, 2016</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Officers</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="95" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Name, Address</b><b><sup>(1)<BR></sup></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>and Age</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Position(s) Held <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>with Funds</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Officer Since</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="4632" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal Occupation(s) or Employment During Past Five Years</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="95" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Daniel Hayward (31)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Vice President</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2016</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="4632" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Mr. Hayward is a Principal and Co-Portfolio Manager in the Ares Credit Group. Mr. Hayward also serves as a Vice President of Ares Dynamic Credit Allocation Fund, Inc. ("ARDC"), a NYSE-listed, closed end fund managed by an affiliate of Ares. Additionally, he serves as a member of the Ares Credit Group's CLO Investment Committee. Prior to joining Ares in 2012, he was a Senior CLO Analyst at State Street Bank, where he focused on managing a team in the Trustee Department.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="95" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ann Kono (41)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Vice President</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2013</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="4632" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ms. Kono currently serves as a Partner and Chief Information and Risk Officer of Ares Management and is a member of the firm's Management Committee. She also serves as Vice President of Ares Dynamic Credit Allocation Fund, Inc. ("ARDC"), a NYSE-listed, closed end fund managed by an affiliate of Ares. She additionally serves as a member of the Ares Operations Management Group and the Ares Enterprise Risk Committee. Ms. Kono joined Ares in 2007 from Western Asset Management where she served as a Senior Manager in Technology and Operations. In those roles, she worked alongside the Head of Technology and Operations in leading the integration of Citigroup Asset Management with Western Asset. In addition, she oversaw the implementation and enhancements of all systems as the Head of Application Delivery to support the global growth of the firm. Prior to joining Western Asset, Ms. Kono was employed at John Hancock Financial Services overseeing back office systems during their IPO. She previously worked at CSC Consulting as a Senior Consultant focused on the Financial Services Industry.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="95" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">John A. Leupp (51)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="215" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Vice President</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2013</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="4632" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Mr. Leupp is a Partner and Portfolio Manager in the Ares Credit Group, where he is responsible for managing Ares' U.S. high yield and bank loan credit strategies. Mr. Leupp serves as a Vice President and one of three Portfolio Managers for the Ares Dynamic Credit Allocation Fund, Inc. ("ARDC"), a NYSE-listed, closed end fund managed by an affiliate of Ares Management. Additionally, he serves as a member of select Ares Credit Group investment committees. Prior to joining Ares in 2003, Mr. Leupp was a Director in the Fixed Income Department of Credit Suisse First Boston (formerly DLJ), where he focused on the gaming, lodging and leisure industries. Previously, Mr. Leupp was a High Yield Research Analyst at Libra Investments, where he focused on covering various industries.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>(1)</sup> The address of each officer is care of the Secretary of the Fund at 2000 Avenue of the Stars, 12th Floor, Los Angeles, CA 90067.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2016<br>48</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=49,FOLIO='48',FILE='16-22968-1.ha',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">
<!-- Document name: 16-22968-1.za-->
<p style="margin:12pt 0pt 12pt 0pt;"><img src="j16229681_za007.jpg"></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=50,FOLIO='',FILE='16-22968-1.za',USER='mslone',CD='' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2.&#160; Code of Ethics.</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Ares Dynamic Credit Allocation Fund,&nbsp;Inc. (the &#147;<u>Fund</u>&#148;) has adopted a Code of Ethics that applies to the Fund&#146;s principal executive officer and principal financial officer (the &#147;<u>Code of Ethics</u>&#148;).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Fund has not made any amendment to its Code of Ethics during the period covered by this Form&nbsp;N-CSR.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>There have been no waivers, including any implicit waivers, granted by the Fund to individuals covered by the Fund&#146;s Code of Ethics during the reporting period for this Form&nbsp;N-CSR.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Not applicable.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A copy of the Fund&#146;s Code of Ethics is attached hereto as exhibit 12(a)(1).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 3.&#160; Audit Committee Financial Expert.</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Board of Directors of the Fund has determined that the Fund has two members serving on the Fund&#146;s Audit Committee that possess the attributes identified in Instruction 2(b)&nbsp;of Item 3 to Form&nbsp;N-CSR to qualify as an &#147;audit committee financial expert.&#148;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The names of the audit committee financial experts are John Joseph Shaw and James K. Hunt.&#160; Each of Messrs.&nbsp;Shaw and Hunt has been deemed to be &#147;independent&#148; for the purpose of this Item because he is not an &#147;interested person&#148; of the Fund as that term is defined in Section&nbsp;2(a)(19) of the Investment Company Act of 1940, as amended (the &#147;<u>1940 Act</u>&#148;) and does not accept directly or indirectly any consulting, advisory, or other compensatory fee from the Fund.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effective November&nbsp;1, 2016, M. Freddie Reiss resigned from the Board of Directors of the Fund and Mr.&nbsp;Hunt was appointed to the Board of Directors of the Fund and as the chairperson of the Fund&#146;s Audit Committee.&#160; From March&nbsp;25, 2016 through October&nbsp;31, 2016, Mr.&nbsp;Reiss served as the chairperson of the Fund&#146;s Audit Committee.&#160; Prior to March&nbsp;25, 2016, Mr.&nbsp;Shaw served as chairperson of the Fund&#146;s Audit Committee.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 4.&#160; Principal Accountant Fees and Services.</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Audit Fees</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the fiscal year ended October&nbsp;31, 2015 and for the fiscal year ended October&nbsp;31, 2016, Ernst&nbsp;&amp; Young LLP (&#147;<u>E&amp;Y</u>&#148;), the Fund&#146;s independent registered public accounting firm, billed the Fund aggregate fees of $141,830 and $120,000, respectively, for professional services rendered for the audit of the Fund&#146;s annual financial statements or for services normally provided by E&amp;Y in connection with statutory and regulatory filings or engagements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Audit-Related Fees</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the fiscal year ended October&nbsp;31, 2015 and for the fiscal year ended October&nbsp;31, 2016, the aggregate fees billed for assurance and related services rendered by E&amp;Y that are reasonably related to the performance of the audit or review of the Fund&#146;s financial statements and that are not reported under Audit Fees above were $20,613 and $0, respectively.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\108698\16-22968-2\task8221604\22968-2-ga.htm',USER='108698',CD='Jan  4 03:32 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the fiscal year ended October&nbsp;31, 2015 and for the fiscal year ended October&nbsp;31, 2016, aggregate Audit-Related Fees billed by E&amp;Y that were required to be approved by the Fund&#146;s Audit Committee for audit-related services rendered to the Fund&#146;s investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Fund (the &#147;<u>Affiliated Service Providers</u>&#148;) that relate directly to the operations and financial reporting of the Fund were $0 and $0, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Tax Fees</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the fiscal year ended October&nbsp;31, 2015 and for the fiscal year ended October&nbsp;31, 2016, E&amp;Y billed the Fund aggregate fees of $10,000 and $11,000, respectively, for professional services rendered for tax compliance, tax advice, and tax planning. The nature of the services comprising the Tax Fees was the review of the Fund&#146;s income tax returns and tax distribution requirements.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the fiscal year ended October&nbsp;31, 2015 and for the fiscal year ended October&nbsp;31, 2016, the aggregate Tax Fees billed by E&amp;Y that were required to be approved by the Fund&#146;s Audit Committee for tax compliance, tax advice and tax planning services rendered on behalf of Affiliated Service Providers that relate directly to the operations and financial reporting of the Fund were $0 and $0, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All Other Fees</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the fiscal year ended October&nbsp;31, 2015 and for the fiscal year ended October&nbsp;31, 2016, the aggregate fees billed by E&amp;Y to the Fund for all services other than services reported under Audit Fees, Audit-Related Fees, and Tax Fees were $0 and $0, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the fiscal year ended October&nbsp;31, 2015 and for the fiscal year ended October&nbsp;31, 2016, the aggregate fees in this category billed by E&amp;Y that were required to be approved by the Fund&#146;s Audit Committee for services rendered on behalf of Affiliated Service Providers that relate directly to the operations and financial reporting of the Fund were $0 and $0, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Audit Committee&#146;s Pre-Approval Policies and Procedures</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Fund&#146;s Audit Committee Charter requires that the Audit Committee pre-approve all audit and non-audit services to be provided to the Fund by the Fund&#146;s independent registered public accounting firm; provided, however, that the pre-approval requirement with respect to the provision of non-auditing services to the Fund by the Fund&#146;s independent registered public accounting firm may be waived by the Audit Committee under the circumstances described in the Securities Exchange Act of 1934, as amended (the &#147;<u>1934 Act</u>&#148;).</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Percentage of Services</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All of the audit and tax services described above for which E&amp;Y billed the Fund fees for the fiscal years ended October&nbsp;31, 2015 and October&nbsp;31, 2016, were pre-approved by the Audit Committee.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the fiscal years ended October&nbsp;31, 2015 and October&nbsp;31, 2016, the Fund&#146;s Audit Committee did not waive the pre-approval requirement of any non-audit services to be provided to the Fund by E&amp;Y.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Not applicable.</p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\108698\16-22968-2\task8221604\22968-2-ga.htm',USER='108698',CD='Jan  4 03:32 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>For the fiscal year ended October&nbsp;31, 2015 and for the fiscal year ended October&nbsp;31, 2016, aggregate non-audit fees billed by E&amp;Y for services rendered to the Fund were $1,000 and $0, respectively.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">For the fiscal year ended October&nbsp;31, 2015 and for the fiscal year ended October&nbsp;31, 2016, aggregate non-audit fees billed by E&amp;Y for services rendered to the Affiliated Service Providers were $0 and $0, respectively.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>E&amp;Y notified the Fund&#146;s Audit Committee of all non-audit services that were rendered by E&amp;Y to the Fund&#146;s Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii)&nbsp;of Rule&nbsp;2-01 of Regulation S-X, allowing the Fund&#146;s Audit Committee to consider whether such services were compatible with maintaining E&amp;Y&#146;s independence.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 5.&#160; Audit Committee of Listed Registrants.</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Fund has a separately-designated Audit Committee established in accordance with Section&nbsp;3(a)(58)(A)&nbsp;of the 1934 Act.&#160; The members of the Fund&#146;s Audit Committee are John Joseph Shaw, James K. Hunt and Bruce H. Spector.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Messrs.&nbsp;Shaw and Spector were members of the Fund&#146;s Audit Committee for the entire fiscal year ended October&nbsp;31, 2016.&#160; Effective November&nbsp;1, 2016, M. Freddie Reiss resigned from the Board of Directors of the Fund and Mr.&nbsp;Hunt was appointed to the Board of Directors of the Fund and as the chairperson of the Fund&#146;s Audit Committee.&#160; From March&nbsp;25, 2016 through October&nbsp;31, 2016, Mr.&nbsp;Reiss served as chairperson of the Fund&#146;s Audit Committee.&#160; Prior to March&nbsp;25, 2016, Mr.&nbsp;Shaw served as chairperson of the Fund&#146;s Audit Committee.&#160; From the commencement of the Fund&#146;s operations to January&nbsp;9, 2016, Michael H. Diamond served as a member of the Fund&#146;s Audit Committee.&#160; Mr.&nbsp;Diamond passed away on January&nbsp;9, 2016.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 6.&#160; Schedule of Investments.</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Schedule of Investments is included as part of Item 1 of this Form&nbsp;N-CSR.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Not applicable.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 7.&#160; Disclosure of Proxy Voting Policies and Procedures for Closed-End Investment Companies.</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attached to this Form&nbsp;N-CSR as exhibit 12(a)(4)&nbsp;is a copy of the proxy voting policies and procedures of the Fund and its investment adviser.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 8.&nbsp; Portfolio Managers of Closed-End Management Investment Companies.</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(1)&nbsp; As of October&nbsp;31, 2016, the portfolio managers of the Fund are as follows:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Seth J. Brufsky</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Founding Member, Senior Partner, and Portfolio Manager</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Investment Experience:</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Brufsky is a Founding Member of Ares Management, L.P. (&#147;Ares&#148;).&#160; He is a Senior Partner and Portfolio Manager in the Ares Credit Group and is a member of Ares&#146; Management Committee.&#160; He serves as one of three portfolio managers for the Fund.&#160; Mr.&nbsp;Brufsky also serves as a Director, President and Chief Executive Officer of the Fund.&#160; Additionally, he is a member of select Ares Credit Group investment committees.&nbsp; Mr.&nbsp;Brufsky joined Ares in March&nbsp;1998 from the Corporate Strategy and</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\108698\16-22968-2\task8221604\22968-2-ga.htm',USER='108698',CD='Jan  4 03:32 2017' -->

<br clear="all" style="page-break-before:always;">
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Research Group of Merrill Lynch&nbsp;&amp; Co., where he specialized in analyzing and marketing non-investment grade securities and was acknowledged by Institutional Investor as a member of the top-ranked credit analyst team each year of his tenure.&#160; Prior to joining Merrill Lynch, Mr.&nbsp;Brufsky was a member of the Institutional Sales and Trading Group of the Global Fixed Income Division at Union Bank of Switzerland.&#160; Mr.&nbsp;Brufsky serves on the Board of Directors of the Luminescence Foundation, a charitable giving organization.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Brufsky graduated from Cornell University with a B.S. in Applied Economics and Business Management and received his M.B.A. in Finance with honors from the University of Southern California&#146;s Marshall School of Business, where he was awarded the Glassick Scholarship for academic achievement.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Keith Ashton</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Portfolio Manager</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Investment Experience:</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Ashton&nbsp;is a Partner and Portfolio Manager&nbsp;in the&nbsp;Ares Credit&nbsp;Group,&nbsp;primarily responsible for managing structured credit funds and separate accounts.&nbsp;He serves as one of three portfolio managers for the Fund.&#160; He is also a member of select Ares Credit Group investment committees.&nbsp; Prior to joining Ares in November&nbsp;2011, Mr.&nbsp;Ashton was a partner at Indicus Advisors where he launched the global structured credit business in May&nbsp;2007.&nbsp; Prior to Indicus, Mr.&nbsp;Ashton was a portfolio manager and Head of Structured Credit at TIAA-CREF where he managed a portfolio of structured credit investments and helped launch TIAA&#146;s institutional asset management business.&nbsp; Mr.&nbsp;Ashton&#146;s experience as an investor in alternative fixed income products spans virtually all securitized asset classes, including collateralized loan obligations, consumer and commercial receivables, insurance and legal settlements, small business and trade receivables, whole business securitizations, timeshare other mortgage-related receivables, and esoteric asset classes such as catastrophe risk and intellectual property.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Ashton earned a B.A. in Economics from Brigham Young University and received his M.B.A. in Finance&nbsp;&amp; Accounting from the William E. Simon School of Business, University of Rochester.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">John Leupp</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Portfolio Manager</font></b></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Investment Experience:</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Leupp is a Partner and Portfolio Manager in the Ares Credit Group.&nbsp; He serves as one of three portfolio managers for the Fund.&#160; Additionally, he serves as a member on select Ares Credit Group investment committees.&nbsp; Mr.&nbsp;Leupp joined Ares in 2003 from Credit Suisse First Boston (formerly DLJ), most recently as a Director in the Fixed Income Department responsible for the gaming, lodging and leisure industries. From 1989 to 1997, Mr.&nbsp;Leupp was involved in the fixed income market as a high yield research analyst covering various industries.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Mr.&nbsp;Leupp earned a B.S. from Santa Clara University in Finance and an M.A. from the University of California, Los Angeles, in Economics.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(2)&nbsp; As of October&nbsp;31, 2016, the Portfolio Managers were primarily responsible for the day-to-day portfolio management of the following accounts:</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\108698\16-22968-2\task8221604\22968-2-ga.htm',USER='108698',CD='Jan  4 03:32 2017' -->

<br clear="all" style="page-break-before:always;">
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="14%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Name&nbsp;of<br>   Portfolio<br>   Manager</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="28%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:28.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Type&nbsp;of&nbsp;Accounts</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;#&nbsp;of<br>   Accounts<br>   Managed</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;Assets<br>   (in millions)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">#&nbsp;of&nbsp;Accounts<br>   Managed&nbsp;for<br>   which<br>   Advisory&nbsp;Fee<br>   is&nbsp;Based&nbsp;on<br>   Performance</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:11.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Total&nbsp;Assets<br>   for&nbsp;which<br>   Advisory&nbsp;Fee<br>   is&nbsp;Based&nbsp;on<br>   Performance<br>   (in&nbsp;millions)</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seth J. Brufsky</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:28.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registered investment companies</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">602.7</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:28.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other pooled investment vehicles</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,456.0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12,456.0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:28.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other accounts</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,435.7</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,396.5</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="bottom" style="padding:0in 0in 0in 0in;width:28.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Keith Ashton</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:28.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registered investment companies</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">602.7</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:28.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other pooled investment vehicles</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">640.3</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">640.3</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:28.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other accounts</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,920.1</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">560.6</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="bottom" style="padding:0in 0in 0in 0in;width:28.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="11%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John Leupp</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:28.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registered investment companies</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,069.7</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:28.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other pooled investment vehicles</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">606.8</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="14%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:14.0%;">
<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="28%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:28.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other accounts</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.88%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3,145.4</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="9%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:9.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Material Conflicts of Interest:</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Actual or apparent conflicts of interest may arise when a Portfolio Manager has day-to-day management responsibilities with respect to more than one fund or other account.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain inherent conflicts of interest arise from the fact that the Portfolio Managers, Ares Capital Management II LLC (the &#147;<u>Adviser</u>&#148;) and its affiliates provide investment advisory and administration services both to the Fund and the other Ares-advised funds, including other funds, as well as client accounts, proprietary accounts and any other investment vehicles that the Adviser and its affiliates may establish from time to time, managed by the Adviser and its affiliates in which the Fund will not have an interest. The investment program of the Fund and the other Ares-advised funds may or may not be substantially similar. The Portfolio Managers, the Adviser and its affiliates may give advice and recommend securities to the other Ares-advised funds that may differ from advice given to, or securities recommended or bought for, the Fund, even though their investment objectives may be the same or similar to those of the Fund.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Adviser will seek to manage potential conflicts of interest in good faith; nonetheless, the portfolio strategies employed by the Portfolio Managers, the Adviser and its affiliates in managing the other Ares-advised funds could conflict with the transactions and strategies employed by the Portfolio Managers in managing the Fund and may affect the prices and availability of the securities and instruments in which</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\108698\16-22968-2\task8221604\22968-2-ga.htm',USER='108698',CD='Jan  4 03:32 2017' -->

<br clear="all" style="page-break-before:always;">
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the Fund invests. Conversely, participation in specific investment opportunities may be appropriate, at times, for both the Fund and the other Ares-advised funds. The Adviser has adopted allocation procedures that are intended to provide that all investment opportunities will be allocated among the Adviser&#146;s or its related parties&#146; clients on a basis that over a period of time is fair and equitable to each client relative to other clients consistent with any fiduciary duties owed to clients and in an effort to avoid favoring one client over another, taking into account all relevant facts and circumstances, including (without limitation): (i)&nbsp;differences with respect to available capital, size of client, and remaining life of a client; (ii)&nbsp;differences with respect to investment objectives or current investment strategies, such as objectives or strategies regarding: (a)&nbsp;current and total return requirements, (b)&nbsp;emphasizing or limiting exposure to the security or type of security in question, (c)&nbsp;diversification, including industry or company exposure, currency and jurisdiction, or (d)&nbsp;rating agency ratings; (iii)&nbsp;differences in risk profile at the time an opportunity becomes available; (iv)&nbsp;the potential transaction and other costs of allocating an opportunity among various clients; (v)&nbsp;potential conflicts of interest, including whether a client has an existing investment in the security in question or the issuer of such security; (vi)&nbsp;the nature of the security or the transaction, including minimum investment amounts and the source of the opportunity; (vii)&nbsp;current and anticipated market and general economic conditions; (viii)&nbsp;existing positions in a borrower/loan/security; and (ix)&nbsp;prior positions in a borrower/loan/security.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In general, this policy will result in such opportunities being allocated pro rata (taking into account, among other factors, available cash and the relative capital of the respective funds) among the Fund and the other Ares-advised funds. Nevertheless, investment and/or opportunities may be allocated other than on a pro rata basis, to the extent it is done in good faith and does not, or is not reasonably expected to, result in an improper disadvantage or advantage to one participating Ares-advised fund as compared to another participating Ares-advised fund.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event investment opportunities are allocated among the Fund and the other Ares-advised funds, the Fund may not be able to structure its investment portfolio in the manner desired. Although the Adviser endeavors to allocate investment opportunities in a manner that, over a period of time, is fair and equitable, it is possible that the Fund may not be given the opportunity to participate in certain investments made by the other Ares-advised funds or portfolio managers affiliated with the Adviser. Furthermore, the Fund and the other Ares-advised funds may make investments in securities where the prevailing trading activity may make impossible the receipt of the same price or execution on the entire volume of securities purchased or sold by the Fund and the other Ares-advised funds. When this occurs, the various prices may be averaged, and the Fund will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some occasions to the disadvantage of the Fund. In addition, under certain circumstances, the Fund may not be charged the same commission or commission equivalent rates in connection with a bunched or aggregated order.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is likely that other Ares-advised funds may make investments in the same or similar securities at different times and on different terms than the Fund. The Fund and the other Ares-advised funds may make investments at different levels of a borrower&#146;s capital structure or otherwise in different classes of a borrower&#146;s securities. Such investments may inherently give rise to conflicts of interest or perceived conflicts of interest between or among the various classes of securities that may be held by such entities. Conflicts may also arise because portfolio decisions regarding the Fund may benefit the other Ares-advised funds. For example, the sale of a long position or establishment of a short position by the Fund may impair the price of the same security sold short by (and therefore benefit) one or more Ares-advised funds, and the purchase of a security or covering of a short position in a security by the Fund may increase the price of the same security held by (and therefore benefit) one or more Ares-advised funds.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">While these conflicts cannot be eliminated, the Adviser, when practicable, will cause the Fund and the other Ares-advised funds to hold investments in the same levels of an issuer&#146;s capital structure in the same</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\108698\16-22968-2\task8221604\22968-2-ga.htm',USER='108698',CD='Jan  4 03:32 2017' -->

<br clear="all" style="page-break-before:always;">
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">proportion at each level; provided, however, that neither the Fund nor any other Ares-advised fund will be required to hold an investment if holding such investment would result in a violation of the provisions of the organizational documents of the Fund or the other Ares-advised fund, as applicable, or constitute a breach of, or default or debt repayment event with respect to, any credit facility or other debt instrument or obligation.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although the professional staff of the Adviser will devote as much time to the management of the Fund as the Adviser deems appropriate to perform its obligations, the professional staff of the Adviser may have conflicts in allocating its time and services among the Fund and the Adviser&#146;s other investment vehicles and accounts. The Adviser and its affiliates are not restricted from forming additional investment funds, from entering into other investment advisory relationships or from engaging in other business activities, even though such activities may be in competition with the Fund and/or may involve substantial time and resources of the Adviser and its professional staff. These activities could be viewed as creating a conflict of interest in that the time and effort of the members of the Adviser and their officers and employees will not be devoted exclusively to the business of the Fund but will be allocated between the business of the Fund and the management of the monies of other clients of the Adviser.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(3)&nbsp; Compensation Structure of Portfolio Manager(s)&nbsp;or Management Team Members</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Adviser&#146;s financial arrangements with the Portfolio Managers, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number of factors. The Portfolio Managers may receive all or some combination of salary, an annual bonus and interests in the carried interest in certain of Ares&#146; funds.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Base Compensation.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Generally, when the Portfolio Managers receive base compensation it is based on their individual seniority and their position within the firm.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Discretionary Compensation.</font></i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to base compensation, the Portfolio Managers may receive discretionary compensation. Discretionary compensation may be based on individual seniority and contribution, and, if applicable, may include distributions on equity interests of the Adviser&#146;s ultimate parent company held by each Portfolio Manager, if any.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(4)&nbsp;Ownership of Securities</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following table sets forth, for each Portfolio Manager, the aggregate dollar range of the Fund&#146;s equity securities beneficially owned as of October&nbsp;31, 2016.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="49%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Portfolio&nbsp;Manager</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="49%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:49.04%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Dollar&nbsp;Range&nbsp;of&nbsp;Fund&nbsp;Shares&nbsp;Beneficially<br>   Owned</font></b></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seth J. Brufsky</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.04%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$500,001-$1,000,000</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Keith Ashton</font></p>    </td>
<td width="2%" valign="top" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.04%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$10,001-$50,000</font></p>    </td>   </tr>
<tr>
<td width="49%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.02%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">John Leupp</font></p>    </td>
<td width="2%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:49.04%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$0</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;Not applicable.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\108698\16-22968-2\task8221604\22968-2-ga.htm',USER='108698',CD='Jan  4 03:32 2017' -->

<br clear="all" style="page-break-before:always;">
<div>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.&#160; Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the twelve months ended October&nbsp;31, 2016, the following purchases were made by or on behalf of the Fund or any &#147;affiliated purchaser&#148; as defined in Rule&nbsp;10b-18(a)(3)&nbsp;under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares of the Fund&#146;s equity securities that are registered by the Fund pursuant to Section&nbsp;12 of the Exchange Act.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="29%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Period</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(a)<br>   Total&nbsp;Number<br>   of&nbsp;Shares<br>   (or&nbsp;Units)<br>   Purchased</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:12.86%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(b)<br>   Average&nbsp;Price<br>   Paid&nbsp;per&nbsp;Share<br>   (or&nbsp;Unit)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="15%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:15.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(c)<br>   Total&nbsp;Number&nbsp;of<br>   Shares&nbsp;(or<br>   Units)<br>   Purchased&nbsp;as<br>   Part&nbsp;of&nbsp;Publicly<br>   Announced<br>   Plans<br>   or&nbsp;Programs</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="17%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.14%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(d)<br>   Maximum<br>   Number&nbsp;(or<br>   Approximate<br>   Dollar&nbsp;Value)&nbsp;of<br>   Shares&nbsp;(or&nbsp;Units)<br>   that&nbsp;May&nbsp;Yet&nbsp;Be<br>   Purchased&nbsp;Under&nbsp;the<br>   Plans&nbsp;or&nbsp;Programs</font></b></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month #1<br>   11/01/15 through 11/30/15</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,348,116</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month #2<br>   12/01/15 through 12/31/15</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">120,591</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.3676</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">120,591</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,227,525</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month #3<br>   01/01/16 through 01/31/16</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">206,563</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.8578</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">206,563</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2,020,962</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month #4<br>   02/01/16 through 02/29/16</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">108,120</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.3821</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">108,120</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,912,842</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month #5<br>   03/01/16 through 03/31/16</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,989</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.7759</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16,989</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,895,853</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month #6<br>   04/01/16 through 04/30/16</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,942</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.4841</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,942</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,885,911</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month #7<br>   05/01/16 through 05/31/16</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,962</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">13.6222</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,962</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,880,949</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month #8<br>   06/01/16 through 06/30/16</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,880,949</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month #9<br>   07/01/16 through 07/31/16</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,880,949</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month #10<br>   08/01/16 through 08/31/16</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,880,949</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month #11<br>   09/01/16 through 09/30/16</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,216</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.4315</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,216</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,875,733</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month #12<br>   10/01/16 through 10/31/16</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,000</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.66%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.5905</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17,000</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,858,733</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" style="padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="12%" colspan="2" valign="bottom" style="padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" style="padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" style="padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="29%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:29.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="12%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:12.86%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">489,383</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">$</font></p>    </td>
<td width="11%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:11.64%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.9729</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="15%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:15.0%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">489,383</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="17%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:17.14%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#151;</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.6%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\108698\16-22968-2\task8221604\22968-2-ga.htm',USER='108698',CD='Jan  4 03:32 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a), (b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>On November&nbsp;17, 2015, the Fund announced that its Board of Directors (the &#147;<u>Board</u>&#148;) had authorized the repurchase of shares of common stock of the Fund (the &#147;<u>Common Shares</u>&#148;) on the open market when the Common Shares are trading on the New York Stock Exchange at a discount of 10% or more (or such other percentage as the Board may determine from time to time) from the net asset value of the Common Shares.&#160; The Fund is authorized to repurchase up to 10% of its outstanding Common Shares.&#160; The Fund is not required to effect share repurchases.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The above-referenced share repurchase program has no expiration date.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d), (e)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Not applicable.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 10.&#160; Submission of Matters to a Vote of Security Holders.</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There have been no material changes to the procedures by which shareholders may recommend nominees to the Fund&#146;s Board of Directors during the period covered by this Form&nbsp;N-CSR filing.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 11.&#160; Controls and Procedures.</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Fund&#146;s principal executive and principal financial officers have concluded that the Fund&#146;s disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the 1940 Act (17 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of this Form&nbsp;N-CSR based on their evaluation of these controls and procedures required by Rule&nbsp;30a-3(b)&nbsp;under the 1940 Act (17&nbsp;CFR 270.30a-3(b)) and Rules&nbsp;13a-15(b)&nbsp;or 15d-15(b)&nbsp;under the 1934 Act (17 CFR 240.13a-15(b)&nbsp;or 240.15d-15(b)).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>There were no changes in the Fund&#146;s internal control over financial reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the Fund&#146;s second fiscal quarter covered by this report that has materially affected, or is reasonably likely to materially affect, the Fund&#146;s internal control over financial reporting.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 12.&#160; Exhibits.</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(1)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Code of Ethics is attached hereto in response to Item 2(f).</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(2)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The certifications required by Rule&nbsp;30a-2(a)&nbsp;of the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(3)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Not applicable for this filing.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Proxy voting policies and procedures of the Fund and its investment adviser are attached hereto in response to Item 7.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The certifications required by Rule&nbsp;30a-2(b)&nbsp;of the 1940 Act (17 CFR 270.30a-2(b)) and Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 are attached hereto.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\108698\16-22968-2\task8221604\22968-2-ga.htm',USER='108698',CD='Jan  4 03:32 2017' -->


<br clear="all" style="page-break-before:always;">
<div>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Fund has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARES DYNAMIC CREDIT ALLOCATION FUND,&nbsp;INC.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="42%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Seth J. Brufsky</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seth J. Brufsky</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief   Executive Officer</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>    </td>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;4, 2017</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Fund and in the capacities and on the dates indicated.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="42%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Seth J. Brufsky</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seth J. Brufsky</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief   Executive Officer</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>    </td>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;4, 2017</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="42%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Penni F. Roll</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Penni F. Roll</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>    </td>
<td width="42%" valign="top" style="padding:0in 0in 0in 0in;width:42.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;4, 2017</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105342\16-22968-2\task8217499\22968-2-jc.htm',USER='105342',CD='Dec 29 09:16 2016' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODEETH
<SEQUENCE>2
<FILENAME>a16-22968_2ex99dcodeeth.htm
<DESCRIPTION>EX-99.CODEETH
<TEXT>


<html>
<head>




  </head>
<body link=blue lang="EN-US">
<div style="font-family:Times New Roman;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.CODEETH </font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;12(a)(1)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Sarbanes-Oxley Code of Ethics</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of the Fund has established this Code in accordance with the Sarbanes-Oxley Act of 2002 and the rules&nbsp;promulgated thereunder.&#160; This Code applies to the Fund&#146;s Principal Executive Officer (&#147;President&#148;) and Principal Financial Officer (&#147;Treasurer&#148;) (together, the &#147;Covered Officers&#148;) for the purpose of promoting:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission (&#147;SEC&#148;) and in other public communications made by the Fund;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>compliance with applicable laws and governmental rules&nbsp;and regulations;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>accountability for adherence to the Code.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to apparent as well as actual conflicts of interest.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.25in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Overview.</font></b>&#160; A &#147;conflict of interest&#148; occurs when a Covered Officer&#146;s private interest interferes with the interests of, or his or her service to, the Fund.&#160; For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Fund.&#160; Under no circumstances should a Covered Officer have any undisclosed or unapproved financial or other business relationship with the Fund or a third party that might impair or might by viewed as impairing the exercise of the Covered Officer&#146;s best judgment with respect to matters involving the Fund.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the 1940 Act.&#160; For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as &#147;affiliated persons&#148; of the Fund.&#160; Each Covered Officer is an employee of the Fund&#146;s Adviser or its affiliates.&#160; The Fund&#146;s and the Adviser&#146;s compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions.&#160; This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Fund and the Adviser, of which the Covered Officers are also officers or employees.&#160; As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105192\16-22968-2\task8217822\22968-2-mm.htm',USER='105192',CD='Dec 29 15:24 2016' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">formally for the Fund or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Fund.&#160; The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the Adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Fund.&#160; Thus, if performed in conformity with the provisions of the 1940 Act, will be deemed to have been handled ethically.&#160; In addition, it is recognized by the Board that the Covered Officers may, from time to time, also be officers or employees of one or more other investment companies covered by this Code or other codes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act.&#160; The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive.&#160; The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Covered Officer must:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>not cause the Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than for the benefit of the Fund; and</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">There are some relationships that should always be disclosed to the CCO of the Fund, including:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any ownership interest in, or any consulting or employment relationship with, any entities doing business with the Fund, other than an affiliated service provider or an affiliate of an affiliated service provider.&#160; This disclosure requirement shall not apply to or otherwise limit the ownership of publicly traded securities so long as the Covered Officer&#146;s ownership does not exceed more than 1% of the outstanding securities of the relevant class.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer&#146;s employment with an affiliated service provider or its affiliates.&#160; This disclosure requirement shall not apply to or otherwise limit (i)&nbsp;the ownership of publicly traded securities so long as the Covered Officer&#146;s ownership does not exceed more than 1% of a particular class of</p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105192\16-22968-2\task8217822\22968-2-mm.htm',USER='105192',CD='Dec 29 15:24 2016' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">security outstanding or (ii)&nbsp;the receipt by an affiliated service provider or its affiliates of research or other benefits in exchange for &#147;soft dollars&#148;.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As a registered investment company, it is of critical importance that the Fund&#146;s public communications, reports, and SEC filings contain full, fair, accurate, timely, and understandable disclosure.&#160; Accordingly, each Covered Officer is expected to consider it central to his or her duties and responsibilities to the Fund to promote full, fair, accurate, timely, and understandable disclosure in the Fund&#146;s public communications and reports, and in the documents that the Fund files with, or submits to, the SEC.&#160; In this regard, the Fund has adopted Disclosure Controls and Procedures that, &#147;under the supervision and oversight&#148; of the Covered Officers, are designed to ensure that all information the Fund is required to disclose in its annual and semi-annual reports filed with the SEC is recorded, processed, summarized and reported within the time periods specified by the SEC under its rules&nbsp;and regulations.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to adhering to the specific requirements set forth in the Fund&#146;s Disclosure Controls and Procedures and all applicable governmental laws, rules&nbsp;and regulations, each Covered Officer shall exercise a high standard of care in complying with the Fund&#146;s Internal Controls, and in preparing and providing all necessary information to make the Fund&#146;s public reports, communications, and SEC filings and submissions complete, fair, and understandable.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accordingly, each Covered Officer must not knowingly misrepresent or cause others to misrepresent facts about the Fund.&#160; In addition, each Covered Officer must seek to ensure that all of the Fund&#146;s books, records, accounts and financial information, as well as reports produced from those materials:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Are supported by accurate documentation maintained in reasonable detail;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Are recorded in the proper account and in the proper accounting period;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Do not contain any false or intentionally misleading entries;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Fairly and accurately reflect the transactions or occurrences to which they relate; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Conform to the Fund&#146;s Internal Controls, Disclosure Controls and Procedures, and to all applicable laws, rules&nbsp;and regulations.</p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105192\16-22968-2\task8217822\22968-2-mm.htm',USER='105192',CD='Dec 29 15:24 2016' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>a16-22968_2ex99dcert.htm
<DESCRIPTION>EX-99.CERT
<TEXT>


<html>
<head>




  </head>
<body link=blue lang="EN-US">
<div style="font-family:Times New Roman;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.CERT </font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;12(a)(2)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, Seth J. Brufsky, President and Chief Executive Officer of Ares Dynamic Credit Allocation Fund,&nbsp;Inc. (the &#147;<u>Fund</u>&#148;), certify that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I have reviewed this report on Form&nbsp;N-CSR of the Fund;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Fund as of, and for, the periods presented in this report;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Fund&#146;s other certifying officer(s)&nbsp;and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the Fund and have:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Fund, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Evaluated the effectiveness of the Fund&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Disclosed in this report any change in the Fund&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Fund&#146;s internal control over financial reporting; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Fund&#146;s other certifying officer(s)&nbsp;and I have disclosed to the Fund&#146;s auditors and the audit committee of the Fund&#146;s board of directors (or persons performing the equivalent functions):</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Fund&#146;s ability to record, process, summarize, and report financial information; and</p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105342\16-22968-2\task8217574\22968-2-mo.htm',USER='105342',CD='Dec 29 11:17 2016' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any fraud, whether or not material, that involves management or other employees who have a significant role in the Fund&#146;s internal control over financial reporting.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;4, 2017</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Seth J. Brufsky</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seth J. Brufsky</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief   Executive Officer</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105342\16-22968-2\task8217574\22968-2-mo.htm',USER='105342',CD='Dec 29 11:17 2016' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, Penni F. Roll, Chief Financial Officer of Ares Dynamic Credit Allocation Fund,&nbsp;Inc. (the &#147;<u>Fund</u>&#148;), certify that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I have reviewed this report on Form&nbsp;N-CSR of the Fund;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Fund as of, and for, the periods presented in this report;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Fund&#146;s other certifying officer(s)&nbsp;and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the Fund and have:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Fund, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Evaluated the effectiveness of the Fund&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Disclosed in this report any change in the Fund&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Fund&#146;s internal control over financial reporting; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Fund&#146;s other certifying officer(s)&nbsp;and I have disclosed to the Fund&#146;s auditors and the audit committee of the Fund&#146;s board of directors (or persons performing the equivalent functions):</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Fund&#146;s ability to record, process, summarize, and report financial information; and</p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105342\16-22968-2\task8217574\22968-2-mo.htm',USER='105342',CD='Dec 29 11:17 2016' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any fraud, whether or not material, that involves management or other employees who have a significant role in the Fund&#146;s internal control over financial reporting.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;4, 2017</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Penni F. Roll</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Penni F. Roll</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105342\16-22968-2\task8217574\22968-2-mo.htm',USER='105342',CD='Dec 29 11:17 2016' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.12(A)(4)
<SEQUENCE>4
<FILENAME>a16-22968_2ex99d12a4.htm
<DESCRIPTION>EX-99.12(A)(4)
<TEXT>


<html>
<head>




  </head>
<body link=blue lang="EN-US">
<div>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 12(a)(4)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Proxy Voting</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is the policy of the Fund to delegate the responsibility for voting proxies relating to portfolio securities held by the Fund to the Fund&#146;s investment adviser (the &#147;Adviser&#148;) as a part of the Adviser&#146;s general management of the Fund&#146;s portfolio, subject to the continuing oversight of the Board.&#160; The Board hereby delegates such responsibility to the Adviser, and directs the Adviser to vote proxies relating to portfolio securities held by the Fund consistent with the duties and procedures set forth below.&#160; The Adviser may retain one or more vendors to review, monitor and recommend how to vote proxies in a manner consistent with the duties and procedures set forth below, to ensure that such proxies are voted on a timely basis and to provide reporting and/or record retention services in connection with proxy voting for the Fund.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The right to vote a proxy with respect to portfolio securities held by the Fund is an asset of the Fund.&#160; The Adviser, to which authority to vote on behalf of the Fund is delegated, acts as a fiduciary of the Fund and must vote proxies in a manner consistent with the best interest of the Fund and its shareholders.&#160; In discharging this fiduciary duty, the Adviser must maintain and adhere to its policies and procedures for addressing conflicts of interest and must vote proxies in a manner substantially consistent with its policies, procedures and guidelines, as presented to the Board.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The shall file an annual report of each proxy voted with respect to portfolio securities of the Fund during the twelve-month period ended June&nbsp;30 Form&nbsp;N-PX not later than August&nbsp;31 of each year.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\107546\16-22968-2\task8221799\22968-2-mp-01.htm',USER='107546',CD='Jan  4 07:36 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Proxy Voting Procedures</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following are the procedures adopted by the Board for the administration of the policy:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Review of Adviser Proxy Voting Procedures</font></u>.&#160; The Adviser shall present to the Board its policies, procedures and other guidelines for voting proxies at least annually, and must notify the Board promptly of material changes to such policies, procedures and guidelines.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Voting Record Reporting</font></u>.&#160; The Adviser shall provide the voting record information necessary for the completion and filing of Form&nbsp;N-PX to the Fund at least annually.&#160; Such voting record information shall be in a form acceptable to the Fund and shall be provided at such time(s)&nbsp;as required for the timely filing of Form&nbsp;N-PX and at such additional time(s)&nbsp;as the Fund and the Adviser may agree to from time to time.&#160; With respect to those proxies that the Adviser has identified as involving a conflict of interest, the Adviser shall submit a separate report indicating the nature of the conflict of interest and how that conflict was resolved with respect to the voting of the proxy.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Record Retention</font></u>.&#160; The Adviser shall maintain such records with respect to the voting of proxies as may be required by the Investment Advisers Act of 1940, as amended, and the rules&nbsp;promulgated thereunder or by the Investment Company Act of 1940, as amended, and the rules&nbsp;promulgated thereunder.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conflicts of Interest</font></u>.&#160; Any actual or potential conflicts of interest between the Fund&#146;s principal underwriter or Adviser and the Fund&#146;s shareholders arising from the proxy voting process will be addressed by the Adviser and the Adviser&#146;s application of its proxy voting procedures pursuant to the delegation of proxy voting responsibilities to the Adviser.&#160; In the event that the Adviser notifies the officer(s)&nbsp;of the Fund that a conflict of interest cannot be resolved under the Adviser&#146;s proxy voting procedures, such officer(s)&nbsp;are responsible for notifying the audit committee of the Board (the &#147;Audit Committee&#148;) of such irreconcilable conflict of interest and assisting the Audit Committee with any actions it determines are necessary.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form&nbsp;N-PX</font></u>.&#160; The Fund shall file an annual report of each proxy voted with respect to portfolio securities of the Fund during the twelve-month period ended June&nbsp;30 on Form&nbsp;N-PX not later than August&nbsp;31 of each year.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;text-indent:.5in;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Disclosures</font></u>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Fund shall include in its registration statement:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A description of this policy and of the policies and procedures used by the Adviser to determine how to vote proxies relating to portfolio securities; and</p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\107546\16-22968-2\task8221799\22968-2-mp-01.htm',USER='107546',CD='Jan  4 07:36 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A statement disclosing that information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June&nbsp;30 is available without charge, upon request, by calling the Fund&#146;s toll-free telephone number, or through a specified Internet address, or both, and on the Securities and Exchange Commission&#146;s (the &#147;SEC&#148;) website.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Fund shall include in its annual and semi-annual reports to shareholders:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A statement disclosing that a description of the policies and procedures used by or on behalf of the Fund to determine how to vote proxies relating to portfolio securities of the Fund is available without charge, upon request, by calling the Fund&#146;s toll-free telephone number, through a specified Internet address, if applicable, and on the SEC&#146;s website; and</p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt 1.0in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A statement disclosing that information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June&nbsp;30 is available without charge, upon request, by calling the Adviser&#146;s toll-free telephone number, or through a specified Internet address, or both, and on the SEC&#146;s website at <u>www.sec.gov</u>.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board shall review and amend these Procedures as it deems necessary and advisable.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\107546\16-22968-2\task8221799\22968-2-mp-01.htm',USER='107546',CD='Jan  4 07:36 2017' -->


<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proxy Voting</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rule&nbsp;206(4)-6 under the Advisers Act prohibits a registered investment adviser from exercising voting authority with respect to client voting securities unless the adviser has adopted and implemented written Policies and Procedures that are reasonably designed to ensure that the adviser votes proxies in the best interests of its clients.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition, the adviser must describe its proxy voting Procedures to its clients and provide copies upon request, and must disclose to its clients how they may obtain information on how the adviser voted their proxies.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rule&nbsp;204-2 of the Advisers Act requires a registered investment adviser to retain certain records in connection with the proxy voting Procedures adopted by Ares.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ares focuses primarily on fixed income securities and bank debt, but clients may also acquire voting securities. In instances where a client owns equity securities in which it has the right to vote via shareholder proxy (each a &#147;Voting Security&#148;), Ares generally retains proxy voting authority with respect to these Voting Securities. Ares recognizes that proxy voting is an important right of shareholders and that reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Accordingly, Ares has adopted the following Proxy Voting Policies and Procedures for the purpose of complying and implementing compliance with Rules&nbsp;206(4)-6 and 204-2.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Proxy Voting Policies</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Where Ares has been granted discretion by a Client to exercise by proxy the voting rights of securities beneficially owned by such Client (the &#147;Client Securities&#148;), Ares will exercise all voting rights delegated to us by the Client with respect to Client Securities, except as provided in this Manual.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In determining how to vote, investment professionals of Ares will consult with each other, taking into account the interests of each Client and its Investors as well as any potential conflicts of interest. In general, Ares will vote proxies in accordance with the guidelines set out below, which are designed to maximize the value of Client Securities (the &#147;Guidelines&#148;), unless any of the following is true:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Ares&#146; agreement with the Client requires it to vote proxies in a certain way</p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Ares has determined otherwise due to the specific and unusual facts and circumstances with respect to a particular vote</p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the subject matter of the vote is not covered by the Guidelines</p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a material conflict of interest is present</p>
<p style="margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Ares finds it necessary to vote contrary to the Guidelines to maximize Investor value or the best interests of the Client</p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the absence of Guidelines with respect to a particular matter, Ares will vote proxies so as to maximize the economic value of the Client Securities and otherwise serve the best interests of each Client. Ares will follow the Procedures with respect to conflicts of interests described below.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Proxy Voting Procedures</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Voting Client Proxies</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the Proxy Voting Policies stated above, Ares will generally use the following guidelines in reviewing proxy issues:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Elections of Directors </b>In general, Ares will vote in favor of the management-proposed slate of directors. If there is a proxy fight for seats on the board of directors of an issuer of Client Securities (an &#147;Issuer&#148;) or Ares determines that there are other compelling reasons for withholding the Client&#146;s vote, it will determine the appropriate vote on the matter. Among other reasons, Ares may withhold votes for directors when any of the following are true:</p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Ares believes a direct conflict of interest exists between the interests of a director and the stockholders</p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Ares concludes that the actions of a director are unlawful, unethical, or negligent</p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Ares believes a director is entrenched or dealing inadequately with performance problems or is acting with insufficient independence between the board and management</p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Ares believes that, with respect to directors of non-US issuers, there is insufficient information about the nominees disclosed in the proxy statement</p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Appointment of Auditors </b>As Ares believes that an Issuer remains in the best position to choose its independent auditors, Ares will generally support management&#146;s recommendation in this regard.</p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Changes in Capital Structure </b>Changes in the charter or bylaws of an Issuer may be required by state or federal regulation. In general, Ares will cast a Client&#146;s votes in accordance with the management on such proposals. However, Ares will consider carefully any proposal regarding a change in corporate structure that is not required by state or federal regulation.</p>
<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Corporate Restructurings; Mergers and Acquisitions </b>As Ares believes that proxy votes dealing with corporate reorganizations are an extension of the investment decision, Ares will analyze</p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\108698\16-22968-2\task8221615\22968-2-mp-03.htm',USER='108698',CD='Jan  4 04:52 2017' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt .25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">such proposals on a case-by-case basis and vote in accordance with its perception of each Client&#146;s interests.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Proposals Affecting Shareholder Rights </b>Ares will generally cast a Client&#146;s votes in favor of proposals that give shareholders a greater voice in the affairs of an Issuer and oppose any measure that seeks to limit such rights. However, when analyzing such proposals, Ares will balance the financial impact of the proposal against any impairment of shareholder rights as well as of the client&#146;s investment in the Issuer.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Corporate Governance </b>As Ares recognizes the importance of good corporate governance, Ares will generally favor proposals that promote transparency and accountability within an Issuer.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Anti-Takeover Measures </b>Ares will evaluate, on a case-by-case basis, any proposals regarding anti-takeover measures to deter- mine the measure&#146;s likely effect on shareholder value dilution.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Stock Splits </b>Ares will generally vote with management on stock split matters.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Limited Liability of Directors </b>Ares will generally vote with management on matters that could adversely affect the limited liability of directors.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Social and Corporate Responsibility </b>Ares will review proposals related to social, political, and environmental issues to deter- mine whether they may adversely affect shareholder value. Ares may abstain from voting on such proposals where they do not have a readily determinable financial impact on shareholder value.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Executive and Directors Compensation</b> Ares will evaluate, on a case-by-case basis, any proposals regarding stock option and compensation plans. We will generally vote against any proposed plans that may result in excessive transfer of shareholder value, that permit the repricing of underwater options, or that include an option exercise price that is below the market price on the day of the grant. We will generally vote for proposals requiring top executive and director compensation for &#147;golden parachutes&#148; to be submitted for shareholder approval.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Disclosure</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ares will inform each Client of the proxy voting Policies and Procedures described here. Ares will inform each client of any changes in Ares&#146; proxy voting Policies and Procedures, and upon request Ares will promptly provide to a Client a copy of Ares&#146; proxy voting Policies and Procedures as then in effect. A description of the proxy voting Policies and Procedures and the availability of a copy to a Client upon request are set forth in Ares&#146; Form&nbsp;ADV Part&nbsp;2A.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Conflicts of Interest</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If a potential conflict of interest exists, Ares may choose to resolve the conflict by following the recommendation of a disinterested third party, by seeking the direction of each affected Client (which direction will be sought from the independent directors of ARCC where it is the affected Client) or, in extreme cases, by abstaining from voting. In any event, Ares will not delegate its voting authority to any third party, although it may retain an outside service to provide voting recommendations and to assist in analyzing votes.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Some examples of potential conflicts of interest include:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Ares provides investment advice to an officer or director of an issuer and Ares receives a proxy solicitation from that issuer, or a competitor of that issuer</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>an issuer or some other third party offers Ares or an Associate compensation in exchange for voting a proxy in a particular way</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>an Associate or a member of an Associate&#146;s household has a personal or business relationship with an issuer</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>an Associate has a beneficial interest contrary to the position held by Ares on behalf of its clients</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Ares holds various classes and types of equity and debt securities of the same issuer contemporaneously in different Client portfolios</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any other circumstance where Ares&#146; duty to service its Clients&#146; interest could be compromised</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Recordkeeping</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">An officer of Ares will retain the following records pertaining to these proxy voting Policies and Procedures in accordance with Rule&nbsp;204-2 under the Advisers Act:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>proxy voting Policies and Procedures</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>all proxy statements received (or Ares may rely on proxy statements filed on the EDGAR system of the SEC)</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>records of votes cast</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>records of requests for proxy voting information by Clients and a copy of any written response by Ares to any Client request on how Ares voted proxies on behalf of the requesting Client</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Symbol" style="font-size:10.0pt;">&#183;</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any specific documents prepared or received in connection with a decision on a proxy vote</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If Ares uses an outside service, it may rely on such service to maintain copies of proxy statements and records, so long as the service will provide a copy of such documents promptly upon request.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\108698\16-22968-2\task8221615\22968-2-mp-03.htm',USER='108698',CD='Jan  4 04:52 2017' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>5
<FILENAME>a16-22968_2ex99d906cert.htm
<DESCRIPTION>EX-99.906CERT
<TEXT>


<html>
<head>




  </head>
<body link=blue lang="EN-US">
<div style="font-family:Times New Roman;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.906CERT</font></b></p>
<p align="right" style="margin:0in 0in .0001pt .5in;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
<p align="right" style="margin:0in 0in .0001pt .5in;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;12(b)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seth J. Brufsky, President and Chief Executive Officer, and Penni F. Roll, Chief Financial Officer, of Ares Dynamic Credit Allocation Fund,&nbsp;Inc. (the &#147;<u>Fund</u>&#148;), each certify that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>This Form&nbsp;N-CSR filing for the Fund (the &#147;<u>Report</u>&#148;) fully complies with the requirements of Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act of 1934; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Seth J. Brufsky</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seth J. Brufsky</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief   Executive Officer</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;4, 2017</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Penni F. Roll</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Penni F. Roll</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">January&nbsp;4, 2017</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A signed original of this written statement required by Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section&nbsp;906 has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission (the &#147;<u>Commission</u>&#148;) or its staff upon request.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This certification is being furnished to the Commission solely pursuant to Rule&nbsp;30a.2(b)&nbsp;under the Investment Company Act of 1940, as amended, and 18 U.S.C. &#167; 1350 and is not being filed as part of the Report or as a separate disclosure document.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\108698\16-22968-2\task8221615\22968-2-mq.htm',USER='108698',CD='Jan  4 04:51 2017' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>j16229681_za007.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j16229681_za007.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ & !' P$1  (1 0,1 ?_$ :(    & @,!
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B/LJ7,MO%'=23-<7,L)B1))C:1?3VV=3%4FD8A24&FA__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>j16229681_ha006.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j16229681_ha006.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ - ## P$1  (1 0,1 ?_$ :(    & @,!
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MAI*U<'-)403A9U?W7NMHK_9:OCGIT?Z >D]'^AO_ &771_HKV+I_V7WR^?\
MT%:?X#;_ $-^?U_W8_XLFOG[:_OW7NB-_"S^7_O[X<_,S^89W1B.U-O[O^/_
M ,Y.R-N=_8[KS(X"MI.Q.LNZW@R5)V$B[C@G_@N>V/N5:\2TRO$E52B"GA"_
MMSSU?NO=6G^_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NL-13T]93STE7!#54M
M5#+3U--41)/3U%/.C1303PRJT<T,T;%65@59201;W[KW61$2-%CC541%5$1%
M"HB* JJJJ %50+ #@#W[KW47(X['Y?'UV)RU#1Y3%Y2CJ<=DL;D::&MQ^1Q]
M;"]-64-=1U*2T]71U=/*T<L4BLDB,58$$CW[KW2=V+L#8?5VUL7L;K/9.T>N
M]E81:A,+L_8NV\-M':V(2KJIZZK7%[?P%%C\3CUJJZIDFD$4*!Y9&<W9B3[K
MW2N]^Z]U1+_,'^0??ORR[_E_E(_ 3>^0ZT["K-KX;=_SV^7F"'G?X<]#;LB%
M1A=E;+EBEA,WR3[RQ D3"P++#58?$S#(H8A(*_'>Z]T5[_A.C\/_ (Q=.[O_
M )DG=_Q@V>V!ZE?Y,TOPOZ6R^2R3;DS6[>M_A[L_"[;WAVO-NJ6"'^+U7>?=
M&Y<YF:^6G6"C=J.FB@IZ>GI:>%/=>ZV>_?NO=>]^Z]U[W[KW7O?NO=5%_P V
M?Y]]C_%'9'5GQ]^)>U*7M+^87\TMS9+JGXE=<5"TLV+P%;1T,=3OGOC?_P!Z
MK8ZBZYZ;PU6E?5-5@T\]4T*S+]E'734_NO=5-?\ ";3X ?W<R_SU^6/S BVG
M\D_F7B?G_P![= 8WY.;SH/[^;HKZ'X[5N.V+N;?/76[-W4T^;V]C]X;_ !E8
M8Y*>.BJ?L,930MIB2.&/W7NMMGW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW06]X]
MK8+H?I3N#O'=,;3;9Z:ZM[ [6W%$DZ4K2X+KO:>6W?EXUJ9$ECIV?'X>0"1E
M8(3<@@6]^Z]UK]_ 7>55\2OY$G?7\RK?F3I\K\D/DSU!\AOYC/<6^6>26IW-
MVIV+M_<FX^G]GXJ>N:NJL;M_:^V:?;>W</C6E>BH)5D,:Q)-(![KW1UOY!G1
ME9\?/Y0/P6V;EJ>JAW#NOIV#N[<DF19GR]3F?D'G\WW=*^8DD_RDY*FI-^PT
MSK-^_"(%BDLR$#W7NK@/?NO=>]^Z]U[W[KW7O?NO=:KFV.]]H8[^8#_/%_FU
M]S/2YK9G\L7J;$_"WXW8>NJHWH\15;*V%)VGWAB<>_C:&GWEV/W%F,?AZ*HB
M"54<&5DHI'9&]^Z]U;E_)SZ8W1T5_+0^(^U-_I,O9N[NM6[R[7-9"L.4_P!*
M?R-W#F^^^P:;,D"\F6Q6Z>QZFBF)9PII@BLR*I]^Z]U9C[]U[KWOW7NO>_=>
MZ][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWO
MW7NO>_=>Z][]U[HNGS!Z8K?D=\2?E)\><;5QT&0[Y^.?=W3%!73.(HJ.M[1Z
MSW-L>EJY9""(XZ>?.*[,0; 7]^Z]UI(5'RNR/R!_X3/?'O\ EZ8C)0[<^7&^
MOEKTC_*4WKUM]U$-\;)W3MWO3^-XY<IMN&096'&UW5.PZ*DKYI8XZ4SU%53^
M5F0W]U[K?8VAM7![%VGM?9&V:-<=MO9VW<)M7;V/0EEH<'M[&TV(Q-&K'EEI
M:"CC0'\A??NO=*+W[KW7O?NO=>]^Z]U[W[KW6M#V;_(;[2[8^;'R SNYOE%@
MZ3^61\H/DAUG\RN]_A]A]C&GWGVCWCUOB\;&-D[GWA+Y*(]2;MW?B*;/9DQR
M^>NDIX:84<4\$637W7NME[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]UJG2?] _W_ $$,[9_@7\4_X<R^\W7_ !'^ZU_]EG_V83^Z.8_BG][]?^X3
M_9D_[N?=7^S_ ,C_ ([_ ,"_]_);W[KW6UC[]U[KWOW7NO>_=>Z][]U[KWOW
B7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>j16229681_ba003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j16229681_ba003.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ FP$: P$1  (1 0,1 ?_$ :(    & @,!
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MG]+#49KA@@(_(YZP3M/<GW#L6U6F^[NGR%W/0XIE3(5/RJ#3B,]'!ZT_G?\
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ML9:.?W7NAD^7O<?<'0G6^5[3Z\V]U;N7;^UL3/+FL)O;/[QQ>[MS[JRN3Q6
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MS>7J4H\;C*"%JBKJZB2Y"1QH/HJ@L[&RHBEF(4$ABYN8+.!KFZ=8[=!5F)H
M/]7[3@9Z=@@FN9E@MU+S.: #))ZN,^/GP.VILZFHMS=OP4>\=V.BSQ[8?14[
M3P3DAEBJHB-&XZ^,"SF7_(U)*K')I64P?S+[BWE\S6FR%H++AXG"1_L_@'I3
MN]2,KU+6P\D6MHHN=V FNN.CBB_;_&?M[?D>/5A=/3T])!#2TD$-+2T\204]
M-3Q)#!!#$H2.&&&-5CBBC0 *J@  6'N,V9G8NY)<FI)R2?4GH>JJHH50 H%
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MT[3N@:=*#"RU_7C'V.1( ,!9%4<.NGGW;N?CSER"FVWKZMZV@K;R5-2\5/\
M%Y#YY0&,DY9HF8_%U<_[@[K(3H-LMW-T_@,E68;.]K=;87+X^8T]?BLMOK:^
M-R5#. &,%90UF4AJJ:8*P.EU5K'Z>S2'8][N8EGM[.ZDA85#+%(RD>H(4@C[
M.BR;>]FMY6@N+NUCF4T*M*BL#Z$%@1^?3=_I]Z)_Y_5U+_Z,?9W_ ->?;O\
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MKI[UIW?._P#[*_[]_P##\J__ '!H?>;?MY_RI6W?\\X_PGK#/G__ )7+</\
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M[2)NB!?*O_LHGMK_ ,.NH_\ <6E]R5R=_P JQ9?\T1_A/1#S-_R7[K_FJ?\
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M.3G-3D,GD,!05-;65#*JF:HGEA:260JH%R;\>P?;\P[[:PK;VUW.D""BJKD
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M;S3U$\SK'####&K22S2R,%55!+$@ 7]U9E12[D! *DG  '$D];56=@B ER:
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M=5/+4UM?7UD[RS32,TDDCEF)))]YQP00VT*6ULBQV\:A550 JJHHJJ!@
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;]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>j16229681_ba004.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j16229681_ba004.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ FP$1 P$1  (1 0,1 ?_$ :(    & @,!
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M_GI.IO\ T5N,_P#J[V,O^!P]L_\ ?5Y_SG;_ #= 7_@IO=C_ ']8_P#9,O\
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M2R=>S?;*Z23U'NO='#]^Z]U[W[KW7O?NO=>]^Z]TU9W.X;:^%RVY-QY2@P>
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M@WV35S-9I762*W$-0!)\Y$)"R?Q55ZDLU.;/WB/9V/D+=5YDY=CT\IWTA&@
MTMIR"3'YTBD +1?PT>.@"IJHD]Y!=8T=>]^Z]U[W[KW7O?NO=7._R(?D7/T=
M\]-G;.KZ_P"VV=\A,-DNI<Y#-*ZTJ[AJ$_CW7U>D D2.3)ONO%18N!F#%(LO
M, +M[@[[P?+*[_[>3WL:UO=M=;A"..@=DPK_  ^&QD/J8U].L@_NS\V-RW[F
MV^WRM3;]UC:U<$X\0]\#4_B\51&#Y"5O7K?F]\[NNGO7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]U[W[KW6K'_ #Q>R'W%\BNN^MH*AY,?UMUJF2GA+W2FW'OS+U%7D@D0N%,N
M P.)8N2"UP+64%LN_8#:Q;<L7.ZL*2W5UI!]4A4!<_Z=Y,?Y^L/?O![J;KFB
MUVI36*UM-1'H\S$M^U$C_P!0ZI1]SSU ?7O?NO=>]^Z]U:;_ "D/CA3]Y_)R
MDWAN&A^[V1T9246_<FDL:R4E;N^2L:#8&(J ;V_W)TM1DP""DBXEHVX?W$7O
M/S0W+_*;65LVF_W!C"OJ(Z5F8?[4B/U'B CAU,'LKRJO,/-JWURNK;]N F;T
M,E:0J?\ ; R>A\,@\>MOWWA1UF]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW0!?*/X][0^5/0':/0>]XXUPW8NUZW$TV2:G2IFVYN&'17[6W70Q.5
M#U^V-Q4E-71*2%=H-#71F!$7*7,E[RCS':<Q6!/CVTH8K6@=#B2,_*1"R'TK
M49'07YTY5L.=N5[WEC<@/I[N$J&I4QN.Z.0#^*.0*X]2*'!/7S)M_P"Q]Q]9
M;ZWGUQO"A.,W9L#=>X=E[GQS%B:'/[7RU7A,Q2:G2-F$&0HI%!*BX%[>^J>W
M7]KNNWP;G9-KL[F%)8V]4D4,I_,$=<==TVV[V?<[C:+]=%]:SO#(OH\;%''Y
M,#TDO:WI#U[W[KW7O?NO=*S86\LSUSOK9?86W9?!N#8F[-N;RP4^IE\.9VOF
M*/-XR74MF7QUM"AN.1;VCW&Q@W/;Y]MN16VN(7B<>JR*5;^1/2[;-PN-IW*W
MW6T-+JVGCE0^CQN'4_M Z^IMM'<^*WMM3;&\L%-]QA-V[>PNY\-4?\=\5GL;
M397'S?\ 3VDJT;_8^^25Y:S6-Y+8W I/#(R,/1D8J1^T'KM187D&XV,.X6QK
M;3Q)(A]5=0RG]A'2A]INE77O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?N
MO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]UI4?S.-QR[G^<_R K7D
MD9,?N# ;<ITD/I@BVQLO;>!>.%!-.L<;U&/DD(!&IY&<JK,5&>'M1:BT]OMM
MC %6B=S\_$E=\X'D0/RI4@=8#^[5T;SW#W.0UHLJ(/EX<4:8R?-2?M-: GHA
MGN1.HYZ][]U[KWOW7NML3^2?UU3[6^*&8WT\"C)=H=DY^O%6"I>7!;4@I-K8
MRD8*39:7,4>3<7L;SG\6]X<^_.YM=\XIMX/Z5I:H*?TY"9&/YJ8Q^769OL%M
M:V?)DFXD?JWEVYK_ $(P(U'Y,)#^?5PWN$>IQZ][]U[KWOW7NO>_=>Z][]U[
MKWOW7NO>_=>Z][]U[KWOW7NM K^>_P!2TG5O\Q7L?)8^D-#CNWMI;&[:IH!%
MXX&J\MC9]I[@JZ<^-/*,CNG9E=4RM=KU$L@OQI'17[OF\ONWMG:Q2-JELII;
M<GSHK"1 ?]+'*BCY =<O?O,;$FR^[%W-$NF*_@AN@/*K*8G(_P!-)$['CW$_
M9U3C[FWJ >O>_=>Z][]U[KWOW7NOI0?RS]XOOOX ?$3/RU JIHNBMB;:GJ!.
ME0TM1LC%1[*G::9'DUU7FV^PEU'R"74'LX8>^7?NG9#;_<;>K<"BG<)7 I3$
MK>**#TH^/*E*8ZZ\>S]^=S]KMANF.IAMD,9-:U,*^":GUJF?.M:YZ/'[ /4D
M=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W
M[KW7O?NO=>]^Z]U[W[KW6C#\Y_\ LL;Y,?\ B9]^?^[VK]] _;[_ )4?:O\
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M*DM36U]?63I%##&K222.%4$D#VU//#;0O<W#K';QJ69F("JJBK,Q.   22<
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M*2J4#Z?YD0N3^6<D_P!2,]BG\6S\(_%&U/R.1_E_9U%7.-G]/N8N5'9,E?\
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MZCT<[1H\4>'_ *W.G/P:_$_+7W4_EU>-U9_QYV._YEU^/^96?\>=_P !Z?\
MXMW^^_S>CWC_ +Q_N<W^Y7_41_:\3\7^KC7K(39_]P$_W%_ZA_[+@/A_U<*=
M"+[+.C3KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KW
MOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>
,Z][]U[KWOW7NO__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>j16229681_ba005.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j16229681_ba005.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ [P%$ P$1  (1 0,1 ?_$ :(    & @,!
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MHG(LD<FX=K45%O F23TZSMM(4!U.ZK<B'>8ONS\Z;6K3;%/;;E O!0? F/\
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M,57[KW5FOOW7NO>_=>Z][]U[KWOW7N@DWAOTQ-+B\%*/(-4=5D4L=!^C143
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M26&+_=+VTV[W&V0P-IBWVW5C;3?PL>,;TR8GH WFIHZY!#2Y[/\ NONGM=S
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MCJ!^O>_=>Z][]U[K-2U-115-/64DTE/54D\5335$+%)8*B"1989HG6Q22*1
MRD<@CW5T5U*. 4(H0?,'B.K([QN)(R0ZD$$<01D$?9U]5'86Y?[Y[&V7O#Q>
M#^]>T]N[E\'C\7A_CN'H\IXO%YZKQ^/[JVGRR6M;4WU/(O<;7Z'<)[*M?!F=
M*^NABOH/3T'V#KMAM=Y^\-MM[^E/'@CDIPIK0-3B?7U/VGHK^\_GC\?]A[LW
M#LS<&1W3'F]L9>MPF5CI=LU-33)78^9J>H6"H695FB$B&S "X]BZQ]N^9-QL
MXK^V6$V\R!UK( :$5%13'0>O.>-AL;J2SG:7QHG*M1"14&AH>DU_PX[\9_\
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M,?F\7MB#F\.V=NX;'L;GBU;-25F372/Z3B_]JYY]O"->JZCT$.>WWO;=!?\
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M.MCV$GAK30XK6I/4-R[Y:;Y9IM7.UHFZ[:@HC.2MU"/^$W(_4 ''PWUQF@!
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MUV__ "KL[WYV?F>S^U^V^C]Q;AW+V)\;^TZO>+?$I,KV]U]G?CW7]391^O\
MX]]G[[[VWS)TGT1V#F.IUR.0V[3XW(Y2+)[CSE4N9>2N3[?W7NG;M?\ E90=
MB=9X_K./?G2VX\52=Q?-ON2"7OCXN4?;M5L_='S)^2/9?R';<_3NY-L=O=0=
MF=2=C=8_Z3:S;]/F,?N.6CR^/42U&-CG\1A]U[HW/QOZ+W'L3=6_>Q.Q:_.9
M[=DN#V3T-UWE=W9^EW1NZ+H;HZBJ\5MS/;JS%#_N+JM^=S;\RN>WGFJNECI9
M:BCRF(H:Z%:G$ )[KW11<5_*,ZXQU=UQEI>U-S5&2V#\?>[NE*M8=N8NDQ.[
ML]V-4]O4O6':&<QXR$U4V:Z)VC\E>SL3C*(5305J;TFF=X'IHP_NO="5UW_+
MCPO7_974W8T/:V4R<W5?>_6O>-/BI=ITE+%F:KKG^6]OS^7;#MV:K7/3O14^
M5PV^7W2U2L<C0U5,*$1LCFJ7W7ND)E_Y5> RTB2-W/F(-&_/D/OBR[*HGO+\
M@/YH.S/YF-9CKG<B_M[8SFSUVC%)]:JDG.098Y%%(WNO= K\XO@GW5NCO:B[
M:ZGC[.WGMC?G<N4[RWU1].YS:NS.T-B;WVO\8>NOB]U[@L+79_Y)?%>JRFQ=
MS[1AW17YO(46]J.KIJHT6/?"Y2CK*BLQWNO=6#] ],U>\_B%UGTW\N.A>BO]
MPF%3;59TC0]?[6R74>%V;L3<N0QW3%".MZ_<7:^S-MYK%]<8?!5%=B,?G-Q8
MK!9L3TN.RE?2T]/6S>Z]T*/<'QKZC[TCZ\7?V,WA3S=39RMW)UODNN>V.VNE
MLWL_-Y':V6V/6U^&SW3.^-@YJ"2?9V?K\7I-0R+0UU1"%"32JWNO=%RZ;^"#
M](?&W;/Q7V?WGV$W6?\ ">[<)V97YFOW7NG?V\:'MW#[EH,<^R]\;VW[NK,]
M156Q<CGHZ^F&-:HIJBJIFD,,4M3/*WNO=0>A?@WN/K/M#I3LC?\ V)U'N'_9
M;>D-R] =,XOI7XYMT#5+L'=4VT/O\?V;F*CN#M8;RQ]#%L6@J*'%8FFVS@Z;
M+25-<:*20TB47NO=#;UQ\==P=4_&K/\ 1>R>V<EBMZYVJ[KSX[K.V:2MSN.W
M[WIV1OOM+=78--MK(Y>LQE3N*EW9V#6UM.M3/-1M6*CRPR0ZJ=O=>Z#+I'X&
M[+Z"[S?M/8>Y9*+:5%M?(;;VWL5L+4S[@QU-DNLOCCU=48[.]F9#<F0R^[]K
MK1_&^BS8HJNB%5/N?,U^3JJVIF= GNO='S]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW2<W?M#:^_\ :^>V3O; XO=&TMT8NKPNX=O9JDBKL5E\571-#545;2S*T<L4
ML;?X,K ,I# $>Z]UI3_S-/Y4^]_A_G,OVIU5193>?QGRE?YH<@GGR.>ZGFKJ
MA(X-O[U8(TLV!-5.L&.S))24E(*HI4F-ZIY6K@\>FR*?9U3U1T=7D:NEQ^/I
M:FNKZZI@HZ*BHX):JKK*NJE6"FI:6F@5YJBIJ)G5$1%+.Q  )/N_6N@!_G<_
M)*C^.'5NW/Y4'566HY-VBOVKW'_,+W3AIZ>H&:[@AI4R_5WQJ&4I&=*S;?0.
M+KUK\M"DL]--NVM+#QRT#+[89M1^73@%!\^M87W7K?6YM_PCA^,O]Y?D-\L?
MF)F:'7C.D.H\+TML>:I@_:??_>^8FK,SE,34F,_[D=M]?=?5U+4!6!2#<"Z@
M=:D+MMB\6\0'X5.H_E_LTZ2WLGAV['S./V_[%>M_#V,N@[TI=H1K-N/&0/<)
M4R34SE2 P2II9X'9"00'"2$BX(O^/:2_.FT=AQ !_80>G[45G53P./VBG55'
MN8NHTZF8^OJ\57T.3H)FIZ['5E-7T=0A(>"KHYDJ*>9"+$-%-&&'^(]TEC2:
M-H9!6-U((]010C]G5XW:)UD0T=2"#Z$9'0+_ "\VM38GMN?>>)@6';W;N&QW
M9N+2,$Q4U?N 2+NO&^2Y4ST&[*:L#J+:%=!:Q!)SR5=O-LPL)C6ZLI&@;U(3
M^S;[#&5IZT/0?YLM5AW8W<0I;W:"9?D6^,?:'#?RZ*U[%W09Z][]U[HT^WNK
MJKYS;*INH:^)J;N7J_!F?JCM2LI,C48N39]/4ZZSK'LK)8^BKZB#"1>>2;!U
MLB,U)4!J=3HD\4H/NMV3V^OSO<9KL=W)2XMP5#>*1B>!20"QH!*H/<.XY%0>
MG9#SY8C:F[=[M4K!.02IC!S!,P!(7),3$=I[1@T-TGQ"^'O7GQ&V(<!MS1N#
M>V<2";?/8-71)2Y/<57%=HJ*D@\M2V(VYCF=A2T:RN 29)&DE9G,$<Z\[;GS
MIN/U-U^G81U$4(-50'S)QJ=OQ-0>@   ZF3DSDO;>3=O^GMOU+Z2AEF(HSGT
M SI0?A6I]2223T;KV"^AEU[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[K
MW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]
M^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=1,ACZ#+4%;B
MLK14F3QF3I*G'Y''9"FAK*#(4%9"]-645;1U*24]5255/(T<D<BLDB,58$$C
MW[KW5#?R-_E+8KI?+]I_+CX#[ Q6XOD1M+K?>&<^/_QNW;EL+B^IH/D)70P4
M6T-]8_+[GCJJ''8_90JZO,4.WJTIC:C-4])&E;C:1;1VUDBG6M(K7KY.'R;Z
MQ^1O4W>78NV/EELSLK9'?U7N;,[F['H.V<9E<=O;+[BW+E*W*Y7=62GRZ"?.
MKN7)SSU:Y.)YZ?(&0S12R*VHUZWT OOW7NOJE_\ ":WXSQ_&W^4/T;E:_&_P
M_>7RDW=OGY/;L,T1^[?$[BJZ?8/5R"HEC28XRIZUV)09."('PI)E)9$&J61G
M$.QQ8><_Z4?X3_DZ*-SDRL0^W_(/\O5[?L_Z*NE)L]RFY\&P%[Y&!.?Z2-XR
M?]@&]I+\5LY!_0/3]K_N0G^FZJSKH$IJVLIHRQ2GJJB!"Y!<I%*\:EBH4%B%
MYL +^Y?C8O&K'B0#_+J-W 5RHX GJ+[OU3J5V]A!OOXXOD$429SH[=D=<A(
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M+>P_O?._,6^@Q7,WAVA_T.+L7[#DLP^3,1\NC3:>4MDV<B2"+Q+D?CD[F_+
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M[DCPNW(F0QQ2Q_:+22O/X:=/,?=>Z*7\9=S]B93^8+V)OOY!;"[OZ![?[M^
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M&)ILEU+E\A!01S2D1K-53R!;:G8\^[AR!3'52H/0:?\ 0/)\+?\ GYWRA_\
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M9#%U+TM2U'42[DII)J<R1G2S1H2/P/;@B8BHIU0R &G2-_X=K^+/_.O[6_\
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M<>X^D^MLWGLW75&2R^7R6U,55Y#)9"KD,M365E3+3M)/43R,69F)))]VUL,
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M8FZNK=A[0["P^;[$WCL;J['X+-X/,[BW/VOD<$_8>2R=%7XC*5E)B<?)0T$
M%-/[KW3/0_&WJ:IV]\EL7V1\GZ'<V_>V.ONH*[Y#;LVYD>O^LTV=\3=FYWLD
M[2Z\P6V<!53OU/T3O,4/9=/+FJNLJ<A4U^8W344>5AFIHEQGNO="+\<^FNA-
MC]K[PWCU7W%@][U&:H^T3MW8N"W#L;(TFS,)O7O/<G87:B1+M<#+9VCH.YLG
M68ZE:M9HMNTU*F)A6-XYVE]U[H\GOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[
+KWOW7NO>_=>Z_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>j16229681_aa001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j16229681_aa001.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ AP)D P$1  (1 0,1 ?_$ :(    & @,!
M      <(!@4$"0,* @$ "P$   8# 0$!            !@4$ P<"" $)  H+
M$  " 0,$ 0,# @,# P(&"74! @,$$042!B$'$R( "#$403(C%0E10A9A)#,7
M4G&!&&*1)4.AL? F-'(*&<'1-2?A4S:"\9*B1%1S148W1V,H5597&K+"TN+R
M9(-TDX1EH[/#T^,I.&;S=2HY.DA)2EA96F=H:6IV=WAY>H6&AXB)BI25EI>8
MF9JDI::GJ*FJM+6VM[BYNL3%QL?(R<K4U=;7V-G:Y.7FY^CIZO3U]O?X^?H1
M  (! P($! ,%! 0$!@8%;0$" Q$$(1(%,08 (A-!40<R811Q"$*!(Y$54J%B
M%C,)L23!T4-R\!?A@C0EDE,88T3QHK(F-1E4-D5D)PIS@Y-&=,+2XO)59756
M-X2%H[/#T^/S*1J4I+3$U.3TE:6UQ=7E]2A'5V8X=H:6IK;&UN;V9W>'EZ>W
MQ]?G]TA8:'B(F*BXR-CH^#E)66EYB9FIN<G9Z?DJ.DI::GJ*FJJZRMKJ^O_:
M  P# 0 "$0,1 #\ UI)J>2DJ&HZF)4EB*"15E2H0LXU*T4\;:)$L/Q]#[RDX
M8ZQD.#0]9550; <$BXN?R?\ 7][Z]TJMLYBJP5>E72,A!6:&HIIAKI*FGJ(U
MBJ89X&U1R)/" KA@0P O< 6LO5@VDU'5B?07RFEZ_P ;1;9WC535?7%35/'C
M<S(\M77];550 B8G)M)4:JC8]8JI'33E3+02$J[,FDG3*"=0Z-+6\,2^&^8O
M(^G^Q_@Z/++74M8!4TDL3*ZQ5-XB'C>"7UTDT,\)9)$EC8$6(_U_=@/7I:2#
MD=>FSIB5XG7RJ55I6N2]_P"R3+82$A?R>;>_4Z]K/0!]I=7]<=ITC4N]=IX?
M-PFZ)-50RI6P,QOJI<A1O%6TE0NE2KHX(*W][*AA1A4=,LBDZO/UZ*EN;X1H
M*2KJ^L=[U-#,L -#M/>ZC-X>61$"^"#/TD5%N&D$K<EY&KM)/( %O="I'PG'
MSX?Y^DSV:ME,'_5^7[!T2S?N![9Z;FJJ?>^R\OA:%XWIY<[CHIMT[(KXY$8>
M-LU0P*5HIXT!D2HIX[$ $W4 4+,OQ"@_:/\ 5]HZ2/;R)6AQ\\5_R'[ 2?ET
M&G6WR$QV+RD.T=W5BR[=KF\F$SR2Q.^&GE9E3&UTHD99<5JB!BD;]Y0^E@20
M?=$N%#:6/:>!_P G2A+:4P%M+:EXBAK3&17/VCY5!\@=3'U%-$XE9?OJ2HI9
M# ZU 6&0O$QCJXBJZWIQ*!X[_7\W]JNF10?9TJQ1TDE-&GD EU%':4:H[^,.
MP!C-]*+SR/J![]CJ_3/7X]J&2,-!)H>**HB^\1HC64TP!2H@-T#1.22GYM[]
MU4BG63$UM9ALE35N/J6I:REF2>&=2-4<D; EB]FN ?K8^_5\^MBH../5G_2_
MR'3>-#2[9W%)%_>!88XZ*M-X&K#&?&8*J19%3[B12/'Z?4O!O]?;+QBNI>'F
M.C:WNO$&B3XO7H;*S*0TZ?;U!C9@[6UH8&BD4D2PD((]>D_FPN#SS[T!Y]*2
MP''HJ';'1O6W8E7+EZK$_P *W(VHIN+;DJT&89P#XVJH2K8_(V(L?N49;7!(
M]N"OGT@G@BE;52C>H_U4Z(GVCT;VOUQC\AN+:KG?V :(I54>*I/%NBA^W!/E
MK<!94KHH=.H5%),=*V] 'I][)(Z02V\L8U*=2G]O[.@EZB^3#SU57U]N^6"B
MR8K$;'R5L9I:^>11XDI:C[EXC35[>(V](#D'@'W5903I/Q=4B=]/<.VO'_5^
M71V\)F$K(J=FD.EXPP$@Y:ZD,OT'JL.?\?;]:]/JWD>E,2DZQ*H"-"_DB#L0
MVNS_ *3JN#ZB>.;?X<>_=7Z&#8NX:#+T4^UMRF"K5T>.E%8$6GJ5964T\F@Q
M*=0-K?V@>;^Z,".Y>E,+@C1)GH*=T?']=O#(UO5U>^W/N6FJ9MFU325^U:B<
MN34&"ECC^^Q9G))$D$Y1'8ZHK#WH'II[;3F+!]/+HK>=GJ8:V/#[RQM3MG,T
M<[S44=94RI3U$EQ$M1B\E$ZP9&/4-0C8VT$77\>[5]>D9^+2XHW4JGEJ(O'3
M9$1QU+ ^*5"W@JUL6!C=X8$-04!9HT#67GZ'C?6^I_OW7NO>_5Z]UZX_K[]U
M[KWOW7NO>_=>Z][]U[KWOU1U[KWOW7NO>_=>Z][]7KW7O?NO=>]^J.O=>]^K
MU[KWOW7NO>_5'7NO>_5'7NO>_5Z]U[WZO7NO>_=>Z][]U[KWOU1U[KWOW7NO
M>_=>Z][]4=>Z][]4=>Z][]4=>Z]<?U]^Z]U[WZO7NO>_=>Z]<>_=>Z]<?2XO
M[]U[KWOW7NO?['W[KW7KC^OOW7NO7']?]\?I[]U[KWOW7NO7']??NO=>]^J.
MO=>]^Z]U[WZO7NO>_=>Z]<?U'OW7NO>_5'7NO>_5'7NO>_=>Z][]U[KUQ[]U
M[KWOW7NO>_5'7NO>_=>Z][]7KW7KC^H_WW/^]>_5Z]T09X+<$ V!_4!Q8WMP
M +$^V.D-.NXEB*RZ_+Y-&FFT>/0)BP(:379M.@$7^GOW7ATY4ILP.D?J:W '
M'ZC<#TC@?7W;K9].E_MO)FED87U4\RO!4TLJEH:J.4!)8)%:XDB=;#FX(^OT
M'NW5T-/LZ-CU+W-6]<-'@,Y4RUO5U6R#&Y.HG\M=UI5S.D2X^ID4"HJ-A.[?
MM/)ZJ%R;G2;G7 _+I;#.8^QLQ>7R_P!CHY<F725A(DZRQR(DL4]/4"JIZJ&2
M,RK54TJ%O)33H0RD7!'-_=P.EFKI.UV4+.1%-&P'*FX-[C\ W-F-_>Z=-E\X
MZQQYVI1PKRLB*5:PX/ YL"1;4>;>_4Z]K/3F^9I:R%Z.LIHZRFG0B6&>-9(I
M-:GB6&35&R7/-P1]>/?J=6+@X(QT!V_/AI\9NY:2HI\WL^FVEN2H@,:;GV4B
MX,23RHQ1ZZCHY*7'Y)8'.HZXA<C^MO:>6".3XE'^ _R_R]*(9&B(,3%7'#@0
M#]AQ^8 -,=$4[!Z7[>^&^#.2RN7JN[.GJ.98(L]B*5ANC9-$$DD/\;QQ2K@J
M,$D,1U3>?]IB%L P]I4\6RB)D9I80?3N4?.GQ >M*_;UZX@2]F'@JD4[>0)T
M,WRK70QX 'M/JIP73:W;6V-RTM,V,RT*-4PB6GQ^1BDQ-;(DB(I%/1UW@>0:
M91I:,.K_ ./M:KHXJ#T3L2C%&IJ!^7^$&G0D09B.:KI$RU75-C1&U%/*D,%=
M44]'"E]--3SN:>1_TH+D.@!TCCW?K=<YX=2VA6GQM+7+64DL=9-70+34]532
M5].*&,2T\F0I%=IJ6GJ9&(C9U57^@O[]UORKTZ[<RQQ^2CKZ"H;[E&4OXS;U
MQ@%#$U],<X(LC@61K$\#WX'K8-#4<>CT;*[/;<-'34>?R(3+:&7'U53)'!'D
M8Q>]#6ZRA&8A(],O^[D%U^GO6D#(X=+HYM8HY[O]7\^EIE:JF\$=5256H$1Q
M5=,S:*RCGC&AXVB8ZGC/UUA;<<GWL=.M2E1TA9LR\<[/KUMJTJ3)J556ZA[J
MP2[#ZV )'NU.F2^>@/[/Z1Z?[BA=-Z[5IX\J)UGH]UX"V'W3CZN-KP34^7HB
MLLC1R&X#BX%QJ%S[H\22"C?[/[>M*X1M:X8BAP#4>A!J"/D1T2_>F<[$^-.X
M<9@]X/EMX]=UH2';_9-)'/-)+)'J$6%WGC:6"66AS C!4U,+$5%]9N?;1=XF
M"L"4I\7^0_Y_\'3+141G#KJ!^$XJ/Z))H2/-<'S&K-#);5[?Q&[(Q6X>?&M3
M/(= H:P5$4<4:PI(&>0B=I?(>3,%<6(M:_M\,#PZ;635D="6<M%>.6C=Q,NF
M=# #(T1)-I$TW)L%_''N_5]5.''HP6T^PJ;-8],75/$N8@2.-IC(G[RN+1O*
MK,0DSPV_ /X]ME<U'#I7','72?BZ2?8.R</N6FDHLW109> L&$>C5]M8L4>F
MEI9(I8F0?4J0W%_>Q0C/5)8PPH<]$^W)M'</7U3),N/RN^MC2.6BI<>)ZG=F
MVT36QJ:=Z2)9LGCXE"K^XPJU74-16]]&H^:](F5H_P"DG\QURP3_ ,?HS58B
M1,LJ(\S)C==74Q4B#4]774E,LSXY(20DPD(\,ME8@D>_"AZ\O<*C/4FW^^_V
M-O>^MTZ]8>_4Z]3KUO>^O4Z];WJG6J=>M[]UNG7K>_4ZU3KUO?J=;IUZWOU/
M+KU.O>]]:IUZWO76Z=>M[WUJG7K>]4ZW3KUO>^M4Z];WJG7J=>M[WUZG7K>_
M=>IUZWO5!UNG7K>]TZUUZWOW6Z=>M[UCKU.O6][Z]3KUO?NM4Z];WKK=.O6]
M^Z]3KUO>^M4Z][]U[KUO?NO4Z];WKK=.O6][ZU3KUO>J=;IUZWO?6J=>M[]U
MNG7K>_=>IUZWOW6J=>M[U3KU.O6][Z]3KUO?NMTZ];W[K5.O6]^IUNG7K>]=
M>IUZWOU!UJG7K>]];IUZWOW6J=>M[]UZG7K>_=>H>O6]ZIUNG7K>]]>IUZWO
M5.O4Z];WOKU.O6]ZIUJG7K?X^]]>IU77C-X;=W+3>?!Y>BR$6F[+#4QN\>K^
MS*BCRQ,-0'( %_:9)8Y5U1D%?D>D\UO/;MX<Z,C^C C_  \>GNG^JD&P=N&/
MJ0G21I6U]1/X_'NPZ9'#IY@!C(D9N1<:+<CFW(%['_#W;KQZ>*66T@*@7-B;
M$ WN#^D'\'WOK:\>A<VW5NQ:)A'-'+$8JB.5(YX)82'62)TDU0R!E)!5N#?F
MWO8Z4+T+&U-Z5/6%.F/RTU=6=75$D<=#6W^[JNN*BI?68*IIE\DVR"[.1*SL
M]')(%L4:Y\#I_P!+_@Z=5S'AO[/R^7^QT8EZZ-85J$DADI6C62.>*16@D2:.
M.6*6&9"Z202Q2*ZLA965N#]0'.GZ^?49,FCE6(<$W"L5;2RJ2JL/]5&P%U;^
MT+'WNG6M0\^I"5C%[HX( 'IU &]K_P!;'W[K8->G.FRQB=%5I 66WU(]0]5P
MQ(%O1]?>J=;U4X=3,MEX\KBJS%Y2-*^@K*::FJ*6H19HY8I8F1UD20-'(A5B
M"#Q8^_4ZV7)6AR.D[\>^N^CZ2GFZ@[/VOM?,=9Y"NDCV3ELS2QG);"RN7DG(
MV[5YAOMZRFVW4RSO]C5K.I@F8126+1GVFE1D3]+@/+Y?+IRV\"1REW0JQPQX
M@GU/H?7]O3QVK_+@W#M:>7(=%[Z9,6C-*-C]ARU.X*!(;$Q4F%W)"&S.,O8!
M!)YE7^U[:CF! \NG+C:V0DPG'H?\_1'MY[4[%ZRE>'M#8N?V@KZU7/11-F]J
M5#QL$+?QR@B"4<3$G2U0D((^MN?:D,#T621RQ']52!Z^728QV2972KIJ@5-+
M*@EAFI6:H@D0D >*6/7'*6'/I)][!_9TV#GY=#?MG?% U.U-7>JGE(CF42&*
MH0DJ4EC(M/3SP,NM) +HP!'/'NP/3RN.C%X+=[U5/C\7FIUFJYH3%M_/@!*;
M.P4T9*452 ;09N"G%Y$_3-;7&6)(&^'2@/4 -Q\CZ_[/4NKK#"UM1<FQ(_Q;
M]1N+MH!/^M[WUHGJ U<3= Q_1J]+?50Q6X*W)(/O?7J])W=N-QFZ,%683/TT
M55CZZ%HI(Y(HY K*NJ.97E(\<\,BAU<&X90?>B 10]4<!ETL.A9Z4^+W2';.
MR9,=00UFTNP-N"/[K<NW:R"#*RB)6@I)*RCJ$DHLY2'S 3>4 !M-B&L?:69S
M$00.T_ZN/2RUL[>YC*BJRCS'^;SZ"_L#I/M+IBH\F>HVW=M5YY%CWEM*DJM-
M-$1P,Y@FCEKZ"=5%VDB:>G/]G3^GVY'*K_;TQ-:SVY[AJ3U'^4=,%!N!#309
M7%SQ>ETO4Q3(4F5/T++IYBJ 5TZ) K!N" ?;W3 ;S'0JX+>T&:I'BEF>">*%
MTF9(T;]Y'">.20E&LP722+\^]=*%D#"GG3K/+XIQJ24J['AD:Y5A^5;^RP;Z
M&QL1[WU4]%4[,ZZWMM#-)V=U'+KR*5#3[VV2"]/0[GHD#R5E5A7CD/V>7J="
MZTT^.H))-F]MN&'<GYC_ %>?3)322ZUK_J_U?S^16F(K=L]A[63<FTJ:MH,M
M1Q#^\.V\FPBR5%5!/W8OMYYH# $TDJ!$5?Z*3[L#7K8*NNI./F.DTKJZZU#6
MN5L\<D3@@V(>*54E0C^C*/>^M8X]9-)M]/\ >O\ 8?TM[]UZG7>@_P!/]Z_X
MK[]UZG76EOZ?[U_Q7W[KW7>@_P!.?]A[]U[KK0W]/]Y'_%??NO4Z]H;^G^\C
M_BOO76^N]!_I_O(_WWU][ZUUUI;^G^\C_BOOW7AU[0W]/]Z_XK[]U[KV@_ZG
M_>1_Q7W[KW7>AOZ?ZWT_XK[]U[KK0?\ 4_[R/^*^_=>IGKV@_P!/]Z_XK[]U
M[KO0W]/]Z_XK[UUOKK0W]/\ >1?_ 'OWOK5.O:&_I_O(_P"*^_=>Z[T'^G^]
M?\5]ZZW_ (.O:&_I_O(_VWU^GO?6NNM#?T_WD?\ %?>NM]>T-_3_ 'D?\5_K
M[WUJG7M+?T_WD?\ %??NO=>T-QQ_O7_%??NO==Z6_I_O7_%>/?NO=>TG_4_[
MU_3_ %_?NO4Z]I;^G^\C_BOO76^O:#_J?]Y'_&O>^M==:6_U/^\_\;]^Z]U[
M0W]/]Y'OW7J==Z#_ $_WD?\ %?>NM]=:6_I_O(_XK[WUKKV@_P"I_P!Y'_%?
M?NO4Z]H/^I_WD>_=>Z]H;GC_ 'D?\2?Z>_=>Z]H;^G^\CW[KU.N]+?T_WK_7
M_K[UUOKK2W]/^A1[WUJG7M#?T_UOI_Q7\^_=>Z[TG^G]/R/^*^_=>ZZTM_3_
M 'KC_>?Z>_=>Z]H;^G^\CW[KU.N]#?T_V]O^*^]=;IUUH;^G^\C_ (K[]U[K
MVEO]3_O(_P"*^]]:Z[T-_3_>1_Q7WKK?76AOZ?[U_P 5]^Z]UWH;^G^MR/\
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MUOKR??NO4ZZM_C_OO]C[]UZG7=A_6W^^_K[]UJG7K?7G_B/Z>_=;IUZW^/\
MOK>_=>IUU;_'W[KU.N[?X^_=>I]O75A_4^_=>IUV%_U_]M^?Z>_=>I3KUO\
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M]^#5Q^(=,*2<-\0X]+S$3U:3WII#2I,$I*DLSR0^-G!8U41MY-#?4+]/=NK
M].>4QTT60%*AH*T2/''$^(U21SS5*JT(C-CZV9P&3]2-Z3S[]ULCNH*'[.DS
M78ZHH:OUQ305E).PJ:6>*2"IIJBGDT%)Z>0)(I68 'ZDCWK[.M$$'/'HP_5'
M:-=LO(?<2?=38VHIXZ;/XU)97EGI89$6GS%*NFW\6QBR'E 3+ [@@L![I(@<
M?,=*H)S$?Z/G_G^WH[7]\<9D<;39&BK:2:CK*<5E+6TLRRTM32RJIBGBG0Z3
MY5M>W]HG\W]IPAK3HS\12-0..D%DJK&U[Y#%9VDI:RGJ!+25^.R$%//1U<#
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MP_VWOW5:]>TG^O\ OOI[]3KU>O6-N3_K<?X?[S[]3K?7>D_U_'OW6J]=6/\
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M]^Z]3KKQ/_J3_M_?NO4Z[\3_ .I/^W][Z]3KKQ/_ *D_[?WKKU.O>)_KI/\
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MJ==>(7_4?]?B_P#L?]O[]UZG7O&/]4?]X^G^QY/OW7J==Z/]K;Z_T%OK]?\
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MB2")88\(H 'GP]3YGU/F<GH.S2//*TTAJ[$D_G\O(>@_+I->/C]1XYM_L?\
M6_)]N]-TZL^_EE?&W";^[&S7R/[;DI\3\>_C#$>P-YY?*1L:#-;EP=)+F]O[
M>@1HS%D%H)J1,A70CR%HXX*9D)K([A;FC<I+>V7;;/.XW1T*!Q ."WRXT!]:
MG\)Z$?+NWI/<'<+K%A;=S$\"1D#Y^I_(>?27QOR*SGR ^<78W;&6FKXL1W#M
MWO/90PM9*@;']9;CZ?WML_!;>K%AD:EO@]NFEDE,9"/64[3?J8GV\=MCV[8H
MK-*%H6B:H\W616)'VM7\C3IH7[WV\27+5T2K(M/1"C*!^0I^8KU73X_SJ/\
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MB>%J'BD$TKF@H":>E2,_,=!?PI-'BZ3X=:5IBIJ0*^N#^SJR;^4;W[L/X_\
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MQ: 0&%K-ZSI(-O=^J D9ZYTFZ<W2U$C_ 'M0()M<;:V8 A;ARH>Z$JH) O\
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MJ]@[#J8<UWYO6!E.3[&[7%0)Z[$9.HI66DEI<'5TL$M5&K2B*I@IJ,%!CB)
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MPE$DXL#'1[HJZ*FV]6H2UQ:=6M_9N"/:M;F(G2^I&'\0('Y-\)_(GICPY/P
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MY)=FR'Z_Y7F(J\#BU@*ZEJ !_@./;!Y<V,\;6+\A3_!TZ-]W<?\ $B3]M?\
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M[X\_3_>_?NO=$BQGP;[4HM,_77==>*B$DQ8_?6,HLW3&'4/I58^+'9'R:U4
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MC,MIJYC3T;'#M45D,GF=@P"2,0?Q?CWY9$=M"DAOL/26?:[BWC,U5,0\P?\
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MFV]N#$X;<&)J+PS8S,T,==2OY&4MK691R0+'FP_I[VRL>O!HF&DT(Z++N_\
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M#A\QCM8NS(C5,:G]*DVLM7=E&)(K@_,03_S!CJ/RKT62;;)DPR0X%:--%7[
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M)E^H:7)24K)H;OSH@1K4(Z24K>2/LC0DDE4JK=B#<^V_WC &%%GT_P#-"?\
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M?Z,_]*>^-?\ ]MGW[]YVW\-Q_P X)_\ K7U[Z"?^*'_G-%_T'U[_ &7G?O\
MSO\ HO\ ]*>^-?\ ]MGW[]YVW\-Q_P X)_\ K7U[Z&?^*'_G-%_T'U[_ &7K
M?O\ SO\ HS_TI[XU_P#VV??OWG;?PW'_ #@G_P"M?7OH)_XH?^<T7_0?77^R
M\[]_YW_1?_I3WQK_ /ML^_?O.V_AN/\ G!/_ -:^O?0S_P 4/_.:'_H/KO\
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MS[]^\[;^&X_YP3_]:^O?03_Q0_\ .:'_ *#Z[_V7G?O_ #O^C/\ TI[XU_\
MVV??OWG;?PW'_."?_K7U[Z"?^*'_ )S1?]!]>_V7G?O_ #O^B_\ TI[XU_\
MVV??OWG;?PW'_."?_K7UOZ"?^*+_ )S0_P#0?7O]EYW[_P [_HS_ -*>^-?_
M -MGW[]YVW\-Q_S@G_ZU]:^@G_BA_P"<T7_0?7O]EYW[_P [_HO_ -*>^-?U
M_P#1L^_?O.V_AN/^<$__ %KZ]]!/_%#_ ,YH?^@^NO\ 9>=^_C/]%_\ I3WQ
MKO\ [?\ TM>_?O.V_AN/^<$__6OKPL9_XH?^<T/_ $'U[_9>=^_\[_HO_P!*
M>^-?_P!MGW[]YVW\-Q_S@G_ZU]>^@G_BB_YS0_\ 0?7?^R\[]_YW_1?_ *4]
M\:__ +;/OW[SMOX;C_G!/_UKZ]]!/_%#_P YH?\ H/KW^R\[]_YW_1G_ *4]
M\:__ +;/OW[SMOX;C_G!/_UKZ]]!/_%#_P YHO\ H/KW^R\[]_YW_1?_ *4]
M\:__ +;/OW[RMOX;C_G!/_UKZ]]!/_%#_P YHO\ H/KK_9>=^_\ ._Z+_P#2
MGOC7_P#;9]^_>=M_#<?\X)_^M?7OH9_XH?\ G-#_ -!]>_V7G?O_ #O^C/\
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D&OZ?^C9]^_>=M_#<?\X)_P#K7U[Z"?\ BAK_ ,UH?^@^O__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>j16229681_aa002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j16229681_aa002.jpg
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M  (1 0,1 ?_$ ,   0 # 0$! 0             !! 4# @8) 0$!
M             1   @$$ @$$ P$! 0       0(# " 1$A P0% A,3(B$P04
ML#,1  $! PH%!0$  04       $ (!$A,#%!46%Q@9$"$A! L='A4*'!(C+P
M\4)28G*"$@$                   "P$P$  0($! 8# 0$! 0     !$0 A
M,4%18?!Q@9$0(#"AL<% T>%0\;"@_]H # ,!  (1 Q$   ']_
M         #R52J<#D>23L630.@                      .!GE,@@D@D@
M]&H7P                    "N9A5!T+!U)/!P*X )-4O@
M      YF64R2Z7BP  "J9!X!!)OG4                  @SS-!H&@>P
M#D81Y!!>-<             'D@'HD '(R"N734/8     *!D@'H^A/0
M    !P*YP.1R.9  /1T.IT*1Z-@L@      \GSQY!)M%H        @JE,J'D
M@ $@@D@D$  ZELNE@      Q2H2#4-        \&>43P020 "2"2"2 "2"2
M20=C0+IZ    !F&: :)J      '@SB@0" "2"2"0" 20"0 " "3V:!H$@
MH&2"2\:P    !!1,P\@$ D$ D@'LZ'LY',['LYG@\@@D@D '0U2V   4#))(
M+YK     Y&05@202  #N6BP6#V"F8Y<-<D YE<K%8X  $@NFJ>@ "@9()+YJ
M@   %0R#R""2 "3H7RX=0 "B9)H&H    <2D43F"2"3J;!W !G&62#2-(
M&<9@(!(!!W-(MD@  HF2:1I      @I&:<B0"38+8!DE$@DU2^   99G  D
M]FF7@   43)-(T@      ""@9AY!(-8O PRL2#:+0  ,HSP2  734/8   *9
MCFD:0        .1DE4$@UBZ?/'D@D^@.@ !FF82 022:I>    *AC&B:8
M      !G&8""33,L$GL^A  *1CD@@D'LV2P    5S$+IK           %4QB
M 0 26S9 !P,,@ @'4VCL    <C"+)L$@           KF(>22"2#5-  &"<
M"0>C<.P   !X,,]FV2            "N8AY) -X[  ^;() )-LL    $&*<C
M=/8             ,\R@2=#Z   ^;(!)!KEX    &24C<.X
M!DE D@ZF^2 #YH %XUP    43)-DM@             $'SQX!(-0T  ?-D$G
MLWST    5S#-$TP              4C( (!T-\] 'S1(-@N    '@PCL;)(
M             ,0K$$G4XDFJ7P#YHDL&X    #&*YO'L              '$
MP002;ICG$[F\ ?-D&V6@   "@91MED               RC/!)9-LI&.#=+
M/FBP;H   !Q,(T#3               /!\^>0#9+A!\^<S1-0'S9K%X   $&
M&2;9(              !FF:"#J;Y(,TS#L;X/G#Z$]    S3.-T[
M       'D^?/!)!J&B <CY\'T)T,8V0   <#"-0T                9QF$
M ]GT!Z !A' URZ4"^   089)MD@              'D^?/(!HFF  9AFFB:A
MQ.P  !G&:;IV               !F&: >CZ ]@ %0Q2X;)!(  .9@&B:0
M            .9@'D$FB:8  /!\Z=C?   !C'$WB0               9)1(
M)/1] >@  #YX@^A)  !5,0VBV               #@81 !JF@   #"*Y]&>@
M "#!.IM                &&5@#L;Q(   ,8IFXEE0 *!E&\=@
M      43)! -DN    &.4C;2TH \F 7#5               !X, \$D%HVP
M   9!2/H#H #-,XWSH               #(*1 )-X[     QRJ;Y[ /!@%\T
MP               5#&!!)HFF     8QQ-XD S"@;Y[               /!
M@G@@'4WCT     81[-H \GSY?-,               &0420#;+(     /GBX
M:H!G&:?0'L               IF,2 7C6     !Y/G#7+QR.A\^7#5
M         .1A'@D'0WCT     "J8IOG4HDF0;QV              !!B%8D
MVRR      9I1/H 8YR/9M               &89H -(TP      89W-4'SA!
ML%P              %0Q@0"R;9(     !S/GC<+(/FCH?0$@
M '(PCP2#T;IU      !GE WP#YLL&X              >3#.( -DM@
M@P2^: !\T#>.X            !!C%0$D&B:@      !4,@^@/0!\T"X;(
M         !EF<2026C9)       ,(N&B #YHD&V60           "@91 !U-
MT]@      %(S#?) !\V =C=)           *9C@$'HW3L       >#!-4N
M&"< #2-,          %8Q2""0;1:       !D'DV0  <##( -LL@
M KF*>"2"36+P       *1F&Z>P  "B9 )/9N'4        ' Q#R" :AH@
M    KF(;98    ,LSB0=3</8       *YBG@$@T#4       !R,,U"Z
M9!1)(.YMGL      %<Q3P2""^:P       .1B&@:      !DE D'4VCJ
M "J8QY!)!?-8       ' Q31-        S#-)(.AKEH    %$R2  7S5)
M    *1E&J70       "D9)!!)HFD2  "#,,\$ &@:H      !Y,LJ&R6
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M?X8 3A1(:KRA>)"TS=^%I]!?30SNKFND=4B_ 7)] ]"L$S &=TE@)#;7/=P
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M0B2,CF>CC>-WDXO9ZF%8(OL44EEO]&7JF"?DGP4+]T'THT)P:U"CDY&7GL>
M:VM6T\IQIT/!O2./1)H^^1'UZ3/>S.E6-Y;@\WH>V^NX#R^1F\BK=T6?V]/#
M6&O TF5T3[L?%#Q'G?1!6 +D'B4[WLYMZ555E;JU:V\IG^E   ("P>3%5T*5
MAU7]5E]ZOA-8PQJ6>V'H8R:^3]E"B".9Z7F+V_/I=A#*APDKQ;0]'$9WR=:/
M5V_=K",WQ>[?S:SSO'&IF5OFM6PVQU-]GI84SHMW&-<.^Y5J;X='#S-2N:P:
M&M88YC]GE5CNNT?OR#'R>BCE;Y.6VZL?0]Y"W=G5SZRC"Q;SPI=[5CC_ &L
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MV@ , P$  A$#$0  $                    !! !!
M      !!!!)                       !)()!)(
M   !   !(!(                  !))(    ! )              )(   !
M      !))(          ( !))  )(      !)((        !!!)(!! )))
M     ) (       ! ())!!!)!!()!     ))(      ( !)!! !()  !) (
M   !(      (  ) )!)!( ( (( !(   )!     !)((     !)  !())(
M )(       ()(((  (      !((!  !      () !((  !(       !
M((   !)(      ((        )(! ) (  !)   (    )         )) ! ((
M  ! ! (    )            !!)!  !(! !     )            (!)!  )
M !((    !!            )(((  )) )    !              !)    !
M     ((              )(   !()     )(              !!(  ))
M                   ((   !!     )(              ! !(( (     !
M((               ! (  (     !(               (!!!  !(    )
M              !( !( (     !               !!) )( !     !
M             ((!(      !(               !()  )     !!
M          )     (   ()                  (  !     ((
M      !))(  ) (                    ))!   )(
M     (         !(                ))     (  !)
M  )(     (0  )                 !)    !(0                   )
M!(    !!  !(                !)     !! !                 (!
M     ) !!               !())     !                    (
M  !  (                ! !      !( (               !) )
M(((!               )( (      ! )                !)(       (
M (              ! )!      !) ((               ( (
M             !          (  )(             ))!(       !  )
M           )! (          (!             !))
M        ( )        ((  !)(            (!        )   (
M     ((((            !)            !(        )(    ) (
M  ))          )     !((        ! )         (      ! (      !
M)!         )        (((    !))((       (         )!(   !(!)(
M        (         ! ))  !()(                    (!()!  !
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M6E2=8A[10IA\0"<I!7L5>(;3YJS!SAKYXQJ--?G&MW+H;U?B.]<=O[7'&?A
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M2JJJJRKK+BOAGQC8Z5EC/&.=_#^6\,>_\RI,D%KP3E!ERFHP-PV<KAZS0
M6   T L><4$NQ7!WL\M,=*52I55552MU6ZKG7103J,P=#OZKQ2Q$G,1&I/:(
MEWT?9L:4A&"!- 0)+Z-Z^)]_"*^>/U0-99!-<[C&=FB3A(R0G<UQ'+R3S[3Q
MN_O97/PXXO42LTYG08KZ%YTO!&&RE[]<^6.'$5_<JXMK@M9?SZQJQM_?#G^J
MF0;2+"YHA#O4!'C'LE9=[;4$6+!8#+T"$RR,@ORAL98U*JJJW5E5F\W2S46*
M67EF#KH98_@(A(0@(CDC9J18NJK+-@%;IARJ?43$1UU+))&N+UIEX"H#"(@L
MH9!*T)1R,$BR"1RC9GXZG(^&3)SDUQVS\9=FFZL74/.RS=BCN+#UZ\L?^1TF
MN-K>3CC?PC)D28.0)UDG;.A@3R,5U&Z:OHF+ KN(7!=7D=7=44)2I5+BKBJY
MU%B5@L,P==#K^'R_19]0N?%,,DV LY!,(UPY85OGW]^=6^ZXX[U*(ED9&XCB
M(Y148%$O91>7"'N=:4!6P$KH5):^PHQO$U_WZJ_'!7'$7FMQTY@'W\VLMQNT
M+#C?DPUK+3ZKCB_B<=ZMWUWH]A4)4XX'O1HK%%=3"# =<#+7TIQ%AB260VRG
M%IE8%4JKBLTJY$<UF#IF.OXJ"(DC9&XCB)0AS ,8#?0]CE&:*0*(0168C")7
MO67+3ZH41%(1&$1LCB(YT8 #I0ONK.5RK_?7##'"IVFS$7T^?#0Z7RHKT/F%
MU<0-ENTM,:SUX]_';GQ[U\U_R@LI2JV A)D7J'$&)"[\#[Y^EIHIO1M0S?7
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MJLG.:_OAQQTKVJU40BXYYR7S!&<\'Z\BXE &9VP UJ9(@N_DS?Y&_I(D((L
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ML.WCQ\U#*+;4MCK)]%$@!18 +JKD%(9)/HI8CJO;*B(B1W5R;'D]IH    6
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MP)9J#FK=8"E55NLKC=95EM*M"/(W9@@[P'3Q8SY_NVD4Y%Q@-Y+\\QH  0
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M^4[G29CK^9.LVQK8;ET9ZMM9Y]=R^/A\5^ZG01">&<!Q+7=N=      ! !8
M+ 'X"%,JCE-#NG>H0[AE-9WA!R?+]?%1COU.U88=YOE[U-E@&XJ'9/O/Y0)>
ML5D8#DO8K7G?GC5_C;''>U<6^LZCC.V^="&QC#:6ZXDQ8,V@##@#W5S6;^!%
M1C9C'!6RK&TZ5M  8<.!%C#*8*,D& P (#S<<:/@PWJL,7EU;E(F  P42)S/
MR&;3;806Q,XZ&=*HE5*,JJRJN;X=(KVYO/H4G)<"( ,4W@,6*B:5$&&.%V&
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M3D&N!EKZ\U#02P\M^2I5#?( !]HRPVHRLXKL$I@"K02AA+:\IB'-['X'_]H
?" $" P$_$/\ V@/_V@ ( 0,# 3\0_P#";D_^>7__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
