<SEC-DOCUMENT>0001104659-17-043778.txt : 20170706
<SEC-HEADER>0001104659-17-043778.hdr.sgml : 20170706
<ACCEPTANCE-DATETIME>20170706122857
ACCESSION NUMBER:		0001104659-17-043778
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20170430
FILED AS OF DATE:		20170706
DATE AS OF CHANGE:		20170706
EFFECTIVENESS DATE:		20170706

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-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22535
		FILM NUMBER:		17951463

	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-CSRS
<SEQUENCE>1
<FILENAME>a17-14654_1ncsrs.htm
<DESCRIPTION>N-CSRS
<TEXT>


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<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;">
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<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>
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<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>
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<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>
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<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>
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<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>
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<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="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<br>   LOS ANGELES, CALIFORNIA</p>    </td>
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<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="bottom" 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>
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<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>
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<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>
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<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:1.0pt;">&nbsp;</font></p>    </td>
<td width="50%" colspan="4" valign="top" 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;">Copy to:</font></p>    </td>   </tr>
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<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;">&nbsp;</font></p>    </td>
<td width="50%" colspan="4" valign="top" 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;">&nbsp;</font></p>    </td>   </tr>
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<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="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Daniel J. Hall<br>   2000 Avenue of the Stars, 12</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&nbsp;Floor<br>   Los Angeles, California 90067</p>    </td>
<td width="50%" colspan="4" valign="top" 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;">P. Jay Spinola, Esq.<br>   Willkie Farr &amp; Gallagher LLP<br>   787 Seventh Avenue<br>   New York, New York 10019</font></p>    </td>   </tr>
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<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="top" 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>
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<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>
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<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>
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<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>
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<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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<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;">April 30,   2017</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
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<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>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_011320_3787"></a></p>
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<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>
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<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>Semi-Annual Report</b></font></p>
<p style="margin:0pt 0pt 10pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:14pt;"><b>April 30, 2017</b></font></p>
</div>
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<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="margin:8pt 0pt 8pt 0pt;">
<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>
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<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>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2017</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<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;">April 30, 2017 (Unaudited)</font></p>
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<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;">Year-to-date through April, 2017 has largely been a continuation of robust returns in the non-investment grade credit market. The period began with a sustained risk-on rally following the surprise victory of President Trump and enthusiastic expectations regarding the potential benefits of his economic policies. Through the first two months of 2017, the S&amp;P 500 had already returned an impressive 5.9%. Similarly, non-investment grade credit, as measured by the Bank of America Merrill Lynch High Yield Master II Index ("H0A0") and Credit Suisse Leveraged Loan Index ("CSLLI"), returned 2.9% and 1.1%, respectively. However, fears regarding an oversupply in oil and political uncertainty out of Washington led to a temporary reversal in sentiment during March. The market swiftly shrugged off this indigestion as oil prices rebounded and news resurfaced regarding Trump's proposed tax reforms. Amidst this strong technical backdrop, corporate fundamentals have buoyed performance as companies within the S&amp;P 500 reported a return to earnings growth after seven straight quarters of decline. The Federal Reserve ("Fed") narrative reiterated only gradual increases in the Fed funds rate with only one increase after their mid-March meeting, which markets have ultimately cheered. Nonetheless, real rates in the market have remained largely unchanged in the wake of a record repricing wave across the leveraged finance market with over $100 billion in loans repricing in January alone.<sup>1</sup> Despite these headwinds in the loan market, the CSLLI has notched positive returns every month year-to-date as renewed CLO issuance has exacerbated demand for floating rate assets. Regardless of political uncertainty domestically and abroad, volatility hit a two decade low giving investors the incentive to reach deeper into the risk spectrum. Consistent with much of 2016, riskier assets for both loans and bonds drove performance. Year-to-date through April, the H0A0, CSLLI and S&amp;P 500 have returned 3.9%, 1.6% and 7.2%, respectively, marking a convincing continuation of the rally beginning last February 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;">Capital markets demonstrated resiliency in the face of mixed economic data releases as credit assets continued to benefit from supportive technicals and a dip in Treasury yields. The U.S. Department of Commerce released the first advance estimate of U.S. GDP in late April, reporting the economy expanded at a 0.7% annualized rate during the first quarter of 2017, its weakest pace in three years. Over the past few years the trend has been for the first quarter of the year to produce weaker than normal growth figures; the Fed even dismissed the data as only "likely to be transitory". However, there are increasing signs that economic growth in the U.S. is moderating with the Commerce Department reporting consumer spending had the slowest first quarter since 2009. This deceleration in consumer spending includes rather sluggish figures for durable goods (i.e. autos), an area that had been experiencing strong growth since last year. Additionally the U.S. Bureau of Labor Statistics reported that consumer prices fell by 0.3% in March after hitting a five year peak, now edging below the Fed's inflation target of 2.0%. However, consumers remain in fair shape, evidenced by personal incomes rising again in March by 0.2%. Employment data supports that fact pattern, with the U.S. Department of Labor reporting that 211,000 jobs were added during the month of April, which exceeded the 185,000 estimate and nearly tripled March's hiring total. Regardless of the dip in inflation, most economists believe that the Fed is now close to achieving its dual mandate, and is widely expected to hike its benchmark lending rate by another quarter point at the June meeting. Odds of a hike increased following release of the jobs report, with probability of a June interest rate increase reaching 78% according to futures markets. On a brighter note, corporate earnings for the first quarter of 2017 have been largely positive. According to Factset, 83% of the S&amp;P 500 companies have reported earnings through May 5 and of those firms, 75% reported earnings per share above consensus estimates. By and large the market has shrugged off these mixed economic indications and remains intently focused on regulatory reform and corporate income tax relief, but as recent history has demonstrated, there is no guarantee the proposed changes by the Trump Administration will actually bear fruit for the U.S. economy.</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;">Despite geopolitical headlines looming over the region throughout most of 2017, the European markets exhibited strong performance with the BofA Merrill Lynch European High Yield Index ("HE00") and the Credit Suisse Western European Leveraged Loan Index ("WELLI") gaining 2.78% and 2.04%, respectively, year-to-date through April. Eurozone growth had accelerated at the end of 2016 with EuroStat reporting a full year 2016 GDP growth of 1.7% for the region. Additionally, Britain's Office of National Statistics reported U.K. GDP grew by 0.6% over the fourth quarter of 2016 contributing to overall economic growth of about 2.0% for the calendar year. Economic expansion has broadened on the continent thus far in 2017. The European composite of surveys of purchasing managers ("PMI") used to measure activity in the manufacturing and services sectors rose to 56.8 in April, a six year high, while core inflation within the region reported a 1.2% increase in </font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2017<br>2</font></p>
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<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>
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<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;">April 30, 2017 (Unaudited)</font></p>
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<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;">April, the highest mark since March 2013. Although these figures show positive signs of growth, they are still below the ECB's target growth rates. As a result, Mario Draghi and the ECB have been steadfast in their dovish commitment to accommodative monetary policy despite mounting pressure from Germany to begin a tapering policy. Headlines concerning the region, however, largely focused on the future of a united Europe. In March Theresa May invoked Article 50 in order to formally notify the European Union of the U.K.'s intent to leave the E.U. triggering little fanfare regardless of all the media attention. The difficult task of negotiating this withdrawal remains and will require a myriad of regulation and trade agreements, set to begin in late May or early June with a deadline to conclude by October 2018. This is undoubtedly an aggressive timeline, and the political landscape within Europe has the potential to dramatically change over the next year. Elections in the Netherlands and France expected to bring upheaval from the far right and unnerve incumbents fell flat. The "Frexit" election hype featuring Macron and Le Penne led to a sweeping victory for centrist Macron and little more to discuss. Even though results of the contrary would have likely injected more volatility to the region, the Macron victory brought volatility to all-time lows across the globe. Thus, while prospects for a united and economically robust Europe seem brighter than in many years past, there still remain many unknowns regarding the full economic and political impact of "Brexit" and timeline of accommodative monetary 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;">The structured credit market has been a bright spot for investors thus far in 2017. Fears regarding the impact of risk retention on new issuance were short lived. Following a subdued January in which issuance totaled $1.4 billion across 3 deals, global CLO issuance through April 30, 2017 has totaled $32.3 billion across 60 deals, versus $17.6 billion across 45 deals in the prior year period.<sup>2</sup> Despite voracious investor demand for CLOs, most managers report that opportunity and value in the loan market is their greatest challenge when working to create a new CLO to meet that demand. This is largely a result of conditions within the leveraged loan market as spreads compressed and the market underwent a record repricing wave. Year-to-date through April leveraged loan volume in the U.S. totaled $427 billion; however, 75% of this volume was comprised of borrowers refinancing their debt.<sup>3</sup> Thus, CLOs have had difficulty, amongst stiff competition from mutual fund demand, to obtain fresh collateral for new issuance. Consequently, CLO managers have been urgently refinancing to maintain their arbitrage amidst this difficult market environment. In an unprecedented refinancing wave in the CLO market, there have been 153 CLOs reset or refinanced through April 30, 2017 compared to only 2 in the prior year period.<sup>4</sup> The result has been intense compression in liabilities with AAA spreads tightening by approximately 25bps since the beginning of the year. Similarly, liabilities have been stretched to longer reinvestment periods with some managers allowed to reinvest for 6 years, the longest reinvestment period seen since the financial crisis. On the risk retention front, the vast majority of managers have opted to take a 20% horizontal stake in the equity rather than 5% vertical strips in each tranche. However, three recently priced deals have utilized a novel approach to the vertical positioning that references a second layer of securitization-like notes. Industry experts believe this innovation may open the flood gates for additional managers to utilize the vertical option going forward. While the primary CLO market has witnessed an abundance of new issuance, the secondary market has experienced a dearth of supply. Trading in the secondary market for April 2017 saw the lowest volumes since December 2011 with a mere $1.4 billion versus an average of $2.9 billion over the last twelve months.<sup>5</sup> Much of this is a result of paper trading at or above par and limiting new opportunities to the primary market. We expect these market dynamics to persist so long as the loan market continues to reprice and see spreads compress.</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;">With the results of the French election in favor of the established, moderate form of government, the EU avoided a potential unwind that would most likely have created havoc in the world's capital markets. This was one identifiable event in 2017 that had the potential to create market instability in what has been a fairly mundane and orderly market thus far. Even the Trump Administration, initially thought to stir turmoil with its ambitious legislative agenda, has generated a historically low level of volatility beyond very short episodic blips. In early May the CBOE Volatility Index or "VIX", a widely regarded measure for market anxiety, hit lows not seen since 1993, indicating that most participants are shrugging off any political rhetoric and honing focus on positive corporate earnings and steady predictable global growth. Most of the instability this year has been centered on the commodity space, as we recently witnessed the price of oil dropping over 4% in early May, although even those dislocations have shortened in duration with value investors armed with "dry powder" stepping in to form a bottom.<sup>6</sup> Given the benign inflationary environment, a patient stance from the Fed to tighten monetary policy and the lack of a visibly overheated sector, we believe there is a lower probability for a severe market dislocation within credit. That said, there is no certainty that the relative calm experienced thus far will continue and unexpected idiosyncratic events could provide opportunities to source paper at discounted levels. The strength in demand has shortened the amount of time dislocations linger and we believe the ability to execute on opportunities in credits that may have been overly punished or are trading at spreads inconsistent with their fundamental risk profile will benefit nimble managers.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2017<br>3</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<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;">April 30, 2017 (Unaudited)</font></p>
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<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 April 30, ARDC has returned 4.50% based on Net Asset Value ("NAV"), which compares to 1.1% for the Credit Suisse Leveraged Loan Index ("CSLLI") and 2.9% for the Bank of America Merrill Lynch High Yield Master II Index ("H0A0"). On a last twelve months basis through April 30, ARDC has returned 20.26% based on NAV, which compares to 8.2% for the CSLLI and 13.7% for the H0A0. 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>
<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 continued to increase its allocation to CLO debt and equity to 27.7% as of April 30, 2017 from 24.2% as of April 30, 2016, as we believe these assets offered the best relative value to source investment opportunities. From an industry perspective, over the last twelve months we significantly increased exposure to Metals &amp; Mining to 7.0% from 1.0% as those industries experienced meaningful recoveries following the 2015/2016 dislocation. Year to date through April, we have focused on income and high coupon investments across asset classes as price appreciation has become more difficult to source within non-investment grade credit. Nonetheless, the Fund is prepared to capitalize on exogenous shocks to the market that may create the opportunity for price appreciation.</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 the 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 April 30, 2017, the Fund has repurchased 518,334 shares at an average price of $13.08, representing an average discount of -15.2%.</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 "Adviser"), a subsidiary of Ares Management, L.P. ARDC's investment objective is to provide an attractive 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 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>
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<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 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> S&amp;P Global Market Intelligence: LCD News "January Repricings Smash Record as Issuance Tops $100B".</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>2</sup> Source: S&amp;P Capital IQ LCD. "Global Databank," April 28, 2017.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>3</sup> Source: "Asset Backed Alert" May 19, 2017.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>4</sup> Source: S&amp;P Capital IQ LCD. "Global Databank," April 28, 2017.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>5</sup> Source: Goldman Sachs. "GS CLO Secondary: April 2017 Month End Recap and Thoughts 'Glacier'," May 5, 2017.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>6</sup> Source: Bloomberg: Price of U.S. West Texas Intermediate Crude Futures (WTI) from May 1, 2017 to May 4, 2017.</font></p>
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<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>
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<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;">April 28, 2017 (Unaudited)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Portfolio Characteristics as of 4.28.17</b></font></p>
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<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>
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&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">6.29</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
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<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>
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&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">8.05</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Current Distribution Rate<sup>3</sup></font></p></td>
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&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">7.59</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Dividend Per Share</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">0.1025</font></p></td>
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<p style="margin:2pt 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 April 28, 2017.</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 Monthly dividend per share annualized and divided by the April 28, 2017 market price per share. The Fund's April 2017 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 4.28.17</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Anglo American Capital, PLC</font></p></td>
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&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.18</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
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<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;">GCP Applied Technologies, Inc.</font></p></td>
<td colspan="1">&nbsp;</td>
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&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.15</font></p></td>
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<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>
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<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>
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&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.13</font></p></td>
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<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>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Builders FirstSource, Inc.</font></p></td>
<td colspan="1">&nbsp;</td>
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&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.13</font></p></td>
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<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>
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<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;">Madison Park Funding Ltd</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;">1.10</font></p></td>
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<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>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">FMG Resources Pty Ltd</font></p></td>
<td colspan="1">&nbsp;</td>
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&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.06</font></p></td>
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<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>
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<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;">Atrium CDO</font></p></td>
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<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;">0.97</font></p></td>
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<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;">LCM 23 CLO, 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;">0.97</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;">JC Penney Corp 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;">0.96</font></p></td>
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<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;">Kraton Polymers LLC</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">0.95</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
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<p style="margin:2pt 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 4.28.17</b></font></p>
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<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>
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<td colspan="3" width="63" 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>
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<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;">1.83</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="33" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">0.80</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;">10.28</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="33" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4.68</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;">4.87</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="33" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4.50</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;">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="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="33" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5.94</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:1pt 0pt 1pt 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:1pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">Source: Morningstar</font></p>
<p style="margin:1pt 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 4.28.17</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><img src="j17146542_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 4.28.17</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><img src="j17146542_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 4.28.17</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><img src="j17146542_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.</font></p>
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<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">Semi-Annual Report 2017<br>5</font></p>
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<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;">April 30, 2017 (Unaudited)</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>Senior Loans 36.0%</b><b><sup>(b)</sup></b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="179" 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="393" 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 2.5%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Air Methods Corporation, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 3.50%, 04/05/2024<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;">2,618,943</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;">2,615,669</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="179" 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;">4.75%, 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;">1,325,735</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;">1,334,021</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Hensoldt 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;">3.75%, 02/28/2024</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="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" 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;">2,197,422</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Sequa Corporation, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Loan 1st Lien, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 5.50%, 11/26/2021<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;">1,392,273</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;">1,406,196</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Sequa Corporation, <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+ 9.00%, 04/28/2022<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;">1,015,282</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;">1,031,780</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Standard Aero Aviation 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;">L+ 4.25%, 07/07/2022<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;">1,744,186</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;">1,747,238</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="179" 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>10,332,326</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="393" 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 0.7%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">CH Hold Corporation, <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+ 7.25%, 02/01/2025<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;">1,464,592</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;">1,490,223</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Lumileds Holding B.V., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan B, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 4.50%, 03/15/2024<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;">1,481,481</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;">1,498,148</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="179" 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>2,988,371</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="393" 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 1.6%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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;">3,043,740</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="179" 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;">Incremental B-5 Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.75%, 11/03/2023</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;">1,960,075</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;">1,974,775</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="179" 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;">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;">1,488,769</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="179" 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>6,507,284</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="393" 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 0.5%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" bgcolor="#cceeff" 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 1st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.65%, 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;">2,009,174</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;">1,965,233</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>Senior 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="179" 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="393" 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>Business Equipment &amp; Services 0.5%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">CCC Information Services, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2017 1</font><font face="Arial, Helvetica" style="font-size:8pt;">st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 3.00%, 04/29/2024<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;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">499,875</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">497,500</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">CCC Information Services, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2017 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+ 6.75%, 04/28/2025<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;">1,425,532</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;">1,452,261</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="179" 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>1,949,761</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="393" 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>Chemicals, Plastics &amp; Rubber 2.1%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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;">1st Lien U.S. Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.40%, 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;">994,329</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;">1,000,544</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="179" 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;">2</font><font face="Arial, Helvetica" style="font-size:8pt;">nd Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.75%, 12/21/2020</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;">1,515,000</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="179" 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;">2021 </font><font face="Arial, Helvetica" style="font-size:8pt;">EUR Term Loan B, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Great Britain), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.50%, 05/15/2021</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="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" 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;">1,563,207</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;">1,710,323</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="179" 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;">Term Loan B, (Great Britain), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 3.00%, 05/15/2024<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;">666,667</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;">729,408</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="179" 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;">5.00%, 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;">2,426,448</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;">2,459,957</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="179" 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;">5.25%, 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;">1,237,562</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;">1,251,930</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="179" 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>8,667,162</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="393" 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>Construction &amp; Building 0.4%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Fairmount Santrol Inc. <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(fka Fairmount Minerals, Ltd.), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">New Tranche B-2 Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.50%, 09/05/2019</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;">1,745,478</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;">1,714,932</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="393" 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 0.9%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Comfort Holding, LLC, <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;">5.78%, 02/05/2024</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;">949,367</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;">949,965</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Comfort Holding, 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;">11.03%, 02/03/2025</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;">1,263,158</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;">1,212,632</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Unifrax Corporation, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial USD Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.90%, 04/04/2024</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;">1,483,871</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;">1,486,349</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="179" 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>3,648,946</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>

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<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">Semi-Annual Report 2017<br>6</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=7,FOLIO='6',FILE='17-14654-2.ca',USER='bjonesc',CD='' -->
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<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;">April 30, 2017 (Unaudited)</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>Senior 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="179" 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="393" 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>Consumer Goods: Non-Durable 0.4%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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;">Initial Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.25%, 12/01/2022</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;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,773,399</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">1,740,893</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="393" 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 0.3%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Berlin Packaging, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial 2nd Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.75%, 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;">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;">748,748</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="179" 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 2nd Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.65%, 10/21/2024</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;">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;">618,750</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="179" 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>1,367,498</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="393" 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 0.1%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Pike Corporation, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.75%, 03/10/2024</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;">571,429</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;">577,143</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="393" 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 3.9%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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;">2,115,094</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="179" 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;">8.55%, 08/23/2021</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;">3,500,000</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;">3,778,915</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Foresight Energy, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.75%, 03/28/2022</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;">1,625,000</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;">1,568,629</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">FTS International, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.75%, 04/16/2021</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;">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;">2,494,063</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">MEG Energy Corporation, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2017 </font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan B, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.68%, 12/31/2023</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;">1,420,248</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;">1,420,958</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Pardus Oil &amp; Gas, 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)(e)</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;">156,403</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;">&#151;</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Pardus Oil &amp; Gas, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Tranche A 1st Lien 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;">298,969</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;">221,237</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Pardus Oil &amp; Gas, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Tranche B 1st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">13.00%, 11/12/2021<sup>(d)(e)(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;">107,898</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;">(28,053</font></p></td>
<td colspan="1" width="20" 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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Summit Midstream Holdings, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan B, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.02%, 05/13/2022</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;">1,428,571</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;">1,453,571</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="179" bgcolor="#cceeff" 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" 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;">2,765,813</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;">2,769,270</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="179" 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>15,793,684</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>Senior 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="179" 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="393" 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>Healthcare &amp; Pharmaceuticals 2.0%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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;">9.53%, 11/03/2021</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;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,150,988</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">1,148,110</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Ethypharm SA, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">EUR 2017 Term Loan B, (France), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3.50%, 07/21/2023</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="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" 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;">1,112,582</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;">1,225,183</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="179" 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;">5.00%, 08/17/2018</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;">$</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;">1,244,154</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;">1,239,178</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="179" 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 2nd Lien Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.25%, 10/21/2024</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;">705,094</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;">717,433</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="179" 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;">4.25%, 10/21/2023</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;">1,745,625</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;">1,745,625</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Radnet Management, 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;">8.00%, 03/25/2021</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;">1,809,967</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;">1,819,017</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Valeant Pharmaceuticals <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">International, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan B, Series F-1, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 5.74%, 04/01/2022<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;">213,043</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;">214,263</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="179" 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>8,108,809</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="393" 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 4.4%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" bgcolor="#cceeff" 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;">7.65%, 01/24/2022</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;">1,990,953</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;">2,004,233</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Cologix, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2017 2</font><font face="Arial, Helvetica" style="font-size:8pt;">nd Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.00%, 03/20/2025</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;">2,400,000</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;">2,419,008</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Colorado Buyer, 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+ 7.25%, 03/14/2025<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;">1,057,692</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;">1,060,781</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="179" 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;">5.50%, 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;">1,423,050</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;">1,431,062</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Integrated Device Technology, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan B, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.00%, 04/04/2024</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;">1,363,017</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;">1,366,424</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Kemet Electronic Corporation, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Term Loan B, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 6.00%, 04/26/2024<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;">2,045,415</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;">1,994,279</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Oberthur Technologies Holding <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">SAS (fka OT Frenchco 1 SAS), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Facility B-1 EUR, (France), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3.75%, 01/10/2024</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="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" 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;">765,343</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;">834,201</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>

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<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">Semi-Annual Report 2017<br>7</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=8,FOLIO='7',FILE='17-14654-2.ca',USER='bjonesc',CD='' -->
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<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;">April 30, 2017 (Unaudited)</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>Senior 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="179" 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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Oberthur Technologies Holding <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">SAS (fka OT Frenchco 1 SAS), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Facility B-2 EUR, (France), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3.43%, 01/10/2024<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="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" 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;">1,234,657</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;">$</font></p></td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">148</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Optiv Security, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2</font><font face="Arial, Helvetica" style="font-size:8pt;">nd Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.25%, 01/31/2025</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">666,667</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;">675,833</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="179" 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;">5.40%, 10/14/2023</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;">1,249,652</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;">1,259,411</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="179" 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;">10.65%, 10/11/2024</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;">1,103,014</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;">1,115,699</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Tibco Software, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2017 </font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan B, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.50%, 12/04/2020</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;">1,513,125</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">TierPoint, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2017 1</font><font face="Arial, Helvetica" style="font-size:8pt;">st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 3.75%, 05/06/2024<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;">2,083,333</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;">2,091,146</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="179" 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>17,765,350</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="393" 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 0.9%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" bgcolor="#cceeff" 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;">2</font><font face="Arial, Helvetica" style="font-size:8pt;">nd Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.27%, 01/31/2025</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;">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;">2,013,760</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="179" 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 Loan B, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.00%, 10/13/2023</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;">1,500,000</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;">1,508,745</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="179" 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>3,522,505</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="393" 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>Industrials 0.3%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dynacast International, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan B-1, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.50%, 01/28/2022</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;">1,071,004</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;">1,072,342</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="11" width="393" 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 0.9%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" bgcolor="#cceeff" 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<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;">1,932,560</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;">985,605</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="179" 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">&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;">353,753</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;">353,311</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="179" bgcolor="#cceeff" 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 Loan B, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.00%, 09/30/2022</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;">833,333</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;">840,625</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="179" 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">&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;">1,400,000</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;">1,393,000</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="179" 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>3,572,541</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>Senior 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="179" 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="393" 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: Diversified &amp; Production 1.5%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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;">2nd Lien Term Loan, (Luxembourg), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.07%, 07/29/2022</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;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">700,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">706,125</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="179" 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;">4.57%, 02/01/2024</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;">1,500,000</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;">1,501,500</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="179" 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;">2017 2</font><font face="Arial, Helvetica" style="font-size:8pt;">nd Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.00%, 09/08/2024</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;">2,050,000</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;">2,075,625</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="179" 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;">2017 </font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.25%, 03/08/2024</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;">2,000,000</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;">2,014,160</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="179" 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>6,297,410</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="393" 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>Metals &amp; Mining 1.4%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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;">8.40%, 04/16/2020</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;">3,461,243</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;">3,300,676</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Peabody Energy Corporation, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Exit Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.50%, 03/31/2022</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;">1,936,108</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;">1,940,949</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="179" 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;">4.91%, 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;">595,508</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;">602,022</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="179" 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>5,843,647</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="393" 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 0.4%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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;">11.00%, 07/29/2021</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;">1,463,110</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;">1,492,372</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="11" width="393" 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 5.5%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" bgcolor="#cceeff" 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;">5.17%, 07/01/2022</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;">2,475,469</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;">1,701,885</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Action Holding B.V., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">EUR Term Loan B, (Netherlands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.25%, 02/25/2022</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="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" 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;">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;">711,945</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">BJ's Wholesale Club, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2017 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%, 02/03/2025</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;">1,724,138</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;">1,726,655</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="179" 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;">5.15%, 10/21/2021</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;">2,212,032</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;">2,216,633</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="179" 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;">2</font><font face="Arial, Helvetica" style="font-size:8pt;">nd Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.40%, 10/21/2022</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;">1,750,000</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;">1,742,702</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">Semi-Annual Report 2017<br>8</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<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;">April 30, 2017 (Unaudited)</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>Senior 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="179" 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="179" 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 1st Lien Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.24%, 08/18/2023</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;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,674,466</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">3,663,002</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="179" 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;">5.30%, 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;">2,453,125</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;">2,448,538</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="179" 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;">2017 </font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan B, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.17%, 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;">2,468,750</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;">2,230,367</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="179" 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;">4,176,505</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="179" 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;">1,575,000</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;">1,576,481</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="179" 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 2nd Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">11.00%, 01/30/2020<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;">1,369,565</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>
<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;">150,652</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="179" 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>22,345,365</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="393" 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 2.5%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">CASMAR (Australia) PTY, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial Term USD Loan, (Australia), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.68%, 12/07/2023</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;">884,630</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;">895,688</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="179" 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, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.74%, 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;">2,406,250</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;">2,428,315</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="179" 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;">3.50%, 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;">1,736,875</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;">1,747,487</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="179" 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;">2017 </font><font face="Arial, Helvetica" style="font-size:8pt;">USD Term Loan B, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.25%, 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;">1,485,000</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;">1,495,083</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Travelport Finance <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Luxembourg) S.a.r.l., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan B, (Luxembourg), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.29%, 09/02/2021</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;">2,500,001</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;">2,517,851</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Xerox Business Services, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan B, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.99%, 12/07/2023</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;">997,500</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;">1,014,128</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="179" 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>10,098,552</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="393" 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 0.3%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">General Nutrition Centers, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">New Term Loan B, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 2.50%, 03/04/2019<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;">810,842</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;">746,315</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">St. Georges University, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.40%, 07/06/2022</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;">657,886</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;">664,057</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="179" 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>1,410,372</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>Senior 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="179" 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="393" 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>Technology 0.6%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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 2nd Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.16%, 07/19/2021</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;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">2,492,975</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="393" 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 1.4%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">CenturyLink, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Bridge Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 5.00%, 02/08/2018<sup>(c)(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;">&#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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">LSF9 Atlantis Holdings, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2017 </font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 6.00%, 05/01/2023<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;">2,775,575</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;">2,775,575</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="179" 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;">5.00%, 03/29/2021</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;">2,985,000</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;">3,002,731</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="179" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</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>5,778,306</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Senior Loans <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cost: $148,527,775)</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" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</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>147,053,779</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>
</table>

<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Corporate Bonds 60.9%</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="11" width="393" 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 2.2%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Air Methods Corp., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.00%, 05/15/2025</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;">2,260,000</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;">2,243,050</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Bombardier, Inc., 144A, (Canada), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.75%, 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;">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;">2,503,125</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="179" 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;">1,708,000</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="179" 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;">2,715,625</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="179" 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>9,169,800</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="393" 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 0.8%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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;">1,571,250</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Navistar International Corporation, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.25%, 11/01/2021</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;">1,525,000</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;">1,544,063</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="179" 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>3,115,313</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="393" 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 2.8%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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;">5,500,000</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;">6,421,250</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Summit Materials, LLC / Summit <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Materials Finance Corporation, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.50%, 04/15/2022</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;">4,325,000</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;">4,854,812</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="179" 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>11,276,062</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">Semi-Annual Report 2017<br>9</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<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;">April 30, 2017 (Unaudited)</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="179" 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="393" 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>Beverage, Food and Tobacco 1.1%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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">&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;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">610,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">623,725</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Boparan Finance PLC, RegS, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Great Britain), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.50%, 07/15/2021</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;">&pound;</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" 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;">1,294,949</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Clearwater Seafoods, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Great Britain), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.88%, 05/01/2025</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;">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;">621,000</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Iceland Bondco PLC, 144A, <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" 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;">&pound;</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;">2,012,954</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="179" 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>4,552,628</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="393" 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>Chemicals, Plastics &amp; Rubber 3.9%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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">&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;">5,750,000</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;">6,555,000</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Kraton Polymers, LLC / Kraton <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Polymers Capital Corporation, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.00%, 04/15/2025</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;">909,000</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;">954,450</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Kraton Polymers, LLC / Kraton <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Polymers Capital Corporation, 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;">1,750,000</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;">2,016,875</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="179" 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;">2,169,980</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Tronox Finance, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.38%, 08/15/2020</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;">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;">762,187</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Tronox Finance, LLC, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.50%, 03/15/2022</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;">3,250,000</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;">3,396,250</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="179" 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>15,854,742</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="393" 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>Construction &amp; Building 0.8%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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">&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;">2,047,670</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Tutor Perini Corporation, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.88%, 05/01/2025</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;">1,000,000</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;">1,050,000</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="179" 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>3,097,670</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="393" 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 0.4%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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;">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;">1,593,750</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="393" 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 2.6%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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">&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;">3,266,250</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="179" bgcolor="#cceeff" 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" 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;">3,350,000</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;">3,886,000</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="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="179" 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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Guala Closures SpA, 144A, (Italy), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.75%, 11/15/2021<sup>(g)</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="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" 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;">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" align="right" valign="bottom" style="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;">3,326,769</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="179" 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>10,479,019</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="393" 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 8.9%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Chesapeake Energy Corp., 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" align="right" valign="bottom" style="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;">513,000</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;">507,229</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Denbury Resources, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.50%, 05/01/2022</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;">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;">372,500</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="179" 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;">3,165,000</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Energy Transfer Equity, L.P., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.50%, 10/15/2020</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;">3,135,000</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;">3,532,753</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="179" 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">&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;">1,250,000</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;">1,182,812</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">EP Energy, LLC, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.00%, 11/29/2024</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;">1,000,000</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;">1,046,250</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">EP Energy, LLC / Everest <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Acquisition Finance, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.00%, 02/15/2025</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;">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;">780,938</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="179" bgcolor="#cceeff" 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, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, 7.88%, 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;">3,000,000</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;">3,142,500</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Foresight Energy, LLC / Foresight <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Energy Finance Corporation, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">11.50%, 04/01/2023</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;">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;">2,140,312</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">FTS International, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.25%, 05/01/2022</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;">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;">432,500</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">FTS International, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.63%, 06/15/2020<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;">1,975,000</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;">1,994,750</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="179" 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;">825,000</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;">860,063</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Laredo Petroleum, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.38%, 05/01/2022</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;">3,000,000</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;">3,116,250</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">MEG Energy Corp., 144A, (Canada), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.50%, 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;">780,000</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;">770,250</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">MEG Energy Corp., 144A, (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;">1,500,000</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;">1,338,750</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="179" 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;">2,000,000</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;">2,113,760</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Rowan Cos, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.38%, 06/15/2025</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;">2,000,000</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;">1,975,000</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Targa Resources Partners L.P., <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;">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;">1,635,000</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Williams Cos, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.88%, 09/01/2021</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;">1,250,000</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;">1,464,062</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">Semi-Annual Report 2017<br>10</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=11,FOLIO='10',FILE='17-14654-2.ca',USER='bjonesc',CD='' -->
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<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;">April 30, 2017 (Unaudited)</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="179" 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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Williams Cos, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.75%, 03/15/2032</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;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">3,237,500</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">WPX Energy, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.50%, 08/01/2020</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;">1,590,000</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="179" 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>36,398,179</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="393" 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 5.2%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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;">3,250,000</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;">2,746,250</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="179" 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;">3,163,000</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;">2,791,347</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="179" 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;">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;">1,575,000</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="179" 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;">1,612,035</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="179" 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;">1,614,375</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="179" 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;">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;">2,437,500</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="179" 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;">11.13%, 08/15/2019</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;">2,750,000</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;">2,756,875</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Tenet Healthcare Corporation, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.00%, 08/01/2020</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;">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;">2,295,742</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Valeant Pharmaceuticals <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">International, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.00%, 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;">2,125,000</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;">1,864,688</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Valeant Pharmaceuticals <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">International, Inc., 144A, (Canada), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.13%, 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;">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;">369,125</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Valeant Pharmaceuticals <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">International, Inc., 144A, (Canada), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.75%, 08/15/2018</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;">510,000</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;">508,725</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Valeant Pharmaceuticals <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">International, Inc., 144A, (Canada), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.50%, 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;">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;">827,500</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="179" 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>21,399,162</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="393" 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 2.7%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" bgcolor="#cceeff" 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;">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;">1,226,500</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Genesys Telecommunications <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Laboratories Inc, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.00%, 11/30/2024</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;">2,250,000</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;">2,492,156</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Microsemi Corporation, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.13%, 04/15/2023</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;">2,931,000</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;">3,370,650</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="179" 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">&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;">1,107,500</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="179" 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="179" 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;">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;">1,766,250</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Western Digital Corporation, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.38%, 04/01/2023</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;">1,000,000</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;">1,095,000</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="179" 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>11,058,056</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="393" 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 2.2%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Gateway Casinos and <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Entertainment, Ltd., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.25%, 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;">333,000</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;">340,493</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Jack Ohio Finance, LLC, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.75%, 11/15/2021</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;">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;">1,045,000</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Jack Ohio Finance, LLC, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.25%, 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;">1,865,000</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;">2,021,194</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="179" 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" 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;">1,105,000</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>
<tr>
<td colspan="3" width="179" 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;">2,160,000</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Mohegan Tribal Gaming <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">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;">2,274,772</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="179" 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>8,946,459</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="393" 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="179" 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;">1,547,000</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="179" 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;">4,375,000</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;">4,604,688</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="179" 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>6,151,688</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="393" 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 10.2%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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;">1,058,750</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="179" 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;">2,160,000</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="179" bgcolor="#cceeff" 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" 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;">5,400,000</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="179" 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%, 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;">2,053,000</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;">2,109,457</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="179" 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;">2,203,100</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">CSC Holdings, LLC, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.88%, 10/15/2025</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;">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;">600,625</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>
</table>

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<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">Semi-Annual Report 2017<br>11</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<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;">April 30, 2017 (Unaudited)</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="179" 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="179" bgcolor="#cceeff" 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" 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;">2,110,000</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="179" 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;">1,876,875</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">SFR Group SA, 144A, (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;">5,256,250</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="179" 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;">2,090,220</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="179" bgcolor="#cceeff" 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" 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;">1,539,375</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="179" 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;">3,151,560</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Virgin Media Secured Finance <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">PLC, 144A, (Great Britain), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.25%, 01/15/2026</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;">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;">2,025,000</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Wave Holdco LLC, 144A, PIK, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.25%, 07/15/2019<sup>(h)</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;">1,005,000</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="179" 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;">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;">4,120,000</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Wide Open West 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;">4,713,000</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;">4,901,520</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="179" 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>41,607,732</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="393" 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 0.5%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" bgcolor="#cceeff" 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" 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;">2,125,000</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="11" width="393" 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 8.0%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Alcoa Nederland Holding B.V., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144</font><font face="Arial, Helvetica" style="font-size:8pt;">A (Netherlands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.75%, 09/30/2024</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;">1,000,000</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;">1,094,000</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="179" 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">&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;">6,000,000</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;">6,750,000</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Constellium NV, 144A, (Netherlands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.00%, 01/15/2023</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;">2,583,750</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="179" 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">&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;">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;">515,000</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="179" 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%, 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;">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;">2,545,313</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="179" 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;">7.50%, 04/01/2025</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;">1,530,000</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="179" bgcolor="#cceeff" 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" 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;">6,040,781</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="179" 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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Freeport-McMoRan Inc, 144A, <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" align="right" valign="bottom" style="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;">1,541,250</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Freeport-McMoRan Inc, 144A, <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;">789,375</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Grinding Media, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.38%, 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;">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;">640,080</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Hudbay Minerals, 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;">7.25%, 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;">544,000</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;">578,680</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Hudbay Minerals, 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;">7.63%, 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;">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;">2,142,500</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Murray Energy Corporation, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">11.25%, 04/15/2021</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;">1,500,000</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Peabody Energy Corporation, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.00%, 03/31/2022</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;">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;">469,200</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Peabody Energy Corporation, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.38%, 03/31/2025</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;">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;">355,250</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Teck Resources, 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;">8.50%, 06/01/2024</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;">1,500,000</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;">1,738,125</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="179" 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">&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;">1,850,000</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;">2,090,500</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="179" 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>32,903,804</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="393" 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 2.5%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" bgcolor="#cceeff" 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" 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;">2,782,000</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;">3,032,380</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>
<tr>
<td colspan="3" width="179" 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">&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;">968,750</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="179" 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;">8.50%, 06/15/2019</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;">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;">4,460,000</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="179" 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">&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;">690,000</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;">683,100</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Under Armour, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3.25%, 06/15/2026</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;">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;">921,207</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="179" 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>10,065,437</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="393" 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 1.8%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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;">2,077,500</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Conduent Finance, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.50%, 12/15/2024</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;">1,750,000</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;">2,030,000</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="179" 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">&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;">3,423,750</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="179" 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>7,531,250</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>
</table>

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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2017<br>12</font></p>
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<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>
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<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;">April 30, 2017 (Unaudited)</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="179" 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="393" 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>Telecommunications 1.8%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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">&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;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,750,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">2,516,250</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="179" bgcolor="#cceeff" 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" 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;">2,168,438</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Sprint Capital Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.90%, 05/01/2019</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;">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;">1,068,750</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Sprint Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.63%, 02/15/2025</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;">1,000,000</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;">1,116,250</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Uniti Group, Inc. / Uniti Fiber <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Holdings, Inc. / CSL Capital, LLC, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.13%, 12/15/2024<sup>(i)</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;">555,000</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;">563,325</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="179" 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>7,433,013</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="393" 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 1.0%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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;">1,143,750</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="179" 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;">1,376,250</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="179" 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;">7.25%, 05/15/2026</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;">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;">1,405,938</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="179" 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">&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;">142,000</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;">145,550</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="179" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</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>4,071,488</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 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: $241,439,238)</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" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</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>248,830,252</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>
</table>

<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Collateralized Loan Obligations 38.7%</b><b><sup>(j)</sup></b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="11" width="393" 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>Collateralized Loan Obligations &#151; Debt 28.9%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">AMMC CLO XIV, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.96%, 07/27/2026<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;">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;">1,416,690</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Apidos CLO XI, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.81%, 01/17/2028<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;">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;">1,506,074</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="179" 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;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.74%, 02/17/2026<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;">1,941,878</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="179" 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 VI, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.36%, 10/15/2026<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;">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;">962,663</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Atrium XI, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.25%, 10/23/2025<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;">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;">5,506,273</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Avery Point VII CLO, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.76%, 01/15/2028<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;">350,000</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;">351,688</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Babson CLO, Ltd. 2016-1, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.70%, 04/23/2027<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;">2,005,586</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>Collateralized Loan Obligations</b><b><sup>(j)</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="179" 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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Bain Capital Credit CLO 2016-2, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.20%, 01/15/2029<sup>(g)</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;">2,022,004</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Benefit Street Partners <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">CLO IV, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.41%, 01/20/2029<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;">2,500,000</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;">2,522,735</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="179" 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., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.75%, 07/23/2025<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;">3,000,000</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;">2,789,892</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Cent CLO XXIII, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.56%, 04/17/2026<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;">2,750,000</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;">2,637,049</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="179" 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., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.91%, 04/20/2027<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;">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;">988,869</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="179" 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;">2015-1A D, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.61%, 04/20/2027<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;">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;">940,608</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="179" 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;">2015-1A E, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.11%, 04/20/2027<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;">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;">1,685,320</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="179" 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;">2015-1X D, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.61%, 04/20/2027<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;">460,000</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;">432,680</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="179" bgcolor="#cceeff" 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;">2016-1A E, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.91%, 04/15/2028<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;">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;">5,013,410</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dorchester Park CLO, Ltd., (Ireland), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.41%, 01/20/2027<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;">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;">625,114</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="179" 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., (Ireland), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.41%, 01/20/2027<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;">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;">3,735,216</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dryden XXXVII Senior Loan <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Fund, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.56%, 04/15/2027<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;">1,250,000</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;">1,242,983</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dryden XLII Senior Loan <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Fund, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.41%, 07/15/2027<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;">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;">1,512,012</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Galaxy XIX CLO, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.25%, 01/24/2027<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;">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;">783,998</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="179" 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., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.66%, 07/20/2027<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;">3,421,915</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="179" 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;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.36%, 07/20/2027<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;">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;">1,455,687</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="3" width="179" 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;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.71%, 04/18/2027<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;">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;">995,018</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Halcyon Loan Advisors Funding <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2013-1, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.66%, 04/15/2025<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;">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;">3,931,652</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Halcyon Loan Advisors Funding <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2015-1, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.81%, 04/20/2027<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;">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;">718,939</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>

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<div style="margin:8pt 0pt 8pt 0pt;">
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<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2017<br>13</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<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;">April 30, 2017 (Unaudited)</font></p>
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<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</b><b><sup>(j)</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="179" 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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Halcyon Loan Advisors Funding <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2015-3, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.11%, 10/18/2027<sup>(g)</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;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">2,385,987</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Highbridge Loan Management <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2015-7, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.54%, 11/15/2026<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;">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;">647,749</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="179" bgcolor="#cceeff" 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;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.16%, 07/15/2026<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;">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;">1,804,360</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="179" 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;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.80%, 02/20/2027<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;">900,000</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;">820,641</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">LCM XXIII, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.16%, 10/20/2029<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;">3,000,000</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;">3,067,278</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="179" 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;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.03%, 01/19/2025<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;">5,250,000</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;">5,153,725</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="179" bgcolor="#cceeff" 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;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.78%, 07/20/2026<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;">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;">2,679,699</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Madison Park Funding XVII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.61%, 07/21/2027<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;">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;">1,486,460</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="179" 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;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.66%, 07/18/2028<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;">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;">3,764,528</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="179" 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;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.01%, 04/18/2025<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;">1,832,910</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="179" 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;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.63%, 11/04/2025<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;">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;">1,900,178</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Octagon Investment Partners 28, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.65%, 10/24/2027<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;">2,004,910</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Octagon Investment Partners XVIII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.29%, 12/16/2024<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;">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;">2,599,919</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">OHA Credit Partners VII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.55%, 11/20/2027<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;">2,850,000</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;">2,900,556</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">OHA Credit Partners XI, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.26%, 10/20/2028<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;">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;">2,009,256</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">OZLM VII, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.16%, 07/17/2026<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;">2,750,000</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;">2,632,206</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">OZLM XI, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.44%, 01/30/2027<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;">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;">1,218,983</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">OZLM XIV, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.51%, 01/15/2029<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;">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;">4,501,323</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>Collateralized Loan Obligations</b><b><sup>(j)</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="179" 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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Steele Creek CLO 2016-1, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.88%, 06/15/2028<sup>(g)</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;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">2,973,099</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="179" 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., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.86%, 10/15/2027<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;">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;">3,979,244</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="179" 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., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.66%, 07/15/2028<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;">3,554,383</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="179" 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;">2016-2 Clo, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.37%, 11/01/2028<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;">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;">1,747,795</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="179" 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, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.71%, 01/20/2027<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;">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;">3,902,604</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Venture XXIV CLO, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.88%, 10/20/2028<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;">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;">701,138</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Wellfleet CLO 2016-2, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.16%, 10/20/2028<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;">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;">1,001,629</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="179" 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;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.68%, 11/07/2025<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;">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;">2,978,487</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="3" width="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">West CLO 2014-2, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.20%, 01/16/2027<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;">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;">2,475,239</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Collateralized <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Loan Obligations &#151; Debt</b></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" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</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>117,870,239</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="11" width="393" 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>Collateralized Loan Obligations &#151; Equity 9.8%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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;">(Cayman Islands), 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;">720,033</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Atrium CLO VII, (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;">9,600</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="179" 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., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/15/2025</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;">1,259,000</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;">708,418</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="179" 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 2014-3, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/27/2026</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;">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;">787,033</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="179" 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;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/23/2026</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;">3,580,816</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Cedar Funding V CLO, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/17/2028</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;">1,322,682</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="179" 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;">(Cayman Islands), 10/20/2028</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;">1,772,268</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Crestline Denali CLO XV, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 04/20/2030<sup>(i)</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;">3,875,000</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;">3,720,000</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>

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<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">Semi-Annual Report 2017<br>14</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<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;">April 30, 2017 (Unaudited)</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</b><b><sup>(j)</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="179" 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="179" 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;">(Cayman Islands), 04/15/2027</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;">692,623</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="179" 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;">(Cayman Islands), 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;">&#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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Halcyon Loan Advisors Funding <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2017-1, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">04/25/2029<sup>(i)</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;">1,532,125</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">LCM XII, L.P., (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;">560,158</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="179" 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., (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;">2,175,000</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;">1,361,119</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">LCM XV, L.P., (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;">2,722,181</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">LCM XXIII, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/20/2029</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;">3,100,000</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;">2,436,017</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="179" 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;">(Cayman Islands), 03/22/2021</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;">3,700,000</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;">4,795,440</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="179" bgcolor="#cceeff" 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;">(Cayman Islands), 07/20/2026</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;">2,822,440</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="179" 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;">(Cayman Islands), 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;">5,513</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="179" 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;">(Cayman Islands), 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;">2,904,292</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">OHA Credit Partners VII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 11/20/2023</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;">1,479,606</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="179" bgcolor="#cceeff" 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;">(Cayman Islands), 07/23/2025</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;">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;">2,013,087</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Race Point VIII CLO, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 02/20/2030</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;">1,918,974</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Venture XXVII CLO, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 07/20/2030<sup>(i)</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;">2,025,000</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;">1,956,352</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="179" 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;">(Cayman Islands), 11/07/2025</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;">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;">220,021</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Collateralized Loan <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Obligations &#151; Equity</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>40,040,798</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 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;">(Cost: $147,062,052)</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" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</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>157,911,037</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>
</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>Common Stocks 1.7%</b><b><sup>(k)</sup></b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="179" 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="393" 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 1.3%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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;">&#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="179" 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;">1,959,877</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="179" 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;">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;">1,054,562</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="179" 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;">Class A 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;">216,949</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;">2,169,494</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="179" 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>5,183,933</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="393" 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="179" 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;">820,238</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="11" width="393" 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="179" 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;">87,683</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;">1,096,037</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="179" 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: $15,117,709)</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>7,100,208</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>
</table>

<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Warrants &#151; 0.0%</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="11" width="393" 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 &#151; 0.0%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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;">Midstates Petroleum Company, Inc.<sup>(k)</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;">17,882</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;">44,705</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="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Warrants <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cost: $1,231,130)</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>44,705</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="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Investments &#151; 137.3%<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cost: $553,377,904)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</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>560,939,981</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="179" 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; (37.3%)</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>(152,402,344</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="179" 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>408,537,637</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>

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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2017<br>15</font></p>
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<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;">April 30, 2017 (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: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 issuers, 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 April 30, 2017.</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;See Note 8 regarding defaulted securities.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(f)&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;">(g)&nbsp;&nbsp;Variable rate coupon rate shown as of April 30, 2017.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(h)&nbsp;&nbsp;Payment-In-Kind security (PIK), which may pay interest/dividends in additional par/shares.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(i)&nbsp;&nbsp;When-Issued or delayed delivery security based on typical market settlement convention for such security.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(j)&nbsp;&nbsp;Collateralized Loan Obligations are all issued as 144A securities.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(k)&nbsp;&nbsp;Non-income producing security as of April 30, 2017.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">&nbsp;&nbsp;As of April 30, 2017, the aggregate cost of securities for Federal income tax purposes was $553,396,618.<BR>Unrealized appreciation and depreciation on investments for Federal income tax purposes are as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="116" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Gross unrealized appreciation</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">23,614,543</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;">(16,071,180</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 appreciation</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;">7,543,363</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:6.5pt 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:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">RegS&nbsp;&nbsp;Regulation S &#151; Security was purchased pursuant to Regulation S and may not be offered, sold or delivered within the United States or to, or for the account or benefit of U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.</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>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2017<br>16</font></p>
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<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;">April 30, 2017 (Unaudited)</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="347" 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="248" 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 $553,377,904)</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="70" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$560,939,981</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="248" 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="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">17,271,431</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="248" 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 $140,305)</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="70" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">144,424</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="248" 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="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">23,713,996</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="248" 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="70" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">6,018,892</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="248" 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="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">104,889</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="248" 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="21" 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="70" 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;">608,193,613</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="347" 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="248" 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 (Note 5)</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="70" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">166,870,131</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="248" 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="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">31,605,129</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="248" 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 (Note 6)</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="70" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">486,820</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="248" 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 (Note 5)</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="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">270,607</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="248" 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="70" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">423,289</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="248" 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 liabilities</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="70" 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;">199,655,976</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:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="248" 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">&nbsp;</td>
<td colspan="1" width="21" 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" 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>408,537,637</b></font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="347" 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>Net assets consist of:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="248" 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">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$444,634,743</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="248" 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 investment income</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="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">647,724</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="248" 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 loss on investment and 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="70" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(41,461,376)</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="248" 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 appreciation on investments and foreign currency</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="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,716,546</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>
</tr>
<tr>
<td colspan="3" width="248" 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">&nbsp;</td>
<td colspan="1" width="21" 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="70" 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>408,537,637</b></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:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="347" 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>Common shares:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="248" 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 (1 billion shares authorized at $0.001 par value)</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="70" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">22,962,824</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="248" 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 asset value per share</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="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$17.79</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>
</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">Semi-Annual Report 2017<br>17</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=18,FOLIO='17',FILE='17-14654-2.ea',USER='bliteck',CD='Jul 06 01:07 2017' -->
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<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 six months ended April 30, 2017 (Unaudited)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="346" 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="247" 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="21" 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="60" 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;">20,762,830</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="346" 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="247" 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="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" 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;">2,881,577</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="247" 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 (Note5)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" 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;">1,540,560</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="247" 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="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" 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;">352,877</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="247" 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="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" 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;">174,250</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="247" 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="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" 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;">230,443</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="247" 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="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" 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;">214,432</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="247" 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="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" 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;">374,289</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="247" 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="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="60" 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;">5,768,428</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="247" 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="21" 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="60" 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;">14,996,102</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="346" 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 unrealized gains/(losses) on investments and foreign currency</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="247" 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="21" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" 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;">(8,121,811</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="247" 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="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" 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;">5,340,940</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="247" 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 unrealized appreciation on investments</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="60" 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;">24,011,665</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="247" 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 unrealized depreciation on foreign currency</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="60" 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;">(4,919,137</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="247" 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 unrealized gain on investments and foreign currency</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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="60" 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;">16,311,657</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="247" 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>Total increase in net assets resulting from operations</b></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: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="60" 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>31,307,759</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">Semi-Annual Report 2017<br>18</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=19,FOLIO='18',FILE='17-14654-2.ea',USER='bliteck',CD='Jul 06 01:07 2017' -->
<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="317" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="117" 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>Six Months Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>April 30, 2017<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>(Unaudited)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="118" 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>
</tr>
<tr>
<td colspan="11" width="560" 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="317" 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" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="78" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">14,996,102</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="79" align="right" valign="bottom" style="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>
</tr>
<tr>
<td colspan="3" width="317" 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="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="78" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(2,780,871</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="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom" style="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>
</tr>
<tr>
<td colspan="3" width="317" 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="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="78" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">19,092,528</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="79" align="right" valign="bottom" style="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>
</tr>
<tr>
<td colspan="3" width="317" 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 from operations</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="78" 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;">31,307,759</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="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="79" 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>
</tr>
<tr>
<td colspan="11" width="560" 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="317" 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="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="78" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(14,125,479</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="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="79" bgcolor="#cceeff" align="right" valign="bottom" style="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>
</tr>
<tr>
<td colspan="3" width="317" 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">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="78" align="right" valign="bottom" style="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="79" align="right" valign="bottom" style="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" 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="317" 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</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="78" 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;">(14,125,479</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>
<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="79" 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;">(30,153,927</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="317" 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 net assets from operations and distributions</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="78" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">17,182,280</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="79" align="right" valign="bottom" style="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" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="560" 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>Share transactions:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="317" 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="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="78" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(431,694</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="79" align="right" valign="bottom" style="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="317" 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 decrease from share transactions</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;">
&nbsp;</td>
<td colspan="1" width="78" 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;">(431,694</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="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="79" 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>
</tr>
<tr>
<td colspan="3" width="317" 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="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="78" 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;">16,750,586</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>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="79" 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>
</tr>
<tr>
<td colspan="3" width="317" 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="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="78" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">391,787,051</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="79" bgcolor="#cceeff" align="right" valign="bottom" style="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>
</tr>
<tr>
<td colspan="3" width="317" 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="21" 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>$</b></font></p></td>
<td colspan="1" width="78" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>408,537,637</b></font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="79" 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>
</tr>
<tr>
<td colspan="3" width="317" 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 income / (Distributions in excess of net 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; 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;">$</font></p></td>
<td colspan="1" width="78" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">647,724</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="79" 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>
</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">Semi-Annual Report 2017<br>19</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=20,FOLIO='19',FILE='17-14654-2.ea',USER='bliteck',CD='Jul 06 01:07 2017' -->
<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 period ended April 30, 2017 (Unaudited)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="430" 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="270" 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 net assets from operations</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="75" align="right" valign="bottom" style="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;">31,307,759</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="430" 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;">Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="270" 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="75" 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;">(263,601,137</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="270" 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="75" 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;">272,280,446</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="270" 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="75" 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;">(53,295</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="270" 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="75" 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;">8,121,811</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="270" 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="75" 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;">(5,340,940</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="270" 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 appreciation on investments</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="75" 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;">(24,011,665</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="270" 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 foreign currency</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="75" 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;">4,919,137</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="430" 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="270" 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="75" 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;">191,673</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="270" 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="75" 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;">8,180</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="270" 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="75" 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;">6,429</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="270" 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="75" 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;">18,955</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="270" 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 fees</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="75" 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;">215,267</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="270" 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="75" 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;">24,062,620</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="430" 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="270" 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;">Borrowing on line of credit</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="75" 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;">78,236,979</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="270" 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="75" 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;">(78,255,835</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="270" 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 repurchased</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="75" 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;">(431,694</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="270" 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="75" 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;">(14,125,479</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="270" 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="75" 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;">(14,576,029</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="270" 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="75" 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;">(716,581</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="270" 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="75" 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;">8,770,010</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="430" 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="270" 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="75" 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;">8,645,845</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="270" 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="75" align="right" valign="bottom" style="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;">17,415,855</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="430" 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="270" 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="75" align="right" valign="bottom" style="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;">1,464,083</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;">
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2017<br>20</font></p>
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<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>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Financial Highlights</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Per Share Data:</b></font></p></td>
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<font face="Arial, Helvetica" style="font-size:8pt;"><b>Six Month<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>April 30, 2017</b></font></td>
<td colspan="1">&nbsp;</td>
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<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,<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>2016</b></font></td>
<td colspan="1">&nbsp;</td>
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<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,<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>2015</b></font></td>
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<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,<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>2014</b></font></td>
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<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,<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>2013</b><b><sup>(a)</sup></b></font></td>
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<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" 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;">$</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">17.04</font></p></td>
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&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="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="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;">$</font></p></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">18.72</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
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<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="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>
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&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="61" bgcolor="#cceeff" align="right" valign="bottom" style="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>
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<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
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<td colspan="23" width="777" 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>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net investment income</font></p></td>
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&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">0.66</font></p></td>
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&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="57" bgcolor="#cceeff" align="right" valign="bottom" style="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>
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&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="57" bgcolor="#cceeff" align="right" valign="bottom" style="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" 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="57" bgcolor="#cceeff" align="right" valign="bottom" style="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" 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="61" bgcolor="#cceeff" align="right" valign="bottom" style="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>
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&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net realized and change in unrealized gain (loss)</font></p></td>
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&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">0.71</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="57" align="right" valign="bottom" style="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="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="57" align="right" valign="bottom" style="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" 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="57" align="right" valign="bottom" style="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" 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="61" align="right" valign="bottom" style="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="30" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" 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 from investment operations</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="68" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.37</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="57" bgcolor="#cceeff" align="right" valign="bottom" style="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="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="57" bgcolor="#cceeff" align="right" valign="bottom" style="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" 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="57" bgcolor="#cceeff" align="right" valign="bottom" style="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" 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="61" bgcolor="#cceeff" align="right" valign="bottom" style="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="30" 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="23" width="777" 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">&nbsp;</td>
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<td colspan="3" width="212" 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 investment income</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="68" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(0.62</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="57" bgcolor="#cceeff" align="right" valign="bottom" style="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="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="57" bgcolor="#cceeff" align="right" valign="bottom" style="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" 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="57" bgcolor="#cceeff" align="right" valign="bottom" style="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="61" bgcolor="#cceeff" align="right" valign="bottom" style="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="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>
</tr>
<tr>
<td colspan="3" width="212" 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">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom" style="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" 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="57" align="right" valign="bottom" style="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="57" align="right" valign="bottom" style="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" 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="57" align="right" valign="bottom" style="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="61" align="right" valign="bottom" style="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" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" 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 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="68" bgcolor="#cceeff" align="right" valign="bottom" style="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="57" bgcolor="#cceeff" align="right" valign="bottom" style="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="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="57" bgcolor="#cceeff" align="right" valign="bottom" style="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" 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" 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="57" bgcolor="#cceeff" align="right" valign="bottom" style="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="61" bgcolor="#cceeff" align="right" valign="bottom" style="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>
</tr>
<tr>
<td colspan="3" width="212" 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">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(0.62</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="57" align="right" valign="bottom" style="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="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="57" align="right" valign="bottom" style="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" 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="57" align="right" valign="bottom" style="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="61" align="right" valign="bottom" style="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="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>
</tr>
<tr>
<td colspan="23" width="777" 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>Capital share transactions:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" 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;">Common share offering costs charged to paid-in 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="68" align="right" valign="bottom" style="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" 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="57" align="right" valign="bottom" style="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="57" align="right" valign="bottom" style="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" 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="57" align="right" valign="bottom" style="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="61" align="right" valign="bottom" style="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="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>
</tr>
<tr>
<td colspan="3" width="212" 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 asset value, 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="68" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">17.79</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;">$</font></p></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">17.04</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="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" 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;">$</font></p></td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">18.72</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="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="30" 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="212" 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, 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;">$</font></p></td>
<td colspan="1" width="68" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">16.21</font></p></td>
<td colspan="1" width="30" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="57" align="right" valign="bottom" style="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="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;">$</font></p></td>
<td colspan="1" width="57" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">14.37</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="57" align="right" valign="bottom" style="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" 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="61" align="right" valign="bottom" style="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="30" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" 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 asset value total return<sup>(c)</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="68" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">8.17</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>(f)</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="57" bgcolor="#cceeff" align="right" valign="bottom" style="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="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="57" bgcolor="#cceeff" align="right" valign="bottom" style="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" 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="57" bgcolor="#cceeff" align="right" valign="bottom" style="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" 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="61" bgcolor="#cceeff" align="right" valign="bottom" style="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="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>(f)</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" 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">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom" style="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" 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>(f)</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="57" align="right" valign="bottom" style="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="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="57" align="right" valign="bottom" style="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" 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="57" align="right" valign="bottom" style="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" 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="61" align="right" valign="bottom" style="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="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;">)%<sup>(f)</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="777" 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>Ratios to average net assets/supplemental data:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" 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">&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="68" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">408,558</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;">$</font></p></td>
<td colspan="1" width="57" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">391,787</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="57" align="right" valign="bottom" style="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" 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;">$</font></p></td>
<td colspan="1" width="57" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">321,368</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="61" align="right" valign="bottom" style="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="30" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="212" bgcolor="#cceeff" 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 amortization <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">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="68" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2.89</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="57" bgcolor="#cceeff" align="right" valign="bottom" style="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="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="57" bgcolor="#cceeff" align="right" valign="bottom" style="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" 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="57" bgcolor="#cceeff" align="right" valign="bottom" style="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" 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="61" bgcolor="#cceeff" align="right" valign="bottom" style="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="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>
</tr>
<tr>
<td colspan="3" width="212" 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 amortization <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">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="68" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2.13</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;">%<sup>(d)</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="57" align="right" valign="bottom" style="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="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="57" align="right" valign="bottom" style="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" 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="57" align="right" valign="bottom" style="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" 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="61" align="right" valign="bottom" style="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="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>
</tr>
<tr>
<td colspan="3" width="212" 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="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">7.51</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="57" bgcolor="#cceeff" align="right" valign="bottom" style="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="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="57" bgcolor="#cceeff" align="right" valign="bottom" style="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" 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="57" bgcolor="#cceeff" align="right" valign="bottom" style="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" 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="61" bgcolor="#cceeff" align="right" valign="bottom" style="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="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>
</tr>
<tr>
<td colspan="3" width="212" 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">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">43.90</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;">%<sup>(f)</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="57" align="right" valign="bottom" style="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="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="57" align="right" valign="bottom" style="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" 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="57" align="right" valign="bottom" style="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" 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="61" align="right" valign="bottom" style="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>
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<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>
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<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;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. 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;">(f)&nbsp;&nbsp;Not annualized.</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2017<br>21</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<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;">April 30, 2017 (Unaudited)</font></p>
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<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 the "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>
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<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 April 30, 2017, the fair value of loans disclosed in the Schedule of Investments does not include unfunded commitments, which total $2,607,898 and &euro;1,234,657.</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, may be added to the principal balance and adjusted cost of the investments or paid out in cash and recorded as interest income. All interest for the period ended April 30, 2017 was received in cash.</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>Cash</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 considers all highly liquid investments with original maturities of 90 days or less to be cash equivalents. The Fund's cash and cash equivalents are maintained with a major United States financial institution, which is a member of the Federal Deposit Insurance Corporation. At April 30, 2017, cash and cash equivalents totaled $17,393,361.</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 </font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2017<br>22</font></p>
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<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>
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<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;">April 30, 2017 (Unaudited)</font></p>
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<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;">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 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 period 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>
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<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 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 and Contingencies</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, 2016, 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, which is the end of the Fund's taxable year, 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 </font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<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;">April 30, 2017 (Unaudited)</font></p>
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<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;">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="Arial, Helvetica" style="font-size:11pt;"><b><i>Deferred Debt Issuance Costs</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 issuance costs are amortized over the life of the related debt instrument using the straight line method, depending on the type of debt instrument.</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;">In October 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 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 March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-08, Receivables &#151; Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. The ASU does not require an accounting change for securities held at a discount, which continue to be amortized to maturity. The ASU is effective for fiscal years and for interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the impact, if any, of applying this provision.</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 ASC 820, </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Fair Value Measurements and Disclosures</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> 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>
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<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>
<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 </font></p>
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<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;">April 30, 2017 (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="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">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 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 from 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 </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;">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 April 30, 2017, 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="64" 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="111" 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="64" 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;">Senior Loans</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="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;">126,987,412</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;">20,066,367</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;">147,053,779</font></p></td>
<td colspan="1" width="38" 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="64" 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;">248,830,252</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;">&#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;">248,830,252</font></p></td>
<td colspan="1" width="38" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="64" 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</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;">7,208,477</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;">150,702,560</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;">157,911,037</font></p></td>
<td colspan="1" width="38" 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="64" 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;">1,959,877</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;">2,970,837</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;">2,169,494</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="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;">7,100,208</font></p></td>
<td colspan="1" width="38" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="64" 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;">Warrants</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="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;">44,705</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;">44,705</font></p></td>
<td colspan="1" width="38" 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="64" 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">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="65" 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;">1,959,877</font></p></td>
<td colspan="1" width="8" 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>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="66" 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;">385,996,978</font></p></td>
<td colspan="1" width="8" 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>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="65" 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;">172,983,126</font></p></td>
<td colspan="1" width="8" 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>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="65" 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;">560.939,981</font></p></td>
<td colspan="1" width="38" 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>
</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;">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="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
<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 six months ended April 30, 2017:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="146" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</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;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Senior <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Loans ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="83" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Corporate <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Bonds ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="93" 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>Collateralized <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Loan <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Obligations ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="83" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Common <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Stock ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" 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>Warrants ($)</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="91" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Total ($)</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="146" 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;">Balance as of 10/31/16</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="62" bgcolor="#cceeff" align="right" valign="bottom" style="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="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="57" bgcolor="#cceeff" align="right" valign="bottom" style="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="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="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;">139,112,685</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="57" bgcolor="#cceeff" align="right" valign="bottom" style="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="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="61" bgcolor="#cceeff" align="right" valign="bottom" style="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="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;">163,942,879</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="146" 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<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="62" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">15,318,422</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="57" align="right" valign="bottom" style="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="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;">38,268,670</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="57" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">47,674</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="61" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,231,130</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="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;">54,865,896</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="146" 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;">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="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(746,025</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="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(3,419,170</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="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;">(38,915,056</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="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="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="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="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="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;">(43,080,251</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="146" 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 unrealized gain/(loss)</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="62" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(497,757</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="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(25,361</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="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;">11,680,603</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>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(312,701</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="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(1,186,425</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="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;">9,658,359</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="146" 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 accrued discounts</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="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,208</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="57" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">25,905</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="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;">555,658</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="57" bgcolor="#cceeff" align="right" valign="bottom" style="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="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="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="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;">586,771</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="146" 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;">Transfers in to Level 3</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="62" align="right" valign="bottom" style="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="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" align="right" valign="bottom" style="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="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;">&#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="57" align="right" valign="bottom" style="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="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="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="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="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="146" 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;">Transfers out of Level 3</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="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(10,702,951</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="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="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="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;">&#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="57" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(2,287,577</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="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="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="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;">(12,990,528</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="146" 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;">Balance as of 4/30/17</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="62" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">20,066,367</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="57" align="right" valign="bottom" style="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="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;">150,702,560</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="57" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,169,494</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="61" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">44,705</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="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;">172,983,126</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="146" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Net change in unrealized appreciation/<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(depreciation) from Investments held <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">as of 4/30/17</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="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(450,967</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="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="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="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;">8,619,380</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>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="57" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(159,137</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="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(1,186,425</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="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;">6,822,851</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="Arial, Helvetica" style="font-size:8pt;">Investments were transferred out of Level 3 and into Level 2 during the period ended April 30, 2017 due to changes in the quantity and quality of information obtained to support the fair value of each investment.</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 a restructuring.</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>
<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 April 30, 2017 maximized the use of observable inputs and minimized the use of unobservable inputs. The valuation techniques and significant amounts of unobservable inputs used in </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">Semi-Annual Report 2017<br>25</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=26,FOLIO='25',FILE='17-14654-2.ga',USER='bliteck',CD='Jul 06 01:07 2017' -->
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<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;">April 30, 2017 (Unaudited)</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 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="64" 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>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="111" 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="443" 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="64" align="left" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Senior Loans</font></p></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;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">18,736,926</font></p></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="top" 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;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">N/A</font></p></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;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">N/A</font></p></td>
<td colspan="1" width="38" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="64" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Senior Loans</font></p></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;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">985,605</font></p></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="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">EV Market <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Multiple <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Analysis</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="81" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">EBITDA <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">multiple<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> </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;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4.0</font></p></td>
<td colspan="1" width="38" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">x-7.5x</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="64" 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;">Senior Loans</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="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;">193,184</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="3" width="82" 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;">Yield analysis</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" 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 yield</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="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;">15</font></p></td>
<td colspan="1" width="38" 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="64" 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;">Senior Loans</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="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;">150,652</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="3" width="82" 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;">Other</font></p></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;">Expected <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">proceeds</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></td>
<td colspan="1" width="38" 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="64" align="left" valign="top" 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</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;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">150,702,560</font></p></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="top" 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;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">N/A</font></p></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;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">N/A</font></p></td>
<td colspan="1" width="38" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="64" bgcolor="#cceeff" align="left" valign="top" 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" 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;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,169,494</font></p></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="top" 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;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">N/A</font></p></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;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">N/A</font></p></td>
<td colspan="1" width="38" 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="64" align="left" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Warrants</font></p></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;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">44,705</font></p></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="top" 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;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">N/A</font></p></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;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">N/A</font></p></td>
<td colspan="1" width="38" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="64" bgcolor="#cceeff" align="left" valign="top" 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" 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;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">172,983,126</font></p></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" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="81" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="111" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" 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;">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>
<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="185" 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>Six Months Ended April 30, 2017</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="86" 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="91" 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 period</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="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="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;">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>
<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="8" 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;">(28,951</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="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;">(431,694</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 period</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="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;">22,962,824</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="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;">429,791,686</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>
</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;">The board of directors 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 of directors 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 </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;">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;">The Fund is party to a senior secured revolving credit facility with State Street Bank and Trust Company (the "Lender") in which the Lender agreed to make loans of up to $212 million to the Fund (the "Credit Facility") secured by certain assets of the Fund. Loans under the Credit Facility generally bear interest at the applicable LIBOR rate plus 0.95%. The interest expense was $1,483,038 for the six months ended April 30, 2017. 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. The unused commitment fee for the period ended April 30, 2017 was $22,428 for the Fund. The fair value of the Fund's borrowings under the Credit Facility approximates the carrying amount presented in the accompanying Statements of 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, 2016 to April 30, 2017 was approximately $178,277,713 with an average borrowing cost of 1.70%. As of April 30, 2017, the amount outstanding under the Credit Facility was $166,870,131. The Credit Facility maturity date is October 2, 2018 and 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 </font></p>
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<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">Semi-Annual Report 2017<br>26</font></p>
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<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>
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<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;">April 30, 2017 (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="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">asset coverage ratio on its indebtedness falls below 300%. As of April 30, 2017, the Fund's asset coverage was 345%.</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 total assets (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 ("Managed Assets"). The management fees incurred for the six months ended April 30, 2017 were $2,881,577 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;">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 incurred such administrative costs of $352,877 for the six months ended April 30, 2017.</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 six months ended April 30, 2017 were $214,432 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 </font></p>
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<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 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. For the period from October 31, 2016 through December 31, 2016, the Fund paid Destra a fee equal to 0.10% of Managed Assets par annum for these services. Effective January 1, 2017, the fee rate was changed to 0.07% per annum. The terms of this agreement shall be in effect for an initial period of two years and shall thereafter continue for successive one year periods. The total expenses incurred for the six months ended April 30, 2017 were $230,443 for the Fund.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>(7) Investment Transactions</b></font></p>
<p style="margin:0pt 0pt 9pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">For the six months ended April 30, 2017, the cost of purchases and proceeds from sales of securities, excluding short obligations, were as follows:</font></p>
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<font face="Arial, Helvetica" style="font-size:8pt;"><b>Cost of Investments <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Purchased</b></font></td>
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<td colspan="3" width="102" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Proceeds from <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Investments Sold<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></td>
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&nbsp;</td>
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<font face="Arial, Helvetica" style="font-size:8pt;">251,601,015</font></td>
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&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>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(275,394,334</font></p></td>
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<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>
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<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 April 30, 2017, the aggregate value of those securities was $193,184 representing 0.05% of the Fund's net assets. The Fund 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. Any 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 </font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<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;">April 30, 2017 (Unaudited)</font></p>
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<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;">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 "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 </font></p>
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<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;">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 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>
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<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>
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<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;">April 30, 2017 (Unaudited)</font></p>
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<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 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 </font></p>
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<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 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 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 </font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2017 (Unaudited)</font></p>
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<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;">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 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 </font></p>
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<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;">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 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 </font></p>
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<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>
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<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;">April 30, 2017 (Unaudited)</font></p>
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<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 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>
<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 </font></p>
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<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 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 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>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<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;">April 30, 2017 (Unaudited)</font></p>
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<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 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, </font></p>
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<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;">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>
<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 </font></p>
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<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>
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<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;">April 30, 2017 (Unaudited)</font></p>
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<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;">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 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>(10) Annual Meeting of Stockholders</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 Annual Meeting of Stockholders of the Fund will be held at the offices of Ares Capital Management II LLC, 2000 Avenue of the Stars, 12th Floor, Los Angeles, California 90067, on June 29, 2017 at 12:00 p.m., Pacific Time. A Notice Regarding </font></p>
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<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 Availability of Proxy Materials on the Internet has been mailed to shareholders of record as of April 28, 2017.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>(11) 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 April 20, 2017:</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: May 23, 2017<BR>Record Date: May 25, 2017<BR>Payable Date: May 31, 2017<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: June 20, 2017<BR>Record Date: June 22, 2017<BR>Payable Date: June 30, 2017<BR>Per Share Amount: $0.1025</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<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;">April 30, 2017 (Unaudited)</font></p>
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<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>
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<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;">April 30, 2017 (Unaudited)</font></p>
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<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>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<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;">April 30, 2017 (Unaudited)</font></p>
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<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 7th Avenue<BR>New York, NY 1001</font></p>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2017<br>36</font></p>
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<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>
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<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;">April 30, 2017 (Unaudited)</font></p>
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<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>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2017<br>37</font></p>
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<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;">April 30, 2017 (Unaudited)</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="96" 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="72" 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="74" 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<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>or Nominee</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="206" 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="96" 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="72" 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="74" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="206" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="96" 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="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 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;">Partner, Ares Management, L.P.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="58" 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;">2</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="206" 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="96" 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="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="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;">Partner, Ares Management, L.P.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="58" 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;">1</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="206" 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="96" 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="72" 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="74" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="206" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="96" 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="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="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="3" width="58" 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;">2</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="206" 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.; Hunt Companies, Inc.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="96" 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="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="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="3" width="58" 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;">2</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="206" 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="96" 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="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="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="3" width="58" 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;">2</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="206" 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 1940 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 effective November 1, 2016 and replaced M. Freddie Reiss who resigned from the Board of Directors 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>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2017<br>38</font></p>
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<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;">April 30, 2017 (Unaudited)</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="85" 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="265" 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="59" 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="2744" 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="85" 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="265" 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, Director and portfolio manager of ARDC</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="59" 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="2744" 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 Co-Head and Portfolio Manager of U.S. Liquid Credit in the Ares Credit Group and a member of the Management Committee of Ares. Mr. Brufsky also serves as a Director, President and Chief Executive Officer and one of three Portfolio Managers of ARDC. Additionally, he serves as a member of the Ares Credit Group's U.S. Liquid Credit Investment Committee and the ARDC Investment Committee. He has served as Director, President and Chief Executive Officer of ARDC since 2012.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="85" 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="265" 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="59" 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="2744" 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 of Ares Capital Corporation ("ARCC"), ARDC, American Capital Senior Floating, Ltd. ("ACSF") and CADEX. She joined Ares in April 2010 as Executive Vice President &#151; Finance of Ares Capital Management.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="85" 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 (50)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="265" 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="59" 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="2744" 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 has served as Chief Compliance Officer and Anti-Money Laundering Officer of ARDC since September 2014. He joined Ares in February 2011 and is a Principal and Deputy CCO in the Ares Compliance Group.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="85" 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="265" 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="59" 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="2744" 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 ARCC and Chief Accounting Officer of ACSF. He also serves as Treasurer of ARDC and CADEX. He previously served as Assistant Treasurer of ARCC from May 2009 to May 2013. Mr. Lem joined Ares in 2003.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="85" 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="265" 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="59" 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="2744" 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. He has served as General Counsel, Chief Legal Officer and Secretary of ARDC since 2012 and as General Counsel, Chief Legal Officer and Secretary of CADEX since 2016. Mr. Hall joined Ares in 2009.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="85" 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="265" 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="59" 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="2744" 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 Management Committee of Ares. Mr. Weiner has been an officer of ARCC since 2006, including General Counsel from September 2006 to January 2010, and also serves as Vice President of Ares Commercial Real Estate Corporation. He additionally serves as a member of the Ares Operations Management Group and the Ares Enterprise Risk Committee. He has served as Vice President and Assistant Secretary of ARDC since 2012 and as Vice President and Assistant Secretary of CADEX since 2016. Mr. Weiner joined Ares in September 2006.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="85" 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 (50)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="265" 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 portfolio manager of ARDC</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="59" 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="2744" 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 in the Ares Credit Group, Co-Head and Portfolio Manager of Structured Credit and a member of the Management Committee of Ares. Additionally, he serves as a member of the Ares Credit Group's Global Structured Credit Investment Committee and the ARDC Investment Committee. Mr. Ashton has also served as Vice President and one of three Portfolio Managers of ARDC since 2013. 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.</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;">
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2017<br>39</font></p>
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<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;">April 30, 2017 (Unaudited)</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="85" 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="265" 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="59" 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="2744" 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="85" 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="265" 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="59" 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="2744" 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. Additionally, Mr. Cascella serves as a member of the Ares Credit Group's U.S. Liquid Credit Investment Committee. He has served as Vice President of ARDC since 2013. Mr. Cascella joined Ares in 1998.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="85" 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="265" 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="59" 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="2744" 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 Managing Director and Co-Portfolio manager in the Ares Credit Group. Additionally, he serves as a member of the Ares Credit Group's U.S. Liquid Credit Investment Committee. Mr. Hayward has served as Vice President of ARDC since 2016. Prior to joining Ares in 2012, he was a senior collateralized loan obligation 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="85" 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="265" 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="59" 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="2744" 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 and is a member of the Management Committee of Ares. She additionally serves as a member of the Ares Operations Management Group and the Ares Enterprise Risk Committee. She has served as Vice President of ARDC since 2013 and as Vice President of CADEX since 2016. Ms. Kono joined Ares in 2007.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="85" 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="265" 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 portfolio manager of ARDC</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="59" 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="2744" 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 in the Ares Credit Group and the Co-Head and Portfolio Manager of U.S. Liquid Credit, where he is responsible for managing Ares' U.S. high yield and bank loan credit strategies. He is also a member of the Management Committee of Ares. In addition, he serves as a member of the Ares Credit Group's U.S. Liquid Credit and Private Credit Solutions Investment Committees and the ARDC Investment Committee. He has served as Vice President of ARDC since 2013 and as one of three Portfolio Managers of ARDC since 2015. Mr. Leupp joined Ares in 2003.</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>
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<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2017<br>40</font></p>
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<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="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable for this 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 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="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable for this 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 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="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable for this 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 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="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Not applicable for this 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 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;">Not applicable for this 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 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; Not applicable for this 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(2)&nbsp; Not applicable for this 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(3)&nbsp; Not applicable for this 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;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;">(a)(4)&nbsp;</font> Not applicable for this 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;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;There have been no changes to the portfolio managers of Ares Dynamic Credit Allocation Fund,&nbsp;Inc. (the &#147;<u>Fund</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="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 six months ended April&nbsp;30, 2017, 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>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="PB_3_011500_9646"></a></p>
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<tr>
<td width="32%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.6%;">
<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:2.72%;">
<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="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.04%;">
<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;">(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:2.72%;">
<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="13%" colspan="2" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.04%;">
<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;">(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:2.72%;">
<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="13%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:13.04%;">
<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;">(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:2.72%;">
<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="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.3%;">
<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:1.08%;">
<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="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.6%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month #1 11/01/16   through 11/30/16</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,000</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.72%;">
<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:1.22%;">
<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:11.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.4238</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,000</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,848,733</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.08%;">
<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="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.6%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month #2 12/01/16   through 12/31/16</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,951</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.72%;">
<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" style="padding:0in 0in 0in 0in;width:1.22%;">
<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" style="padding:0in 0in 0in 0in;width:11.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14.8006</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9,951</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,838,782</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<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="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.6%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month #3 01/01/17   through 01/31/17</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,000</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.72%;">
<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:1.22%;">
<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:11.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.331</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5,000</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,833,782</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.08%;">
<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="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.6%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month #4 02/01/17   through 02/29/17</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,000</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.72%;">
<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" style="padding:0in 0in 0in 0in;width:1.22%;">
<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" style="padding:0in 0in 0in 0in;width:11.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.6803</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4,000</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,829,782</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<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="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.6%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month #5 03/01/17   through 03/31/17</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.04%;">
<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:2.72%;">
<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:1.22%;">
<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:11.82%;">
<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:2.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.04%;">
<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:2.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,829,782</font></p>    </td>
<td width="1%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:1.08%;">
<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="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.6%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month #6 04/01/17   through 04/30/17</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.04%;">
<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" style="padding:0in 0in 0in 0in;width:2.72%;">
<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" style="padding:0in 0in 0in 0in;width:1.22%;">
<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" style="padding:0in 0in 0in 0in;width:11.82%;">
<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" style="padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" style="padding:0in 0in 0in 0in;width:13.04%;">
<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" style="padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.3%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1,829,782</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<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="32%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:32.6%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><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:2.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28,951</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.72%;">
<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:1.22%;">
<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:11.82%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15.06</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="13%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:13.04%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28,951</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.72%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.3%;">
<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:1.08%;">
<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="1" width="25%" noshade align="left" style="color:black;"></div>
<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 Investment Company Act of 1940, as amended (the &#147;<u>1940 Act</u>&#148;)) (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 Securities Exchange Act of 1934, as amended (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 align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">4<a name="PB_4_011720_5335"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='4',FILE='C:\JMS\108202\17-14654-1\task8494305\14654-1-ga.htm',USER='108202',CD='Jul  6 09:03 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;">(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>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)(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;">(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>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">5<a name="PB_5_011735_5796"></a></p>
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<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>
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<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>
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<p style="margin:0in 0in .0001pt 10.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARES   DYNAMIC CREDIT ALLOCATION FUND,&nbsp;INC.</font></p>    </td>
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<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>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
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<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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seth J. Brufsky</font></p>    </td>
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<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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">July&nbsp;6, 2017</font></p>    </td>
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<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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
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<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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seth J. Brufsky</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">July&nbsp;6, 2017</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Scott Lem</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Scott Lem</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">July&nbsp;6, 2017</font></p>    </td>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">6<a name="PB_6_020245_4850"></a></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:387.0pt;"><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="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;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;</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 .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;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</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 .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;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</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;">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="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;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</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;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.</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;">Date:</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>July&nbsp;6, 2017</p>
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<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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seth J. Brufsky</font></p>    </td>
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<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>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_020803_5533"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, Scott Lem, Chief Financial Officer of Ares Dynamic Credit Allocation Fund,&nbsp;Inc. (the &#147;<u>Fund</u>&#148;), certify that:</font></p>
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<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>
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<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="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;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;</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 .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)&nbsp;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</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 .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)&nbsp;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</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;">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="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)&nbsp;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</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="PB_3_020817_7056"></a></p>
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<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 .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)&nbsp;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.</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;">Date:</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>July&nbsp;6, 2017</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Scott Lem</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Scott Lem</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Financial Officer</font></p>    </td>
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<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>
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<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 Scott Lem, 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 .4in;text-indent:-.4in;"><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; </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 .4in;text-indent:-.4in;"><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; </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>
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<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>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seth J. Brufsky</font></p>    </td>
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<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>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</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>July&nbsp;6, 2017</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Scott Lem</font></p>    </td>
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<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;">Scott Lem</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>  </table>
<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;">Date:</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>July&nbsp;6, 2017</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 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>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
