<SEC-DOCUMENT>0001104659-18-042172.txt : 20180626
<SEC-HEADER>0001104659-18-042172.hdr.sgml : 20180626
<ACCEPTANCE-DATETIME>20180626095423
ACCESSION NUMBER:		0001104659-18-042172
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20180430
FILED AS OF DATE:		20180626
DATE AS OF CHANGE:		20180626
EFFECTIVENESS DATE:		20180626

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:		18918448

	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>a18-15481_1ncsrs.htm
<DESCRIPTION>N-CSRS
<TEXT>


<html>
<head>






  </head>
<body link=blue lang="EN-US">
<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">UNITED STATES</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">SECURITIES AND EXCHANGE COMMISSION</font></p>
<p align="center" style="margin:2.0pt 0in .0001pt;text-align:center;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">Washington, D.C. 20549</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">FORM N-CSR</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CERTIFIED SHAREHOLDER REPORT OF REGISTERED<br> MANAGEMENT INVESTMENT COMPANIES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="29%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:29.16%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Investment Company Act file number</font></p>    </td>
<td width="70%" colspan="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:70.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">811-22535</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="10" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="10" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARES DYNAMIC CREDIT ALLOCATION FUND, INC.</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="10" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as   specified in charter)</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="10" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="66%" colspan="8" valign="top" style="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>
<td width="2%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman"><font style="font-size:10.0pt;"><br>    <br>    </font>90067</font></p>    </td>   </tr>
<tr>
<td width="66%" colspan="8" valign="top" style="padding:0in 0in 0in 0in;width:66.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive   offices)</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="32%" valign="top" style="padding:0in 0in 0in 0in;width:32.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Zip code)</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="10" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" colspan="6" valign="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>
<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>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" colspan="6" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Daniel J. Hall</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2000 Avenue of the Stars, 12</font><font size="1" style="font-size:6.5pt;position:relative;top:-3.0pt;">th</font>&nbsp;Floor</p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Los Angeles, California 90067</font></p>    </td>
<td width="50%" colspan="4" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P. Jay Spinola, Esq.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Willkie Farr &amp; Gallagher LLP</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">787 Seventh Avenue<br>   New York, New York 10019</font></p>    </td>   </tr>
<tr>
<td width="50%" colspan="6" 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;">(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>
<tr>
<td width="100%" colspan="10" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="39%" colspan="5" valign="top" style="padding:0in 0in 0in 0in;width:39.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone number, including   area code:</font></p>    </td>
<td width="22%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:22.82%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(310) 201-4100</font></p>    </td>
<td width="37%" colspan="3" valign="top" style="padding:0in 0in 0in 0in;width:37.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="10" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="18%" valign="top" style="padding:0in 0in 0in 0in;width:18.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of fiscal year end:</font></p>    </td>
<td width="19%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">October 31</font></p>    </td>
<td width="62%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="100%" colspan="10" valign="top" style="padding:0in 0in 0in 0in;width:100.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="19%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:19.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of reporting period:</font></p>    </td>
<td width="17%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:17.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 30,   2018</font></p>    </td>
<td width="62%" colspan="6" valign="top" style="padding:0in 0in 0in 0in;width:62.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr height="0">
<td width="128" style="border:none;"></td>
<td width="10" style="border:none;"></td>
<td width="69" style="border:none;"></td>
<td width="56" style="border:none;"></td>
<td width="20" style="border:none;"></td>
<td width="72" style="border:none;"></td>
<td width="90" style="border:none;"></td>
<td width="24" style="border:none;"></td>
<td width="14" style="border:none;"></td>
<td width="227" style="border:none;"></td>   </tr> </table>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105201\18-15481-1\task8948681\15481-1-ba.htm',USER='105201',CD='Jun 22 10:50 2018' -->


<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 1.&#160; Report to Stockholders.</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 align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_232954_8326"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\105192\18-15481-1\task8947883\15481-1-bc.htm',USER='105192',CD='Jun 21 23:30 2018' -->


<br clear="all" style="page-break-before:always;">
<!-- Document name: 18-15481-2.aa-->
<p style="margin:12pt 0pt 12pt 0pt;"><img src="j18154812_aa001.jpg" height="101 pt" width="459 pt"></p>
<p style="margin:12pt 0pt 12pt 0pt;"><img src="j18154812_aa002.jpg"></p>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:21pt;"><b>Ares Dynamic Credit Allocation Fund, Inc.<BR>(NYSE: ARDC)</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 10pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:14pt;"><b>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, 2018</b></font></p>
</div>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=1,FOLIO='',FILE='18-15481-2.aa',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">
<!-- Document name: 18-15481-2.ba-->
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Contents</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="171" align="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="171" align="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;">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="171" align="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;">7</font></p></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="171" align="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;">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="171" align="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;">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="171" align="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;">Statements 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;">21</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="171" align="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;">22</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="171" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Financial Highlights</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">23</font></p></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="171" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Notes to Financial Statements</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">24</font></p></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="171" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Proxy &amp; Portfolio Information</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">36</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="171" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Dividend Reinvestment Plan</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">37</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="171" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Corporate Information</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">38</font></p></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="171" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Privacy Notice</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">39</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2018</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=2,FOLIO='',FILE='18-15481-2.ba',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Letter to Shareholders</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (Unaudited)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>Dear Shareholders,</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">We would like to start by thanking you for your interest and participation in the Ares Dynamic Credit Allocation Fund, Inc. ("ARDC" or the "Fund"). We appreciate the trust and confidence that you have demonstrated in Ares through your investment in ARDC.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Economic Conditions and Leveraged Finance Market Update</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Volatility was certainly the overwhelming theme for the first quarter of 2018 as markets responded to a spike in 10-year Treasury yields, see-sawing equities and increasing political rhetoric around international trade disputes. The three major U.S. equity indices tallied at least 24 days (out of 61 trading days) with price movements +/- 1.0% during the first quarter. While credit markets have demonstrated resiliency in the face of these equity swings, a sharp increase in U.S. Treasury yields mid-quarter and the general expectation of higher interest rates moving forward led to elevated angst within a space already viewed by some participants as richly valued. Notably, lower-quality and shorter-duration paper outperformed higher quality, longer duration bonds, indicating that the sell-off was largely rates driven. In contrast, leveraged loans were a bright spot, outperforming most fixed income asset classes and equities during the first quarter of 2018 owing to their low duration and minimal correlation to stocks. CLOs generally benefited from healthy demand for floating rate products as well as the rollback of risk-retention requirements. Following the choppy first quarter, credit markets experienced a more traditional risk rally in April reinforced by constructive corporate earnings reports which catalyzed the lower quality spectrum of the market to outperform broader indices during the month. High yield bonds led performance for the first time in 2018 as an absence of interest rate apprehension and rising energy prices boosted asset prices. As a result, on a year-to-date basis, equities as measured by the S&amp;P 500 Index have returned -0.38% through April, while the ICE BofAML High Yield Master II Index ("H0A0") has returned -0.25% and the Credit Suisse Leveraged Loan Index ("CSLLI") has returned 2.08%.</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;">Trade policy came to the forefront in early March when President Trump, acting on a January 2018 recommendation from the U.S. Department of Commerce, announced tariffs on steel and aluminum imports. Attributed to "the threat of steel imports to national security", the proposed tariffs were generally viewed negatively by political leaders within the President's own cabinet as well as constituents abroad, as evidenced by economic adviser Gary Cohn announcing his resignation days before the official order was signed on March 8. Trump's policy change has been perceived as a political move with increasing speculation around retaliatory measures from countries such as China, the largest foreign creditor to the U.S. per the Treasury Department, weighing on investor sentiment. As market participants and political leaders alike continued to speculate about trade policy, the Federal Reserve ("Fed") continued to tighten monetary policy. Meeting for the first time under Chairman Jerome Powell, the Fed raised the benchmark lending rate by another 25 basis points in March, a decision widely anticipated by economists. In addition, the Fed forecast a steeper path of hikes in 2019 and 2020, citing an improving economic outlook as both growth and core inflation expectations continue to rise. The Fed anticipates inflation to return to 2% over the coming months, an estimate which seems to be supported by a labor market that continues to display signs of strength. The most recent employment report released by the Bureau of Labor Statistics showed that while jobs growth slowed in March, average hourly earnings increased 0.3% for the month, bringing year-over-year wage growth to 2.7%. The unemployment rate remained unchanged at 4.1% for the sixth consecutive month. Continued economic expansion, increased inflation and ongoing trade tensions highlighted the U.S. economic backdrop in April. The Bureau of Economic Analysis reported GDP growth of 2.3% for the first quarter of 2018 in their initial estimate, which exceeded forecasts of 2% growth despite a modest contribution of personal consumption. With regards to interest rates, the U.S. 10-year Treasury yield reached 3% in late April for the first time since 2014, largely attributed to the steady increase in core inflation which the Fed noted is approaching their 2% target in statement language following the most recent FOMC meeting. The target rate remained within the 1.5-1.75% range with 30-day Fed Fund futures data from the CME Group indicating a strong probability that a 25-basis point interest rate increase will occur following their June meeting. The labor market continues to support the Fed's gradual approach to tightening monetary policy as the Bureau of Labor Statistics reported a modest 0.1% increase in average hourly earnings in April while the unemployment rate fell to 3.9%, its lowest level since the backdrop was sound from a fundamental perspective. Rhetoric from the U.S. and China around potential trade policy actions continued throughout the month, culminating with President Trump's announcement that a delegation led by Treasury secretary Steven Mnuchin would be heading to China to hold trade talks. In addition, the Trump administration continued to focus on negotiating revised terms for NAFTA with Canada and Mexico with the objective of boosting domestic job creation and manufacturing. While there is no definitive timeline for a resolution, the Trump administration threatened to pull out of the agreement in early April and we believe elections in Mexico during July are expected to create further instability should a resolution not be met.</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 2018<br>2</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=3,FOLIO='2',FILE='18-15481-2.ba',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Letter to Shareholders </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (Unaudited)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Turning to Europe, the macroeconomic backdrop in the Eurozone weighed on investor sentiment as growth and inflation surprised to the downside in April. While investors were hopeful that momentum from robust growth in 2017 would continue into 2018, first quarter growth estimates fell sharply to 0.4% versus 0.7% in the previous quarter. Exacerbating concerns around growth was the pronounced deceleration of growth in France and Germany, countries that are commonly referred to as the backbone of the European economy. Meanwhile, inflation remained tepid with multiple month-over-month declines in 2018. According to EuroStat, annual inflation in the Eurozone declined to 1.2% in April, down from 1.3% in March and still well below the 2% target rate. Thus far in 2018 the muted inflationary environment has been partially attributed to a stronger Euro. However, in April the Euro dropped to $1.207, marking the lowest level since early January. Nonetheless, European Central Bank ("ECB") officials have indicated an optimistic outlook going forward citing a pickup of inflation to 1.5% by year-end and a decrease in unemployment from 8.5% to 8.4%.<sup>1</sup> Accordingly, in an April press conference ECB President Mario Draghi gave no indications as to whether he had plans to extend quantitative easing beyond September. Moreover, ECB officials seemed to be focused on securing trade exemptions on President Trump's 25% tariff on steel and aluminum ahead of the June 1, 2018 deadline. Yet, heated debates on how to react to President Trump's trade tariffs have left the European Union's leading countries gridlocked thus far. Despite these ardent negotiations, the current consensus amongst officials is that the freshly minted U.S. trade tariffs pose a significant risk to European economic expansion and stability. Of late, all eyes have turned to the growing concerns in Italy as the new government failed to inaugurate political stability in the region. What began as a frail Populist driven coalition quickly devolved into a dysfunctional government. The result has been an astonishing spike in Italian sovereign debt with yields on Italian two-year bonds leaping more than 1.5% in one-day. Fear spread this contagion to Spain and Portugal with yields on sovereign debt in those countries spiking modestly. However, investor sentiment has since rebounded with equity and credit markets beginning to recover following the initial news. Nonetheless, uncertainty remains in the region and investors will keep a keen focus as outcomes unfold in Europe.</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 regard to the CLO market, global primary volumes year-to-date through April 30, 2018 totaled ~$54.2 billion across 97 deals, a ~50% increase year-over-year. 75 U.S. deals priced year-to-date for a total of ~$42.9 billion and 22 European deals priced totaling ~&euro;9.1 billion. New entrants are popping up in the U.S. CLO market, with two debut managers printing deals year-to-date while existing U.S. CLO managers continue to expand operations to Europe.<sup>2</sup> Notably, this is partially attributable to the exemption of CLOs from risk retention laws within the U.S., which went into effect as of April 5, 2018. In late February we began to notice an escalating supply imbalance in the CLO market stemming from: (i) the large and growing pipeline of new issue CLOs, (ii) the cohort of CLOs being refinanced / reset that were previously impeded by risk retention, (iii) the cohort of callable CLOs 'in the money' for a refinancing with April payment dates and (iv) an active secondary market and some heavy dealer balance sheets. The sheer number of such CLOs hitting the market started to overwhelm the CLO investor base. What began as 'spotty' reception for some CLOs in the last two weeks of March deteriorated into generally wider CLO debt spreads across the board. It became a classic 'pig in a python' &#151; a situation we've encountered in the past and which tends to create market weakness. We took the view that this would most likely be a four to six-week, self-correcting phenomenon and short-lived market opportunity, which indeed it has been. As debt spreads widened throughout March and into April, we opportunistically deployed capital in mezzanine tranches while avoiding new issue equity. Arbitrage conditions for U.S. CLOs remain challenged but have begun to improve as debt spreads have begun to tighten. We expect a better realignment as we approach summer, which may allow us to execute on a handful of primary equity transactions we delayed in March. We believe our defensive positioning ahead of April proved valuable as investments performed remarkably well through the volatility of the past six weeks. We were able to deploy significant amounts of capital during the first weeks of April into a technically weak market at very attractive levels. We hope to 'rinse-n-repeat' a few more times this year as we anticipate episodes of supply-driven weakness again in July and possibly also in October, although likely not as severe as April. We remain firm in our view that CLOs continue to provide an attractive source of risk-adjusted returns on both a relative and absolute value perspective. We are focused on both flexibility and liquidity so we are able to act quickly come the next episode of volatility but will remain cautious and defensive around credit.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Portfolio Performance and Positioning</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">For the six-month period ending April 30, 2018 ARDC has returned 2.64% based on Net Asset Value ("NAV"), which compares to 2.59% for the CSLLI and -0.23% for the H0A0. On a last twelve months basis through April 30, 2018 ARDC has returned 7.53% based on NAV, which compares to 4.69% for the CSLLI and 3.21% 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<sup>3</sup>.</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 2018<br>3</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=4,FOLIO='3',FILE='18-15481-2.ba',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Letter to Shareholders </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (Unaudited)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Over the last year, we have increased ARDC's exposure to bonds by 462bps owing to the Fund's focus on income generation. The periodic bouts of rate volatility that we have seen over the last 12 months have allowed the Fund to pick up both longer-dated bonds that sold off as a result as well as shorter-dated, yield-to-call paper. Despite the 119bps increase in three-month LIBOR over the last year, ARDC has marginally decreased its exposure to senior loans by 95bps as repricing activity in the loan market has reduced the value proposition of loans relative to bonds. Our relative weighting to loans may increase going forward as we believe repricing activity has largely run its course. While overall exposure to CLO debt and equity has remained somewhat constant (declined by 55bps), we have been tactical within the CLO investment category, trading around mezzanine and equity tranches as we see good relative value opportunities. As a result, we have been able to dramatically increase the weighted average coupon on the CLO portion of the portfolio to 10.3% as of April 30, 2018, which compares to 9.6% as of October 31, 2017 and 8.3% as of April 30, 2017. This, in conjunction with rising LIBOR, allowed us to raise ARDC's monthly dividend again in January to $0.1075 per common share from $0.1050 per common share to better align the Fund's distribution rate with its current and projected level of earnings.</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 both 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. The increasing importance of credit selection (and avoidance) has become the primary driver of generating alpha, not only to avoid mistakes, but to uncover value in names that still possess total return potential. Looking ahead, we will remain focused on performing solid fundamental credit analysis and in depth due diligence in an effort to deliver attractive risk adjusted returns to our investors. We continue to believe the heightened growth expectations at present will normalize later in the year and the equity market volatility will help slow the pace of Fed tightening. Therefore, we believe we are still better buyers in the current market and will seek to take advantage of market dislocations to source names at attractive prices.</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;">On November 6, 2015, the Board of Directors (the "Board") of ARDC authorized the repurchase of shares of common stock of the Fund (the "Common Shares") on the open market when the Common Shares are trading on the New York Stock Exchange at a discount of 10% or more (or such other percentage as the Board may determine from time to time) from the net asset value ("NAV") of the Common Shares. The Fund may repurchase its outstanding Common Shares in open-market transactions at the Fund management's discretion. The Fund is not required to effect share repurchases. Any future purchases of Common Shares may not materially impact the discount of the market price of the Common Shares relative to their NAV and any narrowing of this discount that does result may not be maintained. Since inception of the program through April 30, 2018, we have repurchased 518,717 shares at an average price of $13.08, representing an average discount of -15.2%.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">On March 23, 2018, ARDC amended its non-fundamental investment policy to increase the Fund's ability to invest in CLO securities to 40% of managed assets from 30% previously, while also increasing the Fund's ability to invest in subordinated or residual tranches of CLO securities to 10% of managed assets from 7.5% previously.</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;">Thank you again for your continued support of ARDC. If you have any questions about the Fund, please call 1-877-855-3434, or visit the Fund's website at www.arespublicfunds.com.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Best Regards,</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ares Capital Management II LLC</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 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 article is distributed for educational purposes and should not be considered investment advice or an offer of any security for sale. This material may contain "forward-looking" information that is not purely historical in nature. No representations are made as to the accuracy of such information or that such information will be realized. Actual events or conditions are unlikely to be consistent with, and may differ materially from, those assumed. Past performance is not indicative of future results. Ares does not undertake any obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise, except as required by law</i></font></p>
</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 2018<br>4</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=5,FOLIO='4',FILE='18-15481-2.ba',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Letter to Shareholders </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (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:8pt;">This may contain information sourced from BofA Merrill Lynch, used with permission. BofA Merrill Lynch's Global Research division's fixed income index platform is licensing the ICE BofAML Indices and related data "as is," makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofAML Indices or any data included in, related to, or derived therefrom, assumes no liability in connection with their use and does not sponsor, endorse, or recommend Ares Management, or any of its products or services.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">The Credit Suisse Leveraged Loan Index ("CSLLI") is designed to mirror the investable universe of the $US-denominated leveraged loan market. The index inception is January 1992. The index frequency is daily, weekly and monthly. New loans are added to the index on their effective date if they qualify according to the following criteria: 1) Loan facilities must be rated "5B" or lower. That is, the highest Moody's/S&amp;P ratings are Baa1/BB+ or Ba1/BBB+. If unrated, the initial spread level must be Libor plus 125 basis points or higher. 2) Only fully-funded term loan facilities are included. 3) The tenor must be at least one year. 4) Issuers must be domiciled in developed countries; issuers from developing countries are excluded.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">The ICE BofAML US High Yield Index tracks the performance of US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody's, S&amp;P and Fitch), at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $250 million. In addition, qualifying securities must have risk exposure to countries that are members of the FX-G10, Western Europe or territories of the US and Western Europe. The FX-G10 includes all Euro members, the US, Japan, the UK, Canada, Australia, New Zealand, Switzerland, Norway and Sweden. Original issue zero coupon bonds, 144a securities (both with and without registration rights), and pay-in-kind securities (including toggle notes) are included in the index. Callable perpetual securities are included provided they are at least one year from the first call date. Fixed-to-floating rate securities are included provided they are callable within the fixed rate period and are at least one year from the last call prior to the date the bond transitions from a fixed to a floating rate security. Contingent capital securities ("cocos") are excluded, but capital securities where conversion can be mandated by a regulatory authority, but which have no specified trigger, are included. Other hybrid capital securities, such as those issues that potentially convert into preference shares, those with both cumulative and non-cumulative coupon deferral provisions, and those with alternative coupon satisfaction mechanisms, are also included in the index. Securities issued or marketed primarily to retail investors, equity-linked securities, securities in legal default, hybrid securitized corporates, Eurodollar bonds (USD securities not issued in the US domestic market), taxable and tax-exempt US municipal securities and DRD-eligible securities are excluded from the index.</font></p>
<p style="margin:0pt 0pt 13.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">REF: TC-00133</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>1</sup> The Wall Street Journal, "EU Paints Rosy Economic Picture, But Warns of Threats From U.S.", May 3, 2018</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 30, 2018; "Global CLO Roundup: CarVal Debuts in U.S. as Europe's Pipeline Swells.," May 14, 2018; "S&amp;P LSTA Leveraged Loan Index Factsheet," April 30, 2018; "European Leveraged Loan Index," April 30, 2018.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>3</sup> Past performance is not indicative of future results.</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 2018<br>5</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=6,FOLIO='5',FILE='18-15481-2.ba',USER='ltolend',CD='Jun 21 18:58 2018' -->
<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>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 30, 2018 (Unaudited)</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Portfolio Characteristics as of 4.30.18</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="161" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Weighted Average Floating Coupon<sup>1</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">6.75</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="161" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Weighted Average Bond Coupon<sup>2</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">8.17</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="161" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Current Distribution Rate<sup>3</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">7.89</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="161" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Dividend Per Share</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">0.1075</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin: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 30, 2018.</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 3pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">3 Monthly dividend per share annualized and divided by the April 30, 2018 market price per share. The Fund's April 2018 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 4.30.18</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="161" 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;">Summit Materials, Inc.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.15</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="161" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Bombardier Inc</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.07</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="161" 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;">Energy Transfer Equity LP</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;">1.06</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="161" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">HCA Healthcare Inc</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.05</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="161" 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;">Tegna, Inc.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.05</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="161" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Vizient, Inc.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.05</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="161" 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;">Immucor, Inc.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.04</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="161" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Valeant Pharmaceuticals International, Inc.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.04</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="161" 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;">Kraton Corp</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">0.98</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>
</tr>
<tr>
<td colspan="3" width="161" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">The Manitowoc Company, Inc.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="43" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">0.98</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:2pt 0pt 3pt 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 4.30.18</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="83" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="71" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Market</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="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>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="83" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">1 </font><font face="Arial, Helvetica" style="font-size:8pt;">Month</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="41" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">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="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;">0.83</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>
</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;">2.29</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;">1.23</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;">9.17</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<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;">6.60</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;">5 Years (annualized)</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;">4.53</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;">5.68</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;">Since Inception**</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;">4.53</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<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;">6.23</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>
</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 4.30.18</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><img src="j18154812_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 4.30.18</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><img src="j18154812_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 4.30.18</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><img src="j18154812_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>
</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 2018<br>6</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=7,FOLIO='6',FILE='18-15481-2.ba',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">
<!-- Document name: 18-15481-2.ca-->
<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></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (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 35.6%</b><b><sup>(b)(g)(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;">
<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 2.6%</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;">Air Methods Corp., <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;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 3.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.80%, 04/22/2024</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,499,999</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">1,504,215</font></p></td>
<td colspan="1" width="20" 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;">Hensoldt Holding Germany GmbH, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1st Lien Term Loan B-3, (Germany), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M EURIBOR + 3.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3.25%, 02/28/2024<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="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" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,620,220</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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 Mezzanine Holdings, LLC, <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;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 5.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.07%, 11/28/2021</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;">1,878,081</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,899,998</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;">Sequa Mezzanine Holdings, 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;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 9.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.90%, 04/28/2022</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;">1,291,251</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,305,235</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">StandardAero Aviation 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;">L+ 3.75%, 07/07/2022<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,338,049</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,355,210</font></p></td>
<td colspan="1" width="20" 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>10,684,878</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>Automotive 1.2%</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;">CH Hold Corp., <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;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.15%, 02/03/2025<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;">2,160,401</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,192,807</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">Navistar International Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Tranche 1st Lien Term Loan B, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 3.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.40%, 11/06/2024</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;">2,639,348</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,654,208</font></p></td>
<td colspan="1" width="20" 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>4,847,015</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>Banking, Finance, Insurance &amp; Real Estate 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;">Asurion, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2nd Lien Term Loan B-2, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.90%, 08/04/2025</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;">2,549,695</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,618,537</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">Asurion, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Replacement 1st Lien Term Loan B-6, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 2.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.65%, 11/03/2023</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;">963,566</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">970,195</font></p></td>
<td colspan="1" width="20" 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;">Financiere CEP, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Facility 1st Lien Term Loan B, (France), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">EUR</font><font face="Arial, Helvetica" style="font-size:8pt;">IBOR + 4.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.25%, 01/31/2025</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="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" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,578,681</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">Hub International, Ltd., <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;">L+ 3.00%, 04/25/2025<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,738,278</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,748,412</font></p></td>
<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>Senior Loans</b><b><sup>(b)(g)(k)</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;">Tortoise Investments, 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;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 4.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.90%, 01/31/2025<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;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,275,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">2,297,750</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>11,213,575</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>Beverage, Food and Tobacco 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;">Arby's Restaurant Group, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1st Lien Term Loan B, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 3.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.25%, 02/05/2025</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;">1,575,000</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;">1,591,742</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;">Mastronardi Produce, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1st Lien Term Loan B, (Canada), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 3.25%, 04/19/2025<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;">1,083,032</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,087,094</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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>2,678,836</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 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;">HII Holding Corp., <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;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 3.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.15%, 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;">983,945</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">983,945</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;">HII Holding Corp., <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;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 8.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.40%, 12/21/2020<sup>(c)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</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;">1,501,875</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" 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>2,485,820</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 1.7%</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;">Fairmount Santrol, 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;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.30%, 11/01/2022</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;">3,600,000</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;">3,637,512</font></p></td>
<td colspan="1" width="20" 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;">Forterra Finance, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Replacement 1st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 3.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.90%, 10/25/2023</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,577,217</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,283,813</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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>6,921,325</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 0.6%</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;">Froneri International PLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1st Lien Term Loan B, (Great Britain), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">EUR</font><font face="Arial, Helvetica" style="font-size:8pt;">IBOR + 2.63%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2.63%, 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="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;">2,421,672</font></p></td>
<td colspan="1" 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 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;">Albea Beauty Holdings S.A., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1st Lien Term Loan, (Luxembourg), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 3.50%, 04/22/2024<sup>(d)</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;">3,935,770</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,952,182</font></p></td>
<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 2018<br>7</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=8,FOLIO='7',FILE='18-15481-2.ca',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (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)(g)(k)</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;">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;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.64%, 09/30/2022</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">750,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">751,688</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;">Pregis Holding I Corp., <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;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 3.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.80%, 05/20/2021</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;">1,341,496</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,344,018</font></p></td>
<td colspan="1" width="20" 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>6,047,888</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>Energy: Oil &amp; Gas 4.8%</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;">California Resources Corp., <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;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 10.38%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">12.27%, 12/31/2021</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;">1,925,000</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;">2,160,813</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">California Resources Corp., <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;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 4.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.65%, 12/31/2022</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;">2,051,984</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,093,659</font></p></td>
<td colspan="1" width="20" 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 1st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.44%, 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;">4,750,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,023,125</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;">Chief Exploration &amp; Development, 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;">2</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.42%, 05/16/2021</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,470,325</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" 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 1st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 4.75%, 04/16/2021<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,933,935</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,949,836</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial 1st Lien Term Loan, (Canada), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 3.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.81%, 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;">269,847</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">270,927</font></p></td>
<td colspan="1" width="20" 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;">Oryx Southern Delaware Holdings, 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;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 3.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.15%, 02/28/2025</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;">2,369,598</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,372,560</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">Summit Midstream Partners <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Holdings, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Facility 1st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.90%, 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;">2,205,514</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,227,569</font></p></td>
<td colspan="1" width="20" 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>19,568,814</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 4.5%</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;">Albany Molecular Research, 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;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.90%, 08/30/2025</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;">1,011,250</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>
</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)(g)(k)</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;">Albany Molecular Research, 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;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 3.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.15%, 08/30/2024</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;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,965,927</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">1,979,453</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Centene Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Bridge Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 3.50%, 09/13/2018<sup>(c)(d)(e)(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#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;">Concentra, 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;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.28%, 06/01/2023</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;">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;">3,048,750</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;">Envigo 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;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 8.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.84%, 11/03/2021<sup>(c)(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;">1,139,553</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,139,553</font></p></td>
<td colspan="1" width="20" 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 S.A., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Facility 1st Lien Term Loan B, (France), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">EUR</font><font face="Arial, Helvetica" style="font-size:8pt;">IBOR + 3.50%, <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;">1,346,294</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">Hanger, 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;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 3.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.40%, 03/06/2025<sup>(c)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,875,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,875,000</font></p></td>
<td colspan="1" width="20" 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;">1st Lien Term Loan B-3, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 5.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.30%, 06/15/2021</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;">2,906,404</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,968,165</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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 2nd Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.40%, 10/21/2024<sup>(c)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">316,898</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">320,067</font></p></td>
<td colspan="1" width="20" 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;">Replacement 1st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 2.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.65%, 10/23/2023</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;">1,902,027</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,913,914</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">Radnet Management, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1st Lien Term Loan B-1, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 3.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.85%, 06/30/2023</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;">2,787,013</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,818,367</font></p></td>
<td colspan="1" width="20" 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>18,420,813</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 2.1%</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;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.30%, 09/19/2025</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;">516,129</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>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">532,129</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">Applied Systems, 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;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 3.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.55%, 09/19/2024</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;">1,883,650</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,899,548</font></p></td>
<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 2018<br>8</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=9,FOLIO='8',FILE='18-15481-2.ca',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (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)(g)(k)</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;">Integrated Device Technology, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial 1st Lien Term Loan B, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 3.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.90%, 04/04/2024<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;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,349,387</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">1,352,760</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;">Kemet Corp., <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;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.90%, 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;">1,968,712</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,998,242</font></p></td>
<td colspan="1" width="20" 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;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 3.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.05%, 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;">1,395,801</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,404,176</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">2</font><font face="Arial, Helvetica" style="font-size:8pt;">nd Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 9.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">11.80%, 10/14/2024</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;">1,603,014</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;">1,616,640</font></p></td>
<td colspan="1" width="20" 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>8,803,495</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 0.4%</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;">Golden Nugget, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial 1st Lien Term Loan B, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 2.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.65%, 10/04/2023</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">827,032</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">833,681</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">1st Lien Term Loan B, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 4.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.90%, 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;">748,057</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">741,982</font></p></td>
<td colspan="1" width="20" 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>1,575,663</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 0.4%</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;">GrafTech Finance, 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;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 3.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.40%, 02/12/2025<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;">1,500,000</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;">1,505,625</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="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 1.0%</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;">Harland Clarke Holdings Corp., <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;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 4.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.05%, 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;">2,251,424</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,268,309</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">Learfield Communications, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Incremental 1st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L+ 3.25%, 12/01/2023<sup>(c)(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,346,240</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,356,337</font></p></td>
<td colspan="1" width="20" 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;">Learfield Communications, LLC, <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;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 3.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.16%, 12/01/2023<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;">184,542</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">186,388</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</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)(g)(k)</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;">Lee Enterprises, 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;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.15%, 03/31/2019<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;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">101,702</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">101,702</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>
<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>3,912,736</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>Media: Broadcasting &amp; Subscription 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;">Intelsat Jackson Holdings S.A., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1st Lien Term Loan B-4, (Luxembourg), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 4.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.46%, 01/02/2024</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;">703,125</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;">727,734</font></p></td>
<td colspan="1" width="20" 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;">Intelsat Jackson Holdings S.A., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Tranche 1st Lien Term Loan B-3, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Luxembourg), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 3.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.71%, 11/27/2023</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;">1,300,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,307,722</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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>2,035,456</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>Media: Diversified &amp; Production 1.0%</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;">Equinox Holdings, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1st Lien Term Loan B-1, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 3.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.90%, 03/08/2024</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;">1,980,050</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;">1,990,366</font></p></td>
<td colspan="1" width="20" 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;">Initial 2nd Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.90%, 09/06/2024</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;">2,050,000</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;">2,093,050</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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>4,083,416</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 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;">Murray Energy Holdings Co., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1st Lien Term Loan B-2, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.55%, 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;">1,991,977</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,757,681</font></p></td>
<td colspan="1" 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>Printing and Publishing 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;">Dex Media, 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+ 10.00%, 07/29/2021<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,263,654</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,308,927</font></p></td>
<td colspan="1" 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>Retail 4.6%</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;">Academy, Ltd., <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;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 4.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.02%, 07/01/2022</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,487,722</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,174,839</font></p></td>
<td colspan="1" width="20" 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;">Action Holding B.V., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1st Lien Term Loan, (Netherlands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">E+ 3.50%, 03/08/2025<sup>(d)</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;">4,050,000</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;">4,877,804</font></p></td>
<td colspan="1" width="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 2018<br>9</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=10,FOLIO='9',FILE='18-15481-2.ca',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (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)(g)(k)</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;">BJ's Wholesale Club, 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;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.39%, 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;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,724,138</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">1,739,224</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">Incremental 1st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 3.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.80%, 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;">2,189,912</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,198,124</font></p></td>
<td colspan="1" width="20" 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;">Initial 2nd Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 8.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.55%, 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;">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;">2,506,250</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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 Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 2.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.40%, 08/18/2023</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;">1,496,241</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,502,480</font></p></td>
<td colspan="1" width="20" 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;">J.C. Penney Corp., 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;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 4.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.23%, 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;">2,467,742</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,401,261</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" 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;">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+ 3.25%, 01/26/2023<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,265,840</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,550,832</font></p></td>
<td colspan="1" width="20" 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;">PetSmart, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Tranche 1st Lien Term Loan B-2, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 3.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.89%, 03/11/2022</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">997,429</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">782,733</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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>18,733,547</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 1.1%</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;">Affinion Group, 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;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.56%, 05/10/2022</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;">1,989,950</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,060,434</font></p></td>
<td colspan="1" width="20" 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;">CASMAR (Australia) Pty., Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial 1st Lien Term Loan, (Australia), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 4.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.50%, 12/08/2023<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;">875,761</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">856,057</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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, 1st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 2.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.65%, 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;">1,466,250</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;">1,471,015</font></p></td>
<td colspan="1" width="20" 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>4,387,506</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 0.6%</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;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.91%, 12/31/2022</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;">1,277,425</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,317,025</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</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)(g)(k)</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;">University Support Services, 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;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 3.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.66%, 07/06/2022</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,143,783</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">1,149,502</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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>2,466,527</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>Technology 1.0%</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;">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;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.36%, 07/19/2021</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,339,623</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,343,530</font></p></td>
<td colspan="1" width="20" 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;">Uber Technologies, <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+ 4.00%, 04/04/2025<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;">1,956,522</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,972,819</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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>4,316,349</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>Telecommunications 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;">Coral-U.S. Co-Borrower, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1st Lien Term Loan B-4, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 3.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.15%, 02/02/2026</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;">2,012,500</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;">Paysafe Group PLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Facility 1st Lien Term Loan B-1, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 3.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.40%, 01/03/2025</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;">1,518,152</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,516,892</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" 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>3,529,392</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>Utilities: Oil &amp; Gas 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;">
<font face="Arial, Helvetica" style="font-size:8pt;">Medallion Midland Acquisition L.P., <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;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 3.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.15%, 10/30/2024<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;">972,563</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">973,778</font></p></td>
<td colspan="1" width="20" 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 8.5pt 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: $144,407,483)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="84" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>145,680,734</b></font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Corporate Bonds 68.4%</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 4.4%</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;">Air Methods Corp., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.00%, 05/15/2025<sup>(k)</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;">2,491,000</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;">2,235,673</font></p></td>
<td colspan="1" width="20" 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;">7.50%, 12/01/2024<sup>(k)</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;">2,105,000</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;">Bombardier, Inc., 144A, (Canada), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.75%, 03/15/2020<sup>(k)</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;">1,601,250</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;">Bombardier, Inc., 144A, (Canada), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.75%, 12/01/2021<sup>(k)</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;">2,250,000</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;">2,503,868</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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., <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;">3,536,000</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;">3,677,440</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>
</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 2018<br>10</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=11,FOLIO='10',FILE='18-15481-2.ca',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (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;">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" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p 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;">2,759,750</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;">StandardAero Aviation Holdings, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, 10.00%, 07/15/2023<sup>(k)</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;">2,980,312</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" 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>17,863,293</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>Automotive 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;">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<sup>(k)</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;">1,037,500</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;">Goodyear Tire and Rubber Co., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.75%, 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;">486,000</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;">539,460</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" 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>1,576,960</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>Banking, Finance, Insurance &amp; Real Estate 4.5%</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;">Ally Financial, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.50%, 09/15/2020</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,706,250</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;">Ally Financial, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.00%, 03/15/2020</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;">1,250,000</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;">1,346,875</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;">KB Home, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.00%, 03/15/2020</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;">3,500,000</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;">3,745,000</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;">Summit Materials, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.50%, 04/15/2022</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;">6,200,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">6,703,750</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;">WeWork Companies, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.88%, 05/01/2025<sup>(k)</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;">4,250,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,127,812</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>18,629,687</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>Beverage, Food and Tobacco 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;">Arby's Restaurant Group, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.75%, 02/15/2026<sup>(k)</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;">1,930,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="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>Capital Equipment 1.2%</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;">Welbilt, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.50%, 02/15/2024</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;">4,398,000</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;">4,881,780</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="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 4.6%</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;">Aruba Investments, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.75%, 02/15/2023<sup>(k)</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;">2,600,000</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;">Blue Cube Spinco, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.75%, 10/15/2023</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,750,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,462,500</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;">Kraton Polymers, LLC, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.00%, 04/15/2025<sup>(k)</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;">909,000</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;">938,542</font></p></td>
<td colspan="1" width="20" 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, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.50%, 04/15/2023<sup>(k)</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;">4,315,000</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;">4,773,469</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.50%, 04/15/2026<sup>(k)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,962,500</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>18,737,011</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>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>Consumer Goods: Durable 1.9%</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;">Manitowoc Co., Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">12.75%, 08/15/2021<sup>(k)</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;">$</font></p></td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,120,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">5,708,800</font></p></td>
<td colspan="1" width="20" 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;">Spectrum Brands, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.63%, 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;">2,070,000</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>7,778,800</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>Containers, Packaging &amp; Glass 2.9%</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;">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<sup>(k)</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;">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;">BWAY Holding Co., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.25%, 04/15/2025<sup>(k)</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;">2,052,900</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Crown Cork &amp; Seal Co., Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.38%, 12/15/2026</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,350,000</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;">4,839,375</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;">Guala Closures SpA, 144A, (Italy), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M EURIBOR + 4.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.75%, 11/15/2021<sup>(g)(k)</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;">1,500,000</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;">1,818,375</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" 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>11,875,650</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 8.8%</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;">Calfrac Holdings, L.P., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.50%, 12/01/2020<sup>(k)</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;">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;">4,331,250</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;">Denbury Resources, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, 9.00%, 05/15/2021<sup>(k)</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;">3,750,000</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;">3,918,750</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;">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">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,725,000</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;">6,132,906</font></p></td>
<td colspan="1" width="20" 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 and Gas, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.38%, 05/15/2024<sup>(k)</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;">1,143,000</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;">1,194,435</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.25%, 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;">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;">1,509,375</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;">Great Western Petroleum, LLC, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.00%, 09/30/2021<sup>(k)</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;">3,373,000</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;">3,474,190</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<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;">6.50%, 01/15/2025<sup>(k)</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;">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;">500,100</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;">MEG Energy Corp., 144A, (Canada), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.00%, 03/31/2024<sup>(k)</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;">897,500</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;">Newfield Exploration Co., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.63%, 07/01/2024</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;">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;">2,120,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="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;">5.75%, 01/30/2022</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;">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;">Rowan Cos., Inc., <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;">1,935,000</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;">1,567,500</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>
</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 2018<br>11</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=12,FOLIO='11',FILE='18-15481-2.ca',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (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;">Weatherford International, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Bermuda), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.88%, 02/15/2024</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;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,516,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">2,421,650</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;">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;">1,387,500</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;">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" 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;">3,293,750</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>36,258,906</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>Healthcare &amp; Pharmaceuticals 9.4%</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;">Acadia Healthcare Co., Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.63%, 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;">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;">884,013</font></p></td>
<td colspan="1" width="20" 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;">Acadia Healthcare Co., Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.50%, 03/01/2024</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">167,000</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;">172,845</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">Centene Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.75%, 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;">1,497,000</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;">1,455,832</font></p></td>
<td colspan="1" width="20" 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;">DJO Finance Corp., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.13%, 06/15/2021<sup>(k)</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;">4,163,000</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;">4,168,204</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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 Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.75%, 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;">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;">727,500</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;">Envision Healthcare Corp., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.25%, 12/01/2024<sup>(k)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,600,000</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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<sup>(k)</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;">1,620,000</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;">HCA, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.25%, 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;">1,518,750</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;">HCA, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.50%, 02/15/2020</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;">1,250,000</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;">1,306,250</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;">HCA, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.69%, 06/15/2025</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;">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;">3,300,000</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;">Immucor, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, 11.13%, 02/15/2022<sup>(k)</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;">3,097,500</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<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;">MPH Acquisition Holdings, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, 7.13%, 06/01/2024<sup>(k)</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;">1,275,000</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;">Surgery Center Holdings, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.88%, 04/15/2021<sup>(k)</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;">1,541,250</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;">Tenet Healthcare Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.13%, 04/01/2022</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;">2,125,000</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;">2,212,656</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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 Corp., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.00%, 08/01/2025<sup>(k)</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;">375,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">368,438</font></p></td>
<td colspan="1" width="20" 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;">5.63%, 12/01/2021<sup>(k)</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;">967,500</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;">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%, 08/15/2021<sup>(k)</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;">1,257,813</font></p></td>
<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;">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;">7.25%, 07/15/2022<sup>(k)</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;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">333,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">335,880</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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<sup>(k)</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;">2,250,000</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;">2,286,562</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;">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;">9.00%, 12/15/2025<sup>(k)</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;">738,000</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;">747,225</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">9.25%, 04/01/2026<sup>(k)</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;">455,000</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;">464,100</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;">Vizient, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.38%, 03/01/2024<sup>(k)</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;">5,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">6,091,250</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>38,398,568</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>High Tech Industries 3.3%</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;">Dell International, LLC, 144A,<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.02%, 06/15/2026<sup>(k)</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;">3,181,627</font></p></td>
<td colspan="1" width="20" 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;">Diebold Nixdorf, 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;">1,141,250</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;">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<sup>(k)</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;">4,250,000</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;">4,696,250</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;">Microsemi Corp., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.13%, 04/15/2023<sup>(k)</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;">2,931,000</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;">3,231,428</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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<sup>(k)</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;">1,088,750</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>13,339,305</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 2.9%</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;">Golden Nugget, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.75%, 10/01/2025<sup>(k)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,612,500</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;">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;">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;">5,438,843</font></p></td>
<td colspan="1" width="20" 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;">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<sup>(k)</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;">1,342,000</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;">1,342,000</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;">Scientific Games International, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.63%, 05/15/2021</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,625,000</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;">2,677,500</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>12,070,843</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 3.0%</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;">EMI Music Publishing Group North <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">America Holdings, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.63%, 06/15/2024<sup>(k)</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;">3,400,000</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;">3,680,500</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>
</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 2018<br>12</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=13,FOLIO='12',FILE='18-15481-2.ca',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (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;">Harland Clarke Holdings Corp., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.25%, 03/01/2021<sup>(k)</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;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,250,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">1,287,500</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;">Lee Enterprises, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.50%, 03/15/2022<sup>(k)</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;">4,975,000</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;">5,155,344</font></p></td>
<td colspan="1" width="20" 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;">Yell 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;">8.50%, 05/02/2023<sup>(j)(k)</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;">&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;">1,750,000</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;">2,370,070</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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>12,493,414</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>Media: Broadcasting &amp; Subscription 6.3%</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;">Belo Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.25%, 09/15/2027</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p 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;">6,095,000</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" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Cequel Communications <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Holdings I, LLC, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.50%, 04/01/2028<sup>(k)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,450,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,483,688</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;">CSC Holdings, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.63%, 02/15/2019</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;">2,000,000</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;">2,081,340</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="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;">144A, 10.13%, 01/15/2023<sup>(k)</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;">1,108,750</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;">CSC Holdings, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, 10.88%, 10/15/2025<sup>(k)</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;">1,760,000</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;">2,063,600</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">DISH DBS Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.88%, 09/01/2019</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;">2,500,000</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;">2,590,625</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;">Hughes Satellite Systems Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.63%, 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;">3,001,000</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;">3,218,572</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Intelsat Jackson Holdings S.A., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144</font><font face="Arial, Helvetica" style="font-size:8pt;">A, (Luxembourg), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.00%, 02/15/2024<sup>(k)</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;">2,112,500</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;">Lamar Media Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.38%, 01/15/2024</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">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;">1,022,500</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;">Tribune Media Co., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.88%, 07/15/2022</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">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;">3,037,500</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" 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>25,814,075</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>Media: Diversified &amp; Production 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;">Life Time Fitness, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.50%, 06/15/2023<sup>(k)</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;">2,745,000</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;">2,875,388</font></p></td>
<td colspan="1" 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>Metals &amp; Mining 3.8%</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;">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<sup>(k)</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;">2,991,900</font></p></td>
<td colspan="1" width="20" 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;">7.50%, 04/01/2025<sup>(k)</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;">988,800</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">FMG Resources 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<sup>(k)</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;">491,958</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">542,137</font></p></td>
<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;">Freeport-McMoRan, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.40%, 11/14/2034</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;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">461,250</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., <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;">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;">1,608,750</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;">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<sup>(k)</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;">2,120,000</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;">Murray Energy Holdings Co., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">11.25%, 04/15/2021<sup>(k)</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;">543,750</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;">Peabody Energy Corp., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.00%, 03/31/2022<sup>(k)</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;">960,000</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;">986,112</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">Teck Resources, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144A, (Canada), 8.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">06/01/2024<sup>(k)</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;">2,955,000</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;">3,298,519</font></p></td>
<td colspan="1" width="20" 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;">Zekelman Industries, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.88%, 06/15/2023<sup>(k)</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;">1,850,000</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;">2,035,000</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>15,576,218</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>Retail 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;">
<font face="Arial, Helvetica" style="font-size:8pt;">JC Penney Corp., Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.13%, 10/01/2019</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">193,000</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;">202,650</font></p></td>
<td colspan="1" 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 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;">Conduent Finance, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.50%, 12/15/2024<sup>(k)</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;">2,068,500</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;">First Data Corp., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.00%, 12/01/2023<sup>(k)</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;">2,250,000</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;">2,354,355</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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<sup>(k)</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;">3,479,000</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;">3,870,388</font></p></td>
<td colspan="1" width="20" 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>8,293,243</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 0.8%</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;">Dole Food Co., Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.25%, 06/15/2025<sup>(k)</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;">2,015,000</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;">PF Chang's China Bistro, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.25%, 06/30/2020<sup>(k)</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;">1,490,000</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;">1,229,250</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" 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>3,244,250</b></font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="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>Telecommunications 4.1%</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;">7.50%, 05/15/2026<sup>(k)</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;">1,477,500</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Altice Finco S.A., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">144</font><font face="Arial, Helvetica" style="font-size:8pt;">A, (Luxembourg), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.13%, 01/15/2024<sup>(k)</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;">1,539,375</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;">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<sup>(k)</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;">2,681,250</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>
</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 2018<br>13</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=14,FOLIO='13',FILE='18-15481-2.ca',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (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;">GTT Communications, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.88%, 12/31/2024<sup>(k)</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;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,001,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">2,046,022</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">SFR Group S.A., 144A, (France), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.38%, 05/01/2026<sup>(k)</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;">2,421,875</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;">Sprint Capital Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.90%, 05/01/2019</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;">1,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,030,000</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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%, 03/01/2026</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;">1,425,000</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;">1,501,594</font></p></td>
<td colspan="1" width="20" 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 Spectrum Co, LLC, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.74%, 03/20/2025<sup>(k)</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;">1,010,000</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;">Sprint Spectrum Co, LLC, 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.15%, 03/20/2028<sup>(k)</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;">1,013,750</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;">Zayo Group, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.38%, 05/15/2025</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;">1,991,000</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;">2,061,083</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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>16,782,449</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>Transportation: Cargo 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;">XPO Logistics, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.50%, 06/15/2022<sup>(k)</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;">3,097,500</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<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>Transportation: Consumer 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;">Air Medical Group Holdings, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.38%, 05/15/2023<sup>(k)</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;">1,915,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="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>Utilities: Electric 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;">Dynegy, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.63%, 11/01/2024</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;">1,250,000</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;">1,343,750</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;">Dynegy, Inc., 144A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.00%, 01/15/2025<sup>(k)</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;">1,625,625</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;">NRG Energy, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.25%, 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;">1,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,025,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="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;">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;">2,665,975</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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 4.5pt 0pt;">
&nbsp;</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>6,660,350</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 8.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Corporate Bonds<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cost: $278,524,152)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="84" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>280,295,340</b></font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Collateralized Loan Obligations 37.2%</b><b><sup>(c)(h)(k)</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 27.7%</b><b><sup>(g)</sup></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 XI, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 5.80%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.16%, 04/30/2031</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding: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;">1,960,000</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;">AMMC CLO XI, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.95%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.31%, 04/30/2031</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;">475,000</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>Collateralized Loan Obligations</b><b><sup>(c)(h)(k)</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;">AMMC CLO XIII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.95%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.31%, 07/24/2029</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;">2,042,480</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">AMMC CLO XIV, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.35%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.71%, 07/25/2029</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding: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;">1,290,078</font></p></td>
<td colspan="1" width="20" 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;">AMMC CLO XIX, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.35%, 10/15/2028</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;">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;">2,038,378</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">AMMC CLO XXII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 5.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.84%, 04/25/2031</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="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;">2,948,160</font></p></td>
<td colspan="1" width="20" 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., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.65%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.00%, 01/17/2028</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;">1,523,453</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="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;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.55%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.91%, 04/23/2027</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">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;">2,005,900</font></p></td>
<td colspan="1" width="20" 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;">Bain Capital Credit CLO 2016-2, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.04%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.39%, 01/15/2029</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;">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;">2,039,648</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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 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;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.61%, 01/20/2029</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding: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;">2,548,282</font></p></td>
<td colspan="1" width="20" 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;">BlueMountain CLO 2016-3, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.85%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.69%, 11/15/2027</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;">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;">1,518,900</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">California Street CLO IX, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">L.P. 2012-9A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.18%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.53%, 10/16/2028</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;">2,033,290</font></p></td>
<td colspan="1" width="20" 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;">Canyon Capital CLO, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 5.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.10%, 07/15/2031<sup>(e)(j)</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;">750,000</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="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 2012-4, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.51%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.87%, 01/20/2029</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding: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;">2,043,080</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</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 2018<br>14</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=15,FOLIO='14',FILE='18-15481-2.ca',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (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>(c)(h)(k)</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;">Cent CLO XVIII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 4.60%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.96%, 07/23/2025</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;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">2,902,557</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">Crestline Denali CLO XV, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.35%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.71%, 04/20/2030</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;">3,875,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,911,216</font></p></td>
<td colspan="1" width="20" 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 D, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 5.45%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.81%, 04/20/2027</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;">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;">985,171</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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 E, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 5.95%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.31%, 04/20/2027</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">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;">1,819,850</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="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;">2015-1X D, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 5.45%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.81%, 04/20/2027</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;">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;">453,179</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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 XII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 5.90%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.26%, 04/15/2031</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,999,900</font></p></td>
<td colspan="1" width="20" 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;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.61%, 01/20/2027</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,970,508</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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 XLII Senior Loan Fund, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.60%, 07/15/2027</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">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;">1,511,492</font></p></td>
<td colspan="1" width="20" 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 XXVI Senior Loan Fund, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 5.54%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.89%, 04/15/2029</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;">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;">1,999,782</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">2015-1, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 5.65%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.01%, 04/20/2027</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">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;">749,555</font></p></td>
<td colspan="1" width="20" 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;">Highbridge Loan Management <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2013-2, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 8.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.61%, 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;">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;">2,238,786</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">2014-4, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.36%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.72%, 01/28/2030</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;">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;">1,949,950</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">LCM XV, L.P., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 6.50%, 8.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/20/2030</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;">1,850,000</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;">1,888,876</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Collateralized Loan Obligations</b><b><sup>(c)(h)(k)</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;">LCM XXIII, L.P., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.05%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.41%, 10/20/2029</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;">3,041,694</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">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;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.86%, 07/18/2028</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;">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;">3,950,204</font></p></td>
<td colspan="1" width="20" 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;">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;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 4.85%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.21%, 04/18/2025</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;">1,857,410</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;">Neuberger Berman CLO XVII, Ltd. <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2014-17A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.55%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.91%, 04/22/2029</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding: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;">1,007,295</font></p></td>
<td colspan="1" width="20" 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 2014-1, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.30%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.12%, 05/13/2029</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;">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;">5,004,700</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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 XV, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.36%, 07/19/2030</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;">1,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,529,708</font></p></td>
<td colspan="1" width="20" 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 <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">XXVIII, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.86%, 10/24/2027</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;">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;">2,020,582</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.39%, 11/20/2027</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">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;">2,900,955</font></p></td>
<td colspan="1" width="20" 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;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 8.10%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.46%, 10/20/2028</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;">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;">2,004,938</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;">OZLM XI, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.36%, 10/30/2030</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;">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;">2,848,433</font></p></td>
<td colspan="1" width="20" 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 XIV, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.35%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.70%, 01/15/2029</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;">4,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,509,940</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">OZLM XIX, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.60%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.95%, 11/22/2030</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;">2,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,035,200</font></p></td>
<td colspan="1" width="20" 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;">Silver Creek CLO, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.40%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.76%, 07/20/2030</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;">1,004,046</font></p></td>
<td colspan="1" width="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 2018<br>15</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=16,FOLIO='15',FILE='18-15481-2.ca',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (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>(c)(h)(k)</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 2015-1, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 8.85%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.74%, 05/21/2029</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;">3,000,519</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">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;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.88%, 06/15/2028</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;">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;">3,003,264</font></p></td>
<td colspan="1" width="20" 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;">TCI-Cent 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;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.12%, 12/21/2029</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;">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;">2,032,940</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">THL Credit Wind River 2015-2 <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">CLO, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.80%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.15%, 10/15/2027</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">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;">2,004,444</font></p></td>
<td colspan="1" width="20" 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 2016-1 <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">CLO, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.85%, 07/15/2028</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;">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;">3,529,781</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;">THL Credit Wind River 2016-2 <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">CLO, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.48%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.25%, 11/01/2028</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;">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;">1,768,665</font></p></td>
<td colspan="1" width="20" 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 XXIV CLO, Ltd. <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2016-24A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.72%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.08%, 10/20/2028</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;">700,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">704,337</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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 XXVI CLO, Ltd. <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2017-26A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.80%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.16%, 01/20/2029</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding: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;">1,016,991</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="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;">2017-27A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.35%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.71%, 07/20/2030</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;">2,057,119</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;">Venture XXVIII CLO, Ltd. <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2017-28A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.16%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.52%, 10/20/2029</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding: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;">1,000,000</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Voya CLO 2017-3, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.20%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.56%, 07/20/2030</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;">1,950,000</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;">1,954,660</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">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;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 7.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.36%, 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;">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;">1,014,069</font></p></td>
<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>(c)(h)(k)</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;">Wellfleet CLO 2017-2, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3</font><font face="Arial, Helvetica" style="font-size:8pt;">M LIBOR + 6.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.11%, 10/20/2029</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;">2,029,212</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="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>113,428,577</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>Collateralized Loan Obligations &#151; Equity 9.5%</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;">Allegro CLO 2017-1A, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">16.42%, 10/16/2030</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;">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;">1,877,926</font></p></td>
<td colspan="1" width="20" 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;">AMMC CLO XXI, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">13.89%, 11/02/2030</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;">453,054</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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 III, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">12.60%, 11/17/2027</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,800,000</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;">907,063</font></p></td>
<td colspan="1" width="20" 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 2013-4, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">23.03%, 01/15/2031</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,259,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">809,572</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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 2017-3, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">14.84%, 07/20/2029</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding: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;">1,557,764</font></p></td>
<td colspan="1" width="20" 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 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;">23.04%, 07/23/2030</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;">3,279,964</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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 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;">12.56%, 07/17/2028</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;">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;">1,257,744</font></p></td>
<td colspan="1" width="20" 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 VI CLO, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">14.72%, 10/20/2028</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;">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;">1,796,294</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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 VIII CLO, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">12.75%, 10/17/2030</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;">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;">1,639,860</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="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 XVI, Ltd. <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2018-1A, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.61%, 01/20/2030</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;">1,906,600</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;">Dryden XXXVII Senior Loan Fund, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3.04%, 01/15/2031</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding: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;">860,491</font></p></td>
<td colspan="1" width="20" 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;">9.85%, 06/25/2029</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;">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;">1,403,204</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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 XIII, L.P., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.76%, 01/19/2023</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;">2,175,000</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;">1,196,133</font></p></td>
<td colspan="1" width="20" 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 XV, L.P., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">20.14%, 08/25/2024</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;">5,875,000</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;">3,087,042</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</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 2018<br>16</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=17,FOLIO='16',FILE='18-15481-2.ca',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (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>(c)(h)(k)</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;">LCM XXIII, L.P., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.20%, 10/20/2029</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;">$</font></p></td>
<td colspan="1" width="55" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,100,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">2,211,140</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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 XII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">15.94%, 07/20/2026</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,004,264</font></p></td>
<td colspan="1" width="20" 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;">Mariner CLO 5, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.61%, 04/25/2031</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;">2,567,500</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,329,624</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="179" 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), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">25.57%, 10/20/2027</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,000,000</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;">3,178,116</font></p></td>
<td colspan="1" width="20" 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 VII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.95%, 11/20/2027</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;">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;">1,417,720</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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 XIX, Ltd. 2017-19A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">14.45%, 11/22/2030</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;">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;">790,367</font></p></td>
<td colspan="1" width="20" 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 XXI, Ltd. 2017-21A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.61%, 01/20/2031</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;">1,658,151</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;">Vibrant 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;">12.31%, 06/20/2029</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="55" align="right" valign="bottom" style="padding: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;">1,282,019</font></p></td>
<td colspan="1" width="20" 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;">Voya CLO 2017-2, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">13.49%, 06/07/2030</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;">881,530</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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;">0.00%, 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;">201,166</font></p></td>
<td colspan="1" width="20" 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>38,986,808</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: $146,450,783)</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>152,415,385</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 1.3%</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 1.0%</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;">Halcon Resources Corp.<sup>(i)</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;">292,519</font></p></td>
<td colspan="1" width="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;">1,570,827</font></p></td>
<td colspan="1" width="20" 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 Common Equity<sup>(c)(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;">145,457</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="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="20" bgcolor="#cceeff" valign="bottom" 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 Preferred Equity<sup>(c)(e)(l)</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;">235,016</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,145,699</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" 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>3,861,983</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 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;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Affinion Group Holdings, Inc.<sup>(i)</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="55" bgcolor="#cceeff" align="right" valign="bottom" style="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" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,271,404</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" 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 Common Stocks <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cost: $14,686,417)</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>5,133,387</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>Total Investments &#151; 142.5%<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cost: $584,068,835)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="84" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="80" 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>583,524,846</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>Liabilities in Excess of <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Other Assets &#151; (42.5%)</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>(174,001,994</b></font></p></td>
<td colspan="1" width="20" 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">&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;"><b>Net Assets &#151; 100.0%</b></font></p></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" 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" 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;"><b>409,522,852</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;border-bottom:solid windowtext 1pt;">
&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 2018<br>17</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=18,FOLIO='17',FILE='18-15481-2.ca',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (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 enterprises unless otherwise noted.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(b)&nbsp;&nbsp;Interest rates on floating rate term loans adjust periodically based upon a predetermined schedule. Stated interest rates in this schedule represent the "all-in" rate as of April 30, 2018.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(c)&nbsp;&nbsp;Investments categorized as a significant unobservable input (Level 3) (See Note 3 of the Notes to Financial Statements).</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(d)&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"), the European-Interbank Offered Rate ("EURIBOR" or "E"), 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;">(e)&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;">(f)&nbsp;&nbsp;As of April 30, 2018, Ares Dynamic Credit Allocation Fund, Inc. (the "Fund") had entered into the following commitments to fund various revolving and delayed draw senior secured and subordinated loans. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied. See Note 2 of the Notes to Financial Statements for further information on revolving and delayed draw loan commitments.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="94" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Unfunded security</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="164" 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>Total revolving and delayed<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>draw loan commitments</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="160" 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>Less: drawn commitments</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" 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>Total undrawn<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>commitments</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="94" 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;">Centene Corp.</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;">$</font></p></td>
<td colspan="1" width="135" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="131" bgcolor="#cceeff" align="right" valign="bottom" style="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="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;">$</font></p></td>
<td colspan="1" width="77" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="94" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Total</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="135" align="right" valign="bottom" style="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="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;">$</font></p></td>
<td colspan="1" width="131" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="77" align="right" valign="bottom" style="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>
</tr>
</table>

<p style="margin:4.5pt 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, 2018.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(h)&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;">(i)&nbsp;&nbsp;Non-income producing security as of April 30, 2018.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(j)&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;">(k)&nbsp;&nbsp;All of the Fund's Senior Loans, Collateralized Loan Obligations, Corporate Bonds and Common Stocks issued as 144A, which as of April 30, 2018 represented 115.3% of the Fund's net assets or 77.0% of the Fund's total assets, are subject to legal restrictions on sales.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(l)&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;">&nbsp;&nbsp;As of April 30, 2018, the aggregate cost of securities for Federal income tax purposes was $584,117,850.<BR>Unrealized appreciation and depreciation on investments for Federal income tax purposes are as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="116" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Gross unrealized appreciation</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">14,948,034</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;">(15,541,038</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="116" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net unrealized depreciation</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(593,004</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<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:6.5pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Currencies:</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:8pt;">&euro;</font><font face="Arial, Helvetica" style="font-size:8pt;">&nbsp;&nbsp;Euro Currency</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">&pound;&nbsp;&nbsp;British Pounds</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">$&nbsp;&nbsp;U.S. Dollars</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2018<br>18</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=19,FOLIO='18',FILE='18-15481-2.ca',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">
<!-- Document name: 18-15481-2.ea-->
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Statement of Assets and Liabilities</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (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="363" 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="247" align="left" 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 in unaffiliated issuers, at value (cost $584,068,835)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">583,524,846</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="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;">Cash</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">8,958,099</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="247" align="left" 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 $1,918,602)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,893,868</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="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;">Receivable for securities sold</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">12,243,100</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="247" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Interest and principal receivable</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">6,470,455</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="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;">Deferred debt issuance costs</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">30,781</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="247" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Prepaid expenses</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">128,845</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="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;">Total assets</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" 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;">613,249,994</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="363" 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">&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;">Line of credit outstanding</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">176,953,793</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="247" align="left" 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">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">25,500,658</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="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;">Payable for investment advisory fees</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">485,799</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="247" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable for interest expense</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">343,413</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="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;">Payable for commitment fee</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">20,962</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="247" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable for administration and transfer agent fees</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">25,663</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="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;">Payable for investor support fees</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">34,010</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="247" align="left" 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="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">362,844</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="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;">Total liabilities</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="76" 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;">203,727,142</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="3" width="247" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Commitments and contingencies (See Note 2)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#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="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>Net assets</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>409,522,852</b></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:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="363" align="left" valign="bottom" style="padding:16.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net assets consist of:</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="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;">Paid-in capital</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">444,914,160</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="247" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Undistributed net investment income</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,725,582</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="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;">Accumulated net realized loss on investment and foreign currency</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(34,366,075</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="247" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net unrealized depreciation on investments and foreign currency</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(3,750,815</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="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>Net assets</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>409,522,852</b></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:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="363" align="left" valign="bottom" style="padding:16.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Common shares:</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="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;">Shares outstanding (authorized 1 billion shares of $0.001 par value)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="76" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">22,962,441</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="247" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net asset value per share</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="76" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">17.83</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2018<br>19</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=20,FOLIO='19',FILE='18-15481-2.ea',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Statement of Operations</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">For the six months ended April 30, 2018 (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="362" 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="252" 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="22" align="right" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">21,896,541</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="362" 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="252" 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="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,950,992</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="252" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Interest expense (Note 5)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,199,965</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="252" 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="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">240,507</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="252" 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="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">148,768</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="252" 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="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">206,569</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="252" 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="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">213,964</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="252" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Insurance expense</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">129,943</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="252" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Amortization of debt issuance cost (Note 5)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">36,641</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="252" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Audit fees</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">70,039</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="252" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Directors fee expense</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">79,343</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="252" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Commitment fee expense (Note 5)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">27,161</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="252" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Printing expense</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">44,222</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="252" 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="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">46,647</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="252" bgcolor="#cceeff" 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;">Total expenses</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" 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;">6,394,761</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" 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" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="252" 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 investment income before taxes</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">15,501,780</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="252" 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;">Tax expense</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">49,867</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="252" 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="22" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">15,451,913</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="362" 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 gain/(loss) on investments and foreign currency</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="252" 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 investments</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,790,614</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="252" 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 loss on foreign currency</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(757,597</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="252" 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 loss on investments</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(8,034,529</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="252" 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 gain on foreign currency</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">382,526</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="252" 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 loss on investments and foreign currency</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="70" align="right" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(4,618,986</font></p></td>
<td colspan="1" width="18" align="left" 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;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="252" 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="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="70" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>10,832,927</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 2018<br>20</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=21,FOLIO='20',FILE='18-15481-2.ea',USER='ltolend',CD='Jun 21 18:58 2018' -->
<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>Statements 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="259" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="134" 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, 2018<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="135" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>October 31, 2017</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="536" 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="259" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net investment income</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="94" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">15,451,913</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">30,593,545</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="259" 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 gain on investments and foreign currency</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="94" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,033,017</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,642,367</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="259" align="left" 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 gain (loss) on investments and foreign currency</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="94" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(7,652,003</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">18,277,170</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="259" 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="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="94" 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;">10,832,927</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">50,513,082</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="536" align="left" 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="259" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net investment income</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="94" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(14,695,969</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(28,477,182</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="259" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Total distributions</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="94" 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;">(14,695,969</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(28,477,182</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="259" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Increase (decrease) in net assets from operations and distributions</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="94" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(3,863,042</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">22,035,900</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="11" width="536" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Share transactions:</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="259" 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 (Note 4)</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="94" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(437,057</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="259" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net increase (decrease) from share transactions</font></p></td>
<td colspan="1">&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="94" 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;">&#151;</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="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(437,057</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="259" 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 increase (decrease) in net assets</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="94" 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;">(3,863,042</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="95" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">21,598,843</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="259" align="left" 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">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="94" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">413,385,894</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">391,787,051</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="259" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Assets, end of period</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="94" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>409,522,852</b></font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="22" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="95" 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;"><b>413,385,894</b></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="3" width="259" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Undistributed net investment income</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="22" 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;">$</font></p></td>
<td colspan="1" width="94" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,725,582</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="22" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="95" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,893,464</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</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 2018<br>21</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=22,FOLIO='21',FILE='18-15481-2.ea',USER='ltolend',CD='Jun 21 18:58 2018' -->
<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 six months ended April 30, 2018 (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;">10,832,927</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;">(294,691,740</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;">288,996,264</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;">637,977</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 realized gain 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;">(3,790,614</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 realized loss 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;">757,597</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 unrealized depreciation 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;">8,034,529</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 unrealized appreciation 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;">(382,526</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="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;">Receivable for securities sold</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;">(2,164,813</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;">Interest and principal receivable</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;">(74,115</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;">Deferred debt issuance costs</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;">36,640</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;">Prepaid expenses</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;">(128,845</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;">Payable for securities purchased</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;">5,439,973</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 investment advisory fees</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;">(14,257</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;">Payable for interest expense</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;">(132,542</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;">Payable for commitment fees</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;">(85,266</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;">Payable for administration and transfer agent 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;">(22,193</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;">Payable for investor support fees</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;">(998</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;">Accrued expenses and other payables</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;">(400,874</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 flow 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;">12,847,124</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;">Borrowings 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;">93,222,678</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;">(86,429,300</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;">Distributions paid to common shareholders</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;">(14,695,969</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 cash used in financing activities</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="75" 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" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(7,902,591</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="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;">Effect of exchange rate changes on 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;">
&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;">(375,071</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 increase in cash</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="75" 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" 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;">4,569,462</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="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>Cash:</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;">Beginning of period</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;">6,282,505</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;">End of period</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="75" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">10,851,967</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="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>Supplemental disclosure of cash flow information:</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;">Cash paid during the period for interest</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="75" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,404,144</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>

</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 2018<br>22</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=23,FOLIO='22',FILE='18-15481-2.ea',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">
<!-- Document name: 18-15481-2.fa-->
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Financial Highlights</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="153" align="left" valign="bottom" style="padding:0pt .7pt 7pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Per share data:</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="133" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>For the<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Six Months<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>April 30, 2018<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="111" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>For the<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>October 31,<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>2017</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="111" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>For the<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>October 31,<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>2016</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="113" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>For the<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>October 31,<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>2015</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="111" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>For the<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>October 31,<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>2014</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="121" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>For the<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>October 31,<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>2013</b><b><sup>(a)</sup></b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="153" 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, beginning of period</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="82" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">18.00</font></p></td>
<td colspan="1" width="30" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="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;">17.04</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;">$</font></p></td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">16.95</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="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;">18.72</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;">$</font></p></td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">19.43</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="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;">19.10</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="893" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Income from investment operations:</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="153" 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="82" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">0.67</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="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;">1.33</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="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;">1.23</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="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;">1.21</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="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;">1.24</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="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;">1.09</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="153" align="left" 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="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="82" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(0.20</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="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;">0.87</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="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;">0.16</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="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;">(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="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;">(0.55</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="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;">0.45</font></p></td>
<td colspan="1" width="32" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="153" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Total income from investment <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">operations</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="82" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">0.47</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="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;">2.20</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="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;">1.39</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="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;">(0.37</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="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;">0.69</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="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;">1.54</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="893" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Less distributions declared to <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>shareholders:</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="153" 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="82" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(0.64</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="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;">(1.24</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="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;">(1.23</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="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;">(1.33</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="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;">(1.40</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="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;">(1.17</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="153" align="left" 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="82" align="right" valign="bottom" style="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="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="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="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="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="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;">(0.07</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="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="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="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="32" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="153" 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="82" bgcolor="#cceeff" align="right" valign="bottom" style="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="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="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="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;">(0.07</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="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="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="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="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="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="32" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="153" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Total distributions declared to <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">shareholders</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="82" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(0.64</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="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;">(1.24</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="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;">(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="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;">(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="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;">(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="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;">(1.17</font></p></td>
<td colspan="1" width="32" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="893" 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="153" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Common share offering costs charged <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">to paid-in capital</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="82" align="right" valign="bottom" style="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="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="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="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="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="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="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="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="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="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;">(0.04</font></p></td>
<td colspan="1" width="32" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="153" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Net asset value common shares, <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="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;">$</font></p></td>
<td colspan="1" width="82" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">17.83</font></p></td>
<td colspan="1" width="30" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="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;">18.00</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;">$</font></p></td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">17.04</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="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;">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;">$</font></p></td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">18.72</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="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;">19.43</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="153" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Market value common shares, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">end of period</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;">$</font></p></td>
<td colspan="1" width="82" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">16.36</font></p></td>
<td colspan="1" width="30" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="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;">16.45</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;">$</font></p></td>
<td colspan="1" width="68" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">14.70</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="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;">14.37</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;">$</font></p></td>
<td colspan="1" width="68" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">16.86</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="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;">18.05</font></p></td>
<td colspan="1" width="32" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="153" 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="82" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2.64</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="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;">13.33</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="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;">8.98</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="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;">(2.11</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="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;">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="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;">8.04</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%<sup>(d)</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="153" align="left" 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="82" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3.42</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="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;">20.91</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="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;">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="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;">(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="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;">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="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;">(4.03</font></p></td>
<td colspan="1" width="32" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)%<sup>(d)</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="893" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Ratios to average net assets/<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>supplemental data:</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="153" align="left" 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;">$</font></p></td>
<td colspan="1" width="82" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">409,523</font></p></td>
<td colspan="1" width="30" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="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;">413,386</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;">$</font></p></td>
<td colspan="1" width="68" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">391,797</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="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;">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;">$</font></p></td>
<td colspan="1" width="68" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">321,368</font></p></td>
<td colspan="1" width="22" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="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;">333,526</font></p></td>
<td colspan="1" width="32" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="153" 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 <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">and amortization of debt issuance</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="82" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3.13</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="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;">2.90</font></p></td>
<td colspan="1" width="22" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<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;">2.96</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="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;">2.83</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="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;">2.58</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="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;">2.18</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%<sup>(d)</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="153" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Expenses, exclusive of interest expense <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">and amortization of debt issuance</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="82" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2.04</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;">%<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="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;">2.08</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="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;">2.34</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="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;">2.39</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="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;">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="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;">1.74</font></p></td>
<td colspan="1" width="32" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%<sup>(d)</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="153" 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="82" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">7.50</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="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;">7.52</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="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;">7.68</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="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;">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="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;">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="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;">5.74</font></p></td>
<td colspan="1" width="32" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%<sup>(d)</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="153" align="left" 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="82" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">44.72</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="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;">84.35</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="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;">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="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;">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="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;">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="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;">189.46</font></p></td>
<td colspan="1" width="32" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%<sup>(d)</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:9pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(a)&nbsp;&nbsp;For the period from November 27, 2012 (commencement of operations) to October 31, 2013.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(b)&nbsp;&nbsp;Less than $0.005.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(c)&nbsp;&nbsp;Based on net asset value per share. Distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund's Dividend Reinvestment Plan. Total Return is not annualized for periods less than one year.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(d)&nbsp;&nbsp;Not annualized.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(e)&nbsp;&nbsp;Based on market value per share (beginning market value common shares $20.00). Distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund's Dividend Reinvestment Plan. Total Return is not annualized for periods less than one year.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(f)&nbsp;&nbsp;Annualized.</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 2018<br>23</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=24,FOLIO='23',FILE='18-15481-2.fa',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">
<!-- Document name: 18-15481-2.ga-->
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (Unaudited)</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>(1) Organization</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc. (NYSE: ARDC) ("ARDC" or "Fund") is a corporation incorporated under the laws of the State of Maryland and registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "Investment Company Act''), as a closed-end, 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 may 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. Under normal market conditions, the Fund will not invest more than (i) 40% of its Managed Assets in CLOs and other asset-backed securities, or (ii) 10% of its Managed Assets in subordinated (or residual) tranches of CLO securities. "Managed Assets" means the total assets of the Fund (including any assets attributable to any preferred shares that may be issued or to indebtedness) minus the Fund's liabilities other than liabilities relating to indebtedness.</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 includes the accounts of the Fund. The Fund is an investment </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;">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 Adviser 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>
<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 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>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. The PIK interest for the six months ended April 30, 2018 was $180,670 recorded as interest income.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Discounts and Premiums</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Discounts and premiums on securities purchased are accreted/amortized over the life of the respective security using the effective interest method. The adjusted cost of investments represents the original cost adjusted for PIK interest and the accretion of discounts and amortization of premiums.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Cash and Cash Equivalents</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. While the Fund's current cash balance exceeds insurance limits, the risk of loss is remote.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Investment Transactions, Related Investment Income and Expenses</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Investment transactions are accounted for on the trade date. Interest income, adjusted for amortization of premiums and accretion of discounts on investments, is earned from settlement date and is recorded on the accrual basis. Realized gains and losses are reported on the specific identification method. Expenses are recorded on the accrual basis as incurred.</font></p>
</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 2018<br>24</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=25,FOLIO='24',FILE='18-15481-2.ga',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (Unaudited)</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Foreign Currency Transactions and Forward Foreign Currency Contracts</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="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund may enter into forward foreign currency exchange contracts for operational purposes and to protect against adverse exchange rate fluctuations. A forward foreign currency contract is an agreement between the Fund and a counterparty to buy or sell a foreign currency at a specific exchange rate on a future date. The Fund may also enter into these contracts for purposes of increasing exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Fund and the resulting unrealized </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;">appreciation or depreciation are determined using foreign currency exchange rates from an independent pricing service. The Fund is subject to the credit risk that the other party will not complete the obligations of the contract. The fair values of the forward foreign currency exchange contracts are obtained from an independent pricing source.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Dividends to Shareholders</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund intends to make regular monthly cash distributions of all or a portion of its net investment income available to common shareholders. The Fund intends to pay common shareholders at least annually all or substantially all of its net investment income. The Fund intends to pay any capital gains distributions at least annually. Dividends to shareholders are recorded on the ex-dividend date.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The distributions for any full or partial year might not be made in equal amounts, and one distribution may be larger than another. The Fund will make distributions only if authorized by its board of directors and declared by the Fund out of assets legally available for these distributions. The Fund may pay a special distribution at the end of each calendar year. This 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="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Commitments to extend credit include loan proceeds the Fund is obligated to advance, such as delayed draws or revolving credit arrangements. Commitments generally have fixed </font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2018<br>25</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=26,FOLIO='25',FILE='18-15481-2.ga',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (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;">expiration dates or other termination clauses. Unrealized gains or losses associated with unfunded commitments are recorded in the financial statements and reflected as an adjustment to the fair value of the related security in the Schedule of Investments. The par amount of the unfunded commitments is not recognized by the Fund until it becomes funded. As of April 30, 2018, the value of loans disclosed in the Schedule of Investments does not include unfunded commitments, which total $3,000,000.</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 (the "Code"), 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, 2017, the Fund paid U.S. federal excise taxes in the amount of $100,000.</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, 2017, 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 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 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>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance in this ASU supersedes the revenue recognition requirements in Revenue Recognition (Topic 605). Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in ASU No. 2014-09 are effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The application of this guidance did not have a material impact on our consolidated financial statements.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>(3) Investments</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Fair Value Measurements</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund follows the provisions of 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. ASC 820 defines "fair value" as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The hierarchal disclosure framework establishes a three-tier hierarchy to maximize the use of observable data and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.</font></p>
<p style="margin:0pt 0pt 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>
</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 2018<br>26</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=27,FOLIO='26',FILE='18-15481-2.ga',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (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;">&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</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</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 using the above inputs in investment valuations, the Fund continues to employ a valuation policy that is consistent with the provisions of ASC 820. Consistent with its valuation policy, the Fund evaluates the source of inputs, including any markets in which the Fund's investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. The Fund's valuation policy considers the fact that because there may not be a readily available market value for the investments in the Fund's portfolio, therefore, the fair value of the investments may be determined using unobservable inputs.</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 investments classified as Level 1 or Level 2 are typically valued based on quoted market prices, forward foreign exchange rates, dealer quotations or alternative pricing sources supported by observable inputs. 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. The Adviser is responsible for all inputs and assumptions related to the pricing of securities. The Adviser has internal controls in place that support its reliance on information received from third-party pricing sources. As part of its internal controls, the Adviser obtains, reviews, and tests information to corroborate prices 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.</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, </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;">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 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, 2018, in valuing the Fund's investments carried at fair value:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="73" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Level 1 &#151; <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Quoted<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Prices ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="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>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 ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Level 3 &#151;<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Significant<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Unobservable<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Inputs ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Total ($)</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<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="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;">124,402,573</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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="74" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">21,278,161</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">145,680,734</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Corporate Bonds</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;">&#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="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;">280,295,340</font></p></td>
<td colspan="1" 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="74" align="right" valign="bottom" style="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="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">280,295,340</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Collateralized <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan 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="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="8" bgcolor="#cceeff" 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="74" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">152,415,385</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">152,415,385</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Common <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Stock</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,570,827</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,271,404</font></p></td>
<td colspan="1" 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="74" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,291,156</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="65" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,133,387</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Total <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,570,827</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="67" 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;">405,969,317</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="74" 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;">175,984,702</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="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="65" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">583,524,846</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The following is a reconciliation of the Fund's investments in which significant unobservable inputs (Level 3) were used in determining fair value.</font></p>
</div>
<div style="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 2018<br>27</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=28,FOLIO='27',FILE='18-15481-2.ga',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (Unaudited)</font></p>
</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, 2018:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="212" 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;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Senior<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Loans ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="108" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Collateralized<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Loan<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Obligations ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="84" 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 ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="99" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Warrants ($)</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="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;">Balance as of October 31, 2017</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="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;">13,356,837</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="82" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">147,531,396</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="58" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,384,970</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="73" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,146</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;">163,275,349</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="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;">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="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;">10,308,813</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="82" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">32,264,699</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="58" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">180,670</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="73" align="right" valign="bottom" style="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;">42,754,182</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="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;">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="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;">(2,094,363</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="82" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(28,245,466</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="58" bgcolor="#cceeff" align="right" valign="bottom" style="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="73" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(94</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;">(30,339,923</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="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 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="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;">372,715</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="82" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">692,780</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="58" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(274,484</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="73" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(2,052</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;">788,959</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="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 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="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;">15,036</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="82" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">171,976</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="58" bgcolor="#cceeff" align="right" valign="bottom" style="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="73" bgcolor="#cceeff" align="right" valign="bottom" style="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;">187,012</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="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;">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="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;">3,754,129</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="82" align="right" valign="bottom" style="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="58" align="right" valign="bottom" style="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="73" align="right" valign="bottom" style="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;">3,754,129</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="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;">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="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;">(4,435,006</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="82" bgcolor="#cceeff" align="right" valign="bottom" style="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="58" bgcolor="#cceeff" align="right" valign="bottom" style="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="73" bgcolor="#cceeff" align="right" valign="bottom" style="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;">(4,435,006</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="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;">Balance as of April 30, 2018</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="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;">21,278,161</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="82" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">152,415,385</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="58" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,291,156</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="73" align="right" valign="bottom" style="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;">175,984,702</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="212" 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 as of April 30, 2018</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;">368,889</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="82" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">428,501</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="58" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(274,484</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="73" bgcolor="#cceeff" align="right" valign="bottom" style="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;">522,906</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;">(a) Purchases include PIK interest and securities received from restructure.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(b) Sales include principal redemptions.</font></p>
</div>
<div style="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;">Investments were transferred into and out of Level 3 and into and out of Level 2 during the six months ended April 30, 2018 due to changes in the quantity and quality of information obtained to support the fair value of each investment as assessed by the Adviser.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="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 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, 2018 maximized the use of observable inputs and minimized the use of unobservable inputs. The valuation techniques and significant amounts of unobservable inputs used in the valuation of the Fund's Level 3 securities are outlined in the table below.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="73" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&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="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>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="90" 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="94" 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="445" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Assets<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Investments in securities</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" align="left" valign="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;">21,278,161</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="83" 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="74" 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="21" 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>
</tr>
<tr>
<td colspan="3" width="73" bgcolor="#cceeff" 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" 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;">149,230,385</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="83" 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="74" 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="21" 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>
</tr>
<tr>
<td colspan="3" width="73" 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;">3,185,000</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="83" 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;">Other</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="left" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Recent<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Transaction<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Price</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="21" 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;">$</font></p></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;">95-$100</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>
</tr>
<tr>
<td colspan="3" width="73" 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;">Common Stock</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;">145,457</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="83" 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="74" 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="21" 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>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="73" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="81" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>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="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>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="90" 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="94" 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="3" width="73" 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;">Common Stock</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;">2,145,699</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="83" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Market <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Approach<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Other)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="90" 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;">Other</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="21" 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>
</tr>
<tr>
<td colspan="3" width="73" 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">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
</td>
<td colspan="1" width="65" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">175,984,702</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="83" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

<p style="margin:4.5pt 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="183" 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, 2018</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="93" 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="82" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size: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="77" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">22,962,441</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">429,786,323</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</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="77" align="right" valign="bottom" style="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;">&#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>
</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="77" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">22,962,441</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">429,786,323</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The board 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 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>
</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 2018<br>28</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=29,FOLIO='28',FILE='18-15481-2.ga',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (Unaudited)</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size: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 $2,199,965 for the six months ended April 30, 2018. Unused portions of the Credit Facility 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 six months April 30, 2018 was $27,161 for the Fund. Debt issuance costs including related legal expenses incurred by the Fund in connection with the Credit Facility are deferred and are amortized on an effective yield method over the term of the Credit Facility. These amounts are included in the Statements of Operations as amortization of debt issuance cost. The fair value of the Fund's borrowings under the Credit Facility approximates the carrying amount presented in the accompanying Statements of Assets and Liabilities at cost for the 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, 2017 to April 30, 2018 was approximately $181,956,928 with an average borrowing cost of 2.47%. As of April 30, 2018, the amount outstanding under the Credit Facility was $176,953,793. The Credit Facility maturity date is October 2, 2018 and as of April 30, 2018, 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>
</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;">asset coverage ratio on its indebtedness falls below 300%. As of April 30, 2018, the Fund's asset coverage was 331%.</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 April 30, 2018 were $2,950,992.</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 $240,507 for the six months ended April 30, 2018.</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, 2018 were $213,964.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund has retained Destra Capital Investments LLC ("Destra") to provide investor support services in connection with the on-going operation of the Fund. Such services include providing ongoing contact with respect to the Fund and its performance with financial advisors that are representatives of broker-dealers and other financial </font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2018<br>29</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=30,FOLIO='29',FILE='18-15481-2.ga',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (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;">intermediaries, communicating with the NYSE specialist for the Fund's common shares and with the closed-end fund analyst community regarding the Fund on a regular basis, and maintaining a website for the Fund. The Fund pays Destra a fee equal to 0.07% of Managed Assets per annum for these services. The terms of this agreement are 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, 2018 were $206,569.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>(7) Investment Transactions</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">For the six months ended April 30, 2018, the cost of investments purchased and proceeds from the sale of investments, excluding short obligations, were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" width="120" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Cost of Investments<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Purchased<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="129" 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 the<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Sale of Investments<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>($)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="104" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">263,542,526</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="103" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(265,396,803</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>(8) 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 ("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 Fund and income distributions. An economic downturn would generally lead to a higher non-payment rate, and a Senior Loan may lose significant market value before a default occurs. Moreover, any specific collateral used to secure a Senior Loan may decline in value or become illiquid, which could 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 Fund. 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 </font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">with 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 arranger, the Fund may not have the protection of the antifraud 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 </font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2018<br>30</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=31,FOLIO='30',FILE='18-15481-2.ga',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (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;">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>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Corporate Bonds 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 </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;">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 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>
</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 2018<br>31</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=32,FOLIO='31',FILE='18-15481-2.ga',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (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;">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 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 </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;">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 Bonds may 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>
</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 2018<br>32</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=33,FOLIO='32',FILE='18-15481-2.ga',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (Unaudited)</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size: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. Some Senior Loans are not readily marketable and may be subject to restrictions on resale. Senior Loans generally are not listed on any national securities exchange and no active trading market may exist for the Senior Loans in which the Fund may invest. When a secondary market exists, if at all, the market for some Senior Loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Further, the lack of an established secondary market for illiquid securities may make it more difficult to value such securities, which may negatively affect the price the Fund would receive upon disposition of such securities.</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 </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;">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 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 </font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2018<br>33</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=34,FOLIO='33',FILE='18-15481-2.ga',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (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;">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>
<p style="margin:0pt 0pt 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 </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;">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, 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>
</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 2018<br>34</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=35,FOLIO='34',FILE='18-15481-2.ga',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (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;">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>European 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"). 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 give rise to 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 any such situation cannot be predicted. Sovereign debt defaults and European Union and/or Eurozone exits could have material adverse effects on investments by the Fund in securities of European companies, including but not limited to the availability of credit to support such companies' financing needs, uncertainty and disruption in relation to financing, customer and supply contracts denominated in Euro and wider economic disruption in markets served by those companies, while austerity and other measures that have been introduced in order to limit or contain these issues may themselves lead to economic contraction and resulting adverse effects for the Fund. A number of the Fund's securities may be denominated in the Euro. Legal uncertainty about the funding of Euro denominated obligations following any breakup or exits from the Eurozone (particularly in the case of investments in securities of companies in affected countries) could also have </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;">material adverse effects on the Fund. The uncertainty in the wake of the UK's "Brexit" 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>(9) Stockholder Meeting Results</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;">On June 12, 2018, the Fund held its Annual Meeting of Stockholders for the election of Directors. The proposal was approved by the Fund's stockholders and the results of the voting were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="128" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Name</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="93" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>For</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Withheld</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="128" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Seth J. Brufsky</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="77" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">20,162,910.452</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">799,504.138</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>
</tr>
<tr>
<td colspan="3" width="128" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">John J. Shaw</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="77" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">20,377,922.644</font></p></td>
<td colspan="1" 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;">584,491.946</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">David A. Sachs, Seth J. Brufsky, James K. Hunt, John J. Shaw and Bruce H. Spector continue to serve in their capacities as Directors of the Fund.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>(10) 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 13, 2018:</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, 2018<BR>Record Date: May 24, 2018<BR>Payable Date: May 31, 2018<BR>Per Share Amount: $0.1075</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, 2018<BR>Record Date: June 21, 2018<BR>Payable Date: June 29, 2018<BR>Per Share Amount: $0.1075</font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2018<br>35</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=36,FOLIO='35',FILE='18-15481-2.ga',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">
<!-- Document name: 18-15481-2.ha-->
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Additional Information</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (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>Proxy Information</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The policies and procedures used to determine how to vote proxies relating to securities held by the Fund are available (1) without charge, upon request, by calling 1-877-855-3434, or (2) on the SEC's website at http://www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 will be available on Form N-PX by August 31 of each year (1) without charge, upon request, by calling 1-877-855-3434, or (2) on the SEC's website at http://www.sec.gov.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Portfolio Information</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund's Form N-Q will be available (1) without charge, upon request, by calling 1-877-855-3434; (2) on the SEC's website at http://www.sec.gov; or (3) for review and copying at the SEC's Public Reference Room (the "PRR") in Washington, DC. Information regarding the operation of the PRR may be obtained by calling 1-800-SEC-0330.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2018<br>36</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=37,FOLIO='36',FILE='18-15481-2.ha',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Additional Information </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (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>Dividend Reinvestment Plan</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Unless a shareholder specifically elects to receive distributions in cash, distributions will automatically be reinvested in additional common shares of the Fund. A shareholder may elect to have the cash portion of dividends and distributions distributed in cash. To exercise this option, such shareholder must notify State Street, the plan administrator and the Fund's transfer agent and registrar, in writing or by telephone so that such notice is received by the plan administrator not less than 10 days prior to the record date fixed by the board of directors for the dividend or distribution involved. Participants who hold their common shares through a broker or other nominee and who wish to elect to receive any dividends and other distributions in cash must contact their broker or nominee. The plan administrator will set up an account for shares acquired pursuant to the plan for each shareholder that does not elect to receive distributions in cash (each a "Participant"). The plan administrator may hold each Participant's common shares, together with the other Participant's common shares, in non-certificated form in the plan administrator's name or that of its nominee. The shares are acquired by the plan administrator for a Participant's account, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized common shares from the Fund ("Newly Issued Shares") or (ii) by purchase of outstanding common shares on the open market ("Open-Market Purchases") on the NYSE or elsewhere. If, on the dividend payment date, the net asset value per share of the common shares is equal to or less than the market price per common share on the NYSE plus estimated brokerage commissions (such condition being referred to as "market premium"), the plan administrator will invest the dividend amount in Newly Issued Shares on behalf of the Participant. The number of Newly Issued Shares to be credited to the Participant's account will be determined by dividing the dollar amount of the dividend by the net asset value per share of the common shares on the date the shares are issued, unless the net asset value of the common shares is less than 95% of the then current market price per share on the NYSE, in which case the dollar amount of the dividend will be divided by 95% of the then current market price per common share on the NYSE. If on the dividend payment date the net asset value per share of the common shares is greater than the market price per common share on the NYSE (such condition being referred to as "market discount"), the plan administrator will invest the dividend amount in common shares acquired on behalf of the Participant in Open-Market Purchases.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The plan administrator's service fee, if any, and expenses for administering the plan will be paid for by the Fund. There will be no brokerage charges to shareholders with respect to common shares issued directly by the Fund as a result of dividends or distributions payable either in common shares or in cash. However, each Participant will pay a pro-rata share of brokerage commissions incurred with respect to the plan administrator's Open-Market Purchases in connection with the reinvestment of dividends and distributions.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Shareholders who elect to receive their distributions in cash are subject to the same federal, state and local tax consequences as shareholders who reinvest their distributions in additional common shares. A shareholder's basis for determining gain or loss upon the sale of shares acquired due to reinvestment of a distribution will generally be equal to the total dollar amount of the dividend payable to the shareholders. Any shares received due to reinvestment of a dividend will have a new holding period for tax purposes commencing on the day following the day on which the shares are credited to the U.S. shareholder's account.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Participants may terminate their accounts under the dividend reinvestment plan by writing to the plan administrator at State Street Bank and Trust Company, located at One Lincoln Street, Boston, Massachusetts, 02111 or by calling the plan administrator's hotline at (877) 272-8164. Such termination will be effective immediately if the Participant's notice is received by the plan administrator at least 10 days prior to any dividend or distribution record date for the payment of any dividend or distribution by the Fund; otherwise, such termination will be effective only with respect to any subsequent dividend or distribution. Participants who hold their common shares through a broker or other nominee and who wish to terminate their account under the plan may do so by notifying their broker or nominee. The dividend reinvestment plan may be terminated by the Fund upon notice in writing mailed to each Participant at least 30 days prior to any record date for the payment of any dividend or distribution by the Fund. Additional information about the dividend reinvestment plan may be obtained by contacting the plan administrator by mail at One Lincoln Street, Boston, Massachusetts 02111 or by telephone at (877) 272-8164.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2018<br>37</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=38,FOLIO='37',FILE='18-15481-2.ha',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Additional Information </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (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>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>
</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 2018<br>38</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=39,FOLIO='38',FILE='18-15481-2.ha',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Additional Information </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">April 30, 2018 (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>Privacy Notice</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">We are committed to maintaining the privacy of our shareholders and to safeguarding their nonpublic personal information. The following information is provided to help you understand what personal information we collect, how we protect that information and why, in certain cases, we may share information with select other parties.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Generally, we will not receive any non-public personal information about shareholders of the common stock of the Fund, although certain of our shareholders' non-public information may become available to us. The non-public personal information that we may receive falls into the following categories:</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;Information we receive from shareholders, whether we receive it orally, in writing or electronically. This includes shareholders' communications to us concerning their investment;</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;Information about shareholders' transactions and history with us; or</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;Other general information that we may obtain about shareholders, such as demographic and contact information such as address.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">We do not disclose any non-public personal information about shareholders, except:</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;to our affiliates (such as our investment adviser) and their employees that have a legitimate business need for the information;</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;to our service providers (such as our administrator, accountants, attorneys, custodians, transfer agent, underwriter and proxy solicitors) and their employees as is necessary to service shareholder accounts or otherwise provide the applicable service;</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;to comply with court orders, subpoenas, lawful discovery requests, or other legal or regulatory requirements; or</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;as allowed or required by applicable law or regulation.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">When the Fund shares non-public shareholder personal information referred to above, the information is made available for limited business purposes and under controlled circumstances designed to protect our shareholders' privacy. The Fund does not permit use of shareholder information for any non-business or marketing purpose, nor does the Fund permit third parties to rent, sell, trade or otherwise release or disclose information to any other party.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund's service providers, such as their adviser, administrator, and transfer agent, are required to maintain physical, electronic, and procedural safeguards to protect shareholder nonpublic personal information; to prevent unauthorized access or use; and to dispose of such information when it is no longer required.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Personnel of affiliates may access shareholder information only for business purposes. The degree of access is based on the sensitivity of the information and on personnel need for the information to service a shareholder's account or comply with legal requirements.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">If a shareholder ceases to be a shareholder, we will adhere to the privacy policies and practices as described above. We may choose to modify our privacy policies at any time. Before we do so, we will notify shareholders and provide a description of our privacy policy.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In the event of a corporate change in control resulting from, for example, a sale to, or merger with, another entity, or in the event of a sale of assets, we reserve the right to transfer your non-public personal information to the new party in control or the party acquiring assets.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2018<br>39</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=40,FOLIO='39',FILE='18-15481-2.ha',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;">(This page intentionally left blank.)</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 2016<br>40</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=41,FOLIO='40',FILE='18-15481-2.ha',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">
<!-- Document name: 18-15481-2.za-->
<p style="margin:12pt 0pt 12pt 0pt;"><img src="j18154812_za006.jpg"></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=42,FOLIO='',FILE='18-15481-2.za',USER='ltolend',CD='Jun 21 18:58 2018' -->
<br clear="all" style="page-break-before:always;">


<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><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; 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, 2018, 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_233024_4379"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='3',FILE='C:\JMS\105192\18-15481-1\task8947883\15481-1-ga.htm',USER='105192',CD='Jun 21 23:39 2018' -->

<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>
<table border="0" cellspacing="0" cellpadding="0" width="93%" style="border-collapse:collapse;margin-left:.25in;">
<tr>
<td width="23%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:23.92%;">
<p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Period</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(a)<br>   Total&nbsp;Number<br>   of&nbsp;Shares<br>   (or&nbsp;Units)<br>   Purchased</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(b)<br>   Average&nbsp;Price<br>   Paid&nbsp;per&nbsp;Share<br>   (or&nbsp;Unit)</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.08%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">(c)<br>   Total&nbsp;Number&nbsp;of<br>   Shares&nbsp;(or<br>   Units)<br>   Purchased&nbsp;as<br>   Part&nbsp;of&nbsp;Publicly<br>   Announced<br>   Plans<br>   or&nbsp;Programs</font></b></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>    </td>
<td width="16%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.08%;">
<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="23%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:23.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month #1<br>   11/01/17 through 11/30/17</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<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="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:23.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month #2 <br>   12/01/17 through 12/31/17</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<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="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:23.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month #3 <br>   01/01/18 through 01/31/18</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<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="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:23.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month #4 <br>   02/01/18 through 02/28/18</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<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="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:23.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month #5 <br>   03/01/18 through 03/31/18</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<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="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:23.92%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Month #6 <br>   04/01/18 through 04/30/18</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<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="23%" valign="top" style="padding:0in 0in 0in 0in;width:23.92%;">
<p style="margin:0in 0in .0001pt 10.1pt;text-indent:-10.1pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" style="padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="1%" valign="bottom" style="padding:0in 0in 0in 0in;width:1.08%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="23%" valign="top" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:23.92%;">
<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:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>    </td>
<td width="2%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:2.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="16%" valign="bottom" bgcolor="#CCEEFF" style="background:#CCEEFF;padding:0in 0in 0in 0in;width:16.08%;">
<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_233857_141"></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\105192\18-15481-1\task8947883\15481-1-ga.htm',USER='105192',CD='Jun 21 23:39 2018' -->

<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 most recent 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; Disclosure of Securities Lending Activities for 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="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>Not applicable.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(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 13.&#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;under 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.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)(4)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Not applicable.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .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;under the 1940 Act (17 CFR 270.30a-2(b)) and Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 are attached hereto.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">5<a name="PB_5_233908_7608"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='5',FILE='C:\JMS\105192\18-15481-1\task8947883\15481-1-ga.htm',USER='105192',CD='Jun 21 23:39 2018' -->


<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Fund has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARES DYNAMIC CREDIT ALLOCATION FUND,&nbsp;INC.</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Seth J. Brufsky</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
<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:43.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seth J. Brufsky</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
<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:43.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief   Executive Officer</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;25, 2018</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Fund and in the capacities and on the dates indicated.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Seth J. Brufsky</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
<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:43.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seth J. Brufsky</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
<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:43.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief   Executive Officer</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;25, 2018</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Scott Lem</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
<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:43.5%;">
<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="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
<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:43.5%;">
<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="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="6%" valign="top" style="padding:0in 0in 0in 0in;width:6.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.5%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;25, 2018</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.84%;">
<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 align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">6<a name="PB_6_234926_6473"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='6',FILE='C:\JMS\105192\18-15481-1\task8947883\15481-1-jc.htm',USER='105192',CD='Jun 21 23:49 2018' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>a18-15481_1ex99dcert.htm
<DESCRIPTION>EX-99.CERT
<TEXT>


<html>
<head>



  </head>
<body link=blue lang="EN-US">
<div style="font-family:Times New Roman;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.CERT<a name="Exhibit99_CERT_115157"></a></font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;text-indent:387.0pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit&nbsp;13(a)(2)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, Seth J. Brufsky, President and Chief Executive Officer of Ares Dynamic Credit Allocation Fund,&nbsp;Inc. (the &#147;<u>Fund</u>&#148;), certify that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I have reviewed this report on Form&nbsp;N-CSR of the Fund;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Fund as of, and for, the periods presented in this report;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Fund&#146;s other certifying officer(s)&nbsp;and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the Fund and have:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Fund, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Evaluated the effectiveness of the Fund&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Disclosed in this report any change in the Fund&#146;s internal control over financial reporting that occurred during the most recent fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Fund&#146;s internal control over financial reporting; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Fund&#146;s other certifying officer(s)&nbsp;and I have disclosed to the Fund&#146;s auditors and the audit committee of the Fund&#146;s board of directors (or persons performing the equivalent functions):</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Fund&#146;s ability to record, process, summarize, and report financial information; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105192\18-15481-1\task8947883\15481-1-mm.htm',USER='105192',CD='Jun 22 00:43 2018' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any fraud, whether or not material, that involves management or other employees who have a significant role in the Fund&#146;s internal control over financial reporting.</p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;25, 2018</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Seth J. Brufsky</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.2%;">
<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:43.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seth J. Brufsky</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.2%;">
<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:43.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief   Executive Officer</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105192\18-15481-1\task8947883\15481-1-mm.htm',USER='105192',CD='Jun 22 00:43 2018' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">I, Scott Lem, Chief Financial Officer of Ares Dynamic Credit Allocation Fund,&nbsp;Inc. (the &#147;<u>Fund</u>&#148;), certify that:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>I have reviewed this report on Form&nbsp;N-CSR of the Fund;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Fund as of, and for, the periods presented in this report;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Fund&#146;s other certifying officer(s)&nbsp;and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the Fund and have:</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Fund, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Evaluated the effectiveness of the Fund&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Disclosed in this report any change in the Fund&#146;s internal control over financial reporting that occurred during the most recent fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Fund&#146;s internal control over financial reporting; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .25in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Fund&#146;s other certifying officer(s)&nbsp;and I have disclosed to the Fund&#146;s auditors and the audit committee of the Fund&#146;s board of directors (or persons performing the equivalent functions):</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Fund&#146;s ability to record, process, summarize, and report financial information; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105192\18-15481-1\task8947883\15481-1-mm.htm',USER='105192',CD='Jun 22 00:43 2018' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any fraud, whether or not material, that involves management or other employees who have a significant role in the Fund&#146;s internal control over financial reporting.</p>
<p style="margin:0in 0in .0001pt .75in;text-indent:-.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June 25, 2018</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.2%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.12%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Scott Lem</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.2%;">
<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:43.12%;">
<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="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.2%;">
<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:43.12%;">
<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="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.68%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105192\18-15481-1\task8947883\15481-1-mm.htm',USER='105192',CD='Jun 22 00:43 2018' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>3
<FILENAME>a18-15481_1ex99d906cert.htm
<DESCRIPTION>EX-99.906CERT
<TEXT>


<html>
<head>



  </head>
<body link=blue lang="EN-US">
<div style="font-family:Times New Roman;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 99.906CERT<a name="EX99_906CERT_115918"></a></font></b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<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;13(b)</font></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seth J. Brufsky, President and Chief Executive Officer, and 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 .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>This Form&nbsp;N-CSR filing for the Fund (the &#147;<u>Report</u>&#148;) fully complies with the requirements of Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act of 1934; and</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.</p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Seth J. Brufsky</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Seth J. Brufsky</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">President and Chief   Executive Officer</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;25, 2018</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>    </td>
<td width="43%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:43.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Scott Lem</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.42%;">
<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="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.42%;">
<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="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="7%" valign="top" style="padding:0in 0in 0in 0in;width:7.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>    </td>
<td width="43%" valign="top" style="padding:0in 0in 0in 0in;width:43.42%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">June&nbsp;25, 2018</font></p>    </td>
<td width="49%" valign="top" style="padding:0in 0in 0in 0in;width:49.58%;">
<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;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A signed original of this written statement required by Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section&nbsp;906 has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission (the &#147;<u>Commission</u>&#148;) or its staff upon request.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This certification is being furnished to the Commission solely pursuant to Rule&nbsp;30a.2(b)&nbsp;under the Investment Company Act of 1940, as amended, and 18 U.S.C. &#167; 1350 and is not being filed as part of the Report or as a separate disclosure document.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\105192\18-15481-1\task8947883\15481-1-mo.htm',USER='105192',CD='Jun 22 00:02 2018' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>j18154812_za006.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j18154812_za006.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ & !' P$1  (1 0,1 ?_$ :(    & @,!
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B/LJ7,MO%'=23-<7,L)B1))C:1?3VV=3%4FD8A24&FA__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>j18154812_aa001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j18154812_aa001.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ AP)D P$1  (1 0,1 ?_$ :(    & @,!
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MVEO]3_O(_P"*^]]:Z[T-_3_>1_Q7WKK?76AOZ?[U_P 5]^Z]UWH;^G^MR/\
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MUOKR??NO4ZZM_C_OO]C[]UZG7=A_6W^^_K[]UJG7K?7G_B/Z>_=;IUZW^/\
MOK>_=>IUU;_'W[KU.N[?X^_=>I]O75A_4^_=>IUV%_U_]M^?Z>_=>I3KUO\
M$_\ &_?NO4ZZM_C[]UZG[>N[?X_\0??NO4ZZM_C[]UZG7K?X^_=>IUZW^/OW
M7J==V_Q/_&O?NO4ZZM_B??NO4Z];_7_Q]^Z]3KO3_C_OO]?Z>_=>IUZW^)]^
MZ]3KUO?NO4'7K?X_X>_=>I]O75O\3_K^_=>IUW;_ !]^Z]3KJW^O[]UZG7K?
MZ_OW7J=>M_C[]UZG7>GCW[KU!UU;_$_[[Z>_=>IUZWOW7J#KNP_K[]UZG75O
M\??NO4Z[(_Q]^Z]2O7K?X_[S[]UZGV]=6_U_^*>_=>H.O6_U_?NO4Z[M_C_O
M/OW7J?;UZW^/^^_XK[]UZGV]-=5LPF-S4T@DIPC)+!/%Y()4E5HVBFC!#FGF
M#Z6"@G23Q[U3K1'[.JV>_OBGD]D'*]@;%HI,ALK7+6Y_;L/FGK]H:RLU3DL3
M$L*M5[=I-+EPS^2-6&A#S8MGMC$3)'F(\1Z<,CY<21^P=&<=QX\8AD(6<85O
MXAGM<\*\ K4'],TR"JXS5$8*R'QM"S%XFCD9H94+7\L3$!VBDO<:@K\\@>VU
M\F'#I!<X8Q/76,&HR*>1^8\Z5'1DMA5LU0]-$&#/XPY76WHNMG-U)-KW^G]/
M:U*FG172C$=69_&_N#^X.3DB6.&IAD$5)4KHAE2>(7_::&8F)XR#:Q')'M^@
M(H>C"UF\,XIU:;MWL+IW?=!3T^3P\.,GJ"&FBI(UHZ60B-XVUT(?[.92)3Q9
M0;>VBDRFJFH^?1RDUM* &%#\O]5.@/[*^"_QM[AS1JL!B:';NXGIA54^Z]KU
MQVMDXY_4I6H;'>6CJFU$,%='%^/;9X:Y%[OEQZTUM$X,<1HI^RG[,C\QGHE/
M:G\KWOO%XRIHNN^V:/>-*\-4%V]V%1LOEIFC_:AH]Q82DGAUS#B]3#=EL/=2
MQ*G0_P"3?YQG^1Z9?;U)&I:4\T)'YT:H/Y%.BI;$JN_/A_DAL;Y/[!W#C>KY
MF:CV[OBC!SFWL%-5.ABHZC+1%:F#"Z5*^5H#+$4 "D7/MF*YFMW\*X0^ 1AP
M057Y'(8?(Z:>1/3]Q9P2J)+5C]1^*-ETLQ_B2E5)/$J&KY@>71]=G[NV-NZ@
MAK]I[FQN>I94(CEH:RDJ4!4 -S3L9F/J_MHOU_P]FBLK"JD$=%5 K:34,.(.
M"/M'']O3GF(2D7C*(0\E_+&"7\8!N7! !LW'T/'O9ZTV.F1&@\(I!C5FJA4Q
MR#)-]Q(Z4R03++1&E$L=/-'(SB342L@*<$"]]=:'#AGI.O&L3LH*.GE)69 R
MZ@3]=#!2A_!4EK?U/U]^ZUTJZ"CI,K1U6,JE,E)6- YD@9HJR":E8S4]7CYF
M5C#6T$W[L3I8QRC4.2;[ZV,X/^K[.A4VEV#FJ>M@V1O:I%1N%*64[=W,46.B
MWIBL:;/Y1=13;LH8)E:KA5?'-$C2Q$V<"E*8/2E)6KH?XO(^O^STNIL^H#@R
M)J)TE&L."+EO3>QU#^OT/O=.KE_+IDFRFJ34K+INS+<DBQN"NF[*;@^[4Z;+
M^G62+<M12))$DHC\@"KI-C8<V *G_6O]?\?>J ];$A'14/D?UKMON;;M9A=S
M4RM57^[P^8*VGQ&4A9G@K(G5?.N@VU%+LR7'/'MJ:"*=-$H!%01\B,@_:#PZ
MHL\T,OBPL5DH1]H/$'U!'$'I[^,'Q0[0W'UA556"[/H9=X[8J(\=EMC[RAK*
MO#5(0M+19''9V*G.6H\9F8&1J>J2.: DLA34I4MF3P0%>I)ZW!9R7"L\3 ,#
M\)]/+IGW[B=Q]?Y;^[O9^W\ELNOGD I<I6A:K:.7G96?PX3<\;?P^8LR\?<"
MG;2&]*D6]NAU?(/2>1'A;1*"I_E^1Z1KUE5BZN!^9J1RLHF5@Z*I)4HDB762
M-?P;$?T)]VZID=&=Z[[.BH8XL=52?<44VE!3O9VC8G0\D*DIIE%SIYL?S[V0
M&^WI3%+IP?AZ%2JRM/''-5M52B":#7BV,23Q5%0[\TU81)>.01-<6/I(_/OU
M.GBU!7R\NDY'D0DQDB"1R674ZW,IN;,P_-RI/]/>^J:Z&HZ#W<_5W7O9&\-N
M9C=U"T&9AF@PS[DH6-+DHJ">5A")YXR+Q4+/KC5@4CM] +^]%1\5,TZHR)*P
MUUX\>G;LWH+??2 CS5#7#=FR99%"YNC4C(8J"=?(D67QZ1BG2!0 !5)(RN#<
M@'VU'*KX&#TY/:2V_<#JC]?\_33M?>(Q%JA:A_L9)%*(65Z>&210\VEETDQR
MRFZGDGV_@],I(5X<.E?F*BCS3RY80PR334S0@@OJ9&B= B@%5(*M8?FY]^ I
MU=B&.KSZ!3<V.&VXJ6NDC*X:4Q4LM0/)JQM2VI0U:'31%1$J!Y6<V8@$<W]Z
M./LZ88:17RZ;1&K"ZM<&Q!%B"#R"/P0?ZCCW[K5<]=^,<\M_K\?\4]^Z]7KW
MC']3_7Z#Z_[;^OOW7J]=>(?DFW]./^*>_=>J/+KOQCGD_P#$?Z_^\^_=>KU[
MQB_U/^\?\4]^Z]7KWB'TN?\ >/\ BGOW7J]>\0_J;_GZ?\4]^Z]7KKQ#^IY_
MUO\ BGOW7J]=^,?U/^\?\4]^Z]7KKQC^I_I^/^*?CW[KU>NS&/ZG_>/Z?ZWO
MW7J]=>(?U/\ O%O]M]/?NO5Z[\8_J?\ >./]X]^Z]7KWB'^J/^\?\4]^Z]7K
MWB']?];Z?\3[]UZO7O&!^3_MA_Q3^OOW6NNC$/K<_P"V'_%/Z>_=;KUWXQ^"
M?]L/]\![]UZO7O&/Z^_=:ZZ\0_J?]]_3W[K=>N_&/ZGZ<_3Z_P"V]^Z]7KHQ
M#^IX_P!:W^]?3CZ>_=>KU[Q ?G_>O?NO5KU[Q#^I]^Z]7KWC'')^A_ _WCCW
M[KU>N_&+'D_3^@_I_K>_=>KU[QC^I_VP^G^V]^ZU7KKQ#^IMS_2_]/Z>_=;K
MUWXQ_4V_V'_%/?NO5_;U[QC^I_UA;W[K77O&/ZG_ 'C_ (I[]UNO7O&/ZG_>
M/^*"_'OW7J]>\8^MS_O'OW7J]>\8_J?^1?[#W[KU1UUXQ_4G^OT_VWOW7J]=
M^,$\D^_=>KZ=>\8_U1_I:P_XI[]U[KWC']3_ *_'/^^O[]UZO71B']3_ ,3_
M +US[]UZO7O$/ZMQ_2W]/Q[]UZO7O$/ZF_\ K#W[KU>N_$/ZG_>/]M[]UZO7
M7C_&H_[Q_A]./?NO5'7?C'Y)_P!X_P!C[]UZO7O&..3_ +Q[]UZHZ]XQ_4_2
MWX^OT^EK>_=>KT*\D-)D%6TD; 7+'7'=P#?QDB^E&U7U+8_X^[=.T#=>DH:"
MJ'VM13!X)XVAG3ZI-"$\;I/'(1#4T\T5T>-^#JO[UUN@X>75?'R"^(>)V!4K
MV?UQC\AG.O*FJCR^]-J8SR563VL)Y M?GMK"..2I-)03O(:JD&H1J_DC/!LC
M>$(2ZCMKD>GS'^;JTZ>,@J>X* #PJ!^%O\ 8\, XRH;X[KNBBAHMQ[7JHLSM
M;(TD+8[*P:#]H4@CDEHLBU/Y(5ETRK9@?43[=51@C*]%;1%3_G\CY@_/I?[(
MI:BFR<A"ROI?4T:W5E"-IU1.RD'0?^*>[CJT8->CC[,EJ=%.::K2=:D%7558
M/$UBRAX^26LOZA8?CW=>EBU\NK4OA?\ %[?OR#S\E%MS<5#@Y,?")ZFJR=:M
M!2P*Q$89@:FGGJ6#J J(LH&JY0_@JW;=+?:X/&G#,":  5/^K]G1]M.VS7[Z
M8V"TXDXZ4G8.Z]S]+]F[ZZYW"*6MJ-@;@GVQDZZBF3P5D]"L:R5<;-9*B&>^
MI3I1F#<JIX]WMO!OK:.ZCKHD4,*\17JT[RV=P]O)0E&H:?+H'^P=_=<]A8JM
MP6X,33Y3'9.DGQ^0IJZ!#%+'41LCD0"3U@&0V)%OS[5)"R8KCI-+<12BC=:W
MG>'Q>J_CEV]29KK'<FXL-U7NJHCCQN=QM?/"NU<S6U)C7%9&HB\E*V.FL!%/
M)"Z D1M;D^T2626<GZ'9 WD. )^7  ^6,=5O+Y[JV"3:9+E#AF JR4X:A1M2
M_(BHSD@UL2VAT5\N:7;M/G<5)M_LBEDBC2:@S<$N%W#)&JK*C0Y?&03X*JF>
M%54%Z<0DL&:QY]K]3)AF!/SQ_J_9T6BVN&76BBGI_FK_ )2>L.0W]+L^M3$]
ML;+W7U;7O>F$V[<9/2[:GJ"$!2BW1$XV]4B1CP%E!/\ J5^A<$BGCC_!^WIL
MZU.F12I^SIU>KHLFD,^+EIZNCE_S,E-/%40.%!!9)8'D4I<<<^[<<CK6/+AT
ML,!"8AY&8&PU^DW;1_: 'UX^G^O[WU9./2AS6,Q6Z,=_!\D:BGT54%9CLC1O
M&,EB<C3W-)DL3.&80U4"7!1_2X)1N&/OQ%>KD!A0_P"K[.FW';BS,->^UMV-
M2#<]+ )J#(TZ^.CWAAU"I#F<7&6M'4*;K64BDFGG!865^- ^1X]>U-72_P 7
M^'Y_Y^G1LT*.91-$M00S))22GQ@LXTIKN5*!'92?\/>^O:L]1QE48&.1P&C5
MI',;!XT-])*./K$K&P-_]Y][Z\&\NDKEIWED<#4]@X&M" @;5ZE'!-CS_6_O
M1Z;)J:]+/I?M/,=;[OH*JBF])?[-_(%$=11>1';#U32#3]E4G4(C]:>8JWT4
MCVV\:R)H;AT_;3M!('7_ %?+JT')2[&[DVS3O48['9W#92%Q7X[+P05L*U<>
MJ*KHZVG=9E6MA,X4@!&*68$ \H5#PD@^71XYBNHP: @^O^KCT2#LGX.;=6GJ
MJ_IS<E3LRNEU32;0RX_CNR:S]4B04D/D@S&#$K<?Y+4+&."4N#=])3Y\.BV;
M;TI6 E3Z<1_G'5>&ZL1V#U5D3%OK;.4VG54U:L46>A6;);.KI?(&_P FW"L4
ME-00U+6:.&L02D&Q+&Y+X;HK=9(320$'U\OV]"EM_N_%&&GI<[/34='4U,25
M,I6*&&)W4+'D:20M&C4CR,%E4"QD;4+ 6]VU#JZS#@W#H9DF%M47[FMA,DR&
M21)(I03$-=M)NH)'-K"X]VZ=!ZSM4N:21^&#(4##D!F')+#Z6'(_WKWZG7OL
MZ-?T5V6V=VY5;/W3+25.4H:*2"B6HTM%7X\-9J>5+@R-"I'ITDZ;GZ#VFECH
MP<>O1C:3ZD,;_$!_+H(.V?CUCHXZS+[&=*"KN]74X9M1QF0$BB=9J1EC0TLX
MO;^C-^#[NKUP>F)[0 :H^/I_FZ*%M+>;39_/;5SDK8+/X*#^()C,FBQ5%?!#
M61T4L=)),T;3NZL9 $7E>?I[=#9IT@5LE3AAZ]#MC:2CJY99<NL5;@\Q *:M
MHY[&%D8'4=8LR-K*V):RL+_CWL]/J!7/PGH/]P=<5NQYI:>A:ORNU&F_W"Y1
MHJFK%)2O$)5Q^0R(1Z9C3DZ8G:2[CT_5>:KZ=-O$8^%2GD?]GI+>,_2W^\CZ
M_7W;JE.N_&?];_8CW[KU.O>,_P!/]Y'OU.O4Z]XS_3_87'_%/I[]3KU.NO'_
M (?3_$>_4Z]3KOQG^G^\CWZG7J==>,_T_P!Y'OV.O4Z[\9_I_O(_XI[]UZG7
MO&?Z'_;C_C7OU.M4ZZ\9_H?]N/\ 'WZG6Z==^,_[XCWZG7J=>\9_I_O(X]^I
MUJG77C/]/]Y'OU.MTZ]XS_3Z?XCWZG7J==^/_#_>1_Q3W[KU.O>,_P!/]Y'O
MU.O4Z]XS_OB/^*>_=>IUUXS_ $_WD>_=>IU[QF_T_P!Y'OU.O4Z]XS_0_P"W
M'^Q]^Z]3KWC/]/\ >?\ ?'WZG7J==^/_ 'U[_P#$>_4Z]3KKQ_[Z_P#O?OV/
MSZ]3KWC/]/\ >1_C[]UZG7O&?Z?[S[]3KU.O>,G\?[R/^(]^Z]3KWC/]/]Y]
M^IUZG7?C/]#_ +<?\4]^IUZG77C/]/\ >1_O/OW7J==^,_ZW^Q'OW7J==>/_
M  /_ "4/?NO4Z[\9_H?]O[]UZG7O&?Z?[R/?NO4Z]XS_ $_WD>_=>IUUXS_0
M_P"W'OU.O4Z[\9_I_O(_U_\ >_?NO4ZZ\9_H?]N/?NO4Z[\?^'^\C_BGOW7J
M=>\9_P!\??NO4ZZ\9_I_O(]^Z]3KWC/]/]Y'OW7M/7O'_A_O(]^QUZG7O&?]
M\??L=>IU[QG^G^\C_#W[KU.O>,\\'G_$>_4Z]3KWC_P_WD?Z_P#3W[KU.D[1
M9RH681PULDB^(N)4D 4L74"+26)%P;G^EO=0>M5Z5U%N>I0R+6O)$(U!B8J6
M227]*Q.>+:S;\\?GWNO6PQ'3I4;NJZ6%J>M26C!61O)&%TH*F/QLJB0R0'[F
M%BC!OU(3^??J]6+GAT4#>=">M<_+O/8-&E5L;-5"S]@=?T4+Z<;-ZWEW)MFB
MD#R&*21C]S1!1"''F0:V;2R1H.I,H>(_RC_-U1BNFIXC^?R/V9H<^G"E![Z_
MVMMC=&+I-P[7K:+)8C*QPU6.JZ5XZA%BEOKC<JVK5'("CJQ#K("& (]NKI8:
MAPZ\L?I@]&)P&P!1RPM#!$A6-249'@#L"@U*X(X^O^'NU0.GUB/1Y^K=_-L'
M;M/!2P34FX(ZJ2:+(PR*U/4<$4SZG1YH)Z9[^J-XBR&P8$CVBFA$S4;*4X=&
MUO<> F,/7C_J_P!CH#]QY/-[GRFZLQE*BIK)\MF\A7SS3R3U332L[C6T]2\E
M5)=OIY'9[ 7)M<J$544(HH *=)'9I&9V-237HN^Y(,G3R-X!.A)N"C:0M['2
M-5_3;Z>W>D3!@:=([)41SNWFQ^7Q]'G,9E9:NEKL-EX?NJ&OQR  0U-#*KPR
MR:V<C39[A2#>WOQ%10\.JU( /SZ-]\4-_P FSL%0==[HR$F1V9YH:/KO<V0J
MF:NPY>T*]=;VK')4Y:D=1#BZ^8C^(1*L+$RJ@9%-$?B7HTL;C2/"D^ GM/I_
M1/\ D/GPZ.CNK;VV]VXVJP^<Q>(S.'K%:"MQV7H*2OII$M81U5'5),DD3WU+
MKC8?X7!]L*6'K7HQD1)!0@$?/HD6[O@+U#F)JK)[(KMS=3YF6[4TNP*V>EV_
M'. 1$:W:TLU1MJI@,A!;_)HF^OJ'MX2TS_J_9PZ+I-NB8'02I)\O]7#]G18M
MZ=#?*3J.*6:DPF#[VVY31REZ_:T8VWO2*CA &NJP,IEQV9G>-=6B*0R%OT@_
M3V\L]1Z_RZ0R6=U%7@Z^HX_LZ K&]VXNGR\6.W)39OKC)2,H&%[!PE=MBL6=
M38_;'-4U#3UAY)M&[<?ZWMT2*>./MZ3DE#1L'Y]&$RK;0[%VQ]C6Y.FH\Q @
MJ]K[FH:B%LAA,RB'[.OHQ!(/N,>3(340C5#-$65^#QLBO#ITE)$HV#Y'Y] A
MM_>;Y^HR6ULY-!1[_P!M%X<O11R 1Y/'Q$I#N#$L L59C<E8-Y$U-&T@C:UE
M]^#5Q^(=,*2<-\0X]+S$3U:3WII#2I,$I*DLSR0^-G!8U41MY-#?4+]/=NK
M].>4QTT60%*AH*T2/''$^(U21SS5*JT(C-CZV9P&3]2-Z3S[]ULCNH*'[.DS
M78ZHH:OUQ305E).PJ:6>*2"IIJBGDT%)Z>0)(I68 'ZDCWK[.M$$'/'HP_5'
M:-=LO(?<2?=38VHIXZ;/XU)97EGI89$6GS%*NFW\6QBR'E 3+ [@@L![I(@<
M?,=*H)S$?Z/G_G^WH[7]\<9D<;39&BK:2:CK*<5E+6TLRRTM32RJIBGBG0Z3
MY5M>W]HG\W]IPAK3HS\12-0..D%DJK&U[Y#%9VDI:RGJ!+25^.R$%//1U<#
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MP_VWOW5:]>TG^O\ OOI[]3KU>O6-N3_K<?X?[S[]3K?7>D_U_'OW6J]=6/\
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M]^Z]3KKQ/_J3_M_?NO4Z[\3_ .I/^W][Z]3KKQ/_ *D_[?WKKU.O>)_KI/\
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MJ==>(7_4?]?B_P#L?]O[]UZG7O&/]4?]X^G^QY/OW7J==Z/]K;Z_T%OK]?\
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MB2")88\(H 'GP]3YGU/F<GH.S2//*TTAJ[$D_G\O(>@_+I->/C]1XYM_L?\
M6_)]N]-TZL^_EE?&W";^[&S7R/[;DI\3\>_C#$>P-YY?*1L:#-;EP=)+F]O[
M>@1HS%D%H)J1,A70CR%HXX*9D)K([A;FC<I+>V7;;/.XW1T*!Q ."WRXT!]:
MG\)Z$?+NWI/<'<+K%A;=S$\"1D#Y^I_(>?27QOR*SGR ^<78W;&6FKXL1W#M
MWO/90PM9*@;']9;CZ?WML_!;>K%AD:EO@]NFEDE,9"/64[3?J8GV\=MCV[8H
MK-*%H6B:H\W616)'VM7\C3IH7[WV\27+5T2K(M/1"C*!^0I^8KU73X_SJ/\
MO''^L2/Q?V(^B&G3M@=OY7<^<PVV\%239+.;ARN.P6&QT U39#*Y>LAH,?10
MCB\U563HBC\LP]TDD6*-I'-$4$D^@&3U9(VD<1H*NQ  ^9P.K*OYG&<H]G[R
MZ,^*&W*^.;"_$KIK:FS<K5X\>*FR'9^Y<5B=P[XS]+XRNF3*(F/DE)"R)5B8
M$ \ ,\KQF:&?=Y!WWD[,*\0BDJ@_+/Y4Z$/,3B*6';(SV6L*J:>;D L?SQ^=
M>K$_F>#\X/Y6?3_R7Q4,&1W]U$<?F-\2Z?)DXUHD?K_M>G@B0L:>GJ<_246<
M;7],=2!^21<-[)38N;)]K;%M-4)Z?QQ_L%5_TQZ/MW_W<<MQ;BN9XJ%O7':_
M\Z-]@ZUK/'_M3?7Z\7O_ +W;GW)O4?4Z7G5D8/9W7/J/_'^;0/\ 0'_?P8ZW
M O\ 0#VGNC_BTG_--O\  >G[8?XQ'_IU_P (ZNZ_GZK?M[H'_#K;<OX!X_O/
M'_A;V!/;W_<.X/\ PU?^.]##G;_<J#_FF?\ #T2C^4M1YR;Y\]'2X0SZ*+^_
MU9G)(]1@AP(ZWW;3UAK-((\,T]3#%'J%C421VLUC[/N;S&.7K@/YZ /MUK3_
M #_97HGY8#_ON$I7&JOV:&K_ *O7H./YB_9NW^XOFIW[OC:U1%5[??=5#M?'
M5],]/-2Y-=@[;PFQ*C+4E33/)%5T&4K=N25%-,&(DIY(V'%K*>6[62RV.WMY
M<2!-1'IK8O0_,:J'Y])]^N([O=YYHCV:J ^ND!:_8:5'RZA?R\TM\VOC00Q/
M_&4\#P;'_E8^O^M?W;F+_DAW7_-$]:V(?[N+?_FJ.C??SPE+?-'' $W/2^Q@
M +7/^YO>7T_-_9+R)_R0S_S7?_ O1KSB/]VX_P":*_X6ZJ3.T]R+@)MUO@<T
MFV:?*4.#GW"^,JUPT6:R5+DJ['XE\F\(HQD*RCPU5-'#K\CQT\C 61B!AXL?
MB>%J'BD$TKF@H":>E2,_,=!?PI-'BZ3X=:5IBIJ0*^N#^SJR;^4;W[L/X_\
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MQ: 0&%K-ZSI(-O=^J D9ZYTFZ<W2U$C_ 'M0()M<;:V8 A;ARH>Z$JH) O\
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MJ]@[#J8<UWYO6!E.3[&[7%0)Z[$9.HI66DEI<'5TL$M5&K2B*I@IJ,%!CB)
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MPE$DXL#'1[HJZ*FV]6H2UQ:=6M_9N"/:M;F(G2^I&'\0('Y-\)_(GICPY/P
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MY)=FR'Z_Y7F(J\#BU@*ZEJ !_@./;!Y<V,\;6+\A3_!TZ-]W<?\ $B3]M?\
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M[X\_3_>_?NO=$BQGP;[4HM,_77==>*B$DQ8_?6,HLW3&'4/I58^+'9'R:U4
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MC,MIJYC3T;'#M45D,GF=@P"2,0?Q?CWY9$=M"DAOL/26?:[BWC,U5,0\P?\
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MFV]N#$X;<&)J+PS8S,T,==2OY&4MK691R0+'FP_I[VRL>O!HF&DT(Z++N_\
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M#A\QCM8NS(C5,:G]*DVLM7=E&)(K@_,03_S!CJ/RKT62;;)DPR0X%:--%7[
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M)E^H:7)24K)H;OSH@1K4(Z24K>2/LC0DDE4JK=B#<^V_WC &%%GT_P#-"?\
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M?Z,_]*>^-?\ ]MGW[]YVW\-Q_P X)_\ K7U[Z"?^*'_G-%_T'U[_ &7G?O\
MSO\ HO\ ]*>^-?\ ]MGW[]YVW\-Q_P X)_\ K7U[Z&?^*'_G-%_T'U[_ &7K
M?O\ SO\ HS_TI[XU_P#VV??OWG;?PW'_ #@G_P"M?7OH)_XH?^<T7_0?77^R
M\[]_YW_1?_I3WQK_ /ML^_?O.V_AN/\ G!/_ -:^O?0S_P 4/_.:'_H/KO\
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MS[]^\[;^&X_YP3_]:^O?03_Q0_\ .:'_ *#Z[_V7G?O_ #O^C/\ TI[XU_\
MVV??OWG;?PW'_."?_K7U[Z"?^*'_ )S1?]!]>_V7G?O_ #O^B_\ TI[XU_\
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MGOC7_P#;9]^_>=M_#<?\X)_^M?7OH9_XH?\ G-#_ -!]>_V7G?O_ #O^C/\
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D&OZ?^C9]^_>=M_#<?\X)_P#K7U[Z"?\ BAK_ ,UH?^@^O__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>j18154812_aa002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j18154812_aa002.jpg
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M  (1 0,1 ?_$ ,   0 # 0$! 0             !! 4# @8) 0$!
M             1   @$$ @$$ P$! 0       0(# " 1$A P0% A,3(B$P04
ML#,1  $! PH%!0$  04       $ (!$A,#%!46%Q@9$"$A! L='A4*'!(C+P
M\4)28G*"$@$                   "P$P$  0($! 8# 0$! 0     !$0 A
M,4%18?!Q@9$0(#"AL<% T>%0\;"@_]H # ,!  (1 Q$   ']_
M         #R52J<#D>23L630.@                      .!GE,@@D@D@
M]&H7P                    "N9A5!T+!U)/!P*X )-4O@
M      YF64R2Z7BP  "J9!X!!)OG4                  @SS-!H&@>P
M#D81Y!!>-<             'D@'HD '(R"N734/8     *!D@'H^A/0
M    !P*YP.1R.9  /1T.IT*1Z-@L@      \GSQY!)M%H        @JE,J'D
M@ $@@D@D$  ZELNE@      Q2H2#4-        \&>43P020 "2"2"2 "2"2
M20=C0+IZ    !F&: :)J      '@SB@0" "2"2"0" 20"0 " "3V:!H$@
MH&2"2\:P    !!1,P\@$ D$ D@'LZ'LY',['LYG@\@@D@D '0U2V   4#))(
M+YK     Y&05@202  #N6BP6#V"F8Y<-<D YE<K%8X  $@NFJ>@ "@9()+YJ
M@   %0R#R""2 "3H7RX=0 "B9)H&H    <2D43F"2"3J;!W !G&62#2-(
M&<9@(!(!!W-(MD@  HF2:1I      @I&:<B0"38+8!DE$@DU2^   99G  D
M]FF7@   43)-(T@      ""@9AY!(-8O PRL2#:+0  ,HSP2  734/8   *9
MCFD:0        .1DE4$@UBZ?/'D@D^@.@ !FF82 022:I>    *AC&B:8
M      !G&8""33,L$GL^A  *1CD@@D'LV2P    5S$+IK           %4QB
M 0 26S9 !P,,@ @'4VCL    <C"+)L$@           KF(>22"2#5-  &"<
M"0>C<.P   !X,,]FV2            "N8AY) -X[  ^;() )-LL    $&*<C
M=/8             ,\R@2=#Z   ^;(!)!KEX    &24C<.X
M!DE D@ZF^2 #YH %XUP    43)-DM@             $'SQX!(-0T  ?-D$G
MLWST    5S#-$TP              4C( (!T-\] 'S1(-@N    '@PCL;)(
M             ,0K$$G4XDFJ7P#YHDL&X    #&*YO'L              '$
MP002;ICG$[F\ ?-D&V6@   "@91MED               RC/!)9-LI&.#=+
M/FBP;H   !Q,(T#3               /!\^>0#9+A!\^<S1-0'S9K%X   $&
M&2;9(              !FF:"#J;Y(,TS#L;X/G#Z$]    S3.-T[
M       'D^?/!)!J&B <CY\'T)T,8V0   <#"-0T                9QF$
M ]GT!Z !A' URZ4"^   089)MD@              'D^?/(!HFF  9AFFB:A
MQ.P  !G&:;IV               !F&: >CZ ]@ %0Q2X;)!(  .9@&B:0
M            .9@'D$FB:8  /!\Z=C?   !C'$WB0               9)1(
M)/1] >@  #YX@^A)  !5,0VBV               #@81 !JF@   #"*Y]&>@
M "#!.IM                &&5@#L;Q(   ,8IFXEE0 *!E&\=@
M      43)! -DN    &.4C;2TH \F 7#5               !X, \$D%HVP
M   9!2/H#H #-,XWSH               #(*1 )-X[     QRJ;Y[ /!@%\T
MP               5#&!!)HFF     8QQ-XD S"@;Y[               /!
M@G@@'4WCT     81[-H \GSY?-,               &0420#;+(     /GBX
M:H!G&:?0'L               IF,2 7C6     !Y/G#7+QR.A\^7#5
M         .1A'@D'0WCT     "J8IOG4HDF0;QV              !!B%8D
MVRR      9I1/H 8YR/9M               &89H -(TP      89W-4'SA!
ML%P              %0Q@0"R;9(     !S/GC<+(/FCH?0$@
M '(PCP2#T;IU      !GE WP#YLL&X              >3#.( -DM@
M@P2^: !\T#>.X            !!C%0$D&B:@      !4,@^@/0!\T"X;(
M         !EF<2026C9)       ,(N&B #YHD&V60           "@91 !U-
MT]@      %(S#?) !\V =C=)           *9C@$'HW3L       >#!-4N
M&"< #2-,          %8Q2""0;1:       !D'DV0  <##( -LL@
M KF*>"2"36+P       *1F&Z>P  "B9 )/9N'4        ' Q#R" :AH@
M    KF(;98    ,LSB0=3</8       *YBG@$@T#4       !R,,U"Z
M9!1)(.YMGL      %<Q3P2""^:P       .1B&@:      !DE D'4VCJ
M "J8QY!)!?-8       ' Q31-        S#-)(.AKEH    %$R2  7S5)
M    *1E&J70       "D9)!!)HFD2  "#,,\$ &@:H      !Y,LJ&R6
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M?X8 3A1(:KRA>)"TS=^%I]!?30SNKFND=4B_ 7)] ]"L$S &=TE@)#;7/=P
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M0B2,CF>CC>-WDXO9ZF%8(OL44EEO]&7JF"?DGP4+]T'THT)P:U"CDY&7GL>
M:VM6T\IQIT/!O2./1)H^^1'UZ3/>S.E6-Y;@\WH>V^NX#R^1F\BK=T6?V]/#
M6&O TF5T3[L?%#Q'G?1!6 +D'B4[WLYMZ555E;JU:V\IG^E   ("P>3%5T*5
MAU7]5E]ZOA-8PQJ6>V'H8R:^3]E"B".9Z7F+V_/I=A#*APDKQ;0]'$9WR=:/
M5V_=K",WQ>[?S:SSO'&IF5OFM6PVQU-]GI84SHMW&-<.^Y5J;X='#S-2N:P:
M&M88YC]GE5CNNT?OR#'R>BCE;Y.6VZL?0]Y"W=G5SZRC"Q;SPI=[5CC_ &L
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MV@ , P$  A$#$0  $                    !! !!
M      !!!!)                       !)()!)(
M   !   !(!(                  !))(    ! )              )(   !
M      !))(          ( !))  )(      !)((        !!!)(!! )))
M     ) (       ! ())!!!)!!()!     ))(      ( !)!! !()  !) (
M   !(      (  ) )!)!( ( (( !(   )!     !)((     !)  !())(
M )(       ()(((  (      !((!  !      () !((  !(       !
M((   !)(      ((        )(! ) (  !)   (    )         )) ! ((
M  ! ! (    )            !!)!  !(! !     )            (!)!  )
M !((    !!            )(((  )) )    !              !)    !
M     ((              )(   !()     )(              !!(  ))
M                   ((   !!     )(              ! !(( (     !
M((               ! (  (     !(               (!!!  !(    )
M              !( !( (     !               !!) )( !     !
M             ((!(      !(               !()  )     !!
M          )     (   ()                  (  !     ((
M      !))(  ) (                    ))!   )(
M     (         !(                ))     (  !)
M  )(     (0  )                 !)    !(0                   )
M!(    !!  !(                !)     !! !                 (!
M     ) !!               !())     !                    (
M  !  (                ! !      !( (               !) )
M(((!               )( (      ! )                !)(       (
M (              ! )!      !) ((               ( (
M             !          (  )(             ))!(       !  )
M           )! (          (!             !))
M        ( )        ((  !)(            (!        )   (
M     ((((            !)            !(        )(    ) (
M  ))          )     !((        ! )         (      ! (      !
M)!         )        (((    !))((       (         )!(   !(!)(
M        (         ! ))  !()(                    (!()!  !
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M6E2=8A[10IA\0"<I!7L5>(;3YJS!SAKYXQJ--?G&MW+H;U?B.]<=O[7'&?A
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M2JJJJRKK+BOAGQC8Z5EC/&.=_#^6\,>_\RI,D%KP3E!ERFHP-PV<KAZS0
M6   T L><4$NQ7!WL\M,=*52I55552MU6ZKG7103J,P=#OZKQ2Q$G,1&I/:(
MEWT?9L:4A&"!- 0)+Z-Z^)]_"*^>/U0-99!-<[C&=FB3A(R0G<UQ'+R3S[3Q
MN_O97/PXXO42LTYG08KZ%YTO!&&RE[]<^6.'$5_<JXMK@M9?SZQJQM_?#G^J
MF0;2+"YHA#O4!'C'LE9=[;4$6+!8#+T"$RR,@ORAL98U*JJJW5E5F\W2S46*
M67EF#KH98_@(A(0@(CDC9J18NJK+-@%;IARJ?43$1UU+))&N+UIEX"H#"(@L
MH9!*T)1R,$BR"1RC9GXZG(^&3)SDUQVS\9=FFZL74/.RS=BCN+#UZ\L?^1TF
MN-K>3CC?PC)D28.0)UDG;.A@3R,5U&Z:OHF+ KN(7!=7D=7=44)2I5+BKBJY
MU%B5@L,P==#K^'R_19]0N?%,,DV LY!,(UPY85OGW]^=6^ZXX[U*(ED9&XCB
M(Y148%$O91>7"'N=:4!6P$KH5):^PHQO$U_WZJ_'!7'$7FMQTY@'W\VLMQNT
M+#C?DPUK+3ZKCB_B<=ZMWUWH]A4)4XX'O1HK%%=3"# =<#+7TIQ%AB260VRG
M%IE8%4JKBLTJY$<UF#IF.OXJ"(DC9&XCB)0AS ,8#?0]CE&:*0*(0168C")7
MO67+3ZH41%(1&$1LCB(YT8 #I0ONK.5RK_?7##'"IVFS$7T^?#0Z7RHKT/F%
MU<0-ENTM,:SUX]_';GQ[U\U_R@LI2JV A)D7J'$&)"[\#[Y^EIHIO1M0S?7
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MJLG.:_OAQQTKVJU40BXYYR7S!&<\'Z\BXE &9VP UJ9(@N_DS?Y&_I(D((L
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ML.WCQ\U#*+;4MCK)]%$@!18 +JKD%(9)/HI8CJO;*B(B1W5R;'D]IH    6
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MP)9J#FK=8"E55NLKC=95EM*M"/(W9@@[P'3Q8SY_NVD4Y%Q@-Y+\\QH  0
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M^4[G29CK^9.LVQK8;ET9ZMM9Y]=R^/A\5^ZG01">&<!Q+7=N=      ! !8
M+ 'X"%,JCE-#NG>H0[AE-9WA!R?+]?%1COU.U88=YOE[U-E@&XJ'9/O/Y0)>
ML5D8#DO8K7G?GC5_C;''>U<6^LZCC.V^="&QC#:6ZXDQ8,V@##@#W5S6;^!%
M1C9C'!6RK&TZ5M  8<.!%C#*8*,D& P (#S<<:/@PWJL,7EU;E(F  P42)S/
MR&;3;806Q,XZ&=*HE5*,JJRJN;X=(KVYO/H4G)<"( ,4W@,6*B:5$&&.%V&
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M3D&N!EKZ\U#02P\M^2I5#?( !]HRPVHRLXKL$I@"K02AA+:\IB'-['X'_]H
?" $" P$_$/\ V@/_V@ ( 0,# 3\0_P#";D_^>7__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>j18154812_ba003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j18154812_ba003.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ FP$: P$1  (1 0,1 ?_$ :(    & @,!
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MY_FGM2?S[>^6WR2QA+M))!%W9V/)0SR-"\&NJQU1N.:@JW2.0Z3+&Y0V9;,
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MHI/T!9B!^3]??NO=<O?NO=>]^Z]U[W[KW7O?NO=>]^Z]UT2%!9B%502S$@
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MFHP%#+BI9)&:6HJ\/-.Y_='OG=[^\DCE3G5[^T73M.Z!ITH,++7]>,?8Y$@
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M/39VSJ^O^VV=\A,-DNI<Y#-*ZTJ[AJ$_CW7U>D D2.3)ONO%18N!F#%(LO,
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MW?-Y?=O;.UBD;5+932VY/G16$B _Z6.5%'R ZY>_>8V)-E]V+N:)=,5_!#=
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M.GQF=RJX6//&EVSLFGS#Y,QY*=OX-5^Z]T$G?OQDDQG96Q=Q?'WJ3?5-U;U
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M^B;M3_GV?8'_ *!FX_\ ZV^SG]];-_REVW_.5/\ H+HL_=FY?\H\_P#SC?\
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M?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=:P/\
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AZ][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[K__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>j18154812_ba004.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j18154812_ba004.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ FP$1 P$1  (1 0,1 ?_$ :(    & @,!
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M2^Y&]^Y&\;MM.SW<^W3W9:.10NEUTJ*BK#&.B4?\-1?S%O\ O$CMC_SWXO\
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M27\ROL;Y"=_?&WKWK[J#K\=>]@_[-YMGN?<,/95=N2;;N^?C)NKJ;!&NZHW
M-M;9AWAL.OQ'9-/D(YLAAL=D,BF0BB:#&34-3'4^Z]TE^N/YJV3KNA-I]I4_
M2^]-_P"R=@_!SX8?,;OKM+>&]]B;1W4FP/D_L;/9Y7V_LK9^TFP6\>V\-%L^
MMR63Q5-#MC;KP>44=9#**2@J/=>Z'K:?SXW'V+\H-E]';3Z[V3CMD[A[B^27
M55;N;+=DRYCMZEJ?BS'GL'V#7[CZ*Q>V*&JZWVKNC>5%3/MC<5;G,C1Y+#3T
M<]12T;YO#+4>Z]T?7']I]8Y;L#/=38KL;8>2[4VMAZ/<.Y^L\?N_;]9V!MS
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MYEW[E:_&Y<OW4MK=BE2APP'X70U21?Z+JR_+H/<R\J<N<X;<VU<RV<-Y9&M
MZ]R$_BC<4>-OZ4;*WE6G6F3_ #/?Y*F^?B'1YSN_H*JS79_QSI2U=N&@KDCJ
MNP.HJ9W56EW *.&"+=&S(G<%<M3PQ34<9TUL*I']Y-G#[4>^MASF\>P\Q".T
MYF.$(Q#<'^A4GPY?^%DD,<QL2="\^O>7[N^Y<AQR<Q\KM)>\IKEU.9[4>KT
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M0_!:KXE?^;I*PT^8D)\P#U,_+'W<O=3F1E>2Q&W6C 'Q+QO"I\O" >>M/(Q
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G]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>j18154812_ba005.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j18154812_ba005.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ [P%, P$1  (1 0,1 ?_$ :(    & @,!
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MVG5,2,=BX(EY DK)9)V8?@^*'[<(?\-3>]Z>O=)R?L#=$Q.FNCIU-_3!24H
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MZ+&^2VUG:5J;.[7R_C4**S'5--4A;KKTD@GG+_,N_<K7XW+E^ZEM;L4J4.&
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MI;RLK \"K!""#Y$&AZ(I^:.6;69K:YW&QCN$8AE:XB5E(XAE+@@CS!%>FO\
MV;#XL_\ >2O0'_HY.NO_ +(_;W]3N;_^C5N7_9--_P! =-?UOY2_Z.FW?]E,
M/_0?0SX#<. W9AL?N/:V<P^Y=O9>G%7B<]@,G19G#9.E9F1:G'Y3'3U-#6T[
M,A >-V4D'GCV17-M<V<[6MY&\5RAHR.I5E/HRL 0?D1T>6]S;WD"W-I(DMLX
MJKHP96'J&4D$?,'IX]L=/=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z
M]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O
M?NO=)G=^3.*V_7U"-IGEC%)3$&S>:I_;U+_M4499Q_P7WL<>O=%F]WZUU[W[
MKW7O?NO==@$D  DDV '))/T 'Y)]^Z]T879>U8\'2+5U<:MEJI 9687-)$P!
M%+'?]+?F0CZMQ] /=":];Z7/O77NO>_=>Z][]U[KWOW7NO>_=>Z][]U[J/5T
ME)D*2JH*^EIZVAK:>:DK:*KACJ:2KI*F-H:BEJJ>97AJ*>HA<HZ."KJ2""#[
MLCO&XDC)612""#0@C(((R"#P/5)(TE1HI5#1,"""*@@X((."",$'CUHH_P Z
MK^6C3?#GLRB[JZ=PII/CCV_FJFFIL121M]IU7V'-#49.KV4G&B';6>I*>HK<
M& ?V8Z>II"JK30O-T!]B_=-^=MJ;8M[DKS/91@ECQN(00HE^;H2%E]25?)9@
MO-3[P_L^G(&\+S%L$>GE*_D("CA;3D%C#\HW 9X?0*Z4 12U&7N?^L;>O>_=
M>Z][]U[KWOW7NMFG_A-I\CIMM]P=P_%[,Y!UPO9>V(^SMETD\G^3P[UV0U/C
M=QTE#%KXKMP[0R*5$QTD&'!+<BP#8K?>AY86ZV6RYL@7]>UE\"4CB8I:LA/R
M212!\Y?V9B?=$YM:TW^_Y,N'_P 7O(?J(0> FAHL@'S>)@Q^4(_/<:]X3=9^
M=:4OS6_[*W^1O_B7][_^[NJ]YX<A_P#*F;7_ ,\47_'1U@SSS_RN.Y_\]LO_
M !X]%@]BWH*=;'W9&9W)M[^232YG9]3)2;HH>M.M7P<L>;K]N!\A)W)M2"&F
MGSV+H\CD,31UOE,,\\--4O'#(Q$4O^;;!CW'_P"5XW+_ )Z3_@'6;WMY_P J
M3MO_ #S#_">@U^3'RB^871WRAW3N;-=5=?8;>^1^,O0?76P=J=6]SY#N[:5)
MD>\OG5U_TI5]CYVC[>V;\.]J0[BVI2;W>3'T55DZ6BR=5'34U7E*"FFEFA!/
M0SZ$V?Y8_+N:FI.E*RFWUBN[&[QWGMG"X?9VT/AOOKY$[BZCV5TCUGV9G,IV
M+C$^6:_%7HW=VV-R]H40K5R6:GR&:VO4XNIQN"AER<E30>Z]T0G,?+;Y,=_;
M%Q_?NRNU?]$?8V]/B7_+-R&<R6RZ)LOMB>KW+_,T[BZ;WQE-NX+%;_RV'Q%'
MO;%Q1S5HI,UEX)<2KXX5U73.M7[]U[HYFR>W/DGT_P!N?(S>T7:6V]R]>5/\
MVOI#XU9SK/-;%K*F?+X/N[J7XC=?[CW3BMXR;Q:KV56;<W%O2#+8;%T5))C8
ME@KHJQ:V3)0SXOW7NGG;GS7^0=1\9>KN^L[W9U<VZOEGU5UOOWK;HK;?4%%N
M'N/J7??;O?7275VUNI]FX&M[6V?M'?+81>XTV;F\OO'/82@PW8-/!7U,YPTU
M7C<=[KW2?Z/^;7R^[:[GI_C+)F,#L;.X#Y@]U] [MW[V)L?K+/\ 9E+LSJCX
MH_%;Y4A,KMGI#MS?72*]BS9'NO*[1J7Q^:EHZ6E2&OJ*.GR5-4X@^Z]T+GPW
M^8?RL[P[)ZGW)V'U_-M3J+OV;N]*'!;KK?C1MF'8K==5^8_NSA^LVVE\E=^]
MY]E[JVY%M^;$;YH\SM''RT^6FDKEBP5/1R8R;W7NK4<!N_<&8WCO';.1ZLWY
MM3"[9_AG\%[$S^0ZQJ-G=B??P&:J_N=1;7[&W)V!1?P20>*J_O!@L%KD-Z?[
MA+N/=>ZH5@P6_NM.U_BYE=L;.VWG^_-U?S'M^;/WQ\O=M]P;9W:GR8ZDR&]N
M_)^T>H7HMLYS-]DY.LZ4ZEQ>0ES&Q]T8C'[/ZVR6S##AJR2HQ]&X]U[H_?\
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M:?(-1O7P9S?-!AJ?<^6AKGQ].9EJ*J193!&6!T+;W7NE)CNM.N<1C-MX7$[
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MX_"CKS<&^^]OCH-E?RB_@?LOH_;&V?C#\O.RMZ;7^5^,ZZW)M_N3%SX7ISY
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MXN8XHKR1TU1 R%66-I #J""KZ2H(K0YH1T5;C[CVT>SWNY;7;O++:1H^F0A
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M ("X$IF'_$?PR:B<'!0_"*N3X8U=0E:>U?.5USL.0Q;%=XU ELF$0D_[D^(
M08*9#C+$A /$.CK>8^*?QBZZ^(G2FUNE^MZ;5086(UVX=Q5%/'!E]Z[NKHX?
MX[NW-E'F/WF3FA58HO)(E'210TT9\4* <]^<N;=TYVW^;?MU/ZDAHB U6*,5
MT1IPPH.30%F+.<L>NF/(W)>T<@\N0<N;./THQJDD(H\TK4UROQRQ&!4A$"H.
MU1T8[V%NA?U[W[KW0 ;@V%N:OS>5K::CA>GJJZHGA<UE*A:.20LI*-*&4D'Z
M$7]B>UW.SBMTC=CJ50#@]$L]E</,SJ!I)]1TS_Z-]V_\J$'_ )W4G_7[V_\
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M22-JDD518<LP'U(]TDEBA77*RJGJ2 /VGJR1R2MHC4LWH!4_RZ,'WK\4._\
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MH=OLZMUZ"_EV?%_X_24F6PVRAOC>5*8I(]Z]CM2[FRM+4Q,DB5&'QKTE-MO
MSPS*3%/244=8JG2T[@>X6YC]S>;>9 T,\_T]B?\ 0H*QJ1Z,U2[@CB&8KYA1
MU,G+OMKRIRX1-!!]1>C_ $6:CL#ZJM B$'@54-ZL>CR^X_Z'W7O?NO=>]^Z]
MU[W[KW7O?NO=>]^Z]UI1_-;_ (1Y_P"SA?+CY&_*?_AQ+_1W_LP'<&^.U_[B
M?[*1_>[^Z7]\\W59G^ _WG_V9O;'\>_AOW/C^Z_AU%YM.KPI?2/=>Z*__P!
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MKWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>ZT]?F%_V5-\@/\
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@>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z__]D!

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