<SEC-DOCUMENT>0001104659-20-101308.txt : 20200901
<SEC-HEADER>0001104659-20-101308.hdr.sgml : 20200901
<ACCEPTANCE-DATETIME>20200901140445
ACCESSION NUMBER:		0001104659-20-101308
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20200630
FILED AS OF DATE:		20200901
DATE AS OF CHANGE:		20200901
EFFECTIVENESS DATE:		20200901

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:		201154098

	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>tm2029204d1_ncsrs.htm
<DESCRIPTION>N-CSRS
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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM N-CSR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CERTIFIED SHAREHOLDER REPORT OF REGISTERED</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">MANAGEMENT INVESTMENT COMPANIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9pt 0pt 0; text-align: center">Investment Company Act file number:
811-22535</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt; text-transform: uppercase">ARES
DYNAMIC CREDIT ALLOCATION FUND, INC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of registrant as specified in
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2000 AVENUE OF THE STARS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">12<SUP>TH</SUP> FLOOR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">LOS ANGELES, CALIFORNIA 90067</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive offices)(Zip
code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name and Address of Agent for Service)</FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Copy to:</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ian Fitzgerald<BR>
2000 Avenue of the Stars, 12<SUP>th</SUP> Floor<BR>
Los Angeles, California 90067</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P. Jay Spinola, Esq.<BR>
Willkie Farr &amp; Gallagher LLP<BR>
787 Seventh Avenue<BR>
New York, New York 10019</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registrant&rsquo;s telephone number, including area code: <U>(310)
201-4100</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date of fiscal year end: <U>December 31</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date of reporting period: <U>June 30, 2020</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item 1. Report to Stockholders.</U></B></P>

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<!-- Document name: 20-29204-2.aa-->
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<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>June 30, 2020</b></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;">Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically at any time by (i) calling 877-855-3434 toll-free or by sending an e-mail request to Ares Dynamic Credit Allocation Fund, Inc. Investor Relations Department at ARDCInvestorRelations@aresmgmt.com, if you invest directly with the Fund, or (ii) contacting your financial intermediary (such as a broker-dealer or bank), if you invest through your financial intermediary. You may elect to receive all future reports in paper free of charge. You can inform the Fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by (i) calling 877-855-3434 toll-free or by sending an e-mail request to Ares Dynamic Credit Allocation Fund, Inc. Investor Relations Department at ARDCInvestorRelations@aresmgmt.com, if you invest directly with the Fund, or (ii) contacting your financial intermediary. Your election to receive reports in paper will apply to all funds held in your account, if you invest through your financial intermediary, or all funds held with the fund complex if you invest directly with the Fund.</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div><div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>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="164" align="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;">1</font></p></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="164" align="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;">4</font></p></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="164" align="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;">5</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="164" align="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;">14</font></p></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="164" align="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;">15</font></p></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="164" align="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;">16</font></p></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="164" align="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;">17</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="164" align="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;">18</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="164" align="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;">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="164" align="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;">34</font></p></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="164" align="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;">35</font></p></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="164" align="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;">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="164" align="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>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Directors and Officers</font></p></td>
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</div><p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2020</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Letter to Shareholders</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">As of June 30, 2020 (Unaudited)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>Dear Shareholders,</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">We thank you for your support of the Ares Dynamic Credit Allocation Fund, Inc. ("ARDC" or the "Fund") and recognize 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;">In the first half of 2020, the liquid credit markets experienced a broad sell off in reaction to the impact of the coronavirus (COVID-19) pandemic and then partially recovered due to central bank intervention, fiscal stimulus and prospects of reopening the economy. As cases of COVID-19 spread globally, investor sentiment deteriorated and the financial fallout of the COVID-19 pandemic escalated drastically as high yield default expectations tripled<sup>1</sup> and credit spreads increased to levels last seen during the Global Financial Crisis. Investor sentiment was further exacerbated by the onset of the Saudi- Russian oil price war, which left investors scrambling to manage the ensuing unprecedented volatility, and March marked one the most tumultuous months in financial markets in decades. The S&amp;P 500, high yield bond and leveraged loan indices ended the first calendar quarter with negative returns of -19.60%, -13.12%<sup>2</sup> and -13.19%,<sup>3</sup> respectively. As a result, the world's major central banks moved with unexpected pace to enact economic and financial stimulus plans as they effectively pledged support without limits. This included a Federal Reserve interest rate cut of 50bps to safeguard the U.S. economy from the economic damage caused by the virus.</font></p>
<p style="margin:0pt 0pt 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 second calendar quarter of 2020 marked a turning point for financial markets as investor sentiment was boosted by unprecedented levels of financial stimulus being pumped into the economy, the expansion of eligibility of the Federal Reserve's credit facilities and plans to begin to reopen the global economy. Despite concerns surrounding escalating social unrest, tense U.S.-China relations and the possibility of a second wave of COVID-19 infections, credit spreads tightened across almost all liquid asset classes. Within the high yield market, the combination of robust inflows and the Federal Reserve's direct support led to material spread tightening while the market was able to digest heavy new issuance. Amid this broad-based rally, the leveraged loan market demonstrated stronger secondary market prices as well, supported by incremental demand from opportunistic institutional investors and renewed demand from CLO managers. Against this backdrop, high yield bond and leveraged loan indices posted strong returns of 9.61%<sup>2</sup> and 9.71%,<sup>3</sup> respectively, for the second calendar quarter, ending the first half down just -4.78%<sup>2</sup> and -4.76%.<sup>3</sup></font></p>
<p style="margin:0pt 0pt 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 exhibited many of the same trends seen in the leveraged loan market during the first half of the year. CLO prices fell materially during the peak of the market dislocation with BB-rated tranches ending the first calendar quarter down &#151; 32.7%, according to a leading CLO data source.<sup>4</sup> Although CLO securities generally lagged the price recovery in underlying loans, CLO spreads rallied to levels that supported new CLO formation during the second quarter,<sup>5</sup> a positive sign of investor demand for both the CLO and leveraged loan markets. As a result, CLO prices rallied throughout the second quarter and recovered a significant portion of the first quarter valuation declines. By the end of the first half of 2020, BB- rated tranches of CLOs were down just -8.2% for the year, according to the same source.<sup>4</sup></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Looking ahead, we continue to closely monitor the pandemic and its impact on the global economy and monitor additional sources of volatility such as the upcoming U.S. presidential election. Given the uncertain backdrop, we expect volatility to persist and will continue to utilize the full depth and breadth of our platform as we seek to actively rotate exposures and generate attractive risk-adjusted returns.</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;">ARDC has not been immune to the dislocation caused by the COVID-19 pandemic. Over the six months ended June 30, 2020, ARDC has generated net investment returns of -12.5% and market price-based returns of -18.3%,<sup>6</sup> reflecting the uncertainty around economic growth and the lag in the price recovery of the CLO market discussed above. While there is no single established benchmark that reasonably compares to ARDC as a whole, ARDC's loan and high yield segments of the portfolio have outperformed their respective benchmarks by 180 bps and 9 bps, respectively, during the first half of the year.<sup>7</sup></font></p>
<p style="margin:0pt 0pt 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 CLOs, we continue to actively manage our positions and remain constructive on this asset class due to its structural protections, such as overcollateralization cushions and capacity to either withstand downgrades or redirect investment cash flows to de-lever. Even though CLOs have lagged the broader loan market in the recovery, they have historically experienced fewer defaults in comparison with leveraged loans and we believe continue to have less exposure to the weakest credits than other types of loan funds.<sup>8</sup> In addition, the reinvestment periods of many of our positions may enable us to capture incremental return. To that end, ARDC's CLO portfolio has already begun to recover, returning 32.0% </font></p>
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</div><p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2020<br>1</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Letter to Shareholders </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">As of June 30, 2020 (Unaudited)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">over the past three months,<sup>9</sup> which has supported the overall recovery in ARDC's net investment returns (+20.9%) and market price-based returns (+13.4%) during the second calendar quarter.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Across our portfolio, we employed a thoughtful and disciplined approach to navigating unprecedented market conditions. The share of our investments rated B, BB or BBB<sup>10</sup> increased 240 bps to 78.6% as of June 30, 2020, and we continued to favor defensive sectors with ARDC's top three industries being information technology, healthcare and services.<sup>11</sup> In addition, the portfolio remains well diversified across 201 issuers with an average position size of 0.50% and the largest position representing only 1.4%.<sup>12</sup></font></p>
<p style="margin:0pt 0pt 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 continue to have strong conviction in the quality of the ARDC portfolio and believe that 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 risk and interest rate driven volatility. The increasing importance of credit selection has become the primary driver of generating alpha. Looking ahead, we will remain focused on performing solid fundamental credit analysis and in-depth due diligence as we seek attractive risk adjusted returns for our investors. We thank you again for your continued support in ARDC.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">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>
<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 Corporation. 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 (i) senior secured loans made primarily to companies whose debt is rated below investment grade; (ii) 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 of collateralized loan obligations (CLOs).</font></p>
<p style="margin:0pt 0pt 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 the inception of the program through June 30, 2020, we have repurchased 566,217 shares at an average price of $13.17, representing an average discount of -15.3%.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">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>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><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 information should not be considered investment advice or an offer of any security for sale. This material may contain "forward-looking" information that is not purely historical in nature. No representations are made as to the accuracy of such information or that such information will be realized. Actual events or conditions are unlikely to be consistent with, and may differ materially from, those assumed. Past performance is not indicative of future results. Ares does not undertake any obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise, except as required by law.</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><i>The recent outbreak of a novel and highly contagious form of coronavirus ("COVID-19"), which the World Health Organization has declared to constitute a pandemic, has resulted in numerous deaths, adversely impacted global commercial activity and contributed to significant volatility in certain equity and debt markets. The global impact of the outbreak is rapidly evolving, and many countries have reacted by instituting quarantines, prohibitions on travel and the closure of offices, businesses, schools, retail stores and other public venues. Businesses are also implementing similar precautionary measures. Such measures, as well as the general uncertainty surrounding the dangers and impact of COVID- 19, are creating significant disruption in supply chains and economic activity and are having a particularly adverse impact on energy, transportation, hospitality, tourism, entertainment and other industries. The impact of COVID-19 has led to significant volatility and declines in the global financial markets and oil prices and it is uncertain how long this volatility will continue. As COVID-19 continues to spread, the potential impacts, including a global, regional or other economic recession, are increasingly uncertain and difficult to assess. Any public health emergency, including any outbreak of COVID-19 or other existing or new epidemic diseases, or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on the Fund, the value of its investments and its portfolio companies. The performance and portfolio company information herein is as of June 30, 2020, and the effects, directly and indirectly, resulting from COVID-19 are not reflected in such information.</i></font></p>
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</div><p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2020<br>2</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Letter to Shareholders </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">As of June 30, 2020 (Unaudited)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><i>Indices are provided for illustrative purposes only and not indicative of any investment. They have not been selected to represent appropriate benchmarks or targets for ARDC. Rather, the indices shown are provided solely to illustrate the performance of well-known and widely recognized indices. Any comparisons herein of the investment performance of ARDC to an index are qualified as follows: (i) the volatility of such index will likely be materially different from that of ARDC; (ii) such index will, in many cases, employ different investment guidelines and criteria than ARDC and, therefore, holdings in ARDC will differ significantly from holdings of the securities that comprise such index and ARDC may invest in different asset classes altogether from the illustrative index, which may materially impact the performance of ARDC relative to the index; and (iii) the performance of such index is disclosed solely to allow for comparison on ARDC's performance to that of a well-known index. Comparisons to indices have limitations because indices have risk profiles, volatility, asset composition and other material characteristics that will differ from ARDC. The indices do not reflect the deduction of fees or expenses. You cannot invest directly in an index. No representation is being made as to the risk profile of any benchmark or index relative to the risk profile of ARDC. There can be no assurance that the future performance of any specific investment, or product will be profitable, equal any corresponding indicated historical performance, or be suitable for a portfolio.</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;">This may contain information sourced from Bank of America, used with permission. Bank of America's Global Research division's fixed income index platform is licensing the ICE BofA 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 BofA 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:7pt;">The ICE BofA US High Yield Index ("H0A0") 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 $100 million. Index constituents are capitalization-weighted based on their current amount outstanding times the market price plus accrued interest. Accrued interest is calculated assuming next-day settlement. Cash flows from bond payments that are received during the month are retained in the index until the end of the month and then are removed as part of the rebalancing. Cash does not earn any reinvestment income while it is held in the index. The index is rebalanced on the last calendar day of the month, based on information available up to and including the third business day before the last business day of the month. No changes are made to constituent holdings other than on month end rebalancing dates. Inception date: August 31, 1986.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;">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; 2) only fully-funded term loan facilities are included; 3) the tenor must be at least one year; and 4) issuers must be domiciled in developed countries.</font></p>
<p style="margin:0pt 0pt 13.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;">REF: TC- 01650</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>1</sup> S&amp;P Global Ratings Research, March 20, 2020. </font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>2 </sup>ICE BofA High Yield Master II Index as of March 31, 2020 or June 30, 2020 as noted. </font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>3 </sup>Credit Suisse Leveraged Loan Index as of March 31, 2020 or June 30, 2020 as noted. </font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>4 </sup>J.P. Morgan, CLOIE Monitor, as of March 31, 2020 or June 30, 2020 as noted. </font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>5 </sup>Wells Fargo, CLO Monthly Market Overview, as of June 30, 2020. </font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>6 </sup>Past performance is not indicative of future results. Index provided for comparison purposes only. </font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>7 </sup>Reflects the gross unlevered returns of ARDC's respective loan and high yield portfolios in comparison with the Credit Suisse Leveraged Loan Index and ICE BofA High Yield Master II Index. </font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>8 </sup>Based on information from Ares INsight database, S&amp;P LCD and Ares market observations as of June 9, 2020. </font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>9 </sup>Reflects the gross unlevered returns of ARDC's CLO portfolio. </font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>10 </sup>Based on S&amp;P and/or Moody's rating. Credit quality is an assessment of the credit worthiness of an issuer of a security. AAA is the highest rating, meaning the obligor's capacity to meet its financial commitments is strong. As ratings decrease, the obligor is considered more speculative by market participants. Credit ratings apply only to the bonds and preferred securities in the portfolio and not to the shares of the fund which are not rated and will fluctuate in value.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>11 </sup>Based on Credit Suisse industry classifications. </font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>12 </sup>Diversification does not assure profit or protect against loss. </font></p>
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</div><p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2020<br>3</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Fund Profile &amp; Financial Data</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">June 30, 2020 (Unaudited)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Portfolio Characteristics as of 6.30.20</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Weighted Average Floating Coupon<sup>1</sup></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5.57</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Weighted Average Bond Coupon<sup>2</sup></font></p></td>
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<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">7.56</font></p></td>
<td colspan="1" width="21" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="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="140" 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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">9.81</font></p></td>
<td colspan="1" width="21" 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="140" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Monthly Dividend Per Share<sup>4</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">0.0975</font></p></td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:1pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">1 The weighted-average gross interest rate on the pool of loans as of June 30, 2020.</font></p>
<p style="margin:0pt 0pt 1pt 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 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">3 Dividend per share annualized and divided by the June 30, 2020 market price per share. The distribution rate alone is not indicative of Fund performance.</font></p>
<p style="margin:0pt 0pt 1.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">4 Represents the Fund's June 2020 dividend of $0.0975 per share, which was comprised of net investment income. 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 Documents" section of the Fund's website. Please note that 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>5</sup></b><b> as of 6.30.20</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="140" 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</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.44</font></p></td>
<td colspan="1" width="21" 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="140" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">CenturyLink Inc</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.42</font></p></td>
<td colspan="1" width="21" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="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="140" 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;">Williams Cos Inc/The</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding: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="21" 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="140" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">NRG Energy Inc</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding: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="21" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="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="140" 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;">Iceland Topco Ltd</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.29</font></p></td>
<td colspan="1" width="21" 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="140" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">EchoStar Corp</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.27</font></p></td>
<td colspan="1" width="21" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="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="140" 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;">Avantor, Inc.</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding: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="21" 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="140" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Numericable</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.19</font></p></td>
<td colspan="1" width="21" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="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="140" 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;">Eldorado Resorts</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.16</font></p></td>
<td colspan="1" width="21" 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="140" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Altice USA</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.16</font></p></td>
<td colspan="1" width="21" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="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 1.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">5 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 6.30.20</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="87" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="69" 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="67" 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="87" 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="40" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2.19</font></p></td>
<td colspan="1" width="21" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">6.43</font></p></td>
<td colspan="1" width="21" 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="87" align="left" 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="40" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">-18.33</font></p></td>
<td colspan="1" width="21" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">-12.50</font></p></td>
<td colspan="1" width="21" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="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="87" 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="40" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">-1.96</font></p></td>
<td colspan="1" width="21" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">0.17</font></p></td>
<td colspan="1" width="21" 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="87" align="left" 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="40" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3.75</font></p></td>
<td colspan="1" width="21" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3.13</font></p></td>
<td colspan="1" width="21" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="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="87" 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="40" bgcolor="#cceeff" align="right" valign="bottom" style="padding: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="21" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="38" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3.66</font></p></td>
<td colspan="1" width="21" 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. Source: Ares</font></p>
<p style="margin:0pt 0pt 2pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. The NAV total return takes into account the Fund's total annual expenses and does not reflect transaction charges. If transaction charges were reflected, NAV total return would be reduced. 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 6.30.20</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><img src="j20292042_ba003.jpg">
</p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">This data is subject to change on a daily basis. As of 6.30.20, the Fund held a negative traded cash balance of -1.67%.</font></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 6.30.20</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><img src="j20292042_ba004.jpg">
</p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">Excludes Equity and CLO Equity</font></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>6</sup></b><b> as of 6.30.20</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><img src="j20292042_ba005.jpg">
</p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">6 Credit Suisse industry classifications weighted by market value. These values may be different than industry classifications in certain regulatory filings.</font></p>
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</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 2020<br>4</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</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;">June 30, 2020 (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 24.6%</b><b><sup>(b)(c)(d)</sup></b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="159" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" 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="106" 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="355" 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 &amp; Defense 0.5%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">JetBlue Airways Corp., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1st Lien Term Loan, 3M LIBOR + <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.25%, 6.25%, 06/17/2024</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,599,634</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,563,643</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="355" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Automotive 0.3%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Navistar, Inc., Tranche 1st Lien <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan B, 1M LIBOR + <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3.50%, 3.70%, 11/06/2024</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">944,580</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="355" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Banking, Finance, Insurance &amp; Real Estate 3.6%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Asurion, LLC, 2nd Lien <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan B-2, 1M LIBOR + 6.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.68%, 08/04/2025<sup>(e)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,499,695</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,465,948</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Boels Rental Ltd., EUR 1st Lien Term <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan B, (Netherlands), 02/09/2027<sup>(e)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&euro;</font></p></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,205,882</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,377,535</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Financiere CEP, 1st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(France), 06/03/2027<sup>(e)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">2,480,368</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">GBT U.S., LLC, 1st Lien Delayed Draw <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, 02/27/2027<sup>(e)(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,196,357</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">1,076,721</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">GBT U.S., LLC, 1st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">02/27/2027<sup>(e)(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,428,659</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">1,285,793</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>11,686,365</b></font></p></td>
<td colspan="1" width="19" 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="355" 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">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">DCG Acquisition Corp., Initial 1st Lien <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, 1M LIBOR + 4.50%, 4.69%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">09/30/2026<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,123,738</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">1,890,127</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" 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="355" 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 1.2%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">AI Aqua Merger Sub, Inc., 1st Lien <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5th Amendment Incremental <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, 3M LIBOR + 4.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.34%, 12/13/2023<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,990,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">1,940,250</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Kronos Acquisition Intermediate, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Initial 1st Lien Term Loan, 1M LIBOR + <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.00%, 5.00%, 05/15/2023<sup>(e)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">2,137,792</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="67" 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>4,078,042</b></font></p></td>
<td colspan="1" width="19" 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="355" 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 4.4%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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;">2nd Lien Term Loan, 3M LIBOR + <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.00%, 8.00%, 08/30/2025</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">950,500</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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, 3M LIBOR + <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3.25%, 4.25%, 08/30/2024<sup>(e)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">999,172</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">963,702</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Cambrex Corp., Initial 1st Lien Term <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan, 1M LIBOR + 5.00%, 6.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">12/04/2026<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,980,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">3,900,400</font></p></td>
<td colspan="1" width="19" 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)(c)(d)</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="159" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" 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="106" 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="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">CPI Holdco, LLC, 1st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1M LIBOR + 4.25%, 4.43%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">11/04/2026</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,317,123</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">1,264,438</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Hanger, Inc., 1st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1M LIBOR + 3.50%, 3.68%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">03/06/2025</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,803,041</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">1,715,900</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Ortho-Clinical Diagnostics, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1st Lien Term Loan B, 1M LIBOR + <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3.25%, 3.43%, 06/30/2025</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,978,397</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">1,846,101</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Sotera Health Holdings, LLC, Initial <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1st Lien Term Loan, 1M LIBOR + <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.50%, 5.50%, 12/11/2026</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,990,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,889,412</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="67" 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>14,530,453</b></font></p></td>
<td colspan="1" width="19" 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="355" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>High Tech Industries 4.5%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Applied Systems, Inc., 2nd Lien Term <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan, 3M LIBOR + 7.00%, 8.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">09/19/2025</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,487,500</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">eResearch Technology, Inc., Initial <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1st Lien Term Loan, 1M LIBOR + <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.50%, 5.50%, 02/04/2027</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,084,839</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,016,201</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">GlobalFoundries, Inc., Initial 1st Lien <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, 3M LIBOR + 4.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.06%, 06/05/2026<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,550,107</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">1,488,103</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Huskies Parent, Inc., 1st Lien Closing <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Date Term Loan, 1M LIBOR + 4.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.18%, 07/31/2026<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,034,820</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">1,983,949</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Hyland Software, Inc., 2nd Lien Term <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan, 1M LIBOR + 7.00%, 7.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/07/2025</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,720,828</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Informatica, LLC, Initial 2nd Lien <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, 7.13%, 02/25/2025</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,290,878</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">1,289,264</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">MA FinanceCo., LLC, Tranche 1st <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Lien Term Loan B-4, 3M LIBOR + <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.25%, 5.25%, 06/05/2025</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,660,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">1,615,728</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Sophia, LP, 1st Lien Term Loan B, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 3.25%, 4.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">09/30/2022</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">975,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="67" 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>14,576,573</b></font></p></td>
<td colspan="1" width="19" 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="355" 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 0.7%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Equinox Holdings, Inc., 1st Lien Term <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan B-2, 3M LIBOR + 9.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10.00%, 03/08/2024<sup>(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,462,500</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" 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="355" 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 0.6%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Formula One Management, Ltd.,<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Facility 1st Lien Term Loan B-3, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Great Britain), 1M LIBOR + 2.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3.50%, 02/01/2024</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,898,760</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

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</div><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 2020<br>5</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=7,FOLIO='5',FILE='20-29204-2.ca.qxp',USER='Unknown',CD='Aug 29 00:33 2020' -->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div><div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">June 30, 2020 (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)(c)(d)</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="159" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" 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="106" 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="355" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Retail 0.6%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Bass Pro Group, LLC, 1st Lien Term <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan B, 6M LIBOR + 5.00%, 6.07%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">09/25/2024<sup>(e)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">590</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">571</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">GOBP Holdings, Inc., 1st Lien Term <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan, 6M LIBOR + 2.75%, 3.74%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/22/2025</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,917,500</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</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="67" 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>1,918,071</b></font></p></td>
<td colspan="1" width="19" 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="355" 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 2.7%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">AVSC Holding Corp., Initial 2nd Lien <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, 6M LIBOR + 7.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.25%, 09/01/2025</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">746,875</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Casmar Holdings, Ltd., Initial 1st Lien <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, (Australia), 3M LIBOR + <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.50%, 5.50%, 12/20/2023</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,342,921</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,340,044</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dun &amp; Bradstreet Corp., Initial 1st Lien <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, 1M LIBOR + 4.00%, 4.18%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">02/06/2026</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,995,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">1,940,137</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Kronos, Inc., Initial 2nd Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1M LIBOR + 8.25%, 9.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">11/01/2024</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,525,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">1,524,055</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Packers Holdings, LLC, Initial 1st Lien <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, 1M LIBOR + 3.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.00%, 12/04/2024</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,386,076</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">2,279,896</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="67" 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>8,831,007</b></font></p></td>
<td colspan="1" width="19" 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="355" 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 3.7%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Diebold Nixdorf, Inc., 1st Lien Term <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan A-1, 1M LIBOR + 9.25%, 9.44%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">08/31/2022</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,111,390</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">4,080,555</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Gems Menasas Cayman, Ltd., Facility <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1st Lien Term Loan B, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6M LIBOR + 5.00%, 6.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/31/2026</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,861,091</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">2,700,154</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Learning Care Group (US) No. 2 Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1st Lien Term Loan B, 6M LIBOR + <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3.25%, 4.25%, 03/13/2025</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,994,898</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">1,746,154</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">St. George's University Scholastic <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Services, LLC, 1st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1M LIBOR + 3.25%, 3.43%,<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/17/2025<sup>(f)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,541,619</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,417,662</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>11,944,525</b></font></p></td>
<td colspan="1" width="19" 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="355" 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 0.4%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Mileage Plus Holdings, LLC, Term <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan B, 3M LIBOR + 5.25%, 6.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">06/25/2027</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,452,327</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">1,440,825</font></p></td>
<td colspan="1" width="19" 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)(c)(d)</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="159" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" 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="106" 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="355" 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>Utilities: Electric 0.8%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">PG&amp;E Corporation, 1st Lien Term <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan, 3M LIBOR + 4.50%, 5.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">06/23/2025</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,750,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,698,437</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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: $82,776,539)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="67" 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>80,463,908</b></font></p></td>
<td colspan="1" width="19" 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 75.3%</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="11" width="355" 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 &amp; Defense 3.3%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Bombardier, Inc., (Canada), 8.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">12/01/2021<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,625,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Howmet Aerospace, Inc., 6.88%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">05/01/2025</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,169,722</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Leidos, Inc. (fka Leidos Innovations <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Corp.), 7.13%, 07/01/2032</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,155,650</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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;">TransDigm, Inc., 8.00%, 12/15/2025<sup>(d)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">3,678,465</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</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="67" 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>10,628,837</b></font></p></td>
<td colspan="1" width="19" 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="355" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Automotive 4.5%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Clarios Global, LP, 8.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">05/15/2027<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,375,000</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="20" 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;">1,381,806</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Clarios Global, LP, (Canada), 6.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">05/15/2025<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">668,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">694,720</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Dana, Inc., 5.38%, 11/15/2027</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">525,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">524,008</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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;">Dana, Inc., 5.63%, 06/15/2028</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">725,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">719,707</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Fiat Chrysler Automobiles N.V., 4.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/07/2028<sup>(f)(g)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&euro;</font></p></td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">564,534</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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;">Ford Motor Co., 8.50%, 04/21/2023</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,920,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,030,400</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ford Motor Co., 9.00%, 04/22/2025</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,625,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">1,758,575</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Goodyear Tire &amp; Rubber Co. (The), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.75%, 08/15/2020</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,522,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,536,628</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Meritor, Inc., 6.25%, 06/01/2025<sup>(d)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">2,525,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Navistar International Corp., 9.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">05/01/2025<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,875,212</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</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="67" 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>14,610,590</b></font></p></td>
<td colspan="1" width="19" 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="355" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Banking, Finance, Insurance &amp; Real Estate 4.3%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Acrisure, LLC, 10.13%, 08/01/2026<sup>(d)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,023,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">1,099,725</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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;">Acrisure, LLC, 8.13%, 02/15/2024<sup>(d)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">779,775</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Ford Motor Credit Co, LLC, 5.13%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">06/16/2025</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,025,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">2,025,810</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">HAT Holdings I, LLC, 6.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">04/15/2025<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,618,750</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">NFP Corp., 7.00%, 05/15/2025<sup>(d)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,366,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">1,434,300</font></p></td>
<td colspan="1" width="19" 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 2020<br>6</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=8,FOLIO='6',FILE='20-29204-2.ca.qxp',USER='Unknown',CD='Aug 29 00:33 2020' -->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div><div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">June 30, 2020 (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="159" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" 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="106" 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="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">NMI Holdings, Inc., 7.38%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">06/01/2025<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,140,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">1,192,873</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Refinitiv U.S. Holdings, Inc., 8.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">11/15/2026<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,873,365</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="67" 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>14,024,598</b></font></p></td>
<td colspan="1" width="19" 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="355" 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 &amp; Tobacco 2.1%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Albertsons Cos, Inc., 6.63%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">06/15/2024</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,050,000</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Chobani, LLC, 7.50%, 04/15/2025<sup>(d)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">965,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">IRB Holding Corp., 7.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">06/15/2025<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,742,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">3,856,879</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</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="67" 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>6,871,879</b></font></p></td>
<td colspan="1" width="19" 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="355" 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 2.7%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Avantor, Inc., 9.00%, 10/01/2025<sup>(d)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">5,375,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Clark Equipment Co., 5.88%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">06/01/2025<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,205,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,254,613</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Vertical Holdco GmbH, (Germany), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.63%, 07/15/2028<sup>(d)(g)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">650,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">650,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Vertical U.S. Newco, Inc., 5.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/15/2027<sup>(d)(g)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">667,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">667,000</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</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="67" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>8,946,613</b></font></p></td>
<td colspan="1" width="19" 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="355" 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 4.8%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Aruba Investments, Inc., 8.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">02/15/2023<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,750,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,768,750</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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., 9.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/15/2023</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">4,892,500</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">OCI NV, (Netherlands), 5.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">11/01/2024<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,920,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Trident TPI Holdings, Inc., 9.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">08/01/2024<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,562,500</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Tronox, Inc., 6.50%, 05/01/2025<sup>(d)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,747,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">1,764,470</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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;">Tronox, Inc., 6.50%, 04/15/2026<sup>(d)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">935,000</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</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="67" 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>15,843,220</b></font></p></td>
<td colspan="1" width="19" 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="355" 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 1.5%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">PowerTeam Services, LLC, 9.03%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">12/04/2025<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,770,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,865,400</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="355" 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 1.9%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">CD&amp;R Smokey Buyer, Inc., 6.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/15/2025<sup>(d)(g)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">2,599,250</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Core &amp; Main Holdings, LP, 8.63%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">09/15/2024<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,504,000</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div><div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Corporate Bonds </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="159" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" 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="106" 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="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Kronos Acquisition Holdings, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.00%, 08/15/2023<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,250,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">1,190,625</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</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="67" 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>6,293,875</b></font></p></td>
<td colspan="1" width="19" 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="355" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Consumer Goods: Non-Durable 2.1%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Adient US, LLC, 9.00%, 04/15/2025<sup>(d)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,175,000</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="20" 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;">1,265,710</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Iceland Bondco, PLC, (Great Britain), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.63%, 03/15/2025<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="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="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,209,835</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Iceland Bondco, PLC, (Great Britain), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.75%, 07/15/2024<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,529,735</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>7,005,280</b></font></p></td>
<td colspan="1" width="19" 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="355" 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">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Boise Cascade Co., 5.63%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">09/01/2024<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,763,125</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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., 7.38%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">12/15/2026</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">5,089,500</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Owens-Brockway Glass Container, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.38%, 08/15/2025<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,850,625</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Owens-Brockway Glass Container, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.63%, 05/13/2027<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">672,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">698,880</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>9,402,130</b></font></p></td>
<td colspan="1" width="19" 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="355" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Energy: Electricity 0.7%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Enviva Partners, LP, 6.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">01/15/2026<sup>(d)(g)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,140,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,225,600</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" 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="355" 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 5.8%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Comstock Resources, Inc., 9.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">08/15/2026</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">466,250</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">EQT Corp., 7.00%, 02/01/2030</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,120,120</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">EQT Midstream Partners, LP, 6.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/01/2025<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,266,150</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">EQT Midstream Partners, LP, 6.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/01/2027<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,280,275</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Exterran Energy Solutions, LP, 8.13%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">05/01/2025</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,482,500</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Hilcorp Energy I, LP, 6.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">11/01/2028<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,200,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">963,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Laredo Petroleum, Inc., 9.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">01/15/2025</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,728,125</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Laredo Petroleum, Inc., 10.13%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">01/15/2028</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">862,500</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Williams Cos., Inc., 8.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">03/15/2032</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">5,931,393</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</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="67" 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>19,100,313</b></font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div><div style="clear:both"></div><div style="margin:8pt 0pt 8pt 0pt;">
</div><div style="margin:8pt 0pt 8pt 0pt;">
</div><p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2020<br>7</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=9,FOLIO='7',FILE='20-29204-2.ca.qxp',USER='Unknown',CD='Aug 29 00:33 2020' -->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div><div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">June 30, 2020 (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="159" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" 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="106" 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="355" 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>Environmental Industries 2.1%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Core &amp; Main, LP, 6.13%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">08/15/2025<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">996,650</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Covanta Holding Corp., 5.88%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">03/01/2024</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,008,750</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Covanta Holding Corp., 5.88%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/01/2025</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,328,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">1,344,600</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Covanta Holding Corp., 6.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">01/01/2027</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">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="20" 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;">936,655</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">GFL Environmental, Inc., (Canada), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.50%, 05/01/2027<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,374,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">2,581,725</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="67" 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>6,868,380</b></font></p></td>
<td colspan="1" width="19" 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="355" 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 4.0%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Bausch Health Cos., Inc., (Canada), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.00%, 03/15/2024<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,334,375</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" 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., 5.25%, 04/01/2025<sup>(d)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,029,670</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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;">HCA, Inc., 7.69%, 06/15/2025</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">3,990,000</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" 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., 11.13%, 02/15/2022<sup>(d)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">2,677,500</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Ortho-Clinical Diagnostics, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.38%, 06/01/2025<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,271,875</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">RegionalCare Hospital Partners <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Holdings, Inc., 9.75%, 12/01/2026<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,633,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">1,681,990</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="67" 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>12,985,410</b></font></p></td>
<td colspan="1" width="19" 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="355" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>High Tech Industries 4.2%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dell International, LLC, 6.02%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">06/15/2026<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,350,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,694,217</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dell International, LLC, 6.10%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/15/2027<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,732,881</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" 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., 10.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">11/30/2024<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">4,160,000</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Sophia, LP, 9.00%, 09/30/2023<sup>(d)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">2,272,500</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Uber Technologies, Inc., 7.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">05/15/2025<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">3,022,500</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</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="67" 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>13,882,098</b></font></p></td>
<td colspan="1" width="19" 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="355" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Hotel, Gaming &amp; Leisure 4.0%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Colt Merger Sub, Inc., 6.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/01/2025<sup>(d)(g)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">2,484,375</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Colt Merger Sub, Inc., 8.13%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/01/2027<sup>(d)(g)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,275,000</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="20" 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;">1,231,969</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Eldorado Resorts, Inc., 7.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">08/01/2023</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">5,162,500</font></p></td>
<td colspan="1" width="19" 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="159" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" 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="106" 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="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Golden Nugget, Inc., 8.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/01/2025<sup>(d)(f)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">877,500</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">MGM Resorts International, 6.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">05/01/2025</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">2,970,240</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">MGM Resorts International, 7.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">03/15/2022</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">510,000</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</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="67" 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>13,236,584</b></font></p></td>
<td colspan="1" width="19" 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="355" 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 7.4%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Belo Corp., 7.25%, 09/15/2027</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">6,000,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">6,390,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">CSC Holdings, LLC, 7.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">04/01/2028<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,909,687</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">CSC Holdings, LLC, 10.88%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/15/2025<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,010,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,235,750</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Cumulus Media New Holdings, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.75%, 07/01/2026<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,316,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">1,215,655</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Diamond Sports Group, LLC, 6.63%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">08/15/2027<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,973,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">1,583,123</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Gray Television, Inc., 7.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">05/15/2027<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,050,000</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">5,665,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Quebecor Media, Inc., (Canada), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.75%, 01/15/2023</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,095,000</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</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="67" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>24,144,215</b></font></p></td>
<td colspan="1" width="19" 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="355" 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 0.2%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Constellium SE, (France), 5.63%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">06/15/2028<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">597,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">585,060</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="355" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Retail 2.4%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Burlington Coat Factory Warehouse <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Corp., 6.25%, 04/15/2025<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,778,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">1,858,010</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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;">L Brands, Inc., 5.63%, 02/15/2022</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">350,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">342,125</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">L Brands, Inc., 6.88%, 07/01/2025<sup>(d)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,290,625</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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;">L Brands, Inc., 9.38%, 07/01/2025<sup>(d)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,002,400</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">PetSmart, Inc., 7.13%, 03/15/2023<sup>(d)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">2,464,700</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>7,957,860</b></font></p></td>
<td colspan="1" width="19" 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="355" 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 2.2%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Aramark Services, Inc., 6.38%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">05/01/2025<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,548,945</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Iron Mountain, Inc., 5.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/15/2030<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,970,000</font></p></td>
<td colspan="1" width="19" 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 2020<br>8</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=10,FOLIO='8',FILE='20-29204-2.ca.qxp',USER='Unknown',CD='Aug 29 00:33 2020' -->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div><div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">June 30, 2020 (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="159" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" 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="106" 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="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Iron Mountain, Inc., 5.63%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/15/2032<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">1,496,850</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Solera, LLC, 10.50%, 03/01/2024<sup>(d)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">2,035,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>7,050,795</b></font></p></td>
<td colspan="1" width="19" 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="355" 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 1.0%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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., 7.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">06/15/2025<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,154,375</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Gems Menasa Cayman, Ltd., (Cayman <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Islands), 7.13%, 07/31/2026<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">950,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="67" 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>3,104,375</b></font></p></td>
<td colspan="1" width="19" 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="355" 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 5.5%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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., (Luxembourg), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.50%, 05/15/2026<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">523,750</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Altice Finco S.A., (Luxembourg), 7.63%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">02/15/2025<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">519,065</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Altice France Holding S.A., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Luxembourg), 10.50%, 05/15/2027<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,101,550</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Altice France S.A., (France), 7.38%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">05/01/2026<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,235,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,373,458</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Altice France S.A., (France), 8.13%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">02/01/2027<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">769,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">841,094</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Embarq Corp., 8.00%, 06/01/2036</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,492,000</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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;">Qwest Corp., 6.75%, 12/01/2021</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,849,411</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Sprint Corp., 7.63%, 03/01/2026</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,682,027</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">T-Mobile USA, Inc., 6.38%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">03/01/2025</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,885,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">1,936,838</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">T-Mobile USA, Inc., 6.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">01/15/2026</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,567,665</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="67" 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>17,886,858</b></font></p></td>
<td colspan="1" width="19" 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="355" 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 2.0%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Watco Cos., LLC, 6.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">06/15/2027<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,280,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">3,360,622</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">XPO Logistics, Inc., 6.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">05/01/2025<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">523,750</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">XPO Logistics, Inc., 6.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">08/15/2024<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,619,000</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</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="67" 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>6,503,372</b></font></p></td>
<td colspan="1" width="19" 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="355" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Transportation: Consumer 1.0%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Delta Air Lines, Inc., 7.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">05/01/2025<sup>(d)</sup></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">2,322,603</font></p></td>
<td colspan="1" width="19" 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="159" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" 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="106" 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="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Mileage Plus Holdings, LLC, 6.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">06/20/2027<sup>(d)(g)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,053,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">1,055,633</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</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="67" 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>3,378,236</b></font></p></td>
<td colspan="1" width="19" 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="355" 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 2.7%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">NRG Energy, Inc., 7.25%, 05/15/2026</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">5,802,500</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">NSG Holdings, LLC, 7.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">12/15/2025<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,503,568</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,528,604</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">PG&amp;E Corp., 5.25%, 07/01/2030</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">335,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">336,909</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="67" 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>8,668,013</b></font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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: $245,309,892)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</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="67" 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>246,069,591</b></font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Collateralized Loan Obligations 39.5%</b><b><sup>(d)(f)</sup></b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="11" width="355" 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 29.1%</b><b><sup>(c)</sup></b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">AMMC CLO XI, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 5.80%, 6.56%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">04/30/2031</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,567,716</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 7.95%, 8.71%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">04/30/2031</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">304,147</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">AMMC CLO XIV, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 7.35%, 8.34%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/25/2029</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,101,543</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">AMMC CLO XXII, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 5.50%, 6.49%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">04/25/2031</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,519,628</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Apidos CLO XX, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 8.70%, 9.88%,<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/16/2031</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">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="20" 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;">545,813</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Atlas Senior Loan Fund VII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 8.05%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.42%, 11/27/2031</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,587,540</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">794,276</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Bain Capital Credit CLO 2020-1,<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 8.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.52%, 04/18/2033</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">2,939,106</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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, Ltd. 2016-2, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 7.04%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.26%, 01/15/2029</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,679,334</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Canyon Capital CLO, Ltd. 2018-1, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 5.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.97%, 07/15/2031</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">607,500</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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 CLO, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Ltd. 2017-1, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 6.00%, 7.14%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">04/20/2031</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,346,735</font></p></td>
<td colspan="1" width="19" 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 2020<br>9</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" 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;">June 30, 2020 (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>(d)(f)</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="159" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" 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="106" 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="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">CBAM, Ltd. 2017-3, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 6.50%, 7.64%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/17/2029</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,615,385</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">1,409,767</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Cedar Funding CLO VIII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 6.35%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.49%, 10/17/2030</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,755,942</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">CIFC Funding 2015-2A, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 6.81%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.03%, 04/15/2030</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,393,866</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Crestline Denali CLO XIV, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 6.35%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.39%, 10/23/2031</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,415,584</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Crestline Denali CLO XV, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 7.35%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.49%, 04/20/2030</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,875,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,758,182</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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), 3M LIBOR + 5.90%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.12%, 04/15/2031</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,448,285</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dryden 26 Senior Loan Fund, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 5.54%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.76%, 04/15/2029</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,720,000</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dryden 40 Senior Loan Fund, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 5.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.14%, 08/15/2031</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">2,584,146</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dryden 45 Senior Loan Fund, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 5.85%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.07%, 10/15/2030</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,551,647</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dryden 68 Senior Loan Fund, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 6.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.97%, 07/15/2032</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,126,183</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Highbridge Loan Management, Ltd. <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2013-2, (Cayman Islands), 3M LIBOR + <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.25%, 9.39%, 10/20/2029</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,306,639</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">1,466,130</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Highbridge Loan Management, Ltd. <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2014-4, (Cayman Islands), 3M LIBOR + <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.36%, 8.25%, 01/28/2030</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,046,286</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">1,301,194</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">ICG U.S. CLO, Ltd. 2018-2, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 5.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.85%, 07/22/2031</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,200,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">947,015</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">INGIM, Ltd. 2013-3, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 5.90%, 7.04%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/18/2031</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">2,132,779</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">KKR CLO 15, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 6.44%, 7.58%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">01/18/2032</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,296,470</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">LCM 30, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 6.95%, 8.09%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">04/20/2031</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,200,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">1,126,393</font></p></td>
<td colspan="1" width="19" 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>(d)(f)</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="159" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" 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="106" 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="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">LCM XVII, LP, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 6.00%, 7.22%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/15/2031</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,750,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">2,872,616</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">LCM XXIII, LP, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 7.05%, 8.19%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/20/2029</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">2,371,629</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Madison Park Funding XIV, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 7.77%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.87%, 10/22/2030</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,528,877</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Madison Park Funding XXVI, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 6.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.34%, 07/29/2030</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,364,984</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Madison Park Funding XXXII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 7.10%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.20%, 01/22/2031</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,855,130</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Mariner CLO, LLC 2019 1A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 6.89%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.65%, 04/30/2032</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">938,303</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Northwoods Capital XII-B, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 5.79%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.10%, 06/15/2031</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,291,680</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Oaktree CLO, Ltd. 2014-1, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 6.30%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.73%, 05/13/2029</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,100,091</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,556,604</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Oaktree CLO, Ltd. 2019-2, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 6.77%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.99%, 04/15/2031</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,426,022</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Oaktree CLO, Ltd. 2019-4, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 7.23%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.37%, 10/20/2032</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,406,807</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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), 3M LIBOR + 7.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.88%, 11/20/2027</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,850,000</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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,817,678</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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), 3M LIBOR + 7.90%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.04%, 01/20/2032</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,805,059</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">OHA Credit Partners XII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 5.45%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.49%, 07/23/2030</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,286,094</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">OZLM XI, Ltd. 2015-11A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 7.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.76%, 10/30/2030</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">2,349,333</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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), 3M LIBOR + 6.40%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.54%, 07/20/2030</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">866,569</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Steele Creek CLO, Ltd. 2015-1, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 8.85%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.22%, 05/21/2029</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,729,881</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

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</div><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 2020<br>10</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=12,FOLIO='10',FILE='20-29204-2.ca.qxp',USER='Unknown',CD='Aug 29 00:33 2020' -->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div><div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">June 30, 2020 (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>(d)(f)</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="159" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" 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="106" 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="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Steele Creek CLO, Ltd. 2016-1, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 5.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.06%, 06/15/2031</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">2,010,474</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">TCI-Flatiron CLO, Ltd. 2018-1, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 6.60%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.44%, 01/29/2032</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">2,771,757</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">TCI-Symphony CLO, Ltd. 2017-1, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 6.45%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.67%, 07/15/2030</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,100,000</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="20" 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;">1,922,008</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Venture XXIV CLO, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 6.72%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.86%, 10/20/2028</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">700,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">559,806</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" 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;">(Cayman Islands), 3M LIBOR + 6.80%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.94%, 01/20/2029</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">683,363</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Venture XXVII CLO, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 6.35%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.49%, 07/20/2030</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,025,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">1,613,903</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" 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;">(Cayman Islands), 3M LIBOR + 6.16%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.30%, 10/20/2029</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">3,252,480</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Venture XXXVI CLO, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 6.92%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.06%, 04/20/2032</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,539,754</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Vibrant CLO X, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 6.19%, 7.33%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/20/2031</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,297,856</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Voya CLO, Ltd. 2015-3, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 6.20%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.34%, 10/20/2031</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">2,447,541</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Wellfleet CLO, Ltd. 2017-2, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 6.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.89%, 10/20/2029</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,610,060</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</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="67" 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>95,015,649</b></font></p></td>
<td colspan="1" width="19" 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="355" 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 10.4%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Allegro CLO, Ltd. 2017-1A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 1.15%, 10/16/2030</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">963,556</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Allegro CLO, Ltd. 2018-2A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 15.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/15/2031</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,067,142</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">AMMC CLO XXI, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.55%, 11/02/2030</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">276,595</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Atlas Senior Loan Fund I, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 6.76%, 11/17/2027</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,800,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">221,632</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Canyon Capital CLO, Ltd. 2019-1, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 10.83%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">04/15/2032</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">625,775</font></p></td>
<td colspan="1" width="19" 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>(d)(f)</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="159" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" 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="106" 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="159" 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 CLO, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Ltd. 2013-4, (Cayman Islands), 18.29%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">01/15/2031</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,259,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">424,526</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Carlyle Global Market Strategies CLO, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Ltd. 2017-3, (Cayman Islands), 2.49%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/20/2029</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">393,507</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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 CLO, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Ltd. 2018-3, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">13.43%, 10/15/2030</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,222,500</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="20" 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;">1,573,276</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Cedar Funding CLO IV, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 28.14%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/23/2030</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,260,940</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Cedar Funding CLO V, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 15.33%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/17/2031</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,546,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">1,553,620</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Cedar Funding CLO VI, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 24.27%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/20/2028</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,117,198</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Cedar Funding CLO VIII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 12.84%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/17/2030</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,034,670</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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;">(Cayman Islands), 12.27%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">01/20/2030</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,055,032</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dryden 57 Senior Loan Fund, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 15.92%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">05/15/2031</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">573,500</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="20" 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;">426,272</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Eaton Vance CLO 2018-1, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 13.92%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/15/2030</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,430,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">1,406,571</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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, Ltd. <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2017-1, (Cayman Islands), 7.27%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">06/25/2029</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">537,201</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">ICG U.S. CLO, Ltd. 2018-2, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 25.06%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/22/2031</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">2,598,953</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">LCM XIII, LP, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">16.39%, 07/19/2027</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,175,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">425,882</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">LCM XV, LP, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">27.59%, 07/20/2030</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,875,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">1,280,538</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">LCM XXIII, LP, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">13.18%, 10/20/2029</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">904,304</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Madison Park Funding XII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 07/20/2026</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">632,412</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Madison Park Funding XXXI, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 15.62%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">01/23/2048</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,345,942</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Mariner CLO, Ltd. 2018-5A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 14.72%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">04/25/2031</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,567,500</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">1,617,746</font></p></td>
<td colspan="1" width="19" 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 2020<br>11</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=13,FOLIO='11',FILE='20-29204-2.ca.qxp',USER='Unknown',CD='Aug 29 00:33 2020' -->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div><div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">June 30, 2020 (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>(d)(f)</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="159" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" 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="106" 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="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Oaktree CLO, Ltd. 2015-1, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 11.61%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/20/2027</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,000,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">1,193,448</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Oaktree CLO, Ltd. 2018-1, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 5.62%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/20/2030</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">2,782,313</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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), 7.42%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">11/20/2027</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">505,828</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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), 10.71%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">11/22/2030</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,440,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">1,009,199</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" 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), 12.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">01/20/2031</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">887,938</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Venture XXX CLO, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 16.63%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">01/15/2031</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,100,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">1,113,918</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" 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), 7.92%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">06/20/2029</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">463,022</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Voya CLO, Ltd. 2017-2, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 8.76%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">06/07/2030</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">418,765</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Wellfleet CLO, Ltd. 2018-3, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 20.92%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">01/20/2032</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">1,926,840</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">West CLO, Ltd. 2013-1, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 11/07/2025</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="20" 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;">25,766</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="67" 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>34,070,327</b></font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Collateralized Loan Obligations <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cost: $171,071,935)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</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="67" 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>129,085,976</b></font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div><div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Common Stock 0.0%</b><b><sup>(d)(f)(h)(i)</sup></b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="159" valign="bottom" style="padding:9pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" 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="106" 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="355" 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 0.0%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">TE Holdcorp, LLC, Class A <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Common Equity</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">145,457</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p 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;">&#151;</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Common Stocks <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cost: $5,396,473)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="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;"><b>&#151;</b></font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Preferred Stocks 0.0%</b><b><sup>(d)(f)(h)(i)</sup></b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="11" width="355" 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 0.0%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">TE Holdcorp, LLC, Class A <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Preferred Equity</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">254,588</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Preferred Stocks <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cost: $2,210,246)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="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;"><b>&#151;</b></font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Warrants 0.0%</b><b><sup>(d)(f)(h)(i)</sup></b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="11" width="355" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Media: Advertising, Printing &amp; Publishing 0.0%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" 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 Holdings, (Common)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">7,874</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Warrants <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cost: $3,922,355)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="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;"><b>&#151;</b></font></p></td>
<td colspan="1" width="19" 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="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Investments &#151; 139.4%<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cost: $510,687,440)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="67" 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>455,619,475</b></font></p></td>
<td colspan="1" width="19" 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="159" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Liabilities in Excess of <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Other Assets &#151; (39.4%)</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="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;"><b>(128,706,725</b></font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>)</b></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="159" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Assets &#151; 100.0%</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" 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="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;"><b>326,912,750</b></font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div><div style="clear:both"></div><div style="margin:8pt 0pt 8pt 0pt;">
</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 2020<br>12</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=14,FOLIO='12',FILE='20-29204-2.ca.qxp',USER='Unknown',CD='Aug 29 00:33 2020' -->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div><div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">June 30, 2020 (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;Variable rate loans bear interest at a rate that may be determined by reference to the London Interbank Offered Rate ("LIBOR"). Stated interest rates in this schedule represents the "all-in" rate as of June 30, 2020.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(c)&nbsp;&nbsp;Variable rate coupon rate shown as of June 30, 2020.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(d)&nbsp;&nbsp;All of Ares Dynamic Credit Allocation Fund, Inc. (the "Fund") Senior Loans, Collateralized Loan Obligations, Common Stock, Preferred Stocks, Warrants and Corporate Bonds exempt from registration under Rule 144A, which as of June 30, 2020 represented 111.5% of the Fund's net assets or 75.4% 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;">(e)&nbsp;&nbsp;This loan or a portion of this loan represents an unsettled loan purchase. The interest rate will be determined at the time of settlement and will be based upon a spread plus the applicable reference rate 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;">(f)&nbsp;&nbsp;Investments whose values were determined using significant unobservable inputs (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;">(g)&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;">(h)&nbsp;&nbsp;Security valued at fair value using methods determined in good faith by or under the direction of the board of trustees.</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 June 30, 2020.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">&nbsp;&nbsp;As of June 30, 2020, the aggregate cost of securities for Federal income tax purposes was $511,166,694. Unrealized appreciation and depreciation on investments for Federal income tax purposes are as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="120" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Gross unrealized appreciation</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="61" 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;">6,520,217</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="120" 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="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="61" 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;">(62,067,436</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="120" 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="20" 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="61" 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;">(55,547,219</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="Arial, Helvetica" style="font-size:8pt;">&euro;&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 2020<br>13</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div><div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Statement of Assets and Liabilities</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">June 30, 2020 (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="352" 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="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Investments, at value (cost $510,687,440)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" 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;">$455,619,475</font></p></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="256" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Cash</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">1,345,580</font></p></td>
<td colspan="1" 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="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Cash denominated in foreign currency, at value (cost $5,400,996)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" 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;">5,444,878</font></p></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="256" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Receivable for securities sold</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">14,910,257</font></p></td>
<td colspan="1" 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="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Interest and principal receivable</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" 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;">5,817,090</font></p></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="256" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Deferred debt issuance costs</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">266,642</font></p></td>
<td colspan="1" 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="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Other assets</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" 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;">110,906</font></p></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="256" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Total assets</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="68" 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;">483,514,828</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="352" 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="256" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Line of credit outstanding</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">123,491,138</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="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable for securities purchased</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" 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;">32,241,695</font></p></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="256" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable for investment advisory fees</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">369,260</font></p></td>
<td colspan="1" 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="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable for commitment fee</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" 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;">103,329</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable for administration and transfer agent fees</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">30,025</font></p></td>
<td colspan="1" 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="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable for interest expense</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" 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;">26,625</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable for investor support fees</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">25,459</font></p></td>
<td colspan="1" 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="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Accrued expenses and other payables</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" 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;">314,547</font></p></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="256" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Total liabilities</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="68" 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;">156,602,078</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net assets</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" 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="68" 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>326,912,750</b></font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="352" bgcolor="#cceeff" align="left" valign="bottom" style="padding:16.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net assets consist of:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Paid-in capital</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" 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;">$444,104,685</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Distributable earnings accumulated loss</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(117,191,935)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net assets</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="68" 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>326,912,750</b></font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="352" bgcolor="#cceeff" align="left" valign="bottom" style="padding:16.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Common shares:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net assets</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" 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;">$326,912,750</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">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="20" 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;">22,914,939</font></p></td>
<td colspan="1" 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="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net asset value per share</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$14.26</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div><div style="margin:8pt 0pt 8pt 0pt;">
</div><div style="margin:8pt 0pt 8pt 0pt;">
</div><p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2020<br>14</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=16,FOLIO='14',FILE='20-29204-2.ea.qxp',USER='Unknown',CD='Aug 29 00:33 2020' -->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div><div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Statement of Operations</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">For the six months ended June 30, 2020 (Unaudited)</font></p>
</div><div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="257" 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>
<td colspan="3" width="101" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="257" 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="20" 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="62" 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;">19,423,895</font></p></td>
<td colspan="1" width="19" 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="358" 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="257" 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="20" 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;">2,324,582</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="257" 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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</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;">1,298,595</font></p></td>
<td colspan="1" width="19" 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="257" 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="20" 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;">245,113</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="257" 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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</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;">113,007</font></p></td>
<td colspan="1" width="19" 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="257" 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="20" 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;">163,142</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="257" 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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</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;">186,862</font></p></td>
<td colspan="1" width="19" 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="257" 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="20" 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;">79,113</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="257" 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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</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;">89,220</font></p></td>
<td colspan="1" width="19" 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="257" 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="20" 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;">83,814</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="257" 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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</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;">79,692</font></p></td>
<td colspan="1" width="19" 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="257" 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="20" 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;">59,738</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="257" 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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</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;">50,645</font></p></td>
<td colspan="1" width="19" 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="257" 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">&nbsp;</td>
<td colspan="1" width="20" 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;">61,964</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="257" 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;">Other expenses</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</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;">67,246</font></p></td>
<td colspan="1" width="19" 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="257" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Total expenses</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="62" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,902,733</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="257" 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;">Net investment income</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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="62" 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;">14,521,162</font></p></td>
<td colspan="1" width="19" 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="7" width="358" 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">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="257" 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 investments</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="62" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(23,112,378</font></p></td>
<td colspan="1" width="19" 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="257" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net realized gain on foreign currency</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" 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;">64,315</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="257" 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 loss on investments</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</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;">(40,544,903</font></p></td>
<td colspan="1" width="19" 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="257" 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 foreign currency</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" 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;">(19,210</font></p></td>
<td colspan="1" width="19" 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="257" 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;">Net realized and unrealized loss on investments and foreign currency</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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="62" 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;">(63,612,176</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" 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" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="257" align="left" 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 decrease in net assets resulting from operations</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" 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="62" 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>(49,091,014</b></font></p></td>
<td colspan="1" width="19" align="left" 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="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 2020<br>15</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div><div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>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="252" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="118" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Six Months Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>June 30, 2020<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>For the Period Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>December 31, 2019</b><b><sup>(a)</sup></b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="121" 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>For the Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>October 31, 2019</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="15" width="642" 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="252" align="left" 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="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">14,521,162</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="97" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,937,469</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="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">31,771,646</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="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;">Net realized loss on investments and foreign currency</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(23,048,063</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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="97" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(285,432</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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(9,491,193</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="252" align="left" 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 gain/(loss) on investments and foreign currency</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(40,564,113</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="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="97" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">15,089,388</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="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(17,716,274</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="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;">Net increase/(decrease) from operations</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="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;">(49,091,014</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="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="97" 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;">18,741,425</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="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="83" 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;">4,564,179</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="15" width="642" align="left" 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 (Note 2):</b></font></p></td>
<td colspan="1">&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;">Distributable earnings</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(14,092,688</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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="97" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(4,926,712</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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(29,565,391</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="252" align="left" 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">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(63,183,702</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="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="97" 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;">13,814,713</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(25,001,212</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="15" width="642" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Share transactions:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="252" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Cost of shares repurchased (Note 4)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="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="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="97" align="right" valign="bottom" style="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="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(673,460</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="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;">Net increase (decrease) from share transactions</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</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="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;">&#151;</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="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="97" 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;">&#151;</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="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="83" 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;">(673,460</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="252" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Total increase (decrease) in net assets</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(63,183,702</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="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="97" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">13,814,713</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="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(25,674,672</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="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;">Net Assets, beginning of period</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="80" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">390,096,452</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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="97" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">376,281,739</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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="83" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">401,956,411</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="252" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net Assets, end of period</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" 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="80" 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>326,912,750</b></font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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>$</b></font></p></td>
<td colspan="1" width="97" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>390,096,452</b></font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</b></font></p></td>
<td colspan="1" width="83" 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>376,281,739</b></font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p style="margin:4.5pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(a)&nbsp;&nbsp;For the two month period ended December 31, 2019. See Note 1 of Notes to Financial Statements.</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 2020<br>16</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=18,FOLIO='16',FILE='20-29204-2.ea.qxp',USER='Unknown',CD='Aug 29 00:33 2020' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<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 June 30, 2020 (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="441" 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="283" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net decrease in net assets resulting from operations</font></p></td>
<td colspan="1">&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;">$</font></p></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;">(49,091,014</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="441" 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="283" align="left" 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="74" 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;">(360,093,504</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="283" 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="74" 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;">392,860,273</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="283" align="left" 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="74" 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;">789,897</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="283" 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)/loss on investments</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="74" 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;">23,112,378</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="283" align="left" 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 (gain)/loss on investments</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="74" 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;">40,544,903</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="283" 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 line of credit</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="74" 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;">(1,424</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="283" align="left" 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 of debt issuance cost</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="74" 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;">(89,220</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="441" 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="283" align="left" 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="74" 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;">(7,096,208</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="283" 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="74" 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;">1,593,614</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="283" align="left" 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="74" 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;">88,721</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="283" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable for securities purchased</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="74" 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;">14,423,205</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="283" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable for investment advisory fees</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="74" 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;">(89,026</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="283" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable for interest expense</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="74" 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;">(299,766</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="283" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Payable for administration, custodian and transfer agent fees</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="74" 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;">11,184</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="283" 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="74" 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;">(6,625</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="283" align="left" 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">&nbsp;</td>
<td colspan="1" width="74" 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;">59,738</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="283" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Accrued expenses and other fees</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="74" 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;">(276,481</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="283" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net cash provided by operating activities</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="74" 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="66" 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;">56,440,645</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="441" 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>Financing Activities:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="283" align="left" 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">&nbsp;</td>
<td colspan="1" width="74" 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;">108,974,336</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="283" 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;">Paydowns on line of credit</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="74" 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;">(148,798,093</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="283" align="left" 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="74" 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;">15,937</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="283" 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="74" 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;">(14,092,688</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="283" align="left" 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="74" 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="66" 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;">(53,900,508</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="283" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net increase in Cash</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="74" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,540,137</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="441" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Cash:</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="283" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Beginning of period</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="74" 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;">4,250,321</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="283" align="left" valign="bottom" style="padding:0pt .7pt 7.00015pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">End of period</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="74" align="right" valign="bottom" style="padding:0pt .7pt 7.00015pt 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;">$</font></p></td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 7.00015pt 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;">6,790,458</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 7.00015pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="441" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Supplemental disclosure of cash flow information:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="283" align="left" 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 for interest during the period</font></p></td>
<td colspan="1">&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;">$</font></p></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;">1,598,361</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 2020<br>17</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div><div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>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="126" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="108" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>For the<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>Six Months<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>June 30,<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>2020<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>(Unaudited)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="106" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>For the<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>Period Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>December 31,<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>2019*</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="98" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>For the<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>October 31,<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>2019</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="101" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>For the<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>October 31,<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>2018</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="98" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>For the<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>October 31,<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>2017</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="98" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>For the<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>October 31,<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>2016</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="101" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>For the<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>October 31,<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>2015</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="31" width="884" bgcolor="#cceeff" align="left" valign="bottom" style="padding:7pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;"><b>Per share data:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="126" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">Net asset value, beginning of period</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="58" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">17.02</font></p></td>
<td colspan="1" width="30" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="59" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">16.42</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="58" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">17.50</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></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:7pt;">18.00</font></p></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="58" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">17.04</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></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:7pt;">16.95</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></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:7pt;">18.72</font></p></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="31" width="884" 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:7pt;"><b>Income from investment operations:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="126" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">Net investment income</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">0.64</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="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">0.17</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">1.39</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">1.35</font></p></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">1.33</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">1.23</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">1.21</font></p></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="126" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Net realized and change in <BR></font><font face="Arial, Helvetica" style="font-size:7pt;">unrealized gain (loss)</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">(2.78</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:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">0.65</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">(1.18</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">(0.56</font></p></td>
<td colspan="1" width="23" 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:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">0.87</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">0.16</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">(1.58</font></p></td>
<td colspan="1" width="23" 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:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="126" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Total increase (decrease) from <BR></font><font face="Arial, Helvetica" style="font-size:7pt;">investment operations</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">(2.14</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:7pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">0.82</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">0.21</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">0.79</font></p></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">2.20</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">1.39</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">(0.37</font></p></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="31" width="884" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Less distributions declared to <BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>shareholders:</b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="126" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">From net investment income</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">(0.62</font></p></td>
<td colspan="1" width="30" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">(0.22</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">(1.29</font></p></td>
<td colspan="1" width="20" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">(1.29</font></p></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">(1.24</font></p></td>
<td colspan="1" width="20" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">(1.23</font></p></td>
<td colspan="1" width="20" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">(1.33</font></p></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="126" 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:7pt;">From net realized gains</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">&#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="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">&#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>
<td colspan="1" width="20" 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:7pt;">&#151;</font></p></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">&#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>
<td colspan="1" width="20" 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:7pt;">&#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>
<td colspan="1" width="20" 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:7pt;">(0.07</font></p></td>
<td colspan="1" width="23" 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:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="126" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">From return of capital</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">&#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="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">&#151;</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">&#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>
<td colspan="1" width="20" 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:7pt;">&#151;</font></p></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">&#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>
<td colspan="1" width="20" 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:7pt;">(0.07</font></p></td>
<td colspan="1" width="20" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">&#151;</font></p></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>(a)</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="126" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Total distributions declared to <BR></font><font face="Arial, Helvetica" style="font-size:7pt;">shareholders</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">(0.62</font></p></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">(0.22</font></p></td>
<td colspan="1" width="27" 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:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">(1.29</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">(1.29</font></p></td>
<td colspan="1" width="23" 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:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">(1.24</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">(1.30</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">(1.40</font></p></td>
<td colspan="1" width="23" 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:7pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="126" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Net asset value common shares, <BR></font><font face="Arial, Helvetica" style="font-size:7pt;">end of period</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></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:7pt;">14.26</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="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="59" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">17.02</font></p></td>
<td colspan="1" width="27" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></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:7pt;">16.42</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="58" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">17.50</font></p></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></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:7pt;">18.00</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="58" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">17.04</font></p></td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></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:7pt;">16.95</font></p></td>
<td colspan="1" width="23" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="126" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Market value common shares, <BR></font><font face="Arial, Helvetica" style="font-size:7pt;">end of period</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="58" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">11.93</font></p></td>
<td colspan="1" width="30" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">15.35</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="58" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">14.48</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></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:7pt;">14.97</font></p></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="58" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">16.45</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></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:7pt;">14.70</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></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:7pt;">14.37</font></p></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="126" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">Net asset value total return<sup>(b)</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">(12.50</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:7pt;">)%<sup>(c)</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">4.99</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%<sup>(c)</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">1.23</font></p></td>
<td colspan="1" width="20" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">4.47</font></p></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">13.33</font></p></td>
<td colspan="1" width="20" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">8.98</font></p></td>
<td colspan="1" width="20" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">(2.11</font></p></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">)%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="126" 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:7pt;">Market value total return<sup>(d)</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">(18.33</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:7pt;">)%<sup>(c)</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">7.53</font></p></td>
<td colspan="1" width="27" 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:7pt;">%<sup>(c)</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">5.49</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">(1.43</font></p></td>
<td colspan="1" width="23" 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:7pt;">)%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">20.91</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">12.47</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">(6.74</font></p></td>
<td colspan="1" width="23" 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:7pt;">)%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="31" width="884" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;"><b>Ratios to average net assets/<BR></b></font><font face="Arial, Helvetica" style="font-size:7pt;"><b>supplemental data:</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="126" 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:7pt;">Net assets, end of period</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></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:7pt;">326,912,750</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="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">390,096,452</font></p></td>
<td colspan="1" width="27" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></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:7pt;">376,281,739</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="58" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">401,956,411</font></p></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></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:7pt;">413,385,894</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></td>
<td colspan="1" width="58" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">391,787,051</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">$</font></p></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:7pt;">398,044,094</font></p></td>
<td colspan="1" width="23" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="126" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Expenses, inclusive of interest <BR></font><font face="Arial, Helvetica" style="font-size:7pt;">expense and amortization of debt <BR></font><font face="Arial, Helvetica" style="font-size:7pt;">issuance</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">2.95</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:7pt;">%<sup>(e)</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">3.36</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%<sup>(e)</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">3.37</font></p></td>
<td colspan="1" width="20" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">3.20</font></p></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">2.90</font></p></td>
<td colspan="1" width="20" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">2.96</font></p></td>
<td colspan="1" width="20" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">2.83</font></p></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="126" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:7pt;">Expenses, exclusive of interest <BR></font><font face="Arial, Helvetica" style="font-size:7pt;">expense and amortization of debt <BR></font><font face="Arial, Helvetica" style="font-size:7pt;">issuance</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">2.12</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:7pt;">%<sup>(e)</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">2.20</font></p></td>
<td colspan="1" width="27" 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:7pt;">%<sup>(e)</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">2.03</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">2.02</font></p></td>
<td colspan="1" width="23" 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:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">2.08</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">2.34</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">2.39</font></p></td>
<td colspan="1" width="23" 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:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="126" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:7pt;">Net investment income</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">8.75</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:7pt;">%<sup>(e)</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="59" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">6.15</font></p></td>
<td colspan="1" width="27" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%<sup>(e)</sup></font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">8.16</font></p></td>
<td colspan="1" width="20" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">7.54</font></p></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">7.52</font></p></td>
<td colspan="1" width="20" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">7.68</font></p></td>
<td colspan="1" width="20" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">6.51</font></p></td>
<td colspan="1" width="23" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="126" 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:7pt;">Portfolio turnover rate</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">76.90</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:7pt;">%<sup>(c)</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">11.70</font></p></td>
<td colspan="1" width="27" 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:7pt;">%<sup>(c)</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">78.40</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">82.47</font></p></td>
<td colspan="1" width="23" 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:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">84.35</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">92.30</font></p></td>
<td colspan="1" width="20" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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:7pt;">89.67</font></p></td>
<td colspan="1" width="23" 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:7pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:9pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">*&nbsp;&nbsp;For the two month period ended December 31, 2019. See Note 1 of Notes to Financial Statements.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(a)&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;">(b)&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;">(c)&nbsp;&nbsp;Not annualized.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(d)&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.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(e)&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 2020<br>18</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div><div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>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;">June 30, 2020 (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 Code"). 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, effective July 10, 2020, the Fund will not invest more than (i) 45% of its Managed Assets in CLOs and other asset-backed securities, or (ii) 15% of its Managed Assets in subordinated (or residual) tranches of CLO securities. Previously, 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:11pt;"><b><i>Fiscal Year End Change</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">On September 25, 2019, the Fund's board of directors approved a change to the fiscal year end of the Fund from October 31 to December 31. Accordingly, the Fund's financial </font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">statements and related notes include information as of and for the six months ended June 30, 2020, the two month period ended December 31, 2019 and the year ended October 31, 2019.</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 company following accounting and reporting guidance in Financial Accounting Standards Board ("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. See Note 3 for more information on the Fund's valuation process.</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 and recorded as interest income. All interest for the six months ended June 30, 2020 was recorded as cash.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Discounts and Premiums</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Discounts and premiums on securities purchased are accreted/amortized over the life of the respective security using the effective interest method. The adjusted cost of investments represents the original cost adjusted for PIK interest, 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>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">June 30, 2020 (Unaudited)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Investment Transactions, Related Investment Income and Expenses</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Investment transactions are accounted for on the trade date. Interest income, adjusted for amortization of premiums and accretion of discounts on investments, is earned from settlement date and is recorded on the accrual basis. Realized gains and losses are reported on the specific identification method. Expenses are recorded on the accrual basis as incurred.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Foreign Currency Transactions 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 (loss) on investments in the Statement 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>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The 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 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 </font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">June 30, 2020 (Unaudited)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">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 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 June 30, 2020, there were no unfunded loan commitments.</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 the Code, as amended, applicable to RICs. Accordingly, no provision for U.S. federal income taxes is required.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund may elect to incur an excise tax if it is deemed prudent by its board of directors from a cash management perspective or in the best interest of shareholders due to other facts and circumstances. For the six months ended June 30, 2020, the Fund incurred U.S. federal excise tax of $61,964.</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;">As of December 31, 2019, 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.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Recent Accounting Pronouncement</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 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-04, "Reference Rate Reform (Topic 848)," which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of </font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">reference rate reform. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Fund is currently evaluating the impact of adopting ASU 2020-04 on the Fund's 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, Fair Value Measurements and Disclosures under U.S. GAAP, which among other matters, requires enhanced disclosures about investments that are measured and reported at fair value. This standard defines fair value and establishes a hierarchal disclosure framework, which prioritizes and ranks the level of market price observability used in measuring investments at fair value and expands disclosures about assets and liabilities measured at fair value. 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>
<p style="margin:0pt 0pt 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>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">June 30, 2020 (Unaudited)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&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 the Fund's valuation policy, the Fund evaluates the source of inputs, including any markets in which the Fund's investments are trading (or any markets it evaluates 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>Senior 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 senior loans and corporate debt is estimated based on quoted market prices, forward foreign exchange rates, dealer quotations or alternative pricing sources supported by observable inputs and are generally classified within Level 2 or 3. The Adviser obtains prices from independent pricing services which generally utilize broker quotes and may use various other pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, </font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">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 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>Common Stocks and warrants:</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 common stocks and warrants are estimated using either broker quotes or an analysis of the enterprise value ("EV") of the portfolio company. Enterprise value means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The primary method for determining EV uses a multiple analysis whereby appropriate multiples are applied to the portfolio company's EBITDA (generally defined as net income before net interest expense, income tax expense, depreciation and amortization). EBITDA multiples are typically determined based upon review of market comparable transactions and publicly traded comparable companies, if any. The Fund may also employ other valuation multiples to determine EV, such as revenues. The second method for determining EV uses a discounted cash flow analysis whereby future expected cash flows of the portfolio company are discounted to determine a present value using estimated discount rates (typically a weighted average cost of capital based on costs of debt and equity consistent with current market conditions). The EV analysis is performed to determine the value of equity investments, the value of debt investments in portfolio companies where the Fund has control or could gain control through an option or warrant security, and to determine if there is credit impairment for debt investments. If debt investments are credit impaired, an EV analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind down analysis may be utilized to estimate enterprise value.</font></p>
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</div><p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2020<br>22</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">June 30, 2020 (Unaudited)</font></p>
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<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 inputs used as of June 30, 2020 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="65" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<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="80" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>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 ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Level 3 &#151; <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Significant <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Unobservable <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Inputs ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" 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="65" 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="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">61,018,403</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="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;">19,445,505</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">80,463,908</font></p></td>
<td colspan="1" 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="65" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Corporate <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Bonds</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="64" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">244,627,557</font></p></td>
<td colspan="1" 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;">1,442,034</font></p></td>
<td colspan="1" 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="64" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">246,069,591</font></p></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="65" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Collateralized <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Obligations</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">129,085,976</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">129,085,976</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div><div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="65" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="68" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<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 ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Level 2 &#151; <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Other <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Significant <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Observable <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Inputs ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Level 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 ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Total ($)</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="65" bgcolor="#cceeff" 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;">Stocks</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="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="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>
</tr>
<tr>
<td colspan="3" width="65" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Preferred <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Stocks</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="52" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="64" align="right" valign="bottom" style="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>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" align="right" valign="bottom" style="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="65" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Warrants</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="52" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="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>
</tr>
<tr>
<td colspan="3" width="65" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Total <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Investments</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="52" 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="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="64" 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;">305,645,960</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">149,973,515</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="64" 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;">455,619,475</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div><div style="clear:both"></div><div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="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>
<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 June 30, 2020:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="139" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="85" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Senior <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Loans ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="70" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Corporate <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Bonds ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" 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 ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="70" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Common <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Stocks ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="70" 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>Preferred <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Stocks ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Warrants ($)</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" 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="139" 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 December 31, 2019</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="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">15,596,819</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="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="69" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">179,580,301</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="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">195,177,120</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="139" align="left" 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="59" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">7,759,782</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="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">561,725</font></p></td>
<td colspan="1" 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="69" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5,743,217</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="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="61" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="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="64" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">14,064,724</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="139" 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="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(9,839,566</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="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="69" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(21,388,405</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="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(31,227,971</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="139" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Net Realized and Unrealized Gains <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Loss)</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="59" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(1,360,289</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,809</font></p></td>
<td colspan="1" 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="69" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(34,982,552</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="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="61" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="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="64" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(36,340,032</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="139" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Accrued Discounts/ (Premiums)</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="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">11,091</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="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="69" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">133,415</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="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">144,506</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="139" align="left" 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="59" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">11,242,261</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="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">877,500</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="69" align="right" valign="bottom" style="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="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="61" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="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="64" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">12,119,761</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="139" 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="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(3,964,593</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="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="69" bgcolor="#cceeff" align="right" valign="bottom" style="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="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(3,964,593</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="139" align="left" 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 June 30, 2020</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="59" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">19,445,505</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>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,442,034</font></p></td>
<td colspan="1" 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="69" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">129,085,976</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="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="61" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="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="64" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">149,973,515</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="139" 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 <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">appreciation/(depreciation) from <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">investments held at June 30, 2020</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="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(468,938</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="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,809</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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="69" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(31,015,518</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="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size: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="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(31,481,647</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: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="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 2020<br>23</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div><div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>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;">June 30, 2020 (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;">Investments were transferred into and out of Level 3 and out of and into Level 2 during the six months ended June 30, 2020 due to changes in the quantity and quality of information obtained to support the fair value of each investment as assessed by the Adviser. The valuation techniques used by the Adviser to measure fair value as of June 30, 2020 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="103" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="center" valign="bottom" style="padding:4.5pt .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="116" align="center" valign="bottom" style="padding:4.5pt .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="82" align="center" valign="bottom" style="padding:4.5pt .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="65" 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>Range</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Weighted<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Average</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="546" 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="103" 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="64" 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;">19,445,505</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="116" align="left" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Broker Quotes and/or 3rd <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Party Pricing Services </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="66" 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;">N/A</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="38" 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="19" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="49" 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="19" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="103" 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;">Corporate Bonds</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="64" 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;">1,442,034</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="116" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Broker Quotes and/or 3rd <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Party Pricing Services </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="66" 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;">N/A</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="38" 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="19" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="49" 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="19" 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="103" 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 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="64" 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;">129,085,976</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="116" align="left" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Broker Quotes and/or 3rd <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Party Pricing Services </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="66" 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;">N/A</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="38" 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="19" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="49" 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="19" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="103" 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 Stocks</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="64" 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;">&#151;</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="116" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Enterprise Value Analysis &#151; <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Adjusted NAV </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" 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;">IOI</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="38" 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="19" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="49" 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="19" 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="103" 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;">Preferred Stocks</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="64" 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;">&#151;</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="116" align="left" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Enterprise Value Analysis &#151; <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Adjusted NAV </font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" 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;">IOI</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="38" 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="19" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="49" 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="19" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="103" 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;">Warrants</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="64" 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;">&#151;</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="116" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Enterprise Value Analysis &#151; <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Adjusted NAV </font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="3" width="82" 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;">EBITA</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="38" 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;">10</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">x</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="49" 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;">10</font></p></td>
<td colspan="1" width="19" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">x</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="103" align="left" 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 Level 3 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="64" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">149,973,515</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="116" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="65" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

</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>(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="163" 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>For the Six Months Ended June 30, 2020</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="75" 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="80" 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="59" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">22,914,939</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">429,112,863</font></p></td>
<td colspan="1" 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;">Common shares issued</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="59" align="right" valign="bottom" style="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</font></p></td>
<td colspan="1" 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="64" align="right" valign="bottom" style="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</font></p></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;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Common shares redeemed</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="59" bgcolor="#cceeff" align="right" valign="bottom" style="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</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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="64" bgcolor="#cceeff" align="right" valign="bottom" style="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</font></p></td>
<td colspan="1" 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 outstanding &#151; <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">end of period</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="59" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">22,914,939</font></p></td>
<td colspan="1" 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="64" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">429,112,863</font></p></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="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. There were no shares repurchased during the six months ended June 30, 2020.</font></p>
</div><div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>(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 a party to a senior secured revolving credit facility (as amended, the "Credit Facility"), which allows for the Fund to borrow up to $212 million at any one time outstanding. The Credit Facility maturity date is June 8, 2022. Under the Credit Facility, the Fund is required to comply with various covenants, reporting requirements and other customary requirements for similar revolving credit facilities, including, without limitation, covenants related to: (a) limitations on the incurrence of additional indebtedness and liens, (b) limitations on certain investments, (c) limitations on certain restricted payments, and (d) maintaining a ratio of total assets (less total liabilities other than indebtedness) to total indebtedness of the Fund of not less than 3:1.0. These covenants are subject to important limitations and exceptions that are described in the documents governing the Credit Facility. Amounts available to borrow under the Credit Facility (and the incurrence of certain other permitted debt) are also subject to compliance with a borrowing base that applies different advance rates to different types of assets in the Fund's portfolio that are pledged as collateral. As of June 30, 2020, 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;">As of June 30, 2020, there was $123,491,138 outstanding under the Credit Facility. Loans under the Credit Facility generally bear interest at the applicable LIBOR rate plus </font></p>
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</div><p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2020<br>24</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div><div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>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;">June 30, 2020 (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;">0.95%. Unused portions of the Credit Facility accrue a commitment fee equal to an annual rate of 0.15%. The fair value of the Fund's borrowings under the Credit Facility approximates the carrying amount presented in the accompanying Statement 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;">For the six months ended June 30, 2020 the components of interest and unused commitment fees expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Credit Facility were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="200" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="152" align="center" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>For the Six Months Ended <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>June 30, 2020 <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>($)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" 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;">Stated interest expense</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="111" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,298,595</font></p></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Unused commitment fees</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="111" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">59,738</font></p></td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" 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 interest and credit facility fees expense</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="111" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,358,333</font></p></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Annualized average stated interest rate</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="111" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.94</font></p></td>
<td colspan="1" width="21" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="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="200" 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;">Average outstanding balance</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="111" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">134,136,278</font></p></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="200" align="left" 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 of debt issuance costs</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="111" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">89,220</font></p></td>
<td colspan="1" width="21" 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="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Under the Investment Company Act, the Fund is not permitted to incur indebtedness, including through the issuance of debt securities, unless immediately thereafter the Fund will have an asset coverage of at least 300%. In general, the term "asset coverage" for this purpose means the ratio which the value of the total assets of the Fund, less all liabilities and indebtedness not represented by senior securities, bears to the aggregate amount of senior securities representing indebtedness of the Fund. In addition, the Fund may be limited in its ability to declare any cash distribution on its capital stock or purchase its capital stock unless, at the time of such declaration or purchase, the Fund has an asset coverage (on its indebtedness) of at least 300% after deducting the amount of such distribution or purchase price, as applicable. For non-public indebtedness issued by the Fund (for example, the Credit Facility), the Fund may be able to continue to pay distributions on its capital stock or purchase its capital stock even if the asset coverage ratio on its indebtedness falls below 300%. As of June 30, 2020, the Fund's asset coverage was 373%.</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 Corporation ("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>
</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;">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 by the Fund for the six months ended June 30, 2020 were $2,324,582.</font></p>
<p style="margin:0pt 0pt 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 $245,113 for the six months ended June 30, 2020.</font></p>
<p style="margin:0pt 0pt 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 by the Fund for the six months ended June 30, 2020 were $186,862.</font></p>
<p style="margin:0pt 0pt 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 operations of the Fund. Such services include providing ongoing contact with respect to the Fund and its performance with financial advisors that are representatives of broker-dealers and other financial intermediaries, communicating with the NYSE specialist for the Fund's common shares and with the closed-end fund analyst community regarding the Fund on a regular basis, and maintaining a website for the Fund. The Fund pays Destra 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 by the Fund for the six months ended June 30, 2020 were $163,142.</font></p>
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</div><p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2020<br>25</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div><div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>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;">June 30, 2020 (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>(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 June 30, 2020, 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="200" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Cost of Investments <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Purchased</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="152" 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</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</font></td>
<td colspan="1" width="172" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">359,865,001</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="111" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(387,063,386</font></p></td>
<td colspan="1" width="21" 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 would likely 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 would likely 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 likely 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 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 </font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">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 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 </font></p>
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</div><p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2020<br>26</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">June 30, 2020 (Unaudited)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">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 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>
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<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;">Collateralized Loan Obligations ("CLO") 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>
<p style="margin:0pt 0pt 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 </font></p>
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</div><p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2020<br>27</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">June 30, 2020 (Unaudited)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">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 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 </font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">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 currently utilizes leverage, which magnifies the Fund's risks and, in turn, the risks to the common shareholders.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Interest Rate Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The market value of Corporate Bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds </font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">June 30, 2020 (Unaudited)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">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>LIBOR 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;">National and international regulators and law enforcement agencies have conducted investigations into a number of rates or indices that are deemed to be "reference rates." Actions by such regulators and law enforcement agencies may result in changes to the manner in which certain reference rates are determined, their discontinuance, or the establishment of alternative reference rates. In particular, on July 27, 2017, the Chief Executive of the U.K. Financial Conduct Authority (the "FCA"), which regulates LIBOR, announced that the FCA will no longer persuade or compel banks to submit rates for the calculation of LIBOR after 2021. Such announcement indicates that the continuation of LIBOR on the current basis cannot and will not be guaranteed after 2021. It appears highly likely that LIBOR will be discontinued or modified by 2021.</font></p>
<p style="margin:0pt 0pt 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 U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, is considering replacing U.S. dollar LIBOR with a new index calculated by short-term repurchase agreements, backed by Treasury securities (the" Secured Overnight Financing Rate," or "SOFR"). The future of LIBOR at this time is uncertain. Potential changes, or uncertainty related to such potential changes, may adversely affect the market for LIBOR-based securities, including our portfolio of LIBOR-indexed, floating-rate debt securities, or the cost of our borrowings. In addition, changes or reforms to the determination or supervision of LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR, which could have an adverse impact on the market for LIBOR-based securities, including the value of the LIBOR-indexed, floating-rate debt securities in our portfolio, or the cost of our borrowings. Additionally, if LIBOR ceases to exist, the Fund may need to renegotiate the credit agreement </font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">extending beyond 2021 with our credit facility lenders that utilize LIBOR as a factor in determining the interest rate to replace LIBOR with the new standard that is established.</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 securities are not readily marketable and may be subject to restrictions on resale. securities generally are not listed on any national securities exchange and no active trading market may exist for the securities in which the Fund may invest. When a secondary market exists, if at all, the market for some securities 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 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>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">June 30, 2020 (Unaudited)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Special Situations and Stressed Investments Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Although investments in debt and equity securities and other obligations of companies that may be in some level of financial or business distress, including companies involved in, or that have recently completed, bankruptcy or other reorganization and liquidation proceedings ("Stressed Issuers") (such investments, "Special Situation Investments") may result in significant returns for the Fund, they are speculative and involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful investment in distressed assets is unusually high. Therefore, the Fund will be particularly dependent on the analytical abilities of the Adviser. In any reorganization or liquidation proceeding relating to a company in which the Fund invests, the Fund may lose its entire investment, may be required to accept cash or securities with a value less than the Fund's original investment and/or may be required to accept payment over an extended period of time. Among the risks inherent in investments in a troubled company is that it may be difficult to obtain information as to the true financial condition of such company. Troubled company investments and other distressed asset-based investments require active monitoring.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund may make investments in Stressed Issuers when the Adviser believes it is reasonably likely that the Stressed Issuer will make an exchange offer or will be the subject to a plan of reorganization pursuant to which the Fund will receive new securities in return for a Special Situation Investment. There can be no assurance, however, that such an exchange offer will be made or that such a plan of reorganization will be adopted. In addition, a significant period of time may pass between the time at which the Fund makes its investment in the Special Situation Investment and the time that any such exchange offer or plan of reorganization is completed, if at all. During this period, it is unlikely that the Fund would receive any interest payments on the Special Situation Investment, the Fund would be subject to significant uncertainty whether the exchange offer or plan of reorganization will be completed and the Fund may be required to bear certain extraordinary expenses to 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 </font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">reorganization is adopted with respect to Special Situation Investments held by the Fund, there can be no assurance that the securities or other assets received by the Fund in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made or even no value. Moreover, any securities received by the Fund upon completion of an exchange offer or plan of reorganization may be restricted as to resale. Similarly, if the Fund participates in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of Special Situation Investments, the Fund may be restricted from disposing of such securities. To the extent that the Fund becomes involved in such proceedings, the Fund may have a more active participation in the affairs of the issuer than that assumed generally by an investor.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">To the extent that the Fund holds interests in a Stressed Issuer that are different (or more senior or junior) than those held by other funds and/or accounts managed by Ares or its affiliates ("Other Accounts"), the Adviser is likely to be presented with decisions involving circumstances where the interests of such Other Accounts may be in conflict with the Fund's interests. Furthermore, it is possible that the Fund's interest may be subordinated or otherwise adversely affected by virtue of such Other Accounts' involvement and actions relating to their investment. In addition, when the Fund and Other Accounts hold investments in the same Stressed Issuer (including in the same level of the capital structure), the Fund may be prohibited by applicable law from participating in restructurings, work-outs, renegotiations or other activities related to its investment in the Stressed Issuer absent an exemption due to the fact that Other Accounts hold investments in the same Stressed Issuer. As a result, the Fund may not be permitted by law to make the same investment decisions as Other Accounts in the same or similar situations even if the Adviser believes it would be in the Fund's best economic interests to do so. Also, the Fund may be prohibited by applicable law from investing in a Stressed Issuer (or an affiliate) that Other Accounts are also investing in or currently 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 </font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">June 30, 2020 (Unaudited)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">the Fund that it would otherwise recommend, subject to the Adviser's then-current allocation policy and any applicable exemptions.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Below Investment Grade Rating Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Debt instruments that are rated below investment grade are often referred to as "high yield" securities or "junk bonds." Below investment grade instruments are rated "Ba1" or lower by Moody's, "BB+" or lower by S&amp;P or "BB+" or lower by Fitch or, if unrated, are judged by the Adviser to be of comparable credit quality. While generally providing greater income and opportunity for gain, below investment grade debt instruments may be subject to greater risks than securities or instruments that have higher credit ratings, including a higher risk of default. The credit rating of an instrument that is rated below investment grade does not necessarily address its market value risk, and ratings may from time to time change, positively or negatively, to reflect developments regarding the Borrower's financial condition. Below investment grade instruments often are considered to be speculative with respect to the capacity of the Borrower to timely repay principal and pay interest or dividends in accordance with the terms of the obligation and may have more credit risk than higher rated securities. Lower grade securities and similar debt instruments may be particularly susceptible to economic downturns. It is likely that a prolonged or deepening economic recession could adversely affect the ability of some Borrowers issuing such debt instruments to repay principal and pay interest on the instrument, increase the incidence of default and severely disrupt the market value of the securities and similar debt instruments.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The secondary market for below investment grade instruments may be less liquid than that for higher rated instruments. Because unrated securities may not have an active trading market or may be difficult to value, the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund's ability to achieve its investment objectives will be more dependent on the Adviser's credit analysis than would be the case when the Fund invests in rated securities.</font></p>
<p style="margin:0pt 0pt 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 </font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">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 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 </font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">June 30, 2020 (Unaudited)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">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:11pt;"><b><i>Market Disruption 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;">As of the filing date of these financial statements, there is an outbreak of a highly contagious form of a novel coronavirus ("COVID-19"), which the World Health Organization has declared a global pandemic, the United States has declared a national emergency, and for the first time in its history, every state in the United States is under a federal disaster declaration. Many states, including those in which the Fund's portfolio companies operate, have issued orders requiring the closure of, or certain restrictions on the operation of, non-essential businesses and/or requiring residents to stay at home. The COVID-19 pandemic and preventative measures taken to contain or mitigate its spread have caused, and are continuing to cause, business shutdowns, or the re-introduction of business shutdowns, cancellations of events and restrictions on travel, significant reductions in demand for certain goods and services, reductions in business activity and financial transactions, supply chain interruptions and overall economic and financial market instability both globally and in the United States. Such effects will likely continue for the duration of the pandemic, which is uncertain, and for some period thereafter. While several countries, as well as certain states, counties and cities in the United States, have begun to lift the public health restrictions with a view to reopening their economies, recurring COVID-19 outbreaks have led to the re-introduction of such restrictions in certain states in the United States and globally and could continue to lead to the re-introduction of such restrictions elsewhere. Additionally, the absence of viable treatment options or a vaccine could lead people to continue to self-isolate and not participate in the economy at prepandemic levels for a prolonged period of time. Even after the COVID-19 pandemic subsides, the U.S. economy and most other major global economies may continue to experience a recession, and the Fund's business and operations, as well as the business and operations the Fund's portfolio companies, could be materially adversely affected by a prolonged recession in the U.S. and other major markets.</font></p>
<p style="margin:0pt 0pt 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 COVID-19 pandemic (including the preventative measures taken in response thereto) has to date (i) created significant business disruption issues for certain of the Fund's portfolio companies, and (ii) materially and adversely impacted the value and performance of certain of the Fund's portfolio companies. The COVID-19 pandemic is having a particularly adverse impact on industries in which certain of the Fund's portfolio companies operate, including energy, hospitality, travel, retail and restaurants. Certain of the Fund's portfolio companies in other industries have also been </font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">significantly impacted. The COVID-19 pandemic is continuing as of the filing date of these financial statements, and its extended duration may have further adverse impacts on the Fund's portfolio companies after June 30, 2020, including for the reasons described below. Although on March 27, 2020, the U.S. government enacted the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act"), which contains provisions intended to mitigate the adverse economic effects of the COVID-19 pandemic, it is uncertain whether, or how much, the Fund's portfolio companies have benefited or may benefit from the CARES Act or any other subsequent legislation intended to provide financial relief or assistance.</font></p>
<p style="margin:0pt 0pt 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 effects described above on the Fund's portfolio companies have, for certain of the Fund's portfolio companies to date, impacted their ability to make payments on their loans on a timely basis and in many cases have required us to amend certain terms, including payment terms. In addition, an extended duration of the COVID-19 pandemic may impact the ability of the Fund's portfolio companies to continue making their loan payments on a timely basis or meeting their loan covenants. The inability of portfolio companies to make timely payments or meet loan covenants may in the future require the Fund to undertake similar amendment actions with respect to other of the Fund's investments or to restructure the Fund's investments. The amendment or restructuring of the Fund's investments may include the need for the Fund to make additional investments in the Fund's portfolio companies (including debt or equity investments) beyond any existing commitments, or exchange debt for equity.</font></p>
<p style="margin:0pt 0pt 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 COVID-19 pandemic has adversely impacted the fair value of the Fund's investments, including those reported as of June 30, 2020, and the values reported may differ materially from the values that the Fund may ultimately realize with respect to our investments. The impact of the COVID-19 pandemic may not yet be fully reflected in the valuation of the Fund's investments as the Fund's valuationsare inherently uncertain and may fluctuate over short periods of time.. The Fund's valuations, including those reported as of June 30, 2020, may not show the complete or continuing impact of the COVID-19 pandemic and the resulting measures taken in response thereto. In addition, write downs in the value of the Fund's investments have reduced, and any additional write downs may further reduce, the Fund's net asset value (and, as a result, the Fund's asset coverage calculation). Accordingly, the Fund may continue to incur additional net unrealized losses or may incur realized losses after June 30, 2020, which could have a material adverse effect on the Fund's business, financial condition and results 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;">The volatility and disruption to the global economy from the COVID-19 pandemic has affected, and is expected to</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">June 30, 2020 (Unaudited)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">continue to affect, the pace of the Fund's investment activity and the size of our portfolio, which may have a material adverse impact on the Fund's results of operations, including the Fund's total investment income.</font></p>
<p style="margin:0pt 0pt 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 response to the COVID-19 pandemic, Ares has instituted a work from home policy until it is deemed safe to return to the office. Such a policy of an extended period of remote working by the Fund's investment adviser and/or its affiliate's employees could strain the Fund's technology resources and introduce operational risks, including heightened cybersecurity risk. Remote working environments may be less secure and more susceptible to hacking attacks, including phishing and social engineering attempts that seek to exploit the COVID-19 pandemic.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>(9) 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 July 10, 2020:</font></p>
<p style="margin:0pt 0pt 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: July 20, 2020<BR>Record Date: July 21, 2020<BR>Payable Date: July 31, 2020<BR>Per Share Amount: $0.0975</font></p>
<p style="margin:0pt 0pt 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 August 11, 2020:</font></p>
<p style="margin:0pt 0pt 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: August 20, 2020<BR>Record Date: August 21, 2020<BR>Payable Date: August 31, 2020<BR>Per Share Amount: $0.0975</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Additional Information</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">June 30, 2020 (Unaudited)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Proxy Information</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The policies and procedures used to determine how to vote proxies relating to securities held by the Fund are available (1) without charge, upon request, by calling 1-877-855-3434, or (2) on the SEC's website at http://www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 will be available on Form N-PX by August 31 of each year (1) without charge, upon request, by calling 1-877-855-3434, or (2) on the SEC's website at http://www.sec.gov.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Portfolio Information</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund files its complete schedule of portfolio holdings for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on SEC Form N-PORT. The Fund's Form N-PORT 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.</font></p>
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</div><p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2020<br>34</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Additional Information </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">June 30, 2020 (Unaudited)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Dividend Reinvestment Plan</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Unless a shareholder specifically elects to receive distributions in cash, distributions will automatically be reinvested in additional common shares of the Fund. A shareholder may elect to have the cash portion of dividends and distributions distributed in cash. To exercise this option, such shareholder must notify State Street, the plan administrator and the Fund's transfer agent and registrar, in writing or by telephone so that such notice is received by the plan administrator not less than 10 days prior to the record date fixed by the board of directors for the dividend or distribution involved. Participants who hold their common shares through a broker or other nominee and who wish to elect to receive any dividends and other distributions in cash must contact their broker or nominee. The plan administrator will set up an account for shares acquired pursuant to the plan for each shareholder that does not elect to receive distributions in cash (each a "Participant"). The plan administrator may hold each Participant's common shares, together with the other Participant's common shares, in noncertificated form in the plan administrator's name or that of its nominee. The shares are acquired by the plan administrator for a Participant's account, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized common shares from the Fund ("Newly Issued Shares") or (ii) by purchase of outstanding common shares on the open market ("Open-Market Purchases") on the NYSE or elsewhere. If, on the dividend payment date, the net asset value per share of the common shares is equal to or less than the market price per common share on the NYSE plus estimated brokerage commissions (such condition being referred to as "market premium"), the plan administrator will invest the dividend amount in Newly Issued Shares on behalf of the Participant. The number of Newly Issued Shares to be credited to the Participant's account will be determined by dividing the dollar amount of the dividend by the net asset value per share of the common shares on the date the shares are issued, unless the net asset value of the common shares is less than 95% of the then current market price per share on the NYSE, in which case the dollar amount of the dividend will be divided by 95% of the then current market price per common share on the NYSE. If on the dividend payment date the net asset value per share of the common shares is greater than the market price per common share on the NYSE (such condition being referred to as "market discount"), the plan administrator will invest the dividend amount in common shares acquired on behalf of the Participant in Open-Market Purchases.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The plan administrator's service fee, if any, and expenses for administering the plan will be paid for by the Fund. There will be no brokerage charges to shareholders with respect to common shares issued directly by the Fund as a result of dividends or distributions payable either in common shares or in cash. However, each participant will pay a pro-rata share of brokerage commissions incurred with respect to the plan administrator's Open-Market Purchases in connection with the reinvestment of dividends and distributions.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Shareholders who elect to receive their distributions in cash are subject to the same federal, state and local tax consequences as shareholders who reinvest their distributions in additional common shares. A shareholder's basis for determining gain or loss upon the sale of shares acquired due to reinvestment of a distribution will generally be equal to the total dollar amount of the dividend payable to the shareholders. Any shares received due to reinvestment of a dividend will have a new holding period for tax purposes commencing on the day following the day on which the shares are credited to the U.S. shareholder's account.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Participants may terminate their accounts under the dividend reinvestment plan by writing to the plan administrator at State Street Bank and Trust Company, located at One Lincoln Street, Boston, Massachusetts, 02111 or by calling the plan administrator's hotline at (877) 272-8164. Such termination will be effective immediately if the Participant's notice is received by the plan administrator at least 10 days prior to any dividend or distribution record date for the payment of any dividend or distribution by the Fund; otherwise, such termination will be effective only with respect to any subsequent dividend or distribution. Participants who hold their common shares through a broker or other nominee and who wish to terminate their account under the plan may do so by notifying their broker or nominee. The dividend reinvestment plan may be terminated by the Fund upon notice in writing mailed to each Participant at least 30 days prior to any record date for the payment of any dividend or distribution by the Fund. Additional information about the dividend reinvestment plan may be obtained by contacting the plan administrator by mail at One Lincoln Street, Boston, Massachusetts 02111 or by telephone at (877) 272-8164.</font></p>
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</div><p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2020<br>35</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>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;">June 30, 2020 (Unaudited)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Investment Adviser</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ares Capital Management II LLC<BR>2000 Avenue of the Stars, 12th Floor<BR>Los Angeles CA 90067</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Administrator Custodian and Transfer Agent</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">State Street Bank and Trust Company<BR>One Lincoln Street<BR>Boston, MA 02111</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>DRIP Administrator</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">State Street Bank and Trust Company<BR>One Lincoln Street<BR>Boston, MA 02111</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Investor Support Services</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Destra Capital Investments LLC<BR>901 Warrenville Road, Suite 15<BR>Lisle, IL 60532</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Independent Registered Public Accounting Firm</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ernst &amp; Young LLP<BR>725 South Figueroa Street<BR>Los Angeles, CA 90017</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Fund Counsel</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Willkie Farr &amp; Gallagher LLP<BR>787 7th Avenue<BR>New York, NY 10019</font></p>
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</div><p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2020<br>36</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Additional Information </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">June 30, 2020 (Unaudited)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Privacy Notice</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">We are committed to maintaining the privacy of our shareholders and to safeguarding their nonpublic personal information. The following information is provided to help you understand what personal information we collect, how we protect that information and why, in certain cases, we may share information with select other parties.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Generally, we will not receive any non-public personal information about shareholders of the common stock of the Fund, although certain of our shareholders' non-public information may become available to us. The non-public personal information that we may receive falls into the following categories:</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;Information we receive from shareholders, whether we receive it orally, in writing or electronically. This includes shareholders' communications to us concerning their investment;</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;Information about shareholders' transactions and history with us; or</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;Other general information that we may obtain about shareholders, such as demographic and contact information such as address.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">We do not disclose any non-public personal information about shareholders, except:</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;to our affiliates (such as our investment adviser) and their employees that have a legitimate business need for the information;</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;to our service providers (such as our administrator, accountants, attorneys, custodians, transfer agent, underwriter and proxy solicitors) and their employees as is necessary to service shareholder accounts or otherwise provide the applicable service;</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;to comply with court orders, subpoenas, lawful discovery requests, or other legal or regulatory requirements; or</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;as allowed or required by applicable law or regulation.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">When the Fund shares non-public shareholder personal information referred to above, the information is made available for limited business purposes and under controlled circumstances designed to protect our shareholders' privacy. The Fund does not permit use of shareholder information for any non-business or marketing purpose, nor does the Fund permit third parties to rent, sell, trade or otherwise release or disclose information to any other party.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund's service providers, such as their adviser, administrator, and transfer agent, are required to maintain physical, electronic, and procedural safeguards to protect shareholder nonpublic personal information; to prevent unauthorized access or use; and to dispose of such information when it is no longer required.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Personnel of affiliates may access shareholder information only for business purposes. The degree of access is based on the sensitivity of the information and on personnel need for the information to service a shareholder's account or comply with legal requirements.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">If a shareholder ceases to be a shareholder, we will adhere to the privacy policies and practices as described above. We may choose to modify our privacy policies at any time. Before we do so, we will notify shareholders and provide a description of our privacy policy.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In the event of a corporate change in control resulting from, for example, a sale to, or merger with, another entity, or in the event of a sale of assets, we reserve the right to transfer your non-public personal information to the new party in control or the party acquiring assets.</font></p>
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</div><p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2020<br>37</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>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;">June 30, 2020 (Unaudited)</font></p>
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<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Directors</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="97" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Name, Address</b><b><sup>(1)<BR></sup></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>and Year of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Position(s) Held <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>with the Fund</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="71" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Length of Time<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Served and<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Term of Office</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1222" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Occupation(s)<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>or Employment <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>During Past <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Number of<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Funds in the<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Complex</b><b><sup>(3)<BR></sup></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Overseen by<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>the Director<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>or Nominee</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="303" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Other Public <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Company Board <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Memberships<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>During Past <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="2050" align="left" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Interested Directors</b><b><sup>(2)</sup></b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">David A. Sachs<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1956</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Director and Chairman of the Board</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="71" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2011***</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1222" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Partner, Ares Management, L.P.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="60" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="303" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Terex Corporation; CION Ares Diversified Credit Fund</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Seth J. Brufsky 1966</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">President, Chief Executive Officer, Director and Portfolio Manager of ARDC</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="71" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2012**</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1222" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Mr. Brufsky is a Partner and Co-Head and Portfolio Manager of U.S. Liquid Credit in the Ares Credit Group and a member of the Management Committee of Ares Management. Additionally, he serves as a member of the Ares Credit Group's U.S. Liquid Credit Investment Committee and the Ares Dynamic Credit Allocation Fund Investment Committee. He has served as Director, President and Chief Executive Officer of ARDC since 2012.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="60" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="287" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">None</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" align="left" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Independent Directors</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="71" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1222" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="303" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">James K. Hunt 1951</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Director</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="71" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2016***</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1222" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Consultant, Tournament Capital Advisors, LLC; from 2015 to 2016, Managing Partner and Chief Executive Officer, Middle Market Credit platform &#151; Kayne Anderson Capital Advisors LLC; from 2014 to 2015, Chairman, THL Credit, Inc.; from 2010 to 2014, Chief Executive Officer and Chief Investment Officer, THL Credit, Inc. and THL Credit Advisors LLC</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="60" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="303" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">PennyMac Financial Services, Inc.; CION Ares Diversified Credit Fund</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

</div><div style="margin:8pt 0pt 8pt 0pt;">
</div><div style="margin:8pt 0pt 8pt 0pt;">
</div><p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2020<br>38</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div><div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Additional Information </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">June 30, 2020 (Unaudited)</font></p>
</div><div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Directors</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="97" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Name, Address</b><b><sup>(1)<BR></sup></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>and Year of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Position(s) Held <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>with the Fund</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="71" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Length of Time<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Served and<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Term of Office</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1222" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Occupation(s)<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>or Employment <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>During Past <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="76" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Number of<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Funds in the<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Complex</b><b><sup>(3)<BR></sup></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Overseen by<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>the Director<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>or Nominee</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="303" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Other Public <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Company Board <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Memberships<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>During Past <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">John J. Shaw <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1951</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Director</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="71" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2012**</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1222" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Independent Consultant; prior to 2012, President, Los Angeles Rams</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="60" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="303" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">CION Ares Diversified Credit Fund</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Bruce H. Spector 1942</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Director</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="71" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2014*</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1222" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Independent Consultant; from 2007 to 2015, Senior Advisor, Apollo Global Management LLC (private equity)</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="60" align="right" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 6pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="303" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">The Private Bank of California (2007-2013); CION Ares Diversified Credit Fund</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>(1)</sup>&nbsp;&nbsp;The address of each Director is care of the Secretary of the Fund at 2000 Avenue of the Stars, 12th Floor, Los Angeles, CA 90067.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>(2)</sup>&nbsp;&nbsp;"Interested person," as defined in the Investment Company Act, of the Fund. Mr. Sachs and Mr. Brufsky are interested persons of the Fund due to their affiliation with the Adviser.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>(3)</sup>&nbsp;&nbsp;The term "Fund Complex" means two or more registered investment companies that share the same investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies or hold themselves out to investors as related companies for the purpose of investment and investor services.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">* Term continues until the Fund's 2023 Annual Meeting of Stockholders and until his successor is duly elected and qualifies.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">** Term continues until the Fund's 2021 Annual Meeting of Stockholders and until his successor is duly elected and qualifies.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">*** Term continues until the Fund's 2022 Annual Meeting of Stockholders and until his successor is duly elected and qualifies.</font></p>
</div><div style="margin:8pt 0pt 8pt 0pt;">
</div><div style="margin:8pt 0pt 8pt 0pt;">
</div><p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2020<br>39</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div><div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>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;">June 30, 2020 (Unaudited)</font></p>
</div><div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Officers</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="112" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Name, Address</b><b><sup>(1)<BR></sup></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>and Year of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Position(s) Held <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>with Funds</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Officer Since</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2949" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal Occupation(s) or Employment During Past Five Years</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="112" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Seth J. Brufsky 1966</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">President, Chief Executive Officer, Director and Portfolio Manager of ARDC</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2012</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2949" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Mr. Brufsky is a Partner and Co-Head and Portfolio Manager of U.S. Liquid Credit in the Ares Credit Group and a member of the Management Committee of Ares Management. Additionally, he serves as a member of the Ares Credit Group's U.S. Liquid Credit Investment Committee and the Ares Dynamic Credit Allocation Fund Investment Committee. He has served as Director, President and Chief Executive Officer of ARDC since 2012.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="112" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Penni F. Roll 1965</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Treasurer</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2016</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2949" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ms. Roll is a Partner and the Chief Financial Officer of the Ares Credit Group. She also serves as the Chief Financial Officer of Ares Capital Corporation and Treasurer of CION Ares Diversified Credit Fund. She joined Ares in April 2010 as Executive Vice President &#151; Finance of Ares Capital Management. She previously served as Chief Financial Officer of ARDC from October 2016 to September 2017.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="112" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Lisa Morgan 1976</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Chief Compliance Officer and Anti-Money Laundering Officer</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2019</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2949" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ms. Morgan is a Managing Director and Head of Regulatory Compliance in the Ares Compliance Department. She joined Ares in September 2017.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="112" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Scott Lem 1977</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Chief Financial Officer</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2016</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2949" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Mr. Lem is a Partner and Chief Accounting Officer, Credit (Direct Lending) in the Ares Finance Department. Mr. Lem additionally serves as Chief Accounting Officer, Vice President and Treasurer of Ares Capital Corporation. He also serves as Chief Financial Officer of CION Ares Diversified Credit Fund. Mr. Lem previously served as Assistant Treasurer of Ares Capital Corporation from May 2009 to May 2013 and Treasurer of ARDC from October 2016 to September 2017. Mr. Lem joined Ares in 2003.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="112" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ian Fitzgerald 1975</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">General Counsel and Secretary<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Vice President and Assistant Secretary</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Since 2019<BR></font><font face="Arial, Helvetica" style="font-size:8pt;">2017-2019</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2949" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Mr. Fitzgerald is a Managing Director and Associate General Counsel (Credit) in the Ares Legal Group, where he focuses on credit matters. He also serves as Vice President and Assistant Secretary of Ivy Hill Asset Management, L.P. and Vice President and Assistant Secretary of Ivy Hill Asset Management GP, LLC, Ivy Hill Asset Management's General Partner. Mr. Fitzgerald joined Ares in 2010.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="112" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Keith Ashton 1967</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Vice President and Portfolio Manager of ARDC</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2013</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2949" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Mr. Ashton is a Director in the Ares Credit Group, Portfolio Manager of Alternative Credit and a member of the Management Committee of Ares Management. Additionally, he serves as a member of the Ares Credit Group's Global Structured Credit Investment Committee and the Ares Dynamic Credit Allocation Fund Investment Committee. Prior to joining Ares in 2011, Mr. Ashton was a Partner at Indicus Advisors LLP, where he focused on launching the global structured credit business in May 2007. Previously, Mr. Ashton was a Portfolio Manager and Head of Structured Credit at TIAA-CREF, where he focused on managing a portfolio of structured credit investments and helped launch TIAA's institutional asset management business.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="112" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Daniel Hayward 1985</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Vice President</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2016</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2949" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Mr. Hayward is a Managing Director and Co-Portfolio Manager in the Ares Credit Group. Additionally, he serves as a member of the Ares Credit Group's U.S. Liquid Credit Investment Committee. Prior to joining Ares in 2012, he was a senior collateralized loan obligation analyst at State Street Bank, where he focused on managing a team in the Trustee Department.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="112" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Charles Arduini 1969</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Vice President and portfolio manager of ARDC</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2018</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2949" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Mr. Arduini is a Managing Director and Portfolio Manager in the Ares Credit Group, where he focuses on structured credit investments. Mr. Arduini joined Ares in 2011.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="112" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Samantha Milner 1978</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Vice President and portfolio manager of ARDC</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2018</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2949" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ms. Milner is a Partner, Portfolio Manager and Head of Research of U.S. Liquid Credit in the Ares Credit Group, where she is primarily responsible for managing Ares' U.S. bank loan credit strategies. Additionally, she serves as a member of the Ares Credit Group's U.S. Liquid Credit Investment Committee. Ms. Milner joined Ares in 2004.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

</div><div style="margin:8pt 0pt 8pt 0pt;">
</div><div style="margin:8pt 0pt 8pt 0pt;">
</div><p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2020<br>40</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div><div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>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;">June 30, 2020 (Unaudited)</font></p>
</div><div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Officers</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="112" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Name, Address</b><b><sup>(1)<BR></sup></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>and Year of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Position(s) Held <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>with Funds</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Officer Since</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2949" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Principal Occupation(s) or Employment During Past Five Years</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="112" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Jason Duko 1977</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Vice President </font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2018</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2949" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Mr. Duko is a Partner and Portfolio Manager of U.S. Liquid Credit in the Ares Credit Group, where he is primarily responsible for managing Ares' U.S. bank loan credit strategies. Additionally, he serves as a member of the Ares Credit Group's U.S. Liquid Credit Investment Committee. Prior to joining Ares in 2018, Mr. Duko was a Portfolio Manager at PIMCO, where he managed bank loan assets across a broad range of investment strategies and was responsible for secondary loan trading across all sectors. Previously, Mr. Duko was an Associate Portfolio Manager at Lord Abbett &amp; Co. LLC, where he focused on its leveraged loan business, portfolio management, trading decisions and marketing.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="112" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Kapil Singh 1971</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Vice President </font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2018</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2949" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Mr. Singh is a Partner and Portfolio Manager of U.S. Liquid Credit in the Ares Credit Group, where he is primarily responsible for managing Ares' U.S. high yield credit strategies. Additionally, he serves as a member of the Ares Credit Group's U.S. Liquid Credit Investment Committee. Prior to joining Ares in 2018, Mr. Singh was a Portfolio Manager in the Global Developed Credit Group at Double Line Capital, where he managed high yield bonds across strategies and portfolios in a variety of investment vehicles. Previously, Mr. Singh was a Senior Analyst at the Post Advisory Group, where he managed high yield bonds and leveraged loans within the energy sector. In addition, Mr. Singh was a Co-Portfolio Manager and Senior Credit Analyst at Four Comers Capital, a subsidiary of Macquarie Funds Group. He also held positions as Bradford &amp; Marzec, PPM America and Heller Financial.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="112" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Joshua Bloomstein 1973</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Vice President and Assistant Secretary</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2019</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2949" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Mr. Bloomstein serves as a Partner and General Counsel (Credit) and Deputy General Counsel (Corporate) of Ares Management where he focuses on credit matters. He is General Counsel, Vice President and Secretary of Ares Capital Corporation and Vice President and Assistant Secretary of Ares Commercial Real Estate Corporation. He is also a member of the Ares Enterprise Risk Committee. Mr. Bloomstein joined Ares in 2006.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="112" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Naseem Sagati Aghili 1981</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="273" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Vice President and Assistant Secretary</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="61" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since 2019</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2949" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ms. Sagati Aghili is General Counsel of Ares Management and is a member of the Management Committee of Ares Management. Ms. Sagati Aghili also serves as Vice President and Assistant Secretary for the CION Ares Diversified Credit Fund. Ms. Sagati Aghili joined Ares in 2009.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
</table>

<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><sup>(1)</sup> The address of each officer is care of the Secretary of the Fund at 2000 Avenue of the Stars, 12th Floor, Los Angeles, CA 90067.</font></p>
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</div><p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Semi-Annual Report 2020<br>41</font></p>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item 2. Code of Ethics.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Not applicable for this filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item 3. Audit Committee Financial Expert.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable for this filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Item 4. Principal Accountant Fees
and Services.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable for this filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Item 5. Audit Committee of Listed
Registrants.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable for this filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Item 6. Investments.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Schedule of Investments is included as part of Item 1
of this Form N-CSR.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Not applicable.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Item 7. Disclosure of Proxy Voting
Policies and Procedures for Closed-End Investment Companies.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Not applicable for this filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Item 8.&nbsp; Portfolio Managers
of Closed-End Management Investment Companies.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)(1) Not applicable for this filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)(2) Not applicable for this filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)(3) Not applicable for this filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">(a)(4)
</FONT>Not applicable for this filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b) There have been no changes to the portfolio managers identified
in the most recently filed annual report on Form N-CSR (File No. 811-22535) of Ares Dynamic Credit Allocation Fund, Inc. (the &ldquo;<U>Fund</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the six months ended June 30, 2020,
the following purchases were made by or on behalf of the Fund or any &ldquo;affiliated purchaser&rdquo;, as defined in Rule 10b-18(a)(3)
under the Securities Exchange Act of 1934, as amended (the &ldquo;<U>1934 Act</U>&rdquo;) (17 CFR 240.10b-18(a)(3)), of shares
of the Fund&rsquo;s equity securities that are registered by the Fund pursuant to Section 12 of the 1934 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 88%; font: 10pt Times New Roman, Times, Serif; margin-right: 0.5in; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Period</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">(a)<BR> Total Number<BR> of Shares<BR> (or Units)<BR> Purchased</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">(b)<BR> Average Price<BR> Paid per Share<BR> (or Unit)</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">(c)<BR> Total Number of<BR> Shares (or<BR>
Units)<BR> Purchased as<BR> Part of Publicly<BR> Announced<BR>
Plans<BR> or Programs</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">(d)<BR> Maximum<BR> Number (or<BR> Approximate<BR> Dollar Value) of<BR> Shares (or Units)<BR> that May Yet Be<BR> Purchased Under the<BR> Plans or Programs</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 44%; font: 10pt Times New Roman, Times, Serif">Month #1<BR> 01/01/20 through 01/31/20</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: center">None</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">---</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: center">None</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">1,781,899</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Month #2<BR> 02/01/20 through 02/29/20</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">None</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">---</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">None</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,781,899</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Month #3<BR> 03/01/20 through 03/31/20</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">None</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">---</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">None</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,781,899</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Month #4<BR> 04/01/20 through 04/30/20</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">None</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">---</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">None</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,781,899</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Month #5<BR> 05/01/20 through 05/31/20</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">None</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">---</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">None</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,781,899</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Month #6<BR> 06/01/20 through 06/30/20</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">None</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">---</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">None</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,781,899</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">None</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">---</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">None</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">-----</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">(a), (b)&nbsp;&nbsp;&nbsp;On
November 17, 2015, the Fund announced that its Board of Directors (the &ldquo;<U>Board</U>&rdquo;) had authorized the repurchase
of shares of common stock of the Fund (the &ldquo;<U>Common Shares</U>&rdquo;) 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. The Fund is authorized to repurchase up to 10% of its outstanding Common Shares.
The Fund is not required to effect share repurchases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -1in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD STYLE="text-align: justify">The above-referenced share repurchase program has no expiration date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">(d), (e)&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Item 10. Submission of Matters to
a Vote of Security Holders.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There have been no material changes to
the procedures by which shareholders may recommend nominees to the Fund&rsquo;s Board of Directors during the period covered by
this Form N-CSR filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item 11. Controls and Procedures.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">The Fund&rsquo;s principal executive and principal financial officers have concluded that the Fund&rsquo;s
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the &ldquo;<U>1940
Act</U>&rdquo;) (17 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of this Form N-CSR based on
their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17&nbsp;CFR 270.30a-3(b)) and Rules
13a-15(b) or 15d-15(b) under the 1934 Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD STYLE="text-align: justify">There were no changes in the Fund&rsquo;s internal control over financial reporting (as defined
in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the Fund&rsquo;s internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Item 12. Disclosure of Securities
Lending Activities for Closed-End Management Investment Companies.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD STYLE="text-align: justify">Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Not applicable.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Item 13. Exhibits.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)(1)</TD><TD>Not applicable for this filing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><A HREF="tm2029204d1_ex99cert.htm">(a)(2)</A></TD><TD STYLE="text-align: justify"><A HREF="tm2029204d1_ex99cert.htm">The certifications required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached
hereto.</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)(3)</TD><TD>Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)(4)</TD><TD>Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)(5)</TD><TD>Not applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><A HREF="tm2029204d1_ex99-906cert.htm">(b)</A></TD><TD STYLE="text-align: justify"><A HREF="tm2029204d1_ex99-906cert.htm">The certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)) and Section
906 of the Sarbanes-Oxley Act of 2002 are attached hereto.</A></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARES
    DYNAMIC CREDIT ALLOCATION FUND, INC.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Seth J. Brufsky</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seth J. Brufsky</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Chief Executive Officer</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 1, 2020</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Seth J. Brufsky</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seth J. Brufsky</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    1, 2020</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Scott C. Lem</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scott C. Lem</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 1, 2020</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>tm2029204d1_ex99cert.htm
<DESCRIPTION>EXHIBIT 99.CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.CERT</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 13(a)(2)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, Seth J. Brufsky, President and Chief
Executive Officer of Ares Dynamic Credit Allocation Fund, Inc. (the &ldquo;<U>Fund</U>&rdquo;), certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">1.</FONT></TD><TD>I have reviewed this report on Form N-CSR of the Fund;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">2.</FONT></TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">3.</FONT></TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">4.</FONT></TD><TD>The Fund&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Fund and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(a)</FONT></TD><TD STYLE="text-align: justify">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;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">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;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the Fund&rsquo;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</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the Fund&rsquo;s
internal control over financial reporting that occurred during the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the Fund&rsquo;s internal control over financial reporting; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">5.</FONT></TD><TD>The Fund&rsquo;s other certifying officer(s) and I have disclosed to the Fund&rsquo;s auditors and the audit committee of the
Fund&rsquo;s board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">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&rsquo;s
ability to record, process, summarize, and report financial information; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management
or other employees who have a significant role in the Fund&rsquo;s internal control over financial reporting.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 1, 2020</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Seth J. Brufsky</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seth J. Brufsky</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">I, Scott C. Lem, Chief Financial Officer
of Ares Dynamic Credit Allocation Fund, Inc. (the &ldquo;<U>Fund</U>&rdquo;), certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">1.</FONT></TD><TD>I have reviewed this report on Form N-CSR of the Fund;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">2.</FONT></TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">3.</FONT></TD><TD>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;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">4.</FONT></TD><TD>The Fund&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Fund and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(a)</FONT></TD><TD STYLE="text-align: justify">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;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">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;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the Fund&rsquo;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</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Disclosed in this report any change in the Fund&rsquo;s
internal control over financial reporting that occurred during the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the Fund&rsquo;s internal control over financial reporting; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">5.</FONT></TD><TD>The Fund&rsquo;s other certifying officer(s) and I have disclosed to the Fund&rsquo;s auditors and the audit committee of the
Fund&rsquo;s board of directors (or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">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&rsquo;s
ability to record, process, summarize, and report financial information; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Any fraud, whether or not material, that involves management
or other employees who have a significant role in the Fund&rsquo;s internal control over financial reporting.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 1, 2020</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Scott C. Lem</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scott C. Lem</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>tm2029204d1_ex99-906cert.htm
<DESCRIPTION>EXHIBIT 99.906 CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.906CERT</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: right"><B>Exhibit 13(b)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Seth J. Brufsky, President and Chief Executive
Officer, and Scott C. Lem, Chief Financial Officer, of Ares Dynamic Credit Allocation Fund, Inc. (the &ldquo;<U>Fund</U>&rdquo;),
each certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">This Form N-CSR filing for the Fund (the &ldquo;<U>Report</U>&rdquo;) fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Fund.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Seth J. Brufsky</FONT></TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seth J. Brufsky</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">President and Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 1, 2020</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Scott C. Lem</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scott C. Lem</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 1, 2020</FONT></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 &ldquo;<U>Commission</U>&rdquo;)
or its staff upon request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This certification is being furnished to
the Commission solely pursuant to Rule 30a.2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. &sect; 1350
and is not being filed as part of the Report or as a separate disclosure document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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