<SEC-DOCUMENT>0001104659-21-032476.txt : 20210305
<SEC-HEADER>0001104659-21-032476.hdr.sgml : 20210305
<ACCEPTANCE-DATETIME>20210305115208
ACCESSION NUMBER:		0001104659-21-032476
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210305
DATE AS OF CHANGE:		20210305
EFFECTIVENESS DATE:		20210305

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22535
		FILM NUMBER:		21717253

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ares Senior Credit Strategies Fund, Inc.
		DATE OF NAME CHANGE:	20110314
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>tm217933d1_ncsr.htm
<DESCRIPTION>N-CSR
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 40%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-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"><FONT STYLE="font-size: 14pt; text-transform: uppercase">ARES
DYNAMIC CREDIT ALLOCATION FUND,&nbsp;INC.</FONT></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: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 90%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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">&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<FONT STYLE="font-size: 8pt"><SUP>TH
</SUP></FONT>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">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 90%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; 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: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; 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; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ian Fitzgerald</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2000 Avenue of the Stars, 12<SUP>th</SUP>
        Floor</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Los Angeles, California 90067</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P.
        Jay Spinola</FONT>,&nbsp;Esq.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Willkie Farr&nbsp;&amp; Gallagher LLP</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">787 Seventh Avenue<BR>
        New York, New York 10019</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 85%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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&nbsp;31</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 reporting period: <U>December&nbsp;31, 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>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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"><B><U>Item 1. Report to Stockholders.</U></B></P>

<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">(a)</TD><TD STYLE="text-align: justify">Report to Stockholders is attached herewith.</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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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>

<!-- Document name: 21-7933-2.aa-->


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
<p style="margin:12pt 0pt 12pt 0pt;"><img src="j2179332_aa001.jpg"></p>
<p style="margin:12pt 0pt 12pt 0pt;"><img src="j2179332_aa002.jpg"></p>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:21pt;"><b>Ares Dynamic Credit Allocation Fund, Inc.<BR>(NYSE: ARDC)</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 10pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:14pt;"><b>Annual Report</b></font></p>
<p style="margin:0pt 0pt 10pt 0pt;" align="center"><font face="Arial, Helvetica" style="font-size:14pt;"><b>December 31, 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>
</div>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=1,FOLIO='',FILE='21-7933-2.aa.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>

<!-- Document name: 21-7933-2.ba-->
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Contents</b></font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="185" align="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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Fund Profile &amp; Financial Data</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">6</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Schedule of Investments</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">7</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="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;">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="185" align="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;">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="185" align="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;">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="185" align="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;">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="185" align="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;">20</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="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;">21</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Proxy &amp; Portfolio Information</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">36</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Dividend Reinvestment Plan</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">37</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="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;">Renewal of Investment Advisory Agreement</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">38</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="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;">41</font></p></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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Privacy Notice</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">42</font></p></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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:9pt;">Directors and Officers</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="26" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:9pt;">43</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=2,FOLIO='',FILE='21-7933-2.ba.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<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>Letter to Shareholders</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">December 31, 2020</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>Dear Shareholders,</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">On behalf of Ares' leadership, we hope this note finds you, your families and your colleagues healthy and safe. We thank you for your support of the Ares Dynamic Credit Allocation Fund, Inc. ("ARDC" or the "Fund").</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:6pt 0pt 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><u>U.S. Economy:</u></i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">COVID-19 brought unprecedented economic and capital markets volatility in 2020, prompting historic government support. In response to this looming crisis, the U.S. Government and Federal Reserve led an unprecedented and coordinated effort to support the economy and maintain the flow of capital to consumers and businesses.</font></p>
<p style="margin:0pt 0pt 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 broad response from the government and central banks led to a rebound in economic activity and drove significant liquidity in the corporate financing markets. The declines in quarterly GDP in the first and second quarters reversed course and the third quarter GDP had a record increase, recovering nearly two-thirds of the economic output lost during the first half of 2020. As a result of the policy driven response by the Federal Reserve, record retail investor inflows to fixed rate asset classes provided a robust amount of liquidity and a healthy backdrop for many corporate borrowers to access the liquid credit markets. By October of 2020, both the investment grade<sup>1</sup> and high yield bond<sup>2</sup> markets had experienced record new annual issuance levels. Further optimism was supported during the fourth quarter as the FDA approved two COVID-19 vaccines. This led to increased confidence in the economic recovery despite the increase in new cases and further regional lockdown restrictions.</font></p>
<p style="margin:0pt 0pt 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><u>U.S. Loan and High Yield Bond Markets:</u></i></font></p>
<p style="margin:0pt 0pt 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 aforementioned policies and the improved investor sentiment led to strong price recovery. As measured by the ICE BofAML High Yield Master II Index ("H0A0") for high yield bonds and the Credit Suisse Leveraged Loan Index ("CSLLI") for leveraged loans, the price declines of 20.3%<sup>3</sup> and 24.3%<sup>4</sup>, respectively, from March 1 to the valuation trough on March 23, were nearly erased by the end of the year. The average price of par of the H0A0 and CSLLI troughed at 78.6%<sup>3</sup> and 76.5%<sup>4</sup>, respectively, in March and finished the year at 104.7%<sup>3</sup> and 95.7%<sup>4</sup> of par.</font></p>
<p style="margin:0pt 0pt 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 capital markets prices nearly recovered to pre-pandemic levels, defaults continued to rise. The leveraged loan trailing twelve-month default rate ended the year at 4.4%, up from year-end 2019 of 1.6% and its long-term average of 2.2%<sup>5</sup>. High yield bond default rates also rose to 7.0%, up from 3.4% at year-end 2019 and above their historical average of 4.1%<sup>6</sup>. While defaults increased during 2020 across loans and high yield bonds, 2021 default expectations moderated throughout the year. Currently, 2021 leverage loan default rates are expected to be 4.5% compared to the 7-8% expected earlier in during 2020. High yield default rates are expected to decline to 3.5% in 2021, also much improved compared to the 5-6% expectations that underpinned the market in mid-2020<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;"><i><u>U.S. CLO Markets:</u></i></font></p>
<p style="margin:0pt 0pt 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 trajectory of improved pricing and sentiment was also evident in the CLO market. In March and April, the market was pricing in fears that rising defaults and credit rating agency downgrades would impair cash flows to support CLO securities. Adding to these price declines was an increasingly popular misconception that CLOs would be forced sellers of the underlying loan collateral. With this backdrop, BB CLO bond prices dropped to 53.4% in March from 93.9% at year-end 2019<sup>8</sup>. However, as policy intervention by the U.S. Government and Federal Reserve drove loan prices higher and default expectations lower, CLO managers largely began navigating the ratings driven impacts on the structures. Like most securities beyond the March and April time period, prices for CLO securities rose steadily in the second and third quarters of 2020<sup>8</sup>. The measured pace of price increases became more dramatic during the fourth quarter when CLO securities, such as the BBs, outperformed the loan and high yield market<sup>3,4,8</sup>. Fundamentally, 2020 proved the benefits of the CLO structure and reinforced our view that CLOs are stable holders of credit investments through changing markets. Underscoring the resiliency of the asset class, we found no CLO security defaults during the year<sup>9</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;"><i><u>Key Economic and Market Observations:</u></i></font></p>
<p style="margin:0pt 0pt 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 back at 2020, the U.S. economy experienced its most severe GDP contraction since the Great Depression. The unprecedented government stimulus programs and the reopening of the economy quickly pulled the U.S out of a recession, resulting in the shortest recession in U.S. history. The rapid stabilization of the economy and liquidity driven recovery of the credit markets left investors that could not move quickly enough unable to fully benefit from the price recovery of the liquid </font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>1</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=3,FOLIO='1',FILE='21-7933-2.ba.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Letter to Shareholders </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">December 31, 2020</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;">credit markets. Nimble management is becoming critical to successfully capitalizing on market dislocations. Fluctuating asset performance across economic cycles underscores the importance of a tactical approach to portfolio management, particularly when identifying mispriced assets. Structural changes in capital markets have caused market dislocations to become shorter and more frequent. In our view, diversification and active allocation are essential to capturing the best relative value opportunities that arise in episodic periods of volatility.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>ARDC Portfolio Performance and Positioning</b></font></p>
<p style="margin:6pt 0pt 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><u>Performance:</u></i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">For the calendar year ending December 31, 2020, ARDC has returned 3.0% based on Net Asset Value ("NAV") and 2.3% based on stock total returns<sup>10,11</sup>. This performance is favorable against the most comparable closed-end fund peer group to ARDC<sup>12</sup>, which generated median NAV returns of 1.1% and median stock based total returns of 2.2% for the year<sup>10</sup>. It is important to note that given ARDC's flexible mandate and focus on senior secured bank loans, high yield bonds and CLOs, we believe there is no single peer or established benchmark that reasonably compares to 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;">As another measure of ARDC's success, the company had no defaults on any of its investments in 2020, which compares favorably to the leveraged loan and high yield default rates of 4.0% and 6.2%, respectively<sup>5,6</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;"><i><u>Dynamic Portfolio Positioning:</u></i></font></p>
<p style="margin:0pt 0pt 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 believe ARDC's performance has been supported by the strengths of its manager and the merits of its strategy to deliver enhanced portfolio yield and strong overall diversification<sup>13</sup>. We view Ares Management's deep credit research capabilities, differentiated sourcing advantages and multi-asset class experience as keys to ARDC's track record of creating value throughout varying market conditions.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">One way we used the market volatility throughout the year was to adjust the portfolio based on the relative value of credit ratings in loans and bonds. Early in 2020, we invested in higher rated credits, including some former investment grade names that entered the high yield market at technically-driven steep discounts. It was our view early on that these credits would be defensive and as the market began to recover, would lead the price recovery. Based on this view, we increased the allocation to BB and BBB rated credits in the loan and high yield portfolio from 28% at year-end 2019 to 36% in April. We saw this playout as BB loans and bonds outperformed B loans and bonds by ~380bps and ~310bps, respectively from January through April of 2020<sup>3,4,14,15</sup>. As the market began to rally, we rotated away from some of these higher rated credits and increased our exposure to B rated credits in order to capture what we believed would be greater return opportunities during a recovery. Beginning in May, we increased our allocation to B rated credits within the loan and high yield portfolio from 45% to 53% at year-end 2020. During this time, B rated loan and high yield securities in fact rallied more meaningfully than the lower risk BB loans and high yield securities for the remainder of the year from May to December<sup>3,4,16,17</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;">Credit ratings are just one measure of how we positioned ARDC's portfolio throughout the year. We also found value by moving up the capital structure. Our secured loan and high yield investments rose to 55% of the loan and high yield portfolio by year-end 2020, as compared to 46% at year-end 2019.</font></p>
<p style="margin:0pt 0pt 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, we repositioned the portfolio to minimize exposure to businesses negatively affected by COVID and increased exposure to more resilient or benefiting segments of the economy. The increasing adoption of technology and the strong visibility to recurring contracted revenues in many software and services business led us to increase our allocation to information technology companies during the year. This industry was the largest increase in the portfolio, growing from just under 6% of the total portfolio at year-end 2019 to over 10% at year-end 2020 and represents our largest single industry concentration<sup>18</sup>. Conversely, some healthcare revenue models were impacted by social distancing standards and a temporary pause in elective procedures amongst other impacts during the year. In our view, the market had overly optimistic view on valuation in some of the securities in the healthcare sector. As a result, we reduced our healthcare exposure from approximately 10% of the portfolio at year-end 2019 to approximately 5% of the total portfolio at year-end 2020. While our more selective approach in healthcare led to the largest industry reduction across the ARDC portfolio during the year, we believe there are still significant opportunities in the sector as healthcare remains ARDC's third largest industry concentration.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">2020 also impacted capital formation for loan and high yield issuers. The long-term trend of traditional liquid credit products converging with private market direct loans accelerated during the year. The combination of Ares' large-scale </font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>2</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=4,FOLIO='2',FILE='21-7933-2.ba.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<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>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;">December 31, 2020</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;">liquid credit platform and its leading direct lending franchise positions ARDC to benefit from differentiated deal flow opportunities. Ultimately, we believe these advantages result in favorable allocations and economics for ARDC. These opportunities represent another avenue for differentiated investment performance for 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;">Our experience in CLOs continues to be another area of significant opportunity for delivering differentiated performance. Throughout the year, we used the market dislocation to rotate into more CLO equity versus CLO debt, allowing ARDC to more meaningfully participate in what we believe was a mispriced asset class. At year-end 2020, ARDC's total portfolio was comprised of 21% in CLO debt and 11% in CLO equity, a shift from the 24% CLO debt and 9% in CLO equity allocation at year-end 2019. CLO price recovery, as measured by BB securities, significantly outperformed the more liquid loan and high yield market in the fourth quarter, supporting the funds strong quarter performance<sup>3,4,8</sup>. Aided by the strength in CLO assets, ARDC's NAV-based returns reached 10.8% in the fourth quarter of 2020, significantly outpacing loan and bond ETFs, such as the Invesco Senior Loan ETF's return of 3.4% and the iShares High Yield Corporate Bond ETF's return of 5.8% in the fourth quarter<sup>10</sup>.</font></p>
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;"><b>Looking Ahead to 2021</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;">Heading into 2021, ARDC's overall portfolio remains well positioned, diversified across 207 issuers and 25 industries. The average position size across ARDC is 0.40% and the largest position is 1.3%<sup>19</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 forward, we have positioned our portfolio thoughtfully to benefit from the continued reopening of the economy and asset price appreciation without reaching for risk. We believe deep fundamental credit experience will be even more critical in 2021. We expect credit dispersion to increase and episodic bouts of volatility to continue. As a result, we believe this will provide a compelling opportunity set for active managers like Ares and the dynamic allocation strategy of ARDC to succeed.</font></p>
<p style="margin:0pt 0pt 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 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 believe the distinct advantages that come from being managed by Ares will provide unique buying opportunities in both the new issue and secondary markets for ARDC. As a result, it is our view that ARDC is well positioned to deliver an attractive yield-based return for our investors into 2021 and beyond.</font></p>
<p style="margin:0pt 0pt 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 appreciate the trust and confidence you have demonstrated in Ares through your investment in ARDC. 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 below investment grade senior secured loans, high yield corporate bonds and collateralized loan obligation securities.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">On November 6, 2015, the Board of Directors (the "Board") of ARDC authorized the repurchase of shares of common stock of the Fund (the "Common Shares") on the open market when the Common Shares are trading on the New York Stock Exchange at a discount of 10% or more (or such other percentage as the Board may determine from time to time) from the net asset value ("NAV") of the Common Shares. The Fund may repurchase its outstanding Common Shares in open-market transactions at the Fund management's discretion. The Fund is not required to effect share repurchases. Any future purchases of Common Shares may not materially impact the discount of the market price of the Common Shares relative to their NAV and any narrowing of this discount that does result may not be maintained. Since the inception of the program through December 31, 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>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>3</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=5,FOLIO='3',FILE='21-7933-2.ba.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Letter to Shareholders </b></font><font face="Arial, Helvetica" style="font-size:8pt;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">December 31, 2020</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><i>Note: The opinions of the Adviser expressed herein are subject to change without notice. Information contained herein has been obtained from sources believed to be reliable, but is not guaranteed. This 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:8pt;"><i>The 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 information herein is as of December 31, 2020, and the full effects, directly and indirectly, resulting from COVID-19 are not necessarily fully reflected in such information.</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;"><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:8pt;">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:8pt;">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:8pt;">The Credit Suisse Leveraged Loan Index ("CSLLI") is designed to mirror the investable universe of the $US-denominated leveraged loan market. The index inception is January 1992. The index frequency is daily, weekly and monthly. New loans are added to the index on their effective date if they qualify according to the following criteria: 1) loan facilities must be rated "5B" or lower; 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 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">The Invesco Senior Loan ETF ("BKLN") is an exchange-traded fund incorporated in the USA. The fund tracks the market cap weighted S&amp;P/LSTA US Leveraged Loan 100 index, which represents the 100 largest loan facilities in the leverage loan market. Each week the index is reviewed to reflect early principal repayment and ensure that no loan balances become more than 2% f the index.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">The iShares iBoxx High Yield Corporate Bond ETF ("HYG") is an exchange-traded fund incorporated in the USA. The fund seeks to track the investment results of an index composed of U.S. dollar denominated, high yield corporate bonds.</font></p>
<p style="margin:0pt 0pt 13.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">REF: TC- 02010</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>1</sup> Bloomberg, U.S. High-Grade Bond Sales Set Record, Reach $1.346 Trillion, August 17, 2020.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>2</sup> S&amp;P Global, U.S. High Yield Issuance Blasts Past Prior Years to Set New Record, October 8, 2020.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>3</sup> ICE BofA High Yield Master II Index as of December 31, 2020 or as otherwise noted.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>4</sup> Credit Suisse Leveraged Loan Index as of December 31, 2020 or as otherwise noted.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>5</sup> Monthly Credit Suisse Default Reports.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>6</sup> BAML HY Credit Chartbook.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>7</sup> Fitch 2021 US Loan Default Rate in Line with 2020; HY Trending Lower, January 13, 2021.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>8</sup> J.P. Morgan CLOIE Monitor as of December 31, 2020 or as otherwise noted.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>9</sup> Based on Ares view of the market.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>4</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=6,FOLIO='4',FILE='21-7933-2.ba.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<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>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;">December 31, 2020</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:7pt;"><sup>10</sup> Y-Charts as of December 31, 2020.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>11</sup> Past performance is not indicative of future results.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>12</sup> Peer group consists of AIF, BGB, BGH, DSU, EFF, HFRO, HNW, KIO, VTA. This is the same peer group the management uses to benchmark its performance.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>13</sup> Diversification does not assure profit or protect against market loss.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>14</sup> For the period January 1, 2020 through April 30, 2020.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>15</sup> As measured by price returns of High-Yield BB vs. High-Yield B's and Leveraged Loan BB's vs. Leveraged Loan B's.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>16</sup> For the period May 1, 2020 to December 31, 2020.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>17</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>18</sup> As defined by Credit Suisse industry classifications weighted by market value. These values may be different than industry classifications in certain regulatory filings.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:7pt;"><sup>19</sup> Diversification does not assure profit or protect against loss.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>5</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=7,FOLIO='5',FILE='21-7933-2.ba.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Fund Profile &amp; Financial Data</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">December 31, 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:8pt;"><b>Portfolio Characteristics as of 12.31.20</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 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Weighted Average Floating Coupon<sup>1</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5.81</font></p></td>
<td colspan="1" width="21" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="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 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Weighted Average Bond Coupon<sup>2</sup></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">7.53</font></p></td>
<td colspan="1" width="21" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="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 4pt 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 4pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">8.19</font></p></td>
<td colspan="1" width="21" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="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 4pt 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 4pt 0pt;">
<p 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 4pt 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 4pt 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 December 31, 2020.</font></p>
<p style="margin:1pt 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:1pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">3 Dividend per share annualized and divided by the December 31, 2020 market price per share. The distribution rate alone is not indicative of Fund performance.</font></p>
<p style="margin:1pt 0pt 2pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">4 Represents the Fund's December 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 12.31.20</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 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Angus Chemical</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.49</font></p></td>
<td colspan="1" width="21" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="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 4pt 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 4pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.39</font></p></td>
<td colspan="1" width="21" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="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 4pt 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 4pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.31</font></p></td>
<td colspan="1" width="21" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="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 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">PowerTeam Services</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 4pt 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 4pt 0pt;">
<p style="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 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">EQT Corp</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 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" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="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 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Asurion, LLC</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 4pt 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 4pt 0pt;">
<p style="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 4pt 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" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.17</font></p></td>
<td colspan="1" width="21" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="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 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Arby's Restaurant Group, Inc.</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 4pt 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 4pt 0pt;">
<p style="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 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Numericable</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="42" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.12</font></p></td>
<td colspan="1" width="21" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="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 4pt 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">&nbsp;</td>
<td colspan="1" width="20" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="42" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.11</font></p></td>
<td colspan="1" width="21" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="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 2pt 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 12.31.20</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="87" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="69" align="center" valign="bottom" style="padding:0pt .7pt 4pt 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="61" align="center" valign="bottom" style="padding:0pt .7pt 4pt 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 4pt 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 4pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">6.42</font></p></td>
<td colspan="1" width="21" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="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 4pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4.22</font></p></td>
<td colspan="1" width="21" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="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 4pt 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 4pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="40" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2.33</font></p></td>
<td colspan="1" width="21" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="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 4pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="32" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3.00</font></p></td>
<td colspan="1" width="21" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="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 4pt 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 4pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4.21</font></p></td>
<td colspan="1" width="21" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="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 4pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4.09</font></p></td>
<td colspan="1" width="21" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="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 4pt 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 4pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="40" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">10.46</font></p></td>
<td colspan="1" width="21" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="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 4pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="32" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">8.60</font></p></td>
<td colspan="1" width="21" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="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 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Since Inception<sup>6</sup></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="40" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4.31</font></p></td>
<td colspan="1" width="21" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="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 4pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="32" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">5.53</font></p></td>
<td colspan="1" width="21" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4pt 0pt;">
<p style="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:2pt 0pt 1pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">6 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="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</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 12.31.20</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><img src="j2179332_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 12.31.20, the Fund held a negative traded cash balance of -0.70%.</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 12.31.20</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><img src="j2179332_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>7</sup></b><b> as of 12.31.20</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><img src="j2179332_ba005.jpg">
</p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">7 Credit Suisse industry classifications weighted by market value. These values may be different than industry classifications in certain regulatory filings.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">This data is subject to change on a daily basis. As of 12.31.20, the Fund held a negative traded cash balance of -0.70%.</font></p>
</div>
<div style="clear:both"></div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>6</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=8,FOLIO='6',FILE='21-7933-2.ba.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>

<!-- Document name: 21-7933-2.ca-->
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Schedule of Investments</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">December 31, 2020</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 28.4%</b><b><sup>(b)(c)(d)</sup></b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="185" 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><b><sup>(a)</sup></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="381" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Capital Goods 4.9%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Boels Topholding B.V., 1st Lien <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, (Netherlands), 3M <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">EUR</font><font face="Arial, Helvetica" style="font-size:8pt;">IBOR + 4.00%, 4.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">02/06/2027</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;">2,205,882</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="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;">$</font></p></td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,690,800</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">CP Atlas Buyer, Inc., 1st Lien <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, 3M LIBOR + 4.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.25%, 11/23/2027</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">3,600,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="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;">3,604,500</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dynasty Acquisition Co., Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 3.50%, 3.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">04/06/2026<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;">2,487,405</font></p></td>
<td colspan="1" 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;">2,363,035</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">MI Windows and Doors, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1</font><font face="Arial, Helvetica" style="font-size:8pt;">st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">12/18/2027<sup>(e)</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;">2,217,983</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">2,220,756</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Traverse Midstream Partners, LLC, <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;">5.50%, 6.50%, 09/27/2024<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;">2,870,860</font></p></td>
<td colspan="1" 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;">2,809,855</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Tutor Perini Corp., 1st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 4.75%, 5.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">08/18/2027<sup>(e)</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;">4,031,181</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">4,041,259</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="185" 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>17,730,205</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="381" 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 Durables &amp; Apparel 1.0%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">AI Aqua Merger Sub, Inc., <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;">4.25%, 5.25%, 12/13/2023<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;">1,980,000</font></p></td>
<td colspan="1" 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;">1,980,000</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="185" 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;">Term Loan, 1M LIBOR + 5.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.25%, 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;">226,600</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">226,600</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="3" width="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">MSG National Properties, LLC, <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;">6.25%, 7.00%, 11/12/2025<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;">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;">1,507,500</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="185" 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>3,714,100</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="381" 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 Services 2.5%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Alterra Mountain Co., 1st Lien Term <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan, 1M LIBOR + 4.50%, 5.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">08/01/2026<sup>(e)</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;">2,089,129</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="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;">2,096,963</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="185" 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, 3M LIBOR + 9.00%, 10.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">03/08/2024<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;">2,487,500</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;">2,475,063</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Gems Menasas Cayman, Ltd., 1st Lien <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, (Cayman Islands), 6M <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">LIBOR + 5.00%, 6.00%, 07/31/2026</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;">2,846,803</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">2,825,452</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">IRB Holding Corp., 1st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">12/15/2027<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;">2,000,000</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;">2,000,620</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="185" 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>9,398,098</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>

</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="185" 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><b><sup>(a)</sup></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="381" bgcolor="#cceeff" align="left" 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>Diversified Financials 0.7%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Delta TopCo, Inc., 2nd Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 7.25%, 8.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">12/01/2028</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;">$</font></p></td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,071,429</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">1,078,125</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">LBM Acquisition, LLC, 1st Lien Term <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan, 12/09/2027<sup>(e)</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;">305,267</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">304,950</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">LBM Acquisition, LLC, 1st Lien Term <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan, 12/17/2027<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;">1,373,704</font></p></td>
<td colspan="1" 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;">1,372,275</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="185" 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>2,755,350</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="381" 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>Food &amp; Staples Retailing 0.6%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Quirch Foods Holdings, LLC, 1st Lien <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, 3M LIBOR + 5.25%, 6.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/27/2027</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;">2,181,273</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="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;">2,164,913</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="381" 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>Food, Beverage &amp; Tobacco 1.1%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">WOOF Holdings, Inc., 1st Lien Term <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan, 12/21/2027<sup>(e)</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;">2,876,253</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">2,870,270</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">WOOF Holdings, Inc., 2nd Lien Term <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan, 12/21/2028<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;">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;">1,253,125</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="185" 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>4,123,395</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="381" 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>Health Care Equipment &amp; Services 2.9%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Bio Lam LCD, 1st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(France), 3M LIBOR + 4.75%, 4.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">04/25/2026</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;">&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;">2,400,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="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;">2,932,367</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Project Ruby Ultimate Parent <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Corporation, 1st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">02/09/2024<sup>(e)(f)</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;">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;">2,493,750</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Project Ruby Ultimate Parent <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Corporation, 2nd Lien Term Loan,<BR></font><font face="Arial, Helvetica" style="font-size:8pt;"> 02/10/2025<sup>(e)(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;">2,000,000</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;">2,000,000</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Sotera Health Holdings, LLC, 1st <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Lien Term Loan, 3M LIBOR + 4.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.50%, 12/11/2026<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;">3,326,604</font></p></td>
<td colspan="1" 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;">3,336,318</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="185" 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>10,762,435</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="381" 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>Household &amp; Personal Products 0.9%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Alphabet Holding Co., Inc., 2nd Lien <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, 1M LIBOR + 7.75%, 7.90%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">09/26/2025</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;">3,500,000</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;">3,477,250</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="11" width="381" 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>Insurance 1.7%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Asurion, LLC, 1st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">12/23/2026<sup>(e)</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;">988,700</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Asurion, LLC, 2nd Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1M LIBOR + 6.50%, 6.65%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">08/04/2025</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;">5,226,987</font></p></td>
<td colspan="1" 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;">5,259,655</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="185" 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>6,248,355</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>

</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>7</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=9,FOLIO='7',FILE='21-7933-2.ca.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<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;">December 31, 2020</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="185" 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><b><sup>(a)</sup></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="381" bgcolor="#cceeff" align="left" 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>Materials 1.8%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Aruba Investments, Inc., 2nd Lien Term <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan, 3M LIBOR + 7.75%, 8.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">11/24/2028</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;">$</font></p></td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,777,778</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">2,777,778</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">LSF11 Skyscraper HoldCo SARL, 1st <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Lien Term Loan, (Luxembourg), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M EURIBOR + 4.50%, 4.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">09/29/2027</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;">&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;">2,415,714</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">2,952,010</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Pretium PKG Holdings, Inc., 2nd Lien <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, 3M LIBOR + 8.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.00%, 11/06/2028<sup>(f)</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" 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;">995,000</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="185" 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>6,724,788</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="381" 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>Pharmaceuticals, Biotechnology &amp; Life Sciences 1.6%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" 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., 1st <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Lien Term Loan, 3M LIBOR + 3.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.25%, 08/30/2024</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;">1,738,452</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="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;">1,741,355</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Cambrex Corp., 1st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1M LIBOR + 4.50%, 5.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">12/04/2026<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;">3,970,000</font></p></td>
<td colspan="1" 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;">3,999,775</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>
<tr>
<td colspan="3" width="185" 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>5,741,130</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="381" 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>Retailing 0.9%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">BW Gas &amp; Convenience Holdings, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1st Lien Term Loan, 11/18/2024<sup>(e)</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;">1,544,836</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">1,546,767</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Petco Animal Supplies, Inc., 1st Lien <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, 3M LIBOR + 3.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">4.25%, 01/26/2023</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;">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;">1,910,280</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="185" 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>3,457,047</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="381" 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>Software &amp; Services 6.4%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" 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;">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" 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;">3,764,062</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Cvent, Inc., 1st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1M LIBOR + 3.75%, 3.90%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">11/29/2024<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;">1,466,818</font></p></td>
<td colspan="1" 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;">1,408,145</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Epicor Software Corp., 2nd Lien Term <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan, 1M LIBOR + 7.75%, 8.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/31/2028</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;">1,252,354</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">1,303,237</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">eResearch Technology, Inc., 1st Lien <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, 1M LIBOR + 4.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.50%, 02/04/2027<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;">3,069,415</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="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;">3,034,884</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Huskies Parent, Inc., 1st Lien Term <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan, 3M LIBOR + 4.00%, 4.18%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/31/2026<sup>(e)</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;">2,024,595</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">2,014,472</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="185" 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">&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;">1,540,000</font></p></td>
<td colspan="1" 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;">1,548,978</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>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="185" 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><b><sup>(a)</sup></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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Informatica, LLC, 2nd Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.13%, 02/25/2025</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;">$</font></p></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,455,878</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">1,478,808</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Ivanti Software, Inc., 1st Lien Term <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan, 4.75%, 12/01/2025<sup>(f)(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;">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;">(2,910</font></p></td>
<td colspan="1" width="19" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Ivanti Software, Inc., 1st Lien Term <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan, 3M LIBOR + 4.75%, 5.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">12/01/2027</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;">3,053,053</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="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;">3,042,550</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">MA FinanceCo., LLC, 1st Lien Term <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Loan, 3M LIBOR + 4.25%, 5.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">06/05/2025</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;">1,649,625</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="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;">1,660,628</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Sabre GLBL, Inc., 1st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">12/17/2027<sup>(e)</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;">1,028,807</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">1,030,093</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="185" 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, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 3.75%, 4.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/07/2027</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;">3,401,549</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<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;">3,403,964</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="185" 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>23,686,911</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="381" 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 1.0%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" 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, 1st Lien <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Term Loan, 3M LIBOR + 5.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.25%, 06/21/2027</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;">1,509,520</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">SkyMiles IP, Ltd., 1st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 3.75%, 4.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/20/2027<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;">2,000,000</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;">2,070,680</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="185" 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>3,580,200</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="381" 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 0.4%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">PG&amp;E Corp., 1st Lien Term Loan, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 4.50%, 5.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">06/23/2025<sup>(e)</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;">1,492,500</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;">1,507,798</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Senior Loans<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cost: $102,495,979)</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" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>105,071,975</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>
</table>

<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Corporate Bonds 68.9%</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="11" width="381" 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>Automobiles &amp; Components 1.5%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" 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 U.S., 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;">1,310,125</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="185" bgcolor="#cceeff" align="left" 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" 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;">1,920,000</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;">2,160,979</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="185" align="left" 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;">1,992,266</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="185" 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>5,463,370</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="381" 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>Banks 0.3%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" 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" 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;">1,140,000</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;">1,276,800</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="381" 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 Goods 9.9%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" 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" bgcolor="#cceeff">&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;">1,375,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="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;">1,493,813</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">Annual Report 2020<br>8</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=10,FOLIO='8',FILE='21-7933-2.ca.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<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>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;">December 31, 2020</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="185" 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><b><sup>(a)</sup></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="185" 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" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,675,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">1,804,812</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="185" 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)(h)</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;">2,556,250</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">CP Atlas Buyer, Inc., 7.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">12/01/2028<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;">307,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">319,280</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Forterra Finance, LLC, 6.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/15/2025<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;">3,000,000</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;">3,225,000</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="185" bgcolor="#cceeff" align="left" 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" bgcolor="#cceeff">&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;">2,700,000</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="185" 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">&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;">1,964,375</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="185" bgcolor="#cceeff" 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" bgcolor="#cceeff">&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;">6,119,302</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">6,808,397</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Specialty Building Products Holdings, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">LLC, 6.38%, 09/30/2026<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;">4,768,830</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">SRS Distribution, Inc., 8.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">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;">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;">3,187,500</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">SSL Robotics, LLC, 9.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">12/31/2023<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;">2,637,000</font></p></td>
<td colspan="1" 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;">2,979,810</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="185" bgcolor="#cceeff" align="left" 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;">4,250,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="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;">4,697,525</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="185" 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>36,505,592</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="381" 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>Commercial &amp; Professional Services 1.6%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" 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;">1,000,000</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;">1,040,000</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="185" 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;">971,571</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="185" 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;">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;">3,885,000</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="185" 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>5,896,571</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="381" 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 Services 3.5%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Caesars Entertainment, Inc., 6.25%, <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;">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;">2,662,500</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Caesars Entertainment, Inc., 8.13%, <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;">1,275,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="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;">1,411,454</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="185" bgcolor="#cceeff" 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" bgcolor="#cceeff">&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;">1,042,500</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="185" 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">&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;">3,742,000</font></p></td>
<td colspan="1" 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;">4,088,135</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="185" bgcolor="#cceeff" 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" bgcolor="#cceeff">&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;">3,247,200</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="185" 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">&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;">532,500</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="185" 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>12,984,289</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>

</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="185" 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><b><sup>(a)</sup></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="381" bgcolor="#cceeff" align="left" 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>Diversified Financials 6.5%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Algeco Global Finance Plc, (Great <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Britain), 6.25%, 02/15/2023<sup>(c)(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;">&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;">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" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,432,943</font></p></td>
<td colspan="1" width="19" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Algeco Global Finance Plc, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Great Britain), 8.00%, 02/15/2023<sup>(d)</sup></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">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;">2,037,500</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">CrownRock, LP, 5.63%, 10/15/2025<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;">1,495,000</font></p></td>
<td colspan="1" 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;">1,526,739</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Diebold Nixdorf Dutch Holding B.V., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Netherlands), 9.00%, 07/15/2025</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;">1,700,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="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;">2,252,228</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="185" 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)</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;">2,140,000</font></p></td>
<td colspan="1" 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;">2,273,750</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">LBM Acquisition, LLC, 6.25%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">01/15/2029<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;">538,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">555,485</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="185" 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;">4,910,625</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Tallgrass Energy Partners, LP, 6.00%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">12/31/2030<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;">2,683,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">2,760,941</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Tallgrass Energy Partners, LP, 7.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/01/2025<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;">1,511,000</font></p></td>
<td colspan="1" 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;">1,631,260</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="185" bgcolor="#cceeff" 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;">6.63%, 07/15/2028</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;">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;">1,308,661</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="185" 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)</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;">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;">2,180,000</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="185" 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>23,870,132</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="381" 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 7.0%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" 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., 6.13%, 02/01/2025</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;">1,035,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">1,178,606</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="185" align="left" 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;">4,500,000</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;">5,512,500</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="185" 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;">1,368,750</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="185" 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;">1,407,544</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="185" 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, 6.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/15/2048</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;">2,080,000</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="185" 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">&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;">1,252,500</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="185" 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;">2,187,500</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="185" 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;">1,062,500</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Occidental Petroleum Corp., 8.88%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">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;">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;">4,108,125</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="185" 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">&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;">5,851,365</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="185" 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>26,009,390</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>

</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>9</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=11,FOLIO='9',FILE='21-7933-2.ca.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<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;">December 31, 2020</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="185" 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><b><sup>(a)</sup></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="381" bgcolor="#cceeff" align="left" 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>Food &amp; Staples Retailing 1.6%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Albertsons Cos., Inc., 7.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">03/15/2026<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;">$</font></p></td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,500,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">1,678,575</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="185" 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;">6.75%, 07/15/2024<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;">&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;">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;">4,163,956</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="185" 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>5,842,531</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="381" 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>Food, Beverage &amp; Tobacco 2.0%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" 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" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p 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" 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;">1,048,600</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="185" 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;">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;">3,570,000</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">JBS USA LUX SA, 6.75%, 02/15/2028<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;">2,808,750</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="185" 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>7,427,350</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="381" 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>Health Care Equipment &amp; Services 1.1%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" 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;">4,200,000</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="11" width="381" 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>Household &amp; Personal Products 1.3%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" 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)</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;">2,671,875</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="185" 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;">5.00%, 12/31/2026<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;">668,000</font></p></td>
<td colspan="1" 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;">696,864</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="185" 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;">7.00%, 12/31/2027<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;">1,291,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">1,351,703</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="185" 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>4,720,442</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="381" 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>Insurance 0.6%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" 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">&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;">794,036</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="185" bgcolor="#cceeff" align="left" 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" bgcolor="#cceeff">&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;">1,366,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">1,468,450</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="185" 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>2,262,486</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="381" 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>Materials 8.1%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" 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;">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;">5,050,000</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Blue Cube Spinco, LLC, 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;">792,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">813,780</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="185" 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;">5,296,125</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">First Quantum Minerals, Ltd., (Canada), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.88%, 10/15/2027<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;">2,500,000</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;">2,712,500</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Intelligent Packaging, Ltd. Finco, Inc., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Canada), 6.00%, 09/15/2028<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;">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;">3,596,250</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Kraton Polymers, LLC, 7.00%, <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;">2,632,500</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>
</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="185" 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><b><sup>(a)</sup></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="185" 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" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,750,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">1,938,125</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="185" 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;">2,172,000</font></p></td>
<td colspan="1" 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;">2,351,190</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="185" 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;">2,662,500</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="185" align="left" 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;">1,869,290</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Venator Finance SARL, 5.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/15/2025<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;">1,138,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">1,064,030</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Venator Finance SARL, (Luxembourg), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">9.50%, 07/01/2025<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;">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;">109,000</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="185" 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>30,095,290</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="381" 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 &amp; Entertainment 4.8%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" 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;">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;">2,110,600</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="3" width="185" align="left" 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;">6,900,000</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="185" 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;">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;">3,937,500</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="185" 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">&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;">1,189,000</font></p></td>
<td colspan="1" 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;">1,215,752</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="185" bgcolor="#cceeff" 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" bgcolor="#cceeff">&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;">2,306,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">1,395,130</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="185" 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">&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;">2,190,000</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="185" 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>17,748,982</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="381" 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>Pharmaceuticals, Biotechnology &amp; Life Sciences 0.6%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" 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;">2,314,688</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="381" 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>Real Estate 0.3%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Brookfield Property REIT, Inc., 5.75%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">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;">1,225,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">1,206,625</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="11" width="381" 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>Retailing 1.8%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" 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" bgcolor="#cceeff">&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;">1,778,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">1,889,125</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="185" align="left" 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., 6.63%, 10/01/2030<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;">1,112,500</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="185" bgcolor="#cceeff" align="left" 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" bgcolor="#cceeff">&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;">1,357,225</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="185" align="left" 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">&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;">2,460,000</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="185" 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>6,818,850</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="381" 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>Software &amp; Services 2.9%</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">CommScope Technologies, LLC, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.00%, 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;">2,000,000</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;">2,045,000</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="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>10</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=12,FOLIO='10',FILE='21-7933-2.ca.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<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>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;">December 31, 2020</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="185" 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><b><sup>(a)</sup></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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Leidos, Inc., 7.13%, 07/01/2032</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;">$</font></p></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="67" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">3,373,875</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Sabre GLBL, Inc., 7.38%, 09/01/2025<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;">1,860,000</font></p></td>
<td colspan="1" 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;">2,018,100</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="185" bgcolor="#cceeff" align="left" 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" bgcolor="#cceeff">&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;">3,108,750</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="185" 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>10,545,725</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="381" bgcolor="#cceeff" align="left" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Technology Hardware &amp; Equipment 2.7%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" 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">&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;">2,350,000</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;">2,866,871</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Dell International, LLC, 6.10%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/15/2027<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;">1,500,000</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;">1,864,505</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Diebold Nixdorf, Inc., 9.38%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/15/2025<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;">2,427,000</font></p></td>
<td colspan="1" 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;">2,718,240</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Seagate HDD Cayman, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">5.75%, 12/01/2034</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;">2,357,100</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="185" 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>9,806,716</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="381" 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>Telecommunication Services 6.0%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" 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">&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;">1,122,500</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="185" 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), 7.38%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">05/01/2026<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;">3,735,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">3,931,087</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="185" 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">&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;">769,000</font></p></td>
<td colspan="1" 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;">847,830</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="185" bgcolor="#cceeff" align="left" 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" bgcolor="#cceeff">&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;">4,444,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">5,481,452</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="185" 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;">5,637,500</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="185" bgcolor="#cceeff" align="left" 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;">1,830,763</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="185" align="left" 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;">1,768,703</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="185" 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., 6.50%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">01/15/2026</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;">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;">1,552,500</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="185" 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>22,172,335</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="381" 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 2.5%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" 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)</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;">1,053,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="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;">1,131,975</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="185" 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;">3,240,660</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Watco Cos., LLC, 6.50%, 06/15/2027<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;">2,165,000</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="185" 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;">2,656,250</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="185" 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>9,193,885</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>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="185" 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><b><sup>(a)</sup></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="381" bgcolor="#cceeff" align="left" 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 2.3%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" 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., 6.63%, 01/15/2027</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;">$</font></p></td>
<td colspan="1" width="54" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">335,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">353,773</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="185" bgcolor="#cceeff" align="left" 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" bgcolor="#cceeff">&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;">5,500,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="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;">5,802,500</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="185" 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">&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;">2,240,842</font></p></td>
<td colspan="1" 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;">2,375,293</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="185" 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>8,531,566</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Corporate Bonds <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cost: $239,588,501)</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" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="67" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>254,893,615</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>
</table>

<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Collateralized Loan Obligations 45.8%</b><b><sup>(d)(f)</sup></b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="11" width="381" 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 30.1%</b><b><sup>(c)</sup></b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" 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%, 6.01%, <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;">1,830,762</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="185" 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%, 8.16%, <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;">403,264</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="185" 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%, 7.57%, <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;">1,193,253</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="185" 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%, 5.72%, <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;">2,741,592</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="185" 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%, 8.93%, <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;">723,650</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="185" 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;">8.28%, 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;">1,550,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">1,119,932</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="185" 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;">7.28%, 01/15/2029</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;">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;">1,935,762</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="185" 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. 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;">8.47%, 04/18/2033</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;">3,049,071</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="185" 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;">5.99%, 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;">689,186</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Carlyle Global Market Strategies <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">CLO, Ltd. 2017-1, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 6.00%, 6.22%, <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;">2,676,147</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="185" 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%, 6.72%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/17/2029</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;">1,615,385</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="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;">1,540,518</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="185" 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), 3M LIBOR + 6.35%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.57%, 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;">1,938,384</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">Annual Report 2020<br>11</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=13,FOLIO='11',FILE='21-7933-2.ca.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<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;">December 31, 2020</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="185" 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><b><sup>(a)</sup></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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">CIFC Funding, Ltd. 2015-2A, <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;">7.05%, 04/15/2030</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;">1,501,184</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="185" 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;">6.56%, 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;">1,739,656</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="185" 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;">7.57%, 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;">3,566,178</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="185" 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;">6.14%, 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;">4,195,290</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="185" 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;">5.78%, 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;">1,896,582</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="185" 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;">5.97%, 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;">2,826,177</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="185" 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;">6.09%, 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;">2,883,732</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="185" 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;">6.99%, 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;">1,251,671</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Elmwood CLO I, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 7.71%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.93%, 10/20/2033</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;">3,059,205</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Elmwood CLO II, 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;">7.02%, 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;">1,500,000</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;">1,501,815</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="185" 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), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 8.25%, 8.47%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/20/2029</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="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;">1,879,018</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="185" 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), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 7.36%, 7.58%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">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;">2,000,000</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;">1,630,784</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="185" 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;">5.97%, 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;">1,076,528</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="185" 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%, 6.12%, <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;">2,531,427</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="185" 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%, 6.24%, <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" 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;">3,750,000</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;">3,389,490</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">LCM XXIII, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 7.05%, 7.27%, <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;">2,761,026</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="185" 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><b><sup>(a)</sup></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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">LCM XXX, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 6.95%, 7.17%, <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" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,200,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">1,199,162</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="185" 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;">7.99%, 10/22/2030</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;">2,500,000</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;">2,093,203</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="185" bgcolor="#cceeff" 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;">6.71%, 07/29/2030</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;">1,458,341</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="185" 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;">7.32%, 01/22/2031</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;">3,000,000</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;">3,000,975</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="185" bgcolor="#cceeff" 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;">7.10%, 04/30/2032</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;">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;">1,001,303</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="185" 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;">6.00%, 06/15/2031</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;">2,000,000</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;">1,614,776</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="185" bgcolor="#cceeff" 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;">6.52%, 05/13/2029</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;">5,274,737</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">4,173,256</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="185" 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;">7.01%, 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;">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;">1,861,170</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Oaktree CLO, Ltd. 2019-4, <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;">7.45%, 10/20/2032</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;">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;">1,503,279</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="185" 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;">7.72%, 11/20/2027</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;">2,850,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="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;">2,853,238</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">OHA Credit Partners XI, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 3M LIBOR + 7.90%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">8.12%, 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;">2,750,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="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;">2,380,345</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="185" 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;">5.66%, 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;">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;">1,411,734</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">OZLM XI, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">3M LIBOR + 7.00%, 7.21%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/30/2030</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;">2,750,000</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;">2,462,009</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="185" 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;">6.62%, 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;">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;">943,071</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="185" 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. 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;">9.06%, 05/21/2029</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;">3,000,000</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;">2,380,590</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="185" 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;">5.97%, 06/15/2031</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;">2,451,528</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="185" bgcolor="#cceeff" 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;">6.81%, 01/29/2032</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;">2,941,695</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">Annual Report 2020<br>12</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=14,FOLIO='12',FILE='21-7933-2.ca.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<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>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;">December 31, 2020</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="185" 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><b><sup>(a)</sup></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="185" 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;">6.69%, 07/15/2030</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;">$</font></p></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,100,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">2,016,723</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="185" 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;">6.94%, 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;">629,838</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="185" 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;">7.02%, 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;">854,606</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="185" 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;">6.57%, 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;">1,762,100</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="185" 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;">6.38%, 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;">3,527,980</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="185" 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;">7.14%, 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;">1,958,236</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="185" 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%, 6.41%, <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;">2,554,197</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="185" 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;">6.42%, 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;">2,715,225</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="185" 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;">6.97%, 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;">1,896,864</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="185" 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>111,176,728</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="381" 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 15.7%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">AIMCO CLO XI, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">12.32%, 10/15/2031</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;">1,881,020</font></p></td>
<td colspan="1" 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;">1,843,277</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Allegro CLO V, Ltd. 2017-1A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 0.09%, 10/16/2030</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;">1,132,948</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Allegro CLO VII, Ltd. 2018-2A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 8.09%, 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;">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;">2,469,211</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">AMMC CLO XXI, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">6.72%, 11/02/2030</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;">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;">303,468</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="185" 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), 11/17/2027</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;">1,800,000</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="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;">296,093</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="185" 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. 2020-2, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 18.19%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">07/21/2031</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;">1,250,000</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;">1,312,566</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Bardot CLO, Ltd., (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">15.76%, 10/22/2032</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;">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;">471,140</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Canyon Capital CLO, Ltd. 2019-1, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 9.31%, 04/15/2032</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;">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;">755,490</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>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="185" 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><b><sup>(a)</sup></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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Carlyle Global Market Strategies <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">CLO, Ltd. 2013-4, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">15.42%, 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;">493,899</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Carlyle Global Market Strategies <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">CLO, Ltd. 2017-3, (Cayman Islands), <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;">717,035</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Carlyle Global Market Strategies <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">CLO, Ltd. 2018-3, (Cayman Islands), <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">7.51%, 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;">2,309,102</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="185" 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), 13.75%, <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;">1,363,677</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="185" 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), 9.26%, <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;">2,296,482</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="185" 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), 12.24%, <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;">1,188,642</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="185" 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), 2.40%, <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;">1,127,418</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">CIFC Funding, Ltd. 2018-5A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 18.52%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">01/15/2032</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;">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;">277,377</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">CIFC Funding, Ltd. 2020-3A, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 12.32%, <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;">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;">1,779,038</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="185" 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), 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;">1,316,980</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="185" 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), 13.15%, <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;">512,501</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="185" 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), 38.50%, <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;">1,727,990</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="185" 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), 1.74%, <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;">744,271</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="185" 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), 16.72%, <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;">2,779,889</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="185" 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;">2.40%, 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;">456,426</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="185" 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;">10.99%, 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;">1,343,977</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="185" 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;">4.06%, 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;">935,223</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="185" 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;">565,612</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">Annual Report 2020<br>13</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=15,FOLIO='13',FILE='21-7933-2.ca.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<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;">December 31, 2020</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="185" 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><b><sup>(a)</sup></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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Madison Park Funding XXII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 12.32%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">01/15/2033</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;">3,120,568</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="185" 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), 15.32%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">01/23/2048</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;">1,741,418</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="185" 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), 20.86%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">01/22/2048</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;">1,581,564</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Magnetite XXVIII, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 12.32%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">10/25/2031</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;">2,500,000</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;">2,467,607</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="185" bgcolor="#cceeff" 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), 11.85%, <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;">2,567,500</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="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;">1,973,671</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="185" 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), 10/20/2027</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;">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;">1,137,928</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="185" bgcolor="#cceeff" 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), 6.08%, 10/20/2030</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;">4,250,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="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;">2,746,108</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="185" 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), 1.97%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">11/20/2027</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;">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;">709,170</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">OHA Loan Funding, Ltd. 2016-1, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 15.28%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">01/20/2033</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;">3,250,000</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;">2,674,116</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="185" 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), 7.04%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">01/20/2031</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;">1,750,000</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;">1,062,847</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="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Signal Peak CLO 8, Ltd., <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cayman Islands), 12.32%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">04/20/2033<sup>(i)</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;">3,531,200</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>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="185" 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><b><sup>(a)</sup></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="185" bgcolor="#cceeff" 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), 11.65%, <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;">$</font></p></td>
<td colspan="1" width="54" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,100,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">1,469,546</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="185" 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), 06/20/2029</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;">1,500,000</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;">642,623</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="185" bgcolor="#cceeff" 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), 4.11%, 06/07/2030</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;">535,737</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="185" 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), 14.56%, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">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;">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;">2,232,738</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="185" bgcolor="#cceeff" 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" bgcolor="#cceeff">&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;">35,000</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="185" 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>58,181,573</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="3" width="185" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Collateralized Loan Obligations <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cost: $185,391,945)</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>169,358,301</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></font><font face="Arial, Helvetica" style="font-size:8pt;"><b><sup>(d)(f)(j)(k)</sup></b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="185" 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="381" 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 &amp; Entertainment 0.0%</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Affinion Holdings, Common Stock <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Warrants</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;">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="185" 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: $3,922,356)</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="185" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total Investments &#151; 143.1%<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;">(Cost: $531,398,781)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="82" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</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>529,323,891</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="185" bgcolor="#cceeff" align="left" 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>Liabilities in Excess of Other Assets &#151; (43.1%)</b></font></p></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>(159,347,462</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="185" align="left" 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>369,976,429</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;">
<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 and all principal amounts are shown in U.S. Dollars 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 either the London Interbank Offered Rate ("LIBOR") or an alternate base rate such as the Euro Interbank Offered Rate ("EURIBOR") at the borrower's option. Stated interest rates in this schedule represent the "all-in" rate as of December 31, 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 December 31, 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, Warrants and Corporate Bonds exempt from registration under Rule 144A, which as of December 31, 2020 represented 120.7% of the Fund's net assets or 79.9% 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>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>14</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=16,FOLIO='14',FILE='21-7933-2.ca.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<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>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;">December 31, 2020</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(g)&nbsp;&nbsp;As of December 31, 2020, the Fund had entered into the following commitments to fund various revolving and delayed draw senior secured and subordinated loans. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied. See Note 2 of the Notes to Financial Statements for further information on revolving and delayed draw loan commitments.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="84" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Unfunded Security</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="141" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total revolving and delayed<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>draw loan commitments</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="138" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Less: drawn commitments</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Total undrawn<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>commitments</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="84" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ivanti Software, Inc.</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;">$</font></p></td>
<td colspan="1" width="113" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">250,000</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="110" bgcolor="#cceeff" align="right" valign="bottom" style="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="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="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;">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>
</tr>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(h)&nbsp;&nbsp;Includes a Payment-In-Kind ("PIK") provision.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(i)&nbsp;&nbsp;When-Issued or delayed delivery security based on typical market settlement convention for such security.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(j)&nbsp;&nbsp;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;">(k)&nbsp;&nbsp;Non-income producing security as of December 31, 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 December 31, 2020, the aggregate cost of securities for Federal income tax purposes was $531,718,734.<BR>Unrealized appreciation and depreciation on investments for Federal income tax purposes are as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="120" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Gross unrealized appreciation</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">22,911,889</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;">(25,782,177</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;">(2,870,288</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">Annual Report 2020<br>15</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=17,FOLIO='15',FILE='21-7933-2.ca.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>

<!-- Document name: 21-7933-2.ea-->
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Statement of Assets and Liabilities</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">December 31, 2020</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 $531,398,781)</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;">$529,323,891</font></p></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;">2,640,692</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</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 $6,134,850)</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;">6,166,716</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</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;">10,822,939</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;">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;">6,834,617</font></p></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;">180,645</font></p></td>
<td colspan="1" 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;">153,059</font></p></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;">556,122,559</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;">162,593,714</font></p></td>
<td colspan="1" 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;">22,427,127</font></p></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;">440,913</font></p></td>
<td colspan="1" 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 commitment fee payable</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;">160,996</font></p></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;">Accrued expenses and other payables</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;">523,380</font></p></td>
<td colspan="1" 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;">Total liabilities</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="68" 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;">186,146,130</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="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;">Commitments and contingencies (Note 2)</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;"><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>369,976,429</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>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;">$441,377,933</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Distributable earnings accumulated loss</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(71,401,504)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="256" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net assets</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;"><b>$</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>369,976,429</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;">$369,976,429</font></p></td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</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;">$16.15</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>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>16</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=18,FOLIO='16',FILE='21-7933-2.ea.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<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 Operations</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">For the year ended December  31, 2020</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="265" 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="99" 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="265" 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="61" 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;">36,864,458</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="364" 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="265" 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="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;">4,741,535</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="265" 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 and credit facility fees (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="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;">2,328,285</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="265" 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="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;">800,000</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="265" 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="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;">378,502</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="265" 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="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;">332,328</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="265" 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="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;">818,255</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="265" 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="61" 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;">9,398,905</font></p></td>
<td colspan="1" width="18" 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="265" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Tax expense (Note 2)</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="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;">190,000</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="265" 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 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="61" 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;">9,588,905</font></p></td>
<td colspan="1" width="18" 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="265" 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="61" 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;">27,275,553</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="364" 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="265" 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 losses 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="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;">(31,135,242</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="265" 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 gains 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="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;">316,671</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 0pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="265" 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 gains 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="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;">12,448,172</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="265" 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 losses 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="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;">(1,527,250</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="265" 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 losses 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="61" 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;">(19,897,649</font></p></td>
<td colspan="1" width="18" 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="265" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Net increase in net assets resulting from operations</b></font></p></td>
<td colspan="1">&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="61" 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>7,377,904</b></font></p></td>
<td colspan="1" width="18" 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>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>17</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=19,FOLIO='17',FILE='21-7933-2.ea.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<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="125" 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>December 31, 2020</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="649" bgcolor="#cceeff" align="left" 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;">$</font></p></td>
<td colspan="1" width="87" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">27,275,553</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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 losses 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="87" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(30,818,571</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 gains/(losses) 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="87" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">10,920,922</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;">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 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="87" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">7,377,904</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;">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="649" align="left" 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="87" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(27,497,927</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="87" 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;">(20,120,023</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="649" bgcolor="#cceeff" align="left" 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="87" align="right" valign="bottom" style="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="87" 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="87" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(20,120,023</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="87" bgcolor="#cceeff" align="right" valign="bottom" style="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="87" 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>369,976,429</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">Annual Report 2020<br>18</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=20,FOLIO='18',FILE='21-7933-2.ea.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<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 year ended December 31, 2020</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="442" bgcolor="#cceeff" align="left" 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="280" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net increase in net assets resulting from operations</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="78" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</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;">7,377,904</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="442" bgcolor="#cceeff" align="left" 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="280" align="left" 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="78" 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;">(610,597,384</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="280" bgcolor="#cceeff" align="left" 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="78" 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;">614,063,968</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="280" align="left" 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="78" 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;">1,355,876</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="280" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net realized (gains)/losses on investments</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="78" 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;">31,135,242</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="280" align="left" 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 (gains)/losses on investments</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="78" 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;">(12,448,172</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="280" bgcolor="#cceeff" align="left" 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="78" 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;">1,310,838</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="280" align="left" 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="78" 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;">(179,421</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="442" bgcolor="#cceeff" align="left" 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="280" align="left" 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="78" 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;">(3,008,890</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="280" bgcolor="#cceeff" align="left" 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="78" 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;">576,087</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="280" align="left" 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="78" 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;">46,568</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="280" bgcolor="#cceeff" align="left" 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="78" 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;">4,608,637</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="280" align="left" 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="78" 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;">(17,373</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="280" bgcolor="#cceeff" align="left" 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 commitment fee payable</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="78" 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;">(208,986</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="280" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Accrued expenses and other fees</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="78" 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;">(118,573</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="280" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net cash provided by operating activities</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="78" 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="66" 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;">33,896,321</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="442" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Financing Activities:</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="280" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Borrowings on line of credit</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="78" 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;">220,738,723</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="280" align="left" 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">&nbsp;</td>
<td colspan="1" width="78" 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;">(222,772,165</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="280" bgcolor="#cceeff" align="left" 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="78" 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;">192,135</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="280" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Distributions paid to common shareholders</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="78" 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;">(27,497,927</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="280" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net cash used in financing activities</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="78" 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="66" 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;">(29,339,234</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="280" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net increase in Cash</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="78" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; 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-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,557,087</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="442" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Cash:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="280" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Beginning of period</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="78" 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;">4,250,321</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="280" bgcolor="#cceeff" 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" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="78" bgcolor="#cceeff" 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" bgcolor="#cceeff" 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;">8,807,408</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" 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" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="7" width="442" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Supplemental disclosure of cash flow information:</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="280" bgcolor="#cceeff" align="left" 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" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="78" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></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;">2,357,850</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="280" align="left" 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 taxes during the period</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="78" 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;">180,838</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>19</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=21,FOLIO='19',FILE='21-7933-2.ea.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>

<!-- Document name: 21-7933-2.fa-->
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Financial Highlights</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="126" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="107" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>For the<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>December 31,<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>2020</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="116" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>For the<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Period Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>December 31,<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>2019*</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="105" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>For the<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>October 31,<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>2019</b></font></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:8pt;"><b>For the<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>October 31,<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>2018</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="105" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>For the <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>October 31,<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>2017</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="105" align="center" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>For the<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>October 31,<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>2016</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="27" width="812" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Per share data:</b></font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="126" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Net asset value, beginning <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">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:8pt;">$</font></p></td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">17.02</font></p></td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="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;">16.42</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:8pt;">$</font></p></td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">17.50</font></p></td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="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;">18.00</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="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;">$</font></p></td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">17.04</font></p></td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="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;">16.95</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="27" width="812" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Income from investment <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>operations:</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:8pt;">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="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;">1.19</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>
<td colspan="1" width="20" 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;">0.17</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="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;">1.39</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>
<td colspan="1" width="20" 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;">1.35</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">1.33</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>
<td colspan="1" width="20" 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;">1.23</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="126" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Net realized and change in <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">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="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;">(0.86</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="20" 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;">0.65</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="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;">(1.18</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="20" 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;">(0.56</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">0.87</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>
<td colspan="1" width="20" 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;">0.16</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="126" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Total increase (decrease) <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">from 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="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;">0.33</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>
<td colspan="1" width="20" 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;">0.82</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="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;">0.21</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>
<td colspan="1" width="20" 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;">0.79</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">2.20</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>
<td colspan="1" width="20" 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;">1.39</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="27" width="812" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Less distributions declared to <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>shareholders:</b></font></td>
<td colspan="1" 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:8pt;">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="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;">(1.20</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="20" 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;">(0.22</font></p></td>
<td colspan="1" width="30" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">(1.29</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="20" 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;">(1.29</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">(1.24</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="20" 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;">(1.23</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="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:8pt;">From return of capital</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="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="21" bgcolor="#cceeff" 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="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="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="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="21" bgcolor="#cceeff" 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="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="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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="21" bgcolor="#cceeff" 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="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;">(0.07</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="126" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Total distributions declared to <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">shareholders</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" 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;">(1.20</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="20" 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;">(0.22</font></p></td>
<td colspan="1" width="30" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">(1.29</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="20" 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;">(1.29</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">(1.24</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="20" 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;">(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="126" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Net asset value common <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">shares, 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:8pt;">$</font></p></td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">16.15</font></p></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="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;">17.02</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:8pt;">$</font></p></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">16.42</font></p></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="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;">17.50</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="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;">$</font></p></td>
<td colspan="1" width="64" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">18.00</font></p></td>
<td colspan="1" width="21" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="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;">17.04</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="126" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Market value common shares, <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">end of period</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="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;">$</font></p></td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">14.29</font></p></td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="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;">15.35</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:8pt;">$</font></p></td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">14.48</font></p></td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="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;">14.97</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="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;">$</font></p></td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">16.45</font></p></td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="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;">14.70</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="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:8pt;">Net asset value total return<sup>(a)</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="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;">3.00</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="20" 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;">4.99</font></p></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%<sup>(b)</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="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;">1.23</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="20" 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;">4.47</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">13.33</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>
<td colspan="1" width="20" 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;">8.98</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="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:8pt;">Market value total return<sup>(c)</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="66" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2.33</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="20" 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;">7.53</font></p></td>
<td colspan="1" width="30" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%<sup>(b)</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="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;">5.49</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="20" 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;">(1.43</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">20.91</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="20" 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;">12.47</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="27" width="812" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Ratios to average net <BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>assets/supplemental data:</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:8pt;">Net assets, end 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:8pt;">$</font></p></td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">369,976,429</font></p></td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="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;">390,096,452</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:8pt;">$</font></p></td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">376,281,739</font></p></td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="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;">401,956,411</font></p></td>
<td colspan="1" width="24" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="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;">$</font></p></td>
<td colspan="1" width="64" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">413,385,894</font></p></td>
<td colspan="1" width="21" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="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;">391,787,051</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="126" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Expenses, inclusive of interest <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">expense and amortization of <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">debt 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="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;">2.83</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="20" 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;">3.36</font></p></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%<sup>(d)</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">3.37</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="20" 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;">3.20</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">2.90</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="20" 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;">2.96</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>
</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:8pt;">Expenses, exclusive of interest <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">expense and amortization of <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">debt 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="66" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2.17</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="20" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="66" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2.20</font></p></td>
<td colspan="1" width="30" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%<sup>(d)</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="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;">2.03</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="20" 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;">2.02</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">2.08</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="20" 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;">2.34</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="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: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 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;">8.04</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="20" 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;">6.15</font></p></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%<sup>(d)</sup></font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">8.16</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>
<td colspan="1" width="20" 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;">7.54</font></p></td>
<td colspan="1" width="24" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" 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;">7.52</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="20" 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;">7.68</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="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:8pt;">Portfolio turnover 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="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;">127.09</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="20" 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;">11.70</font></p></td>
<td colspan="1" width="30" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%<sup>(b)</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="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;">78.40</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="20" 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;">82.47</font></p></td>
<td colspan="1" width="24" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">%</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" 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;">84.35</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="20" 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;">92.30</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>
</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;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;">(b)&nbsp;&nbsp;Not annualized.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(c)&nbsp;&nbsp;Based on 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;">(d)&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">Annual Report 2020<br>20</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=22,FOLIO='20',FILE='21-7933-2.fa.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>

<!-- Document name: 21-7933-2.ga-->
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Notes to Financial Statements</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">December 31, 2020</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, 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. Prior to July 2020, the Fund could 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 </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;">October 31 to December 31. Accordingly, the Fund's financial statements and related notes include information as of and for the year ended December 31, 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. The Fund reclassified certain prior period amounts in the accompanying consolidated balance sheet. These reclassifications had no impact on prior periods' net earnings or net assets.</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 recorded as interest income. All interest for the year ended December 31, 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 the accretion of discounts, amortization of premiums, and PIK interest.</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 </font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>21</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=23,FOLIO='21',FILE='21-7933-2.ga.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<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;">December 31, 2020</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;">Deposit Insurance Corporation. While the Fund's current cash balance exceeds insurance limits, the risk of loss is remote.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Investment Transactions, Related Investment Income and Expenses</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Investment transactions are accounted for on the trade date. Interest income, adjusted for amortization of premiums and accretion of discounts on investments, is earned from settlement date and is recorded on the accrual basis. Realized gains and losses are reported on the specific identification method. Expenses are recorded on the accrual basis as incurred.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Foreign Currency Transactions</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the date of valuation; and (ii) purchases and sales of investments and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on transaction dates.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund does not isolate that portion of the results of operations resulting from the changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the net realized and unrealized gain (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>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Dividends to Shareholders</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund intends to make regular monthly cash distributions of all or a portion of its net investment income available to common shareholders. The Fund intends to pay common shareholders at least annually all or substantially all of its net investment income. The Fund intends to pay any capital gains distributions at least annually. Dividends to shareholders are recorded on the ex-dividend date.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The distributions for any full or partial year might not be made in equal amounts, and one distribution may be larger than another. The Fund will make distributions only if authorized by its board of directors and declared by the Fund out of assets legally available for these distributions. The Fund may pay a special distribution at the end of each calendar year. This distribution policy may, under certain circumstances, have certain adverse consequences to the Fund and its shareholders because it may result in a return of capital to shareholders, which would reduce the Fund's net asset value and, over time, potentially increase the Fund's expense ratios. If the Fund distributes a return of capital, it means that the Fund is returning to shareholders a portion of their investment rather than making a distribution that is funded from the Fund's earned income or other profits. The board of directors may elect to change the Fund's distribution policy at any time.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Commitments and Contingencies</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In the normal course of business, the Fund's investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, dealers and the Fund's custodian. These activities may expose the Fund to risk in the event that such parties are unable to fulfill contractual obligations. Management does not anticipate any material losses from counterparties with whom it conducts business. Consistent with standard business practice, the Fund enters into contracts that contain a variety of indemnifications, and is engaged from time to time in various legal actions. The maximum exposure of the Fund under these arrangements and activities is unknown. However, the Fund expects the risk of material loss to be remote.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Commitments to extend credit include loan proceeds the Fund is obligated to advance, such as delayed draws or revolving credit arrangements. Commitments generally have fixed 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 December 31,2020, the Fund had unfunded commitments of $250,000.</font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>22</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=24,FOLIO='22',FILE='21-7933-2.ga.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<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>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;">December 31, 2020</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>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 year ended December 31, 2020, the Fund incurred U.S. federal excise tax of $190,000.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">As of December 31, 2020, 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 9pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Net investment income and net realized gains and losses may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to differing treatments for foreign currency gains and losses, distributions, excise taxes, pay down gains and losses and losses due to wash sales, and qualified electing fund ("QEF") income and capital gains. To the extent these differences are permanent, reclassifications are made to the appropriate capital accounts in the fiscal period that the differences arise. On the Statement of Assets and Liabilities, the following reclassifications were made as of December 31, 2020:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<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;">Additional paid-in capital/(reduction)</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="113" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(190,000</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="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;">Distributable earnings accumulated loss</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="113" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">190,000</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;">The characterization of distributions made during the fiscal period from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period in which amounts are distributed may differ from the fiscal period that the income or realized gains or losses were recorded by the Fund.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The characterization of distributions paid during the year ended December 31, 2020, the period ended December 31, 2019, and the year ended October 31, 2019 were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="73" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" 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>December 31,<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>2020</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="94" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>December 31,<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>2019</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>October 31,<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>2019</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Ordinary income</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="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;">$</font></p></td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">27,497,927</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="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;">4,926,712</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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="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;">29,565,391</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Capital gain</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="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="20" 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="3" width="87" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="73" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Return of capital</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="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="20" 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="3" width="87" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 9pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">As of December 31, 2020, the components of accumulated earnings (deficit) on a tax basis were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="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;">Undistributed ordinary income</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="113" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">4,878,884</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;">Undistributed capital gains</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="113" align="right" valign="bottom" style="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="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;">Accumulated capital and other losses</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="113" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(74,325,167</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="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;">Net unrealized appreciation (depreciation)</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-bottom:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="113" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(1,955,221</font></p></td>
<td colspan="1" width="21" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&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 accumulated deficit</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; 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="113" 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;">(71,401,504</font></p></td>
<td colspan="1" width="21" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">As of December 31, 2020, the Fund had capital loss carryovers as indicated below. The capital loss carryovers are available to offset future realized capital gains to the extent provided in the Code and regulations promulgated thereunder.</font></p>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" width="200" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>No Expiration Short-Term</b><b><sup>(1)</sup></b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="154" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>No Expiration Long-Term</b><b><sup>(1)</sup></b></font></p></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;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="172" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">14,978,890</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">$</font></p></td>
<td colspan="1" width="113" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">59,346,277</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>
</table>

<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:8pt;">(1) On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the "Modernization Act") was signed into law. The Modernization Act modifies several of the federal income and excise tax provisions related to RICs. Under the Modernization Act, new capital losses may now be carried forward indefinitely, and retain the character of the original loss as compared with pre-enactment law where capital losses could be carried forward for eight years, and carried forward as short-term capital losses, irrespective of the character of the original loss. These losses without expiration must be used prior to the loss layers with expiration.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">During the year ended December 31, 2020, the Fund did not utilize capital loss carryforwards.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>ASC 740, Income Taxes</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">, provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. The Fund has evaluated the implications of ASC 740 for all open tax years, and have determined there is no impact to the Fund's financial statements as of December 31, 2020. The Fund's federal and state income returns for which the applicable statutes of limitations have not expired remain subject to examination by the Internal Revenue Service and states department of revenue.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">All penalties and interest associated with income taxes, if any, are included in other expenses in the Statement of Operations. There were no penalties and interest incurred by the Fund for the current fiscal year.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>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 revolving credit facility 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, "</font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Reference Rate Reform (Topic 848)</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">," which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other </font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>23</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=25,FOLIO='23',FILE='21-7933-2.ga.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<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;">December 31, 2020</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;">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 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="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In October 2020, FASB issued Accounting Standards Update No. 2020-08 ("ASU 2020-08"), "Receivables &#151; Nonrefundable Fees and Other Costs (Codification Improvements Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities". ASU 2020-08 is an update of ASU No. 2017-08, which amends the amortization period of certain purchased callable debt securities held at a premium. ASU 2020-08 updates the amortization period for callable debt securities to be amortized to the next call date. For purposes of this update, the next call date is the first date when a call option at a specified price becomes exercisable. Once that date has passed, the next call date is when the next call option at a specified price becomes exercisable, if applicable. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Management has evaluated and adopted the disclosure requirements and the impact is reflected within the Funds' financial statements.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>(3) Investments</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Fair Value Measurements</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund follows the provisions of ASC 820, </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Fair Value Measurements and Disclosures</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> under U.S. GAAP, which among other matters, requires enhanced disclosures about investments that are measured and reported at fair value. This standard defines fair value and establishes a hierarchal disclosure framework, which prioritizes and ranks the level of market price observability used in measuring investments at fair value and expands disclosures about assets and liabilities measured at fair value. ASC 820 defines "fair value" as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The hierarchal disclosure framework establishes a three-tier hierarchy to maximize the use of observable data and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions </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;">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>
<p style="margin:0pt 0pt 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, </font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>24</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=26,FOLIO='24',FILE='21-7933-2.ga.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<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>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;">December 31, 2020</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;">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 debt</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 Bonds is estimated based on quoted market prices, forward foreign exchange rates, dealer quotations or alternative pricing sources supported by observable inputs and are generally classified within Level 2 or 3. The Adviser obtains prices from independent pricing services which generally utilize broker quotes and may use various other pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. If the pricing services are only able to obtain a single broker quote or utilize a pricing model the securities will be classified as Level 3. If the pricing services are unable to provide prices, the Adviser will attempt to obtain one or more broker quotes directly from a dealer and price such securities at the last bid price obtained; such securities are classified as Level 3.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Collateralized loan obligations</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">: The fair value of CLOs is estimated based on various valuation models from third-party pricing services as well as internal models. The valuation models generally utilize discounted cash flows and take into consideration prepayment and loss assumptions, based on historical experience and projected performance, economic 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 stock 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 stock 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 </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 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>
<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 December 31, 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="67" 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="51" bgcolor="#cceeff" align="right" valign="bottom" style="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;">89,397,198</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">15,674,777</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">105,071,975</font></p></td>
<td colspan="1" 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="51" align="right" valign="bottom" style="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;">254,893,615</font></p></td>
<td colspan="1" 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;">254,893,615</font></p></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="51" bgcolor="#cceeff" align="right" valign="bottom" style="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;">169,358,301</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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;">169,358,301</font></p></td>
<td colspan="1" 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;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Warrants</font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="51" align="right" valign="bottom" style="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;">
<font face="Arial, Helvetica" style="font-size:8pt;">Total <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">Investments</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="51" 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;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="64" 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;">344,290,813</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">185,033,078</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;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="64" 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;">529,323,891</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The following is a reconciliation of the Fund's investments in which significant unobservable inputs (Level 3) were used in determining fair value.</font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>25</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=27,FOLIO='25',FILE='21-7933-2.ga.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<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;">December 31, 2020</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 9pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">For the year ended December 31, 2020:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="202" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Senior<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Loans ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="95" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Collateralized<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Loan<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Obligations ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="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 ($)</b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="70" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Common<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Stocks ($)</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 ($)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="90" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Total ($)</b></font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="202" bgcolor="#cceeff" align="left" 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="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;">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="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="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="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="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="202" align="left" 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="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;">14,828,001</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="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;">27,602,862</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="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="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="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;">42,430,863</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="202" bgcolor="#cceeff" align="left" 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 and principal redemptions</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="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;">(13,174,999</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="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;">(27,977,900</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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="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;">(41,152,899</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="202" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Net realized and unrealized gains (losses)</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="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;">(757,422</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="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;">(10,085,287</font></p></td>
<td colspan="1" width="18" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#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="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="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;">(10,842,709</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="202" bgcolor="#cceeff" align="left" 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="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;">27,830</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="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;">238,325</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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="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;">266,155</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="202" align="left" 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="61" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1,980,000</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="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="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="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="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;">1,980,000</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="202" bgcolor="#cceeff" align="left" 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="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(2,825,452</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="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="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="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="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;">(2,825,452</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="202" align="left" 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, 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="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;">15,674,777</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="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;">169,358,301</font></p></td>
<td colspan="1" width="18" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="61" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="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="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="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;">185,033,078</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="202" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Net change in unrealized appreciation/(depreciation) <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">from investments held at December 31, 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="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;">284,601</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="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;">(5,718,536</font></p></td>
<td colspan="1" width="18" bgcolor="#cceeff" align="left" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">)</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1" width="61" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">&#151;</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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="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;">(5,433,935</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 9pt 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 year ended December 31, 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 December 31, 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="123" align="left" 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>Type</b></font></p></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>Input</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="79" 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="3" width="123" bgcolor="#cceeff" align="left" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;">Senior Loans</font></p></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="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;">15,674,777</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="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="66" bgcolor="#cceeff" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">N/A</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="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="52" 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="123" 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;">Collateralized Loan Obligations</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;">169,358,301</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="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="66" align="right" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">N/A</font></p></td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="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="52" 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="123" 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="1" width="0" bgcolor="#cceeff" valign="top" style="padding:0pt .7pt 4.5pt 0pt;">
</td>
<td colspan="1" width="82" 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;">EBITA</font></p></td>
<td colspan="1" width="0" 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="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="52" 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="123" align="left" 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;">185,033,078</font></p></td>
<td 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="79" 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 Year Ended December 31, 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;">&#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="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;">&#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="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:0pt 0pt 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 </font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<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;">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 year ended December 31, 2020.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>(5) Credit Facility</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund is 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, </font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>26</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=28,FOLIO='26',FILE='21-7933-2.ga.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<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>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;">December 31, 2020</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;">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 December 31, 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 December 31, 2020, there was $162,593,714 outstanding under the Credit Facility. Loans under the Credit Facility generally bear interest at the applicable LIBOR rate plus 0.95%. Unused portions of the Credit Facility accrue a commitment fee equal to an annual rate of 0.15%. The fair value of the Fund's borrowings under the Credit Facility approximates the carrying amount presented in the accompanying Statement of Assets and Liabilities at cost for the remaining maturity for which the Fund has determined would be categorized as Level 2 in the fair value hierarchy.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">For the year ended December 31, 2020 the components of interest and unused commitment fees expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Credit Facility were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="200" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="154" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>For the Year Ended<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>December 31, 2020<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>($)</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="113" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,031,459</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="113" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">117,405</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="113" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">2,148,864</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="113" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">1.50</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="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="113" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">135,385,813</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="113" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">179,421</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:0pt 0pt 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 </font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<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;">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 December 31, 2020, the Fund's asset coverage was 328%.</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>
<p style="margin:0pt 0pt 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 year ended December 31, 2020 were $4,741,535.</font></p>
<p style="margin:0pt 0pt 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 $800,000 for the year ended December 31, 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 </font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>27</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=29,FOLIO='27',FILE='21-7933-2.ga.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<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;">December 31, 2020</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;">these services. The total expenses incurred by the Fund for the year ended December 31, 2020 were $378,502.</font></p>
<p style="margin:0pt 0pt 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 year ended December 31, 2020 were $332,328.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:13pt;"><b>(7) Investment Transactions</b></font></p>
<p style="margin:0pt 0pt 9pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">For the year ended December 31, 2020, the cost of investments purchased and proceeds from the sale of investments, excluding short obligations, were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" width="200" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Cost of Investments<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Purchased</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="154" align="center" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt;">
<font face="Arial, Helvetica" style="font-size:8pt;"><b>Proceeds from the<BR></b></font><font face="Arial, Helvetica" style="font-size:8pt;"><b>Sale of Investments</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">$</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;">610,793,528</font></p></td>
<td colspan="1" width="8" bgcolor="#cceeff" 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="113" bgcolor="#cceeff" align="right" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font face="Arial, Helvetica" style="font-size:8pt;">(604,886,871</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 lien (including "unitranche" loans, which are loans that combine both senior and subordinated debt, generally in a first lien position) 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>
</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;">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 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 </font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>28</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=30,FOLIO='28',FILE='21-7933-2.ga.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<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>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;">December 31, 2020</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;">Senior Loan agreement itself and common law fraud protections under applicable state law.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The secondary trading market for Senior Loans may be less liquid than the secondary trading market for registered investment grade debt securities. No active trading market may exist for certain Senior Loans, which may make it difficult to value them. Illiquidity and adverse market conditions may mean that the Fund may not be able to sell Senior Loans quickly or at a fair price. To the extent that a secondary market does exist for certain Senior Loans, the market for them may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Senior Loans are subject to legislative risk. If legislation or state or federal regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of Senior Loans for investment by the Fund may be adversely affected. In addition, such requirements or restrictions could reduce or eliminate sources of financing for certain Borrowers. This would increase the risk of default. If legislation or federal or state regulations require financial institutions to increase their capital requirements this may cause financial institutions to dispose of Senior Loans that are considered highly levered transactions. If the Fund attempts to sell a Senior Loan at a time when a financial institution is engaging in such a sale, the price the Fund could receive for the Senior Loan may be adversely affected.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>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>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>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>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>29</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=31,FOLIO='29',FILE='21-7933-2.ga.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<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;">December 31, 2020</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;">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>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 </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;">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 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 the London Interbank Offered Rate ("LIBOR"), announced that the FCA will no longer persuade </font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>30</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=32,FOLIO='30',FILE='21-7933-2.ga.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<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>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;">December 31, 2020</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;">or compel banks to submit rates for the calculation of LIBOR after 2021. On November 30, 2020, ICE Benchmark Administration ("IBA"), the administrator of LIBOR, with the support of the United States Federal Reserve and the FCA, announced plans to consult on ceasing publication of USD LIBOR on December 31, 2021 for only the one-week and two-month USD LIBOR tenors, and on December 31, 2023 for all other USD LIBOR tenors. 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. 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 the Fund's portfolio of LIBOR indexed, floating rate debt securities, or the cost of the Fund's 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 the Fund's portfolio, or the cost of the Fund's borrowings. Additionally, if LIBOR ceases to exist, the Fund may need to renegotiate the credit agreements extending beyond 2021 with the Fund's lenders and the Fund's portfolio companies 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. </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;">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>
<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 </font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>31</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=33,FOLIO='31',FILE='21-7933-2.ga.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<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;">December 31, 2020</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;">condition of such company. Troubled company investments and other distressed asset-based investments require active monitoring.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund may make investments in Stressed Issuers when the Adviser believes it is reasonably likely that the Stressed Issuer will make an exchange offer or will be the subject to a plan of reorganization pursuant to which the Fund will receive new securities in return for a Special Situation Investment. There can be no assurance, however, that such an exchange offer will be made or that such a plan of reorganization will be adopted. In addition, a significant period of time may pass between the time at which the Fund makes its investment in the Special Situation Investment and the time that any such exchange offer or plan of reorganization is completed, if at all. During this period, it is unlikely that the Fund would receive any interest payments on the Special Situation Investment, the Fund would be subject to significant uncertainty whether the exchange offer or plan of reorganization will be completed and the Fund may be required to bear certain extraordinary expenses to protect and recover its investment. Therefore, to the extent the Fund seeks capital appreciation through investment in Special Situation Investments, the Fund's ability to achieve current income for its shareholders may be diminished. The Fund also will be subject to significant uncertainty as to when, in what manner and for what value the obligations evidenced by Special Situation Investments will eventually be satisfied (e.g., through a liquidation of the obligor's assets, an exchange offer or plan of reorganization involving the Special Situation Investments or a payment of some amount in satisfaction of the obligation). Even if an exchange offer is made or plan of reorganization is adopted with respect to Special Situation Investments held by the Fund, there can be no assurance that the securities or other assets received by the Fund in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made or even no value. Moreover, any securities received by the Fund upon completion of an exchange offer or plan of reorganization may be restricted as to resale. Similarly, if the Fund participates in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of Special Situation Investments, the Fund may be restricted from disposing of such securities. To the extent that the Fund becomes involved in such proceedings, the Fund may have a more active participation in the affairs of the issuer than that assumed generally by an investor.</font></p>
<p style="margin:0pt 0pt 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 </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;">decisions involving circumstances where the interests of such Other Accounts may be in conflict with the Fund's interests. Furthermore, it is possible that the Fund's interest may be subordinated or otherwise adversely affected by virtue of such Other Accounts' involvement and actions relating to their investment. In addition, when the Fund and Other Accounts hold investments in the same Stressed Issuer (including in the same level of the capital structure), the Fund may be prohibited by applicable law from participating in restructurings, work-outs, renegotiations or other activities related to its investment in the Stressed Issuer absent an exemption due to the fact that Other Accounts hold investments in the same Stressed Issuer. As a result, the Fund may not be permitted by law to make the same investment decisions as Other Accounts in the same or similar situations even if the Adviser believes it would be in the Fund's best economic interests to do so. Also, the Fund may be prohibited by applicable law from investing in a Stressed Issuer (or an affiliate) that Other Accounts are also investing in or currently invest in even if the Adviser believes it would be in the best economic interests of the Fund to do so. Furthermore, entering into certain transactions that are not deemed prohibited by law when made may potentially lead to a condition that raises regulatory or legal concerns in the future. This may be the case, for example, with Stressed Issuers who are near default and more likely to enter into restructuring or work-out transactions with their existing debt holders, which may include the Fund and its affiliates. In some cases, to avoid the potential of future prohibited transactions, the Adviser may avoid recommending allocating an investment opportunity to the Fund that it would otherwise recommend, subject to the Adviser's then-current allocation policy and any applicable exemptions.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>Below Investment Grade Rating Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Debt instruments that are rated below investment grade are often referred to as "high yield" securities or "junk bonds." Below investment grade instruments are rated "Ba1" or lower by Moody's, "BB+" or lower by S&amp;P or "BB+" or lower by Fitch or, if unrated, are judged by the Adviser to be of comparable credit quality. While generally providing greater income and opportunity for gain, below investment grade debt instruments may be subject to greater risks than securities or instruments that have higher credit ratings, including a higher risk of default. The credit rating of an instrument that is rated below investment grade does not necessarily address its market value risk, and ratings may from time to time change, 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 </font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>32</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=34,FOLIO='32',FILE='21-7933-2.ga.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<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>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;">December 31, 2020</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;">pay interest or dividends in accordance with the terms of the obligation and may have more credit risk than higher rated securities. Lower grade securities and similar debt instruments may be particularly susceptible to economic downturns. It is likely that a prolonged or deepening economic recession could adversely affect the ability of some Borrowers issuing such debt instruments to repay principal and pay interest on the instrument, increase the incidence of default and severely disrupt the market value of the securities and similar debt instruments.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The secondary market for below investment grade instruments may be less liquid than that for higher rated instruments. Because unrated securities may not have an active trading market or may be difficult to value, the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund's ability to achieve its investment objectives will be more dependent on the Adviser's credit analysis than would be the case when the Fund invests in rated securities.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Under normal market conditions, the Fund will invest in debt instruments rated in the lower rating categories ("Caa1" or lower by Moody's, "CCC+" or lower by S&amp;P or "CCC+" or lower by Fitch) or unrated and of comparable quality. For these securities, the risks associated with below investment grade instruments are more pronounced. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to an investment, the Fund may lose its entire investment or may be required to accept cash or securities with a value substantially less than its original investment.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b><i>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 ("EU") 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 EU 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 </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;">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 United Kingdom ceased to be a member state of the European Union on January 31, 2020 commonly referred to as "Brexit," and the transition period provided for in the withdrawal agreement entered by the United Kingdom and the European Union ended on December 31, 2020. In December 2020, the UK and the EU agreed on a trade and cooperation agreement that will apply provisionally after the end of the transition period until it is ratified by the parties to the agreement. On December 31, 2020, the UK passed legislation giving effect to the trade and cooperation agreement, with the EU expected to formally adopt the agreement in early 2021. The trade and cooperation agreement covers the general objectives and framework of the relationship between the UK and the EU The impact of Brexit on the UK and EU and the broader global economy is unknown but could be significant and could result in increased volatility and illiquidity and potentially lower economic growth. Brexit 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-U.S. 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 U.S. dollars and the depreciation of the British pound sterling and/or the Euro in relation to the U.S. dollar could adversely affect the Fund's investments denominated in British pound sterling or Euros that are not fully hedged regardless of the performance of the underlying issuer.</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;">The outbreak of a highly contagious form of a novel coronavirus ("COVID-19") pandemic in early 2020, for which the World Health Organization declared a global pandemic and the United States has declared a national emergency, led to significant and continued volatility in the public and private markets during 2020. 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 restrictive measures </font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>33</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=35,FOLIO='33',FILE='21-7933-2.ga.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<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;">December 31, 2020</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;">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 good 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, began to relax the early public restrictions with a view to partially or fully reopening their economies, many cities, both globally and in the United States, have since experienced a surge in the reported number of cases, hospitalizations and deaths related to the COVID-19 pandemic. This recent increase in cases has led to the reintroduction of restrictions and business shutdowns in certain states, counties and cities in the United States and globally and could continue to lead to the re-introduction of such restrictions elsewhere. Additionally, in December 2020, the U.S. Food and Drug Administration authorized the distribution and administration of certain COVID-19 vaccinations. However, it remains unclear how quickly the vaccines will be distributed nationwide and globally or when "herd immunity" will be achieved and the restrictions that were imposed to slow the spread of the virus will be lifted entirely. The delay in distributing the vaccines could lead people to continue to self-isolate and not participate in the economy at pre-pandemic 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, as well as its portfolio companies, could be materially adversely affected by a prolonged recession in the U.S. and other major markets. The COVID-19 pandemic has adversely impacted the fair value of certain of the Fund's investments, including those reported as of December 31, 2020, and the values reported may differ materially from the values that the Fund may ultimately realize with respect to its investments. The impact of the COVID-19 pandemic may not yet be fully reflected in the fair value of the Fund's investments as the Fund's valuations, and particularly valuations of private investments and private companies, are inherently uncertain, may fluctuate over short periods of time and are often based on estimates, comparisons and qualitative evaluations of private information that is often from a time period earlier, generally two to three months, than the quarter for which the Fund is reporting. The valuation of the Fund's investments may not show the complete or the continuing impact of the COVID-19 pandemic and the resulting restrictive measures </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;">taken in response thereto. As a result, the Fund may continue to see a negative impact to the fair value of its investments.</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 January 11, 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;">Ex-Date: January 20, 2021<BR>Record Date: January 21, 2021<BR>Payable Date: January 29, 2021<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 February 11, 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;">Ex-Date: February 18, 2021<BR>Record Date: February 19, 2021<BR>Payable Date: February 26, 2021<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;">Paula B. Pretlow was appointed to the Board as an independent director and a member of the audit committee. Ms. Pretlow's appointment became effective February 16, 2021.</font></p>
</div>
<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>34</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=36,FOLIO='34',FILE='21-7933-2.ga.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>

<!-- Document name: 21-7933-2.ha-->
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font face="Arial, Helvetica" style="font-size:10pt;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:19pt;"><b>Report of Independent Registered Public Accounting Firm</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>To the Shareholders and Board of Directors of Ares Dynamic Credit Allocation Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Opinion on the Financial Statements</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">We have audited the accompanying statement of assets and liabilities of Ares Dynamic Credit Allocation Fund, Inc. (the "Fund"), including the schedule of investments, as of December 31, 2020, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for the year ended December 31, 2020, the period from November 1, 2019 to December 31, 2019, and the year ended October 31, 2019, the financial highlights for the year ended December 31, 2020, the period from November 1, 2019 to December 31, 2019, and each of the three years in the period ended October 31, 2019 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at December 31, 2020, the results of its operations and its cash flows for the year then ended, the changes in its net assets for year ended December 31, 2020, the period from November 1, 2019 to December 31, 2019, and the year ended October 31, 2019 and its financial highlights for the year ended December 31, 2020, the period from November 1, 2019 to December 31, 2019, and each of the three years in the period ended October 31, 2019, in conformity with U.S. generally accepted accounting principles.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Basis for Opinion</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;">These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</font></p>
<p style="margin:4.5pt 0pt 4.5pt 0pt;" align="left"><img src="j2179332_ha006.jpg">
</p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">We have served as the Fund's auditor since 2012.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Los Angeles, California<BR>February 25, 2021</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>35</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=37,FOLIO='35',FILE='21-7933-2.ha.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<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></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;">December 31, 2020</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Proxy Information</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The policies and procedures used to determine how to vote proxies relating to securities held by the Fund are available (1) without charge, upon request, by calling 1-877-855-3434, or (2) on the SEC's website at http://www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent twelve-month year ended December 31, 2020 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>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>36</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=38,FOLIO='36',FILE='21-7933-2.ha.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<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>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;">December 31, 2020</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Dividend Reinvestment Plan</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Unless a shareholder specifically elects to receive distributions in cash, distributions will automatically be reinvested in additional common shares of the Fund. A shareholder may elect to have the cash portion of dividends and distributions distributed in cash. To exercise this option, such shareholder must notify State Street, the plan administrator and the Fund's transfer agent and registrar, in writing or by telephone so that such notice is received by the plan administrator not less than 10 days prior to the record date fixed by the board of directors for the dividend or distribution involved. Participants who hold their common shares through a broker or other nominee and who wish to elect to receive any dividends and other distributions in cash must contact their broker or nominee. The plan administrator will set up an account for shares acquired pursuant to the plan for each shareholder that does not elect to receive distributions in cash (each a "Participant"). The plan administrator may hold each Participant's common shares, together with the other Participant's common shares, in 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>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>37</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=39,FOLIO='37',FILE='21-7933-2.ha.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<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;">December 31, 2020</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Renewal of Investment Advisory Agreement</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Board of Directors (the "Board") of the Ares Dynamic Credit Allocation Fund, Inc. (the "Fund"), a majority of whom are not "interested persons" (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of the Fund (the "Independent Directors"), renewed the Investment Advisory and Management Agreement between Ares Capital Management II LLC (the "Adviser") and the Fund (the "Investment Advisory Agreement") at a meeting held on August 11, 2020 (the "Meeting").</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund's Board has the responsibility under the 1940 Act to consider the renewal of the Fund's Investment Advisory Agreement on an annual basis at an in-person meeting of the Board called for the purpose of voting on such renewal. In addition, the Fund's Board generally receives, reviews and evaluates information concerning the services and personnel of the Adviser at quarterly meetings of the Board. While particular emphasis might be placed on information concerning the Fund's investment performance, comparability of fees and total expenses and the Adviser's profitability at any meeting at which a renewal of the Investment Advisory Agreement is considered, the process of evaluating the Adviser and the Fund's Investment Advisory Agreement is an ongoing one. In this regard, the Board's consideration of the nature, extent and quality of the services provided by the Adviser under the Investment Advisory Agreement includes deliberations at multiple meetings. In addition, the Fund's Board generally receives, reviews and evaluates information concerning the Fund's operations, expenses and performance throughout the year, including at quarterly Board meetings.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">On March 25, 2020 and June 19, 2020, as a result of health and safety measures put in place to combat the global COVID-19 pandemic, the U.S. Securities and Exchange Commission issued exemptive orders (the "Orders") pursuant to Sections 6(c) and 38(a) of the 1940 Act, that temporarily exempts registered management investment companies from the in person voting requirements under the 1940 Act, subject to certain requirements, including that votes taken pursuant to the Orders are ratified at the next in-person meeting. The Fund's Board of the Directors determined that reliance on the Orders was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19 and therefore, the August 11, 2020 Board meeting was held telephonically in reliance on the Orders.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In connection with the renewal of the Investment Advisory Agreement, the Independent Directors met with their independent counsel in executive session. Counsel to the Independent Directors reviewed with the Independent Directors a memorandum outlining the legal duties of the Board under the 1940 Act and applicable state law and discussed the factors outlined by the federal courts as relevant to a board's consideration of the approval of an investment advisory agreement.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In considering whether to renew the Investment Advisory Agreement, the Fund's Board reviewed certain information provided to the Board by the Adviser in advance of the Meeting, and supplemented orally at the Meeting, including, among other things, information concerning the services rendered to the Fund by the Adviser, comparative fee, expense and performance information, and other reports of and presentations by representatives of the Adviser concerning the Fund's and Adviser's operations, compliance programs and risk management. The Board also reviewed a report prepared by Broadridge, an independent provider of investment company data, which included information comparing (1) the Fund's performance with the performance of a group of comparable funds (the "Performance Group") for various periods ended June 30, 2020, and (2) the Fund's actual and contractual management fees and total expenses with those of a group of comparable funds (the "Expense Group"), which was identical to the Performance Group. The Board noted that the Adviser (with the cooperation of Broadridge) has maintained the same Performance Group as last year to reflect the Fund's investment strategy given its focus on senior loans, corporate bonds, and collateralized loan obligations ("CLOs"). The Broadridge categories that the Adviser believes are most comparable to the Fund are hybrid credit closed-end funds that invest across several credit-oriented asset classes. This criteria was suggested by the Adviser, and used by Broadridge in selecting comparable funds for the Performance Group and Expense Group.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In determining whether to renew the Investment Advisory Agreement, the Board considered all factors that it believed to be relevant, including those discussed below. The Board did not identify any one factor as dispositive, and each Director may have attributed different weights to the factors considered.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(a) </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>The nature, extent and quality of services provided by the Adviser</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> &#151; With respect to the nature, extent and quality of services provided by the Adviser, the Board reviewed the information regarding the types of services provided under the Investment Advisory Agreement and information describing the Adviser's organization and business, including the quality of the investment research capabilities of the Adviser and the other resources dedicated to performing services </font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>38</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=40,FOLIO='38',FILE='21-7933-2.ha.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<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>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;">December 31, 2020</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;">for the Fund. The Board noted the professional experience and qualifications of the Fund's portfolio management team and other senior personnel of the Adviser involved with the Fund, including the portfolio management team's expertise in managing loan portfolios, the integrated platform of the Adviser and its affiliates and the benefits, resources and opportunities of the platform that the Adviser is able to access. Fund management discussed the size and experience of the Adviser's staff, the experience of its key personnel in providing investment management services, and the ability of the Adviser to attract and retain capable personnel. The quality of administrative and other services, including the Adviser's role in coordinating the activities of the Fund's other service providers, were also considered. The Board also noted the reputation and track record of the Adviser's organization as a leading manager of credit assets. The Board also noted that investment performance is probative of the quality of services provided.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(b) </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Investment performance of the Fund and the Adviser</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> &#151; With respect to investment performance of the Fund and the Adviser, the Board reviewed statistical information concerning the Fund's investment performance in relation to its stated objective, as well as comparative data with respect to the performance of unaffiliated closed-end funds employing similar investment strategies provided by the Adviser as well as the comparative information provided by Broadridge. Representatives of the Adviser reviewed with the Board the Fund's performance and discussed the Fund's stock price and net asset value. In connection with its review, the Board discussed the results of the performance comparisons provided by the Adviser and Broadridge.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In reviewing the Adviser's report, the Board took into consideration that the Adviser identified hybrid credit closed-end funds that invest across several credit-oriented asset classes as the peer categories the Adviser believed were most comparable to the Fund given the Fund's flexible mandate and focus on senior secured bank loans, corporate bonds and CLOs. The Board noted that the Fund's: i) cumulative market-based return outperformed the average return of the hybrid credit closed-end funds for the one-year and five-year periods ended June 30, 2020 and underperformed the average return of the hybrid credit closed-end funds for the year-to-date period, five-year period and the since inception annualized period ended June 30, 2020, and ii) NAV-based return outperformed the average return of the hybrid credit closed-end funds for the three-year, five-year and the since inception annualized periods ended June 30, 2020 and underperformed the average return of the hybrid credit closed-end funds for the year-to-date and one-year periods 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 Board noted, in reviewing the Broadridge report, that the Fund's total return performance, on a net asset value basis: i) outperformed the Performance Group average and median returns for the three-year period ended June 30, 2020, ii) slightly outperformed the Performance Group average return, and underperformed the Performance Group median return, for the two-year period ended June 30, 2020, and iii) underperformed the Performance Group average and median returns for the one-year period ended June 30, 2020. The Fund ranked third, seventh and ninth out of ten funds in the Performance Group for the three-year, two-year and one-year periods ended June 30, 2020, respectively.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Representatives of the Adviser noted that the usefulness of performance comparisons may be affected by a number of factors, including different investment limitations that may be applicable to the Fund and comparable funds, highlighting, in particular, the difficulty in finding an appropriate universe of comparable funds. In discussing the Fund's underperformance, they noted, among other things, that the near-term underperformance may be attributable to the Fund's overweighing to CLO investments. Given the recent COVID-19 market disruption, the Board observed that CLO investments have experienced greater price volatility relative to loans and high yield bonds.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(c) </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Cost of the services provided and profits realized by the Adviser from the relationship with the Fund</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> &#151; The Board considered information about the profitability of the Fund to the Adviser, as well as the costs of services provided by the Adviser to the Fund. The Board received and reviewed information relating to the financial condition of the Adviser's parent, Ares Management Corporation. Representatives of the Adviser reviewed the expenses allocated and profit received by the Adviser and its affiliates and the resulting profitability percentage for managing the Fund and the method used to determine the expenses and profit. The Board concluded that the profitability results were not unreasonable, given the services rendered and service levels provided to the Fund by the Adviser and its affiliates.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(d) </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Economies of scale and whether fee levels reflect these economies of scale</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> &#151; The Board considered the extent to which economies of scale are expected to be realized and whether fee levels reflect these economies of scale. It was noted that, because the Fund is a closed-end fund, any increase in asset levels generally would have to come from </font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>39</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=41,FOLIO='39',FILE='21-7933-2.ha.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<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;">December 31, 2020</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;">material appreciation through investment performance absent a special corporate action such as a material acquisition or an offering of additional shares. Further, the Board noted that as the Fund's assets increased, administration and custodial services were billed at lower incremental 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;">(e) </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Comparison of services rendered and fees paid to those under other investment advisory contracts, such as contracts of the same and other investment advisers or other clients</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> &#151; The Board reviewed the results of the expense comparisons provided by the Adviser and Broadridge. The Board discussed the range of actual and contractual management fees and total expenses of the Expense Group and Expense Universe funds as contained in Broadridge's report and discussed the results of the comparisons. The Board noted that the Fund's contractual management fee, based on common assets, was identical to, or essentially in-line with, the Expense Group median, and that the Fund's actual management fee, based on common assets alone, was slightly above the Expense Group median and above the Expense Universe median. The Board further noted that based on common assets and leveraged assets, the Fund's actual management fee was above the Expense Group median and above the Expense Universe median. The Board also noted that the Fund's total expenses, based on common assets alone, were below the Expense Group median. The Board further noted that the Fund's total expenses, based on common assets and leveraged assets, were above the Expense Group median.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In analyzing the comparative expense information provided by the Adviser, the Board considered that, pursuant to the terms of the Investment Advisory Agreement, after the Fund's second fiscal year, which ended on October 31, 2014, the Fund began reimbursing the Adviser for its cost of providing certain accounting, legal, clerical or administrative services to the Fund by employees of the Adviser or its affiliates. Representatives of the Adviser noted that although the Fund's use of leverage is an expense, the use of leverage has contributed positively to the Fund's return.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In discussing the Fund's management fees and expenses, representatives of the Adviser noted, among other things, that the Adviser believes that the Fund is essentially in line with the Peer Group medians across key expense comparisons (i.e., management fees and total expenses).</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Representatives of the Adviser also reviewed with the Board the management or investment advisory fees paid by commingled funds or separately managed accounts advised by the Adviser or its affiliates that are considered to have similar investment strategies and policies as the Fund (the "Similar Clients"), and explained the nature of the Similar Clients. They discussed differences in fees paid and the relationship of the fees paid in light of any differences in the services provided and other relevant factors. The Board considered the relevance of the fee information provided for the Similar Clients to evaluate the appropriateness and reasonableness of the Fund's management fee.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">(f) </font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"><i>Benefits derived or to be derived by the Adviser from its relationship with the Fund</i></font><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;"> &#151; The Board also considered the extent to which benefits other than the fees and reimbursement amounts pursuant to the Investment Advisory Agreement might accrue to the Adviser and its affiliates from their relationships with the Fund. The Board noted in this regard that while certain funds and accounts managed by the Adviser engage from time to time in cross-trade and co-investment transactions with the Fund as permitted by the 1940 Act, neither the Adviser nor its affiliates execute portfolio transactions on behalf of the Fund, and that the Adviser had confirmed that the Fund does not invest in securities issued by affiliates of the Adviser, including CLOs sponsored by the Adviser. However, it recognized that the Adviser might derive reputational and other benefits from its association with the Fund.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Conclusion</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">At the conclusion of these discussions, the Board agreed that it had been furnished with sufficient information to make an informed business decision with respect to the renewal of the Investment Advisory Agreement. Based on the discussions and considerations at the Meeting, and in reliance on information received on a routine and regular basis throughout the year relating to the operations of the Fund and the investment management and other services provided under the Investment Advisory Agreement, the Board, including the Independent Directors voting separately, voted to approve the renewal of the Investment Advisory Agreement for an additional one-year period.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>40</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=42,FOLIO='40',FILE='21-7933-2.ha.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<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>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;">December 31, 2020</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Investment Adviser</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ares Capital Management II LLC<BR>2000 Avenue of the Stars, 12th Floor<BR>Los Angeles CA 90067</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Administrator Custodian and Transfer Agent</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">State Street Bank and Trust Company<BR>One Lincoln Street<BR>Boston, MA 02111</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>DRIP Administrator</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">State Street Bank and Trust Company<BR>One Lincoln Street<BR>Boston, MA 02111</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Investor Support Services</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Destra Capital Investments LLC<BR>901 Warrenville Road, Suite 15<BR>Lisle, IL 60532</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Independent Registered Public Accounting Firm</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Ernst &amp; Young LLP<BR>725 South Figueroa Street<BR>Los Angeles, CA 90017</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Fund Counsel</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Willkie Farr &amp; Gallagher LLP<BR>787 7th Avenue<BR>New York, NY 10019</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>41</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=43,FOLIO='41',FILE='21-7933-2.ha.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<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;">December 31, 2020</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Arial, Helvetica" style="font-size:11pt;"><b>Privacy Notice</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">We are committed to maintaining the privacy of our shareholders and to safeguarding their nonpublic personal information. The following information is provided to help you understand what personal information we collect, how we protect that information and why, in certain cases, we may share information with select other parties.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Generally, we will not receive any non-public personal information about shareholders of the common stock of the Fund, although certain of our shareholders' non-public information may become available to us. The non-public personal information that we may receive falls into the following categories:</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;Information we receive from shareholders, whether we receive it orally, in writing or electronically. This includes shareholders' communications to us concerning their investment;</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;Information about shareholders' transactions and history with us; or</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;Other general information that we may obtain about shareholders, such as demographic and contact information such as address.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">We do not disclose any non-public personal information about shareholders, except:</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;to our affiliates (such as our investment adviser) and their employees that have a legitimate business need for the information;</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;to our service providers (such as our administrator, accountants, attorneys, custodians, transfer agent, underwriter and proxy solicitors) and their employees as is necessary to service shareholder accounts or otherwise provide the applicable service;</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;to comply with court orders, subpoenas, lawful discovery requests, or other legal or regulatory requirements; or</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">&bull;&nbsp;&nbsp;as allowed or required by applicable law or regulation.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">When the Fund shares non-public shareholder personal information referred to above, the information is made available for limited business purposes and under controlled circumstances designed to protect our shareholders' privacy. The Fund does not permit use of shareholder information for any non-business or marketing purpose, nor does the Fund permit third parties to rent, sell, trade or otherwise release or disclose information to any other party.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">The Fund's service providers, such as their adviser, administrator, and transfer agent, are required to maintain physical, electronic, and procedural safeguards to protect shareholder nonpublic personal information; to prevent unauthorized access or use; and to dispose of such information when it is no longer required.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">Personnel of affiliates may access shareholder information only for business purposes. The degree of access is based on the sensitivity of the information and on personnel need for the information to service a shareholder's account or comply with legal requirements.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">If a shareholder ceases to be a shareholder, we will adhere to the privacy policies and practices as described above. We may choose to modify our privacy policies at any time. Before we do so, we will notify shareholders and provide a description of our privacy policy.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt;" align="left"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:10pt;">In the event of a corporate change in control resulting from, for example, a sale to, or merger with, another entity, or in the event of a sale of assets, we reserve the right to transfer your non-public personal information to the new party in control or the party acquiring assets.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>42</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=44,FOLIO='42',FILE='21-7933-2.ha.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<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>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;">December 31, 2020</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="98" 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="317" 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="98" align="left" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt"><font face="Arial, Helvetica" style="font-size:8pt;"><b>Interested Directors</b><b><sup>(2)</sup></b></font></p></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="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="317" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="98" 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</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="317" 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="98" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Seth J. Brufsky <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1966</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;">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="301" 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="98" 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="317" valign="bottom" style="padding:4pt .7pt 2pt 0pt;">
 &nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="98" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">James K. Hunt <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 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="317" 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 (2016-2020)</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="98" 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="317" 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>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>43</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=45,FOLIO='43',FILE='21-7933-2.ha.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<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;">December 31, 2020</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="98" 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="317" 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="98" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Bruce H. Spector <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1942</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 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="317" 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">Annual Report 2020<br>44</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=46,FOLIO='44',FILE='21-7933-2.ha.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<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>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;">December 31, 2020</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="92" 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="92" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Seth J. Brufsky <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1966</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;">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="92" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Penni F. Roll <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1965</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;">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="92" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Lisa Morgan <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1976</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;">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. Ms. Morgan also serves as the Chief Compliance Officer of Ares Capital Corporation. She joined Ares in September 2017.</font></p></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="92" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Scott Lem <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1977</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;">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="92" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Ian Fitzgerald <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1975</font></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><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="92" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Keith Ashton <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1967</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;">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 Partner 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="92" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Daniel Hayward <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1985</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;">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 Partner 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="92" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Charles Arduini <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1969</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;">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 Partner 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="92" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Samantha Milner <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1978</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;">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">Annual Report 2020<br>45</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=47,FOLIO='45',FILE='21-7933-2.ha.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>
<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;">December 31, 2020</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="92" 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="92" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Jason Duko <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1977</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;">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="92" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Kapil Singh <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1971</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;">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="92" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Joshua Bloomstein <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1973</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;">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="92" align="left" valign="top" style="padding:0pt .7pt 6pt 0pt;">
<font face="Arial, Helvetica" style="font-size:8pt;">Naseem Sagati Aghili <BR></font><font face="Arial, Helvetica" style="font-size:8pt;">1981</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;">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 a Partner and General Counsel, Corporate and General Counsel, Private Equity, in the Ares Legal Group 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>&nbsp;&nbsp;The address of each officer is care of the Secretary of the Fund at 2000 Avenue of the Stars, 12th Floor, Los Angeles, CA 90067.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>46</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=48,FOLIO='46',FILE='21-7933-2.ha.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<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 4.5pt 0pt;" align="center"><font face="Times New Roman PS Std, Times New Roman PS, Times New Roman, Times" style="font-size:11pt;">(This page intentionally left blank.)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times">Annual Report 2020<br>47</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=49,FOLIO='47',FILE='21-7933-2.ha.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>

<!-- Document name: 21-7933-2.za-->
<p style="margin:12pt 0pt 12pt 0pt;"><img src="j2179332_za007.jpg"></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=50,FOLIO='',FILE='21-7933-2.za.qxp',USER='Unknown',CD='Mar 02 00:14 2021' -->
<br clear="all"><Div style="page-break-before:always;"></Div>

<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; text-align: justify">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ares
Dynamic Credit Allocation Fund,&nbsp;Inc. (the &ldquo;<U>Fund</U>&rdquo;) has adopted a Code of Ethics that applies to the Fund&rsquo;s
principal executive officer and principal financial officer (the &ldquo;<U>Code of Ethics</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; text-align: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund has not made any amendment to its Code of Ethics during the period covered by this Form&nbsp;N-CSR.</P>

<P STYLE="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">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
have been no waivers, including any implicit waivers, granted by the Fund to individuals covered by the Fund&rsquo;s Code of Ethics
during the reporting period for this Form&nbsp;N-CSR.</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">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</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">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
copy of the Fund&rsquo;s Code of Ethics is incorporated herein by reference at exhibit 13(a)(1).</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 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">(a)(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors of the Fund has determined that the Fund has three members serving on the Fund&rsquo;s Audit Committee that
possess the attributes identified in Instruction 2(b)&nbsp;of Item 3 to Form&nbsp;N-CSR to qualify as an &ldquo;audit committee
financial expert.&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; text-align: justify">(a)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
names of the audit committee financial experts are John Joseph Shaw, James K. Hunt and Paula B. Pretlow. Each of Messrs.&nbsp;Shaw
and Hunt and Ms.&nbsp;Pretlow has been deemed to be &ldquo;independent&rdquo; for the purpose of this Item because they are not
an &ldquo;interested person&rdquo; of the Fund as that term is defined in Section&nbsp;2(a)(19) of the Investment Company Act of
1940, as amended (the &ldquo;<U>1940 Act</U>&rdquo;) and do not accept directly or indirectly any consulting, advisory, or other
compensatory fee from the Fund.</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"><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">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit
Fees</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">For the fiscal period of November&nbsp;1,
2019 through December&nbsp;31, 2019 and for the fiscal year ended December&nbsp;31, 2020, Ernst&nbsp;&amp; Young LLP (&ldquo;<U>E&amp;Y</U>&rdquo;),
the Fund&rsquo;s independent registered public accounting firm, billed the Fund aggregate fees of $89,500 and $106,000, respectively,
for professional services rendered for the audit of the Fund&rsquo;s annual financial statements or for services normally provided
by E&amp;Y in connection with statutory and regulatory filings or engagements.</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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit-Related
Fees</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">For the fiscal period of November&nbsp;1,
2019 through December&nbsp;31, 2019 and for the fiscal year ended December&nbsp;31, 2020, the aggregate fees billed for assurance
and related services rendered by E&amp;Y that are reasonably related to the performance of the audit or review of the Fund&rsquo;s
financial statements and that are not reported under Audit Fees above were $0 and $0, respectively.</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">For the fiscal period of November&nbsp;1,
2019 through December&nbsp;31, 2019 and for the fiscal year ended December&nbsp;31, 2020, aggregate Audit-Related Fees billed by
E&amp;Y that were required to be approved by the Fund&rsquo;s Audit Committee for audit-related services rendered to the Fund&rsquo;s
investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides
ongoing services to the Fund (the &ldquo;<U>Affiliated Service Providers</U>&rdquo;) that relate directly to the operations and
financial reporting of the Fund were $0 and $0, respectively.</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>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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: justify">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax
Fees</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">For the fiscal period of November&nbsp;1,
2019 through December&nbsp;31, 2019 and for the fiscal year ended December&nbsp;31, 2020, E&amp;Y billed the Fund aggregate fees
of $0 and $25,550, respectively, for professional services rendered for tax compliance, tax advice, and tax planning. The nature
of the services comprising the Tax Fees was the review of the Fund&rsquo;s income tax returns and tax distribution requirements.</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">For the fiscal period of November&nbsp;1,
2019 through December&nbsp;31, 2019 and for the fiscal year ended December&nbsp;31, 2020, the aggregate Tax Fees billed by E&amp;Y
that were required to be approved by the Fund&rsquo;s Audit Committee for tax compliance, tax advice and tax planning services
rendered on behalf of Affiliated Service Providers that relate directly to the operations and financial reporting of the Fund were
$0 and $0, respectively.</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">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
Other Fees</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">For the fiscal period of November&nbsp;1,
2019 through December&nbsp;31, 2019 and for the fiscal year ended December&nbsp;31, 2020, the aggregate fees billed by E&amp;Y
to the Fund for all services other than services reported under Audit Fees, Audit-Related Fees, and Tax Fees were $0 and $0, respectively.</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">For the fiscal period of November&nbsp;1,
2019 through December&nbsp;31, 2019 and for the fiscal year ended December&nbsp;31, 2020, the aggregate fees in this category billed
by E&amp;Y that were required to be approved by the Fund&rsquo;s Audit Committee for services rendered on behalf of Affiliated
Service Providers that relate directly to the operations and financial reporting of the Fund were $0 and $0, respectively.</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">(e)(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit
Committee&rsquo;s Pre-Approval Policies and Procedures</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">The Fund&rsquo;s Audit Committee Charter
requires that the Audit Committee pre-approve all audit and non-audit services to be provided to the Fund by the Fund&rsquo;s independent
registered public accounting firm; provided, however, that the pre-approval requirement with respect to the provision of non-auditing
services to the Fund by the Fund's independent registered public accounting firm may be waived by the Audit Committee under the
circumstances described in the Securities Exchange Act of 1934, as amended (the &ldquo;<U>1934 Act</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">(e)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Percentage of Services</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">All of the audit and tax services described
above for which E&amp;Y billed the Fund fees for the fiscal period of November&nbsp;1, 2019 through December&nbsp;31, 2019 and
fiscal year ended December&nbsp;31, 2020, were pre-approved by the Audit Committee.</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">For the fiscal period of November&nbsp;1,
2019 through December&nbsp;31, 2019 and fiscal year ended December&nbsp;31, 2020, the Fund&rsquo;s Audit Committee did not waive
the pre-approval requirement of any non-audit services to be provided to the Fund by E&amp;Y.</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">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</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">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the fiscal period of November&nbsp;1, 2019 through December&nbsp;31, 2019 and for the fiscal year ended December&nbsp;31, 2020,
aggregate non-audit fees billed by E&amp;Y for services rendered to the Fund were $0 and $0, respectively.</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>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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: justify">For the fiscal period of November&nbsp;1,
2019 through December&nbsp;31, 2019 and for the fiscal year ended December&nbsp;31, 2020, aggregate non-audit fees billed by E&amp;Y
for services rendered to the Affiliated Service Providers were $0 and $0, respectively.</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">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E&amp;Y
notified the Fund&rsquo;s Audit Committee of all non-audit services that were rendered by E&amp;Y to the Fund&rsquo;s Affiliated
Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii)&nbsp;of Rule&nbsp;2-01 of Regulation S-X, allowing
the Fund&rsquo;s Audit Committee to consider whether such services were compatible with maintaining E&amp;Y&rsquo;s independence.</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"><B><U>Item 5. Audit Committee of Listed
Registrants.</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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund has a separately-designated Audit Committee established in accordance with Section&nbsp;3(a)(58)(A)&nbsp;of the 1934 Act.
The members of the Fund&rsquo;s Audit Committee are John Joseph Shaw, James K. Hunt, Paula B. Pretlow and Bruce H. Spector.</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">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</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"><B><U>Item 6. Investments.</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">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule
of Investments is included as part of Item 1 of this Form&nbsp;N-CSR.</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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not
applicable.</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"><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">Attached to this Form&nbsp;N-CSR as exhibit
13(a)(5)&nbsp;is a copy of the proxy voting policies and procedures of the Fund and its investment adviser.</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"><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)&nbsp; As of the date of this filing,
the portfolio managers of the Fund are as follows:</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"><B>Seth J. Brufsky</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Founding Member, Senior Partner, and
Portfolio Manager (since inception)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investment Experience:</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">Mr.&nbsp;Brufsky is a Partner in the Ares
Credit Group, Co-Head of Global Liquid Credit, Portfolio Manager and a member of the Management Committee of Ares Management Corporation
(&ldquo;Ares Management&rdquo;). Mr.&nbsp;Brufsky also serves as a Director, President, Chief Executive Officer and Portfolio Manager
of the Fund. Additionally, he serves as a member of the Ares Credit Group&rsquo;s U.S. Liquid Credit Investment Committee and the
Ares Dynamic Credit Allocation Fund Investment Committee. Prior to joining Ares in 1998, Mr.&nbsp;Brufsky was a member of the Corporate
Strategy and Research Group of Merrill Lynch&nbsp;&amp; Co., where he focused on analyzing and marketing non-investment grade securities
and was acknowledged by Institutional Investor as a member of the top-ranked credit analyst team during each year of his tenure.
Previously, Mr.&nbsp;Brufsky was a member of the Institutional Sales and Trading Group of the Global Fixed Income Division at Union
Bank of Switzerland. Mr.&nbsp;Brufsky serves on the Board of Directors of the Luminescence Foundation, a charitable giving organization.</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">Mr.&nbsp;Brufsky graduated from Cornell
University with a B.S. in Applied Economics and Business Management and received his M.B.A. in Finance with honors from the University
of Southern California's Marshall School of Business, where he was awarded the Glassick Scholarship for academic achievement.</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>

<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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"><B>Keith Ashton</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Portfolio Manager (since inception)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investment Experience:</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; background-color: white">Mr.&nbsp;Ashton
is a Partner, Portfolio Manager and Co-Head of Alternative Credit in the Ares Credit Group, and a member of the Management Committee
of Ares Management. Mr.&nbsp;Ashton serves as a Vice President and Portfolio Manager for the Fund. Additionally, he serves as a
member of the Ares Credit Group&rsquo;s Alternative Credit Executive Committee, Alternative Credit Investment Committee, the Ares
Dynamic Credit Allocation Fund Investment Committee and the Ares Diversity and Inclusion Council. Prior to joining Ares in 2011,
Mr.&nbsp;Ashton was a Partner at Indicus Advisors LLP, where he focused on launching the global structured credit business in May&nbsp;2007.
Previously, Mr.&nbsp;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&rsquo;s institutional asset management business. Mr.&nbsp;Ashton&rsquo;s
experience as an investor in alternative fixed income products spans virtually all securitized asset classes, including CLOs, consumer
and commercial receivables, insurance and legal settlements, small business and trade receivables, whole business securitizations,
timeshare and other mortgage-related receivables, and esoteric asset classes such as catastrophe risk and intellectual property.</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; background-color: white">Mr.&nbsp;Ashton
earned a B.A. in Economics from Brigham Young University and received his M.B.A. in Finance&nbsp;&amp; Accounting from the William
E. Simon School of Business, University of Rochester.</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"><B>Charles Arduini</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Portfolio Manager (since 2018)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investment Experience:</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; background-color: white">Mr.&nbsp;Arduini
is a Partner, Portfolio Manager and Strategy Head for the CLOs in the Ares Credit Group, where he focuses on alternative credit
investments. Mr.&nbsp;Arduini serves as a Vice President and Portfolio Manager for the Fund. Additionally, he serves as a member
of the Ares Dynamic Credit Allocation Fund Investment Committee. Prior to joining Ares in 2011, Mr.&nbsp;Arduini was a Managing
Director at Indicus Advisors LLP, where he focused on structured credit investment opportunities. Previously, Mr.&nbsp;Arduini
was Director of Structured Credit in the Fixed Income Investment Group and a Manager in the Risk Management Group at TIAA-CREF.
In addition, Mr.&nbsp;Arduini worked in the telecommunications and information technology industries in various systems, operations
and management roles.</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; background-color: white">Mr.&nbsp;Arduini
holds a B.A. from Bucknell University in Mathematics and an M.S. from Stevens Institute of Technology in Mathematics. Mr.&nbsp;Arduini
also holds an M.S. from Carnegie Mellon University in Computational Finance. Mr.&nbsp;Arduini is a CFA&reg; charterholder and a
member of the New York Society of Security Analysts.</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"><B>Samantha Milner</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Portfolio Manager (since 2018)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investment Experience:</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; background-color: white">Ms.&nbsp;Milner
is a Partner, Portfolio Manager and Head of U.S. Liquid Credit Research in the Ares Credit Group, where she is primarily responsible
for managing Ares&rsquo; U.S. bank loan credit strategies. Ms.&nbsp;Milner serves as a Vice President and Portfolio Manager for
the Fund. Additionally, she serves as a member of the Ares Credit Group&rsquo;s U.S. Liquid Credit Investment Committee and the
Ares Dynamic Credit Allocation Fund Investment Committee. Prior to joining Ares Management in 2004, Ms.&nbsp;Milner was an Associate
in the Financial Restructuring Group at Houlihan Lokey Howard&nbsp;&amp; Zukin, where she focused on providing advisory services
in connection with restructurings, distressed mergers and acquisitions and private placements. Ms.&nbsp;Milner serves on the Board
of Directors of STEAM: CODERS, a not-for-profit organization focused on underrepresented and underserved students through Science,
Technology, Engineering, Art, and Math (STEAM), in preparation for academic and career opportunities. Ms.&nbsp;Milner holds a B.B.A.,
with distinction, from Emory University&rsquo;s Goizueta Business School in Finance and Accounting.</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>

<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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: justify">(a)(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of December&nbsp;31, 2020,
the Portfolio Managers were primarily responsible for the day-to-day portfolio management of the following accounts:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border: Black 1pt solid; text-align: left; width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><B>Name of <BR>
Portfolio <BR>
Manager</B></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><B>Type
    of<BR>
 Accounts</B></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: left; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt"><B>Total
    # of<BR>
 Accounts <BR>
Managed</B></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: left; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt"><B>Total
    Assets<BR>
 (in millions)</B></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: left; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>#
    of Accounts<BR>
 Managed for <BR>
which <BR>
Advisory Fee <BR>
is Based on <BR>
Performance</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: bottom; text-align: left; width: 16%; padding-right: 5.4pt; padding-left: 5.4pt"><B>Total
    Assets <BR>
for which <BR>
Advisory Fee <BR>
is Based on <BR>
Performance <BR>
(in millions)</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Seth J. Brufsky</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Registered investment companies</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">5</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">$2,695</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">0</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other pooled investment vehicles</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">5</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">$406</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">1</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$44</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other accounts</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">56</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">$25,109</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">41</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$20,589</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Keith Ashton</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Registered investment companies</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">1</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">$582</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">0</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other pooled investment vehicles</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">6</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">$5,289</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">5</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$3,744</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other accounts</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">19</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">$7,276</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">9</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$2,578</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Charles Arduini</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Registered investment companies</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">1</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">$582</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">0</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other pooled investment vehicles</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">2</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">$349</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">2</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$349</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other accounts</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">7</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">$2,453</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">2</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$324</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Samantha Milner</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Registered investment companies</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">3</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">$1,384</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">0</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other pooled investment vehicles</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">3</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">$291</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">0</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other accounts</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">14</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">$3,984</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left; padding-right: 5.4pt; padding-left: 5.4pt">2</TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: left; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$910</FONT></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>

<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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"><B>Material Conflicts of Interest:</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">Actual or apparent conflicts of interest
may arise when a Portfolio Manager has day-to-day management responsibilities with respect to more than one fund or other account.</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">Certain inherent conflicts of interest
arise from the fact that the Portfolio Managers, Ares Capital Management II LLC (the &ldquo;<U>Adviser</U>&rdquo;) and its affiliates
provide investment advisory and administration services both to the Fund and the other Ares-advised funds, which include other
funds, as well as client accounts, proprietary accounts and any other investment vehicles that the Adviser and its affiliates may
establish from time to time, managed by the Adviser and its affiliates in which the Fund will not have an interest. The investment
program of the Fund and the other Ares-advised funds may or may not be substantially similar. The Portfolio Managers, the Adviser
and its affiliates may give advice and recommend securities to the other Ares-advised funds that may differ from advice given to,
or securities recommended or bought for, the Fund, even though their investment objectives may be the same or similar to those
of the Fund.</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">The results of the Fund&rsquo;s investment
activities may differ significantly from the results achieved by the other Ares-advised funds. It is possible that one or more
of such funds will achieve investment results that are substantially more or less favorable than the results achieved by the Fund.
Moreover, it is possible that the Fund will sustain losses during periods in which one or more affiliates achieve significant profits
on their trading for proprietary or other accounts. The opposite result is also possible. The investment activities of one or more
Adviser affiliates for their proprietary accounts and accounts under their management may also limit the investment opportunities
for the Fund in certain markets.</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">The Adviser will seek to manage potential
conflicts of interest in good faith; nonetheless, the portfolio strategies employed by the Portfolio Managers, the Adviser and
its affiliates in managing the other Ares-advised funds could conflict with the transactions and strategies employed by the Portfolio
Managers in managing the Fund and may affect the prices and availability of the securities and instruments in which the Fund invests.
Conversely, participation in specific investment opportunities may be appropriate, at times, for both the Fund and the other Ares-advised
funds. To mitigate potential conflicts of interest, allocations of investment opportunities among the Fund and the other Ares-advised
funds are determined in accordance with the Adviser&rsquo;s allocation policy and consistent with its fiduciary duties and corresponding
investment mandates. It is the Adviser&rsquo;s policy that all investment opportunities will, to the extent practicable, be allocated
among the Fund and the other Ares-advised funds on a basis that over a period of time is fair and equitable to the Fund and the
other Ares-advised funds relative to each other, taking into account the terms of the relevant governing documents and the relevant
facts and circumstances, including, but not limited to: (i)&nbsp;differences with respect to available capital, size of client,
minimum investment amounts and remaining life of a client; (ii)&nbsp;differences with respect to investment objectives or current
investment strategies, such as objectives or strategies regarding: (a)&nbsp;current and total return requirements, (b)&nbsp;emphasizing
or limiting exposure to the security or type of security in question, (c)&nbsp;diversification, including industry or company exposure,
currency and jurisdiction, or (d)&nbsp;rating agency ratings; (iii)&nbsp;differences in risk profile at the time an opportunity
becomes available; (iv)&nbsp;the potential transaction and other costs of allocating an opportunity among various clients; (v)&nbsp;potential
conflicts of interest, including whether a client has an existing investment in the security in question or the issuer of such
security; (vi)&nbsp;the nature of the security or the transaction, including size of the investment opportunity, minimum investment
amounts and the source of the opportunity; (vii)&nbsp;current and anticipated market and general economic conditions; and (viii)&nbsp;prior
or existing positions in a borrower/loan/security.</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>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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: justify">In the event investment opportunities are
allocated among the Fund and the other Ares-advised funds, the Fund may not be able to structure its investment portfolio in the
manner desired. Although the Adviser endeavors to allocate investment opportunities in a manner that, over a period of time, is
fair and equitable, it is possible that the Fund may not be given the opportunity to participate in certain investments made by
the other Ares-advised funds or portfolio managers affiliated with the Adviser. Furthermore, the Fund and the other Ares-advised
funds may make investments in securities where the prevailing trading activity may make impossible the receipt of the same price
or execution on the entire volume of securities purchased or sold by the Fund and the other Ares-advised funds. When this occurs,
the various prices may be averaged, and the Fund will be charged or credited with the average price. Thus, the effect of the aggregation
may operate on some occasions to the disadvantage of the Fund. In addition, under certain circumstances, the Fund may not be charged
the same commission or commission equivalent rates in connection with a bunched or aggregated order.</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">It is likely that other Ares-advised funds
may make investments in the same or similar securities at different times and on different terms than the Fund. The Fund and the
other Ares-advised funds may make investments at different levels of a borrower's capital structure or otherwise in different classes
of a borrower's securities. Such investments may inherently give rise to conflicts of interest or perceived conflicts of interest
between or among the various classes of securities that may be held by such entities. Conflicts may also arise because portfolio
decisions regarding the Fund may benefit the other Ares-advised funds.</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">Although the professional staff of
the Adviser will devote as much time to the management of the Fund as the Adviser deems appropriate to perform its
obligations, the professional staff of the Adviser may have conflicts in allocating time, services or resources among the
Fund and the Adviser's other investment vehicles and accounts. The Adviser and its affiliates are not restricted from forming
additional investment funds, from entering into other investment advisory relationships or from engaging in other business
activities, even though such activities may be in competition with the Fund and/or may involve substantial time and resources
of the Adviser and its professional staff. These activities could be viewed as creating a conflict of interest in that the
time and effort of the members of the Adviser and their officers and employees will not be devoted exclusively to the
business of the Fund but will be allocated between the business of the Fund and the management of the monies of other clients
of the Adviser.</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">By reason of the various activities of
the Adviser and its affiliates, the Adviser and its affiliates may acquire material non-public information or other confidential
information about a company while pursuing an investment opportunity or while monitoring an investment, which may give rise to
a potential conflict of interest and restrict the ability of the Adviser to trade in the securities of such company. Such restriction
would prohibit the Adviser from purchasing certain potential Fund investments that otherwise might have been purchased or from
selling certain Fund investments that might otherwise have been sold at the time.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Adviser has adopted policies and procedures designed to
prevent conflicts of interest from influencing proxy voting decisions made on behalf of advisory clients, including the Fund, and
to help ensure that such decisions are made in accordance with its fiduciary obligations to clients. Nevertheless, notwithstanding
such proxy voting policies and procedures, actual proxy voting decisions may have the effect of favoring the interests of other
clients, provided that the Adviser believes such voting decisions to be in accordance with its fiduciary obligations.</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)&nbsp; Compensation Structure of Portfolio Manager(s)&nbsp;or
Management Team Members</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">Compensation is determined by the Adviser&rsquo;s
executive leadership, with recommendations made by the head of each applicable business unit. Compensation may include a variety
of components and may vary from year to year based on a number of factors. Generally, Portfolio Managers receive a base salary
and are eligible for a discretionary year-end bonus based on performance, a portion of which may be paid in the form of shares
of Class&nbsp;A Common Stock of the Adviser&rsquo;s publicly traded parent company.</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>

<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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: justify"><I>Base Compensation.</I></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">Generally, when the Portfolio Managers
receive base compensation from the Adviser it is based on their individual seniority and their position within the firm.</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"><I>Discretionary Compensation.</I></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">In addition to base compensation, the Portfolio
Managers may receive discretionary year-end bonus compensation from the Adviser or its ultimate parent company. Subject to a minimum
compensation threshold, a portion of year-end bonus may be paid in the form of shares of Class&nbsp;A Common Stock of the Adviser&rsquo;s
publicly traded parent company, which vests over time. Discretionary compensation may be based on individual seniority and contribution,
and, if applicable, may include direct carried interest and/or profit participations with respect to funds in which the Portfolio
Managers are involved and may also include similar incentive awards relating to the funds in the firm&rsquo;s other investment
groups.</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)(4)&nbsp;Ownership of Securities</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">The following table sets forth, for each
Portfolio Manager, the aggregate dollar range of the Fund's equity securities beneficially owned as of December&nbsp;31, 2020.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Portfolio Manager</B></FONT></TD>
    <TD STYLE="width: 50%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dollar Range of Fund Shares Beneficially Owned</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seth J. Brufsky</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$500,001-$1,000,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Keith Ashton</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10,001-$50,000</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charles Arduini </FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Samantha Milner</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></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; text-align: justify">(b)&nbsp;Not applicable.</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>

<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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"><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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the twelve months ended December&nbsp;31,
2020, the following purchases were made by or on behalf of the Fund or any &ldquo;affiliated purchaser&rdquo;, as defined in Rule&nbsp;10b-18(a)(3)&nbsp;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&nbsp;12 of the 1934 Act.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; white-space: nowrap; width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Period
    </B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 15%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)<BR>
    Total Number<BR> of Shares<BR> (or Units)<BR> Purchased</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 15%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(b)<BR>
    Average Price<BR> Paid per Share<BR> (or Unit)</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 15%; text-align: center"><B>(c)<BR>
    Total Number of<BR>
    Shares (or <BR>
    Units)<BR>
    Purchased as<BR>
    Part of Publicly<BR>
    Announced <BR>
    Plans<BR>
    or Programs</B></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; white-space: nowrap; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; width: 12%; text-align: center"><B>(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</B></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Month #1<BR>
01/01/20 through 01/31/20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">---</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">1,781,899</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Month #2<BR>
02/01/20 through 02/29/20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">---</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">1,781,899</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Month #3<BR>
03/01/20 through 03/31/20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">---</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">1,781,899</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Month #4<BR>
04/01/20 through 04/30/20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">---</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">1,781,899</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom">Month #5<BR> 05/01/20 through 05/31/20</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">---</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">1,781,899</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Month #6<BR> 06/01/20 through
06/30/20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">---</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">1,781,899</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Month #7<BR> 07/01/20 through
07/31/20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">---</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">1,781,899</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Month #8<BR> 08/01/20 through
08/31/20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">---</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">1,781,899</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Month #9<BR> 09/01/20 through
09/30/20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">---</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">1,781,899</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Month #10<BR> 10/01/20 through
10/31/20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">---</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">1,781,899</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Month #11<BR> 11/01/20 through
11/30/20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">---</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">1,781,899</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif">Month #12<BR> 12/01/20 through
12/31/20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">---</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">None</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">1,781,899</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">---</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,781,899</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">(a), (b)</TD><TD STYLE="text-align: justify">On November&nbsp;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.</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: 0.5in">(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">&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">(d), (e)</TD><TD STYLE="text-align: justify">Not applicable.</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; 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">&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&nbsp;N-CSR filing.</P>

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


<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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"><B><U>Item 11. Controls and Procedures.</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)</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&nbsp;30a-3(c)&nbsp;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&nbsp;N-CSR based on their evaluation of these controls and procedures required by Rule&nbsp;30a-3(b)&nbsp;under the 1940 Act
(17&nbsp;CFR 270.30a-3(b)) and Rules&nbsp;13a-15(b)&nbsp;or 15d-15(b)&nbsp;under the 1934 Act (17 CFR 240.13a-15(b)&nbsp;or 240.15d-15(b)).</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: 0.5in">(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&nbsp;30a-3(d)&nbsp;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">&nbsp;</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">&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">&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">&nbsp;</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 HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465920030038/tm209735d1_ex99codeeth.htm" STYLE="-sec-extract: exhibit">(a)(1)</A></TD><TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465920030038/tm209735d1_ex99codeeth.htm" STYLE="-sec-extract: exhibit">Code of Ethics is incorporated herein by reference to Exhibit&nbsp;13(a)(1)&nbsp;of the Fund&rsquo;s annual report on Form&nbsp;N-CSR,
filed with the U.S. Securities and Exchange Commission on March&nbsp;6, 2020 (Accession No.&nbsp;0001104659-20-030038), in response
to Item 2(f).</A></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: 0.5in"><A HREF="tm217933d1_ex99cert.htm">(a)(2)</A></TD><TD STYLE="text-align: justify"><A HREF="tm217933d1_ex99cert.htm">The certifications required by Rule&nbsp;30a-2(a)&nbsp;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">&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">&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">&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="tm217933d1_ex99-13a5.htm">(a)(5)</A></TD><TD STYLE="text-align: justify"><A HREF="tm217933d1_ex99-13a5.htm">Proxy voting policies and procedures of the Fund and its investment adviser are attached hereto in response to Item 7.</A></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: 0.5in"><A HREF="tm217933d1_ex99-906cert.htm">(b)</A></TD><TD STYLE="text-align: justify"><A HREF="tm217933d1_ex99-906cert.htm">The certifications required by Rule&nbsp;30a-2(b)&nbsp;under the 1940 Act (17 CFR 270.30a-2(b))
and Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 are attached hereto.</A></TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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: center">&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">&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ARES DYNAMIC CREDIT ALLOCATION FUND, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%"><FONT STYLE="font-size: 10pt">/s/ Seth J. Brufsky</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Seth J. Brufsky</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Date:</FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: justify">March 5, 2021</TD>
    <TD STYLE="text-align: justify">&nbsp;</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; 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>

<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: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%"><FONT STYLE="font-size: 10pt">/s/ Seth J. Brufsky</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Seth J. Brufsky</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="text-align: justify">March&nbsp;5, 2021</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Scott C. Lem</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Scott C. Lem</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="text-align: justify">March 5, 2021</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>


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


<!-- Field: Page; Sequence: 15; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><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"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>tm217933d1_ex99cert.htm
<DESCRIPTION>EXHIBIT 99.CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<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&nbsp;13(a)(2)</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">I, Seth J. Brufsky, President and Chief
Executive Officer of Ares Dynamic Credit Allocation Fund,&nbsp;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">1.</TD><TD>I have reviewed this report on Form&nbsp;N-CSR of the Fund;</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">2.</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">3.</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">&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">4.</TD><TD>The Fund&rsquo;s other certifying officer(s)&nbsp;and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the Fund and have:</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: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: left">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="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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: left">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">&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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: left">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">&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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: left">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">5.</TD><TD STYLE="text-align: left">The Fund&rsquo;s other certifying officer(s)&nbsp;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">&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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: left">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">&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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: left">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 CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="width: 45%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 5,
    2021</FONT></TD>
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Seth J. Brufsky</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seth J. Brufsky</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><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">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; 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,&nbsp;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">1.</TD><TD>I have reviewed this report on Form&nbsp;N-CSR of the Fund;</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">2.</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">3.</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">&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">4.</TD><TD>The Fund&rsquo;s other certifying officer(s)&nbsp;and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Rule&nbsp;30a-3(c)&nbsp;under the Investment Company Act of 1940) and internal control over financial
reporting (as defined in Rule&nbsp;30a-3(d)&nbsp;under the Investment Company Act of 1940) for the Fund and have:</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: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: left">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="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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: left">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">&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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: left">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">&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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(d)</TD><TD STYLE="text-align: left">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">5.</TD><TD STYLE="text-align: left">The Fund&rsquo;s other certifying officer(s)&nbsp;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">&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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: left">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">&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: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: left">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 CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="width: 45%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 5,
    2021</FONT></TD>
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Scott C. Lem</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Scott C. Lem</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.13(A)(5)
<SEQUENCE>3
<FILENAME>tm217933d1_ex99-13a5.htm
<DESCRIPTION>EXHIBIT 99.13(A)(5)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit
99.13(a)(5)&nbsp;</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-size: 10pt"><B>Exhibit
13(a)(5)</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt"><B>Proxy Voting</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">It
is the policy of the Fund to delegate the responsibility for voting proxies relating to portfolio securities held by the Fund
to the Fund&rsquo;s investment adviser (the &ldquo;Adviser&rdquo;) as a part of the Adviser&rsquo;s general management of the
Fund&rsquo;s portfolio, subject to the continuing oversight of the Board. The Board hereby delegates such responsibility to the
Adviser, and directs the Adviser to vote proxies relating to portfolio securities held by the Fund consistent with the duties
and procedures set forth below. The Adviser may retain one or more vendors to review, monitor and recommend how to vote proxies
in a manner consistent with the duties and procedures set forth below, to ensure that such proxies are voted on a timely basis
and to provide reporting and/or record retention services in connection with proxy voting for the Fund.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
right to vote a proxy with respect to portfolio securities held by the Fund is an asset of the Fund. The Adviser, to which authority
to vote on behalf of the Fund is delegated, acts as a fiduciary of the Fund and must vote proxies in a manner consistent with
the best interest of the Fund and its shareholders. In discharging this fiduciary duty, the Adviser must maintain and adhere to
its policies and procedures for addressing conflicts of interest and must vote proxies in a manner substantially consistent with
its policies, procedures and guidelines, as presented to the Board.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
Fund shall file an annual report of each proxy voted with respect to portfolio securities of the Fund during the twelve-month
period ended June 30 Form N-PX not later than August 31 of each year.</FONT></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"><FONT STYLE="font-size: 10pt"><B>Appendix Q &ndash; Proxy Voting
Procedures</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font-size: 10pt">The
following are the procedures adopted by the Board for the administration of the policy:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Review
of Adviser Proxy Voting Procedures</U>. The Adviser shall present to the Board its policies, procedures and other guidelines for
voting proxies at least annually, and must notify the Board promptly of material changes to such policies, procedures and guidelines.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Voting
Record Reporting</U>. The Adviser shall provide the voting record information necessary for the completion and filing of Form
N-PX to the Fund at least annually. Such voting record information shall be in a form acceptable to the Fund and shall be provided
at such time(s) as required for the timely filing of Form N-PX and at such additional time(s) as the Fund and the Adviser may
agree to from time to time. With respect to those proxies that the Adviser has identified as involving a conflict of interest,
the Adviser shall submit a separate report indicating the nature of the conflict of interest and how that conflict was resolved
with respect to the voting of the proxy.</FONT></P>

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

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

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <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 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Record
Retention</U>. The Adviser shall maintain such records with respect to the voting of proxies as may be required by the Investment
Advisers Act of 1940, as amended, and the rules promulgated thereunder or by the Investment Company Act of 1940, as amended, and
the rules promulgated thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Conflicts
of Interest</U>. Any actual or potential conflicts of interest between the Fund&rsquo;s principal underwriter or Adviser and the
Fund&rsquo;s shareholders arising from the proxy voting process will be addressed by the Adviser and the Adviser&rsquo;s application
of its proxy voting procedures pursuant to the delegation of proxy voting responsibilities to the Adviser. In the event that the
Adviser notifies the officer(s) of the Fund that a conflict of interest cannot be resolved under the Adviser&rsquo;s proxy voting
procedures, such officer(s) are responsible for notifying the audit committee of the Board (the &ldquo;Audit Committee&rdquo;)
of such irreconcilable conflict of interest and assisting the Audit Committee with any actions it determines are necessary.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt"><U>Form
N-PX</U>. The Fund shall file an annual report of each proxy voted with respect to portfolio securities of the Fund during the
twelve-month period ended June 30 on Form N-PX not later than August 31 of each year.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt"><U>Disclosures</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Fund shall include in its registration statement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#111;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A description of this policy
and of the policies and procedures used by the Adviser to determine how to vote proxies relating to portfolio securities; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&#111;</FONT></TD><TD STYLE="text-align: justify">A statement disclosing that information regarding how
the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without
charge, upon request, by calling the Fund&rsquo;s toll-free telephone number, or through a specified Internet address, or both,
and on the Securities and Exchange Commission&rsquo;s (the &ldquo;SEC&rdquo;) website.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">The
Fund shall include in its annual and semi-annual reports to shareholders:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#111;</FONT></TD><TD STYLE="text-align: justify">A statement disclosing that a description of the policies and
procedures used by or on behalf of the Fund to determine how to vote proxies relating to portfolio securities of the Fund is available
without charge, upon request, by calling the Fund&rsquo;s toll-free telephone number, through a specified Internet address, if
applicable, and on the SEC&rsquo;s website; and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></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: 0.75in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&#111;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">A
                                         statement disclosing that information regarding how the Fund voted proxies relating to
                                         portfolio securities during the most recent 12-month period ended June 30 is available
                                         without charge, upon request, by calling the Adviser&rsquo;s toll-free telephone number,
                                         or through a specified Internet address, or both, and on the SEC&rsquo;s website at <U>www.sec.gov</U>.</FONT></TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">The
Board shall review and amend these Procedures as it deems necessary and advisable.</FONT></P>

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

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

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <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 0pt 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">Proxy Voting</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Rule
206(4)-6 under the Advisers Act prohibits a registered investment adviser from exercising voting authority with respect to client
voting securities unless the adviser has adopted and implemented written Policies and Procedures that are reasonably designed
to ensure that the adviser votes proxies in the best interests of its clients.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In addition,
the adviser must describe its proxy voting Procedures to its clients and provide copies upon request, and must disclose to its
clients how they may obtain information on how the adviser voted their proxies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Rule
204-2 of the Advisers Act requires a registered investment adviser to retain certain records in connection with the proxy voting
Procedures adopted by Ares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Ares focuses
primarily on fixed income securities and bank debt, but clients may also acquire voting securities. In instances where a client
owns equity securities in which it has the right to vote via shareholder proxy (each a &ldquo;Voting Security&rdquo;), Ares generally
retains proxy voting authority with respect to these Voting Securities. Ares recognizes that proxy voting is an important right
of shareholders and that reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Accordingly,
Ares has adopted the following Proxy Voting Policies and Procedures for the purpose of complying and implementing compliance with
Rules 206(4)-6 and 204-2.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Proxy Voting
Policies</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Where Ares has been granted discretion
by a Client to exercise by proxy the voting rights of securities beneficially owned by such Client (the &ldquo;Client Securities&rdquo;),
Ares will exercise all voting rights delegated to us by the Client with respect to Client Securities, except as provided in this
Manual.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In
determining how to vote, investment professionals of Ares will consult with each other, taking into account the interests of
each Client and its Investors as well as any potential conflicts of interest. In general, Ares will vote proxies in
accordance with the guidelines set out below, which are designed to maximize the value of Client Securities (the
 &ldquo;Guidelines&rdquo;), unless any of the following is true:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font-size: 10pt; text-align: justify; padding-right: 10pt"><FONT STYLE="font-size: 10pt">Ares&rsquo;
                                         agreement with the Client requires it to vote proxies in a certain way</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Ares
                                         has determined otherwise due to the specific and unusual facts and circumstances with
                                         respect to a particular vote</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">the
                                         subject matter of the vote is not covered by the Guidelines</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">a
                                         material conflict of interest is present</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Ares
                                         finds it necessary to vote contrary to the Guidelines to maximize Investor value or the
                                         best interests of the Client</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">In the absence of Guidelines
with respect to a particular matter, Ares will vote proxies so as to maximize the economic value of the Client Securities and
otherwise serve the best interests of each Client. Ares will follow the Procedures with respect to conflicts of interests described
below.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Proxy Voting
Procedures</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Voting Client
Proxies</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Subject to the Proxy
Voting Policies stated above, Ares will generally use the following guidelines in reviewing proxy issues:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Elections
                                         of Directors </B>In general, Ares will vote in favor of the management-proposed slate
                                         of directors. If there is a proxy fight for seats on the board of directors of an issuer
                                         of Client Securities (an &ldquo;Issuer&rdquo;) or Ares determines that there are other
                                         compelling reasons for withholding the Client&rsquo;s vote, it will determine the appropriate
                                         vote on the matter. Among other reasons, Ares may withhold votes for directors when any
                                         of the following are true:</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: right; font-size: 10pt; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT>&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Ares
                                         believes a direct conflict of interest exists between the interests of a director and
                                         the stockholders</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: right; font-size: 10pt; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT>&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Ares
                                         concludes that the actions of a director are unlawful, unethical, or negligent</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: right; font-size: 10pt; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT>&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Ares
                                         believes a director is entrenched or dealing inadequately with performance problems or
                                         is acting with insufficient independence between the board and management</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in"></TD><TD STYLE="text-align: right; font-size: 10pt; width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-&#8239;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Ares
                                         believes that, with respect to directors of non-US issuers, there is insufficient information
                                         about the nominees disclosed in the proxy statement</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Appointment
                                         of Auditors </B>As Ares believes that an Issuer remains in the best position to choose
                                         its independent auditors, Ares will generally support management&rsquo;s recommendation
                                         in this regard.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Changes
                                         in Capital Structure </B>Changes in the charter or bylaws of an Issuer may be required
                                         by state or federal regulation. In general, Ares will cast a Client&rsquo;s votes in
                                         accordance with the management on such proposals. However, Ares will consider carefully
                                         any proposal regarding a change in corporate structure that is not required by state
                                         or federal regulation.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Corporate
                                         Restructurings; Mergers and Acquisitions </B>As Ares believes that proxy votes dealing
                                         with corporate reorganizations are an extension of the investment decision, Ares will
                                         analyze such
proposals on a case-by-case basis and vote in accordance with its perception of each Client&rsquo;s interests.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">Ares Global Ethics
and Compliance Manual &mdash; September 6, 2016 &mdash; Page 1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 14pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 14pt"><FONT STYLE="font-size: 10pt"></FONT></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <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 1pt 0pt 14pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Proposals
                                         Affecting Shareholder Rights </B>Ares will generally cast a <FONT STYLE="font-size: 10pt">Client&rsquo;s
votes in favor of proposals that give shareholders a greater voice in the affairs of an Issuer and oppose any measure that seeks
to limit such rights. However, when analyzing such proposals, Ares will balance the financial impact of the proposal against any
impairment of shareholder rights as well as of the client&rsquo;s investment in the Issuer.</FONT></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Corporate
                                         Governance </B>As Ares recognizes the importance of good corporate governance, Ares will
                                         generally favor proposals that promote transparency and accountability within an Issuer.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Anti-Takeover
                                         Measures </B>Ares will evaluate, on a case-by-case basis, any proposals regarding anti-takeover
                                         measures to determine the measure&rsquo;s likely effect on shareholder value dilution.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Stock
                                         Splits </B>Ares will generally vote with management on stock split matters.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Limited
                                         Liability of Directors </B>Ares will generally vote with management on matters that could
                                         adversely affect the limited liability of directors.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Social
                                         and Corporate Responsibility </B>Ares will review proposals related to social, political,
                                         and environmental issues to determine whether they may adversely affect shareholder
                                         value. <FONT STYLE="font-size: 10pt">Ares
may abstain from voting on such proposals where they do not have a readily determinable financial impact on shareholder value.</FONT></FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Executive
                                         and Directors Compensation </B>Ares will evaluate, on a case-by-case basis, any proposals
                                         regarding stock option and compensation plans. We will generally vote against any proposed
                                         plans that may result in excessive transfer of shareholder value, that permit the repricing
                                         of underwater options, or that include an option exercise price that is below the market
                                         price on the day of the grant. We will generally vote for proposals requiring top executive
                                         and director compensation for &ldquo;golden parachutes&rdquo; to be submitted for shareholder
                                         approval.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Disclosure</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Ares will inform each
Client of the proxy voting Policies and Procedures described here. Ares will inform each client of any changes in Ares&rsquo;
proxy voting Policies and Procedures, and upon request Ares will promptly provide to a Client a copy of Ares&rsquo; proxy voting
Policies and Procedures as then in effect. A description of the proxy voting Policies and Procedures and the availability of a
copy to a Client upon request are set forth in Ares&rsquo; Form ADV Part 2A.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Conflicts
of Interest</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">If a potential conflict
of interest exists, Ares may choose to resolve the conflict by following the recommendation of a disinterested third party, by
seeking the direction of each affected Client (which direction will be sought from the independent directors of ARCC where it
is the affected Client) or, in extreme cases, by abstaining from voting. In any event, Ares will not delegate its voting authority
to any third party, although it may retain an outside service to provide voting recommendations and to assist in analyzing votes.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Some examples of potential conflicts
of interest include:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Ares
                                         provides investment advice to an officer or director of an issuer and Ares receives a
                                         proxy solicitation from that issuer, or a competitor of that issuer</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">an
                                         issuer or some other third party offers Ares or an Associate compensation in exchange
                                         for voting a proxy in a particular way</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">an
                                         Associate or a member of an Associate&rsquo;s household has a personal or business relationship
                                         with an issuer</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">an
                                         Associate has a beneficial interest contrary to the position held by Ares on behalf of
                                         its clients</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Ares
                                         holds various classes and types of equity and debt securities of the same issuer contemporaneously
                                         in different Client portfolios</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">any
                                         other circumstance where Ares&rsquo; duty to service its Clients&rsquo; interest could
                                         be compromised</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>Recordkeeping</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">An officer of Ares will
retain the following records pertaining to these proxy voting Policies and Procedures in accordance with Rule 204-2 under the
Advisers Act:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">proxy
                                         voting Policies and Procedures</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">all
                                         proxy statements received (or Ares may rely on proxy statements filed on the EDGAR system
                                         of the SEC)</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">records
                                         of votes cast</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">records
                                         of requests for proxy voting information by Clients and a copy of any written response
                                         by Ares to any Client request on how Ares voted proxies on behalf of the requesting Client</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font-size: 10pt; width: 0.25in">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">any
                                         specific documents prepared or received in connection with a decision on a proxy vote</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">If Ares
uses an outside service, it may rely on such service to maintain copies of proxy statements and records, so long as the service
will provide a copy of such documents promptly upon request.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 10pt">Ares
Global Ethics and Compliance Manual &mdash; September 6, 2016 &mdash; Page 2</FONT></P>



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

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

<!-- Field: Page; Sequence: 4; Options: Last -->
    <DIV STYLE="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>4
<FILENAME>tm217933d1_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="text-align: right; margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><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&nbsp;13(b)</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">Seth J. Brufsky, President and Chief Executive
Officer, and Scott C. Lem, Chief Financial Officer, of Ares Dynamic Credit Allocation Fund,&nbsp;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&nbsp;N-CSR filing for the Fund (the &ldquo;<U>Report</U>&rdquo;) fully complies with
the requirements of Section&nbsp;13(a)&nbsp;or 15(d)&nbsp;of the Securities Exchange Act of 1934; 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: 0.5in">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">&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: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%"><FONT STYLE="font-size: 10pt">/s/ Seth J. Brufsky</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Seth J. Brufsky</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Date:</FONT>&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: justify">March 5, 2021</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%"><FONT STYLE="font-size: 10pt">/s/ Scott C. Lem</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Scott C. Lem</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="text-align: justify">March 5, 2021</TD>
    <TD STYLE="text-align: justify">&nbsp;</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; 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">&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&nbsp;30a.2(b)&nbsp;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">&nbsp;</P>

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

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>j2179332_aa001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j2179332_aa001.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ AP)D P$1  (1 0,1 ?_$ :(    & @,!
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MVEO]3_O(_P"*^]]:Z[T-_3_>1_Q7WKK?76AOZ?[U_P 5]^Z]UWH;^G^MR/\
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MUOKR??NO4ZZM_C_OO]C[]UZG7=A_6W^^_K[]UJG7K?7G_B/Z>_=;IUZW^/\
MOK>_=>IUU;_'W[KU.N[?X^_=>I]O75A_4^_=>IUV%_U_]M^?Z>_=>I3KUO\
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M]^#5Q^(=,*2<-\0X]+S$3U:3WII#2I,$I*DLSR0^-G!8U41MY-#?4+]/=NK
M].>4QTT60%*AH*T2/''$^(U21SS5*JT(C-CZV9P&3]2-Z3S[]ULCNH*'[.DS
M78ZHH:OUQ305E).PJ:6>*2"IIJBGDT%)Z>0)(I68 'ZDCWK[.M$$'/'HP_5'
M:-=LO(?<2?=38VHIXZ;/XU)97EGI89$6GS%*NFW\6QBR'E 3+ [@@L![I(@<
M?,=*H)S$?Z/G_G^WH[7]\<9D<;39&BK:2:CK*<5E+6TLRRTM32RJIBGBG0Z3
MY5M>W]HG\W]IPAK3HS\12-0..D%DJK&U[Y#%9VDI:RGJ!+25^.R$%//1U<#
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MP_VWOW5:]>TG^O\ OOI[]3KU>O6-N3_K<?X?[S[]3K?7>D_U_'OW6J]=6/\
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M]^Z]3KKQ/_J3_M_?NO4Z[\3_ .I/^W][Z]3KKQ/_ *D_[?WKKU.O>)_KI/\
M7Z_ZWOW7J'KWB?\ U+>_=>ITK-A[&W%V/O?:/7^UJ-JW<F]]R83:F!I;MIGR
MN>R-/C*%)&56,<7W-2I=K61+L>![:GFCMH'N)32*-2Q/R J>G8(9+B98(Q61
MV"C[3CK8$_F&]RT'P-Z)ZQ^!/QGK9-L9W*[-IMQ]L[\PC_PO<M;09"67'54T
MF1H'6KIMS=A97%U,]=)Y%EI<7%#316IYD$<>\N63;_?R\P;F-48?3&ARH(R,
M'R0$ >K5)R.ASOMVNR64>R[>=+E:NPP<XX^K$$GT% ,'JG7%1P_'K8E!NB1(
MG[Z[*PT.0V5"]FK.F.N<O3)/1=@Z3>3']E]@T,PDV[)Z9\1A'_BL5JBNQE33
MC1J[A.8A_N!$U&])''%/FB'X_)F[#A6!"BTL(1)_Q-D%5_X6I_%\G8?#_"O<
M,E2"M&*1B;AB2;EBUR3>]R3S>_LSZ+*'KM(9F=1&DAEUKXPER_DU#1H"^K7J
M(M;GW[[>O '\^MEGYK[?W)N7^7MUK\=]T]DYW.?)7ICJ#KOY.]D[.STB5&X\
MQLFD&3VON*@S59<U556]<_WH:21YF,TU/AS/+Y9&\BQILCQQ\Q2[E#$J[9/,
M\",. ;# CY/I\O-J"G4A;O'))L4=C+(QW"&)9G4\2N0:_P"EK^86IKUK2>)_
M]2WN2^H]Z[\4G^I/T_J/]]?W[KU.K^OY7V?VQ\0NI]J=_P"^L71MG/EA\B-F
M_'K94^1GAHY</UKC:RIBWAOJGJ92@&!I-US^*O))028Z"_-O<?\ -,4N\W;[
M?;DZ+2V:9J9JY^%/M*Y'^F/0WY<>/:K5;Z8#7=3K$M?) >YOLU<?L'14/YO?
MQW;I'Y>;EW'A\<:39O=U(O9F%>"'Q446X*V9Z3?F.1U5(WK!N2)\C(JC]N+)
MQ#\^S;D[<?K]G2-S6: Z#ZT'PG_><?D>BSFJP^CW1I%%(IAK'I4_$/VY_,=5
M:>)[?I;_ &_^V]BKH-TZ''X]Y'8U+V;M#"=B]5[6[/VONK>&T<%EZ;<.;[$P
M.0Q.'K\U#09>?;E?L'>^SU@RD]%6DI)7QY&&.6&,B+3Y%D0[@DYM7>VE>*5$
M8B@0@D"HJ'5L5'E0\<]+;!H1<(D\2R1LZ@U+ @5H:%67/VU^SJXG^8CU#\'_
M (/[NZYVMM[X;8OL1M\[:RNXJBNW!WSWIAX\<,?E8\>E'!1XO=K/,SJ2WE>8
M6O;0;7]@WEN\WS?8999+PQ^&P%!%$:U%:U*_Y.A7OUKLVSRQQ1V@DUJ34R2"
ME#3R;I%?&OXY_ 3^8-B=S;(Z[VGO7XE_(' XB?,8G;]-V#E>T-F[CQ\7AADR
MU$-Z:LQEJ>@JIE^]H(Y\?501R))'-,@E*/[GN/,'+K+/<LEWMS-0G0$93Z=N
M!7R-"#P(&.F-OL-DWU&A@5[6^45 U%U(]>[)IYC!'D3GJG_MWJG=W2?9N^>I
M][TBTNZ=A;CR&W,L(#,:.J>BEM2Y3&O/%!/-B<S1/%5T<C1HTM+/&^D:K>QC
M9W45]:QW=N:Q2*"/S\C\QP(\B#T%KJVEL[A[6;^T1B#Z8\Q\B,CY'HRWP,P?
M4G8?R#ZRZ9[AZ;VSV'MKLK=XP57GZK<W:&V]VX(5V-D3'IA:C9N_=O[=-)#E
M*5'E6KQM5-(DTJB5/VS&6;^]Y;;=+>V<S1R1)6FE&4T.:ZE)X>C#RP>C#94M
M9[Z.TNXEDCD:E:N&%1Y:6 X^H/V]'O\ G1L_X&_#/O"#J*'X25G8U/4;)P&\
M!G7^3?;>TI$;-5^;HWQ_\.6'<BLM,,2&$OG!;R6TBUR0;!-O^]V'UAO1&0Y6
MG@QMP S7M]>CK>HMEVF\^E%F9!H#5\9UXDXIGT]>BE]G;U^#&^_C1OS(=0_&
MVJZ.[NQ>\NO,90+G.Y-W]DMD-M9EMPUV<JMKC.9/'Q2OCSMV."M:3% PQ5T6
MF2[V4XM8-^@W.-;RY$]B4<FD:I1AI K0'CJ)'=FAQT67,VS3;>[6MN8;P.H%
M9&>H-:TJ1PIG'F.@?^$WQ1R_S![VQ/5-/F#MG;U%A\EO/?NY0D<]3@]E8*HQ
M]+D:F@IYB(9LE6Y'+4E'!K_;BEJA*X9$92KWO=4V>P-VRZY"P5%]6-:5^0 )
M/R'239]L?=;T6U=* %F/HHI7\ZD ?;T,NX/D_P#%SK?/UNU^BOA9U%O78F(J
MY:"#>_?];O7?F_=\0TSM3G<<T=%N/ X/:G\5C021T=+3-'#>]E8E%21[7NMS
M&);^]F2<BNF(*B+\LJQ:GJ3GI7)N.VV[F.RM(GA!IJEU,S?/B *^@&.F_P"2
M6Z_BEVQ\=-D]E].=#XCHGN6F[3EVCV7M[ [NW%F<+68/^Z57E<9E\!BLIE6Q
M]'B,MD%;E:&*HIYJ9H6ED31))O;8=WM-Q>VO+@W%D8M2$JH(.JA!(%20/G0U
MK0<.M;A+MES8)<6D(AN_$TN Q(IIJ" 30 GY5%*5/5>GB?\ U)_V]Q_Q/L0]
M$-.O>*3_ %)_V_OW7J'KWB?_ %)_V_\ R+CWZG7J=>\3_P"I;_;^_=>IU[PO
M]-)^O]?]A];_ $]^ZW3KWBD_U)_WQ^OOW6J'\NB7O'MSN':;[ZV!D:BOCQTT
MV/R%!E84H=SX:LIA+-)B]YXA)9SBZV#RZ$F0F"IT7N"+>T\<BS)K3\_4'T/H
M>M75L\3%6X^1X@CR((P0?(C_  BG1<*NMGH*EX9M:2PRF,J]TT27OIL3<6/T
M_P /=:GHO)]>I^.W7D*6972JL+E2MPS+&I_=/C?]KR6'I%[GWO4>MAR#T)M'
MO7*MC:[*T&8HY:?'21B:@R%5!39K[*15M4PT4S(*FG)-C]J79"+-Q[MJ\QTX
M':E0>'2^VSWK6XTPC[FI'"CQE8O%?TDZCY>!86_P]V#].+/T,^.^3L44%ZF,
MR%2&3U*"& L&"^91J -KCW;4.GA=4Z2V[>[<3NFE4R!@VID*L5*^-@0ZR6<L
M5<<7''O184ZJTRM]O5>.].A-J9/=QWK@J;Q[2J*V&KWYMV.(UU3CZ&JJ%BK-
MRX>AGD05R4;2O-54T<PF:*^A>#[+9+&'Q3(%K&_QJ<@_.AQY]WJ.C&'=K@VO
MT_B%)(Z>&XJ& '%"1Q&!I_A/$TR+4=G_ ,IWK'>.T-O[[ZG["W'L_+Y'%T^7
MQ.ZMCYJ>6AK:.IABD@JX:5:N2GEB=9 Q&M>+JP^H%&LK*-_$A#1R4I5"1_+X
M3\J@]&4<M]-$%F=9DXT=0W\\./R8$=0]P=&_S!?C]>7#[TV!W_MJEC+&FW53
M5^WMV.L1)CB3(8K'^"ID50.9F87-OKS[NG[PC0")TG/_  SL/[44C_C Z:>.
MU!)D22(_\+/B+_O+E6'_ #D/V=(M?F]7[4:&F[LZ5[5ZTK%]%3EZ7#1[@VM&
MY($\D&8H)8:^.E+ D#PE@H^OM\7A4Z9XI$QQIJ7]JU/[0.D_@:AJAEC<^E=#
M?L<+GY*S?+H2=B_(WK?LZIGR6V]_;=K:C2\%%A1EJ2*NC"699ZBAJIOOXW;@
M'6OM1#<6\XK"ZM3&"#^WI--'<0-_C".C'@&!%?LKQ_*O2]K=XAXC(!]S$1XI
MD\JQBI)4M*8I6.EU4?2WU]O8'3!?HN?:-1C,ICI#0Y&:#Q5,-=3-K\&<V]E:
M;3)0Y'#U,9>%S15BETGC).FRRV-Q[HU".F9"".C4_$SY:G>]73=8]DUD,/8%
M#C)I,3G/\FH:'?..H'BUU,:JZHF<@1M592A=4C?N+PI]LG./Q?X>C"SNS)V2
M<1Y^O^S_ (>K$&RV,,<CO&%D6/3:149;ZHQ8 L;%6D7_ &'NM".C&HZ>*.BQ
M>0I(DJF<4Q72WVM@P<@L"Z#A@/Z^ZDD'''JP"GCPZ1.5Z\@R4U1%3&FFE,<U
M5IG,<-H%O9[.0_D']+?7Z>W!)09Z::$,<<>@ER&Q*ZEGIJG'/+3ST]1'54=9
M$S1R0F/3]%52?[-[K>_XY]N:QY])VA8&J\1Y]*G#;ARF+EK,C4S-3;;FJH!E
MJ<ED.R,]4U4>K-,@73!LC-ULVBKCAU1T59*9E)A+$-LHP//_  _[/3J.PJQ^
M#S_HGU_TI\_0]&5Z7V5V[W#NJNV5L;#C+Y[%X^HR59Y,G1T5/3T-%/'%45#9
M&OGIHVAUU,9B?4NH-SQ>Z*^N[.QA$]TVF(D#@3D_(#I=9P75W*88!5P*\0/Y
MG[>I&]\KN#K'<64V9O6B$66QT\M-D*>.:FJQ3U$<LNN"HFB81)/&%LP1F ^M
M_>X/"NHEG@-485!^76YFDMI##,.\'/09[RZU^/W?.'DH-];3PN;6HI_&L=71
MQ555#.T>C[FGJB4K<=-&5!26FF4CZGD>[D3)CBOSZ::.TN!WC/\ J_9U5OW'
M_+7RG5V77MOXG]F5.,R^VON\A5]>;WKJC-X;*XL"6;(8;'Y40Y3.%ZN!52GB
M83)K_M \^_#7J#1DJ1Y'((^=<C]OY=)I+2% S:5:HP1VLM/0#M8>H(J?X@>@
MRZH^6.W-Z4LE!O+;V:Z\S])6U&%R--N&B$&,AR]!,8JZAI\RD@I5J:>HB.F&
MH*5'C=3:S#VLBF$@JP*MPH?E]E1T6R,L3^&65A09%:9 /F :BM#4<:BO1G:.
M,5+?=QS+H;3+$VH$&-P61O3?AU/!!/M[KW2MPU<DM0M"9&B>5-*S1,;T\RR+
M)3UJLS6#TLJA@!];GWH].(V:=*N/,U&1AJQ42(,K03"BR=/%,KZZB3UP5L$@
M-GAK4M(AX'JM[KCIP,36OQ#CU%BR55Y&2=1("CED2SEA?U:B#;U#Z\VN;^]]
M>J>IFW>NNL.T]P5.'WWC42MR6(BHL?F4=*++PU]!*6Q]31U2M<U$"2-:,GQR
MQ@JWI+>VY2RIJ7B#U:**":33+Q(X^?14.TNK=Z_&?>U%FLO)/N+:,LX-+NBD
MIW\&0HFD,8CR\04+BLM"J$-&&\$EKQDB]O1R!Q4<?3I)/!)9R5;*>1]?\QZ6
MKYVGFFHZJAD%1C\Q##54TJE6O3UL1DIP-#$6C#$7_J/;W'K1;..!Z&VAHZC=
M77FY:2F@8;NV2<;/M>252LN7Q\LD^;R5) .&G%--$%-KZ6=1^?;3$JX_A/'I
M4H\2%A_HBTI\QQ/0,Y4":NFJ0=#5(2KEAN"U/+4#RR02AN5FA=K,/J#[>'#I
M*PJW3:(O]J/XXX^GX][ZJ1U[QC^IX_UN!^/]CS[]UZG7>C^CD_[ ?Z_OW7J=
M=>/Z>H_7CZ?G^G^^M[]UZG7O'_M37Y_I_L??NO4Z[\?YU'G_ %O][M_A[]UZ
MG7O&.>3_ ,D@'_>!^/?NO4Z]X^>&//\ K?TMS[]UZG7M'T]3?\C_ -Y/'OW7
MJ==>(7_4?]?B_P#L?]O[]UZG7O&/]4?]X^G^QY/OW7J==Z/]K;Z_T%OK]?\
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MB2")88\(H 'GP]3YGU/F<GH.S2//*TTAJ[$D_G\O(>@_+I->/C]1XYM_L?\
M6_)]N]-TZL^_EE?&W";^[&S7R/[;DI\3\>_C#$>P-YY?*1L:#-;EP=)+F]O[
M>@1HS%D%H)J1,A70CR%HXX*9D)K([A;FC<I+>V7;;/.XW1T*!Q ."WRXT!]:
MG\)Z$?+NWI/<'<+K%A;=S$\"1D#Y^I_(>?27QOR*SGR ^<78W;&6FKXL1W#M
MWO/90PM9*@;']9;CZ?WML_!;>K%AD:EO@]NFEDE,9"/64[3?J8GV\=MCV[8H
MK-*%H6B:H\W616)'VM7\C3IH7[WV\27+5T2K(M/1"C*!^0I^8KU73X_SJ/\
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MB>%J'BD$TKF@H":>E2,_,=!?PI-'BZ3X=:5IBIJ0*^N#^SJR;^4;W[L/X_\
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MQ: 0&%K-ZSI(-O=^J D9ZYTFZ<W2U$C_ 'M0()M<;:V8 A;ARH>Z$JH) O\
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MJ]@[#J8<UWYO6!E.3[&[7%0)Z[$9.HI66DEI<'5TL$M5&K2B*I@IJ,%!CB)
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MPE$DXL#'1[HJZ*FV]6H2UQ:=6M_9N"/:M;F(G2^I&'\0('Y-\)_(GICPY/P
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MY)=FR'Z_Y7F(J\#BU@*ZEJ !_@./;!Y<V,\;6+\A3_!TZ-]W<?\ $B3]M?\
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M[X\_3_>_?NO=$BQGP;[4HM,_77==>*B$DQ8_?6,HLW3&'4/I58^+'9'R:U4
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MC,MIJYC3T;'#M45D,GF=@P"2,0?Q?CWY9$=M"DAOL/26?:[BWC,U5,0\P?\
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MFV]N#$X;<&)J+PS8S,T,==2OY&4MK691R0+'FP_I[VRL>O!HF&DT(Z++N_\
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M#A\QCM8NS(C5,:G]*DVLM7=E&)(K@_,03_S!CJ/RKT62;;)DPR0X%:--%7[
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M)E^H:7)24K)H;OSH@1K4(Z24K>2/LC0DDE4JK=B#<^V_WC &%%GT_P#-"?\
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M?Z,_]*>^-?\ ]MGW[]YVW\-Q_P X)_\ K7U[Z"?^*'_G-%_T'U[_ &7G?O\
MSO\ HO\ ]*>^-?\ ]MGW[]YVW\-Q_P X)_\ K7U[Z&?^*'_G-%_T'U[_ &7K
M?O\ SO\ HS_TI[XU_P#VV??OWG;?PW'_ #@G_P"M?7OH)_XH?^<T7_0?77^R
M\[]_YW_1?_I3WQK_ /ML^_?O.V_AN/\ G!/_ -:^O?0S_P 4/_.:'_H/KO\
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MS[]^\[;^&X_YP3_]:^O?03_Q0_\ .:'_ *#Z[_V7G?O_ #O^C/\ TI[XU_\
MVV??OWG;?PW'_."?_K7U[Z"?^*'_ )S1?]!]>_V7G?O_ #O^B_\ TI[XU_\
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MGOC7_P#;9]^_>=M_#<?\X)_^M?7OH9_XH?\ G-#_ -!]>_V7G?O_ #O^C/\
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D&OZ?^C9]^_>=M_#<?\X)_P#K7U[Z"?\ BAK_ ,UH?^@^O__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>j2179332_aa002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j2179332_aa002.jpg
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M  (1 0,1 ?_$ ,   0 # 0$! 0             !! 4# @8) 0$!
M             1   @$$ @$$ P$! 0       0(# " 1$A P0% A,3(B$P04
ML#,1  $! PH%!0$  04       $ (!$A,#%!46%Q@9$"$A! L='A4*'!(C+P
M\4)28G*"$@$                   "P$P$  0($! 8# 0$! 0     !$0 A
M,4%18?!Q@9$0(#"AL<% T>%0\;"@_]H # ,!  (1 Q$   ']_
M         #R52J<#D>23L630.@                      .!GE,@@D@D@
M]&H7P                    "N9A5!T+!U)/!P*X )-4O@
M      YF64R2Z7BP  "J9!X!!)OG4                  @SS-!H&@>P
M#D81Y!!>-<             'D@'HD '(R"N734/8     *!D@'H^A/0
M    !P*YP.1R.9  /1T.IT*1Z-@L@      \GSQY!)M%H        @JE,J'D
M@ $@@D@D$  ZELNE@      Q2H2#4-        \&>43P020 "2"2"2 "2"2
M20=C0+IZ    !F&: :)J      '@SB@0" "2"2"0" 20"0 " "3V:!H$@
MH&2"2\:P    !!1,P\@$ D$ D@'LZ'LY',['LYG@\@@D@D '0U2V   4#))(
M+YK     Y&05@202  #N6BP6#V"F8Y<-<D YE<K%8X  $@NFJ>@ "@9()+YJ
M@   %0R#R""2 "3H7RX=0 "B9)H&H    <2D43F"2"3J;!W !G&62#2-(
M&<9@(!(!!W-(MD@  HF2:1I      @I&:<B0"38+8!DE$@DU2^   99G  D
M]FF7@   43)-(T@      ""@9AY!(-8O PRL2#:+0  ,HSP2  734/8   *9
MCFD:0        .1DE4$@UBZ?/'D@D^@.@ !FF82 022:I>    *AC&B:8
M      !G&8""33,L$GL^A  *1CD@@D'LV2P    5S$+IK           %4QB
M 0 26S9 !P,,@ @'4VCL    <C"+)L$@           KF(>22"2#5-  &"<
M"0>C<.P   !X,,]FV2            "N8AY) -X[  ^;() )-LL    $&*<C
M=/8             ,\R@2=#Z   ^;(!)!KEX    &24C<.X
M!DE D@ZF^2 #YH %XUP    43)-DM@             $'SQX!(-0T  ?-D$G
MLWST    5S#-$TP              4C( (!T-\] 'S1(-@N    '@PCL;)(
M             ,0K$$G4XDFJ7P#YHDL&X    #&*YO'L              '$
MP002;ICG$[F\ ?-D&V6@   "@91MED               RC/!)9-LI&.#=+
M/FBP;H   !Q,(T#3               /!\^>0#9+A!\^<S1-0'S9K%X   $&
M&2;9(              !FF:"#J;Y(,TS#L;X/G#Z$]    S3.-T[
M       'D^?/!)!J&B <CY\'T)T,8V0   <#"-0T                9QF$
M ]GT!Z !A' URZ4"^   089)MD@              'D^?/(!HFF  9AFFB:A
MQ.P  !G&:;IV               !F&: >CZ ]@ %0Q2X;)!(  .9@&B:0
M            .9@'D$FB:8  /!\Z=C?   !C'$WB0               9)1(
M)/1] >@  #YX@^A)  !5,0VBV               #@81 !JF@   #"*Y]&>@
M "#!.IM                &&5@#L;Q(   ,8IFXEE0 *!E&\=@
M      43)! -DN    &.4C;2TH \F 7#5               !X, \$D%HVP
M   9!2/H#H #-,XWSH               #(*1 )-X[     QRJ;Y[ /!@%\T
MP               5#&!!)HFF     8QQ-XD S"@;Y[               /!
M@G@@'4WCT     81[-H \GSY?-,               &0420#;+(     /GBX
M:H!G&:?0'L               IF,2 7C6     !Y/G#7+QR.A\^7#5
M         .1A'@D'0WCT     "J8IOG4HDF0;QV              !!B%8D
MVRR      9I1/H 8YR/9M               &89H -(TP      89W-4'SA!
ML%P              %0Q@0"R;9(     !S/GC<+(/FCH?0$@
M '(PCP2#T;IU      !GE WP#YLL&X              >3#.( -DM@
M@P2^: !\T#>.X            !!C%0$D&B:@      !4,@^@/0!\T"X;(
M         !EF<2026C9)       ,(N&B #YHD&V60           "@91 !U-
MT]@      %(S#?) !\V =C=)           *9C@$'HW3L       >#!-4N
M&"< #2-,          %8Q2""0;1:       !D'DV0  <##( -LL@
M KF*>"2"36+P       *1F&Z>P  "B9 )/9N'4        ' Q#R" :AH@
M    KF(;98    ,LSB0=3</8       *YBG@$@T#4       !R,,U"Z
M9!1)(.YMGL      %<Q3P2""^:P       .1B&@:      !DE D'4VCJ
M "J8QY!)!?-8       ' Q31-        S#-)(.AKEH    %$R2  7S5)
M    *1E&J70       "D9)!!)HFD2  "#,,\$ &@:H      !Y,LJ&R6
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M?X8 3A1(:KRA>)"TS=^%I]!?30SNKFND=4B_ 7)] ]"L$S &=TE@)#;7/=P
MSO\ 0=HG/1E])Z26 ^6R:D36MU4U_H+RB:V+!/)C_K\EO9B4X(#T':)AU9=G
M)_\ GNA>R34B:UNP'H-I_GL[CAWE, M-[.W$_" K0%7H#RGEAV:=*:D+'L$U
M(FM;L!Z#M$P]RS:9^TKJO*U&QV?^&!IQ*<*4!5Z X3GV#.XS":_Q*DU<'UGA
MI-G FM;JIK_0'IY8=G<G"5-L. %G!U13O]W3@!G?Z!8)N[-IGE@,5I%O%U:-
MD!@KH^@;!CV9WG#O+FR']BCJJ@R^D]*.?</T?:UFP3RY-7 6QS8 MY]Z>6'!
M.EQIKB@,[F1ESSRK* R\_H^UG($Y7(ZJYKFGY\ZX?D>]K.XX=^0=3JAW0 I3
MJFG4:NM'.;1CV9C^1_.Y&R8+=@)"T3\UMTSTV>679V)PY!U)Z(!.D'T4\RX?
MKHRX)V?(/*)/\$^DM.R8V'#MR]M">:6?^1G[<CM$PZIYF'N6W4T)Q8M$_?E;
M: GEG<9^GGD=HG/LG!.$AN$_7RP\)XY.V@)Y9W:L!\\C;0%62K:9+=IQ'RP_
M,)XY&V@)Y9W:L!\\B\IY3S^NDIN$U-GABRD)XE[: GEG=JFHM\<B\Y5IY6[5
M/0*O,L_3-T\,/&(3Q*N_U?TZ>6=VJ;KXY&V@)Y6[5/0*O/(/TY=F'A5&KM)N
MTS]/+3]4U5?CD7")Z*LE/,_3DGB!ZIQ8=KS[R+M&?9K=JFH'(1@G:8"NGPG!
M5FOE(YJRMB&2J-3+RG"&GK>UNU8#OR$(GVS3RGF ZIPY=^C)1#%8M[JVH\*S
M4HY4,S)^J?IYEZS8JA4$X!/,3[<A_]H " $! P$_(?\ ) E U6*SP]EN[%*P
M3>5]4YH=GQ%+XOS7[J] 8!R4K!D\&<T^2[_JS0\D[9G,Q_S\3D\Q_E6"UKCW
M-BK@BU6?GT44I-19H\OER?H_YEM6>8>N15N':Q=<7C[#A;OA2,> T4,P'(7[
M/!G,/,3XI?%IK8ZQ<\V/["[09<G^2/+C0S>15HZ3%S<O!" K0O2;KD+]V!6L
MFO$>>X]-GR9U#GE&";>05 LC([T'>33-_C88T9F/:?:D92NK2,(MBL-73]_I
M0\%R'I=L#FM2G3&/??EY)!MC;D_9^;N'>O\ N%?]PJ1P?*5+Y#%R*6CHN$M<
M15VY+-^J*A#YYN?JVUCWOX\D ,4/:D &"2=?QOB1^DT+W2!]M.6/.7[*7T\@
M?4TKCW52N*O._E@P#DM!8=5/S0.3F'U%6LW)O\2TC(JYM6$&ZB/MJZ=5],O7
M %8(CR:D#%)V\G6;LP]OPE E8-6L)9]7OA3<(>[WM78\5CH8?@X&(RF3LVHV
M!NL>V#6 %:7/>SZT3=)X=/(K>D^X_ %27RZ&+634&I;FPZ!;\?1G5<[4FPEJ
M7_8H E":E_3&+D^(\BL;+Y_?K&0AO]:TS8QW.AA2*175_+:EO@\S.B;'@+F)
M0B2,CF>CC>-WDXO9ZF%8(OL44EEO]&7JF"?DGP4+]T'THT)P:U"CDY&7GL>
M:VM6T\IQIT/!O2./1)H^^1'UZ3/>S.E6-Y;@\WH>V^NX#R^1F\BK=T6?V]/#
M6&O TF5T3[L?%#Q'G?1!6 +D'B4[WLYMZ555E;JU:V\IG^E   ("P>3%5T*5
MAU7]5E]ZOA-8PQJ6>V'H8R:^3]E"B".9Z7F+V_/I=A#*APDKQ;0]'$9WR=:/
M5V_=K",WQ>[?S:SSO'&IF5OFM6PVQU-]GI84SHMW&-<.^Y5J;X='#S-2N:P:
M&M88YC]GE5CNNT?OR#'R>BCE;Y.6VZL?0]Y"W=G5SZRC"Q;SPI=[5CC_ &L
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MV@ , P$  A$#$0  $                    !! !!
M      !!!!)                       !)()!)(
M   !   !(!(                  !))(    ! )              )(   !
M      !))(          ( !))  )(      !)((        !!!)(!! )))
M     ) (       ! ())!!!)!!()!     ))(      ( !)!! !()  !) (
M   !(      (  ) )!)!( ( (( !(   )!     !)((     !)  !())(
M )(       ()(((  (      !((!  !      () !((  !(       !
M((   !)(      ((        )(! ) (  !)   (    )         )) ! ((
M  ! ! (    )            !!)!  !(! !     )            (!)!  )
M !((    !!            )(((  )) )    !              !)    !
M     ((              )(   !()     )(              !!(  ))
M                   ((   !!     )(              ! !(( (     !
M((               ! (  (     !(               (!!!  !(    )
M              !( !( (     !               !!) )( !     !
M             ((!(      !(               !()  )     !!
M          )     (   ()                  (  !     ((
M      !))(  ) (                    ))!   )(
M     (         !(                ))     (  !)
M  )(     (0  )                 !)    !(0                   )
M!(    !!  !(                !)     !! !                 (!
M     ) !!               !())     !                    (
M  !  (                ! !      !( (               !) )
M(((!               )( (      ! )                !)(       (
M (              ! )!      !) ((               ( (
M             !          (  )(             ))!(       !  )
M           )! (          (!             !))
M        ( )        ((  !)(            (!        )   (
M     ((((            !)            !(        )(    ) (
M  ))          )     !((        ! )         (      ! (      !
M)!         )        (((    !))((       (         )!(   !(!)(
M        (         ! ))  !()(                    (!()!  !
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M6E2=8A[10IA\0"<I!7L5>(;3YJS!SAKYXQJ--?G&MW+H;U?B.]<=O[7'&?A
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M2JJJJRKK+BOAGQC8Z5EC/&.=_#^6\,>_\RI,D%KP3E!ERFHP-PV<KAZS0
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MU<0-ENTM,:SUX]_';GQ[U\U_R@LI2JV A)D7J'$&)"[\#[Y^EIHIO1M0S?7
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MJLG.:_OAQQTKVJU40BXYYR7S!&<\'Z\BXE &9VP UJ9(@N_DS?Y&_I(D((L
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ML.WCQ\U#*+;4MCK)]%$@!18 +JKD%(9)/HI8CJO;*B(B1W5R;'D]IH    6
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MP)9J#FK=8"E55NLKC=95EM*M"/(W9@@[P'3Q8SY_NVD4Y%Q@-Y+\\QH  0
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M^4[G29CK^9.LVQK8;ET9ZMM9Y]=R^/A\5^ZG01">&<!Q+7=N=      ! !8
M+ 'X"%,JCE-#NG>H0[AE-9WA!R?+]?%1COU.U88=YOE[U-E@&XJ'9/O/Y0)>
ML5D8#DO8K7G?GC5_C;''>U<6^LZCC.V^="&QC#:6ZXDQ8,V@##@#W5S6;^!%
M1C9C'!6RK&TZ5M  8<.!%C#*8*,D& P (#S<<:/@PWJL,7EU;E(F  P42)S/
MR&;3;806Q,XZ&=*HE5*,JJRJN;X=(KVYO/H4G)<"( ,4W@,6*B:5$&&.%V&
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M3D&N!EKZ\U#02P\M^2I5#?( !]HRPVHRLXKL$I@"K02AA+:\IB'-['X'_]H
?" $" P$_$/\ V@/_V@ ( 0,# 3\0_P#";D_^>7__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>7
<FILENAME>j2179332_ba003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j2179332_ba003.jpg
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M]#7-G5=2ERU! TBT%@M/6U,L9DG/QG3L @<@PGTY_/&=N&Z  KNLRN.+)W"
M)FT6ZM]I6Y/Z   :IEX/S(=5\<ZOEX8'F_/Z^H_DSM"#9!I-*S\'HR*2?U=?
ML/:-@-H(Y/</&>J9\S!D0 5-7)44 2./ 6'UG8W:L$G    %&-_<V<%V'60
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M.74DX1^2@  5[V15=(M\\Y@"4]1NOINY5[&_H       !AO?'^=?IWDG4\W
M DC5;B[Z@.DYGT4B  XLG->45= <U87(QP!:A4=U6Y4U>P        %<%HU!
M5C<%(@#)>/MW17MF]80V=;C@["'MUH>"["K+B:=UU^?H ;;A9WTM<M]?[WK]
MF        !Z?[\Z*.AN9.=91$0  -/R<36O?'  _OQ>10?2/?-=V>
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M2,!R>8L02OX(7&KBU*L8%#GU8U?LJS<>O$N,8J'@_P"G6T8D[. '%+XXN_\
M*-9$D#W$5MG1+-4BYIB2;I#3RM5I9Z#QE&*/1;588EMLH6&^65>&\$_N!58N
M#RD%6+@\H/EFX=HE5RQ01Y2O3&G_ ,NNNN2V<LW3KP[+P]6_!_TM/2[9=G!C
M"F>,I5?#37_Q6NZB0XT%C8B)%;DZ9&CX\W?S)!RR>Z+6AO'$%MA0[-X"E83C
MD2R8MERV4(9D/2^QY;%>^K3Y*(QI\V\O3CKCV8\AZ)(H%RBW0#OYWY#; A]E
M) JLUL[(C!CE(!T/*KYCK5;45J!6G7H%=(>WDSF$52V2)&:6G;/\W53*Y'9\
M[TQ4EC9$F2Q\FN\^'8"8'.5#EI5R]QTE!K_0M+&XMO/%QL:,YRK.P$%GV(O6
M0$*K NSD,,RF.2*')I)G>2Q_WNX1XSS5!_:V&OC+.*N]&+4@CN)8_P"-F,95
MGASAIR YVY80-.0+UPP8 *VD,><?K7JR=M4[C;A033\]U:^+ZI;,G^";6-R2
M"& Z^DO'G'0A;B@7%-^L.:M_FZ#'R)#"0,/O9?QK#Z7KR/LOG']AJA?^'N?_
MV@ ( 0(  04"VXQG.6ASZ](%LXUB%%3J'%BYD*%CE:=KPQS4BK+QJ5 EP\[A
M@&)-@_B\#12(W!F]E&@N/Z9CM,8ZPOE=<XPK$^N,/ZD1GHKFP),B-#/N$#1U
MQMTEV,$3_P ^7EMA?*VS(4><T1'/CG>V%#_+HZW]6V%\K=*BLS&9T)V!(Z"(
M,-X=]M'Z,M-LD/'&0_=/=7F^BW6VL*)1L:CF6&GF;"-=TVZVZG:7'X(1<X\N
M@TU#B0OR(?HI);F3/&_74./B+'ZY\L8F$<?5E659ZQY4B*L4>;EYVV*%[>7K
M#;F<>D[K.,ISXPIGUIFPM/RXK>!*YEHV'(WN1VA7P-%_G>,";\FNI&3[:-X#
M#RXSS#R9#/7.,9Q(:]!^,6<C,_?7=2I&93WC"4_3!ZG7/-WP:T]Z@_8<1]!1
MJ$^ZC[;)TZTIE?C#OA=3/S?!JF?^=EBQ_P"S@?$T1^5XPK/G!ZFT>4KP:LWY
M1=A]7F51)?0GWDG2UJ<5XP-SSC],8SG1J$M<3P1L7V<+80=]:=V(9[TY26EJ
MTF.G&L8QC2DX6DE!7 D;Z^-S(>V3Y'M8?9-N*:<COHDL=9D-F:S.'R("]HH*
M].RVVAEO99Y?DGLZ[.^E6Q:$.)E5R.YIROD4:^RD_-FM3G-0Z]"C9VR'VXS,
MJ0N7([-*E(4+(IGL;T;SQ7W;G:QI+L1Z 09GM;D;C9O#F.W9>=CN#SK,C<C]
M>LF5'B-E#KTWNX9>9#U&L,-W33[#^.B?USG&-2"XZ-J79W%:>?>D+[U'[HWG
M]*?7TKU-$/W=S__:  @! P !!0+;Y^6G)K*-*(.YUF5(SHE*DHA),%$::LY9
MO4:X(SJ(2A3L;BUCFP"'Y>2T'FND('9/RT-:<><=SU*? ZXSE.1MHDQ]1I4>
M8UL/P9KQ;[82U7FG6178S"N/JQGSVE/@;8,^2/>&%(Y-GMBD_P ^C#OT9V%/
M@;H<Q^"^/GLD8W0V0FL%/NI+0)YU\;XY*7[9GK'=Z(;6YI,!_.I@A^1&?K!5
MG#K3K*MH0GD;+QG&<:*@9LV?^+DM"(CL&#XWZ:F2,R7^N//.8D%7T8QA..LF
M)&F(,5QR%C;5Y_N86LN(QGU6M8SC/CE'O2B;!<'"$[[&&Q"7LK\OVA313YVA
M7PO&-N>;O4?']S)\"3';E,2&%QG^N,YQF,][B-(%MR'OLC6HS&(S/C%%?5-Z
MA&_)OP;6QZ9+97G/4#N2VFU>^8TVXEU/C$/F=1'P_!N6,?7LJ^?,3,^3J%\?
MQB>/*;U#+\XW@V]WSF;*VGZ0ZF&EY]LQI*4HQXQI'D_TRK"<!B3.)G@E9?OB
M&P8SZ _L3#7UQG)3+>G)[F=*6I>4J4A0L@@C%WV8KB,QL'1O>3NR=;2\U)CK
MBR.L*:_ ?'DXQ%O:8/LCTNNN/N;*C"\U=G9Q_P!:=C;BVEQ+3):TU91B]??Q
M/E(M8YK4ZS3Y>-L:.Y+?AQ6X4;LU)2M)<8L;(WN;ZX']DUVLJ*S-8)#'QKNY
MS< K^6L]N^PS):)UV1%W+_;UBPY,UP176('=S@L&=J56)S.GHTB/GHK]N,9S
MJ,$)RM0JBVG3$=B,WWJ_V2_+ZE>WTCTM#/V]S__:  @! @(&/P*2X4L]7A&5
MO&2=C< 9*50T$9@T\&'J=U-,E2,Q/:]GV6(_(JL5-]0@@8\&NB6BTQ51 M3Z
M"'3*(]EN.-K3^EE6>$\H %.4:+SWE>&&SH8D)D.5.&,2Q_#BXO5[O29N5'24
MKDPT18L-*QO3%0!XBWGP??36RUPE!2'"<%^"\N;:>+ *ZF=)3*Y4<9CA&9MR
M)/#-"L??DO<6J-3ZH[:NAXXI*99@1P]!V90Q@1=!QC'TPXD6&A2R^<C[Q;R8
M>IE0X0"4.%&:\-Y?DIIRY)&^.A\0@-,\L(BDK<,U;.*E(/WA4]M^$H*1DGE.
M'GIG35I9QIZ$6>+O[Z7T#*3C;_DU=[*CPG[A IS7=PI80O6PYY#S0Q19>''4
MSU3F1S+.HI5Z:V$"TN1:-BJC*^81Y<7\V&O7T/ +FX5:F<:;N">%,]6V3\M"
M\L4Y3</E;0?J$B8^T*Q)6[C1XAHIV/Z$:?S'H5F'5=UQ<9=J^V05#C,PN*8\
M/C263'1PJ#Y#C0RX/LJ(U%A!"00*WMP)8QE!Q-W1E?UR$0L #]?V7+EGU%D:
M#/7)BC&0=8#<Q#MTM@UMN+XKO#S2/PBY1Q@>G^J2K^%/4R=/6>@Z.J[HT]9D
M!> IN42+[2W:AWR8F3=_*&W4*(2W&6WEEZKNJ'A2KKZ9FY[IX9V&Y0X!X@)\
MYG,F+$P%9[KRY9H6-O1XIVF8H5.DL89\L\)R=V&X?-Q1\!!FRJ[I,2/A2G;@
MVWFF*CB27LF.CA4)')C:#B9T4># K ?3%*$6*]-EVG-6PA0@Z&)*+$FD^(]G
MIFO0V*)09TY\(D[D0 H.-MZS**#BI%;>$)7F-;F=RMJ:V^(4(3KZJVWXGQ8F
M6C56^4J/%X$AE6B)Q*/H-%Z!29E!GGST\0[<QN_RT _3(/O&H8+V$:"7+'HY
MMY$T04C%W74V.QGP>LK'D&3&<.:^!%@G=B!A#M+D1_Y35<N9:%!*?2C&W)@>
M"S;3GJOO=2=Z%B/9A#.C/AJUC6*F?!6E0R&0\T-XX@*L29^KM;=L2-T8U4ZJ
M.MN9'45+RW\*=#3?N6ASMK3?/_\ 3VMXOW+1N=C?[7]V^O_:  @! P(&/P*2
M\T--XBWA #<31%HB+"G8"<;31XOO/ZV\2TK'WDCL<SK7"(RIGV&MOIH@4<6'
M49Y<2RPDPC#2ZD*?.D'VAC;@@:E?K9-JC!(B$FBB8Z;SW1.MO&9$3-VB1O)F
M4PA6[XL''ZPKTSY6YUF4%0_2G%)BQ(4&*J&=V<)41P)R-_CQ_<54R(<9*DQ'
MJF(<:;RY4#APFIGB3$S=HE<ZSG.,!SMOPIHHXDX1W9;W-F@T>L>ROHW3PR8F
M;M$L6BSERQM&(Y&%HA:1B.+IB0H,5:88W9@?NAO/B>\61$C**HCU3G/>&ZCS
M545R-Q71X ]IW!E04*3O'.STI3$'W36YN7&24KQ$.E!2O\9<RJ]%;/%'0NTP
M=SEJ=2<20,34P]9J9-GC.Y@)HRF[O+&)ZN#-(FI8*M/%BK9PHD<NTH"T^E!P
M,;19'KLN'&FL9=>.5\M$/Q8,WX<&JC5T.)#VXDZV>*+N0.)4U>R3\S%\PT9+
MA\Y9A],HSCV34=E&*2A_EK\!TT;7="]'Y1T)SGKNZ(6(/U_9("3P"<W%5GB^
M6L.9=GB<:%.D/%+0X_MH!UAC&*B":FXU,((+P+NK([JD+BX27:OMN7-%$1 .
MD3=@DP3A (U*(;<4][86WTT7>)GD?B-RLYPN7_3)3D6KK96CJZ!=UZ.H2"G"
M%7*%"]F&_6>Z3"R[WYBV\I(>W"&W4S"[I7@*>KI>J8-\L_S.L7*):!P$S9A,
M),&%A$,:\.V\N8*4'8TY><C?#F#/67E@M$R@7L(H\T3*&(U'!</DH)^HB"?(
MGOZI,*S8%*GS4G9>:H*^!0(.EE6>)Q)+O3/($> <XP$8BV]!/Q,*<([LLHP8
M+EVS%@3_ !5,8T4OB*,YDKMZZ!X4]M6N]!_Z$(3B96; >S5BDB)#)2L80V[:
MDB(,=!J.QO&5HSC]+V?SMBJF^$%K5F<-M3%$+X4+)3[U3I2;/!\Q19%FA<*1
M]ITF]"A<Z2SA_C*X3V9Q=_FK0/JECW16<.K'>QL\</0=F4-N1)X1X58^_)=1
M;K</'ZJ<6567$,&>^#!CI"H98Q;(^)9_YA7HU7+E69)4KJSG PCVAT2U[$YL
MN74Z^]Y:=V-[2>W 6?9W14:CJ-;.CH4@Y0Z0X4MX(2@G&KPC;V-OV]>\?93,
M-=/4W*LZ0B'DOXT::&.]^UNROWMC3_MVCG]C>']JT\SM;_4_LWU__]H " $!
M 08_ O)<0KVC&Q,N>]R,8U/2YSL(B<*R.XEB5.7ZLF HOQG)AJI\;$?PJ1(T
M2&WS*Y'R2I_5.5@OX''?M3M_0M#'_P  ,?HXLY +ZYCG8(2L+'LY@'L7Q 6]
MQPC,5F6^CAO3WAN!VG./$64B7VKGO>*<;5]OA.M90K9B?D[*LBXQZ%)7M@'=
MG\//#!;DVZ:/V(^93R&R&<_/X&7T7L:GGP9ZX\W&JANHDTNG4^&KECSQ(GK*
M2#(04I&-7EJTZ/0OEW&W:VOV\>%7^[^B6=%LB2G>+JH,XG5>"VC"7!9*HF&)
MW<?9X_=6T_XC<?\ OO$O?=M#B+)@P-P6!H5=UHP#,I?&/:(:R332">8<;"N5
M7<U[/-PZ-N"-2U84VW(W0ZRK-Q^^J^%7Q)$*.4=P0]33%K))%G(X"*Q[#H(V
MEV1.3AD@EHH>I9^YFQ#P+*/:K;N@'M15GN8T-ELDZ371G&"+HZS,QH1VIN?>
MWO!)3"U]I81@1X\TA7"IW.#/=-:*(4E/'A342/(+*:(<8ZZ"*UW+BNLD&H4L
M($2<@E=K422XXSH-7X;J5G4QG"<2+1\8D^2C2,KZL)&C/92V -*Z WO1R#&*
M-'(8Q,+T@">_"Z<<1NG!IPH_:$'>)W[AW*FWQ$B3GG'X&G)[HLDMI\-\=$D(
MO0:+Q$?G[9, W.D1@TD_1Y&Q;J9[E'#^D-E65S%MIGAY_N]E>MEK.O3)I1B\
M>\:^!M>W*ZQ6&A*3>K)]#$ ..X\B9;7;Z*(:*@7,Z?2!$EDUD'E$8KW#@O/4
M@$XLZPA32,MT+!<ZMW)5[:.7;\QU>'Z0#61:-)ZD54:U47#^7 ;4<<D>+,<4
MD#JK[237=5[85@H]+5 RQCHAV,7OM&]NK#LM3Z@Z/'Q.GIE%$QWL0+_G!$SW
MD7Y"<_3CC7.DN>U%RR.SN1A?@!3NY^-<N^/R+7]$+_2@>0,P"$"83D>(HGN&
M4;VKEKQO8J.8YJ]BIP&!NQI+ZL3#/'ICWU&;GUG$<K1V*-3S$TD7\YYN!6E'
M/!80B\M8E[XB815#("[26,=J+S8]$=Y.XIU;MC<-A"/[HZ,R#2V4N*7IT58(
MG2D C$$3IE&K5PO)R*G'\C-V?_7;C_4^)6UYT:336-I7;IK.G9Q)$8L9UHZ?
M' 8T8S!GZ>#H[LYM[.%U+MC;KHU"M=&'M^'*45I9"M*.V@3;]=-<DJ'!/1Z4
M#H<]6RBX(W*M?5;LM3UL:?%W)%M9-; )*F0F5]=LG>&UXH 2Y$:$21/+.W6Z
M20K@B1!-:+"]-"/NO<MA3%-N(&^J^;[S\<P%?&W3O7<NZZVPACC#*Z7*K@[D
M($\=R@;(<UKD,Q&8=0ULL\U7TD:N8TE=9VE4TQX$88,G2NEQ%EQ'JS*A-K$[
MY35X?(;:VM;/'36U1$=$D"2(UEL-C3N-'-&D(KB*%B.<S23IIISA5X@BE1=N
M[U"':-;MAC-XOE-6B/#+,)*MZ5T*ODHY\])0T>UB0I7ZF']:Y-Z<>G]X4]RM
M5 VJV%,W!!-*D6]G2%0EI+NEZCQ!+8K%"^.<+'$BR%<7232UO%M>?_''SKV5
M ]Z[9+XDM#-JJ^LEP!PS7!*YTMUB0LAI'R_ :7""P"@PG4X=1S#UD>%9[DEV
MMK65@C>[X-'*0BFVQ1J1H'#BSE1!RB=,74')DZ&#UMTRQV-@DY2^"8U6D.3K
MFB1D!+N3^(QT)]V7VIQ,R,;DY.=E5\O*\D3FJKV(G"U>WWZHS7*.;9L5=9>U
MKAP%\PV_G/E_)Y=Y4(UVIKTU([TY\FU_1"_TH'E,LZ24HERU)40F70IX6K^(
ME@RB/3"KAW)[,Y:J+PDN Y(]@!K/>=21Z.DP2KRRG)O7B$5/9E1,+Y\.RU/K
M8^VJ<V!-R.VEC7\8[Y4$+VK^+;V&]*]WLU9XZ)5]@]>W\TY?/^"OG\FU_1"_
MTH'EQKJFD*"5'72]J\PRH[E:IHDH?+JQS:>:>9414PY$5(UW6KHU>QG0W.1Q
M:^<QK5/%*N$U:=2*QV$UL5%Y9Q\-[ K=P6L*$#W9T8L:8801]6FKS$T#:Y&M
MUE(KE^->/Y5WO_J,C^SXM-Z61)%S-I*G<]LOB2D(66M5XTX(Y#8>]HW=%&J[
MY#>?FXN;N1>UUQX7:DR=*Z]>&*^NW-'\*X*4H8@&LD;>D,>?4.80DH3AC]J1
M'N1FW=N54U:HUVZSES+1D8$J3%JZ8 %D#KV3!2(#+"5+GQVM><96-%U%T.7&
M-P5=L9DN?MG<#Z0EBR.D5+(!:BGW! E/ Q$"R2E=>B$?I^R<<;U:C$70W9.[
M+:XB6,#<\FHAVT$U<"$M;[[UAC2ZR9#TKHBS7C0K)#"(X*J[6S3SL)FWDCOF
MK4,O:9 V-1;'/7LM*F&5EG7Q)CB4UE(#:,<*/(5'*BNU*UXR,;4T@]L%99FW
M/7T]K$/.@OZ-9:TUM:UUC"D#DL&59"U96*BIW'QBMPOLGOBU9[& &SG,*2%7
M%EQQSY@P,>0SXL1Y$D2&!8-RN5K5THBYXM+H.X(U+75]6)::&&O#8SKW<Q22
MVBK)H)07DD1)K_#!CQH+A3#&>_VK>ZG&TZN3%JX-/<0[3Q(V%)-L3SX=3'FD
MP30&-"APY)'#3'6?(QJ]FB8?9SMOAKR6$:'+.A;,ADB0Q1XDB0^6X &*6<\:
MB1&@1PNHKN9&)E>*[<J6TJOD-I(,XX*^!72BVUA81HJ1*Z,R>$PQ'F6!VB%C
M":RIE<<5A;E[;A!1*H4QT2+$AP+:RFAN1S1)*5FNO,*X6N!']5G1*XKVN:TS
MX\&0ZR@6QG :V7/K-/@#31]R9X5K7/481R&N:C7*KVHF'<\_#X>(1$MK-'AB
MX]:,%.1YGQ.8CM(_OUSSTKQE>:KS55[57X4B&7X@N7_!K_2^Y\&B#$/*5/6Z
M0U<UGZ1_J#^VJ<(I?!1/2TTA7O3[4<9V9^WQ-KP6-6PTD;6L<59:#16E&3O*
MR,]R(NCT+PX@8,"X8Q%5WNF>Q[\)\T,YD"05?B:U5X?#LX,NNEL]>--CEBG;
M\:B,QC\+Y0C&>Y:.S4<2Z#S5&AU>RGL:F?;0'/U=BJX:N;Y^&D&YI!D:U['L
M<CF/8Y,M<UR91S7(O)?@M[RM)5)"F^ Z*299A&_5JR%$)K8V*1J>U N.?9Q^
M-HOX_(_U'ANU-Q"AS&G9:QK".-[CQ),.R+(Z@'*Y@G.86.?2Y,>?B9 M+W<E
MP,]#(VS#+82JU3T]1+\.LD4!T2IB,/*/X(&J1,;*D.Z29?S=JB.E[IW'(LJV
M=XZIN]&V06-8]\8L.5' R'MN-628<V,9S2CE1CHO)R8>QCFDC -*EEDRY%A/
ML)Y!EG6-A+<CI$R4X(H\='N1K6M8(8Q"&UK&,:QJ(E($MQ?6]?MI=5%4V9JQ
M*ZO+X8\,9E%655:6Q*"+)>T:S'R-"KJ3OHCN"T,J\W/,I/=HJB!5DLP1X]37
M!DQ) @1'UT&%*DF"D 0QR)A)4H(VJ@R,4A%?XD][N"1=>]X%RS<)G4BV8C5D
M*370XPH[:1E&R$*%.D,T>#RJG>]5ZBZ_@A;@^D-]73*V*Z- ##;MZ5!AN)U.
MO-BQ;R@MVQ[*0(O3>=BH11=S.G*+773]V;ECR*E")7AC"VKX:/XF(&'.=ID;
M8D&*L]HM3];W(USEZ>A,(EE6_2&^B"M)4DTDD=U08S8<N*L0U1']Y5%@*/6J
MU=2:6==K^PF,IQ74,VTM;6)56-'8PRS?=8Y#5VY.@6-3%)[NJX$<L6-+K1N[
MPU*JIZ^<8$ELTTF.*%;0VQ.IHCYN82ULJ9AK4*DX=<8P!/1R:!R2<LKE#B&>
M5+++F&GS)DQ0+)E2C(QCB$2*"+&9I$)C$1@V)I;Z<JO#GO<C&,:KWN<N&M:U
M,N<Y5Y(B)Q,LE5WA]70@C=GV4(*J@4TKZJDYO<GSWKY#&":YY'N:T;&(KGN>
MY<-:QK>\KE=V8X!+W,GMU1'-KV.QA.UJS7M_**G:QJ\O.OFX:&.(8!,3#!"8
MT;&I\36HB)Y"P;ZKBV4?GH0[/:A5W)7QI#-,B,3[X;FKP>[VZX]KM\>220OP
MZQJ1]KGET(U)<)GYQJ(YB>NF$5_E/HYA==AMEPXPU=ZQ*@R+X!<^=8RC>'XF
M,9GM^!1FFQ!$;C4,DD+'MRB.3+7/1R9:O'[Q@?QN/_UG"$"49AKG#Q/:1BXY
M+AS55.2_5Y3!NTR+1[:T6.W09'/E+Z<+%&YOV7)Y(=QV@4=/DL0E<$B?L<9Z
M=V2J+_C,AJ\OF,^-5QY2M<B*BIA47FBHO:BIYT7A-RT0$'06)^G*B";W*F>3
MO)TT^1!F+G0G8-_=Y(K$\FG<\FB';N6DFY7#59/5K8KG*O)J"L&B<J_-1?@N
M_P#RW_=$#X-Q2(Y2 .#;F\C!,%[AE"4<6R>,HB,5'C(-Z914YHO&R*VM-%CS
M=T315CK*P 2:.(P&V;:^,1D9LF(LJ?(2HZ8VN(C4U.(NK1H=)=7-@GMJ&+O&
M1<-ATB28,@>U[^UHXMH4UKNJCC5-//6F*I MD2Y?41[6+@.HMA<-]RAI:[>O
M\W&UFUG@)A;"4#?==_-R23(+9^]& ":LE;Y5PM,96D8'0YN5U\ @^ GD88+R
MK8#&%:\"MU^Q.13M.TS]'+ W)S3GQ_-G+9=6#($S=<ZK)2@48*\S/^'7\X-B
M0\[0WQ$\JRH(%8U[^D+I91FOO<6MF&)-F7WT]HAT^Y8^X0^[!ULV]I(XMJDK
M!V3[".\D KHAH:0'1R$?XI[VN<I![>_53[@IPCO1V.VJZVA0)LNP_P!F>[[)
M13;2IBV42F8R0PH'F[A)0RZ5<-O%7,W2^[NIGO'?%+M3:4.ZF2I%Z*-NFP!3
MG85CXTJSFU-5$$%MH<R@"#,I2-ZG46D)/W"23?&K0K.L &DS+ $&MVI&J-QH
MV&=&PI,"%9E2Q!(*N36YXX2,1I5(D=T$<L4>(294]&<3K3 GHYLBFEAD'\1+
M\044N ]JDZI.IC5J7.?)J*Q%[L6$68Y$^?,-TDU?&UD/^%Y$2*9NJ%%19TY%
M['1P.9@*^E)!GM8OWJK]1L*6Q'U(5E&)&,G+4W5ZA1JN=)@$1'L7S.:B\65-
M-3$JLFR(1L9TO< BLZK,\U&5J:FKYVKY#"B<K"">T@WM7#F/8NIKFKYE:Y.*
M>W;C%I5P+#EYO%Q1'5N/,K5?C'FXF7!K27')+\/J",(7,9X>*&*F%=WEU-#G
MC]]3_P"+Q^/H\3%G!<V6([)H!/'*!-<13@D 5'!*%["JU6JBHYO;P>"':>W(
M\.42*61'C4M=&$8T%SWP3/:"./)X3R.4+_6$KE5JIQ 9*VW2''5QUB5PRUD-
MXH<17#>L4 E%TVQ>H)KNGC1J:BXRB<$ RHJVA+,K[ H6P(K1%GU+:]E5.(-!
M:7S*QM1$2.1>^%(PM"ITV8X2=<[6V[;36HU&S+.DK9\I$8QPV(DB5&*5$:-Z
MM3GV*O#;M*.J2W8K7,L4@1DEM(V.V&PR&Z>I)#(;4"A/70/<SIY<.C3*"G.%
M\\]HYCZ^+A;.6CVR['*#1?'2V$<TI?7(URHY515XA)8;5VY.2MB> KDF4=9)
M2!!31B%"ZT5_A8GLV^S9AG=3ERX\.RGJV ]W+3]!M?$:'W2N<U?306CW<NI?
M8_B^?9PR+"C B1AZ^G'C"8 +%(]Q2*T8T:Q%(5ZN=Z7*J^3:I\F.V%';_4PH
M[W?]*1WD6]HK>_)F#A,54_)Q M,[3]Z]\OG^#]2'8#;AMW4Q)1%QC,J(XD G
MQ+[".)?M^3MA[ER\()L-W/.E(=E,C"3L3\@-J_;X-!EOD)(!T]:, KV^T$PS
M<.SS[A$X_&2OXJ[_ )^&V$9Z^&=U.^5.EA N<UZNU>JB:>)DF+N"L+'@0VV4
MD_B&M$VL>JH.T$1^ELFK*YJHV2/6!RIA'<-EVLP,(#SBBB4F5?(E&ST8L4(T
M>>5*+I72,;7/7"\N7 K"KF G0C]1!R([T(-7!(\)AKCFPH##<Q[%PYCVJU41
M4X;&J+J#8F>QY&-BEZNL;/6>QR)H<U/B7X& DRX\<KXLJ:UABM'F)")$%+D9
M>J(@8Y)P4<OF4B>GX8U829&98S 2946"XPTER(T-P62I 09ZCPQW21H]R)AJ
MO3T\&JV3(S[*-&!,D0&F&Z6")*(84:28"+U!AD$C$1CE3#E8N.S@"W%E'@^)
MZR@857.*0<9K7RSH(37E\+#81JF+CIA1R:U3*<!;.O*\'7A,LVOZW5$RK+J0
M5I),'J!AU958[3)*K NTNP[DO$X3[:"QU;&/,G:SL8R-%BL 269Y7*@M$,<H
M2FPOLD*S7C6W/RO5U>J[L^YZWQ=O%]K[?&8[,=UH1(S^ B>0+")SL)JK\:ZF
M)E?2N$^I;-+J3J/!>C<SEJ1@R53F.7SX<I78^QY,%J]@K*U&S\%9/5Y^GO$7
MBS_[E_N^)\&Y*2I)TK2WV]NBMKWZD9^N38TV/':I%_%-(0B-5W:U%RG/BYC4
M>SKI9T+85O%&8NW;*'+IUE^ZD^B4$!X I5A-F+":X@8B$8SP;%?S>'5M3<C(
M.X24M+)N8=DT^U=R1)$"9;US!5UU[OGU,>PD1([!&BD, 9$"DW+\#UN;NJU\
M++A0-P;JD6U1$FQ209+(#:6CJB27PCC%)BI:V=7(F(TK6ETR,N1%7'!:B#*W
M_P#20.TG!#43=HS*D=26.S];#16OT2JT+:-CZFQ.K-D*\NG&5Y\2W44K>2[4
MI[?84R9%E?2N4^/66-3OJ'/,VNL4-<EK#6GA'2-0W-UBZCNX/4V\&2)O9]?,
MH/Y\9(81F[CKBE4>\]F2-FA)#S'D]8M*R7[OBO;U'QU*-@\=1G$*@KY5N3:\
M^#5[U'-FS+9TD42J@$V](V^XED5;(;)UD&LG8)^U9F=3*O<KCJ4D!:KHL\,,
M89"6#3]SJ*<SCK'>'UL(UB+V<^**TCT=\I_=NXH5]<1-G[IF@?(E#VL&F"^V
MC4YXA8K0Q"Z>F10"<A%=I<YZK>EKZ.^AQ[>CKHQ[%=G[ICP9VX&7^Y)5B21;
M'IV1"8#)%I.\O1Z6AK':4:B1-V2X-ZE+9[3?5PU^CUR6?76,2W)+D1)=4" 6
MUBEN@$&HM8D:]8>GUG#1[J\EC?[0*7^;JDJF0JC;4_< -S*PML8.W;*16QY;
M:XE!'E>[T;!)#G.&9Q.NYC1*.HD0**;"'6QZ6RN*QP)-A4PY-_=[>\?558J]
M@9%Q%JI%/[TGM8=Z)X$(F8'),G'\DC?R&]_?L-E^_?\ (?PO_#_WAQ<>@JPC
M-7XGP(N?N/RGD2HN>_#M#<N7XJ0$!&+]LFO[GU*@K6JBK!IB2GXQW76$PC-*
M\N2Z(*+]A?)V^KORY+8Z(J8PUUO.8W[.IH]7V%X?)EU\<YR:=97HNIVAC1MS
MS\S&HG'[IB?UKO[+AL:(%@ ,5RM&SU45RJYWW57R3S!QH[)<H8!293 C;)D"
MB];PHSG1J$*.-XA^A'*J,UNQVK\$VR!#C"L+)L9D^:P3$E2V0F.'#&<^.H04
M5I':&YTMU.QZR_4*^>B=R;7=+/I-#,_7S_1''\.I[FL;Z7*C4^ZO#Z5QEZ5V
M'I#<J:1>/BZBQFZG8YD&XC$]+E1/J*N<J-:U%<YSEPC43FJJJ\D1$XO+H:YB
MGE]"!_V"&QL2(_3\E3!"A%3YSE\G:]<YN@L>D@*=N,:9)@-D2D_C!7?639[&
MY+42F&7T^%DXCG1/[XX;E^)O&%)K=\P7?7[:^JGW>, 8@4^<O??_ $>ZG]'C
M45[GKZ7*J_<]' )48C@R(QAR %9R>(P7H01&KYG,>U%3@$]CF,L8Z,CV\1%[
MT>6C?QB,[4C2]*O&OHRWM:[Z@_:E8?\ VU=!TS7"=WJ^I)EI=2HO<D6"=QJ?
MF]3N7=SY%#1HW4R=8A23RSB$%?$SWX^\AA>OUG-K9;=<6?%/#D-\ZADB<(F%
M\SM+N2^9>+&FFIB17RB1W+V(1J<PG9_<Y 5:]OWKO(%:U1<.3N28S\^&FQLY
M?'D,3M:OF7M8O-.$-6G04T;,S*H[FI-BKR15T_EX^5Y%;W5\^%Y>4>LJW M-
MSJU6MC(O4B5CE_*V3F.3VC>U (NM?E:4Y\2K*QDDESIIG'DR#.U/(1_G]"-1
M.2(G)K4PG+R;7>,D?LP-6GJU<G)QB=,UA(9G\T+0-%3DO4>GF^M ;P@"5Q8C
M&0[EK$YK%U?JDU41.?AWNZ9%YKI<SS-7R13(,D\.4!VL,B,5X3"=Z6$&K7-Y
M<,!N& "[$F$\6%R0)Z)R3)$:-\20J8^8-5\Z\(LF18U;O.V97%+C[=<L[*<-
M(NY!X=C"-KK=S^:9[PVUZD;]M.%9!C6]N?2CF(*,R'&7/SS2R,,SL\PG<%B5
MRCVU7%16N'7/<2>]B]K2V;VL(W[(6!X5SE555<JJ\U55[55?.J^37TE8/JS;
M&0R.).>EF>9#%5,Z0@$BO>OF:U>*RA@)B/71FAUXPXYER23*?_=)4A[B.^-W
MUH:-)$PT>0(@#A(FH91%:K"#>U>2M>U<+PY@T>6DGN(6IE+WL,1<OA'=_E,7
M4B9^6W#O2B>6-WI:J?<7^V\M=Q70-.X+4*($!&]^IKGX<@51>;)DODXOG:W#
M.2Z\_6LBGM@]:+(3**WNFCF;GI28Y,+TSB5>2]GF7**J<+&FM4\ [W^[K-C<
M F#;A<*F5Z,D:+WQKV>;+<+Y8U]#E3[J?VODHUJ*JJN$1.:JJ]B(GG5>(N[=
MVQT24B-/3TIV9=$<O,<ZR&1O=EM[1"[1+WG=_DWZW/66T04V%(3!0%1<<O5>
MQS51XBL7FU[51S5[%X-8;>::ZI^\10M;KM(+.:JA0L1/&":GRQIJ]+4QE?)_
M!>U?^5/Z?D-KJ&ND6$A<=3II@$=BY]K+DOT@C"Y=KW)E>2<^ VUTH;G<3</&
M_2JUU6[_ #(9$13247\N]$5/D-;S5?KHDB3#6!9O3]YUND!WN[<R186-+55[
M5>WJ8Y(Y.'DIRQ;^,G-$$YL&?CSZHLE_17"?,,Y5]''3M:NPKGYPB38AX^K\
M!2L:UZ+CM3E\)?P<_P!:J+_2X1@VN>]RX:QC5<YR^A&IE57ABP]NS8P'_P".
M6C?=<9&_G$69TBF9^C:_@<G=]LZP>F'.K*GJ1X:K\PT\C6S##7[Q@'??<,KZ
M:OB5L,?8"(%HFJ[L4A%:FHI7>=[E5R^=?KXW[/ZB_M?[-_?OO.#=;_@#H[_[
M5XWWGVDSU/ >WSC^'\?#>I_P6[.7A_\ B!C^J\)W<_9X7H__ ,_:L)^\/I+T
M/BZGO#V6C/K9\W;Q_P#FWXL?\@OQ/XO_  ?S?O?KK__:  @! 0,!/R'A:!@]
M/+0W-:;9# #-U7(*;3O8"OJJS<M #&)7Y?+2^P0<4I!$;)EYUHK"X)ES>VN@
ML6J2Z2"&-,;4JW5*[4"3 G+._(I.8VI'%1*X%EIR\?3%#E0%_6 RRJX"S>B&
MU@*!$UE#NX_FBMN@3=!%62=02^RC*5 4H1Q\?L0\,R?&N $"+)<1,%)X<%Q&
MC<#<A(J.>N<M^J%AT7*T5N%<Q H;!S30,'&>&%<IU$280+,"'Q$@;BK*I5Z^
ME3SW@WR?N&M3N']MFV%:UERHG*3;(Q>#*\AX>5^RX":2@1JX\[-;:W,%75%,
MB8'!!Z+4.$8A%X-Q4B!\279)<3P: BI =SD<*=Y4Z%5R/4)S@"ZP(X,P#E0A
M>K02DFPI+@D6 0.?R;6ZA;0<2PHZ0+^JO^?I 9$)@&2X:":4%M0M"9[')VMC
M$IF\4.NP9M>GPZ2'D:/)I41G452+V#<2$L*>YJ^) @!0 !*JV *L^-<2;'FH
MSPC"DQ1 &8W3.9YZSY;QJ<7G8N%<4M7)01[I\&5=NA#8%Z<2-#=LXU1KGQ0\
M.PD+_%^-GG.?+>7UA"/Q$#&)0Z,D0+2M=(5E2/V'AL&,BY" F6?  8CVTMX#
MN)*K4Q9<O[+XJE!60%\?TVJ/1Z*NMI4JID:-I!=5+Z;>4^EZH)6WPTJ5[&4]
MN"'8PO-^)1]+6UI'M<>(/(35: -6R<Y,ASYU% [[R":Z, 7(2(JB$.80IS/&
M(!$NHDC?/6<H$22Z.NB4CV)1QK(XQ-RD#"-@B4^"RI,4C#P9 29P T@10H*A
ME5;JOC-UML[S[]G@F;0*:L,(3S)3IR0A1:;L$\O6K+O%Y<E$),V*30A712V\
M+/YL5BQR<. 1H,0Z<0^Z[/F&VM6 '<H"^)B)_%2"B/A9 :$Y4]LSF+MX #*A
MNKG^M"9%/4O7 P"(,YJ4I*_(V0(W4SX6"_7X$!IQ#+3',0,\'7UQQ8) $M$,
MV92\.8TEJWE"\XD&4A1'>#1RLU"DVG0GHMADI.79S]?3"^)Y'&HPN!29;$\Q
M7?#D8Q*G+CB^K$"E3(:8U+CQ\SF>C(OP 7K2-D1!Y5P5,9+40CZFT;@)]*IW
M3!7 +EQ66\VX,"ND81<E.T]L(WQRX.34\VDIL(L6TQ0GB-#)!$-W6FAPRW]I
M?I[+60S*?#R_C";/ ))<9\&B1A"@-!;0AO9\]C[65L0Q+H].%3 !$WVPB6<2
MI>%QG ./ D(2 ;E27Q,)@04 009/"B$M*&^>"F<7 *\&(8*F]J22^"$9J$T%
MV_5E TBM"];X%*:.F1RH%)=(LRI>(8*([L$I*P\"Q>%XU8296J:G4)QK&5T'
M0-/#1PB0FV-HC9_-\:#6,8BH&Z5)*542J>SVHW*TM:3_ !"DO:Q27G<X+Y&$
MM,,;P<C=P!!(=)H%L*F91B@     ! !@#0/(BO2]@9."#Z\L4)Q($$^R#-,7
M@3;R8%&7$(\ZMOH%@[R&;K)$5K<'$Q?8*G5KVQ^ZD8WNYV\QI$"-%MD_BFV0
MI1%IMNI00FK=Q[!H7=QJ$B$BP^%#YP&QEI86F++0!,  06B,M$5E 9J@(/!I
MC\)&!I!HP%)^)@KI96(?^51G+73_ +TG!AS$"6DJO"TC-C8L+P8X!K,JH3!=
M (9=OE$,%"P#Q(/.9NWX(UA*XG#9F&T,G-6.J+MJ@,AR? V53RK0]0M76(O1
M<8U-EITE3)1*:N([R)%  5""A'F)XUEA35A((!,WGS=W0\&#&:Y8QG=";\2%
M^GI*9_"$UD4P^/8B%.D@,I4]+)@&G)ARQ'-9UW587P:O?FVC+_E)O!B6;I6Q
M_P &]URI]E$F9,7@6M'4OP( %J -YAH9T/*(R@+4JEOI$2XUX8B;.$0E;GQO
M&JU/M'"VH"'*0!H*6<-P'LG#&49"OHJ)D[<V95)#2RA39B_ABP_8R+ZIO\A'
M/1DR+\TC1(T-$-&"H9N:GJ,E3HGK-W_93K8#TAEL 9A)C,)YDH9:J:S&+S&)
M$CK;6T(4Y.-3ZU;P1],=O!0K$46[&],(C_5$@.W%M]#K 1U/=?['XZF.9!1=
M;' 78X$L-XAOP#;-YW:'DSL @H6CE9=<+!-^";L6D6=+80/)J]]/>^$$M38\
M*(8D#16 5;YX4T,\52TS1P2]1O36K]K@G)8"KQQ #J&/OF@VWX\%)QDY[@5S
M2!\2)%NI$^E#R0_Q -J\!)5Q2KW)9)G$Z4+A43X+5CRPVOV%S!Z)Y*'E[!&;
M)-'[3XSY$O($?J&I[26'KD#IQU5TZ>W:3 V*:+:W,29PYE#BC-+!P@O(R$AQ
MWW?M![S@'/&V7A-Z,XI] 1.N@8R4  ! 6 P'(]%"1.&,@U>]2Y5J+Q*^(;WM
MW0X+%GOM13"WD\5Q*%("<C@\2E%9 NSPQXS+@B;-%2Q)Q3?L>.E3HH8(  <+
M>BQY. !F_P"U!Z1,'$]+74D\DEG' 8LXQHD]2D8;C&*M%!5$0D"P%&[2R)K5
MB6"7;#GF%(@V@:08;EX(;-Z?$[R$6CDHU^UZ"3%6])VTY%+,DRX!SZDE"5#=
MX9V(G93*%'9OFE:I=H&%EB*EA L!Z0<B@YM2+8.1I$(1J$TL2%9PN^1X_P#J
M>X@*@$K8"ZKH5HTWNQ5+&A5H'ID E$@'J8-$H4U"U0']!&=C)5VR\4__ %O<
M(P#CU) $J&Q6BK_J J6-(( >H\B'\B[5S\6 T)*P4%(@V[IC4D1ALED<CPRC
M_H\#E9E1VJ1NV"0N0*Q)2*F3;VF"2>K*X$7)0X7!*P44VRX:*] Z7/&,X'T"
MY0RID*HQXP[D*J![YPS JW(J,C3=CU<M>\K,/8%&,B;BJ(59-%7Q*1WB #%Z
M]T?7>SCWWK?E/_<A8YHPKGW+D\^PS5_EUO?\XK\/5H9__]H " $" P$_(>&!
M*JL.?.^#]Q61?X?M^ZQ'<E_*TKBK9;1YE?AT?T4-?.?\W]4(AV$?D_"H=W^?
M9/9,[<=R14#8$2G!SSX(6C9)BMAT!]>CA.LZO0_?YJQ \]7O[.#[K^'@>$*7
M&XT5 ^0[?K:B<QYZ[CA-RW#=N4!)<D6<7Z>&!<VLH8ZDGH<V*6R_%W]T:\A2
MEDX?NOX>)U+^1YK]8=2H2:*P/T-?R+^GC#YTTW;_ .N45%TWWP_=?P\?W, M
M$T3_ !LM7@M=#2'[-&3QO 2@5@3Z(K_D:+6;(@N/06TU=S3]G;J5BQX_L?[X
M10N[[FK;VY_4I-)M+L11:4/;,)W:#HFJ!\G$\/.N^O3CLPZ4B0@>!$96!+DT
M:-;7PTLUHLAL#F^>"LBKEB3N6?C!L' D0@+U[\OZ;O;G4VE=6_!T$=AZF!LC
M4B9L/XOP-G1FW$1#$R[#][=3R>$B?8-?]Y_*CBF[SXR69]OZ#VX5+W+SX.A]
MO3C%&3-70+X]O,YE\SPPP2'NN<77@]]IY//D3)_!/MMP(_CYQU[$O7R7IB<?
MQV2SM6*WCN8ZF'?@17D0TR^?GPJ9_-U=5^U?]YH( "QL1Y\BU2^WZ.!0<GN4
M>V_E*F8CL'[>%#V/D$_:T+"XUY,?JMFI)%#]^?$BQ_;P9/*$Y5]O^#A(8U_4
M_7C5]/\ !Y^[R'!-I3^13\1Y2,:/PN$130* 11I]^"RR)KY^YA[#^CXH0):B
MG(//$_##TGR05@S7.1?>++'0X2/O%]!CZ!Z*8T+V7/J3O6'(-ZN"E0\$"BAA
M(G,;)4I#>YG)UP^6$\@SSB:6.V;O!SX09R(ZK?8>CM,%'49*P"]Z<SJ,CN<"
M(+=Q<SW?#5TQMCV#NOU+\0D\W]/N.4M'(+ &A[^>$T=SLECW9>WI L[_ +1K
MDW'5X5>8@)'LT@\PWUWA\O2E+5LE0]Q/NO;3<[@9? CZ4&E'7\>/RH $&.%&
MHF/Z#=;&]:\FZ&G0(.WI$#52)D3#5K 0?H>P;<EX\7C#G@)\OL++R]-]$0)J
MC4?]+UCVM]?M:/S#;CS>%0)<5R10?L^P@U/IU"X">[G,;-'Z-3^%U;-N3IY3
MU53EV&5TJ0DU_P!XP;.ZZ>J@X[OG=^!C:H8=_P#U/D=:Z("'\>.&@)(H(PS<
M_D'<48]X78;.[TT@9M5/QR-BWKOE.KM5MF_1Z?\ *L_DHMZ'?_?I]5]SKS[[
M^J__V@ ( 0,# 3\AX4"2*62>QCY_DUB(^7^?59U]H/Q1 &(1)9B&OS67[*;Z
M"_(G^Z2-^OZ7Y]*FT5V'K%W1&_':CC67',!E:8\"P"!4*7 95IS]'\.^AU?U
M^*GTART^.#Z[@#Z(,B61V:4D>S3CXJ##5J:/(96S#PV[R5B 81#")U\(QH%,
MH)<68?1"S3W?;773G0',/#]=Q!J&ZF/D-=G)HE3N@76[^UI\H9/3RE<@:[-O
M\<YKFC^N'Z[C/H>+4#5?Z0@U:?FVMKK].I#XVI$$@2[;JKX:,T4B2V87]!=C
M3V&O\;].#]-_/YX)0BVK\BG^31O(D39D=!Y4D!/;$[V%I6#ZI?#Q/PV!VTZ\
M]R&M G%%GP:S$R#<K2U'P6W BLI+B:'GJ# %=![8,?.7=X  N6*]PS]MC_*C
MF Y<'7>I<^Q;B5%D+C2WY/)<T0<16D(#=_R>@YO"#/N2O^ H>4=GGZE&/?\
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MV[Z[XG_IM75E\K.?^U?K%S4[7?'K]U]4VX_'+;U7_]H # ,!  (1 Q$  !
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M22=            SDDR2;@            4,FM7@              Q$@
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AS#W?E7_42=3CESQ>*MLD6P=\9ZWKI.?B\ENTG#U8D/_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>8
<FILENAME>j2179332_ba004.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j2179332_ba004.jpg
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M 0       1$A,0 @05%A0'&!,/"1H1"QP='QX?_:  P# 0 "$0,1   !O\
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M+8@      %-=XT3&Z4Q8"UFGKDF9!IV   !3%>//E;5H5$ /05SAU++B&SL
M     "K>W*@A%/J_ F)")Q;#3ES@  #X?/-5U)R#I7>QX >FKE;L3;&GW@
M    $0IK"*E[EI<#E^/=V]!W_N/2;T  "O>R*KI%OGG, ;:TV\]-'*_8@
M    ZC]OPH8Z)YRQC+Q -@:W97%4A>6V]-NP (63FO**N@.:NER,< 6PT]>%
ML-/W@       ! 2QJVK5M2J0!V'Y?I,V#3R1$8DO=8_ZZIV^D@I8-:0FG==?
M/T ,XU^Q]+7+?8&886>       !QO7BF2\Z(C])8T !IW<1;!,_3@  ?IY^W
MO\^],3?@5C@        8KEX=-MXT5I;?:$ 1XD,'ZG]L8  ?IY^W*TCT#935
MUO          =)^^/6);-20RG,#^?K@>_P (XR2"@ #8VKVUUE%=$30@]A
M         #1^_CT%K"KR%$ZKJ-LFA 'Z^?LA(W*I_P!<VC8Q6=LY%C98
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MA)KI3&@-/:KMG=)4+>IT=LKWS!%X@NM6#+=' 2J4B9CD<N63^2.\JL&JLO\
M,5SL.]C<*DG<$&].99551S*_4+$LCYM^&WGLY$ADW<>#&!M,AN,%(_\ L&D_
M]1HOR<&&YEM[;B1X:I[49I$_$S?4K2$@A],D7L7955<57>JKO557M7HJU4UL
MR>:8(?+LD;;6/5QGOLF47Z2IL)2%JZ['#$)4PG'4ZNR"Q+;5?\;9YANXHT,Q
M1!SE/0<4)"WJD,E1-W=L3C,&!< "*I>4SP,\$^:S."!(=7U"*KL<.S@RZZ6'
MMQIL=V*^/K5IX /!>DT\\9+1V:MQ+IG>J"SF]U/ 4Q]] (\W4JDVI#V["XV0
MN-N")@8$A 8$F(D))BA"2+N7\EI<P#K$B3.2X22)3K;WX>NB13S@,9Q$]XPN
M&_JV^TIOVU__ %/9_2%Z0_CHMQ FE >Q_"VRR6SX#SC28.HQ(W*H[BVI(]@#
MKT>AD2)$9GB(@/\ -:;NM+/M3,!S.LG57S^X5!<^5<=V"\"7>:AG2F&:6/56
MLMVF<L*1C3]I'N:QN @TH0'U"PAM&Z<QB4Y(X8HZ1Y4V&P"YORMOXH_BUZV=
M>JGI<FQ<TU&TG)8<:<J2KVZ^531 !6VF&U;7[)6]R)=10.PX=[265!-S2&U)
M(-K:W]Q)5A>73(^DO4<C*2XH@94PW8J]>0954P4J^&3+N.99?FR=- _';&A<
MJ).DGI0$M)$;C<1NY 1D#S(B@_A?R1Y]AIRF.='M(UN4T:JMYN9)BYLH3I)Q
M''I3!X^,57Q8)MG\QMO*?//XF_AOB0/)//?,O._,/W=YOCY[^-X7-\#FO'DV
M8>C:JU37S60LF2FL2:J4X_%L; K'EGHMO3V59E@&J-QW 8!\&10%,DQQA-4E
MM>T!Q:6-02)59(@'+M*V&[+DQQL7K.ML<TMN58274D-<&0CDEQ4/Q;0VFPD1
MFZJIJ*:C!AQO+11J2PAVD(ZP7671%XIE9#)WB\4'$AM"HX(J%_>34_\ E:+_
M '#LJJN")O55W(B)VKM.L$)5AM%R=:/8,&.1(V2=RR#4G5]9] &VP)QQPA!M
ML!4S,S7*( (XD1$2[DV:LM6HI&65QFE;/*@=J>8N@N8B_1 J8?*5=X[-Q8<=
MB)&:3*TQ':!EEM.X&VT$1Z"P;ZKBV4??D1\/>LJ6Y3C2 RR(SGTFR%=G[O3I
M/VNGV\7)+)X%8U+?61NY$%)<(/ZP40@3VTP13Z1T<QW/8:9)N,VI>TY4/(O(
M+CVK&5LV?4 !CU^@V3C999%@@U4;?@N:8A(\H]N8(@N*GK3HLZGMF4*QE@CE
M6PX./(Q33PRE1?\ .I0KBGS&_62X=)1)$5%3!47>BHO6BIVHNR:EHF$;H+%_
MARHC0^"IGN>).&GR(,Q<<B=39^'<B@G1IR-S)#MR6DFXK@*A/41BD2KN%&K
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MX(*)O555=R(B;7ETVN,5^7P('^@0P&)$/+\E7F64<5/G$O1TQ6D.1V-25Z2
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M&D."+\L$S7A%-,S7POSX\&(H,[564!P/)'F@F,F;\UP4Q@429(&08S"5L98
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M(* ((,G*B$M*&N>"F;5 *]"T>R0OG\TF//( @1P BM!3O/+8      @ H %
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M6_!8! J%*@+JTWZ%-@+3]C?AY3$S6A8.UGF_.3Z'],A]$&1*(\.%)'LTV^+
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MBX";D$@D@D"0 '7>DDB8)0D@$DDG8 ^8 ;DDD        H #   ?DD@
M  ' #8   ]DD0       ( 0    LDA       " %    'DD@       8 @
M  $DA         %    5DD@       @ '    DD8       '@ K  "TDB
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M 6$$GE5^57(P54 ."%3RKW?2:@9$=% 0TD).Y.F6\@Q[_P" Z IB4=9TAQ
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M6=@EH-! * '6?#/>UVQS'_S-??7LG'WIM_L^6.P;XU?XZS:N/O/8UWZA_]H
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5,?1V_P#H^&*76'D4XYOI&SJ1(?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>j2179332_ba005.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j2179332_ba005.jpg
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MH#QQ[?Q2D,_@?0[BG9YMKFQ1@ZYS&W!4IRE,&'-@R^P     1H@E4 96)LN
M   A/NQWS(_57QS@?3Y@+3Q&:^F_Y5^QM4=QU"'>WQ;)ZAMO+X/?_2/$'-GS
M%F,(V98R9(@     0B46F )M$RJ    '@_\ 0?S-H[OW. !]1OR9]GXB_&*O
M6I[B\CF+%[N'3!W  8TQIB"0&4.<    @$H], 6'3.=    /(+M'!O+KK/&
M!]*ORW]>Z?;QKE59C%[5\MZ'%,)E\"5(72<Q&RP#=,TC)&4T?D]"2:@   %;
M3$#J8Q&-E<E$V-$@   >*W=/GCSFZ;R8 ?3#\L?8.5M>W%7K5DXO(YBQ>
M       &N%=.N5<2(QL)Y3.Z%%0   XYCYZ/I+Y4U8V[2P.Y;K^J#Y(^UJVR
MOAPOHM3?"Y/]>:_.CB.0QQTS)D),6<Q_2U     "MYCSTNT51,9F)C%,^IM%
M5UQ(  &A?1N7>7_7.*RG'Y&I<KAJBS6"VEU+=/H=^:_JS37>]3@^0\=Q:/M7
M]QGNH$'9.B;!%T&OY#S-'0-W0    #@/*6[;J6)UK.XFFK<_1\FZ@ #4'=M
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MGKK)X^N\GX:DS&&A'O\ %TJ\?26>P G?AIU%W?F_:HK]B>'?06]//.G
M          ?E$#R?CBWL\VM.UZ](/+>U9VW5AQ3XJ*V#71./![L+Z];]0.1=
MJV?U+=0!\EAIJ?2^;!'9,<2(YB EXE@%%G&5R9(W5       (WZO/0NR86M,
MKC-9=JUH?N/+0^PZY<^"S>X&D[IN+I&Z]RBL #PF->CVN)L9HZ9FR#F1)B3$
MJD_1D3J%R        '\(M[/+@?18[MNJ2^7TY:S>   &/.-'?3R@
M            \!ZZ=<ICW2HJH6)D9.C,E8&8)60DR)WBN"UB*FYA4Y_2&%5&
MPYL"           :1S$!F-TZ9YDY$Q)E#M PYE#& _1V3&%C$*/V8<[9)#.
M          %2S&%E9=+J)F@.,@I/@8(PI-SC.0QYD "(&>(>":G<
M  /)>];IJ8] [5SBIFK@9\GY"C&DG/Z4Z2X[)#3. WX*S*5.X1$NPV6
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M\V(RZXMYRWN>7C6X&/\ V[5:/$8)G88NOR_!EETAW:Z@HI,+P,%(63Z,K4S
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MW$S3CBW5]6QR9Z'XZAE#8"XJ5A*7%Y<<:"RXCV_.G6_*<[#@([+[Q 0Y.O\
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MCN2*3X8U8@[BO0BZ0A+:>P_AJ=04H_BE.5J;1AIM9.$*]9C3:_,1V'9)3 [
MQY(NNZ+-T5'%"XU7Q?52FB/\VAO\/84O.,@)==<><X#&$B9\R--U7(OT+6N[
M&N['7<Y[M95G.5D^6KU3.$^M&T1+#CK)ER7M2[/GM<D<$N0+0A+:-*7G&?,5
MI.>_'6U*\6N_"<9SWY+SPD?G-#J1WDCN"O\ !*5+5"1>(T?@I.?%X5:3_P )
MZTM7?P(5I./$HA?C>U(_,<)%GU0>DI4M4'!X#QV IO7?X,?'2,^'C(_U\!W<
M-.9@S%FQ<(/&X["<;2YA8B\:?PIL?A(?TXQG.F8TQ[0\(TC24I3CL;++*M>D
M'UD4?.$MH1_WR?_:  @! @(&/P+[%ME7*M:1I,D<*W=6X1[%T'*)-DNR)5-U
MDX4S]^K[!'4+6L*4,6')'O'-6Z%],@DI3)3C /;<!CXR/2%I[= K81,=.^"Y
MT_M&?[AFOYM%LTAQUM*P#,5 7S'OV?WIWPXMHA2#5G$XY1<!CXR/2%L7NGD1
MU6I67'CTP6G1(X+C,?&1Z0MZZ)NJ31CQ'LP04+$BA9;<=;25D=ICW*8<::%5
ML23?I%P&WE<J%I.@RQ)7JGSAY"*[9!3BMO\ T&1Q#GWYK_=90PY7KI&#'EC_
M '-'?"^H:EJ*DIQ) N%7Z=12=6<1ZE^1'4ZE9,>*U*53I,*8_#>R&BQ08H,3
MW#E%,?+OGZE(_<,.7#IM4=6.9!D.0]^VPWD[38<S>B+B)ZAOF282\CD4);1Q
MF^4'3>UV$LA (3'NTP7R)"=TEQ:AI0HCM[;5QKPK4-!BNA/"<8WQR:QOCU;D
MRQ<5X><GMM7OB';",G;87FV"XJW/$O8+5X_Y5;8J(5PC$-T<^H;H]8Y.LW$D
M%,(Z=E0+B1Q"^#?FIIM"HT""X:298"ZU,<VJ"W@N)\XZ/8H,V-7=MBLX/:"A
M0F4,XB;ZAG]K@[%:C%1)D>\*IE#-NL+\2^$9^Z6PFPK-LN&'7>'I=N3? ;;$
MB!9D>2#M&0TB/8*]>SX5\V9=_P#5IA+("DA%(/B\J+@2"*L5P9,$5$"4@>5,
M<FR Y*D-F*R^->.C1OA70*Y.9O)?3F.JU4^JF]C-Z"M<ZB;$IL2#[YC@-BDQ
M(*(6[A5)H\C81GU$V ZS_(;-9.[.)H2^WRJ'EHLUE3)$<'\=/+OLSQ3$H^]U
MC38]:;]&2"K (2F_)8*<#B_2-D].?<O<2<2OQ#/38K*F2(^6Z;^-?/B[K@R*
MI@-B_LB040EKQ* WV7!_F5V&S(F9P3I.!0H@/OF1R^F_6%(DBIR]/X=]PZR8
MXYC *3,E)TF:R\GSQK2(E-$3K!.*>*O3BH,-^*RIU&X_"M6F.<P2%J!-,\<9
M)R_UR?_:  @! P(&/P+[%U]$E=#:E#,)8XVVB/U#_48^H9(_*9=1DVQ(ERJO
M KA[M<2BBW<Z5"&RA!ORX,L>[:_NWPCJW  M4M&)1'9<#J/@+]$VGTZS4\)G
M3HW0&NI]EU']ISWL^FV><:9=4V2)PE1% Q1_'?\ V*W0TVZDI<%:8B0\ZK@=
M1\!?HFV#'52KZ36G)BQ:(#K1"FU"8W&ZCX"_1-OZMR?HU&<8,8[<,!:#*@B:
MRZTRZI+8(FS"/?+AMYXUG#6G_4;@.L(DKK;4D9Q)$M2N/-,NJG5%1P%*Q>,U
MM_YKYX3R9;Z<]['ELN=2U4]6HWSB&**6M)W0WTSTGK$RT8U$]MPJG5("AK&0
MTP7^GE7TFM.7%CM0M$R@81U/XZ%?F%._)8IBD1-<.0T1\STX^D6?VG!D-[1:
MKZ)7*L5AE&\;+#F7L%A&?TC<173.\BAY'-"F7.=)D.:T:?O)6-%_58+Q603'
M.J P#*!OEN+7%#B KL[+5IWQ-I.D146KBR&.;4=T5T<MQ6#?JJ[+5CX2=D*L
M)S[3<5MKPM[3W6K /_$G9%=:>+*8Y=9WQ41RW$E-$+ZE]!#2SPFD%(F$A$U%
MH$)YB82V*$@#1%62*(K7$^2:/MW!/B3W[,T56E>R-*3.DY09HG^E?SJ;.;F3
MK$>L6*S%Y:>))SCMDL-C\".,YJ-<E@V!Y7[AEEGBZS4G+N@NNF5PTFS+TZB,
M5XY108^H3\N_XD3HSHO?IT0M\J2LN4$45>\TY+@2Q+%4SQ75,(YML%N11<$5
M4<",5.F$_P#8IY^5S+>5G&NU3TZ:+YP"_P"6& VB9 $@M)?OF**YO1*:80W@
M3ML+S:P+!9>_CN"JKL.8SPKIW.=)\CGLU4SJ,<?\I?-B\W-MN!(*+'JQ>@)A
M2KTMBMA0G99'5)]^SPJQH_"<U!L54B51CYKJA]7>'A[[@S17-Z)8+GA39;/^
M(=HLRKG:,RAA2:85TW3BLW>5>JF@RQ7Y^J\6#\N#;<.14<,\$&E2MEEE7F'T
MC$@IB9! QS16Z@UC@O153,D7'XDIT1R" %(20,4<  _KD__:  @! 0$&/P+[
MKB2]:_EG^M'MGQ[L7O\ O<L?U?/^IX]T58_+:9_K<OC?U #6L?*PM?37H6A9
M#<Z"!V@U-6AJ7L&Q!1S1%JSP^>/'\ZQ.VS5\O( M-:W#SX^\32:CS_)XK79[
M5:!7\XV9H";G^U6: EP_QO@8P;HL]HDQ$*;%+9I.:?*M>N;^8WO:?9%2VGQ6
M]+1:EHBU;5F+5M6T<8M68\IB8^[V>WT\C&86S3!&(S,/=>\$478F2=)L=.,6
M-\T>SQ_0/;W\&E_IWC_^P]Y>J] 9^SH.JY@R%FU,MY]6@$A%):Y&6:J5BM9M
MYDM\WAQSN'M"4NCG*Z2]L[8G42MUM%3.-FOO7R<^J&NOZZA('6IQ%I%^0L\E
MO&3D9&:'5V=B'CA7:?MEHK9V75;XCHNNB1U#C"(SRX:P-<MK&8I'NUYK1%]R
MIL?4"[JYS^0$+VR99C$L'XBR.<U$AC8PUV@,0Y<0AU P.2P*UN2!, )0P#CH
M8)AVBXRB)6+C(.]>-;TO2>,3'MCP"<O+2>DEB>H:U=FF'E(#'6.66VZI:KO4
M9);E' U25X\>>U/=YL=[ [7HU.EGNOL%T]BV7DJPFS5.H%],&5J$T":5^8JE
MH7H(JM>K:].:E;)=UY65H/\ Q/(1U<_(I AO&G1"$BRU[VO*XXB3QSEBUAQ2
M)O$VKPXZRFMCY*6OE&[9YN;N4O[.2GW0VZFHTQW ; 7.E=0F6Q)QV2F:5@=N
M,U+$PN^13M[0J<>RV,O;O=<[.<PMBUSH*BAH6PD8=[G=,_-5L^!QU8%:>K'L
M@F@N&U,^[9Q9C-K<?B:0)@4:8JQ6(JFVQ4DKSQM!E^0T3P)$1^X.8EN'X/PS
M^2/G\<!?5U_#[;S_ ,%?'&9F9_#,\9^7O+_RAW+_ -SM_<5^"ZYZ*Q,3?-:G
MU>:2./&8](69J*;_ #V%R7_'X#G;T#[>V2<*4L0G')<)/E$ :OYJDO\ -0WE
M\T7M/W7<KN?VOW$\F=E:P&T\3296-%<Y.DR(X5KB)$7K,>4^V/'^QG=G_P!.
M['^A^%^S]Q=W'/HYW<*)Z-*7 ]GD;V=4BC?I&Z#M!03<9QQ:.%O*?9XU,_5T
M,!+JYJRB:>;#;"3FB'13>)LZ##2@74XL-+IA4#U*A@I)N4\\G)D=QQ3MRF[B
MTULVJ7J]'X;I86Y&69Y8FA.;=O.=KHXJI:$JN>G**:S7W^:@&)^$.[;&CO:V
MDZMK=R]G.IO;,YXU_@G<';Q2Z5$,]',  RYAVKH=$=[V%R\GC)RM?3TM!I!7
M/HWJJ:&CA-Z3J:U0F=-?'=5-%7"\Q+AY[#XSYQ/"/ (SP86JETF Z7;_ '#%
M@HZ$D(J5-N- 2&L1<N<1>WU<JEH;J>VEJ5MXQNV :>07%'.N7N!"#:>3#X]#
M38>3[>1;5&VTEVMEK-2K :30I5Q#'-ZCYQD*MC3VQG,5P@KYU;@>,FCLUO(Y
MMR"]/!<==3ATAQ2E^>//A7PT*1]MM[%];.VS/ZI7=DO<.@M,0R;7;-GJVS6H
M" 54RJAL)'DK P0.E13W%=QM!!SN[6S6=467ZD@<_+313S6U\]T@U&&=E]!2
M0R_TEK#B]9K3B&O-K6.X,R;,!$BL&QN6E0:>ZY5L@R142YYS]-9+ICXTJ'/'
MRSR<HQ_?^6/>+/LK\U?QV\<U[<T_[_9^"/N>\O\ RAW+_P!SM_=+X^_8VKVW
MQJ.EIF2/Y%?9%E;VGBPG2/:"WLC]7,<.6RVEFLB<1<%4ZS(+<PRCM\\?/$Q/
ME,3YUGRGS_=_"OF6WT8_1C]*?$S,\9GSF9^?[KO+_P H=R_]SM_=PF]8C/;+
MY:^N6]Z]D"3[OQ%*GGPO6)^MI'ZVL?I17P!Q0PV%6A#.N<-HN(P2UBXRCO'E
M:EZ3QCY=_/SNX'U$EF%Z@7%:D#%6R*I+17C29\[WF?'^U.G_ "Q_]'XU.\R,
MP]NY?:W>FR%AZO5H9O&MN&2AFE)%) U]'2LQ$UXUCV^'$?@FW93/[E3[1;U^
M&51*-S17SV$ @%?4J^PN:=,([%@,10A(_-B]J<[?;FTYK:NCW<QFXBO[-@]'
M@]K[5<8I)=MORN0E2' *>L2A#N6)(ZPO7GJUHI96_H9B&3C[+KH%DA5"OW N
MJQC@H%S05.9YGU,UN**\06%;J<O&G.PH[VSW AZ#N+#[:U&"WPBKY[W<YLT'
M;][V5VC$: \395K>05)(+%]Z.$3/CNJJF,P;;PNUNYNY%,TFGVX8A1]M0OZF
M-95+<,]B^ZW1CIGK4]EJDBM>O7H2SFL9^K;0ME]FF2[?A?+]9+_=&AW<J,'Q
M(>T9 I!B[:*1B.-0KA!SU*:;\@T\A/MKN!O?9IW))\<<X@B9M^U6< &D-YQG
M9"C'J*]RJD5L.]Z&&2.,TGR\*=Q]M/53'IXRF_G,N(>JYT6T:Z *%4EE?DN4
M)*\??]WQCE[MT5'=1[M;([RT_2WQ<.F7E:Z?.(*R6KNC;VF:F49M U8*;IT\
MZ\]@U+W0UC8VFT#&2[B"IW#T56L.VWAX;FK<9Q@=^(4S:&5E>6+#H&S-9%S<
M9I-ZCU.W.X5].P^T[K9XZ8Y3Z=.\-$V/EG5Y=GH+5^)+W@U&2!N&G"T_/PKF
MJ]O;+7<4.:Z;& ,N-#"WP(&4SHMD>+J#S)3Z>ZE [07FL1L=;5I[_(>JRK+V
M>[VY]G[W;^<  @[+.SW9J]^)N)-2VT%5>$5NUZ6+%K5Z'2-/&WE'ACH=N[3>
ML@IW,[J8G6QEF<T':?PWXI)FF-.J!NI&RK<'2(3J"-%IY?"J15C!UC::>.5(
M-J''5IKMD?=?K%SF]$8^+&;:W*<@0DL2DTD52>YX*A1M6[P1U*9.IQ6:$*W+
MRD*O%NJ,=N>.$S'#S\(=N,)9Z^ ]VSW1JJ&@Q&-1MO!TNR5(.2(J-9).U>Y2
MU@?UI+R.+S-/H^.T^Y&6TR8?>&Y?-ICTSK#+EY[P-,G;[87NO+!WKW3!5N"T
MZ<]>TT@73X6:[<P=)3'^#]O9N\VTSF_$Y;8W-#91R%)'9A6@T!SVZU9GDGKW
MYZ<EQ<)F[.]\1R>WF%NS\?N3&[:=3LT?NQUS'OHOIJ&LP%MM:C]90'"5),(P
M^K?J4(,<JU,)9"F_Z[T!=1?T:&(K&@E\)UKNF."FFL;ML]V6:\T0/0Z"<V%<
M]8\?TYC_ /Q)+_IODL2WS?-^&?FC]_Q:]_.;?[^'Y(^YX4I:WY(X_P /X/'G
M%*?V5O[F+>-_+ 5>K&KA:^8"Q;$J&AWT#JBL:U!$O :D)'-,5M/#YI\22N.+
M4'7VWRG0,6C\BY97;O\ VHY\$4>592:#/*59L!%F!3^ @35H2D_EC[J.Q=<_
M%9F2%[>*2?U#/O%8S.,^P;/F07LX$YH\YO'#Y-G:SR9$)OF"0$,.&&;@-1<$
M\]*J$BL\XI^>?'ZW"_S]C_0?!.P.X"\GQ''[BQ=(V6:LW&KO'U*W(F=A:U(8
MHH_[LW%:L7]L3'AWF/H?S[N_,[U+P*O[NID_"/3@'_-9X9]_@HN>L\23S6X7
MCRX9ML?;VL=W,GN6@]!?X4R<R?=>O&YJI,">RV4[C'H#'=>\#@@>G$<UJV+4
MFGCK7T5T=1+MW/(.C ;777[9"$&?Z<IEBWDA* CK6+U;$GC/E/C7*4^A6VSW
M'VEW0UTRKQ%'^S6\!S,$#F5MRIG)VX&#UMS7M%K\MJ<:\M<AS9W7<M?M;N'L
MQ!*9R51J87<JRRFAS$3R@G=U.@I2(:->]YF.:T3:U[7OK,[>Q\?E3MD ]D5<
MH1%C]JO]R/(N 4^&V3ZC4=UMKLTO6XR+3%8BMN-Y5W?6:#FN%;N4#+;-E8C1
M)W4]VX]H--B H&M2K?LLH!:!=,8EZS6:WGA:,KM14C1,[(P4>WEC,7%9VZ2&
M>+-"0Y!A$"S5@"B;34=:\WYL1Y>$A9&_NX] =NXW:SMD[9G7U,G!JQ3/L9DN
M;<R>D,;AJ^H5D%N!9X<+5%8>TM.[OK8VY;9.UB*,J 4H[OY;.5I,U-Z*SAQ$
MJV1FJY[E7AVW6Y)FM(HIIF8TJG3#VJ$=1E6@4U[1V3[F;-XLG>\V,VQ-3\+1
MS#\J\D^?@^WF;.OC[+&GIZ%GUOA;' >RAAH:6;Z=_-:7MGGCMQ0T1:LDJP&M
MN?EXTD1,]W6SG%,[M1#/<"90QDK=H.=QN)/5]8DQ5ES1GNIP;LFZE3COY12W
M&TYS:M@[- #V&3L:1.WH?)W%MN(E8UCK[?97=6'T5T\I==>RRP&%1#Y(ZM;S
MP_:WN;X<38#VCC]M68SC%D&D\(K#FML61NL 25Y(:H VK,DN*+\T4KR4BQX"
M*#WK%;F@=8+>L<.%;$X<]JQP\)=T?M7W(%G/5TL]1 (NUOAP\[7;Q7=%'@;M
MDS]Q,F[?6]^QY-2(GEO''PD6-/2-E96B]K8W;Y80^'9NAHU<H4HRC2IHG M&
MBQZ8)#6$#J^4?5AZ2K2W<^^GJCSK9#NS2,4K^KG2S=H0W*ER)0HRB4Q)7*((
MY%U+^5N:? \1?:V<[MGX,C@-=NJ71NBQDHANK"HCMHL/HPZE;H,R$M9(*L<O
M)?W_  70(R\)SAC5SS!E/EQQXKT:019H"IE7H-QNL69ZE227EI'&.D+D_7=Q
M_P#Q)7_Y=\G2CZ(_;^._S_R?N8NQ^\/^[G_@\<M8BL1\T1PC[CTF_E+:%(B8
M$6]>1I;C^<JV.:,KS_8VB)^?P;8Q;GU^W*\;%M:L3H95?_SM15BAEHC_ )^E
M:Q'YU:^4S]P!I8MPL+%&<!ASRD$8-X((M+?FWI>L3'C+W(Y*M$'*^D&GL#I+
M?5M5BOGR4);ZRD>WIWK\DUN<-;1[:V+2)C\L3/'Q_E*_^.'_ '7B+4M6]9]E
MJS%HGYO*8\O;^Y[D_1K,_O\ S1^_/B9GSF9XS^6?N(.2/>GZ$?HQ^'\L_=VI
M>M;TO6:WI:(M6U;1PM6U9\K5M'BN]BAY>W-0W+(*?1R="T6O*L?@38BLV#^C
MPFGS5X_<:O:QB?S?56^(I4M/E#Z/"IZCC])E*W-;\2\?)O?^T+_]B5^3N5Y%
MEA)U+LCO]M-Q0Q%VE&EP[YEV5F VH4# "TBU+UF+5M'&/"%TD+IZF]W-C]O5
MKW!WCW1WHD!5WK<V@.F@_6PC F)GI#D76Y8K:]?*U0]OI9ZK6R!WNX.AIIX3
M3J)0=L.8B@[*8I>Z,PH+.3OCF\SH&Z'3X<M^I$TU-&4,3(!D)=E>M6;&UL-4
MT.\[9B]NG?.TEAN P#-$)T@00VG'($72)/-;XIW&.KR&IH]SYN+<60S@R]HY
MV:N]VPIF9F@0KZP.X:H/C_G9C7*W Y%?I%I7QF#=699;<N!8]\I)EA0#-XI!
M3%F.>RB$$F??)/E7V^%NBSKK[&@^EV_BWSM_?QQ!=VFA+2^TOC:F<)\>0MU&
MYH7C-J M6O#F\#2SW]*.FQVIV^;78T#L:X,K2[@QL+7US:K!):OH*Y#9CRQ-
M^I!*\_'F\;/:O;K;LH2'[/\ 6&H[WGMY-Q-.[G<HM=%;N"&7=Q46KG8@[R%?
MFGB,EN6>M/CN!:KKF2QVG=E=Z/VQ[KW>OI]P9^&?MK8R'=+GT-%]6_, 6&?D
M6.PSYS//2]WQ.F:)M]6=72&6W416HZ]IY:ZF->+<GPO//@'5I/(&Y[+RS:GU
M_/?[Y6GZ=_ZE?/\ K\/N*UGZ-??M^2/F_?G[SHX6C7BKHK6!:W")L$GT@,CX
M^756-6MZ_CKX?RG:<C><VPDQ7SX=58MA7FO&(XTM->-9^>/N.W=CFY:)ZJDL
M3QX?S0I/3NUX_P 90MX^1W7+K.+D=O2]@C"&U*<@1A]V;><\8'X_IQ__ #=?
M_C\?LHS%=7,NKH)-B=%2PW5-(K-VEV ^8[A(-JU)CYZ^(LIBHAM5A9NLP+FY
M&E.I*IZ\\VY2@ZMN68\XX^)JYC)$XN-/]2E) ?U;U*C>-#*]A,5L\*D5-PMP
M+6.%N,>#Y@@ RZ'-C&-"J2=U6Z8%Q6S<_2SS!LJ_D#J&!RO:(KT_*)KY3X3K
M?0YT =P+]S&QU<Q+/Q_BF<$5,KX8@#B/'74:'ZDD"XD88BLVOR1-+>%+M+A/
M=%J'4[%I%Y6;J$R\,!F?H&@#)*\8_-O/AEIO-298<S9QFRG7$6S.58A"VSC\
M]9ZJ=B&M,CGW?>GPSE1BIV1;.)ID9JV.0[2\CE5LC1[D;EI.0TZ!.?G!R5Y)
MKRQP$HKEJ# %ZFI6O3YYOITX<NB<A.<K3\36)ZQ)L3C6)X\8CPV=%%94SY.J
MV0(XI<]^LPS[\Q^;ZEPQ.'LZAKV^E>TS]\'7\%.;^5;A_P G[@A/TK<O[U8X
M_P#*^]$<'$13<RTM*W+[.N/JYQO+]*WH:WG\,W^YP=*9YIT,7+=FT\>,RTB
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MFNC3JEORUX-:@6=+,UV=5?9IJYYPPTJZOC4[?^H&XLXB18^53D($P2BO/O\
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M,;+79?=*>(HS4)=!BJJS"+/.>DVO,%^C>M?+P7?O\ "AG,?9F%G/'F/V9?\
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MF44S">U$8AAIHF\:+#,] L_%8A1:PB(Z+0% HK(&L,K$SUI'3LZK;@4B/!E
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MG-%P?T _'K!Z7%1Z9)4GICG0QZ7!4'IDU/ICH?\ Q[__V@ , P$  A$#$0
M$   )H41   ,M)!))        !%;7)$8 !<)))!)        K;:Y)(0
M          K;;7))(Z!.)))(!)(()((!#;:=69)) $3())!)) !))(%;:( !
M))&AV           );;   #I)(/]) ) (     !K:@   -Y)0=@)
M !;8    +))_R    !     !K;@    ))&NP(  (      /.6    ))(OR
M         U5@   (Y(QT0          .:$0  !(M *A  (((     !&N/@
ML!PA4P          !O9%_E^ !<,%) ))       !@=T._J!$!HY)!)(
M   &"AQ^ "               / ;_/R4 !(!))))!        Y?Q%H  !))!
M)!!         )?H   !"                     -R( ) ( !))
M    KX) ())( )            %' !       (           $( ! ( ) !)
M(          $F                     B8!(  ))              &O!(
M((!))                                    )E) )((
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M=\;$J?U*)'40QV!@A'^V-Z8<MRRU03 $ !(A(B-GPBB;!LZBU-2B!77<PB)
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M#T#:XKP8+%(?ARGG^D-B6L:)48R(SCHB@5?NG:T-#+1-"7MITG,8)A-?.*S
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M2%5M B(_27L"=+MO=\ C9PK)^(_26&2&@MIF>4)@'!'@)C#*8)U*'A@ +&N
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M0P9<4,J +\T]-4B)")D39-SQV^Z [8Y' ;K>O]RO?=>3+S"P@0%@W\W$T'T
M[H<ENTG)#:C)E)*#J$L#>[E 6DBSGPA@J:I0!9!$D+(Z9MU:PP8U0%0V"-Q\
MT$_4#EU 4!)X!9MB79!(K2SL^ ;/3<21$11'SX3]8.[%3C %Y>'=;G()YGN1
M" -Q$A-7#>F9 $PF #VK_)H[;Z\%3.4.KYDMX<5"C919%F@4*$!!8E"]#4_
M/]HO9H.'R*W*%>SXG\(0#CA]C-,R!'1>\5SP.%9L-B^AHCQ: 93 @NQ=M#T\
MP'A7CPRVY(&8=I'3D39&]-*=@,)UI4YDYO/"'%.R0"@W$43BF_*=LW0NZ)>
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M@B,+!C(EGE5W\Y(<6QF8-PK2[*7&92"P,IIHG@7(5D1WD%KCW\Y23(#OQ2]
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M[07NZ?7<!LC@SBV!2VBY1U  B,B-Q$LB8?':KHDE^2(L%HK_ !Z-IS=,1<N
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JTP]+9: @CTM!AS76H1),>EYM,7I:C+FNE0 08]+8,:1DGTO+3#_X]__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>j2179332_ha006.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j2179332_ha006.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ - ## P$1  (1 0,1 ?_$ :(    & @,!
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MAI*U<'-)403A9U?W7NMHK_9:OCGIT?Z >D]'^AO_ &771_HKV+I_V7WR^?\
MT%:?X#;_ $-^?U_W8_XLFOG[:_OW7NB-_"S^7_O[X<_,S^89W1B.U-O[O^/_
M ,Y.R-N=_8[KS(X"MI.Q.LNZW@R5)V$B[C@G_@N>V/N5:\2TRO$E52B"GA"_
MMSSU?NO=6G^_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NL-13T]93STE7!#54M
M5#+3U--41)/3U%/.C1303PRJT<T,T;%65@59201;W[KW61$2-%CC541%5$1%
M"HB* JJJJ %50+ #@#W[KW47(X['Y?'UV)RU#1Y3%Y2CJ<=DL;D::&MQ^1Q]
M;"]-64-=1U*2T]71U=/*T<L4BLDB,58$$CW[KW2=V+L#8?5VUL7L;K/9.T>N
M]E81:A,+L_8NV\-M':V(2KJIZZK7%[?P%%C\3CUJJZIDFD$4*!Y9&<W9B3[K
MW2N]^Z]U1+_,'^0??ORR[_E_E(_ 3>^0ZT["K-KX;=_SV^7F"'G?X<]#;LB%
M1A=E;+EBEA,WR3[RQ D3"P++#58?$S#(H8A(*_'>Z]T5[_A.C\/_ (Q=.[O_
M )DG=_Q@V>V!ZE?Y,TOPOZ6R^2R3;DS6[>M_A[L_"[;WAVO-NJ6"'^+U7>?=
M&Y<YF:^6G6"C=J.FB@IZ>GI:>%/=>ZV>_?NO=>]^Z]U[W[KW7O?NO=5%_P V
M?Y]]C_%'9'5GQ]^)>U*7M+^87\TMS9+JGXE=<5"TLV+P%;1T,=3OGOC?_P!Z
MK8ZBZYZ;PU6E?5-5@T\]4T*S+]E'734_NO=5-?\ ";3X ?W<R_SU^6/S BVG
M\D_F7B?G_P![= 8WY.;SH/[^;HKZ'X[5N.V+N;?/76[-W4T^;V]C]X;_ !E8
M8Y*>.BJ?L,930MIB2.&/W7NMMGW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[
MW[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW06]X]
MK8+H?I3N#O'=,;3;9Z:ZM[ [6W%$DZ4K2X+KO:>6W?EXUJ9$ECIV?'X>0"1E
M8(3<@@6]^Z]UK]_ 7>55\2OY$G?7\RK?F3I\K\D/DSU!\AOYC/<6^6>26IW-
MVIV+M_<FX^G]GXJ>N:NJL;M_:^V:?;>W</C6E>BH)5D,:Q)-(![KW1UOY!G1
ME9\?/Y0/P6V;EJ>JAW#NOIV#N[<DF19GR]3F?D'G\WW=*^8DD_RDY*FI-^PT
MSK-^_"(%BDLR$#W7NK@/?NO=>]^Z]U[W[KW7O?NO=:KFV.]]H8[^8#_/%_FU
M]S/2YK9G\L7J;$_"WXW8>NJHWH\15;*V%)VGWAB<>_C:&GWEV/W%F,?AZ*HB
M"54<&5DHI'9&]^Z]U;E_)SZ8W1T5_+0^(^U-_I,O9N[NM6[R[7-9"L.4_P!*
M?R-W#F^^^P:;,D"\F6Q6Z>QZFBF)9PII@BLR*I]^Z]U9C[]U[KWOW7NO>_=>
MZ][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWO
MW7NO>_=>Z][]U[HNGS!Z8K?D=\2?E)\><;5QT&0[Y^.?=W3%!73.(HJ.M[1Z
MSW-L>EJY9""(XZ>?.*[,0; 7]^Z]UI(5'RNR/R!_X3/?'O\ EZ8C)0[<^7&^
MOEKTC_*4WKUM]U$-\;)W3MWO3^-XY<IMN&096'&UW5.PZ*DKYI8XZ4SU%53^
M5F0W]U[K?8VAM7![%VGM?9&V:-<=MO9VW<)M7;V/0EEH<'M[&TV(Q-&K'EEI
M:"CC0'\A??NO=*+W[KW7O?NO=>]^Z]U[W[KW6M#V;_(;[2[8^;'R SNYOE%@
MZ3^61\H/DAUG\RN]_A]A]C&GWGVCWCUOB\;&-D[GWA+Y*(]2;MW?B*;/9DQR
M^>NDIX:84<4\$637W7NME[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW
M7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^Z]U[W[KW7O?NO=>]^
MZ]UJG2?] _W_ $$,[9_@7\4_X<R^\W7_ !'^ZU_]EG_V83^Z.8_BG][]?^X3
M_9D_[N?=7^S_ ,C_ ([_ ,"_]_);W[KW6UC[]U[KWOW7NO>_=>Z][]U[KWOW
B7NO>_=>Z][]U[KWOW7NO>_=>Z][]U[KWOW7NO>_=>Z__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>j2179332_za007.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 j2179332_za007.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ & !' P$1  (1 0,1 ?_$ :(    & @,!
M      <(!@4$"0,* @$ "P$   8# 0$!            !@4$ P<"" $)  H+
M$  " 0,$ 0,# @,# P(&"74! @,$$042!B$'$R( "#$403(C%0E10A9A)#,7
M4G&!&&*1)4.AL? F-'(*&<'1-2?A4S:"\9*B1%1S148W1V,H5597&K+"TN+R
M9(-TDX1EH[/#T^,I.&;S=2HY.DA)2EA96F=H:6IV=WAY>H6&AXB)BI25EI>8
MF9JDI::GJ*FJM+6VM[BYNL3%QL?(R<K4U=;7V-G:Y.7FY^CIZO3U]O?X^?H1
M  (! P($! ,%! 0$!@8%;0$" Q$$(1(%,08 (A-!40<R811Q"$*!(Y$54J%B
M%C,)L23!T4-R\!?A@C0EDE,88T3QHK(F-1E4-D5D)PIS@Y-&=,+2XO)59756
M-X2%H[/#T^/S*1J4I+3$U.3TE:6UQ=7E]2A'5V8X=H:6IK;&UN;V9W>'EZ>W
MQ]?G]TA8:'B(F*BXR-CH^#E)66EYB9FIN<G9Z?DJ.DI::GJ*FJJZRMKJ^O_:
M  P# 0 "$0,1 #\ W9-X]K[LRN>S^V.LHL/1T6T)XZ'>._=P4]5DJ"@R\R,(
MMM;;PE"\=3N#<K2E4\:EE64B)EU,#[%5CLUE#;Q76[%VEG!,4*$*2@R9)'.$
MCH":\:#56@/1!=;G=2326^W!1'$:22L"0&/X$499ZT%/7%.'3'D=F=X_PRGS
M.[]QT'8="E%5OEMC4T;;"K:6%F,L550Y3 Y23#Y3/4E*O$-8'H$J'($CA(Z@
M/Q7NPF<V^WQO:2E@%F-)@3\UD74JD^:48BA9?PAF2VW<1":\=;B, EHQ6,@?
M)D;2S >354&ND_B(B_'C*OF^H]MY(U>4K*>:NW;#CGS,\-5DX,31;RW!08J@
MJ*J">H2=,=CZ:."$LWE6"-%EO(KDE',44<.\SQ1J%"L*@"BZM(UZ104756GR
MZ,MFD>7;(I')8E30G)TU.FISG32OSZ![L;YH]?\ 6_R\Z2^(^7BI#N7N;:VY
MMP4N<?-4L,>#K<,I&$P%3BUAFJI<ENJ92M*&:%2JD@MP"=[9R1N6Y\E[CSK$
M:6.WSPQE:'O\2H=@?+PBT6H$9$@H<$=!3=O<#:MIY]VOD&85W'<[:>4-J \/
MP@#&K*<GQ@LVD@X,1J*,#T9_?.^=K];;6S&]MZ9&3#[6V_22U^;RZ8W*Y2'%
MX^!&EJ<A6PX>AR%7!04L2%Y9FC\42#4[*.?86V^PN]TO(["Q77=RM1%U*NH^
M0!8@5/ "M2<"IZ&&Y;E9;18R;EN+^'90KJ=M+-I7S8A0QH.)-* 9- ">@ V/
M\X_B1V+F=L;?VEWWL"LR^]X_)LBCR60J-MG>W+#Q;-FW-28>FW74C23XL>]1
M* +Z;<^Q'?\ (/.6V6\UU>;=<K!;_P!J54/X6*UE"%C&*?B<*/GT%MM]R.1=
MWN8;2PW2U:XN?[$,QC\;-*0F0()6K^&,LWRZ7'<7R6Z/^/\ /MV#N/?M'L,[
MMJXL=MF?+8G<,M%G,K-(\<.'QN1QV(K:"IS<K1DK1+)]TRV81Z6!)?LG*^_<
MQB4[);M<> NJ0*R HO\ $0S A?5J:1YGHSY@YOY<Y6,(Y@NEM?J&TQEE<AV_
MA4JI!<^2UU'R'7#K/Y.="]PTN]ZWKKLS ;@H^M0K;_JW7(X6GV>K44V2+[@F
MW!0XJ/&I%CZ=YY#(0(H1K?2I!][W;E7F'8VMTW2UDB>[KX([6,E"%.C06KE@
M!3B305ZULW./+/,"7+[1>13)9T\<]R"*H+#7K"Z>U237@!4T'2"P_P Z?BCG
M<E'CL?W!BU2HV_NK=F/SN2V_O+";,S6UMCX/([FW;N3;V_<UMS'[)W'@<!M[
M$U-;45E!D*BG6GB+ZRMB3&?D#F^WB,LED]1)'&R*\;2K)*ZQQH\*N94=W95"
MNBMJ-*5Z*[?W*Y(N9A#%?I0Q2RJ[)*D+QPHTDLD<[QK#(B1HSLZ.RA036G6;
MXYXB3(81FR5,\1VANW>@RR3:HYLEV/5[DS*93(UT8($ZX3;KT4-.S%HWFGD8
MHLM/&PUS1,L=S2(@^-#%I(_# $72H_T[ZBWR5:&C&IML41>&L@_LI)*_.4NU
M6/\ I5H!]I\P*+SMS-5F9GQG4FW)9%W#O9&&4K::/[AMK[41RN4W!6(AC^T_
M922.C=YJ=I*WQK$78, 7;-"ELK;W=#_%[<]@/^B3<44?)?C<^0'SZ6;G*TQ7
M:[<_KS?&1^"+\3?:?A7U)^73AU%CH\#C=\0Q0PXW;4&]\@^UTCDC&*@VK2;<
MVU24<V.F\\R"A>2DFDD8OQ4&6X6VD(MRFFN98YK@EKIH@6/F22Q!/VH5/V$=
M*K&..%'CA $"R$+Z   &GV-J'6N-\C<]NCMOKGO[YD;,ZO[KK>QMI_*# =K=
M&=CX/8M55;7Q_4OQLDR6P3#C=WT=:K>+<3U&>:9XJ9X)(HX&_<*ZSE'RQ96F
MQ[KMO(E]=V46U76SR6U] TBB?ZO<4,NH)329(B;6)2Y;MCH!4@]8=<VW]YS#
ML^Z^XFW65_-O%GOD=UMUPL3M;_1;8XBTE]6H13 7<KA O?)4F@(ZO:W_ -G[
M?[J^!W9';&UJNDK<#V!\6^PMT4,U%.M331G)]99R:JHEG7B23'5IDIY/Z21,
M/Q[QLDVNYV/FO]S7HI=VM^(G_P!-'+I/&AH:5&!CK*N+>+3F#DX;[8&ME>;<
M9D./ADAUC@2*@&AH3GSZHQVQNWKKY _!+^7!\/\ $?WKV]W/N;LCKO.[6W9O
M3K;LWKC:^WZ?KO<&;W;N[-;$[,WGLS";.W_F8,4%HH*;;==EV>JJ%D93'"6&
M1]U8;KRO[G<V\]2&WGV&!MP,L<5Q#,[FY:1(89X(9'EA E96E,\:+&(G-2RJ
M#BQ9[ELW-WM)R7[=Q_4V_,5RNV"&6:VG@CC%HL;SSV]Q-''#.3"K+"+>21I#
M+&*!68BP[^;?/D,'L[X2U&,Q>1W9D\5\X^BWHL1#6XVDRNX*JEI=Q!*6/(9>
MJQV)AKJYE_SE1-!!K-V=1R(T]FHXIKCF**>188'Y8OPSD,0BD(&<JH+$**FB
M@L:4 KU*WOM)+!;<L301M-.G-VW,L8*JTC R%4#.512YHNIB%%:D@=&,W?M?
M<WS#Z:^5_4.Z.F]X?&'=N\]G5_4,>\-R9#9&<R>Y*;,[/&1PV:BRO7.?S]#F
M-I8ZIW U//2G(&9HFJ8&6!V95#5G=6G)>^;/O5G?0[M:6]P+GPT65%C*R ,N
MF=$*R.$!#!*5"FK #H67UE>\^\O[YL-]M\^S7MS;&U$LC0R-('B8H^JWD<-&
MAD(*&351G6BDGHDW4_R:[4W=MO>'\O3Y&]6;=ZC^?.S.D>PZ7XU[CS-)1Y#I
MKNK)TW5>[]E[;['Z\S!HYJ6@EDQU95C*T"1NJX\UJ (Z5=!2#[=^5MHLKN'W
M+Y8NY;WV\GW"%KZ-25N;53<1RO!,M02 P7PW)KK\,U(*2O&^R<W[U?V<_M1S
M;90V'N=;[;.NWR. UI=L+66&.X@?20I*EO%0*1H\0  AXDL.IX^T=L;QW33;
M VAGAEMQ;FW149UMSPTIZQK(ZW*5U9MK>F-W!#DDR5#E*;"5--3UE+%35/W*
MTPA:-)(UF,;.=HO+&%MRGC\&*&,)X9/U (50\3(5*E2X9E8L-)-:D$KU-BC<
M;:[D%E$_B/*Y;73P2"Q*2!@U0VDJ&4 UI2@(!Z$38&P-[8*#*39BHQ4>Y]T5
M(J-V;T&0ERV7E41RA<=MS%R8>DH,7C*'6!2M//4$.SRRPN2$]EFX[E87#H(5
M<V<(I%#ITH!QJ[:V9F8Y>@!;R8=+K.RNX58RE1<RFLDE=3'Y*-("J!A<D#^'
MIE^2&S>Z<MT/O#KGXS4/6U%O?=>WL]MBBSG9F[]Q;6PNV!N&AK8:S=3?W=ZX
M[(K]U9DUE8\TM/-'1&JEE>5ZL.3J=Y7N^7X^88=QYN^I?:XI5D>."*.1I=+J
M?"(DEA5(V4$%@6H %"4-5+.<+3F:?EJXVWDSZ5-YFB>))+B66)80Z,OC*8X9
MVDD1B"J$(":L9 1I9RZ+Z5I>O/C)UWT%N3#8*BI]N]58[KG<V,VQF<AF\)6.
M,&</N&KH<WD\%MG)5W\=FEGJI)9:"FD\U0UTXN6.8=\EW7FF\YB@DD,T][).
MKLOAN"TA=3I5Y-!7% )'I3#'CT_RSR_#LW*%ERQ<11""WL([=XU8RQD+&(V&
MIHXBX;-28DU5-4'#HB/QM^)WR_Z0^)W>7Q+SS]![LVEDL'VOMOX^YZ'M?LRG
MR6WMK]@IF:+#[5WS35O2%7!1T.VJ/+&5*G'M6,T@:,PMK\RC_G+FODGFSFNS
MYL4;C;W+BW-]&(("&DC"^(]NWU(!U:0JAT08\0Y)01MR+R;S]R9R;?<F,=KN
M;2,W*[=(UQ<!EBE9C%'<K](2-&HNS))(<^&,*)"\;._EZY;>OP&ZY^)7R#DV
MEM[L7J&AI*GK/MOI[=NY-PUNS-^8')5N8VOV+MZNS^RNO,IC*ZAKZA!/CS'/
M%-$I'G$GCDC;NO<>+;?<N\YYY;$TNWW]S-)/;W,:1K)%<.S2VSJDLZNFDC2Y
M_& WAXH7+/VLFW3VGL?;SFDPP[EMMK;Q6]U:RR2-%-:QHL5U&SPV[QOJ4ZHQ
M7L)42]U0'O=WQA_F*]V=9_&[:.[JKXF[DWQ\>>]]D=LUG8U7VGVWMY.U*'KX
MUL&,CRNTZ/X_YQ-G;@W!15A-=)#D<I3Q5'KC#K="9[!S3[9;!N>[7-D-YCVO
M=-LGM!!X%O(UO]0%#Z9FO%,JQD'P]2(Q6@<E@68IYDY/]V>9-HV6TOSL4N[[
M/N]O>M<&XN8UNOI68IJA6Q80O("/$T2.@;44 4A5.7F:'YV[NVSV7+]O\=NJ
M=TIC.MJCI_![<[,[#[+P53N?;.]Y=Q[Y'8N\<CT=U=FL9MC?6VH*;"&FQV)K
MYZ6$SS+(7D"J!HVY M+JT56W.[M"TXNG>"&!Q')$J0F",75PK20N9)=4DBJQ
M\-:4!)D*5/<F]M+UG3:;*]"6QLTCN)[A#)'*\DXN96L[9UBF011:8XG95\1M
M56  3[OZ4^3/>';O1O>O9?6O1NP\M\6,9VKN_K;9.VNX-T[XR797;&\MB5&T
M,1@=R[\K>D]H)UOU>LDOGJ9Z2@SN0J)D@D>E00&*4[LM]Y5V#9MPV#:KK<+B
M'=VMXYY7MHXE@MXY1(SI$+J3Q[C&E0SQ(H+ .=5007_+O./,F^[;S)O%GMMK
B/LJ7,MO%'=23-<7,L)B1))C:1?3VV=3%4FD8A24&FA__V0$!

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