<SEC-DOCUMENT>0001104659-22-032032.txt : 20220309
<SEC-HEADER>0001104659-22-032032.hdr.sgml : 20220309
<ACCEPTANCE-DATETIME>20220309161813
ACCESSION NUMBER:		0001104659-22-032032
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20211231
FILED AS OF DATE:		20220309
DATE AS OF CHANGE:		20220309
EFFECTIVENESS DATE:		20220309

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:		22725588

	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>
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<p style="text-align: center; margin-top: 0; margin-bottom: 0">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>

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

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<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>

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

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

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

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

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

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

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

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    <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>
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    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&#xa0;</td>
    <td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&#xa0;</td></tr>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#xa0;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Ian Fitzgerald</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">2000 Avenue of the Stars, 12<sup>th</sup> Floor</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Los Angeles, California 90067</p></td>
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    <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>,&#xa0;Esq.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Willkie Farr&#xa0;&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>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Registrant&#x2019;s telephone number, including area code: <font style="text-decoration:underline">(310)
201-4100</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date of fiscal year end: <font style="text-decoration:underline">December&#xa0;31</font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date of reporting period: <font style="text-decoration:underline">December&#xa0;31, 2021</font></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><font style="text-decoration:underline">Item 1. Report to Stockholders.</font></b></p>

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<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>
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<!-- Document name: 22-7511-2.aa-->
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<p style="margin:0pt 0pt 0pt 0pt; text-align: center;"><font style="font-size:21pt; font-family: Arial, Helvetica;"><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; text-align: center;"><font style="font-size:14pt; font-family: Arial, Helvetica;"><b>Annual Report</b></font></p>
<p style="margin:0pt 0pt 10pt 0pt; text-align: center;"><font style="font-size:14pt; font-family: Arial, Helvetica;"><b>December 31, 2021</b></font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Beginning on January 1, 2022, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund or your financial intermediary electronically at any time by (i) calling 877-855-3434 toll-free or by sending an e-mail request to Ares Dynamic Credit Allocation Fund, Inc. Investor Relations Department at ARDCInvestorRelations@aresmgmt.com, if you invest directly with the Fund, or (ii) contacting your financial intermediary (such as a broker-dealer or bank), if you invest through your financial intermediary. You may elect to receive all future reports in paper free of charge. You can inform the Fund or your financial intermediary that you wish to continue receiving paper copies of your shareholder reports by (i) calling 877-855-3434 toll-free or by sending an e-mail request to Ares Dynamic Credit Allocation Fund, Inc. Investor Relations Department at ARDCInvestorRelations@aresmgmt.com, if you invest directly with the Fund, or (ii) contacting your financial intermediary. Your election to receive reports in paper will apply to all funds held in your account, if you invest through your financial intermediary, or all funds held with the fund complex if you invest directly with the Fund.</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Contents</b></font></p>
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 164px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:9pt; font-family: Arial, Helvetica;">Letter to Shareholders</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 26px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:9pt; font-family: Arial, Helvetica;">1</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 164px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:9pt; font-family: Arial, Helvetica;">Fund Profile &amp; Financial Data</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 26px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:9pt; font-family: Arial, Helvetica;">4</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 164px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:9pt; font-family: Arial, Helvetica;">Schedule of Investments</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 26px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:9pt; font-family: Arial, Helvetica;">6</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:9pt; font-family: Arial, Helvetica;">Statement of Assets and Liabilities</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 26px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:9pt; font-family: Arial, Helvetica;">14</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
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</tr>
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 164px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:9pt; font-family: Arial, Helvetica;">Statement of Operations</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 26px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:9pt; font-family: Arial, Helvetica;">15</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 164px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:9pt; font-family: Arial, Helvetica;">Statements of Changes in Net Assets</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 26px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:9pt; font-family: Arial, Helvetica;">16</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
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</tr>
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 164px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:9pt; font-family: Arial, Helvetica;">Statement of Cash Flows</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 26px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:9pt; font-family: Arial, Helvetica;">17</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
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</tr>
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 164px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:9pt; font-family: Arial, Helvetica;">Financial Highlights</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 26px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:9pt; font-family: Arial, Helvetica;">18</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 164px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:9pt; font-family: Arial, Helvetica;">Notes to Financial Statements</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
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<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 26px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:9pt; font-family: Arial, Helvetica;">19</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
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</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 164px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:9pt; font-family: Arial, Helvetica;">Audit Opinion</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 26px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:9pt; font-family: Arial, Helvetica;">35</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
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</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 164px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:9pt; font-family: Arial, Helvetica;">Proxy &amp; Portfolio Information</font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Letter to Shareholders</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">As of December 31, 2021</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:13pt; font-family: Arial, Helvetica;"><b>Dear Shareholders,</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">We hope this letter finds you, your families and colleagues safe and healthy. We thank you for your support of the Ares Dynamic Credit Allocation Fund, Inc. ("ARDC" or the "Fund") and recognize the trust and confidence that you have demonstrated in Ares through your investment in ARDC.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In 2021, the Ares management team at ARDC generated another year of solid performance across ARDC's portfolio of high yield, loan and CLO investments, and we continue to see significant opportunity in the year ahead. This letter provides our assessment of the market environment, trends we expect to develop in 2022, and our portfolio strategy.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Economic Conditions and Market Update</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Economic growth remained very strong and above trend in 2021 as consumer spending picked up and unemployment declined to a pandemic era low of 3.9%.<sup>1</sup> With estimated real GDP of 6.0% for the fourth quarter and 5.6% for the full year,<sup>2</sup> the U.S. economy is on pace for one of the strongest growth rates in decades. Supported by a strong economy, financial asset prices rallied over the course of 2021 as COVID-19 fears eased, demand surged, and monetary policy remained accommodating. The impact of the year's recovery on investor sentiment is illustrated by the performance of U.S. equity markets as the S&amp;P 500 returned 28.7% for the year.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Activity within the corporate credit markets was robust in 2021, marked by record new issue volumes of $465 billion of high yield bonds and $615 billion of institutional loans.<sup>3</sup> Credit conditions were benign with annual default rates of 0.27% and 0.48% for high yield bonds and leveraged loans, respectively, as compared to 6.17% and 3.95% in 2020.<sup>4</sup> In fact, there were only 21 defaults or distressed exchanges in 2021 totaling $13 billion as compared with 109 defaults or distressed exchanges in 2020 totaling $141 billion. Over the course of the year, both high yield bonds and leveraged loans continued to rally, delivering similar returns of 5.36%<sup>5</sup> and 5.40%,<sup>6</sup> respectively.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">CLO issuance reached record levels as the benefits and resiliency of the CLO structure were demonstrated through the depths of the pandemic. As a result, global CLO issuance volume totaled $535 billion in 2021, surpassing the previous high of $336 billion in 2017.<sup>7</sup> Both new issue CLOs and refinance and reset transactions were active. In 2021, 468 new issue CLOs priced globally totaling $229 billion, which compares to $118 billion across 281 transactions in 2020. Refinance and reset transactions totaled $306 billion, comprising 57% of total global issuance volumes, as the potential cost savings offset the wider CLO liabilities.<sup>8</sup> CLO performance was also strong as BB CLOs generated returns of 11.20% through December 31, 2021.<sup>9</sup></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">With respect to reference rates, in late July, the Alternative Reference Rates Committee (ARRC) formally recommended Term Secured Overnight Financing Rate (SOFR) as the fallback rate for LIBOR beginning on January 1, 2022, thus paving the way for the issuance of leveraged loans and CLOs linked to Term SOFR. We will continue to monitor the shift to the new SOFR regime and believe this transition will be manageable.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As 2021 drew to a close, the impact of the Omicron variant, supply chain imbalances, rising inflation and the prospects of a less accommodative Fed began to create volatility in the leveraged credit markets. In our view, the economy is transitioning into a reflationary mid-cycle phase that will be accompanied by moderate economic growth and continued attractive corporate earnings growth.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Portfolio Performance and Positioning</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">For the calendar year ending December 31, 2021, ARDC has generated net investment total returns of 10.28% and market price-based total returns of 23.10%.<sup>10</sup> While there is no single established benchmark that reasonably compares to ARDC as a whole, ARDC's high yield and loan segments of the portfolio have outperformed their benchmarks by 96 bps and 61 bps on a gross basis, respectively, in 2021.<sup>11</sup> The CLO segment also outperformed the most comparable measure of BB CLO performance by 285 bps based on gross returns, during this period.<sup>12</sup></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">During 2021, we pivoted ARDC's portfolio positioning as the leveraged credit markets adjusted from an economic reopening phase to a reflationary mid-cycle phase. With respect to our asset allocation, we decreased our exposure to bonds by 580 bps and increased our exposure to floating rate loans by 650 bps over the course of the year to enhance performance in an increasing interest rate environment. In addition, due to the strong pricing environment, we took the opportunity to rotate out of certain CCC-rated investments in favor of BB-rated assets, increasing our exposure to higher rated BB securities by 490 bps.<sup>13</sup> Looking ahead, we expect strengthening market fundamentals, such as low default rates and ample cash balances, to continue to drive a supportive technical environment.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>1</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Letter to Shareholders </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">As of December 31, 2021</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In 2021, we increased our allocation to CLO debt by 160 bps and maintained a relatively consistent allocation to CLO equity. We continue to believe CLOs provide an attractive opportunity for differentiated returns. In today's market, BB-rated CLO debt offers approximately 450 bps and 470 bps of yield premium, respectively, for similarly rated loans and bonds.<sup>14</sup> CLO debt also typically possesses attractive risk-mitigation features, such as over-collateralization, active monitoring, and portfolio diversification,<sup>15</sup> which do not exist when investing in single-borrower securities. As a result, CLOs experienced fewer loan defaults and realized losses than the broader loan market during the pandemic.<sup>16</sup> Importantly, at Ares, we seek to further mitigate risk by conducting comprehensive credit analyses, including tracking every loan held within every CLO on a daily basis. Looking forward, we continue to favor new issue transactions with high quality underlying portfolios and ample reinvestment periods. We are also engaging with select top-tier managers to source opportunities on a direct basis.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As a testament to our strong underwriting, we incurred no defaults across our loan, high yield and CLO securities during 2020 and 2021.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Looking Ahead to 2022</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As 2022 begins, we believe leveraged loans, high yield bonds and CLOs will continue to be supported by the favorable fundamental backdrop of positive GDP growth, robust access to capital and limited defaults. At the same time, we are closely monitoring the impact of Fed actions, midterm elections, the rise of new COVID variants and geopolitical events. With the changing economic environment, we expect increased credit dispersion relative to 2021 as we foresee a transition from a liquidity-dominated market to a fundamentals-driven market. We expect this transition will present a compelling opportunity for active managers such as ourselves to generate alpha through deep fundamental credit analysis and in-depth due diligence.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">We believe ARDC is well positioned in this environment due to our strategy of maintaining a highly diversified portfolio with low duration to mitigate the impact of changing interest rates. Reflecting this approach, ARDC's portfolio has an effective duration of 1.62 years and is diversified across 219 issuers and 25 industries. The average position size across ARDC is 0.40% and the largest position is 1.3%.<sup>17</sup> Heading into 2022, we will continue to leverage the strengths of the Ares platform, including our tenured portfolio managers and quantitative risk team, to remain active and tactical in our rotation amongst asset classes, sectors and specific credits.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Best Regards,</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Ares Capital Management II LLC</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Ares Dynamic Credit Allocation Fund, Inc.</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Thank you again for your continued support of ARDC. If you have any questions about the Fund, please call 1-877-855-3434, or visit the Fund's website at www.arespublicfunds.com.</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><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 communication is distributed for informational purposes only and should not be considered investment advice or an offer of any security for sale. This material may contain "forward-looking" information that is not purely historical in nature. No representations are made as to the accuracy of such information or that such information will be realized. Actual events or conditions are unlikely to be consistent with, and may differ materially from, those assumed. Past performance is not indicative of future results. Ares does not undertake any obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise, except as required by law.</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><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>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>2</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">As of December 31, 2021</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;">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; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;">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; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;">ICE BofAML BB US High Yield Index ("H0A1") is a subset of ICE BofAML US High Yield Index including all securities rated BB1 through BB3, inclusive. Inception date: December 31, 1996.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;">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; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;">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 funds, the value of their investments and their portfolio companies. The information herein is as of the dates referenced and not all of the effects, directly or indirectly, resulting from COVID-19 and/or the current market environment may be reflected herein. The full impact of COVID-19 and its ultimate potential effects on portfolio company performance and valuations is particularly uncertain and difficult to predict.</font></p>
<p style="margin:0pt 0pt 13.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">REF: TC- 02645</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><i>Note: Past performance is not indicative of future results.</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><sup>1 </sup>U.S. Bureau of Economic Analysis, The Employment Situation &#x2014; December 2021, January 7, 2022.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><sup>2</sup> The Conference Board, January 12, 2022.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><sup>3</sup> S&amp;P Global, LCD Quarterly Review, Fourth Quarter 2021.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><sup>4</sup> J.P. Morgan Default Monitor, January 3, 2022.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><sup>5</sup> Measured by the ICE BofA High Yield Master II Index ("H0A0").</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><sup>6</sup> Measured by the Credit Suisse Leveraged Loan Index ("CSLLI").</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><sup>7</sup> J.P. Morgan CLO Issuance Package as of the respective years.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><sup>8</sup> Based on Ares market observations.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><sup>9</sup> J.P. Morgan CLOIE Monitor, December 31, 2021.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><sup>10</sup> Net investment total returns reflect annualized NAV-based total returns assuming dividend reinvestment. Market price-based total returns reflect annualized stock-based total returns assuming dividend reinvestment. Past performance is not indicative of future results.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><sup>11</sup> Reflects the gross unlevered returns of ARDC's respective loan and high yield portfolios in comparison with the Credit Suisse Leveraged Loan Index and ICE BofA High Yield Master II Index.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><sup>12</sup> Reflects the gross unlevered returns of ARDC's CLO portfolio in comparison with BB CLOs as measured by the J.P. Morgan CLOIE Monitor.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><sup>13</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; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><sup>14</sup> Source: J.P. Morgan CLOIE Monitor, Credit Suisse Leverage Loan Index ("CSLLI"), ICE BofA BB US High Yield Index ("H0A1"), Dec. 31, 2021.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><sup>15</sup> Diversification does not assure profit or protect against market loss.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><sup>16</sup> Source: Ares Insight database, S&amp;P LCD and Ares market observations as of December 31, 2021.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><sup>17</sup> As of December 31, 2021. Diversification does not assure profit or protect against market loss.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>3</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021 (Unaudited)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Portfolio Characteristics as of 12.31.21</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Weighted Average Floating Coupon<sup>1</sup></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5.93</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Weighted Average Bond Coupon<sup>2</sup></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7.29</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Current Distribution Rate<sup>3</sup></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7.16</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Monthly Dividend Per Share<sup>4</sup></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">0.0975</font></p></td>
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<p style="margin:1pt 0pt 1pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">1 The weighted-average gross interest rate on the pool of loans as of December 31, 2021.</font></p>
<p style="margin:0pt 0pt 1pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">2 The weighted-average gross interest rate on the pool of bonds at the time the securities were issued.</font></p>
<p style="margin:0pt 0pt 1pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">3 Dividend per share annualized and divided by the December 31, 2021 market price per share. The distribution rate alone is not indicative of Fund performance.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">4 Represents the Fund's December 2021 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; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Top 10 Holdings<sup>5</sup> as of 12.31.21</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Tegna</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.27</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">MGM Resorts International</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.22</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">EQT Corp</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.18</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.17</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Seagate</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.16</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Blue Racer Midstream LLC</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.15</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Modulaire</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.13</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Caesars Entertainment Inc</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.10</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Artera Services</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.10</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Altice USA</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.09</font></p></td>
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<p style="margin:2pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">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; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Performance as of 12.31.21</b></font></p>
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<font style="font-size:8pt; font-family: Arial, Helvetica;">1 Month</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 40px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3.38</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 37px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.32</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 87px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Year to Date</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 40px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">23.10</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 37px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">10.28</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 87px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">3 Years (annualized)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 40px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">15.15</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 37px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">8.43</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 87px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">5 Years (annualized)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 40px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">10.36</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 37px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.70</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 87px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Since Inception<sup>6</sup></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 40px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.22</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 37px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.04</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">6 Since Inception of fund (11/27/2012) and annualized. Source: Ares</font></p>
<p style="margin:0pt 0pt 2pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">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>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Portfolio Composition as of 12.31.21</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><img src="j2275112_ba003.jpg">
</p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">This data is subject to change on a daily basis. As of 12.31.21, the Fund held a negative traded cash balance of -2.81%.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Fixed vs. Floating Rate as of 12.31.21</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><img src="j2275112_ba004.jpg">
</p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">Excludes Equity and CLO Equity</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Industry Allocation<sup>7</sup> as of 12.31.21</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><img src="j2275112_ba005.jpg">
</p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">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; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">This data is subject to change on a daily basis. As of 12.31.21, the Fund held a negative traded cash balance of -2.81%.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>4</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Performance Summary</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following graph shows the value, as of December 31, 2021, of a $10,000 investment made on November 27, 2012, the Fund's inception. The net asset value ("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 NAV of $19.10 per share for NAV returns. All distributions are assumed to be reinvested either in accordance with the dividend reinvestment plan for market price returns or NAV for NAV returns. For comparative purposes, the performance of the Credit Suisse Leveraged Loan Index ("CSLLI") is shown. CSLLI is designed to mirror the investable universe of the U.S. Dollar-denominated leveraged loan market and is deemed to be an appropriate broad-based securities market index for the Fund. Past performance is no guarantee of future results.</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Ares Dynamic Credit Allocation Fund's Lifetime Performance</b></font></p>
<p style="margin:4.5pt 0pt 0pt 0pt; text-align: center;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><b>Performance of a $10,000 investment from November 27, 2012 through December 31, 2021</b></font></p>
<p style="margin:4.5pt 0pt 4.5pt 0pt; text-align: center;"><img src="j2275112_ba006.jpg">
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<p style="margin:4.5pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Average Annual Total Returns through December 31, 2021*</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 79px;">
<p style="margin:0pt 0pt 0pt 0pt"></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 115px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>NAV Total Returns*</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 112px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>MV Total Returns*</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 79px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">1 year</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 86px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">10.28</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 83px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">23.10</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
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<font style="font-size:8pt; font-family: Arial, Helvetica;">5 year</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 86px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.70</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 83px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">10.36</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 79px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Since Inception**</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 86px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.04</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 83px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.22</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
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<p style="margin:4.5pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">*&#xa0;&#xa0;All distributions are assumed to be reinvested either in accordance with the dividend reinvestment plan for market price returns or NAV for NAV returns.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">**&#xa0;&#xa0;Since inception of the Fund on November 27, 2012.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>5</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Schedule of Investments</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021<br>(in thousands, except shares, percentages and as otherwise noted)</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Senior Loans 41.0%<sup>(b)(c)(d)</sup></b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; width: 185px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Principal<br>Amount<sup>(a)</sup></b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Value<sup>(a)</sup></b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 363px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Capital Goods 5.8%</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">CP Atlas Buyer, Inc., 1st Lien Term Loan, <br>3M LIBOR + 3.75%, 4.25%, 11/23/2027</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Peraton Corp., 1st Lien Term Loan, <br>1M LIBOR + 3.75%, 4.50%, 02/01/2028</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,306</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,306</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Platin Holdings S.a r.l., 1st Lien Term Loan, <br>(Luxembourg), 11/19/2028<sup>(e)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x20ac;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,055</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,469</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Specialty Building Products Holdings, LLC, <br>1st Lien Term Loan, 10/15/2028<sup>(e)</sup></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,495</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Tank Holding Corp., 1st Lien Term Loan, <br>03/26/2026<sup>(e)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,425</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,434</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Traverse Midstream Partners, LLC, <br>1st Lien Term Loan, 3M SOFR + 4.25%, <br>5.25%, 09/27/2024</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,778</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,757</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Tutor Perini Corp., 1st Lien Term Loan, <br>3M LIBOR + 4.75%, 5.75%, 08/18/2027</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,991</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,991</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">USIC Holdings, Inc., 2nd Lien Term Loan, <br>1M LIBOR + 6.50%, 7.25%, 05/14/2029</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,050</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,055</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">VC GB Holdings I Corp., 2nd Lien Term Loan, <br>3M LIBOR + 6.75%, 7.25%, 07/23/2029</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,474</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>21,984</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Commercial &amp; Professional Services 0.9%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Deerfield Dakota Holding, LLC, <br>2nd Lien Term Loan, 1M LIBOR + 6.75%, <br>7.50%, 04/07/2028</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,250</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,307</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Consumer Durables &amp; Apparel 1.3%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">MSG National Properties, LLC, <br>1st Lien Term Loan, 3M LIBOR + 6.25%, <br>7.00%, 11/12/2025<sup>(f)</sup></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,987</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,087</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Consumer Services 2.9%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Equinox Holdings, Inc., 1st Lien Term Loan, <br>3M LIBOR + 3.00%, 4.00%, 03/08/2024</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,736</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,646</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Equinox Holdings, Inc., 1st Lien Term Loan, <br>3M LIBOR + 9.00%, 10.00%, 03/08/2024<sup>(f)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,963</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,032</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Gems Menasa Cayman, Ltd., <br>1st Lien Term Loan, (Cayman Islands), <br>6M LIBOR + 5.00%, 6.00%, 07/31/2026</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,818</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,825</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Raptor Acquisition Corp., 1st Lien Term Loan, <br>(Canada), 3M LIBOR + 4.00%, <br>4.75%, 11/01/2026</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,666</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,671</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>11,174</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Diversified Financials 3.6%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Chrome Bidco, 1st Lien Term Loan, (France), <br>3M EURIBOR + 3.75%, 3.75%, 05/24/2028</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x20ac;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,854</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,243</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Senior Loans<sup>(b)(c)(d)</sup> </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; width: 185px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Principal<br>Amount<sup>(a)</sup></b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Value<sup>(a)</sup></b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Constellation Automotive, Ltd., <br>1st Lien Term Loan, (Great Britain), <br>6M EURIBOR + 4.00%, 4.00%, 07/28/2028</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x20ac;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,848</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Delta TopCo, Inc., 2nd Lien Term Loan, <br>3M LIBOR + 7.25%, 8.00%, 12/01/2028</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,012</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Freeport LNG Investments, LLLP, <br>1st Lien Term Loan, 3M LIBOR + 3.50%, <br>4.00%, 11/17/2028</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,080</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,048</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">LBM Acquisition, LLC, 1st Lien Term Loan, <br>3M LIBOR + 3.75%, 4.50%, 12/17/2027</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,667</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,651</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>13,802</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Food &amp; Beverage 1.6%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Quirch Foods Holdings, LLC, <br>1st Lien Term Loan, 1M LIBOR + 4.50%, <br>5.50%, 10/27/2027<sup>(f)</sup></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,488</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,499</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Woof Holdings, Inc., 2nd Lien Term Loan, <br>3M LIBOR + 7.25%, 8.00%, 12/21/2028</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,635</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,644</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>6,143</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Healthcare Equipment &amp; Services 0.8%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Mamba Purchaser, Inc., 1st Lien Term Loan, <br>1M LIBOR + 3.75%, 4.25%, 10/16/2028</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">885</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">884</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Mamba Purchaser, Inc., 2nd Lien Term Loan, <br>1M LIBOR + 6.50%, 7.00%, 10/15/2029</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,171</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,174</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>3,058</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Materials 3.8%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Aruba Investments, Inc., 2nd Lien Term Loan, <br>3M LIBOR + 7.75%, 8.50%, 11/24/2028</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,278</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,285</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">DCG Acquisition Corp., 1st Lien Term Loan, <br>1M LIBOR + 4.50%, 4.60%, 09/30/2026<sup>(f)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,990</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,985</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Kouti B.V., 1st Lien Term Loan, (Netherlands), <br>3M EURIBOR + 3.75%, 3.75%, 08/31/2028</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x20ac;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,235</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,687</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Pretium PKG Holdings, Inc., <br>2nd Lien Term Loan, 3M LIBOR + 6.75%, <br>7.25%, 10/01/2029</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,370</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,348</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>14,305</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Media &amp; Entertainment 1.3%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">AVSC Holding Corp., 1st Lien Term Loan, <br>03/03/2025<sup>(e)</sup></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,290</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Renaissance Holding Corp., <br>2nd Lien Term Loan, 1M LIBOR + 7.00%, <br>7.09%, 05/29/2026<sup>(e)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,503</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>4,793</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

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<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>6</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
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<p style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Schedule of Investments </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021<br>(in thousands, except shares, percentages and as otherwise noted)</font></p>
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<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Senior Loans<sup>(b)(c)(d)</sup> </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; width: 185px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Principal<br>Amount<sup>(a)</sup></b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Value<sup>(a)</sup></b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 363px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Pharmaceuticals, Biotechnology &amp; Life Sciences 0.7%</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Stamina Bidco B.V., 1st Lien Term Loan, <br>(Netherlands), 11/16/2028<sup>(e)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x20ac;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,306</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,629</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Retailing 3.2%</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">BCP V Modular Services Holdings IV, Ltd., <br>1st Lien Term Loan, (Great Britain), <br>10/07/2028<sup>(e)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x20ac;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,867</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6,671</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Grab Holdings, Inc., 1st Lien Term Loan, <br>(Singapore), 3M LIBOR + 4.50%, <br>5.50%, 01/29/2026</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,390</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,396</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>12,067</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Software &amp; Services 12.2%</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Applied Systems, Inc., 2nd Lien Term Loan, <br>3M LIBOR + 5.50%, 6.25%, 09/19/2025</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,707</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,730</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Asurion, LLC, 2nd Lien Term Loan, <br>1M LIBOR + 5.25%, 5.36%, 01/31/2028</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,295</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,304</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Bock Capital Bidco B.V., 1st Lien Term Loan, <br>(Netherlands), 3M EURIBOR + 4.00%, <br>4.00%, 06/29/2028</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x20ac;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,414</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Epicor Software Corp., 2nd Lien Term Loan, <br>1M LIBOR + 7.75%, 8.75%, 07/31/2028</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,252</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,280</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">eResearch Technology, Inc., <br>1st Lien Term Loan, 1M LIBOR + 4.50%, <br>5.50%, 02/04/2027</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,470</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,479</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Flexsys Holdings, Inc., 1st Lien Term Loan, <br>3M LIBOR + 5.25%, 6.00%, 11/01/2028<sup>(f)</sup></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,184</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,194</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Gainwell Acquisition Corp., 1st Lien Term Loan, <br>3M LIBOR + 4.00%, 4.75%, 10/01/2027</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,988</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,992</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Hyland Software, Inc., 2nd Lien Term Loan, <br>1M LIBOR + 6.25%, 7.00%, 07/07/2025</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,890</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,902</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Idera, Inc., 2nd Lien Term Loan, <br>3M LIBOR + 6.75%, 7.50%, 03/02/2029</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,857</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,857</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Ivanti Software, Inc., 1st Lien Term Loan, <br>12/01/2025<sup>(f)(g)</sup></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">250</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(2</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Ivanti Software, Inc., 1st Lien Term Loan, <br>3M LIBOR + 4.25%, 5.00%, 12/01/2027</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,052</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,052</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Ivanti Software, Inc., 2nd Lien Term Loan, <br>3M LIBOR + 7.25%, 7.75%, 12/01/2028</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,750</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,747</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">MA FinanceCo., LLC, 1st Lien Term Loan, <br>3M LIBOR + 4.25%, 5.25%, 06/05/2025</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,608</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,629</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Magenta Buyer, LLC, 1st Lien Term Loan, <br>3M LIBOR + 5.00%, 5.75%, 07/27/2028</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,491</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,479</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Mitchell International, Inc., <br>2nd Lien Term Loan, 1M LIBOR + 6.50%, <br>7.00%, 10/15/2029</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,511</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Senior Loans<sup>(b)(c)(d)</sup> </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; width: 185px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Principal<br>Amount<sup>(a)</sup></b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Value<sup>(a)</sup></b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Proofpoint, Inc., 2nd Lien Term Loan, <br>3M LIBOR + 6.25%, 6.75%, 08/31/2029<sup>(f)</sup></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,283</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,330</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Think and Learn Private, Ltd., <br>1st Lien Term Loan, 11/24/2026<sup>(e)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,338</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,370</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>46,268</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Technology Hardware &amp; Equipment 0.3%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Sorenson Communications, LLC, <br>1st Lien Term Loan, 3M LIBOR + 5.50%, <br>6.25%, 03/17/2026</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,366</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,366</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Transportation 2.6%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">AAdvantage Loyality IP, Ltd., <br>1st Lien Term Loan, 3M LIBOR + 4.75%, <br>5.50%, 04/20/2028</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,846</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,979</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Air Canada, 1st Lien Term Loan, (Canada), <br>3M LIBOR + 3.50%, 4.25%, 08/11/2028</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,030</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,021</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">LaserShip, Inc., 1st Lien Term Loan, <br>3M LIBOR + 4.50%, 5.25%, 05/07/2028</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,825</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,825</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">SkyMiles IP, Ltd., 1st Lien Term Loan, <br>3M LIBOR + 3.75%, 4.75%, 10/20/2027</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,113</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>9,938</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Senior Loans <br></b>(Cost: $154,710)</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>155,921</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Corporate Bonds 66.4%</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Automobiles &amp; Components 1.7%</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Adient U.S., LLC, 9.00%, 04/15/2025<sup>(d)</sup></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,175</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,248</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Clarios Global, LP, 8.50%, 05/15/2027<sup>(d)</sup></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,125</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,313</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Ford Motor Co., 9.00%, 04/22/2025</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,625</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,987</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>6,548</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Capital Goods 7.8%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Artera Services, LLC, 9.03%, 12/04/2025<sup>(d)</sup></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6,119</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6,474</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Clarios Global, LP, (Canada), <br>6.75%, 05/15/2025<sup>(d)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,619</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">CP Atlas Buyer, Inc., 7.00%, 12/01/2028<sup>(d)</sup></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,750</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,736</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Forterra Finance, LLC, 6.50%, 07/15/2025<sup>(d)</sup></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,184</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Maxar Space Robotics, LLC, <br>9.75%, 12/31/2023<sup>(d)</sup></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,551</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,671</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Specialty Building Products Holdings, LLC, <br>6.38%, 09/30/2026<sup>(d)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,918</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,106</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">SRS Distribution, Inc., 6.00%, 12/01/2029<sup>(d)</sup></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,043</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,053</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">TransDigm, Inc., 8.00%, 12/15/2025<sup>(d)</sup></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,803</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Tutor Perini Corp., 6.88%, 05/01/2025<sup>(d)</sup></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,008</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>29,654</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px;">
 &#xa0;</td>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>7</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Schedule of Investments </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021<br>(in thousands, except shares, percentages and as otherwise noted)</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Corporate Bonds </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
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<tr>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; width: 185px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Principal<br>Amount<sup>(a)</sup></b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Value<sup>(a)</sup></b></font></p></td>
<td colspan="1">&#xa0;</td>
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<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 363px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Commercial &amp; Professional Services 0.4%</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Covanta Holding Corp., 6.00%, 01/01/2027</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,549</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Consumer Durables &amp; Apparel 0.8%</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Century Communities, Inc., <br>6.75%, 06/01/2027<sup>(d)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,165</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Consumer Services 5.8%</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Caesars Entertainment, Inc., <br>6.25%, 07/01/2025<sup>(d)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,250</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,411</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Caesars Entertainment, Inc., <br>8.13%, 07/01/2027<sup>(d)</sup></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,773</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,069</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Gems Menasa Cayman, Ltd., (Cayman Islands), <br>7.13%, 07/31/2026<sup>(d)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,027</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">MGM Resorts International, <br>6.00%, 03/15/2023</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,045</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">MGM Resorts International, <br>6.75%, 05/01/2025</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,750</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,919</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">MGM Resorts International, <br>7.75%, 03/15/2022</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,178</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,205</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Mohegan Gaming &amp; Entertainment, <br>8.00%, 02/01/2026<sup>(d)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,100</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Six Flags Theme Parks, Inc., <br>7.00%, 07/01/2025<sup>(d)</sup></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,340</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>22,116</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Diversified Financials 8.4%</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Constellation Automotive Financing PLC, <br>(Great Britain), 4.88%, 07/15/2027</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#xa3;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,329</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Diebold Nixdorf Dutch Holding B.V., <br>(Netherlands), 9.00%, 07/15/2025</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x20ac;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,700</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,061</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Enviva Partners, LP, 6.50%, 01/15/2026<sup>(d)</sup></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,185</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,288</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Iliad Holding SASU, (France), <br>6.50%, 10/15/2026<sup>(d)</sup></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,400</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,522</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Iliad Holding SASU, (France), <br>7.00%, 10/15/2028<sup>(d)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,052</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">ITT Holdings, LLC, 6.50%, 08/01/2029<sup>(d)</sup></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,980</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">LBM Acquisition, LLC, 6.25%, 01/15/2029<sup>(d)</sup></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,483</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Seagate HDD Cayman, (Cayman Islands), <br>5.75%, 12/01/2034</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,950</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6,857</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Tallgrass Energy Partners, LP, <br>7.50%, 10/01/2025<sup>(d)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,522</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,978</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Vertical Holdco GmbH, (Germany), <br>7.63%, 07/15/2028<sup>(d)</sup></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,139</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,363</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>31,913</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Corporate Bonds </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; width: 185px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Principal<br>Amount<sup>(a)</sup></b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Value<sup>(a)</sup></b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 363px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Energy 10.7%</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Blue Racer Midstream, LLC, <br>6.63%, 07/15/2026<sup>(d)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,751</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,864</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Blue Racer Midstream, LLC, <br>7.63%, 12/15/2025<sup>(d)</sup></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,744</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,909</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">DCP Midstream Operating, LP, <br>8.13%, 08/16/2030</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,065</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">EQT Corp., 6.63%, 02/01/2025</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,035</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,167</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">EQT Corp., 7.50%, 02/01/2030</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,782</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">EQT Midstream Partners, LP, <br>6.50%, 07/01/2027<sup>(d)</sup></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,250</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,400</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">EQT Midstream Partners, LP, <br>6.50%, 07/15/2048</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,037</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Laredo Petroleum, Inc., 9.50%, 01/15/2025</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,530</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Laredo Petroleum, Inc., 10.13%, 01/15/2028</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,250</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,311</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">NGL Energy Operating, LLC, <br>7.50%, 02/01/2026<sup>(d)</sup></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,095</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,192</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Occidental Petroleum Corp., <br>8.88%, 07/15/2030</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,725</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Western Midstream Operating, LP, <br>6.50%, 02/01/2050</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,625</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,922</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Williams Cos., Inc., 8.75%, 03/15/2032</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,929</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>40,833</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Food &amp; Beverage 1.4%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">JBS USA LUX S.A., 6.75%, 02/15/2028<sup>(d)</sup></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,394</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Food &amp; Staples Retailing 0.9%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Albertsons Cos., Inc., 7.50%, 03/15/2026<sup>(d)</sup></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,601</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Iceland Bondco PLC, (Great Britain), <br>4.38%, 05/15/2028</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#xa3;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,772</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>3,373</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Healthcare Equipment &amp; Services 2.3%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">HCA, Inc., 7.69%, 06/15/2025</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,750</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,613</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Tenet Healthcare Corp., <br>7.50%, 04/01/2025<sup>(d)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,157</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>8,770</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Materials 7.5%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Crown Cork &amp; Seal Co., Inc., <br>7.38%, 12/15/2026</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,350</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,247</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">First Quantum Minerals, Ltd., (Canada), <br>6.88%, 03/01/2026<sup>(d)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,250</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,298</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

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<div style="margin:8pt 0pt 8pt 0pt;">
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<div style="margin:8pt 0pt 8pt 0pt;">
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>8</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
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<p style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Schedule of Investments </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021<br>(in thousands, except shares, percentages and as otherwise noted)</font></p>
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<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Corporate Bonds </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; width: 185px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Principal<br>Amount<sup>(a)</sup></b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Value<sup>(a)</sup></b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">First Quantum Minerals, Ltd., (Canada), <br>6.88%, 10/15/2027<sup>(d)</sup></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,691</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">First Quantum Minerals, Ltd., (Canada), <br>7.25%, 04/01/2023<sup>(d)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">850</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">860</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Kobe US Midco 2, Inc., <br>9.25%, 11/01/2026<sup>(d)(h)</sup></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,334</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,367</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Owens-Brockway Glass Container, Inc., <br>6.38%, 08/15/2025<sup>(d)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,877</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,100</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Owens-Brockway Glass Container, Inc., <br>6.63%, 05/13/2027<sup>(d)</sup></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,172</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,291</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Trident TPI Holdings, Inc., <br>9.25%, 08/01/2024<sup>(d)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,750</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6,009</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Tronox, Inc., 6.50%, 05/01/2025<sup>(d)</sup></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,247</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,545</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>28,408</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Media &amp; Entertainment 6.6%</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Altice Financing S.A., (Luxembourg), <br>5.75%, 08/15/2029<sup>(d)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,915</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,866</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Belo Corp., 7.75%, 06/01/2027</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">584</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Belo Corp., 7.25%, 09/15/2027</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6,900</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">CSC Holdings, LLC, 6.50%, 02/01/2029<sup>(d)</sup></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">535</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">CSC Holdings, LLC, 7.50%, 04/01/2028<sup>(d)</sup></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,899</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Gray Television, Inc., 7.00%, 05/15/2027<sup>(d)</sup></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,206</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Univision Communications, Inc., <br>6.63%, 06/01/2027<sup>(d)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,232</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>25,222</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Real Estate 1.3%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Brookfield Property REIT, Inc., <br>5.75%, 05/15/2026<sup>(d)</sup></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,587</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Realogy Group, LLC, 9.38%, 04/01/2027<sup>(d)</sup></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,160</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>4,747</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Retailing 0.7%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Bath &amp; Body Works, Inc., <br>6.63%, 10/01/2030<sup>(d)</sup></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,133</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Bath &amp; Body Works, Inc., <br>9.38%, 07/01/2025<sup>(d)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,151</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,404</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>2,537</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Software &amp; Services 1.4%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Leidos, Inc., 7.13%, 07/01/2032</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,355</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Sabre GLBL, Inc., 7.38%, 09/01/2025<sup>(d)</sup></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,860</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,943</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>5,298</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Corporate Bonds </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; width: 185px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Principal<br>Amount<sup>(a)</sup></b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Value<sup>(a)</sup></b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 363px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Technology Hardware &amp; Equipment 2.4%</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">CommScope, Inc., 8.25%, 03/01/2027<sup>(d)</sup></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,054</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Dell International, LLC, 6.02%, 06/15/2026</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,350</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,718</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Dell International, LLC, 6.10%, 07/15/2027</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,790</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Diebold Nixdorf, Inc., 9.38%, 07/15/2025<sup>(d)</sup></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,427</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,613</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>9,175</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Telecommunication Services 2.1%</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Altice France Holding S.A., (Luxembourg), <br>10.50%, 05/15/2027<sup>(d)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,225</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Altice France S.A., (France), <br>5.50%, 10/15/2029<sup>(d)</sup></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,055</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,024</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Altice France S.A., (France), <br>8.13%, 02/01/2027<sup>(d)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">769</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">819</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Sprint Corp., 7.63%, 03/01/2026</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,425</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,711</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>7,779</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Transportation 2.1%</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Mileage Plus Holdings, LLC, <br>6.50%, 06/20/2027<sup>(d)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,053</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,124</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Uber Technologies, Inc., <br>7.50%, 05/15/2025<sup>(d)</sup></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,204</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Uber Technologies, Inc., <br>7.50%, 09/15/2027<sup>(d)</sup></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,088</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Uber Technologies, Inc., <br>8.00%, 11/01/2026<sup>(d)</sup></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,597</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>8,013</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Utilities 2.1%</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">CQP Holdco, LP, 5.50%, 06/15/2031<sup>(d)</sup></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,653</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">NRG Energy, Inc., 5.75%, 01/15/2028</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,057</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">NRG Energy, Inc., 6.63%, 01/15/2027</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">102</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">106</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Vistra Operations Co., LLC, <br>5.63%, 02/15/2027<sup>(d)</sup></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,090</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>7,906</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Corporate Bonds <br></b>(Cost: $241,155)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>252,400</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Collateralized Loan Obligations 52.1%<sup>(d)(f)</sup></b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Collateralized Loan Obligations &#x2014; Debt 35.3%<sup>(c)</sup></b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">AMMC CLO XI, Ltd., (Cayman Islands), <br>3M LIBOR + 5.80%, 5.93%, 04/30/2031</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,873</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">AMMC CLO XI, Ltd., (Cayman Islands), <br>3M LIBOR + 7.95%, 8.08%, 04/30/2031</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">444</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

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<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>9</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Schedule of Investments </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021<br>(in thousands, except shares, percentages and as otherwise noted)</font></p>
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<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Collateralized Loan Obligations<sup>(d)(f)</sup> </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; width: 185px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Principal<br>Amount<sup>(a)</sup></b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Value<sup>(a)</sup></b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">AMMC CLO XXII, Ltd., (Cayman Islands), <br>3M LIBOR + 5.50%, 5.62%, 04/25/2031</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,815</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Apidos CLO XX, Ltd., (Cayman Islands), <br>3M LIBOR + 8.70%, 8.82%, 07/16/2031</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">850</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">775</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Atlas Senior Loan Fund VII, Ltd., <br>(Cayman Islands), 3M LIBOR + 8.05%, <br>8.23%, 11/27/2031</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,550</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,253</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Bain Capital Credit CLO, Ltd. 2016-2, <br>(Cayman Islands), 3M LIBOR + 7.04%, <br>7.16%, 01/15/2029</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,974</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Bain Capital Credit CLO, Ltd. 2017-2, <br>(Cayman Islands), 3M LIBOR + 6.50%, <br>6.62%, 07/25/2034</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,955</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Bain Capital Credit CLO, Ltd. 2019-2, <br>(Cayman Islands), 3M LIBOR + 6.32%, <br>6.44%, 10/17/2032</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,446</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Bain Capital Credit CLO, Ltd. 2020-1, <br>(Cayman Islands), 3M LIBOR + 8.25%, <br>8.37%, 04/18/2033</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,013</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Bain Capital Credit CLO, Ltd. 2021-5, <br>(Cayman Islands), 3M LIBOR + 6.50%, <br>6.67%, 10/23/2034</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,976</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Barings CLO, Ltd. 2020-I, (Cayman Islands), <br>3M LIBOR + 6.65%, 6.77%, 10/15/2036</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">992</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Canyon Capital CLO, Ltd. 2018-1, <br>(Cayman Islands), 3M LIBOR + 5.75%, <br>5.87%, 07/15/2031</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">750</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">712</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Carlyle Global Market Strategies CLO, Ltd. <br>2017-1, (Cayman Islands), 3M LIBOR + 6.00%, <br>6.13%, 04/20/2031</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,773</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Carlyle US CLO 2021-10, Ltd., <br>(Cayman Islands), 3M LIBOR + 6.50%, <br>6.62%, 10/20/2034</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Cedar Funding CLO II, Ltd., (Cayman Islands), <br>3M LIBOR + 7.30%, 7.43%, 04/20/2034</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,750</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,706</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">CIFC Funding, Ltd. 2015-2A, (Cayman Islands), <br>3M LIBOR + 6.81%, 6.93%, 04/15/2030</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,487</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">CIFC Funding, Ltd. 2019-4A, (Cayman Islands), <br>3M LIBOR + 6.60%, 6.72%, 10/15/2034</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,488</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">CIFC Funding, Ltd. 2021-VI, (Cayman Islands), <br>3M LIBOR + 6.25%, 6.39%, 10/15/2034</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,985</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">CIFC Funding, Ltd. 2021-VII, (Cayman Islands), <br>3M LIBOR + 6.35%, 6.48%, 01/23/2035</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,300</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,275</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Crestline Denali CLO XIV, Ltd., <br>(Cayman Islands), 3M LIBOR + 6.35%, <br>6.47%, 10/23/2031</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,817</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Crestline Denali CLO XV, Ltd., <br>(Cayman Islands), 3M LIBOR + 7.35%, <br>7.48%, 04/20/2030</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,875</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,507</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Collateralized Loan Obligations<sup>(d)(f)</sup> </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; width: 185px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Principal<br>Amount<sup>(a)</sup></b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Value<sup>(a)</sup></b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Denali Capital CLO XII, Ltd., (Cayman Islands), <br>3M LIBOR + 5.90%, 6.02%, 04/15/2031</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,515</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Dryden 26 Senior Loan Fund, <br>(Cayman Islands), 3M LIBOR + 5.54%, <br>5.66%, 04/15/2029</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,955</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Dryden 40 Senior Loan Fund, <br>(Cayman Islands), 3M LIBOR + 5.75%, <br>5.91%, 08/15/2031</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,913</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Dryden 45 Senior Loan Fund, <br>(Cayman Islands), 3M LIBOR + 5.85%, <br>5.97%, 10/15/2030</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,909</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Dryden 85 CLO, Ltd., (Cayman Islands), <br>3M LIBOR + 6.50%, 6.62%, 10/15/2035</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,984</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Elmwood CLO I, Ltd., (Cayman Islands), <br>3M LIBOR + 7.71%, 7.84%, 10/20/2033</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,026</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Elmwood CLO II, Ltd., (Cayman Islands), <br>3M LIBOR + 6.80%, 6.93%, 04/20/2034</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,511</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Elmwood CLO III, Ltd., (Cayman Islands), <br>3M LIBOR + 6.50%, 6.62%, 10/20/2034</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,750</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,736</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Elmwood CLO VIII, Ltd., (Cayman Islands), <br>3M LIBOR + 6.00%, 6.13%, 01/20/2034</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">999</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Elmwood CLO VIII, Ltd., (Cayman Islands), <br>3M LIBOR + 8.00%, 8.13%, 01/20/2034</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">983</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Generate CLO VIII, Ltd., (Cayman Islands), <br>3M LIBOR + 6.95%, 7.14%, 10/20/2034</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">985</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Highbridge Loan Management, Ltd. 2013-2, <br>(Cayman Islands), 3M LIBOR + 8.25%, <br>8.38%, 10/20/2029</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,250</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,971</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Highbridge Loan Management, Ltd. 2014-4, <br>(Cayman Islands), 3M LIBOR + 7.36%, <br>7.50%, 01/28/2030</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,765</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">ICG U.S. CLO, Ltd. 2018-2, (Cayman Islands), <br>3M LIBOR + 5.75%, 5.88%, 07/22/2031</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,200</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,109</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Invesco CLO, Ltd., (Cayman Islands), <br>3M LIBOR + 6.15%, 6.27%, 07/15/2034</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">985</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">LCM XVII, LP, (Cayman Islands), <br>3M LIBOR + 6.00%, 6.12%, 10/15/2031</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,750</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,416</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">LCM XXIII, Ltd., (Cayman Islands), <br>3M LIBOR + 7.05%, 7.18%, 10/20/2029</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,848</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Madison Park Funding XIV, Ltd., <br>(Cayman Islands), 3M LIBOR + 7.77%, <br>7.90%, 10/22/2030</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,180</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Madison Park Funding XXVI, Ltd., <br>(Cayman Islands), 3M LIBOR + 6.50%, <br>6.63%, 07/29/2030</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,487</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Madison Park Funding XXVIII, Ltd., <br>(Cayman Islands), 3M LIBOR + 7.60%, <br>7.72%, 07/15/2030</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">944</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

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<div style="clear:both"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
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<div style="margin:8pt 0pt 8pt 0pt;">
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>10</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
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<p style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Schedule of Investments </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021<br>(in thousands, except shares, percentages and as otherwise noted)</font></p>
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<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Collateralized Loan Obligations<sup>(d)(f)</sup> </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; width: 185px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Principal<br>Amount<sup>(a)</sup></b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Value<sup>(a)</sup></b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Madison Park Funding XXXII, Ltd., <br>(Cayman Islands), 3M LIBOR + 6.20%, <br>6.33%, 01/22/2031</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,955</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Madison Park Funding XXXV, Ltd., <br>(Cayman Islands), 3M LIBOR + 6.10%, <br>6.23%, 04/20/2032</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,495</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Madison Park Funding XXXVII, Ltd., <br>(Cayman Islands), 3M LIBOR + 6.15%, <br>6.27%, 07/15/2033</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">992</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Magnetite XIX, Ltd., (Cayman Islands), <br>3M LIBOR + 6.40%, 6.52%, 04/17/2034</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Northwoods Capital XII-B, Ltd., <br>(Cayman Islands), 3M LIBOR + 5.79%, <br>5.99%, 06/15/2031</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,802</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Oak Hill Credit Partners X-R, Ltd., <br>(Cayman Islands), 3M LIBOR + 6.25%, <br>6.38%, 04/20/2034</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Oaktree CLO, Ltd. 2019-2, (Cayman Islands), <br>3M LIBOR + 6.77%, 6.89%, 04/15/2031</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,911</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">OHA Credit Funding 3, Ltd., (Cayman Islands), <br>3M LIBOR + 6.25%, 6.38%, 07/02/2035</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">994</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">OHA Credit Funding 4, Ltd., (Cayman Islands), <br>3M LIBOR + 6.40%, 6.53%, 10/22/2036</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">OHA Credit Funding 9, Ltd., (Cayman Islands), <br>3M LIBOR + 6.25%, 6.43%, 07/19/2035</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">992</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">OHA Credit Partners VII, Ltd., <br>(Cayman Islands), 3M LIBOR + 6.25%, <br>6.41%, 02/20/2034</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,983</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">OHA Credit Partners XI, Ltd., (Cayman Islands), <br>3M LIBOR + 7.90%, 8.03%, 01/20/2032</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,750</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,508</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">OHA Credit Partners XII, Ltd., <br>(Cayman Islands), 3M LIBOR + 5.45%, <br>5.57%, 07/23/2030</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,436</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">OZLM XI, Ltd., (Cayman Islands), <br>3M LIBOR + 7.00%, 7.13%, 10/30/2030</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,750</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,635</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Signal Peak CLO VII, Ltd., (Cayman Islands), <br>3M LIBOR + 6.89%, 7.02%, 04/30/2032</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">992</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Sixth Street CLO XVI, Ltd., (Cayman Islands), <br>3M LIBOR + 6.15%, 6.28%, 10/20/2034</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,250</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,241</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Sound Point CLO XXVI, Ltd., (Cayman Islands), <br>3M LIBOR + 6.86%, 6.99%, 07/20/2034</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">982</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Steele Creek CLO, Ltd. 2015-1, <br>(Cayman Islands), 3M LIBOR + 8.85%, <br>9.01%, 05/21/2029</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,538</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Tallman Park CLO, Ltd., (Cayman Islands), <br>3M LIBOR + 6.35%, 6.48%, 04/20/2034</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,989</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">TCI-Flatiron CLO, Ltd. 2018-1, <br>(Cayman Islands), 3M LIBOR + 6.15%, <br>6.28%, 01/29/2032</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,947</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Collateralized Loan Obligations<sup>(d)(f)</sup> </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; width: 185px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Principal<br>Amount<sup>(a)</sup></b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Value<sup>(a)</sup></b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">TCI-Symphony CLO, Ltd. 2017-1, <br>(Cayman Islands), 3M LIBOR + 6.45%, <br>6.57%, 07/15/2030</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,100</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,056</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">TICP CLO VI, Ltd. 2016-2, (Cayman Islands), <br>3M LIBOR + 6.25%, 6.37%, 01/15/2034</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,250</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,215</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">TICP CLO XIII, Ltd., (Cayman Islands), <br>3M LIBOR + 6.20%, 6.32%, 04/15/2034</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,250</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,239</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Trestles CLO, Ltd. 2017-1, (Cayman Islands), <br>3M LIBOR + 6.25%, 6.37%, 04/25/2032</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">984</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Venture XXIV CLO, Ltd., (Cayman Islands), <br>3M LIBOR + 6.72%, 6.85%, 10/20/2028</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">700</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">660</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Venture XXVII CLO, Ltd., (Cayman Islands), <br>3M LIBOR + 6.35%, 6.48%, 07/20/2030</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,025</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,813</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Venture XXXVI CLO, Ltd., (Cayman Islands), <br>3M LIBOR + 6.92%, 7.05%, 04/20/2032</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,856</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Vibrant CLO X, Ltd., (Cayman Islands), <br>3M LIBOR + 6.19%, 6.32%, 10/20/2031</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,741</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Voya CLO, Ltd. 2013-3, (Cayman Islands), <br>3M LIBOR + 5.90%, 6.02%, 10/18/2031</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,750</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,553</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Voya CLO, Ltd. 2015-3, (Cayman Islands), <br>3M LIBOR + 6.20%, 6.33%, 10/20/2031</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,779</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>134,275</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Collateralized Loan Obligations &#x2014; Equity 16.8%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">AIMCO CLO XI, Ltd., (Cayman Islands), <br>17.72%, 10/17/2034</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,985</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,004</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">AIMCO CLO XVI, Ltd., (Cayman Islands), <br>13.98%, 01/17/2035</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,150</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,055</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Allegro CLO V, Ltd., (Cayman Islands), <br>12.89%, 10/16/2030</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">919</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Allegro CLO VII, Ltd., (Cayman Islands), <br>12.54%, 07/15/2031</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,979</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">AMMC CLO XXI, Ltd., (Cayman Islands), <br>12.19%, 11/02/2030</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">279</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Bain Capital Credit CLO, Ltd. 2020-2, <br>(Cayman Islands), 37.61%, 07/19/2034</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,250</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,009</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Bardot CLO, Ltd., (Cayman Islands), <br>15.92%, 10/22/2032</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">436</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Barings CLO, Ltd. 2021-II, (Cayman Islands), <br>13.98%, 07/15/2034</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,404</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Canyon Capital CLO, Ltd. 2019-1, <br>(Cayman Islands), 16.49%, 04/15/2032</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">744</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Carlyle Global Market Strategies CLO, Ltd. <br>2017-3, (Cayman Islands), <br>7.92%, 07/20/2029</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,750</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">896</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

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<div style="margin:8pt 0pt 8pt 0pt;">
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<div style="margin:8pt 0pt 8pt 0pt;">
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>11</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Schedule of Investments </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021<br>(in thousands, except shares, percentages and as otherwise noted)</font></p>
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<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Collateralized Loan Obligations<sup>(d)(f)</sup> </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; width: 185px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Principal<br>Amount<sup>(a)</sup></b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Value<sup>(a)</sup></b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Carlyle Global Market Strategies CLO, Ltd. <br>2018-3, (Cayman Islands), <br>16.61%, 10/15/2030</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,223</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
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<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,811</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
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<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Cedar Funding CLO IV, Ltd., (Cayman Islands), <br>15.80%, 07/23/2034</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,160</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,856</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Cedar Funding CLO V, Ltd., (Cayman Islands), <br>19.11%, 07/17/2031</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,546</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,094</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Cedar Funding CLO VIII, Ltd., (Cayman Islands), <br>9.02%, 10/17/2034</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,930</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,751</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">CIFC Funding, Ltd. 2018-5A, (Cayman Islands), <br>17.58%, 01/15/2032</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">375</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">263</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">CIFC Funding, Ltd. 2020-3A, (Cayman Islands), <br>19.52%, 10/20/2034</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,750</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,612</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">CIFC Funding, Ltd. 2021-5A, (Cayman Islands), <br>13.17%, 07/15/2034</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,250</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,038</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Elmwood CLO XI, Ltd., (Cayman Islands), <br>13.98%, 10/20/2034</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,200</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,180</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Halcyon Loan Advisors Funding, Ltd. <br>2017-1, (Cayman Islands), <br>15.36%, 06/25/2029</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,750</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">778</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">ICG U.S. CLO, Ltd. 2018-2, (Cayman Islands), <br>18.32%, 07/22/2031</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,217</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">ICG U.S. CLO, Ltd. 2021-1, (Cayman Islands), <br>13.80%, 04/17/2034</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,590</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Invesco CLO 2021-3, Ltd., (Cayman Islands), <br>13.98%, 10/22/2034</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,130</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">876</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Invesco CLO 2021-3, Ltd., (Cayman Islands), <br>13.98%, 10/22/2034</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">113</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">31</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">LCM XV, LP, (Cayman Islands), <br>18.12%, 07/20/2030</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,875</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,438</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">LCM XXIII, Ltd., (Cayman Islands), <br>6.99%, 10/20/2029</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,100</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,114</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Madison Park Funding LIX, Ltd., <br>(Cayman Islands), 13.98%, 01/18/2034</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,250</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,250</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Madison Park Funding XII, Ltd., <br>(Cayman Islands), 07/20/2026</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">40</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Madison Park Funding XXII, Ltd., <br>(Cayman Islands), 11.90%, 01/15/2033</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,961</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Madison Park Funding XXXI, Ltd., <br>(Cayman Islands), 14.63%, 01/23/2048</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,573</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Madison Park Funding XXXII, Ltd., <br>(Cayman Islands), 23.53%, 01/22/2048</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,596</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Magnetite XXVIII, Ltd., (Cayman Islands), <br>15.66%, 10/25/2031</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,142</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Oaktree CLO, Ltd. 2015-1, (Cayman Islands), <br>10/20/2027</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,204</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Collateralized Loan Obligations<sup>(d)(f)</sup> </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; width: 185px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Principal<br>Amount<sup>(a)</sup></b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Value<sup>(a)</sup></b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Oaktree CLO, Ltd. 2018-1, (Cayman Islands), <br>13.54%, 10/20/2030</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,250</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,209</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">OHA Credit Partners VII, Ltd., <br>(Cayman Islands), 18.37%, 02/20/2034</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,672</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,687</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">OHA Credit Partners XVI, (Cayman Islands), <br>13.98%, 10/18/2034</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,635</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,502</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">OHA Loan Funding, Ltd. <br>2016-1, (Cayman Islands), <br>15.87%, 01/20/2033</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,250</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,515</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">OZLM XXI, Ltd., (Cayman Islands), <br>13.39%, 01/20/2031</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,750</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">884</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">RR 19, Ltd., (Cayman Islands), 10/15/2035</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,350</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,083</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Signal Peak CLO V, Ltd., (Cayman Islands), <br>16.33%, 04/25/2031</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,568</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,644</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Signal Peak CLO VIII, Ltd., (Cayman Islands), <br>17.10%, 04/20/2033</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,572</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Voya CLO, Ltd. 2017-2, (Cayman Islands), <br>11.15%, 06/07/2030</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">541</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Wellfleet CLO, Ltd. 2018-3, (Cayman Islands), <br>14.50%, 01/20/2032</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,014</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Wellman Park CLO, Ltd., (Cayman Islands), <br>07/15/2034</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Wellman Park CLO, Ltd., (Cayman Islands), <br>12.28%, 07/15/2034</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,189</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">West CLO, Ltd. 2013-1, (Cayman Islands), <br>11/07/2025</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>63,981</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Collateralized Loan Obligations <br></b>(Cost: $207,072)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; width: 81px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>198,256</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 8.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Warrants 0.0%<sup>(d)(f)(i)</sup></b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; width: 185px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 81px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Shares</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:9pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 89px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Value<sup>(a)</sup></b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 363px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Media &amp; Entertainment 0.0%</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Affinion Holdings, Common Stock Warrants</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7,874</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Warrants <br></b>(Cost: $3,922)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 81px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>&#x2014;</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Investments &#x2014; 159.5%<br></b>(Cost: $606,859)</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 81px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>606,577</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Liabilities in Excess of Other Assets &#x2014; (59.5%)</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 81px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 50px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>(226,276</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 19px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>)</b></font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 185px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Assets &#x2014; 100.0%</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 81px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>380,301</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 19px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</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 style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>12</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Schedule of Investments </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021<br>(in thousands, except shares, percentages and as otherwise noted)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Footnotes:</b></font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(a)&#xa0;&#xa0;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; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(b)&#xa0;&#xa0;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") or the Secured Overnight Financing Rate ("SOFR") at the borrower's option.Stated interest rates in this schedule represents the "all-in" rate as of December 31, 2021.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(c)&#xa0;&#xa0;Variable rate coupon rate shown as of December 31, 2021.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(d)&#xa0;&#xa0;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, 2021 represented 137.6% of the Fund's net assets or 82.7% of the Fund's total assets, are subject to legal restrictions on sales.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(e)&#xa0;&#xa0;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; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(f)&#xa0;&#xa0;Investments whose values were determined using significant unobservable inputs (Level 3) (See Note 3 of the Notes to Financial Statements).</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(g)&#xa0;&#xa0;As of December 31, 2021, 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>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Unfunded Security</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Revolving and delayed <br>draw commitments</b></font></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Less: drawn commitments</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total undrawn<br>commitments</b></font></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Ivanti Software, Inc.</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">250</font></p></td>
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 &#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
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 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">250</font></p></td>
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 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
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<p style="margin:4.5pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(h)&#xa0;&#xa0;Includes a Payment-In-Kind ("PIK") provision.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(i)&#xa0;&#xa0;Non-income producing security as of December 31, 2021.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#xa0;&#xa0;As of December 31, 2021, the aggregate cost of securities for Federal income tax purposes was $605,327.<br>Unrealized appreciation and depreciation on investments for Federal income tax purposes are as follows:</font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Gross unrealized appreciation</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 44px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">17,675</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Gross unrealized depreciation</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 44px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(16,425</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net unrealized appreciation</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 2pt; width: 44px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,250</font></p></td>
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 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
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<p style="margin:6.5pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Abbreviations:</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">144A&#xa0;&#xa0;Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">CLO&#xa0;&#xa0;Collateralized Loan Obligation</font></p>
<p style="margin:6.5pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Currencies:</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x20ac;&#xa0;&#xa0;Euro Currency</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#xa3;&#xa0;&#xa0;British Pounds</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">$&#xa0;&#xa0;U.S. Dollars</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>13</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Statement of Assets and Liabilities</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021<br>(in thousands, except per share data)</font></p>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Assets:</b></font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Investments, at value (cost $606,859)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$606,577</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Cash</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,780</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Cash denominated in foreign currency, at value (cost $3,481)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,516</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 278px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Receivable for securities sold</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">11,982</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Interest and principal receivable</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7,556</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 278px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Other assets</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">103</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 278px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Total assets</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">632,514</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
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<td colspan="7" valign="bottom" style="padding:16.5pt .7pt 4.5pt 0pt; width: 358px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Liabilities:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Line of credit outstanding</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">118,874</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
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<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 278px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Mandatory redeemable preferred shares (liquidation preference $100,000)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">98,684</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 278px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Payable for securities purchased</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">31,736</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 278px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Payable for investment advisory fees</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,715</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 278px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Interest and commitment fee payable</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">91</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 278px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Payable for interest expense</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">39</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 278px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Accrued expenses and other payables</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,074</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 278px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Total liabilities</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">252,213</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 278px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net assets</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:double windowtext 2.25pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:double windowtext 2.25pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>380,301</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:double windowtext 2.25pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:16.5pt .7pt 4.5pt 0pt; width: 358px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net assets consist of:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 278px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Paid-in capital</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$441,048</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 278px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Accumulated losses</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(60,747)</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 278px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net assets</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>380,301</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:16.5pt .7pt 4.5pt 0pt; width: 358px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Common shares:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 278px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net assets</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$380,301</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 278px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Shares outstanding (authorized 1 billion shares of $0.001 par value)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 52px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">22,915</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 278px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net asset value per share</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$16.60</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>14</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
<!-- SEQ.=16,FOLIO='14',FILE='22-7511-2.ea.qxp',USER='Unknown',CD='Mar 04 12:04 2022' -->
<div style="page-break-before:always"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Statements of Operations</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">For the year ended December 31, 2021<br>(in thousands)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 300px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Investment income:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 80px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 300px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Interest</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">39,548</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; width: 300px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Total investment income</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">39,548</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; width: 300px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Expenses:</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; width: 80px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 300px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Investment advisory fees (Note 3)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,260</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 300px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Interest and credit facility fees (Note 6 and 7)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,797</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 300px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Administrative services of the adviser (Note 3)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">736</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 300px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Administration, custodian and transfer agent fees (Note 3)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">515</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 300px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Investor support fees (Note 3)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">342</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 300px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Other expenses</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">790</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 300px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Total operating expenses</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">10,440</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 300px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Tax expense (Note 8)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">250</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 300px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Total expenses</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">10,690</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-top:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; width: 300px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net investment income</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">28,858</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 300px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net realized and unrealized gains/(losses) on investments and foreign currency</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 80px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 300px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net realized gains on investments</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,694</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 300px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net realized losses on foreign currency</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(1,303</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 300px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net unrealized gains on investments</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,793</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 300px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net unrealized gains on foreign currency</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,093</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; width: 300px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net realized and unrealized gains on investments and foreign currency </font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 42px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">8,277</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 1.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 300px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total increase in net assets resulting from operations</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:double windowtext 2.25pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:double windowtext 2.25pt; width: 42px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>37,135</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:double windowtext 2.25pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>15</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
<!-- SEQ.=17,FOLIO='15',FILE='22-7511-2.ea.qxp',USER='Unknown',CD='Mar 04 12:04 2022' -->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Statements of Changes in Net Assets</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(in thousands)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 252px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 178px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>For the Years Ended December 31,</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 252px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 85px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>2021</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 85px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>2020</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 430px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Increase (decrease) in net assets from operations:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 252px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net investment income</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">28,858</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">27,276</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 252px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net realized gains/losses on investments and foreign currency</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,391</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(30,819</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 252px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net unrealized gains on investments and foreign currency</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,886</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">10,921</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 252px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net increase from operations</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">37,135</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7,378</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 430px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Distributions to shareholders from (Note 2):</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 252px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Distributed earnings</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(26,810</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(27,498</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 252px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Increase (decrease) in net assets from operations and distributions</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">10,325</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(20,120</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 430px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Share transactions:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 252px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Cost of shares repurchased (Note 5)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 252px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net increase from share transactions</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 252px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Total increase (decrease) in net assets</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">10,325</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(20,120</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 252px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net Assets, beginning of period</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">369,976</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">390,096</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 252px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net Assets, end of period</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>380,301</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>369,976</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>16</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
<!-- SEQ.=18,FOLIO='16',FILE='22-7511-2.ea.qxp',USER='Unknown',CD='Mar 04 12:04 2022' -->
<div style="page-break-before:always"></div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Statement of Cash Flows</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">For the year ended December 31, 2021<br>(in thousands)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 442px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Operating activities:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 304px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net increase in net assets resulting from operations</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 71px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 49px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">37,135</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 442px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 304px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Purchases of investments</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 71px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 49px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(506,392</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 304px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Proceeds from the sale of investments</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 71px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 49px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">435,604</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 304px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Amortization and accretion of discounts and premiums, net</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 71px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 49px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,022</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 304px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net realized (gains)/losses on investments</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 71px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 49px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(5,694</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 304px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net unrealized (gains)/losses on investments</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 71px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 49px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(1,793</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 304px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Effect of exchange rate changes on line of credit</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 71px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 49px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(907</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 442px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Changes in operating assets and liabilities:</font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 304px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Receivable for securities sold</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 71px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 49px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(1,159</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 304px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Interest and principal receivable</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 71px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 49px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(721</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 304px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Prepaid expenses</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 71px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 49px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">50</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 304px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Payable for securities purchased</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 71px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 49px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">9,309</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 304px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Payable for investment advisory fees</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 71px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 49px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,274</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 304px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Interest and commitment fee payable</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 71px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 49px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(31</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 304px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Accrued expenses and other fees</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 71px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 49px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">550</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 304px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net cash used by operating activities</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 71px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 49px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(31,753</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 442px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Financing activities:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 304px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Borrowings on debt</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 71px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 49px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">157,637</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 304px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Repayments on debt</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 71px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 49px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(200,450</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 304px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Proceeds from issuance of mandatory redeemable preferred shares</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 71px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 49px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">100,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 304px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Deferred debt and preferred shares issuance costs</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 71px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 49px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(1,135</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 304px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Distributions paid to common shareholders</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 71px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 49px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(26,810</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 304px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net cash provided by financing activities</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 71px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 49px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">29,242</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:solid windowtext 1pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 304px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net decrease in cash</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 71px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 49px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(2,511</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 18px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 442px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Cash:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 304px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Beginning of period</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 71px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 49px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">8,807</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 7.00015pt 0pt; width: 304px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">End of period</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 7.00015pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 71px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 7.00015pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 49px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6,296</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 7.00015pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 442px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Supplemental disclosure of cash flow information:</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 304px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Cash paid during the period for interest</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 71px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 49px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,659</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 304px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Cash paid for taxes during the period</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 71px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 49px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">219</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

</div>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>17</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Financial Highlights</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(in thousands, except per share data, percentages and as otherwise noted)</font></p>
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<table border="0" cellspacing="0" cellpadding="0" width="100%">
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 158px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 109px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>For the <br>Year Ended<br>December 31, <br>2021</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 109px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>For the <br>Year Ended<br>December 31, <br>2020</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 118px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>For the <br>Period Ended<br>December 31, <br>2019*</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 101px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>For the <br>Year Ended<br>October 31, <br>2019</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 104px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>For the <br>Year Ended<br>October 31, <br>2018</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 101px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>For the <br>Year Ended<br>October 31, <br>2017</b></font></td>
<td colspan="1">&#xa0;</td>
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<td colspan="27" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 840px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Per share data:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 158px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net asset value, beginning of period</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">16.15</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">17.02</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">16.42</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 30px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">17.50</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">18.00</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 24px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">17.04</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
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<td colspan="27" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 840px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Income from investment operations:</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 158px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net investment income</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.26</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.19</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">0.17</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 30px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.39</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.35</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 24px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.33</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 158px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Net realized and change in <br>unrealized gain (loss)</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">0.36</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(0.86</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">0.65</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 30px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(1.18</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(0.56</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 24px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">0.87</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 158px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Total increase (decrease) from <br>investment operations</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.62</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">0.33</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">0.82</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 30px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">0.21</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">0.79</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 24px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2.20</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="27" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 840px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Less distributions declared to <br>shareholders:</b></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 158px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">From net investment income</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(1.17</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(1.20</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(0.22</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 30px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(1.29</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(1.29</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 24px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(1.24</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 158px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Total distributions declared to <br>shareholders</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(1.17</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(1.20</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(0.22</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 30px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(1.29</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(1.29</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 24px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(1.24</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 158px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Net asset value common shares, <br>end of period</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">16.60</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">16.15</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">17.02</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 30px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">16.42</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">17.50</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 24px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">18.00</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 158px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Market value common shares, <br>end of period</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">16.33</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">14.29</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">15.35</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 30px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">14.48</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">14.97</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 24px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">16.45</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 158px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net asset value total return<sup>(a)</sup></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">10.28</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3.00</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4.99</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 30px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%<sup>(b)</sup></font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.23</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4.47</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 24px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">13.33</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 158px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Market value total return<sup>(c)</sup></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">23.10</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2.33</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7.53</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 30px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%<sup>(b)</sup></font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5.49</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(1.43</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 24px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">20.91</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="27" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 840px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Ratios to average net assets/<br>supplemental data:</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 158px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net assets, end of period</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">380,301</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">369,976</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">390,096</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 30px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">376,282</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">401,956</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 24px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">413,386</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 158px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Expenses, inclusive of interest expense <br>and amortization of debt issuance</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2.82</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2.83</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3.36</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 30px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%<sup>(d)</sup></font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3.37</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3.20</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 24px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2.90</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 158px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Expenses, exclusive of interest expense <br>and amortization of debt issuance</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2.08</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2.17</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2.20</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 30px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%<sup>(d)</sup></font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2.03</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2.02</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 24px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2.08</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 158px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net investment income</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7.60</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">8.04</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.15</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 30px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%<sup>(d)</sup></font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">8.16</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7.54</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 24px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7.52</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Portfolio turnover rate</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">76.03</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">127.09</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">11.70</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 30px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%<sup>(b)</sup></font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">78.40</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">82.47</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 24px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">84.35</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
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<p style="margin:9pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">*&#xa0;&#xa0;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; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(a)&#xa0;&#xa0;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; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(b)&#xa0;&#xa0;Not annualized.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(c)&#xa0;&#xa0;Based on market value per share. Distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund's Dividend Reinvestment Plan.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(d)&#xa0;&#xa0;Annualized.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Notes to Financial Statements</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(in thousands, except per share data, percentages and as otherwise noted)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:13pt; font-family: Arial, Helvetica;"><b>(1) Organization</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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 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.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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. "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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is externally managed by Ares Capital Management II LLC (the "Adviser") pursuant to an investment and advisory and management agreement. The Adviser was registered as an investment adviser with the SEC under the Investment Advisers Act of 1940 (the "Advisers Act") on June 9, 2011 and serves as the investment adviser to the Fund. The Adviser oversees the management of the Fund's activities and is responsible for making investment decisions for the Fund's portfolio. Ares Operations LLC, a subsidiary of Ares Management Corporation ("Ares Management"), provides certain administrative and other services necessary for the Fund to operate.</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>Fiscal Year End Change</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">On September 25, 2019, the Board of Directors (the "Board") approved a change to the fiscal year end of the Fund from 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; text-align: left;"><font style="font-size:13pt; font-family: Arial, Helvetica;"><b>(2) Significant Accounting Policies</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>Basis of Presentation</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The accompanying financial statements have been prepared on the 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 Accounting Standards Codification ("ASC") Topic 946, <i>Financial Services &#x2014; Investment Companies</i>. The financial statements reflect all adjustments and reclassifications, that, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition as of and for the periods presented.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>Cash and Cash Equivalents</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Cash and cash equivalents include funds from time to time deposited with financial institutions. Cash and cash equivalents are carried at cost, which approximates fair value.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>Concentration of Credit Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund places its cash and cash equivalents with financial institutions and, at times, cash held in money market accounts may exceed the Federal Deposit Insurance Corporation insured limit.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>Investment Transactions</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Investment transactions are accounted for on the trade date and all investments in securities are recorded at their fair value. See Note 4 for more information on the Fund's valuation process. Realized gains and losses are reported on the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>Interest Income Recognition</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and payment-in-kind ("PIK") interest. Discounts from and premiums to par value on investments purchased are </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>19</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Notes to Financial Statements </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(in thousands, except per share data, percentages and as otherwise noted)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">accreted/amortized into interest income over the life of the respective security using the effective yield method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rate specified in each applicable agreement, is accrued and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. The amortized cost of investments represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Fund's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Fund's judgment, are likely to remain current. The Fund may make exceptions to this policy if the loan has sufficient collateral value (i.e., typically measured as enterprise value of the portfolio company) or is in the process of collection.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">CLO equity investments recognize investment income by utilizing an effective interest methodology based upon an effective yield to maturity utilizing projected cash flows, as required by ASC Topic 325-40, Beneficial Interest in Securitized Financial Assets.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>Foreign Currency Transactions</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses </font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Investments in foreign companies and securities of foreign governments may involve special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. government. These risks include, among other things, revaluation of currencies, less reliable information about issuers, different transaction clearance and settlement practices, and potential future adverse political and economic developments. Moreover, investments in foreign companies and securities of foreign governments and their markets may be less liquid and their prices more volatile than those of comparable U.S. companies and the U.S. government.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>Mandatory Redeemable Preferred Shares</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund carries its mandatory redeemable preferred shares at amortized cost and included as a liability on the statement of assets and liabilities. See Note 7 for further details.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>Debt and Mandatory Redeemable Preferred Shares Issuance Costs</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Debt and mandatory redeemable preferred shares issuance costs are amortized over the life of the senior secured revolving credit facility and mandatory redeemable preferred shares.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>Income Taxes</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund has elected to be treated as a RIC under the Internal Revenue Code of 1986, as amended (the "Code"), and operates in a manner so as to qualify for the tax treatment applicable to RICs. To qualify as a RIC, the Fund must (among other requirements) meet certain source-of-income and asset diversification requirements and timely distribute to its shareholders all or substantially all of its investment company taxable income, as defined by the Code, for each year. The Fund has made and intends to continue to make the requisite distributions to its shareholders, which will generally relieve the Fund from U.S. federal corporate-level income taxes.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Depending on the level of taxable income earned in a tax year, the Fund may choose to carry forward taxable income in excess of current year dividend distributions from such current year taxable income into the next tax year and pay a 4% excise tax on such income, as required. To the extent that the Fund </font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Notes to Financial Statements </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(in thousands, except per share data, percentages and as otherwise noted)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">determines that its estimated current year taxable income will be in excess of estimated dividend distributions for the current year from such income, the Fund accrues excise tax, if any, on estimated excess taxable income as such taxable income is earned.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">For tax purposes, the distributions to holders of mandatory redeemable preferred shares as described in Note 7 are treated as dividends.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>Commitments and Contingencies</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>Distributions to Shareholders</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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 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 </font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>Use of Estimates in the Preparation of Financial Statements</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The preparation of financial statements in conformity with GAAP requires the Adviser to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and such differences may be material.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>Recent Accounting Pronouncement</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-04, "<i>Reference Rate Reform (Topic 848)</i>," which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, <i>Reference Rate Reform (Topic 848)</i>, which expanded the scope of Topic 848 to include derivative instruments impacted by discounting transition. ASU 2020-04 and ASU 2021-01 are 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 and 2021-01 on its financial statements.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:13pt; font-family: Arial, Helvetica;"><b>(3) Investment Advisory and Other Agreements</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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 and leverages Ares Management's entire investment platform and benefits from the significant capital markets, trading and </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>21</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Notes to Financial Statements </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(in thousands, except per share data, percentages and as otherwise noted)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">research expertise of all of Ares Management's investment professionals.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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, 2021 were $5,260.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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 $736 for the year ended December 31, 2021.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund has engaged State Street Bank and Trust Company ("State Street") to serve as the Fund's administrator, custodian and transfer agent. Under the service agreements between State Street and the Fund, State Street provides certain administrative services necessary for the operation of the Fund. Such services include maintaining certain Fund books and records, providing accounting and tax services and preparing certain regulatory filings. State Street also performs custodial, fund accounting and portfolio accounting services, as well as transfer agency and dividend paying services with respect to the common shares. The Fund pays State Street for these services. The total expenses incurred by the Fund for the year ended December 31, 2021 were $515.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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. Effective January 1, 2021, the Fund pays Destra a variable service fee based on the Fund's closing stock price to net asset value at the end of each day. The total expenses incurred by the Fund for the year ended December 31, 2021 were $342.</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:13pt; font-family: Arial, Helvetica;"><b>(4) Fair Value of Financial Instruments</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund follows the provisions of ASC 820-10, <i>Fair Value Measurements and Disclosures</i> ("ASC 820-10"), which among other matters, requires enhanced disclosures about investments that are measured and reported at fair value. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Fund to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, the Fund has considered its principal market as the market in which the Fund exits its portfolio investments with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below:</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#x2022;&#xa0;&#xa0;Level 1 &#x2014; 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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#x2022;&#xa0;&#xa0;Level 2 &#x2014; Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable either directly or indirectly.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#x2022;&#xa0;&#xa0;Level 3 &#x2014; 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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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 820-10 (See Note 2 for more information). Consistent with the Fund's valuation policy, it evaluates the source of inputs, including any markets in which the Fund's investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. The Fund's valuation policy considers the fact that because there may not be a readily available market value for the investments in the Fund's portfolio, therefore, the fair value of the investments may be determined using unobservable inputs.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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 </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>22</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Notes to Financial Statements </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(in thousands, except per share data, percentages and as otherwise noted)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">supported by observable inputs. The Adviser obtains prices from independent pricing services which generally utilize broker quotes and may use various other pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. The Adviser is responsible for all inputs and assumptions related to the pricing of securities. The Adviser has internal controls in place that support its reliance on information received from third-party pricing sources. As part of its internal controls, the Adviser obtains, reviews, and tests information to corroborate prices received from third-party pricing sources. For any security, if market or dealer quotations are not readily available, or if the Adviser determines that a quotation of a security does not represent a fair value, then the security is valued at a fair value as determined in good faith by the Adviser and will be classified as Level 3. In such instances, the Adviser will use valuation techniques consistent with the market or income approach to measure fair value and will give consideration to all factors which might reasonably affect the fair value.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Senior loans and corporate debt:</i> 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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Collateralized loan obligations:</i> The fair value of CLOs is estimated based on various valuation models from third-party pricing services. The provided prices are checked using internally developed 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>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;"><i>Common stock and warrants:</i> 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 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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following is a summary of inputs used as of December 31, 2021 in valuing the Fund's investments carried at fair value:</font></p>
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<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px;">
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<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 92px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Level 1 &#x2014;<br>Quoted<br>Prices ($)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 110px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Level 2 &#x2014;<br>Other<br>Significant<br>Observable<br>Inputs ($)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 105px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Level 3 &#x2014;<br>Significant<br>Unobservable<br>Inputs ($)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total ($)</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Senior Loans</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 69px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">130,796</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">25,125</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">155,921</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
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<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Corporate Bonds</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
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<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 69px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">252,400</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">252,400</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Collateralized <br>Loan <br>Obligations</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 69px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">198,256</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">198,256</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Warrants</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 69px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Total <br>Investments</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 51px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 69px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">383,196</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 64px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">223,381</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">606,577</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</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 style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>23</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
<!-- SEQ.=25,FOLIO='23',FILE='22-7511-2.ga.qxp',USER='Unknown',CD='Mar 04 12:04 2022' -->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Notes to Financial Statements </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(in thousands, except per share data, percentages and as otherwise noted)</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 9pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following is a reconciliation of the Fund's investments in which significant unobservable inputs (Level 3) were used in determining fair value for the year ended December 31, 2021:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 92px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Senior<br>Loans ($)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 110px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Collateralized<br>Loan<br>Obligations ($)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 105px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Warrants ($)</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total ($)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Balance as of December 31, 2020</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">15,675</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 69px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">169,358</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">185,033</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Purchases</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">19,436</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 69px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">72,354</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">91,790</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Sales and principal redemptions</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(12,264</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 69px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(49,205</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(61,469</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net realized and unrealized gains</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">67</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 69px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,589</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,656</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Accrued discounts/(premiums)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">46</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 69px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">160</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">206</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Transfers in to Level 3</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,165</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 69px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,165</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Transfers out of Level 3</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 69px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Balance as of December 31, 2021</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">25,125</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 69px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">198,256</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">223,381</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net change in unrealized gains/(losses) from investments held at December 31, 2021</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">154</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 69px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,340</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,494</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Investments were transferred into and out of Level 3 and out of and into Level 2 during the year ended December 31, 2021 due to changes in the quantity and quality of information obtained to support the fair value of each investment as assessed by the Adviser.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following table summarizes the quantitative inputs and assumptions used for investments in securities at fair value categorized as Level 3 in the fair value hierarchy as of December 31, 2021.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 123px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 167px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 250px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Unobservable Inputs</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 123px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Type</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 69px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Fair Value <br>($)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 90px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Valuation <br>Technique</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Input</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 76px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Range</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 83px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Weighted <br>Average<sup>(a)</sup></b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 123px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Senior Loans</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">19,795</font></p></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 90px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Broker Quotes <br>and/or 3rd <br>Party Pricing <br>Services</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 59px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">N/A</font></p></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">N/A</font></p></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 54px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">N/A</font></p></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 123px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Senior Loans</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5,330</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 90px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Yield Analysis</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 59px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">Market Yield</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.75</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">6.75</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 123px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Collateralized Loan Obligations</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">198,256</font></p></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 90px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Broker Quotes <br>and/or 3rd <br>Party Pricing <br>Services</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 59px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">N/A</font></p></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">N/A</font></p></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 54px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">N/A</font></p></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 123px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Warrants</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 90px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">EV Market <br>Multiple Analysis</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 59px; text-align: right;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">EBITDA <br>Multiple</font></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">10</font></p></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">x</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">10</font></p></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">x</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 123px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Total Level 3 Investments</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">223,381</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 90px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 75px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 76px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 83px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(a) Weighted averages are calculated based on fair value of investments.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments may fluctuate from period to period. Additionally, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Fund may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Fund was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Fund has recorded it.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>24</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
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<p style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Notes to Financial Statements </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(in thousands, except per share data, percentages and as otherwise noted)</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 9pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following are the carrying and fair values of the Fund's senior secured revolving credit facility and mandatory redeemable preferred shares as of December 31, 2021:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 123px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 69px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Carrying <br>value</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 90px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Fair <br>value</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 75px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Level 1</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 76px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Level 2</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 83px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Level 3</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 123px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">State Street <br>Credit Facility<sup>(a)</sup></font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">118,874</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 74px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">118,874</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 59px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">118,874</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 54px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 123px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Series A Mandatory <br>Redeemable <br>Preferred Shares</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">19,743</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 74px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">20,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 59px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">20,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 123px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Series B Mandatory <br>Redeemable <br>Preferred Shares</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">29,607</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 74px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">30,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 59px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">30,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 54px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 123px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Series C Mandatory <br>Redeemable <br>Preferred Shares</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">49,334</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 74px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">50,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 59px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">50,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 54px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 123px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">217,558</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 74px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">218,874</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 59px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">218,874</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 54px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(a) The State Street Credit Facility carrying value is the same as the principal amounts outstanding.</font></p>
<p style="margin:4.5pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:13pt; font-family: Arial, Helvetica;"><b>(5) Common Stock</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Common share transactions were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 128px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="7" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 238px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>For the Year Ended December 31, 2021</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 128px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 115px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Shares</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 115px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Amount ($)</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 128px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Common shares outstanding &#x2014; <br>beginning of period</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 87px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">22,914,939</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 87px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">429,113</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 128px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Common shares issued</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 87px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 87px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 128px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Common shares redeemed</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 87px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 87px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 128px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Common shares outstanding &#x2014; <br>end of period</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 87px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">22,914,939</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 87px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">429,113</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The board of directors has authorized the repurchase of shares of the Fund's outstanding common stock on the open market at the Fund management's discretion when shares of the common stock are trading on the NYSE at a discount of 10% or more (or such other percentage as the board of directors may determine from time to time) from the net asset value of the shares. The Fund is not required to effect common share repurchases. Any such purchases of Fund shares of common stock may not materially impact the discount of the market price of the Fund's shares of common stock relative to their net asset value and any narrowing of this discount that does result may not be maintained. There were no shares repurchased during the year ended December 31, 2021.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:13pt; font-family: Arial, Helvetica;"><b>(6) Debt</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In accordance with the Investment Company Act, the Fund is allowed to borrow amounts with respect to senior securities representing indebtedness (such as the senior secured revolving credit facility), such that its asset coverage, calculated pursuant to the Investment Company Act, is at least 300% after such borrowing.</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund is a party to a senior secured revolving credit facility (as amended, the "Credit Facility"), that allows the Fund to borrow up to $212 million at any one time outstanding. The Credit Facility stated maturity date is July 7, 2023. Under the Credit Facility, the Fund is required to comply with various covenants, reporting requirements and other customary requirements for similar revolving credit facilities, including, without limitation, covenants related to: (a) limitations on the incurrence of additional indebtedness, including additional mandatory redeemable preferred shares, 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 senior securities representing indebtedness) to senior securities representing indebtedness plus the involuntary liquidation preference of the mandatory redeemable preferred shares of the Fund (subject to certain exceptions) of not less than 2:1.0. 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, 2021, the Fund was in compliance with the terms of the Credit Facility.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As of December 31, 2021, there was $118,874 outstanding under the Credit Facility. Loans under the Credit Facility generally bear interest at the applicable LIBOR rate plus 0.95%. The Fund is required to pay a commitment fee of 0.15% per annum on any unused portion of the Credit Facility.</font></p>
<p style="margin:0pt 0pt 9pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">For the year ended December 31, 2021 the components of interest and unused commitment fees expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Credit Facility were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 200px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 198px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>For the Year Ended December 31, 2021<br>($)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 200px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Stated interest expense</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 157px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,496</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 200px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Unused commitment fees</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 157px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">111</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 200px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Amortization of debt issuance costs</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 157px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">179</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 200px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Total interest and credit facility fees expense</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 157px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,786</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 200px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Annualized average stated interest rate</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 157px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.08</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 200px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Average outstanding balance</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 157px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">138,947</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:13pt; font-family: Arial, Helvetica;"><b>(7) Mandatory Redeemable Preferred Shares</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund has authorized and issued 800 shares of Series A Mandatory Redeemable Preferred Shares (the "Series A MRP Shares") for gross proceeds of $20,000, 1,200 shares of Series B Mandatory Redeemable Preferred Shares (the "Series B MRP Shares") for gross proceeds of $30,000 and 2,000 shares of Series C Mandatory Redeemable Preferred </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>25</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Notes to Financial Statements </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(in thousands, except per share data, percentages and as otherwise noted)</font></p>
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<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Shares (the "Series C MRP Shares" and together with the Series A MRP Shares and Series B MRP Shares, the "MRP Shares") for gross proceeds of $50,000. Each of the MRP Shares has a liquidation preference of $25.00 per share. The aggregate redemption amount of the MRP Shares is $100,000.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The redemption date for the Series A MRP Shares, Series B MRP Shares and Series C MRP Shares are July 15, 2026, September 15, 2026 and September 15, 2028, respectively.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Series A MRP Shares and the Series B MRP Shares have a dividend rate of 2.58% per annum, payable quarterly, with a redemption date of five years from issuance. The Series C MRP shares have a dividend rate of 3.03% per annum, payable quarterly, with a redemption date of seven years from issuance. The weighted average dividend rate for the MRP shares is 2.81% per annum. The MRP Shares are subject to optional and mandatory redemption in certain circumstances. The MRP Shares will be subject to redemption, at the option of the Fund, in whole or in part at any time only for the purposes of decreasing leverage of the Fund. The Fund may be obligated to redeem certain of the MRP Shares if the Fund fails to maintain an asset coverage ratio, calculated in accordance with the Investment Company Act, greater than or equal to 225%. Holders of the MRP Shares are entitled to receive quarterly cumulative cash dividend payments on the first business day following each quarterly dividend date.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends plus, in some cases, an early redemption premium, which may vary based on the date of redemption. The Fund is subject to certain restrictions relating to the MRP Shares such as maintaining certain asset coverage ratio requirements. Failure to comply with these restrictions could preclude the Fund from declaring any dividend to common shareholders and could trigger the mandatory redemption of the MRP Shares. Additionally, in accordance with the Investment Company Act, the Fund may not issue additional MRP Shares if immediately after such issuance the Fund will not have an asset coverage ratio of at least 200%. As of December 31, 2021, the Fund was in compliance with the terms of the MRP Shares.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's MRP Shares activity for the year ended December 31, 2021 was as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 96px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 76px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Series A <br>MRP Shares</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 76px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Series B <br>MRP Shares</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 76px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Series C <br>MRP Shares</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 96px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Shares outstanding &#x2014; <br>beginning of period</font></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 96px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Shares issued</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">800</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,200</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 96px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Shares repurchased</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 96px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Shares outstanding &#x2014; <br>end of period</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">800</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,200</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund's MRP Shares balance as of December 31, 2021 were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 92px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Series A <br>MRP <br>Shares</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 110px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Series B <br>MRP <br>Shares</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 105px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Series C <br>MRP <br>Shares</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Principal amount</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">20,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 69px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">30,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">50,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">100,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Unamortized deferred <br>issuance cost</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(257</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 69px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(393</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(666</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(1,316</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Unaccreted discount</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 69px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Carrying value</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">19,743</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 69px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">29,607</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">49,334</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">98,684</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Dividends on the MRP Shares are accrued on a daily basis and included in interest and credit facility fee expense on the statement of operations. The table below summarizes the components of interest expense, the effective dividend rates and cash paid on the Fund's MRP Shares for the year ended December 31, 2021:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 92px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Series A <br>MRP<br>Shares</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 110px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Series B <br>MRP<br>Shares</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 105px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Series C <br>MRP <br>Shares</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 88px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Stated dividends</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">244</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 69px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">232</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">455</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">931</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Amortization of deferred <br>issuance costs</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">26</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 69px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">25</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">29</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">80</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Total Interest expense</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 51px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">270</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 69px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">257</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 64px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">484</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,011</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Weighted average stated <br>dividend rate</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2.58</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 69px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2.58</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3.03</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2.81</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 318px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Cash paid for dividends</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">107</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 69px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">32</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">63</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 47px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">202</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:13pt; font-family: Arial, Helvetica;"><b>(8) Investment Transactions</b></font></p>
<p style="margin:0pt 0pt 9pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">For the year ended December 31, 2021, 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" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 200px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Cost of Investments <br>Purchased</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 198px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Proceeds from the<br>Sale of Investments</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 172px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">505,644</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 157px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(428,784</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:13pt; font-family: Arial, Helvetica;"><b>(9) Income Taxes</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">For U.S. federal income tax purposes, 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. The characterization of distributions paid during the fiscal years ended December 31, 2021 and 2020 were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 128px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 115px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>December 31, 2021</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 115px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>December 31, 2020</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 128px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Ordinary income</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 87px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">27,741</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 87px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">27,498</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 128px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Capital gain</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 87px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 87px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 128px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Return of capital</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 87px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 87px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">&#x2014;</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</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 style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>26</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
<!-- SEQ.=28,FOLIO='26',FILE='22-7511-2.ga.qxp',USER='Unknown',CD='Mar 04 12:04 2022' -->
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Notes to Financial Statements </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(in thousands, except per share data, percentages and as otherwise noted)</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Taxable income generally differs from net increase in net assets resulting from operations for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized gains or losses, as unrealized gains or losses are generally not included in taxable income until they are realized. For the year ended December 31, 2021, the Fund estimated U.S. federal taxable income exceeded its distributions made from such taxable income during the year; consequently the Fund incurred U.S. federal excise taxes of $250.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund may adjust the classification of net assets as a result of permanent book-to-tax differences. On the statement of assets and liabilities, the following reclassifications were made for the year ended December 31, 2021:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 200px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 198px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>December 31, 2021</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 200px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Additional paid-in capital/(reduction)</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 157px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(330</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 200px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Distributable earning accumulated loss</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 157px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">330</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As of December 31, 2021, 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:4.5pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">As of December 31, 2021, the components of accumulated losses on a tax basis were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 200px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 198px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>December 31, 2021</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 200px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Undistributed ordinary income</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 157px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,647</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 200px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Accumulated capital and other losses</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 157px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(68,651</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 200px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net unrealized appreciation</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 157px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,258</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 200px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Total accumulated losses</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 157px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(60,746</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of the current fiscal year end, the following amounts are available as carry forwards to the next tax year:</font></p>
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<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 200px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 198px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>December 31, 2021</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 200px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Short-Term</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 157px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">9,457</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 200px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Long-Term</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 157px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">59,194</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
</table>

<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">ASC 740, <i>Income Taxes</i>, provides guidance for how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. The Fund has evaluated the implications of ASC 740 for all open tax years and has determined there is no impact to the Fund's financial statements as of the year ended December 31, 2021. The </font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:4.5pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:13pt; font-family: Arial, Helvetica;"><b>(10) Risk Factors</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>Senior Loans Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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 could reduce the net asset value of the Fund and income distributions. An economic downturn would generally lead to a higher non-payment rate, and a Senior Loan may lose significant market value before a default occurs. Moreover, any specific collateral used to secure a Senior Loan may decline in value or become illiquid, which could adversely affect the Senior Loan's value.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Senior Loans are subject to the risk of non-payment of scheduled interest or principal. Such non-payment would result in a reduction of income to the Fund, a reduction in the value of the investment and a potential decrease in the net asset value of the Fund. There can be no assurance that the liquidation of any collateral securing a Senior Loan would satisfy the Borrower's obligation in the event of nonpayment of scheduled interest or principal payments, whether when due or upon acceleration, or that the collateral could be liquidated, readily or otherwise. In the event of bankruptcy or insolvency of a Borrower, the Fund could experience delays or limitations 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 </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>27</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Notes to Financial Statements </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(in thousands, except per share data, percentages and as otherwise noted)</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">There may be less readily available information about most Senior Loans and the Borrowers thereunder than is the case for many other types of securities, including securities issued in transactions registered under the Securities Act of 1933, as amended (the "Securities Act") or the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Borrowers subject to the periodic reporting requirements of Section 13 of the Exchange Act. Senior Loans may be issued by companies that are not subject to SEC reporting requirements and these companies, therefore, do not file reports with the SEC that must comply with SEC form requirements and, in addition, are subject to a less stringent liability disclosure regime than companies subject to SEC reporting requirements. As a result, the Adviser will rely primarily on its own evaluation of a Borrower's credit quality rather than on any available independent sources. Consequently, the Fund will be particularly dependent on the analytical abilities of the Adviser. In certain circumstances, Senior Loans may not be deemed to be securities under certain federal securities laws, other than the Investment Company Act. Therefore, in the event of fraud or misrepresentation by a Borrower or an arranger, the Fund may not have the protection of the antifraud provisions of the federal securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, parties generally would rely on the contractual provisions in the Senior Loan agreement itself and common law fraud protections under applicable state law.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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 </font></p>
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<div style="width:48%;float:left;margin-top:10pt;margin-right:0%">
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>Corporate Bonds Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The market value of a corporate bond generally may be expected to rise and fall inversely with interest rates. The market value of intermediate- and longer-term corporate bonds is generally more sensitive to changes in interest rates than is the market value of shorter-term corporate bonds. The market value of a corporate bond also may be affected by factors directly related to the Borrower, such as investors' perceptions of the creditworthiness of the Borrower, the Borrower's financial performance, perceptions of the Borrower in the market place, performance of management of the Borrower, the Borrower's capital structure and use of financial leverage and demand for the Borrower's goods and services. There is a risk that the Borrowers of corporate bonds may not be able to meet their obligations on interest or principal payments at the time called for by an instrument. High yield corporate bonds are often high risk and have speculative characteristics. High yield corporate bonds may be particularly susceptible to adverse Borrower-specific developments.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>CLO Securities Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">CLOs issue securities in tranches with different payment characteristics and different credit ratings. The rated tranches of securities issued by CLOs ("CLO Securities") are generally assigned credit ratings by one or more nationally recognized statistical rating organizations. The subordinated (or residual) tranches do not receive ratings. Below investment grade tranches of CLO Securities typically experience a lower recovery, greater risk of loss or deferral or non-payment of interest than more senior tranches of the CLO.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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 </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>28</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Notes to Financial Statements </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(in thousands, except per share data, percentages and as otherwise noted)</font></p>
</div>
<div style="width:48%;float:left;margin-top:10pt;margin-right:3%">
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The transaction documents relating to the issuance of CLO Securities may impose eligibility criteria on the assets of the CLO, restrict the ability of the CLO's investment manager to trade investments and impose certain portfolio-wide asset quality requirements. These criteria, restrictions and requirements may limit the ability of the CLO's investment manager to maximize returns on the CLO Securities. In addition, other parties involved in CLOs, such as third-party credit enhancers and investors in the rated tranches, may impose requirements that have an adverse effect on the returns of the various tranches of CLO Securities. Furthermore, CLO Securities issuance transaction documents generally contain provisions that, in the event that certain tests are not met (generally interest coverage and over-collateralization tests at varying levels in the capital structure), proceeds that would otherwise be distributed to holders of a junior tranche must be diverted to pay down the senior tranches until such tests are satisfied. Failure (or increased likelihood of failure) of a CLO to make timely payments on a particular tranche will have an adverse effect on the liquidity and market value of such tranche.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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 </font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">related CLO Securities to pay such deficiency will be extinguished.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>"Covenant-Lite" Loans Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Some of the loans in which the Fund may invest or get exposure to through its investments in CDOs, CLOs or other types of structured securities may be "covenant-lite" loans, which means the loans contain fewer maintenance covenants than other loans (in some cases, none) and do not include terms which allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached. An investment by the Fund in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. The Fund may also experience delays in enforcing its rights on its holdings of covenant-lite loans. As a result of these risks, the Fund's exposure to losses may be increased, which could result in an adverse impact on the Fund's net income and net asset value.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>Investment and Market Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">An investment in the common shares of the Fund is subject to investment risk, including the possible loss of the entire principal amount invested. An investment in the common shares of the Fund represents an indirect investment in the portfolio of Senior Loans, Corporate Bonds, CLO Securities and other securities and loans owned by the Fund, and the value of these securities and loans may fluctuate, sometimes rapidly and unpredictably. For instance, during periods of global economic downturn, the secondary markets for Senior Loans and investments with similar economic characteristics (such as second lien loans and unsecured loans) and Corporate Bonds may experience sudden and sharp price swings, which can be exacerbated by large or sustained sales by major investors in these markets, a high-profile default by a major Borrower, movements in indices tied to these markets or </font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Notes to Financial Statements </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(in thousands, except per share data, percentages and as otherwise noted)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>Interest Rate Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>LIBOR and Reference Rate Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">National and international regulators and law enforcement agencies have conducted investigations into a number of rates or indices that are deemed to be "reference rates." Actions by such regulators and law enforcement agencies may result in changes to the manner in which certain reference rates are determined, their discontinuance, or the establishment of alternative reference rates. In particular, on July 27, 2017, the Chief Executive of the U.K. Financial Conduct Authority (the "FCA"), which regulates LIBOR, announced that the FCA will no longer persuade or compel banks to submit rates for the calculation of LIBOR after 2021. On November 30, 2020, ICE Benchmark Administration ("IBA"), the administrator of LIBOR tenors, with the support of the U.S. 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, and on June 30, 2023 for all other USD LIBOR tenors. The U.S. Federal </font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Reserve concurrently issued a statement advising banks to stop new USD LIBOR issuances by the end of 2021. On March 5, 2021, the IBA confirmed its intention to cease publication of (i) one-week and two-month USD LIBOR tenors after December 31, 2021 and (ii) remaining USD LIBOR tenors after June 30, 2023.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">On the same day, the FCA, as supervisor of IBA, made its announcement on the future cessation and loss of representativeness of the LIBOR benchmarks. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, is expected to replace U.S. dollar LIBOR with a new index calculated by short-term repurchase agreements, backed by Treasury securities. (the "Secured Overnight Financing Rate," "SOFR"), plus a recommended spread adjustment as LIBOR's replacement. Although there have been certain issuances utilizing SOFR or the Sterling Over Night Index Average (an alternative reference rate that is based on transactions), it is unknown whether SOFR or any other alternative reference rates will attain market acceptance as replacements for LIBOR.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Given the inherent differences between LIBOR and SOFR, or any other alternative reference rates that may be established, the transition from LIBOR may disrupt the overall financial markets and 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 and/or transferability of the LIBOR indexed, floating rate debt securities in the Fund's portfolio, or the cost of the Fund's borrowings. Additionally, if as currently expected LIBOR ceases to exist, the Fund may need to renegotiate the credit agreements extending beyond June 30, 2023 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 SOFR or other alternative reference rates, The transition from LIBOR to SOFR or other alternative reference rates may also introduce operational risks in our accounting, financial reporting, loan servicing, liability management and other aspects of our business. We are assessing the impact of a transition from LIBOR; however, we cannot reasonably estimate the impact of the transition at this time.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Additionally, the phase-out or replacement of LIBOR may decrease the demand for floating-rate loans, which could adversely impact our business and financial condition. We </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>30</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Notes to Financial Statements </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(in thousands, except per share data, percentages and as otherwise noted)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">may need to renegotiate the credit agreements extending beyond June 30, 2023 with our credit facility lenders and our portfolio companies that utilize LIBOR as a factor in determining the interest rate to replace LIBOR with SOFR or other alternative reference rates, which could require us to incur significant expense and may subject us to disputes or litigation over the appropriateness or comparability to the relevant replacement reference index. The transition from LIBOR to SOFR or other alternative reference rates may also introduce operational risks in our accounting, financial reporting, loan servicing, liability management and other aspects of our business. We are assessing the impact of a transition from LIBOR; however, we cannot reasonably estimate the impact of the transition at this time.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>Liquidity Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund may not be able to readily dispose of illiquid securities or loans at prices that approximate those at which the Fund could sell the securities or loans if they were more widely traded and, as a result of that illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of securities, thereby adversely affecting the net asset value of the common shares and ability to make dividend distributions. Some securities are not readily marketable and may be subject to restrictions on resale. Securities generally are not listed on any national securities exchange and no active trading market may exist for the securities in which the Fund may invest. When a secondary market exists, if at all, the market for some securities may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Further, the lack of an established secondary market for illiquid securities may make it more difficult to value such securities, which may negatively affect the price the Fund would receive upon disposition of such securities.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>Duration and Maturity Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>Special Situations and Stressed Investments Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Although investments in debt and equity securities and other obligations of companies that may be in some level of financial or business distress, including companies involved in, or that have recently completed, bankruptcy or other reorganization and liquidation proceedings ("Stressed Issuers") (such investments, "Special Situation Investments") may result in significant returns for the Fund, they are speculative and involve a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful investment in distressed assets is unusually high. Therefore, the Fund will be particularly dependent on the analytical abilities of the Adviser. In any reorganization or liquidation proceeding relating to a company in which the Fund invests, the Fund may lose its entire investment, may be required to accept cash or securities with a value less than the Fund's original investment and/or may be required to accept payment over an extended period of time. Among the risks inherent in investments in a troubled company is that it may be difficult to obtain information as to the true financial condition of such company. Troubled company investments and other distressed asset-based investments require active monitoring.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund may make investments in Stressed Issuers when the Adviser believes it is reasonably likely that the Stressed Issuer will make an exchange offer or will be the subject to a plan of reorganization pursuant to which the Fund will receive new securities in return for a Special Situation Investment. There can be no assurance, however, that such an exchange offer will be made or that such a plan of reorganization will be adopted. In addition, a significant period of time may pass between the time at which the Fund makes its investment in the Special Situation Investment and the time that any such exchange offer or plan of reorganization is completed, if at all. During this period, it is unlikely that the Fund would receive any interest payments on the Special Situation Investment, the Fund would be subject to significant uncertainty whether the exchange offer or plan of reorganization will be completed and the Fund may be required to bear certain extraordinary expenses to </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>31</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(in thousands, except per share data, percentages and as otherwise noted)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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 Management or its affiliates ("Other Accounts"), the Adviser is likely to be presented with decisions involving circumstances where the interests of such Other Accounts may be in conflict with the Fund's interests. Furthermore, it is possible that the Fund's interest may be subordinated or otherwise adversely affected by virtue of such Other Accounts' involvement and actions relating to their investment. In addition, when the Fund and Other Accounts hold investments in the same Stressed Issuer (including in the same level of the capital structure), the Fund may be prohibited by applicable law from participating in restructurings, work-outs, renegotiations or other activities related to its investment in the Stressed Issuer absent an exemption due to the fact that Other Accounts hold investments in the same Stressed Issuer. As a result, the Fund may not be permitted by law to make the same investment decisions as Other Accounts in the same or similar situations even if the Adviser believes it would be in the Fund's best economic interests to do so. Also, the Fund may be prohibited by applicable law from investing in a Stressed Issuer (or an affiliate) that Other Accounts are also investing in or currently </font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>Below Investment Grade Rating Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Debt instruments that are rated below investment grade are often referred to as "high yield" securities or "junk bonds." Below investment grade instruments are rated "Ba1" or lower by Moody's, "BB+" or lower by S&amp;P or "BB+" or lower by Fitch or, if unrated, are judged by the Adviser to be of comparable credit quality. While generally providing greater income and opportunity for gain, below investment grade debt instruments may be subject to greater risks than securities or instruments that have higher credit ratings, including a higher risk of default. The credit rating of an instrument that is rated below investment grade does not necessarily address its market value risk, and ratings may from time to time change, positively or negatively, to reflect developments regarding the Borrower's financial condition. Below investment grade instruments often are considered to be speculative with respect to the capacity of the Borrower to timely repay principal and pay interest or dividends in accordance with the terms of the obligation and may have more credit risk than higher rated securities. Lower grade securities and similar debt instruments may be particularly susceptible to economic downturns. It is likely that a prolonged or deepening economic recession could adversely affect the ability of some Borrowers issuing such debt instruments to repay principal and pay interest on the instrument, increase the incidence of default and severely disrupt the market value of the securities and similar debt instruments.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Notes to Financial Statements </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(in thousands, except per share data, percentages and as otherwise noted)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>European Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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 (the "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 (the "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 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 UK ceased to be a member state of the EU on January 31, 2020 commonly referred to as "Brexit," and the transition period provided for in the withdrawal agreement entered by the UK and the EU ended on December 31, 2020. In December 2020, the UK and the EU agreed on a trade and cooperation agreement, which was subsequently ratified by the parties. The trade and cooperation agreement covers the general objectives and framework of the relationship between the UK </font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>Market Disruption Risk</i></b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Disease outbreaks, public health emergencies, the European sovereign debt crisis, instability in the Middle East, Afghanistan and Pakistan, the aftermath of the war in Iraq, terrorist attacks in the U.S. and around the world, the impact of natural disasters, growing social and political discord in the U.S., the European debt crisis, the response of the international community &#x2014; through economic sanctions and otherwise &#x2014; to Russia's annexation of the Crimea region of Ukraine and invasion of Ukraine, increasingly strained relations between the United States and a number of foreign countries, including traditional allies, such as certain European countries, and historical adversaries, such as North Korea, Iran, China and Russia, and the international community generally, new and continued political unrest in various countries, such as Venezuela and Spain, and other similar events may result in market volatility, may have long-term adverse effects on the United States and worldwide financial markets and may cause further economic uncertainties in the United States and worldwide. The Fund does not know how long the financial markets may be affected by these events and cannot predict the effects of these events or similar events in the future on the U.S. and global economies and financial markets. Wars and occupation, terrorism and related geopolitical risks have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on U.S. and global economies and markets generally. These events could have an acute effect on individual issuers or related groups of issuers. These events could also impact interest rates, secondary trading, ratings, credit risk, inflation and other factors relating to an investment in the common shares. The Fund may be adversely affected by abrogation of international agreements and national laws which have created the market instruments </font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Notes to Financial Statements </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(in thousands, except per share data, percentages and as otherwise noted)</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">in which the Fund may invest, failure of the designated national and international authorities to enforce compliance with the same laws and agreements, failure of local, national and international organization to carry out their duties prescribed to them under the relevant agreements, revisions of these laws and agreements which dilute their effectiveness or conflicting interpretation of provisions of the same laws and agreements.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The novel coronavirus ("COVID-19") pandemic has adversely impacted global commercial activity and contributed to significant volatility in the capital markets. 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 certain businesses. Such actions and effects remain ongoing and the ultimate duration and severity of the COVID-19 pandemic, including COVID-19 variants, such as the recent Delta and Omicron variants, remain uncertain. The COVID-19 pandemic and restrictive measures taken to contain or mitigate its spread have caused, and are continuing to cause, business shutdowns, or the re-introduction of business shutdowns, cancellations of events and restrictions on travel, significant reductions in demand for certain good and services, reductions in business activity and financial transactions, supply chain interruptions, labor shortages, increased inflationary pressure and overall economic and financial market instability both globally and in the United States. While several countries, as well as certain states, counties and cities in the United States, relaxed the public health restrictions throughout 2021 partly as a result of the introduction of vaccines, recurring COVID-19 outbreaks caused by different virus variants continue to lead to the re-introduction of certain restrictions in certain states in the United States and globally. Even after the COVID-19 pandemic subsides, the U.S. economy and most other major global economies may experience a recession, and the Fund and its operations, as well as the business and operations of its portfolio companies, could be materially adversely affected by a prolonged recession in the U.S. and other major markets.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The COVID-19 pandemic has adversely impacted the fair value of certain of the Fund's investments, including those reported as of December 31, 2021, 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 </font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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 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; text-align: left;"><font style="font-size:13pt; font-family: Arial, Helvetica;"><b>(11) Subsequent Events</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Adviser has evaluated subsequent events through the date of issuance of the financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure or would be required to be recognized in the financial statements as of and for the twelve months ended December 31, 2021, except as discussed below:</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Subsequent to December 31, 2021, the Fund paid previously declared dividends of $701 on the MRP shares through February 28, 2022.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following common share distributions were declared on <b>January 11, 2022</b>:</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Ex-Date: <b>January 20, 2022</b><br>Record Date: <b>January 21, 2022</b><br>Payable Date: <b>January 31, 2022</b><br>Per Share Amount: <b>$0.0975</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following common share distributions were declared on <b>February 11, 2022</b>:</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Ex-Date: <b>February 18, 2022</b><br>Record Date: <b>February 22, 2022</b><br>Payable Date: <b>February 28, 2022</b><br>Per Share Amount: <b>$0.0975</b></font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Report of Independent Registered Public Accounting Firm</b></font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><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; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Opinion on the Financial Statements</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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, 2021, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended, 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, 2021, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the two years in the period then ended, 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; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Basis for Opinion</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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, 2021, 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>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">We have served as the Fund's auditor since 2012.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Los Angeles, California<br>February 28, 2022</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>35</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Additional Information</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Fund Investment Objective, Policies and Risks:</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Investment Objective and Policies:</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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 made primarily to companies whose debt is rated below investment grade ("Senior Loans"), (ii) corporate bonds that are primarily high yield issues rated below investment grade ("Corporate Bonds"), (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 CLOs and other asset-backed securities. The Fund's investments in CLOs may include investments in subordinated tranches of CLO securities.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund may invest in debt securities of any maturity, including perpetual securities, and does not manage its portfolio seeking to maintain a targeted dollar-weighted average maturity level. The Fund may invest in securities of any duration and does not have a fixed duration target. The Fund may invest in U.S. dollar and non-U.S. dollar denominated loans and securities of borrowers located anywhere in the world, and of borrowers that operate in any industry. The Fund may invest a significant amount of its capital in debt securities issued by issuers domiciled in Europe. The Fund is permitted to invest in investment grade and below investment grade rated CLO securities. The Fund may also invest in subordinated loans. The Fund may invest 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.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund may engage in leverage through the issuance of preferred shares and/or notes or other forms of indebtedness, including a credit facility.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Adviser seeks to implement the Fund's investment strategy through the application of several techniques, including but not limited to:</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">(i)&#xa0;&#xa0;investing in a diversified portfolio of loans and other debt investments across a broad range of industries with varying characteristics and return profiles;</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">(ii)&#xa0;&#xa0;adhering to the established credit underwriting processes of the Ares organization, an affiliate of the Adviser, and doing substantial pre-investment credit analysis, utilizing publicly available credit and industry information as well as other information about the borrowers and issuers;</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">(iii)&#xa0;&#xa0;monitoring the credit quality of the obligors in the Fund's investments and, as appropriate, on a risk adjusted return basis, selling investments in underperforming issuers; and</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">(iv)&#xa0;&#xa0;holding cash and engaging in derivative credit and interest rate hedges.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Adviser will dynamically manage the Fund's portfolio by allocating the portfolio among investments in the various targeted credit markets in a manner that seeks to manage interest rate and credit risk and the duration of the Fund's portfolio. The term "dynamically manage" refers to the method of investment allocation that the Adviser will use to manage the Fund's assets and according to which the Adviser will evaluate and adjust, based on its analysis of the then current market environment and outlook, the Fund's portfolio of Senior Loans, Corporate Bonds, CLO securities and other permitted investments. The Adviser will seek to implement this dynamic allocation strategy with the intention of responding to changing market conditions and outlook, and achieving attractive risk-adjusted returns throughout the credit cycle. The Adviser believes that as market conditions change, so should the Fund's investment allocations. In addition, the Adviser may allocate portions of the Fund's portfolio to investments that it believes to be pre-disposed to positive event risk or to have attractive relative value characteristics given then current market conditions. The Adviser believes that reallocating investments in this way will opportunistically emphasize those investments and categories of investments best suited to the then current market environment and outlook. There can be no assurance that the Adviser will seek to allocate the Fund's investments in any particular manner or that the Fund will be able to structure its investment portfolio as desired in any given market environment.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Adviser's investment process is rigorous, proactive and on-going. Close monitoring of each investment in the portfolio provides the basis for making buy, sell and hold decisions. The Adviser utilizes what it believes to be a conservative approach that focuses on credit fundamentals, collateral coverage, structural seniority and relative value. The Adviser may </font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">also employ sector analysis to assess industry trends and characteristics that may impact a borrower's potential future ability to generate cash, as well as profitability, asset values, financial needs and potential liabilities. The Adviser takes a disciplined approach to its credit investment selection process in which criteria used by the Adviser may include an evaluation of whether a loan or debt security is adequately collateralized or over-collateralized and whether it is covered by sufficient earnings and cash flow to service the borrower's indebtedness on a timely basis. The Adviser also takes into consideration the credit ratings of Borrowers in evaluating potential investments, although credit ratings are generally not considered to be the primary or determinative factor in the investment selection process. The Adviser also expects to gain exposure to borrowers across a broad range of industries and of varying characteristics and return profiles.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Under normal market conditions, the Fund will invest at least 80% of its Managed Assets in debt securities, including (i) Senior Loans, (ii) Corporate Bonds, (iii) other fixed-income instruments of a similar nature that may be represented by derivatives, and (iv) debt securities issued by entities commonly referred to as CLOs. This 80% Policy is non-fundamental and may be changed upon providing 60 days' prior written notice to stockholders.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">For defensive purposes, including during periods in which the Adviser determines that economic, market or political conditions are unfavorable to investors and a defensive strategy would benefit the Fund, the Fund may temporarily deviate from its investment strategies and objective.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Risk Factors:</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">See Note 10 of the Notes to Financial Statements</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Fundamental Investment Restrictions:</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The following investment restrictions are fundamental policies of the Fund and may not be changed without the approval of the holders of a majority of the Fund's outstanding shares of common stock (which for this purpose and under the Investment Company Act means the lesser of (i) 67% of the shares of common stock represented at a meeting at which more than 50% of the outstanding shares of common stock are represented or (ii) more than 50% of the outstanding shares). Subject to such shareholder approval, the Fund may not:</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">1.&#xa0;&#xa0;make investments for the purpose of exercising control or management;</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">2.&#xa0;&#xa0;purchase or sell real estate, commodities or commodity contracts, except that, to the extent permitted by applicable law, the Fund may (i) invest in securities directly or indirectly secured by real estate or interests therein or issued by entities that invest in real estate or interests therein; (ii) acquire, hold and sell real estate acquired through default, liquidation, or other distributions of an interest in real estate as a result of the Fund's ownership of other assets; (iii) invest in instruments directly or indirectly secured by commodities or securities issued by entities that invest in or hold such commodities and acquire temporarily commodities as a result thereof; and (iv) purchase and sell forward contracts, financial futures contracts and options thereon;</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">3.&#xa0;&#xa0;issue senior securities or borrow money except as permitted by Section 18 of the Investment Company Act or otherwise as permitted by applicable law;</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">4.&#xa0;&#xa0;underwrite securities of other issuers, except insofar as the Fund may be deemed an underwriter under the Securities Act in selling its own securities or portfolio securities;</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">5.&#xa0;&#xa0;make loans to other persons, except that (i) the Fund will not be deemed to be making a loan to the extent that the Fund makes investments in accordance with its stated investment strategies or otherwise purchases Senior Loans, subordinated loans, Corporate Bonds, CLO securities, debentures or other loans or debt securities of any type, preferred securities, commercial paper, pass through instruments, loan participation interests, corporate loans, certificates of deposit, bankers acceptances, repurchase agreements or any similar instruments; (ii) the Fund may take short positions in any security or financial instrument; and (iii) the Fund may lend its portfolio securities in an amount not in excess of 331/3% of its total assets, taken at market value, provided that such loans shall be made in accordance with applicable law; and</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>37</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Additional Information </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">6.&#xa0;&#xa0;invest more than 25% of its total assets (taken at market value at the time of each investment) in the securities of issuers of any one industry; provided that securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities and tax-exempt securities of governments and their political subdivisions will not be considered to represent an industry (other than private purpose industrial development bonds issued on behalf of non-governmental issuers).</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>38</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Additional Information </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Proxy Information</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Portfolio Information</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">The Fund files its complete schedule of portfolio holdings for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on SEC Form N-PORT. The Fund's Form N-PORT will be available (1) without charge, upon request, by calling 1-877-855-3434; (2) on the SEC's website at http://www.sec.gov.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>39</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Additional Information </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Dividend Reinvestment Plan</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Participants may terminate their accounts under the dividend reinvestment plan by writing to the plan administrator at State Street Bank and Trust Company, located at One Lincoln Street, Boston, Massachusetts, 02111 or by calling the plan administrator's hotline at (877) 272-8164. Such termination will be effective immediately if the Participant's notice is received by the plan administrator at least 10 days prior to any dividend or distribution record date for the payment of any dividend or distribution by the Fund; otherwise, such termination will be effective only with respect to any subsequent dividend or distribution. Participants who hold their common shares through a broker or other nominee and who wish to terminate their account under the plan may do so by notifying their broker or nominee. The dividend reinvestment plan may be terminated by the Fund upon notice in writing mailed to each Participant at least 30 days prior to any record date for the payment of any dividend or distribution by the Fund. Additional information about the dividend reinvestment plan may be obtained by contacting the plan administrator by mail at One Lincoln Street, Boston, Massachusetts 02111 or by telephone at (877) 272-8164.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>40</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Additional Information </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Investment Adviser</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Administrator Custodian and Transfer Agent</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">State Street Bank and Trust Company<br>One Lincoln Street<br>Boston, MA 02111</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>DRIP Administrator</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">State Street Bank and Trust Company<br>One Lincoln Street<br>Boston, MA 02111</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Investor Support Services</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Destra Capital Advisors LLC<br>443 N. Willson Ave.<br>Bozeman, MT 59715</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Independent Registered Public Accounting Firm</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Ernst &amp; Young LLP<br>725 South Figueroa Street<br>Los Angeles, CA 90017</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Fund Counsel</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">Willkie Farr &amp; Gallagher LLP<br>787 7th Avenue<br>New York, NY 10019</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>41</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Additional Information </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
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<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Privacy Notice</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#x2022;&#xa0;&#xa0;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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#x2022;&#xa0;&#xa0;Information about shareholders' transactions and history with us; or</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#x2022;&#xa0;&#xa0;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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">We do not disclose any non-public personal information about shareholders, except:</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#x2022;&#xa0;&#xa0;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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#x2022;&#xa0;&#xa0;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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#x2022;&#xa0;&#xa0;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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">&#x2022;&#xa0;&#xa0;as allowed or required by applicable law or regulation.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">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; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman PS Std, Times New Roman PS, Times New Roman, Times;">In the event of a corporate change in control resulting from, for example, a sale to, or merger with, another entity, or in the event of a sale of assets, we reserve the right to transfer your non-public personal information to the new party in control or the party acquiring assets.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>42</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
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<p style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Additional Information </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt; text-align: center;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Directors</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 98px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Name, Address<sup>(1)<br></sup>and Year of Birth</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 273px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Position(s) Held<br>with the Fund</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 71px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Length of Time<br>Served and<br>Term of Office</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 1222px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Principal <br>Occupation(s)<br>or Employment <br>During Past<br>Five Years</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 76px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Number of<br>Funds in the<br>Complex<sup>(3)<br></sup>Overseen by<br>the Director<br>or Nominee</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 457px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Other Public <br>Company Board <br>Memberships<br>During Past <br>Five Years</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:4pt .7pt 2pt 0pt; width: 98px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Interested Directors<sup>(2)</sup></b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:4pt .7pt 2pt 0pt; width: 273px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:4pt .7pt 2pt 0pt; width: 71px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:4pt .7pt 2pt 0pt; width: 1222px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:4pt .7pt 2pt 0pt; width: 76px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:4pt .7pt 2pt 0pt; width: 457px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 98px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">David A. Sachs<br>1959</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 273px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Director and Chairman of the Board</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 71px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Since 2011***</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 1222px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Partner, Ares Management</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1</font></p></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 457px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Terex Corporation; CION Ares Diversified Credit Fund</font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 98px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Seth J. Brufsky<br>1966</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 273px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">President, Chief Executive Officer, Director and Portfolio Manager of ARDC</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 71px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Since 2012**</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 1222px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">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">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1</font></p></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 457px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">None</font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:4pt .7pt 2pt 0pt; width: 98px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Independent Directors</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:4pt .7pt 2pt 0pt; width: 273px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:4pt .7pt 2pt 0pt; width: 71px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:4pt .7pt 2pt 0pt; width: 1222px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:4pt .7pt 2pt 0pt; width: 76px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:4pt .7pt 2pt 0pt; width: 457px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 98px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Paula B. Pretlow 1955</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 273px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Director</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 71px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Since 2021</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 1222px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Prior to 2012, Senior Vice President, The Capital Group Companies</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1</font></p></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 457px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">The Kresge Foundation; The Harry &amp; Jeanette Weinberg Foundation; Northwestern University; CION Ares Diversified Credit Fund</font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 98px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">John J. Shaw<br>1951</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 273px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Director</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 71px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Since 2012**</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 1222px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Independent Consultant; prior to 2012, President, Los Angeles Rams</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1</font></p></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 457px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">CION Ares Diversified Credit Fund</font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
</table>

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<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>43</font></p>
<hr style="height: 3px; width: 100%; color: gray; background-color: gray; text-align: center;">
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Additional Information </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<p style="margin:0pt 0pt 6pt 0pt; text-align: center;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Directors</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 98px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Name, Address<sup>(1)<br></sup>and Year of Birth</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 273px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Position(s) Held<br>with the Fund</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 71px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Length of Time<br>Served and<br>Term of Office</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 1222px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Principal <br>Occupation(s)<br>or Employment <br>During Past<br>Five Years</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 76px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Number of<br>Funds in the<br>Complex<sup>(3)<br></sup>Overseen by<br>the Director<br>or Nominee</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 457px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Other Public <br>Company Board <br>Memberships<br>During Past <br>Five Years</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 98px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Bruce H. Spector<br>1942</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 273px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Director</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 71px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Since 2014*</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 1222px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Independent Consultant; from 2007 to 2015, Senior Advisor, Apollo Global Management LLC (private equity)</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 60px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1</font></p></td>
<td colspan="1" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 8px;">
</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 457px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">The Private Bank of California (2007-2013); CION Ares Diversified Credit Fund</font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
</table>

<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><sup>(1)</sup>&#xa0;&#xa0;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; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><sup>(2)</sup>&#xa0;&#xa0;"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; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><sup>(3)</sup>&#xa0;&#xa0;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; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">* 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; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">** 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; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">*** Term continues until the Fund's 2022 Annual Meeting of Stockholders and until his successor is duly elected and qualifies.</font></p>
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<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>44</font></p>
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<p style="margin:0pt 0pt 0pt 0pt;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Additional Information </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
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<p style="margin:0pt 0pt 6pt 0pt; text-align: center;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Officers</b></font></p>
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<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 90px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Name, Address<sup>(1)<br></sup>and Year of Birth</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 273px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Position(s) Held <br>with Funds</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 61px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Officer Since</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 2949px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Principal Occupation(s) or Employment During Past Five Years</b></font></p></td>
<td colspan="1">&#xa0;</td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;">Seth J. Brufsky<br>1966</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 273px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">President, Chief Executive Officer, Director and Portfolio Manager of ARDC</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 61px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Since 2012</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 2949px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">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">&#xa0;</td>
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<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 90px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Penni F. Roll<br>1965</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 273px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Treasurer</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 61px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Since 2016</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 2949px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Ms. Roll is a Partner and the Chief Financial Officer of the Ares Credit Group. She also serves as the Chief Financial Officer of ARCC and is Treasurer of CION Ares Diversified Credit Fund ("CADC"). She may additionally from time to time serve as an officer, director or principal of entities affiliated with Ares Management or of investment funds managed by Ares Management and its affiliates. Ms. Roll also serves as a member of the Ares Diversity, Equity and Inclusion Council. Council. Ms. Roll joined Ares in 2010.</font></p></td>
<td colspan="1">&#xa0;</td>
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<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 90px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Lisa Morgan<br>1976</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 273px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Chief Compliance Officer and Anti-Money Laundering Officer</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 61px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Since 2019</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 2949px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Ms. Morgan is a Managing Director and Head of Regulatory Compliance in the Ares Compliance Department. She also serves as the Chief Compliance Officer of ARCC and CADC. Ms. Morgan joined Ares in September 2017.</font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 90px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Scott Lem<br>1977</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 273px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Chief Financial Officer</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 61px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Since 2016</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 2949px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">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">&#xa0;</td>
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<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 90px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Ian Fitzgerald<br>1975</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 273px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">General Counsel and Secretary<br>Vice President and Assistant Secretary</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 61px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Since 2019<br>2017- 2019</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 2949px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">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">&#xa0;</td>
</tr>
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<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 90px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Keith Ashton<br>1967</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 273px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Vice President and Portfolio Manager of ARDC</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 61px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Since 2013</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 2949px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">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">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 90px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Daniel Hayward<br>1985</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 273px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Vice President</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 61px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Since 2016</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 2949px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">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">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 90px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Charles Arduini<br>1969</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 273px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Vice President and portfolio manager of ARDC</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 61px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Since 2018</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 2949px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">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">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 90px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Samantha Milner<br>1978</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 273px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Vice President and portfolio manager of ARDC</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 61px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Since 2018</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 2949px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">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">&#xa0;</td>
</tr>
</table>

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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>45</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;">Ares Dynamic Credit Allocation Fund, Inc.</font></p>
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<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:19pt; font-family: Arial, Helvetica;"><b>Additional Information </b></font><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>(continued)</i></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">December 31, 2021</font></p>
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<p style="margin:0pt 0pt 6pt 0pt; text-align: center;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Officers</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 90px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Name, Address<sup>(1)<br></sup>and Year of Birth</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 273px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Position(s) Held <br>with Funds</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 61px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Officer Since</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 2949px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Principal Occupation(s) or Employment During Past Five Years</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 90px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Jason Duko<br>1977</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 273px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Vice President</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 61px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Since 2018</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 2949px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">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">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 90px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Kapil Singh<br>1971</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 273px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Vice President</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 61px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Since 2018</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 2949px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">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">&#xa0;</td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;">Joshua Bloomstein<br>1973</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 273px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Vice President and Assistant Secretary</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 61px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Since 2019</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 2949px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">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">&#xa0;</td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;">Naseem Sagati Aghili<br>1981</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 273px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Vice President and Assistant Secretary</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 61px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Since 2019</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 2949px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Ms. Sagati Aghili is General Counsel and Secretary of Ares Management Corporation. She is a Partner in and Head of the Ares Legal Group and additionally serves on the Ares Executive Management Committee, Business Advisory Group, Enterprise Risk Committee and Communications Committee and the Ares Diversity, Equity and Inclusion Council. She also serves as Vice President of ARCC, ARDC and CADC. Prior to being named the firm's General Counsel in 2020, Ms. Sagati Aghili served in a variety of roles at Ares, including most recently Co-General Counsel and General Counsel, Private Equity. Ms. Sagati Aghili joined Ares in 2009.</font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
</table>

<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><sup>(1)</sup>&#xa0;&#xa0;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>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Annual Report 2021<br>46</font></p>
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<p style="margin: 0">&#xa0;</p>

<p style="margin: 0"></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="margin: 0">&#x202f;&#x202f;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><font style="text-decoration:underline">Item 2. Code of Ethics.</font></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Ares
Dynamic Credit Allocation Fund,&#xa0;Inc. (the &#x201c;Fund&#x201d;) has adopted a Code of Ethics that applies to the Fund&#x2019;s principal
executive officer and principal financial officer (the &#x201c;Code of Ethics&#x201d;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(c)&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;The
Fund has not made any amendment to its Code of Ethics during the period covered by this Form&#xa0;N-CSR.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(d)&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;There
have been no waivers, including any implicit waivers, granted by the Fund to individuals covered by the Fund&#x2019;s Code of Ethics during
the reporting period for this Form&#xa0;N-CSR.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(e)&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Not
applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(f)&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;A
copy of the Fund&#x2019;s Code of Ethics is attached hereto as exhibit 13(a)(1).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><font style="text-decoration:underline">Item 3. Audit Committee Financial Expert.</font></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)(1)&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;The Board
of Directors of the Fund has determined that the Fund has two members serving on the Fund&#x2019;s Audit Committee that possess the attributes
identified in Instruction 2(b)&#xa0;of Item 3 to Form&#xa0;N-CSR to qualify as an &#x201c;audit committee financial expert.&#x201d;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)(2)&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;The names
of the audit committee financial experts are John Joseph Shaw and Paula B. Pretlow. Each of Mr.&#xa0;Shaw and Ms.&#xa0;Pretlow has been
deemed to be &#x201c;independent&#x201d; for the purpose of this Item because they are not an &#x201c;interested person&#x201d; of the Fund
as that term is defined in Section&#xa0;2(a)(19) of the Investment Company Act of 1940, as amended (the &#x201c;1940 Act&#x201d;) 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">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><font style="text-decoration:underline">Item 4. Principal Accountant Fees and Services.</font></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Audit
Fees</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the fiscal years ended December&#xa0;31, 2020
and December&#xa0;31, 2021, Ernst&#xa0;&amp; Young LLP (&#x201c;E&amp;Y&#x201d;), the Fund&#x2019;s independent registered public accounting
firm, billed the Fund aggregate fees of $106,000 and $103,000, respectively, for professional services rendered for the audit of the Fund&#x2019;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">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Audit-Related
Fees</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the fiscal years ended December&#xa0;31, 2020
and December&#xa0;31, 2021, 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&#x2019;s financial statements and that are not reported under Audit Fees above were
$0 and $12,100, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the fiscal years ended December&#xa0;31, 2020
and December&#xa0;31, 2021, aggregate Audit-Related Fees billed by E&amp;Y that were required to be approved by the Fund&#x2019;s Audit
Committee for audit-related services rendered to the Fund&#x2019;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 &#x201c;Affiliated Service Providers&#x201d;)
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">&#xa0;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">(c)</td><td style="text-align: justify">Tax Fees</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the fiscal years ended December&#xa0;31, 2020
and December&#xa0;31, 2021, E&amp;Y billed the Fund aggregate fees of $25,550 and $18,200, 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&#x2019;s
income tax returns and tax distribution requirements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the fiscal years ended December&#xa0;31, 2020
and December&#xa0;31, 2021, the aggregate Tax Fees billed by E&amp;Y that were required to be approved by the Fund&#x2019;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">&#xa0;</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">(d)</td><td style="text-align: justify">All Other Fees</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the fiscal years ended December&#xa0;31, 2020
and December&#xa0;31, 2021, 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">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the fiscal years ended December&#xa0;31, 2020
and December&#xa0;31, 2021, the aggregate fees in this category billed by E&amp;Y that were required to be approved by the Fund&#x2019;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">&#xa0;</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">(e)(1)</td><td style="text-align: justify">Audit Committee&#x2019;s Pre-Approval Policies and Procedures</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&#x2019;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&#x2019;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 &#x201c;1934 Act&#x201d;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">(e)(2)</td><td style="text-align: justify">Percentage of Services</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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 years ended December&#xa0;31, 2020 and December&#xa0;31, 2021, were pre-approved
by the Audit Committee.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the fiscal years ended December&#xa0;31, 2020
and December&#xa0;31, 2021, the Fund&#x2019;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">&#xa0;</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">(f)</td><td style="text-align: justify">Not applicable.</td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(g)&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;For
the fiscal years ended December&#xa0;31, 2020 and December&#xa0;31, 2021, 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">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the fiscal years ended December&#xa0;31, 2020
and December&#xa0;31, 2021, 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">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(h)&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;E&amp;Y
notified the Fund&#x2019;s Audit Committee of all non-audit services that were rendered by E&amp;Y to the Fund&#x2019;s Affiliated Service
Providers that were not pre-approved pursuant to paragraph (c)(7)(ii)&#xa0;of Rule&#xa0;2-01 of Regulation S-X, allowing the Fund&#x2019;s
Audit Committee to consider whether such services were compatible with maintaining E&amp;Y&#x2019;s independence.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">(i)</td><td style="text-align: justify">Not applicable.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">(j)</td><td style="text-align: justify">Not applicable.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><font style="text-decoration:underline">Item 5. Audit Committee of Listed Registrants.</font></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;The
Fund has a separately-designated Audit Committee established in accordance with Section&#xa0;3(a)(58)(A)&#xa0;of the 1934 Act. The members
of the Fund&#x2019;s Audit Committee are John Joseph Shaw, Paula B. Pretlow and Bruce H. Spector.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b)&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Not
applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><font style="text-decoration:underline">Item 6. Investments.</font></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Schedule
of Investments is included as part of Item 1 of this Form&#xa0;N-CSR.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;Not
applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Attached to this Form&#xa0;N-CSR
as exhibit 13(a)(5)&#xa0;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">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><font style="text-decoration:underline">Item 8.&#xa0; Portfolio Managers of Closed-End
Management Investment Companies.</font></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)(1) 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">&#xa0;</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">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr.&#xa0;Brufsky is a Partner in the Ares Credit
Group, Chairman of Global Liquid Credit, Portfolio Manager. Mr.&#xa0;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&#x2019;s U.S. Liquid Credit Investment
Committee and the Ares Dynamic Credit Allocation Fund Investment Committee. Prior to joining Ares in 1998, Mr.&#xa0;Brufsky was a member
of the Corporate Strategy and Research Group of Merrill Lynch&#xa0;&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.&#xa0;Brufsky was a member of the Institutional Sales and Trading Group of the Global Fixed Income Division
at Union Bank of Switzerland. Mr.&#xa0;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">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mr.&#xa0;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">&#xa0;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Mr.&#xa0;Ashton is a
Partner, Portfolio Manager and Co-Head of Alternative Credit in the Ares Credit Group. Mr.&#xa0;Ashton serves as a Vice President and
Portfolio Manager for the Fund. Additionally, he serves as a member of the Ares Credit Group&#x2019;s Alternative Credit Executive Committee,
Alternative Credit Investment Committee, the Ares Dynamic Credit Allocation Fund Investment Committee, the Ares Pathfinder Fund and Pathfinder
Core Fund Investment Committees and the Ares Diversity and Inclusion Council. Prior to joining Ares in 2011, Mr.&#xa0;Ashton was a Partner
at Indicus Advisors LLP, where he focused on launching the global structured credit business in May&#xa0;2007. Previously, Mr.&#xa0;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&#x2019;s institutional asset management business. Mr.&#xa0;Ashton&#x2019;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">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Mr.&#xa0;Ashton earned
a B.A. in Economics from Brigham Young University and received his M.B.A. in Finance&#xa0;&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">&#xa0;</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">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Mr.&#xa0;Arduini is a
Partner and Portfolio Manager in the Ares Credit Group, where he focuses on alternative credit investments. Mr.&#xa0;Arduini serves as
a Vice President and Portfolio Manager for the Fund. Additionally, he serves as a member of the Ares Credit Group&#x2019;s Pathfinder Core
Fund and Ares Dynamic Credit Allocation Fund Investment Committees. Prior to joining Ares in 2011, Mr.&#xa0;Arduini was a Managing Director
at Indicus Advisors LLP, where he focused on structured credit investment opportunities. Previously, Mr.&#xa0;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.&#xa0;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">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Mr.&#xa0;Arduini holds
a B.A. from Bucknell University in Mathematics and an M.S. from Stevens Institute of Technology in Mathematics. Mr.&#xa0;Arduini also
holds an M.S. from Carnegie Mellon University in Computational Finance. Mr.&#xa0;Arduini is a CFA&#xae; 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">&#xa0;</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">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; ">Ms.&#xa0;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&#x2019; U.S. bank loan credit strategies. Ms.&#xa0;Milner serves as a Vice President and Portfolio Manager for the Fund. Additionally,
she serves as a member of the Ares Credit Group&#x2019;s U.S. Liquid Credit Investment Committee and the Ares Dynamic Credit Allocation
Fund Investment Committee. She also serves on the Ares Diversity, Equity and Inclusion Council. Prior to joining Ares Management in 2004,
Ms.&#xa0;Milner was an Associate in the Financial Restructuring Group at Houlihan Lokey Howard&#xa0;&amp; Zukin, where she focused on
providing advisory services in connection with restructurings, distressed mergers and acquisitions and private placements. Ms.&#xa0;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.&#xa0;Milner
holds a B.B.A., with distinction, from Emory University&#x2019;s Goizueta Business School in Finance and Accounting.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)(2)&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;&#x202f;As of December&#xa0;31, 2021, 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">&#xa0;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; vertical-align: bottom; font-size: 10pt; font-weight: bold; text-align: left">Name of<br> Portfolio <br> Manager</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#xa0;</td>
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Type of <br> Accounts</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total # of<br> Accounts<br> Managed</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&#xa0;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total Assets<br> (in millions)</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&#xa0;</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"># of Accounts<br> Managed for <br> which<br> Advisory Fee<br> is Based on<br> Performance</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td><td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#xa0;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total Assets<br> for which <br> Advisory Fee<br> is Based on<br> Performance<br> (in millions)</td><td style="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: left; padding-bottom: 1pt">Seth J. Brufsky</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 28%; text-align: left; padding-bottom: 1pt">Registered investment companies</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">5</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">3,011</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">0</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">0</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; font-size: 10pt; padding-bottom: 1pt; vertical-align: top">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other pooled investment vehicles</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">853</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">50</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; font-size: 10pt; padding-bottom: 1pt; vertical-align: top">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other accounts</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">63</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">29,510</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">48</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">23,777</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; font-size: 10pt; padding-bottom: 1pt; vertical-align: top">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Keith Ashton</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Registered investment companies</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">692</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; font-size: 10pt; padding-bottom: 1pt; vertical-align: top">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other pooled investment vehicles</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">8,576</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6,450</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; font-size: 10pt; padding-bottom: 1pt; vertical-align: top">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other accounts</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">15</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,933</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">11</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,737</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; font-size: 10pt; padding-bottom: 1pt; vertical-align: top">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Charles Arduini</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Registered investment companies</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">692</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; font-size: 10pt; padding-bottom: 1pt; vertical-align: top">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other pooled investment vehicles</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">335</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">335</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; font-size: 10pt; padding-bottom: 1pt; vertical-align: top">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other accounts</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">7</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,828</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">632</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="text-align: left; font-size: 10pt; padding-bottom: 1pt; vertical-align: top">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td>
    <td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: right">&#xa0;</td><td style="padding-bottom: 1pt; font-size: 10pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Samantha Milner</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Registered investment companies</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,480</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other pooled investment vehicles</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">727</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt; padding-bottom: 1pt">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Other accounts</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">17</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,859</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,704</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&#xa0;</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</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">&#xa0;</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 &#x201c;<font style="text-decoration:underline">Adviser</font>&#x201d;) 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">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The results of the Fund&#x2019;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">&#xa0;</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&#x2019;s allocation policy and consistent with its fiduciary duties and corresponding investment mandates. It is the Adviser&#x2019;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)&#xa0;differences
with respect to available capital, size of client, minimum investment amounts and remaining life of a client; (ii)&#xa0;differences with
respect to investment objectives or current investment strategies, such as objectives or strategies regarding: (a)&#xa0;current and total
return requirements, (b)&#xa0;emphasizing or limiting exposure to the security or type of security in question, (c)&#xa0;diversification,
including industry or company exposure, currency and jurisdiction, or (d)&#xa0;rating agency ratings; (iii)&#xa0;differences in risk profile
at the time an opportunity becomes available; (iv)&#xa0;the potential transaction and other costs of allocating an opportunity among various
clients; (v)&#xa0;potential conflicts of interest, including whether a client has an existing investment in the security in question or
the issuer of such security; (vi)&#xa0;the nature of the security or the transaction, including size of the investment opportunity, minimum
investment amounts and the source of the opportunity; (vii)&#xa0;current and anticipated market and general economic conditions; and (viii)&#xa0;prior
or existing positions in a borrower/loan/security.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

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

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</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">&#xa0;</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">&#xa0;</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">&#xa0;</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">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)(3)&#xa0; Compensation Structure of Portfolio Manager(s)&#xa0;or
Management Team Members</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Compensation is determined by the Adviser&#x2019;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&#xa0;A Common Stock
of the Adviser&#x2019;s publicly traded parent company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</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">&#xa0;</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">&#xa0;</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&#xa0;A Common Stock of the Adviser&#x2019;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&#x2019;s other investment groups.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(a)(4)&#xa0;Ownership of Securities</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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&#xa0;31, 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<table cellpadding="0" cellspacing="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">Over $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">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">(b) Not applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><font style="text-decoration:underline">Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.</font></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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&#xa0;17, 2015, the Fund announced that its Board
of Directors (the &#x201c;<font style="text-decoration:underline">Board</font>&#x201d;) had authorized the repurchase of shares of common stock of the Fund (the &#x201c;<font style="text-decoration:underline">Common
Shares</font>&#x201d;) 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">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the twelve months ended
December&#xa0;31, 2021, the following purchases were made by or on behalf of the Fund or any &#x201c;affiliated purchaser&#x201d;, as defined
in Rule&#xa0;10b-18(a)(3)&#xa0;under the Securities Exchange Act of 1934, as amended (the &#x201c;<font style="text-decoration:underline">1934 Act</font>&#x201d;) (17 CFR 240.10b-18(a)(3)),
of shares of the Fund&#x2019;s equity securities that are registered by the Fund pursuant to Section&#xa0;12 of the 1934 Act.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: auto; margin-right: auto;">
  <tr style="vertical-align: bottom">
    <td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Period</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">(a)<br> Total Number<br> of Shares<br> (or Units)<br> Purchased</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">(b)<br> Average Price<br> Paid per Share<br> (or Unit)</td><td style="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">(c)<br> Total Number of<br> Shares (or Units)<br> Purchased as<br> Part&#xa0;of Publicly<br> Announced Plans<br> or Programs</td><td style="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&#xa0;</td>
    <td style="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">(d)<br> Maximum<br> Number (or<br> Approximate<br> Dollar Value) of<br> Shares (or Units)<br> that May&#xa0;Yet Be<br> Purchased Under the<br> Plans or Programs</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 35%; font: 10pt Times New Roman, Times, Serif">Month #1<br> 01/01/21 through 01/31/21</td><td style="width: 2%; font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; text-align: right; width: 15%; font-size: 10pt">&#xa0;None</td><td style="width: 2%; font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; width: 15%; font-size: 10pt; text-align: right">--</td><td style="width: 2%; font-size: 10pt; text-align: left">&#xa0;</td>
    <td style="vertical-align: top; text-align: right; width: 15%; font-size: 10pt">None</td><td style="width: 2%; font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; width: 12%; font-size: 10pt; text-align: right">1,781,899</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; text-align: right; font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td>
    <td style="vertical-align: top; text-align: right; font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Month #2<br> 02/01/21 through 02/28/21</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; text-align: right; font-size: 10pt">&#xa0;None</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: right">--</td><td style="font-size: 10pt; text-align: left">&#xa0;</td>
    <td style="vertical-align: top; text-align: right; font-size: 10pt">None</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: right">1,781,899</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; text-align: right; font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td>
    <td style="vertical-align: top; text-align: right; font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Month #3<br> 03/01/21 through 03/31/21</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; text-align: right; font-size: 10pt">&#xa0;None</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: right">--</td><td style="font-size: 10pt; text-align: left">&#xa0;</td>
    <td style="vertical-align: top; text-align: right; font-size: 10pt">None</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: right">1,781,899</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; text-align: right; font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td>
    <td style="vertical-align: top; text-align: right; font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Month #4<br> 04/01/21 through 04/30/21</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; text-align: right; font-size: 10pt">&#xa0;None</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: right">--</td><td style="font-size: 10pt; text-align: left">&#xa0;</td>
    <td style="vertical-align: top; text-align: right; font-size: 10pt">&#xa0;None</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: right">1,781,899</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; text-align: right; font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td>
    <td style="vertical-align: top; text-align: right; font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-size: 10pt">Month #5<br> 05/01/21 through 05/31/21</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; text-align: right; font-size: 10pt">&#xa0;None</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: right">--</td><td style="font-size: 10pt; text-align: left">&#xa0;</td>
    <td style="vertical-align: top; text-align: right; font-size: 10pt">&#xa0;None</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: right">1,781,899</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; text-align: right; font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td>
    <td style="vertical-align: top; text-align: right; font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Month #6<br> 06/01/21 through 06/30/21</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; text-align: right; font-size: 10pt">&#xa0;None</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: right">--</td><td style="font-size: 10pt; text-align: left">&#xa0;</td>
    <td style="vertical-align: top; text-align: right; font-size: 10pt">&#xa0;None</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: right">1,781,899</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; text-align: right; font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: right">&#xa0;</td><td style="font-size: 10pt; text-align: left">&#xa0;</td>
    <td style="vertical-align: top; text-align: right; font-size: 10pt">&#xa0;</td><td style="font-size: 10pt">&#xa0;</td>
    <td style="vertical-align: top; font-size: 10pt; text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Month #7<br> 07/01/21 through 07/31/21</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">None</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">--</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">None</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">1,781,899</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Month #8<br> 08/01/21 through 08/31/21</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">None</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">--</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">None</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">1,781,899</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Month #9<br> 09/01/21 through 09/30/21</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">None</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">--</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">None</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">1,781,899</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Month #10<br> 10/01/21 through 10/31/21</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">None</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">--</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">None</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">1,781,899</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Month #11<br> 11/01/21 through 11/30/21</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">None</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">--</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">None</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">1,781,899</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Month #12<br> 12/01/21 through 12/31/21</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">None</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">--</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">None</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">1,781,899</td></tr>
  <tr style="vertical-align: bottom; ">
    <td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif">Total</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">None</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">--</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">&#xa0;</td>
    <td style="vertical-align: top; text-align: right; font-size: 10pt">&#xa0;None</td><td style="font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">1,781,899</td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</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">&#xa0;</p>

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

<!-- Field: Page; Sequence: 9 -->
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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><font style="text-decoration:underline">Item 10. Submission of Matters to a Vote
of Security Holders.</font></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There have been no material
changes to the procedures by which shareholders may recommend nominees to the Fund&#x2019;s Board of Directors during the period covered
by this Form&#xa0;N-CSR filing.</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><font style="text-decoration:underline">Item 11. Controls and Procedures.</font></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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&#x2019;s principal executive and principal financial officers have concluded that the Fund&#x2019;s
disclosure controls and procedures (as defined in Rule&#xa0;30a-3(c)&#xa0;under the Investment Company Act of 1940, as amended (the &#x201c;<font style="text-decoration:underline">1940
Act</font>&#x201d;) (17 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of this Form&#xa0;N-CSR based on their
evaluation of these controls and procedures required by Rule&#xa0;30a-3(b)&#xa0;under the 1940 Act (17&#xa0;CFR 270.30a-3(b)) and Rules&#xa0;13a-15(b)&#xa0;or
15d-15(b)&#xa0;under the 1934 Act (17 CFR 240.13a-15(b)&#xa0;or 240.15d-15(b)).</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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&#x2019;s internal control over financial reporting (as defined in Rule&#xa0;30a-3(d)&#xa0;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&#x2019;s internal control over financial reporting.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><font style="text-decoration:underline">Item 12. Disclosure of Securities Lending
Activities for Closed-End Management Investment Companies.</font></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</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">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><font style="text-decoration:underline">Item 13. Exhibits.</font></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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 style="-sec-extract: exhibit" href="tm227511d1_ex99codeeth.htm">(a)(1)</a></td><td><a style="-sec-extract: exhibit" href="tm227511d1_ex99codeeth.htm">Code of Ethics is attached hereto in response to Item 2(f).</a></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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 style="-sec-extract: exhibit" href="tm227511d1_ex99cert.htm">(a)(2)</a></td><td style="text-align: justify"><a style="-sec-extract: exhibit" href="tm227511d1_ex99cert.htm">The certifications required by Rule&#xa0;30a-2(a)&#xa0;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">&#xa0;</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">&#xa0;</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">&#xa0;</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 style="-sec-extract: exhibit" href="tm227511d1_ex99-13a5.htm">(a)(5)</a></td><td><a style="-sec-extract: exhibit" href="tm227511d1_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">&#xa0;</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 style="-sec-extract: exhibit" href="tm227511d1_ex99-906cert.htm">(b)</a></td><td style="text-align: justify"><a style="-sec-extract: exhibit" href="tm227511d1_ex99-906cert.htm">The certifications required by Rule&#xa0;30a-2(b)&#xa0;under the 1940 Act (17 CFR 270.30a-2(b)) and Section&#xa0;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">&#xa0;</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">&#xa0;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</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">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ARES DYNAMIC CREDIT ALLOCATION FUND,&#xa0;INC.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</p>

<table cellpadding="0" cellspacing="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">&#xa0;</font></td></tr>
<tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font style="font-size: 10pt">Seth J. Brufsky</font></td>
    <td>&#xa0;</td></tr>
<tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font style="font-size: 10pt">President and Chief Executive Officer</font></td>
    <td>&#xa0;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify">&#xa0;</td>
    <td style="text-align: justify">&#xa0;</td>
    <td style="text-align: justify">&#xa0;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">Date:</font>&#x202f;&#x202f;</td>
    <td style="text-align: justify">March 9, 2022</td>
    <td style="text-align: justify">&#xa0;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;</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">&#xa0;</p>

<table cellpadding="0" cellspacing="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">&#xa0;</font></td></tr>
<tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font style="font-size: 10pt">Seth J. Brufsky</font></td>
    <td>&#xa0;</td></tr>
<tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font style="font-size: 10pt">President and Chief Executive Officer</font></td>
    <td>&#xa0;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify">&#xa0;</td>
    <td style="text-align: justify">&#xa0;</td>
    <td style="text-align: justify">&#xa0;</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 9, 2022</td>
    <td style="text-align: justify">&#xa0;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify">&#xa0;</td>
    <td style="text-align: justify">&#xa0;</td>
    <td style="text-align: justify">&#xa0;</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">&#xa0;</font></td></tr>
<tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font style="font-size: 10pt">Scott C. Lem</font></td>
    <td>&#xa0;</td></tr>
<tr style="vertical-align: top">
    <td>&#xa0;</td>
    <td><font style="font-size: 10pt">Chief Financial Officer</font></td>
    <td>&#xa0;</td></tr>
<tr style="vertical-align: top">
    <td style="text-align: justify">&#xa0;</td>
    <td style="text-align: justify">&#xa0;</td>
    <td style="text-align: justify">&#xa0;</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 9, 2022</td>
    <td style="text-align: justify">&#xa0;</td></tr>
</table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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</body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>tm227511d1_ex99codeeth.htm
<DESCRIPTION>EXHIBIT 99.CODE ETH
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit 13(a)(1)</B></P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Ares Dynamic Credit Allocation
Fund,&nbsp;Inc.</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Sarbanes-Oxley Code of Ethics</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 0pt 0.25in; text-align: justify; text-indent: 0.25in">This Code of Conduct
(the &ldquo;<U>Code</U>&rdquo;) embodies the commitment of the Fund to conduct its business in accordance with all applicable governmental
rules&nbsp;and regulations and to promote honest and ethical conduct. This Code applies to:</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">the Fund&rsquo;s Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer
or controller, or persons performing similar functions (collectively, the &ldquo;<U>Senior Financial Officers</U>&rdquo;),</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">All other officers and employees of the Fund and members of the Fund&rsquo;s Board of Trustees (such persons,
together with the Senior Financial Officers, the &ldquo;<U>Covered Persons</U>&rdquo;), </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 0pt 0in; text-align: justify; text-indent: 0.25in">each of whom is expected to adhere
to the principles and procedures set forth in this Code that apply to them.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 0.25in">Failure to comply
with this Code, or to report a violation, may result in disciplinary actions, including warnings, suspensions, termination of employment
or such other actions as may be appropriate under the circumstances.</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"><I>Compliance with Laws, Rules&nbsp;and Regulations</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 0pt 0.25in; text-align: justify; text-indent: 0.25in">Covered Persons
are required to comply with the laws, rules&nbsp;and regulations that govern the conduct of the Fund&rsquo;s business and to report any
suspected violations in accordance with the section below entitled &ldquo;Compliance With the Code.&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 0pt 0.25in; text-align: justify; text-indent: 0.25in">If you have any
questions regarding proper conduct, you should consult with the Fund&rsquo;s Chief Compliance Officer before taking any action.</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"><I>Conflicts of Interest</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">A &ldquo;conflict of interest&rdquo; occurs when
a Covered Person&rsquo;s private interest improperly interferes with the interests of the Fund. Personal conflicts of interest are prohibited
as a matter of Fund policy, unless they have been approved by 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 0pt 0.5in">Some of the Covered Persons may also be employees or officers
of</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">The Fund&rsquo;s investment adviser or one of its affiliates (collectively, the &ldquo;<U>Adviser</U>&rdquo;);
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD><TD STYLE="text-align: justify">The company providing administrative services to the Fund or one of its affiliates (collectively, the
 &ldquo;<U>Administrator</U>&rdquo;).</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 0pt 0.25in; text-align: justify; text-indent: 0.25in">Although
typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual
relationship between the Fund and the Adviser and/or Covered Persons that are officers, employees and/or directors of more than one
of such entities. As a result, this Code recognizes that the Covered Persons will, in the normal course of their duties (whether for
the Fund or for the Adviser, or for both), be involved in establishing policies and implementing decisions that will have different
effects on the Adviser and the Fund. The participation of the Covered Officers in such activities is inherent in the relationship
between the Fund and the Adviser and is consistent with the performance by the Covered Persons of their duties as officers and/or
trustees of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act, such activities will be deemed to have
been handled ethically and to not constitute a &ldquo;conflict of interest&rdquo; for purposes of this Code. In addition, it is
recognized by the Board that the Covered Officers may, from time to time, also be officers or employees of one or more other
investment companies covered by this Code or other codes.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Other conflicts of interest
are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act. The following list provides
examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The
overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest 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 0pt 0.25in">Each Covered Officer must:</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">not use his personal influence or personal relationships improperly to influence investment decisions
or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">not cause the Fund to take action, or fail to take action, for the individual personal benefit of the
Covered Officer rather than for the benefit of the Fund; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">not use material non-public knowledge of portfolio transactions made or contemplated for the Fund to trade
personally or cause others to trade personally in contemplation of the market effect of such transactions.</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 0pt 0.25in">There are some relationships that should always be disclosed
to the CCO of the Fund, including:</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: 0.25in"></TD><TD STYLE="width: 0.25in">A.</TD><TD STYLE="text-align: justify">Any ownership interest in, or any consulting or employment relationship with, any entities doing business
with the Fund, other than an affiliated service provider or an affiliate of an affiliated service provider. This disclosure requirement
shall not apply to or otherwise limit the ownership of publicly traded securities so long as the Covered Officer&rsquo;s ownership does
not exceed more than 1% of the outstanding securities of the relevant class.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 0.25in"></TD><TD STYLE="width: 0.25in">B.</TD><TD STYLE="text-align: justify">A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund
for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer&rsquo;s
employment with an affiliated service provider or its affiliates. This disclosure requirement shall not apply to or otherwise limit (i)&nbsp;the
ownership of publicly traded securities so long as the Covered Officer&rsquo;s ownership does not exceed more than 1% of a particular
class of security outstanding or (ii)&nbsp;the receipt by an affiliated service provider or its affiliates of research or other benefits
in exchange for &ldquo;soft dollars&rdquo;.</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; text-indent: 0.25in">As a registered investment
company, it is of critical importance that the Fund&rsquo;s public communications, reports, and SEC filings contain full, fair, accurate,
timely, and understandable disclosure. Accordingly, each Covered Officer is expected to consider it central to his or her duties and responsibilities
to the Fund to promote full, fair, accurate, timely, and understandable disclosure in the Fund&rsquo;s public communications and reports,
and in the documents that the Fund files with, or submits to, the SEC. In this regard, the Fund has adopted Disclosure Controls and Procedures
that, &ldquo;under the supervision and oversight&rdquo; of the Covered Officers, are designed to ensure that all information the Fund
is required to disclose in its annual and semi-annual reports filed with the SEC is recorded, processed, summarized and reported within
the time periods specified by the SEC under its rules&nbsp;and regulations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition to adhering to
the specific requirements set forth in the Fund&rsquo;s Disclosure Controls and Procedures and all applicable governmental laws, rules&nbsp;and
regulations, each Covered Officer shall exercise a high standard of care in complying with the Fund&rsquo;s Internal Controls, and in
preparing and providing all necessary information to make the Fund&rsquo;s public reports, communications, and SEC filings and submissions
complete, fair, and understandable.</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; text-indent: 0.25in">Accordingly, each Covered
Officer must not knowingly misrepresent or cause others to misrepresent facts about the Fund. In addition, each Covered Officer must seek
to ensure that all of the Fund&rsquo;s books, records, accounts and financial information, as well as reports produced from those materials:</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: 0.75in"></TD><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">Are supported by accurate documentation maintained in reasonable detail;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 0.75in"></TD><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">Are recorded in the proper account and in the proper accounting period;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 0.75in"></TD><TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify">Do not contain any false or intentionally misleading entries;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 0.75in"></TD><TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify">Fairly and accurately reflect the transactions or occurrences to which they relate; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 0.75in"></TD><TD STYLE="width: 0.25in">5.</TD><TD STYLE="text-align: justify">Conform to the Fund&rsquo;s Internal Controls, Disclosure Controls and Procedures, and to all applicable
laws, rules&nbsp;and regulations.</TD></TR></TABLE>

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

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

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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>tm227511d1_ex99cert.htm
<DESCRIPTION>EXHIBIT 99.CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the Fund, including its consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;</TD>
</TR></TABLE>

<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: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(c)</TD><TD STYLE="text-align: justify">Evaluated the effectiveness of the Fund&rsquo;s disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of
a date within 90 days prior to the filing date of this report based on such evaluation; and</TD>
</TR></TABLE>

<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: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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>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="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Fund&rsquo;s ability
to record, process, summarize, and report financial information; and</TD>
</TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Date:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">March 9, 2022</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"> /s/ Seth J. Brufsky</TD>
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Seth J. Brufsky</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">President and Chief Executive Officer</TD>
    <TD STYLE="font-size: 10pt">&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"></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Date:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">March 9, 2022</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"> /s/ Scott C. Lem</TD>
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Scott C. Lem</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Chief Financial Officer</TD>
    <TD STYLE="font-size: 10pt">&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"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.13(A)(5)
<SEQUENCE>4
<FILENAME>tm227511d1_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="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 99.13(a)(5)</B></P>

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

<P STYLE="margin: 0; text-align: right"><B>Exhibit 13(a)(5)</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B>Appendix Q &ndash; Proxy Voting Procedures</B></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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&nbsp;promulgated thereunder or by the Investment Company Act of 1940, as amended, and the rules&nbsp;promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><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)&nbsp;of the Fund
that a conflict of interest cannot be resolved under the Adviser&rsquo;s proxy voting procedures, such officer(s)&nbsp;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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><U>Form&nbsp;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&nbsp;30
on Form&nbsp;N-PX not later than August&nbsp;31 of each year.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; 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">
<TD STYLE="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</FONT></TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</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&nbsp;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; text-align: justify; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; 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">
<TD STYLE="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</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; text-align: justify; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.75in"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">o</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&nbsp;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>.</TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.125in">-</TD><TD STYLE="text-align: justify">Ares believes a direct conflict of interest exists between the interests of a director and the stockholders</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.125in">-</TD><TD STYLE="text-align: justify">Ares concludes that the actions of a director are unlawful, unethical, or negligent</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.125in">-</TD><TD STYLE="text-align: justify">Ares believes a director is entrenched or dealing inadequately with performance problems or is acting with insufficient independence
between the board and management</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.125in">-</TD><TD STYLE="text-align: justify">Ares believes that, with respect to directors of non-US issuers, there is insufficient information about
the nominees disclosed in the proxy statement</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; 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">
<TD STYLE="text-align: justify; width: 0pt"></TD><TD STYLE="text-align: justify; width: 14pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; 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">
<TD STYLE="text-align: justify; width: 0pt"></TD><TD STYLE="text-align: justify; width: 14pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; 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">
<TD STYLE="text-align: justify; width: 0pt"></TD><TD STYLE="text-align: justify; width: 14pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><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.</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; text-align: center; margin-top: 0pt; margin-bottom: 0pt">Ares Global Ethics and Compliance Manual &mdash; September&nbsp;6,
2016 &mdash; Page 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"></P>

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<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; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><B>Proposals Affecting Shareholder Rights </B>Ares will generally cast a 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.</TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">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&nbsp;ADV Part&nbsp;2A.</P>

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

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

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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; 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">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; 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">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">proxy voting Policies and Procedures</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; 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">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">records of votes cast</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; 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">
<TD STYLE="text-align: justify; width: 0"></TD><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

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

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

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

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>5
<FILENAME>tm227511d1_ex99-906cert.htm
<DESCRIPTION>EXHIBIT 99.906 CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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 CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: left">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">/s/ Seth J. Brufsky</TD>
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Seth J. Brufsky</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">President and Chief Executive Officer</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Date:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">March 9, 2022</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: left">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%; font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">/s/ Scott C. Lem</TD>
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Scott C. Lem</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Chief Financial Officer</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Date:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">March 9, 2022</TD>
    <TD STYLE="font-size: 10pt">&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="margin: 0"></P>

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