<SEC-DOCUMENT>0001104659-23-097217.txt : 20230831
<SEC-HEADER>0001104659-23-097217.hdr.sgml : 20230831
<ACCEPTANCE-DATETIME>20230831140147
ACCESSION NUMBER:		0001104659-23-097217
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20230630
FILED AS OF DATE:		20230831
DATE AS OF CHANGE:		20230831
EFFECTIVENESS DATE:		20230831

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22535
		FILM NUMBER:		231228268

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ares Senior Credit Strategies Fund, Inc.
		DATE OF NAME CHANGE:	20110314
</SEC-HEADER>
<DOCUMENT>
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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>

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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">2000 AVENUE OF THE STARS</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">LOS ANGELES, CALIFORNIA 90067</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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    Jay Spinola</font>,&#xa0;Esq.</p>
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    New York, New York 10019</p></td></tr>
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201-4100</font></p>

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<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">June 30, 2023</font></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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<p style="margin:12pt 0pt 12pt 0pt;"><img src="j23187402_aa001.jpg"></p>
<p style="margin:12pt 0pt 12pt 0pt;"><img src="j23187402_aa002.jpg"></p>
<div style="margin:8pt 0pt 8pt 0pt;">
<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>Semi-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>June 30, 2023</b></font></p>
</div>
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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>Contents</b></font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" 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;">5</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;">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;">
 &#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;">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;">
 &#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;">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>
<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;">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>
<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;">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>
<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;">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;">
 &#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;">19</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;">Proxy &amp; Portfolio Information</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;">34</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;">Dividend Reinvestment Plan</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;">
 &#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;">Corporate 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;">Semi-Annual Report 2023</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 June 30, 2023</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, Times, serif;">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 the Ares Management Corporation ("Ares") platform 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, Times, serif;">In the first six months of 2023, the Ares management team at ARDC employed a thoughtful and disciplined approach to navigating the uncertainty in the capital markets by seeking to reduce the risk in the portfolio while also positioning the Fund to have the opportunity to benefit from higher market rates. This letter provides our assessment of the market environment, our portfolio strategy and future investment opportunities for ARDC.</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, Times, serif;">After experiencing significant volatility in 2022, asset prices in the broader capital markets rallied in the first half of 2023 as inflation eased and the Federal Reserve (the "Fed") appeared to be near the end of its historic monetary tightening cycle. Despite the broader firming of the capital markets during 2023, periods of short-lived volatility complicated the first half of the year, including, for example, the regional banking crisis and the U.S. government debt ceiling standoff. However, the impacts of these events have been largely offset by progress toward a possible "soft landing" of the economy.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">As mentioned, the Fed has continued its tightening regime, increasing the Federal Funds target rate in the first half of the year by an additional 75 basis points (bps) to 5.25%.<sup>1</sup>&#x200b; The continued expansion of market rates resulted in tepid new issuance volumes as the disparity between issuer expectations and required market rates continued to impact activity levels. Specifically, in the leveraged loan and high yield bond markets, respectively, new issuance loan volume declined 41% year-over-year in the first half of 2023,<sup>2</sup>&#x200b; and high yield bond transaction volumes in the first half of 2023 were among the slowest since 2009. While new deal activity remained below historical levels, overall credit quality remained strong, supported by healthy corporate earnings and stable overall labor markets. Default rates for leverage loans and high yield bonds ended the first half of 2023 at 1.64% and 2.41%, respectively, below their respective long-term historical averages.<sup>3</sup>&#x200b; Against this more positive market tone, high yield bonds, leveraged loans and the S&amp;P 500 delivered total returns of 5.42%,<sup>4</sup>&#x200b; 6.33%<sup>5</sup>&#x200b; and 16.88%,<sup>6</sup>&#x200b; respectively.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Consistent with the broader credit markets, collateralized loan obligations ("CLOs") experienced slow new issuance volumes, but compelling performance, in the first six months of 2023. U.S. new CLO issuance volume of $55.7 billion across 129 deals during the first half of 2023 decreased 24% over the same period last year,<sup>7</sup>&#x200b; reflecting the low supply of newly issued leveraged loans. With respect to performance, CLOs outperformed similarly rated assets with BB CLOs generating total returns of 8.44% in the first half of the year.<sup>8</sup>&#x200b;</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Looking forward, while many market participants are taking the view that the economy remains resilient amid declining inflation and a robust job market, the underlying inflation and recession dynamic still indicates a risk of further volatility in the second half of 2023. Loan and high yield default rates could increase toward their historical averages (or higher) given the level of market rates and the Fed's continued efforts to slow the economy. As we look to the months ahead, we anticipate increased dispersion in credit fundamentals and remain acutely focused on security selection both in seeking to outperform against the upcoming default cycle, as well as to avoid the significant downdraft in price and liquidity that we have seen when a company misses forecasted earnings.<sup>9</sup>&#x200b;</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Portfolio Positioning and Performance</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">With respect to our portfolio positioning, our overarching focus over the first six months of the year was to continue to reduce risk in the portfolio by moving towards higher quality, shorter dated investments. This enabled us to benefit from higher market rates, while reducing the risk associated with the inverted yield curve. ARDC ended the first half of the year with 42.2% of the portfolio in first lien loans and bonds, an increase from 31.6% as of December 31, 2022, and maintained over half of our portfolio in BB or higher rated investments.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Since one of our 2023 goals is to further reduce the already low duration of our portfolio, we increased our portfolio's allocation to loans from 18.6% at year-end 2022 to 30.9% as of June 30, 2023, and decreased our portfolio's allocation to corporate bonds from 51.3% at year-end 2022 to 42.0% as of June 30, 2023. We also reduced the duration of our bond portfolio to an effective duration that is 19% lower than the broader high yield index as of June 30, 2023.<sup>10</sup>&#x200b; As a result of these actions, the effective duration of the entire portfolio decreased by 27% to 1.28 as of 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, Times, serif;">As it relates to our positioning in CLOs, we maintained a relatively consistent allocation to CLO debt and equity throughout the first half of 2023. We remain constructive on this asset class as we believe the non-mark-to- market nature of CLO </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;">Semi-Annual Report 2023<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 June 30, 2023</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, Times, serif;">capital structures, active credit management, conservative leverage, and flexibility to capture value during periods of loan market dislocations should ultimately be accretive to returns for our investors. Furthermore, we believe CLOs offer attractive risk adjusted returns with materially higher spreads for comparable ratings. For example, BB-rated CLO debt offers over 400 bps of yield premium for similarly rated loans.<sup>11</sup>&#x200b; Underpinning our positive view of the opportunity are our deep credit capabilities and experience managing these assets, which includes the tracking of every loan held within every CLO the Fund holds on a daily basis.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">We believe ARDC is well positioned in this environment due to our strategy of maintaining a highly diversified portfolio with low duration. Reflecting this disciplined approach to risk management, our portfolio is diversified across 228 issuers and 23 industries. The average position size across ARDC is 0.4% and the largest position is 1.4%.<sup>12</sup>&#x200b; As a testament to our strong underwriting, we have incurred no defaults across our loan, high yield and CLO securities since COVID-19 began in 2020.<sup>13</sup>&#x200b;</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Supported by ARDC's positioning and our portfolio investment allocations, ARDC's performance remained strong through the first six months of 2023. ARDC's market-price based total returns of 12.25% compared favorably to our peer set median of 8.18%,<sup>14</sup>&#x200b; and ARDC's net investment total returns of 8.09% were also higher than the peer set median of 7.04%.<sup>15</sup>&#x200b; Over longer time horizons, including the past one, three and five years ended June 30, 2023, ARDC has outperformed the peer set median based on both market and net investment total returns.<sup>14,15</sup>&#x200b;</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Looking Ahead</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">As we look ahead into the second half of 2023, we are continuing to closely monitor macroeconomic conditions and proactively manage exposures to identify relative value opportunities created by shifts in sentiment on rates, growth expectations, and idiosyncratic credit news. We believe ARDC is well positioned in this environment as we 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 among 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, Times, serif;">We appreciate the trust and confidence you have demonstrated in Ares through your investment in ARDC. We thank you again for your continued support.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">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, Times, serif;">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, Times, serif;">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. 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. 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>
<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, or any of its products or services.</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;">Semi-Annual Report 2023<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 June 30, 2023</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;">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;">The Morningstar LSTA US Leveraged Loan Index is a market-value weighted index designed to measure the performance of the US leveraged loan market. The index was launched on December 31, 2000, with backtested performance available from December 31, 1996. The index was calculated on a monthly basis from January 1, 1997 until December 31, 1998. From January 1, 1999 until March 30, 2007 it was calculated on a weekly basis. Since March 30, 2007 it has been calculated daily.</font></p>
<p style="margin:0pt 0pt 13.5pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;">REF: TC- 03456</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>&#x200b; Board of Governors of the Federal Reserve System (US), Federal Funds Effective Rate and Federal Funds Target Range &#x2014; Upper Limit, retrieved from FRED, Federal Reserve Bank of St. Louis, June 30, 2023.</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>&#x200b; S&amp;P Global, LCD Quarterly Review, Second Quarter 2023.</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>&#x200b; J.P. Morgan Default Monitor, July 5, 2023. Represents the par weighted default rate for the respective asset classes. Historical averages based on the 25-year average default rate for high yield bonds and leveraged loans of 3.0% and 2.9%, respectively.</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>&#x200b; 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>5</sup>&#x200b; 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>6</sup>&#x200b; Bloomberg as of June 30, 2023.</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>&#x200b; J.P. Morgan CLO Issuance Package as of June 30, 2023.</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>&#x200b; J.P. Morgan CLOIE Monitor as of June 30, 2023.</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>&#x200b; Projections and forward looking statements are not reliable indicators of future events and no guarantee or assurance is given that such activities will occur as expected or at all.</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>&#x200b; As of June 30, 2023. Represented 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>11</sup>&#x200b; J.P. Morgan CLOIE Monitor and Morningstar LSTA US Leveraged Loan Index Factsheet as of June 30, 2023.</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>&#x200b; As of June 30, 2023. 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>13</sup>&#x200b; 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 4.5pt 0pt; text-align: left;"><font style="font-size:7pt; font-family: Arial, Helvetica;"><sup>14</sup>&#x200b; Market price-based total returns reflect annualized stock-based total returns assuming dividend reinvestment. Peer set includes the following closed end funds: ACP, AIF, BGB, BGH, DHF, DSU, GHY, HFRO, HNW and KIO. 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>15</sup>&#x200b; Net investment total returns reflect annualized NAV-based total returns assuming dividend reinvestment. Peer set includes the following closed end funds: ACP, AIF, BGB, BGH, DHF, DSU, GHY, HFRO, HNW and KIO. Past performance is not indicative of future results.</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;">Semi-Annual Report 2023<br>3</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>Fund Profile &amp; Financial Data</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">June 2023</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>Fund Highlights as of 6.30.23</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>&#x200b;</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;">8.98</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>&#x200b;</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;">7.08</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;">Distribution Rate<sup>3</sup>&#x200b;</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;">10.95</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>&#x200b;</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; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">0.1125</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 June 30, 2023.</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 June 30, 2023 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 June 2023 dividend of $0.1125 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>&#x200b; as of 6.30.23</b></font></p>
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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;">1.38</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;">Uber</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;">1.28</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Power Solutions</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; 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;">Chart Industries</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; 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;">Sprint</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;">1.06</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;">Internet Brands</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;">1.02</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Ford Motor Credit Company</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;">0.97</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;">AMF Bowlmor</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;">0.95</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;">HCA Healthcare 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;">0.95</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;">Williams Cos Inc/The</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;">0.92</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 6.30.23</b></font></p>
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<font style="font-size:8pt; font-family: Arial, Helvetica;">ARDC <br>NAV</font></td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;">ARDC<br>Market</font></td>
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<font style="font-size:8pt; font-family: Arial, Helvetica;">1 Month</font></td>
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<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2.07</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; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5.53</font></p></td>
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<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Year to Date</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;">8.09</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;">12.25</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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<font style="font-size:8pt; font-family: Arial, Helvetica;">3 Years</font></td>
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 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 38px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">7.12</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: 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;">10.43</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: 74px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">5 Years</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: 38px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2.98</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: 40px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3.59</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: 74px; 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: 38px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4.63</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: 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;">3.98</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:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">* Since Inception of fund (11/27/2012). <br>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>
</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:8pt; font-family: Arial, Helvetica;"><b>Current Portfolio Mix as of 6.30.23</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">55.3% Floating Rate</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><img src="j23187402_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 6.30.23, the Fund held a negative traded cash balance of -2.2%.</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>6</sup>&#x200b; as of 6.30.23</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><img src="j23187402_ba004.jpg">
</p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">6 Credit Suisse industry classifications weighted by market value. These values may be different than industry classifications in certain regulatory filings.</font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Semi-Annual Report 2023<br>4</font></p>
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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>Schedule of Investments</b></font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">June 30, 2023 (Unaudited)</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(in thousands, except shares, 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 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Senior Loans 50.4%<sup>(b)(c)(d)</sup>&#x200b;</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: 168px;">
 &#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>&#x200b;</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>&#x200b;</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 346px; 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 1.8%</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Clarios Global, LP, 1st Lien Term Loan, <br>1M SOFR + 3.75%, 8.85%, 05/06/2030</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;">2,813</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;">2,803</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Wand Newco 3, Inc., 1st Lien Term Loan, <br>1M LIBOR + 2.75%, 7.94%, <br>02/05/2026<sup>(e)</sup>&#x200b;</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;">2,996</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;">2,967</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: 168px;">
 &#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>5,770</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;">
 &#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: 346px; 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 5.0%</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Chart Industries, Inc., 1st Lien <br>Term Loan, 1M SOFR + 3.75%, <br>8.94%, 03/15/2030<sup>(e)</sup>&#x200b;</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;">4,391</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;">4,378</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Gates Global, LLC, 1st Lien Term Loan, <br>1M SOFR + 3.50%, 8.60%, 11/16/2029</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;">2,978</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;">2,975</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Pike Corp., 1st Lien Term Loan, <br>1M SOFR + 3.00%, 8.22%, 01/21/2028</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;">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;">2,487</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Pike Corp., 1st Lien Term Loan, <br>1M SOFR + 3.50%, 8.60%, 01/21/2028</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;">1,492</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;">1,491</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Traverse Midstream Partners, LLC, <br>1st Lien Term Loan, 1M LIBOR + 3.75%, <br>8.94%, 02/16/2028</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;">2,791</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;">2,774</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Tutor Perini Corp., 1st Lien Term Loan, <br>3M SOFR + 4.75%, 10.25%, 08/18/2027</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;">1,745</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;">1,562</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: 168px;">
 &#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>15,667</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: 346px; 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 1.5%</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Eagle Parent Corp., 1st Lien Term Loan, <br>3M SOFR + 4.25%, 9.49%, 04/02/2029</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;">3,022</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;">2,941</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">GFL Environmental, Inc., 1st Lien <br>Term Loan (Canada), 1M SOFR + 3.00%, <br>8.15%, 05/31/2027</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;">1,849</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;">1,848</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 8.5pt 0pt; width: 168px;">
 &#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>4,789</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: 346px; 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 1.9%</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Hanesbrands, Inc., 1st Lien Term Loan, <br>1M SOFR + 3.75%, 8.85%, 03/08/2030<sup>(f)</sup>&#x200b;</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;">2,534</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;">2,540</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Topgolf Callaway Brands Corp., <br>1st Lien Term Loan, 1M SOFR + 3.50%, <br>8.70%, 03/15/2030</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;">
 &#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;">3,486</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: 168px;">
 &#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>6,026</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: 346px; 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 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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Belfor Holdings, Inc., 1st Lien Term Loan, <br>04/06/2026<sup>(e)(f)</sup>&#x200b;</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;">421</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;">421</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Belfor Holdings, Inc., 1st Lien Term Loan, <br>1M LIBOR + 4.00%, 9.22%, 04/06/2026</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;">994</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;">991</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>&#x200b; </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: 168px;">
 &#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>&#x200b;</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>&#x200b;</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Belron Finance US, LLC, 1st Lien <br>Term Loan, 3M SOFR + 2.75%, <br>7.83%, 04/18/2029<sup>(e)</sup>&#x200b;</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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,230</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</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;">2,229</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Equinox Holdings, Inc., 1st Lien <br>Term Loan, 3M LIBOR + 9.00%, <br>14.73%, 03/08/2024</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;">1,971</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;">1,823</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Fertitta Entertainment, LLC, 1st Lien <br>Term Loan, 1M SOFR + 4.00%, <br>9.10%, 01/27/2029</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;">1,234</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;">1,217</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Global Education Management Systems <br>Establishment, 1st Lien Term Loan <br>(Cayman Islands), 3M SOFR + 5.00%, <br>10.53%, 07/31/2026</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;">3,517</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;">3,518</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Raptor Acquisition Corp., 1st Lien <br>Term Loan (Canada), 3M LIBOR + 4.00%, <br>9.52%, 11/01/2026</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;">3,744</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;">3,728</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">IRB Holding Corp., 1st Lien Term Loan, <br>1M SOFR + 3.00%, 8.20%, 12/15/2027</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;">726</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;">721</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Kingpin Intermediate Holdings, LLC, <br>1st Lien Term Loan, 1M SOFR + 3.50%, <br>8.65%, 02/08/2028<sup>(e)</sup>&#x200b;</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;">4,946</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;">4,907</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Penn Entertainment, Inc., 1st Lien <br>Term Loan, 1M SOFR + 2.75%, <br>7.95%, 05/03/2029</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;">2,985</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;">2,973</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Whatabrands, LLC, 1st Lien Term Loan, <br>1M LIBOR + 3.25%, 8.47%, 08/03/2028</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;">2,481</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;">2,463</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Wyndham Hotels and Resorts, Inc., <br>1st Lien Term Loan, 1M SOFR + 1.75%, <br>6.95%, 04/08/2027<sup>(f)</sup>&#x200b;</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;">1,479</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;">1,457</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: 168px; 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>26,448</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: 346px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Energy 1.5%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Gulf Finance, LLC, 1st Lien Term Loan, <br>1M SOFR + 6.75%, 12.00%, 08/25/2026</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;">2,985</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;">2,895</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Whitewater Whistler Holdings, LLC, <br>1st Lien Term Loan, 3M SOFR + 3.25%, <br>8.15%, 02/15/2030</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;">1,750</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;">1,747</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: 168px; 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>4,642</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: 346px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Financial Services 1.9%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Axalta Coating Systems Dutch <br>Holding B B.V., 1st Lien Term Loan, <br>(Netherlands), 3M SOFR + 3.00%, <br>8.24%, 12/20/2029</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;">1,384</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;">1,385</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Focus Financial Partners, LLC, 1st Lien <br>Term Loan, 06/30/2028<sup>(e)</sup>&#x200b;</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;">2,285</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;">2,268</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Motion Acquisition Ltd., 1st Lien <br>Term Loan (Great Britain), 11/12/2026<sup>(e)</sup>&#x200b;</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;">312</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;">309</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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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Semi-Annual Report 2023<br>5</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=7,FOLIO='5',FILE='23-18740-2.ca.qxp',USER='',CD='' -->
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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>
</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 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">June 30, 2023 (Unaudited)</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(in thousands, except shares, 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 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Senior Loans<sup>(b)(c)(d)</sup>&#x200b; </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: 168px;">
 &#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>&#x200b;</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>&#x200b;</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Motion Acquisition Ltd., 1st Lien <br>Term Loan (Great Britain), 3M LIBOR + <br>3.25%, 8.79%, 11/12/2026<sup>(e)</sup>&#x200b;</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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,188</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</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;">2,167</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 8.5pt 0pt; width: 168px;">
 &#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>6,129</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: 346px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Food &amp; Beverage 3.3%</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Chobani, LLC, 1st Lien Term Loan, <br>1M SOFR + 3.50%, 8.72%, 10/25/2027</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;">2,977</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;">2,957</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Froneri Lux Finco SARL, 1st Lien <br>Term Loan (Luxembourg), 6M EURIBOR + <br>2.13%, 5.07%, 01/29/2027</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;">3,000</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;">3,181</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Quirch Foods Holdings, LLC, 1st Lien <br>Term Loan, 1M SOFR + 4.75%, <br>9.99%, 10/27/2027</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;">2,977</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;">2,832</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Woof Holdings, Inc., 2nd Lien Term Loan, <br>3M LIBOR + 7.25%, 12.42%, 12/21/2028</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;">1,635</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;">1,308</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: 168px;">
 &#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>10,278</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: 346px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Healthcare Equipment &amp; Services 3.9%</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Bausch + Lomb Corp., 1st Lien <br>Term Loan (Canada), 3M SOFR + 3.25%, <br>8.59%, 05/10/2027</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;">2,476</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;">2,399</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Ensemble RCM, LLC, 1st Lien Term Loan, <br>08/03/2026<sup>(e)</sup>&#x200b;</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;">1,300</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;">1,298</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Fortrea Holdings, Inc., 1st Lien Term Loan, <br>06/12/2030<sup>(e)</sup>&#x200b;</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;">600</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;">600</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Mamba Purchaser, Inc., 2nd Lien <br>Term Loan, 1M LIBOR + 6.50%, <br>11.65%, 10/15/2029</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;">2,796</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;">2,629</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Medline Borrower, LP, 1st Lien Term Loan, <br>1M SOFR + 3.25%, 8.35%, 10/23/2028</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;">2,494</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;">2,463</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Sotera Health Holdings, LLC, 1st Lien <br>Term Loan, 3M LIBOR + 2.75%, <br>8.02%, 12/11/2026</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;">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;">2,949</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: 168px;">
 &#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>12,338</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: 346px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Household &amp; Personal Products 0.9%</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Sunshine Luxembourg VII SARL, 1st Lien <br>Term Loan (Luxembourg), 10/01/2026<sup>(e)</sup>&#x200b;</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;">2,980</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: 346px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Insurance 1.4%</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">HUB International, Ltd., 1st Lien <br>Term Loan, 06/20/2030<sup>(e)</sup>&#x200b;</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;">4,530</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;">4,538</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="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 346px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Materials 1.8%</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Ineos US Finance, LLC, 1st Lien <br>Term Loan, 1M EURIBOR + 4.00%, <br>7.42%, 11/08/2027</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;">&#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;">1,102</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;">1,182</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>&#x200b; </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: 168px;">
 &#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>&#x200b;</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>&#x200b;</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Ineos US Finance, LLC, 1st Lien <br>Term Loan, 3M SOFR + 3.50%, <br>8.70%, 02/18/2030</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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</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;">1,490</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Starfruit Finco B.V., 1st Lien Term Loan <br>(Netherlands), 3M SOFR + 4.00%, <br>8.99%, 04/03/2028</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;">1,000</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;">990</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Starfruit Finco B.V., 1st Lien Term Loan <br>(Netherlands), 3M SOFR + 2.75%, <br>7.90%, 10/01/2025</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;">2,064</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;">2,062</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: 168px;">
 &#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>5,724</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: 346px; 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 3.3%</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Creative Artists Agency, LLC, 1st Lien <br>Term Loan, 1M SOFR + 3.50%, <br>8.60%, 11/27/2028</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;">3,327</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;">3,316</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Formula One Management Ltd., 1st Lien <br>Term Loan (Great Britain), 1M SOFR + <br>3.00%, 8.10%, 01/15/2030</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;">
 &#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;">1,999</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Lamar Media Corp., 1st Lien Term Loan, <br>1M LIBOR + 1.50%, 6.69%, 02/05/2027</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;">1,035</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;">1,012</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Univision Communications, Inc., 1st Lien <br>Term Loan, 3M SOFR + 4.25%, <br>9.49%, 06/24/2029</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;">992</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;">988</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">William Morris Endeavor Entertainment, <br>LLC, 1st Lien Term Loan, 1M LIBOR + <br>2.75%, 7.95%, 05/18/2025</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;">2,980</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;">2,970</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: 168px; 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>10,285</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: 346px; 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 0.9%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Precision Medicine Group, LLC, 1st Lien <br>Term Loan, 3M SOFR + 3.00%, <br>8.34%, 11/18/2027<sup>(f)</sup>&#x200b;</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;">2,992</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;">2,865</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: 346px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Software &amp; Services 7.4%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Asurion, LLC, 1st Lien Term Loan, <br>1M SOFR + 4.00%, 9.20%, 08/19/2028</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;">3,474</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;">3,284</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Asurion, LLC, 1st Lien Term Loan, <br>1M SOFR + 4.25%, 9.45%, 08/19/2028</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;">998</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;">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>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Byju's Alpha, Inc., 1st Lien Term Loan, <br>3M LIBOR + 8.00%, 12.93%, 11/24/2026</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;">1,158</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;">722</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">CDK Global Inc., 1st Lien Term Loan, <br>3M SOFR + 4.25%, 9.49%, 07/06/2029</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;">2,608</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;">2,599</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Ivanti Software, Inc., 1st Lien <br>Revolving Loan, PRIME + 2.75%, <br>11.00%, 12/01/2025<sup>(f)(g)</sup>&#x200b;</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;">&#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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">MH Sub I, LLC, 1st Lien Term Loan, <br>1M SOFR + 4.25%, 9.40%, 05/03/2028</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;">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;">5,269</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;">Semi-Annual Report 2023<br>6</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid 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>Schedule of Investments </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;">June 30, 2023 (Unaudited)</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(in thousands, except shares, 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 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Senior Loans<sup>(b)(c)(d)</sup>&#x200b; </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: 168px;">
 &#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>&#x200b;</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>&#x200b;</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Open Text Corp., 1st Lien Term Loan <br>(Canada), 1M SOFR + 3.25%, <br>8.75%, 01/31/2030</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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,030</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</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;">4,046</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Proofpoint, Inc., 2nd Lien Term Loan, <br>3M SOFR + 6.25%, <br>11.40%, 08/31/2029<sup>(f)</sup>&#x200b;</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;">3,000</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Quartz Acquireco, LLC, 1st Lien <br>Term Loan, 04/14/2030<sup>(e)(f)</sup>&#x200b;</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;">2,497</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Quest Software US Holdings, Inc., <br>1st Lien Term Loan, 3M SOFR + 4.25%, <br>9.45%, 02/01/2029<sup>(e)</sup>&#x200b;</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;">925</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;">715</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Quest Software US Holdings, Inc., <br>2nd Lien Term Loan, 3M SOFR + 7.50%, <br>12.70%, 02/01/2030</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;">659</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;">431</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: 168px;">
 &#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>23,510</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: 346px; 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 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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Emerald Debt Merger Sub, LLC, 1st Lien <br>Term Loan, 3M SOFR + 3.00%, <br>8.26%, 05/31/2030<sup>(e)</sup>&#x200b;</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;">2,276</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;">2,273</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: 346px; 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 0.9%</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Lumen Technologies, Inc., 1st Lien <br>Term Loan, 1M SOFR + 2.00%, <br>7.22%, 01/31/2025</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;">2,912</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;">2,768</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: 346px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Transportation 2.9%</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">AAdvantage Loyality IP Ltd., 1st Lien <br>Term Loan, 3M LIBOR + 4.75%, <br>10.00%, 04/20/2028</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;">3,846</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;">3,923</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Apple Bidco, LLC, 1st Lien Term Loan, <br>1M SOFR + 4.00%, 9.10%, 09/22/2028</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;">2,244</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;">2,231</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">SkyMiles IP, Ltd., 1st Lien Term Loan, <br>3M SOFR + 3.75%, 8.80%, 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;">1,800</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: 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;">1,868</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Uber Technologies, Inc., 1st Lien <br>Term Loan, 3M SOFR + 2.75%, <br>8.03%, 03/03/2030</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;">995</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;">994</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: 168px;">
 &#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>9,016</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: 346px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Utilities 1.0%</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">CQP Holdco, LP, 1st Lien Term Loan, <br>3M LIBOR + 3.75%, 8.66%, 06/05/2028</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;">3,283</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;">3,275</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Senior Loans <br></b>(Cost: $160,261)</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>159,321</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 68.5%</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: 168px;">
 &#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>&#x200b;</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>&#x200b;</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 346px; 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 1.1%</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: 168px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Clarios Global, LP, 6.75%, 05/15/2025<sup>(d)</sup>&#x200b;</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;">2,001</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: 168px; 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>&#x200b;</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;">1,503</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: 168px;">
 &#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>3,504</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: 346px; 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 3.9%</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Chart Industries, Inc., <br>7.50%, 01/01/2030<sup>(d)</sup>&#x200b;</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;">1,020</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Chart Industries, Inc., <br>9.50%, 01/01/2031<sup>(d)</sup>&#x200b;</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;">265</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">CP Atlas Buyer, Inc., <br>7.00%, 12/01/2028<sup>(d)</sup>&#x200b;</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;">1,963</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: 168px; background-color: #cceeff; 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>&#x200b;</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;">2,834</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: 168px; 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>&#x200b;</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;">1,000</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;">829</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">United Rentals North America, Inc., <br>6.00%, 12/15/2029<sup>(d)</sup>&#x200b;</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;">2,791</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;">2,784</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">VistaJet Malta Finance PLC, (Switzerland), <br>6.38%, 02/01/2030<sup>(d)</sup>&#x200b;</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;">1,611</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">VistaJet Malta Finance PLC, (Switzerland), <br>9.50%, 06/01/2028<sup>(d)</sup>&#x200b;</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;">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 8.5pt 0pt; width: 168px;">
 &#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>12,225</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: 346px; 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 0.5%</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Clean Harbors, Inc., <br>6.38%, 02/01/2031<sup>(d)</sup>&#x200b;</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;">1,600</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;">1,610</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: 346px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Consumer Discretionary Distribution &amp; Retail 1.5%</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: 168px; 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>&#x200b;</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;">966</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: 168px; background-color: #cceeff; 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>&#x200b;</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;">1,151</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;">1,222</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: 168px; 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;">2,428</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: 168px; 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>4,616</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: 346px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Consumer Services 11.4%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Caesars Entertainment, Inc., <br>6.25%, 07/01/2025<sup>(d)</sup>&#x200b;</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;">3,250</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;">3,235</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Caesars Entertainment, Inc., <br>8.13%, 07/01/2027<sup>(d)</sup>&#x200b;</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;">2,773</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;">2,837</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Caesars Resort Collection, LLC, <br>5.75%, 07/01/2025<sup>(d)</sup>&#x200b;</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;">1,012</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Gems Menasa Cayman, Ltd., <br>(Cayman Islands), 7.13%, 07/31/2026<sup>(d)</sup>&#x200b;</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;">1,209</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;">Semi-Annual Report 2023<br>7</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid 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>
</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 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">June 30, 2023 (Unaudited)</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(in thousands, except shares, 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 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: 168px;">
 &#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>&#x200b;</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>&#x200b;</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Golden Entertainment, Inc., <br>7.63%, 04/15/2026<sup>(d)</sup>&#x200b;</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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,750</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</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;">3,766</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Hilton Domestic Operating Co., Inc., <br>5.75%, 05/01/2028<sup>(d)</sup>&#x200b;</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;">3,446</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">International Game Technology PLC, <br>(Great Britain), 6.50%, 02/15/2025<sup>(d)</sup>&#x200b;</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;">2,861</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;">2,861</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: 168px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">IRB Holding Corp., 7.00%, 06/15/2025<sup>(d)</sup>&#x200b;</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;">1,173</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;">1,179</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Lottomatica SpA, (Italy), <br>7.13%, 06/01/2028<sup>(d)</sup>&#x200b;</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;">2,482</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;">2,764</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: 168px; 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; 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;">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;">4,010</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: 168px; 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>&#x200b;</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;">2,517</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;">2,530</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: 168px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">VICI Properties LP, 5.63%, 05/01/2024<sup>(d)</sup>&#x200b;</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;">888</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;">883</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: 168px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">VICI Properties LP, 5.75%, 02/01/2027<sup>(d)</sup>&#x200b;</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;">2,936</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: 168px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Viking Cruises Ltd., 9.13%, 07/15/2031<sup>(d)</sup>&#x200b;</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;">3,224</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;">3,257</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: 168px; 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>35,925</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: 346px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Consumer Staples Distribution &amp; Retail 0.5%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Albertsons Cos., Inc., <br>7.50%, 03/15/2026<sup>(d)</sup>&#x200b;</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;">1,525</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: 346px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Energy 13.7%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Antero Resources Corp., <br>7.63%, 02/01/2029<sup>(d)</sup>&#x200b;</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;">2,222</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;">2,254</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Ascent Resources Utica Holdings, LLC, <br>8.25%, 12/31/2028<sup>(d)(h)</sup>&#x200b;</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;">2,501</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;">2,459</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: 168px; background-color: #cceeff; 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>&#x200b;</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;">1,485</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: 168px; 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>&#x200b;</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;">2,022</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Callon Petroleum Co., <br>7.50%, 06/15/2030<sup>(d)</sup>&#x200b;</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;">944</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Callon Petroleum Co., <br>8.00%, 08/01/2028<sup>(d)</sup>&#x200b;</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;">989</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Citgo Holding, Inc., <br>9.25%, 08/01/2024<sup>(d)</sup>&#x200b;</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;">1,750</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Citgo Petroleum Corp., <br>7.00%, 06/15/2025<sup>(d)</sup>&#x200b;</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;">2,208</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: 168px; background-color: #cceeff; 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" 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;">3,330</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Enviva Partners, LP, <br>6.50%, 01/15/2026<sup>(d)</sup>&#x200b;</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;">1,969</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">EQM Midstream Partners, LP, <br>6.50%, 07/01/2027<sup>(d)</sup>&#x200b;</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;">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;">740</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>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: 168px;">
 &#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>&#x200b;</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>&#x200b;</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">EQM Midstream Partners, LP, <br>6.50%, 07/15/2048</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; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</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;">1,356</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Moss Creek Resources Holdings, Inc., <br>7.50%, 01/15/2026<sup>(d)</sup>&#x200b;</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;">1,284</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;">1,179</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Moss Creek Resources Holdings, Inc., <br>10.50%, 05/15/2027<sup>(d)</sup>&#x200b;</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;">1,434</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: 168px; 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>&#x200b;</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;">3,095</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;">3,048</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: 168px; background-color: #cceeff; 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" 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;">3,500</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;">4,023</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: 168px; 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>&#x200b;</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;">2,994</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Transocean, Inc., (Cayman Islands), <br>6.80%, 03/15/2038</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;">1,061</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;">737</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Transocean, Inc., (Cayman Islands), <br>8.75%, 02/15/2030<sup>(d)</sup>&#x200b;</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;">761</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Transocean, Inc., (Cayman Islands), <br>11.50%, 01/30/2027<sup>(d)</sup>&#x200b;</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;">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;">780</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Western Midstream Operating, LP, <br>5.50%, 02/01/2050</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;">2,125</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;">1,740</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: 168px; background-color: #cceeff; 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" 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;">4,747</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 8.5pt 0pt; width: 168px;">
 &#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>43,376</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: 346px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Equity Real Estate Investment Trusts (REITs) 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: 168px; 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>&#x200b;</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;">2,290</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Iron Mountain, Inc., <br>5.63%, 07/15/2032<sup>(d)</sup>&#x200b;</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;">3,500</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;">3,131</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: 168px;">
 &#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>5,421</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: 346px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Financial Services 2.2%</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: 168px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Ally Financial, Inc., 8.00%, 11/01/2031</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;">2,074</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Ford Motor Credit Co., LLC, <br>6.80%, 05/12/2028</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;">2,500</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;">2,504</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Ford Motor Credit Co., LLC, <br>6.95%, 06/10/2026</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;">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;">1,006</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Ford Motor Credit Co., LLC, <br>7.35%, 11/04/2027</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;">1,465</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;">1,497</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: 168px;">
 &#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>7,081</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: 346px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Food &amp; Beverage 0.3%</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: 168px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Chobani LLC, Inc., 7.50%, 04/15/2025<sup>(d)</sup>&#x200b;</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;">1,000</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;">995</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: 346px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Healthcare Equipment &amp; Services 2.1%</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Fortrea Holdings, Inc., <br>7.50%, 07/01/2030<sup>(d)</sup>&#x200b;</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;">1,706</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;">
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Semi-Annual Report 2023<br>8</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=10,FOLIO='8',FILE='23-18740-2.ca.qxp',USER='',CD='' -->
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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 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">June 30, 2023 (Unaudited)</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(in thousands, except shares, 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 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: 168px;">
 &#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>&#x200b;</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>&#x200b;</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 168px; 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; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,750</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</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;">4,880</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: 168px;">
 &#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>6,586</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: 346px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Materials 7.6%</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: 168px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Avient Corp., 7.13%, 08/01/2030<sup>(d)</sup>&#x200b;</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;">1,513</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Celanese US Holdings, LLC, <br>5.90%, 07/05/2024</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;">1,500</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;">1,497</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Celanese US Holdings, LLC, <br>6.05%, 03/15/2025</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;">1,500</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;">1,494</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: 168px; 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;">4,498</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: 168px; 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>&#x200b;</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;">1,230</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: 168px; 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>&#x200b;</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;">2,439</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: 168px; 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)(i)</sup>&#x200b;</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;">1,334</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: 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;">880</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: 168px; background-color: #cceeff; 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>&#x200b;</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;">3,007</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: 168px; 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>&#x200b;</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;">1,486</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: 168px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Sealed Air Corp., 6.13%, 02/01/2028<sup>(d)</sup>&#x200b;</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;">1,600</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;">1,588</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Summit Materials, LLC, <br>6.50%, 03/15/2027<sup>(d)</sup>&#x200b;</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;">2,733</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Trident TPI Holdings, Inc., <br>12.75%, 12/31/2028<sup>(d)</sup>&#x200b;</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;">1,556</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: 168px;">
 &#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>23,921</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>
<tr>
<td colspan="11" valign="bottom" style="padding:4.5pt .7pt 4.5pt 0pt; width: 346px; 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 7.2%</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: 168px; 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>&#x200b;</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;">2,712</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: 168px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Belo Corp., 7.25%, 09/15/2027</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;">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;">3,120</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: 168px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">CCO Holdings, LLC, 6.38%, 09/01/2029<sup>(d)</sup>&#x200b;</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;">3,768</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: 168px; 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, 7.50%, 04/01/2028<sup>(d)</sup>&#x200b;</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;">1,425</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Gray Television, Inc., <br>7.00%, 05/15/2027<sup>(d)</sup>&#x200b;</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;">4,500</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;">3,828</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Live Nation Entertainment, Inc., <br>6.50%, 05/15/2027<sup>(d)</sup>&#x200b;</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;">3,268</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Nexstar Broadcasting Inc, <br>5.63%, 07/15/2027<sup>(d)</sup>&#x200b;</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;">1,865</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Univision Communications, Inc., <br>6.63%, 06/01/2027<sup>(d)</sup>&#x200b;</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;">1,450</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Univision Communications, Inc., <br>7.38%, 06/30/2030<sup>(d)</sup>&#x200b;</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;">1,428</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: 168px; 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>22,864</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: 168px;">
 &#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>&#x200b;</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>&#x200b;</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 346px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Semiconductors &amp; Semiconductor Equipment 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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Amkor Technology, Inc., <br>6.63%, 09/15/2027<sup>(d)</sup>&#x200b;</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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,500</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</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;">2,504</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: 346px; 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 1.6%</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: 168px; 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">&#xa0;</td>
<td colspan="1" valign="bottom" 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;">2,628</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: 168px; background-color: #cceeff; 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>&#x200b;</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;">2,441</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: 168px;">
 &#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>5,069</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: 346px; 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 1.6%</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Dell International, LLC, <br>6.02%, 06/15/2026</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;">2,350</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;">2,388</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Dell International, LLC, <br>6.10%, 07/15/2027</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;">1,545</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 4.5pt 0pt; width: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Emerald Debt Merger Sub LLC, <br>6.38%, 12/15/2030<sup>(d)</sup>&#x200b;</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;">861</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;">936</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: 168px; 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>4,869</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: 346px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Telecommunication Services 5.8%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 168px; background-color: #cceeff; 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>&#x200b;</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;">2,000</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;">1,211</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: 168px; 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>&#x200b;</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;">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;">431</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: 168px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">AT&amp;T, Inc., 3.50%, 06/01/2041</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;">1,913</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Connect Finco SARL, (Cayman Islands), <br>6.75%, 10/01/2026<sup>(d)</sup>&#x200b;</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;">2,450</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;">2,380</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Iliad Holding S.A.S, (France), <br>6.50%, 10/15/2026<sup>(d)</sup>&#x200b;</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;">2,832</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Iliad Holding S.A.S, (France), <br>7.00%, 10/15/2028<sup>(d)</sup>&#x200b;</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;">922</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Sable International Finance, Ltd., <br>(Cayman Islands), 5.75%, 09/07/2027<sup>(d)</sup>&#x200b;</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;">2,337</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: 168px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Sprint, LLC, 7.63%, 03/01/2026</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;">5,250</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;">5,454</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Telesat Canada, (Canada), <br>5.63%, 12/06/2026<sup>(d)</sup>&#x200b;</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;">617</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Telesat Canada, (Canada), <br>6.50%, 10/15/2027<sup>(d)</sup>&#x200b;</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;">913</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;">367</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: 168px; 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>18,464</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: 346px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Transportation 4.2%</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">AAdvantage Loyality IP Ltd., <br>11.75%, 07/15/2025<sup>(d)</sup>&#x200b;</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;">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;">822</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: 168px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">GLP Capital, LP, 5.38%, 04/15/2026</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;">2,937</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: 168px; background-color: #cceeff; 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>&#x200b;</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;">4,009</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="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;">Semi-Annual Report 2023<br>9</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid 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 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">June 30, 2023 (Unaudited)</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(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: 168px;">
 &#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>&#x200b;</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>&#x200b;</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 168px; 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>&#x200b;</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;">3,035</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Uber Technologies, Inc., <br>7.50%, 09/15/2027<sup>(d)</sup>&#x200b;</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;">1,023</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: 168px; 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>&#x200b;</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;">1,529</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: 168px;">
 &#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>13,355</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: 346px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Utilities 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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Vistra Operations Co., LLC, <br>5.50%, 09/01/2026<sup>(d)</sup>&#x200b;</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;">1,924</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: 168px; 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>&#x200b;</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;">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;">719</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: 168px;">
 &#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>2,643</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Corporate Bonds <br></b>(Cost: $227,810)</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>216,553</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 47.7%<sup>(d)(f)</sup>&#x200b;</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: 346px; 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 34.4%<sup>(b)(c)</sup>&#x200b;</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">AMMC CLO XI, Ltd., (Cayman Islands), <br>3M LIBOR + 5.80%, <br>11.10%, 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;">1,718</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: 168px; 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%, 10.76%, 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;">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;">2,583</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: 168px; 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>13.51%, 11/27/2031</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;">775</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;">430</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: 168px; 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 + 6.86%, <br>12.12%, 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;">2,784</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: 168px; 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>11.58%, 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;">2,198</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Bain Capital Credit CLO, Ltd. 2019-4, <br>(Cayman Islands), 3M LIBOR + 7.99%, <br>13.07%, 04/23/2035</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;">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;">908</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: 168px; 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>13.51%, 04/18/2033</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;">2,895</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: 168px; background-color: #cceeff; 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>11.77%, 10/23/2034</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;">1,763</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Barings CLO, Ltd. 2020-I, <br>(Cayman Islands), 3M LIBOR + 6.65%, <br>11.91%, 10/15/2036</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;">918</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: 168px; background-color: #cceeff; 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>11.01%, 07/15/2031</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;">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;">622</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>&#x200b; </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: 168px;">
 &#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>&#x200b;</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>&#x200b;</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Carlyle Global Market Strategies CLO, <br>Ltd. 2017-1, (Cayman Islands), <br>3M LIBOR + 6.00%, 11.25%, 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; 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;">2,443</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Carlyle US CLO, Ltd. 2021-10, <br>(Cayman Islands), 3M LIBOR + 6.50%, <br>11.75%, 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;">893</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Cedar Funding CLO II, Ltd., <br>(Cayman Islands), 3M LIBOR + 7.30%, <br>12.55%, 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;">1,613</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">CIFC Funding, Ltd. 2019-4A, <br>(Cayman Islands), 3M LIBOR + 6.60%, <br>11.86%, 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;">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;">1,407</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">CIFC Funding, Ltd. 2021-VI, <br>(Cayman Islands), 3M LIBOR + 6.25%, <br>11.51%, 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;">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;">1,814</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">CIFC Funding, Ltd. 2021-VII, <br>(Cayman Islands), 3M LIBOR + 6.35%, <br>11.62%, 01/23/2035</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;">2,406</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;">2,157</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 4.5pt 0pt; width: 168px; background-color: #cceeff; 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>11.62%, 10/23/2031</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;">1,607</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: 168px; 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>12.60%, 04/20/2030</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;">3,875</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;">2,626</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Denali Capital CLO XII, Ltd., <br>(Cayman Islands), 3M LIBOR + 5.90%, <br>11.16%, 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;">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;">3,788</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: 168px; 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>10.80%, 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;">1,736</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: 168px; 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>11.07%, 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;">2,453</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: 168px; 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>11.11%, 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;">2,514</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: 168px; 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%, 11.76%, 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;">1,758</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Elmwood CLO I, Ltd., (Cayman Islands), <br>3M LIBOR + 7.71%, 12.96%, 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;">2,959</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: 168px; 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%, 12.05%, 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;">1,443</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Elmwood CLO III, Ltd., (Cayman Islands), <br>3M LIBOR + 6.50%, 11.75%, 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;">1,665</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: 168px; 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%, 11.25%, 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;">966</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Elmwood CLO VIII, Ltd., (Cayman Islands), <br>3M LIBOR + 8.00%, 13.25%, 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;">852</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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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Semi-Annual Report 2023<br>10</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 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">June 30, 2023 (Unaudited)</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(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>&#x200b; </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: 168px;">
 &#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>&#x200b;</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>&#x200b;</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Elmwood CLO XX, Ltd., (Cayman Islands), <br>3M LIBOR + 8.55%, 13.54%, 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; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,700</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</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;">1,693</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Generate CLO VIII, Ltd., (Cayman Islands), <br>3M LIBOR + 6.95%, 12.20%, 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;">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 4.5pt 0pt; width: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Highbridge Loan Management, Ltd. <br>2014-4, (Cayman Islands), 3M LIBOR + <br>7.36%, 12.63%, 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;">1,535</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">ICG U.S. CLO, Ltd. 2018-2, <br>(Cayman Islands), 3M LIBOR + 5.75%, <br>11.02%, 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;">881</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: 168px; 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%, 11.41%, 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;">900</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">LCM XVII, LP, (Cayman Islands), <br>3M LIBOR + 6.00%, 11.26%, 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;">2,710</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: 168px; 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%, 12.30%, 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;">1,969</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: 168px; 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>13.04%, 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;">1,945</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: 168px; 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>11.80%, 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;">1,410</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: 168px; 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>12.86%, 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;">836</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: 168px; 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>11.47%, 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;">
 &#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;">2,858</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: 168px; 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>11.35%, 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;">1,432</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Madison Park Funding XXXVI, Ltd., <br>(Cayman Islands), 3M LIBOR + 7.05%, <br>12.04%, 04/15/2035</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;">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;">948</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: 168px; 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>11.41%, 07/15/2033</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;">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;">958</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Magnetite XIX, Ltd., (Cayman Islands), <br>3M LIBOR + 6.40%, 11.66%, 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;">1,924</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Magnetite XXIV, Ltd., (Cayman Islands), <br>3M LIBOR + 6.40%, 11.39%, 04/15/2035</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;">1,500</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;">1,409</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: 168px; 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>11.34%, 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;">1,507</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>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 168px; 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>11.50%, 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;">1,420</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>&#x200b; </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: 168px;">
 &#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>&#x200b;</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>&#x200b;</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Oaktree CLO, Ltd. 2019-2, <br>(Cayman Islands), 3M LIBOR + 6.77%, <br>12.03%, 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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</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;">1,768</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">OHA Credit Funding 3, Ltd., <br>(Cayman Islands), 3M LIBOR + 6.25%, <br>11.50%, 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;">969</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">OHA Credit Funding 4, Ltd., <br>(Cayman Islands), 3M LIBOR + 6.40%, <br>11.67%, 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;">986</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: 168px; 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>11.63%, 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;">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;">2,913</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">OHA Credit Partners XI, Ltd., <br>(Cayman Islands), 3M LIBOR + 7.90%, <br>13.15%, 01/20/2032</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;">2,750</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;">2,229</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Sixth Street CLO XX, Ltd, <br>(Cayman Islands), 3M LIBOR + 6.15%, <br>11.40%, 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;">1,230</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Sound Point CLO XXVI, Ltd., <br>(Cayman Islands), 3M LIBOR + 6.86%, <br>12.11%, 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;">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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Tallman Park CLO, Ltd., (Cayman Islands), <br>3M LIBOR + 6.35%, 11.60%, 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;">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;">1,857</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: 168px; background-color: #cceeff; 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>11.45%, 01/29/2032</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;">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;">2,869</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">TICP CLO VI, Ltd. 2016-2, <br>(Cayman Islands), 3M LIBOR + 6.25%, <br>11.51%, 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;">2,064</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: 168px; 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%, 11.46%, 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;">1,177</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Trestles CLO, Ltd. 2017-1, <br>(Cayman Islands), 3M LIBOR + 6.25%, <br>11.51%, 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;">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 4.5pt 0pt; width: 168px; 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%, 11.97%, 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;">557</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Venture XXVII CLO, Ltd., (Cayman Islands), <br>3M LIBOR + 6.35%, 11.60%, 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;">1,340</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: 168px; 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%, 12.17%, 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;">1,405</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Vibrant CLO X, Ltd., (Cayman Islands), <br>3M LIBOR + 6.45%, 11.50%, 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;">2,234</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: 168px; 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 + 6.16%, 11.14%, 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;">2,341</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Voya CLO, Ltd. 2015-3, (Cayman Islands), <br>3M LIBOR + 6.46%, 11.51%, 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;">2,216</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: 168px; 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>108,737</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;">
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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;">Semi-Annual Report 2023<br>11</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid 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>
</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 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">June 30, 2023 (Unaudited)</font></p>
<p style="margin:0pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;">(in thousands, except shares, 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 0pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b>Collateralized Loan Obligations<sup>(d)(f)</sup>&#x200b; </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: 168px;">
 &#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>&#x200b;</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>&#x200b;</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 346px; 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; Equity 13.3%</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">AIMCO CLO XI, Ltd., (Cayman Islands), <br>24.31%, 10/17/2034</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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,985</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</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;">1,729</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">AIMCO CLO XVI, Ltd., (Cayman Islands), <br>15.80%, 01/17/2035</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;">1,150</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;">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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Allegro CLO V, Ltd., (Cayman Islands), <br>3.37%, 10/16/2030</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;">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;">421</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Bain Capital Credit CLO, Ltd. 2020-2, <br>(Cayman Islands), 43.33%, 07/19/2034</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;">784</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Bain Capital Credit CLO, Ltd. 2022-1, <br>(Cayman Islands), 18.26%, 04/18/2035</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;">1,500</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;">934</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Canyon Capital CLO, Ltd. 2019-1, <br>(Cayman Islands), 15.12%, 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;">483</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Carlyle Global Market Strategies CLO, <br>Ltd. 2018-3, (Cayman Islands), <br>8.82%, 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;">3,223</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;">1,247</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Cedar Funding CLO V, Ltd., <br>(Cayman Islands), 20.05%, 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;">1,585</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Cedar Funding CLO VIII, Ltd., <br>(Cayman Islands), 14.98%, 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;">1,331</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">CIFC Funding, Ltd. 2018-5A, <br>(Cayman Islands), 19.51%, 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;">179</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">CIFC Funding, Ltd. 2020-3A, <br>(Cayman Islands), 18.22%, 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;">1,363</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">CIFC Funding, Ltd. 2021-5A, <br>(Cayman Islands), 16.24%, 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;">1,629</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Dryden 98 CLO, Ltd., (Cayman Islands), <br>18.16%, 04/20/2035</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;">1,100</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;">783</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Elmwood CLO XI, Ltd., (Cayman Islands), <br>16.84%, 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;">1,200</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;">1,020</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Halcyon Loan Advisors Funding, Ltd. <br>2017-1, (Cayman Islands), 06/25/2029</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;">187</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">ICG U.S. CLO, Ltd. 2021-1, <br>(Cayman Islands), 15.51%, 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;">1,220</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Invesco CLO 2021-3, Ltd., <br>(Cayman Islands), 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;">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>
<td colspan="1" valign="bottom" 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;">33</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Invesco CLO 2021-3, Ltd., <br>(Cayman Islands), 16.06%, 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;">1,130</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;">692</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">LCM XV, LP, (Cayman Islands), <br>1.26%, 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;">682</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Madison Park Funding LIII, Ltd., <br>(Cayman Islands), 18.85%, 04/21/2035</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;">1,644</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Madison Park Funding LIX, Ltd., <br>(Cayman Islands), 16.87%, 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;">1,789</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: 168px; 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;">8</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>&#x200b; </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: 168px;">
 &#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>&#x200b;</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>&#x200b;</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Madison Park Funding XXII, Ltd., <br>(Cayman Islands), 19.22%, 01/15/2033</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; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 53px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4,000</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</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;">2,476</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Madison Park Funding XXXI, Ltd., <br>(Cayman Islands), 19.47%, 01/23/2048</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;">1,318</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Madison Park Funding XXXII, Ltd., <br>(Cayman Islands), 28.16%, 01/22/2048</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;">1,156</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Madison Park Funding, Ltd., <br>(Cayman Islands), 04/21/2035</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;">1,500</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;">1,313</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Magnetite XXVIII, Ltd., (Cayman Islands), <br>21.05%, 01/20/2035</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;">2,500</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;">2,031</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Oaktree CLO, Ltd. 2015-1, <br>(Cayman Islands), 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;">125</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">OHA Credit Partners VII, Ltd., <br>(Cayman Islands), 21.69%, 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;">2,672</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;">1,296</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">OHA Credit Partners XIII Ltd., <br>(Cayman Islands), 14.86%, 10/21/2034</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;">649</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">OHA Credit Partners XVI, <br>(Cayman Islands), 17.67%, 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;">1,271</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">OHA Loan Funding, Ltd. 2016-1, <br>(Cayman Islands), 20.58%, 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;">2,033</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">RR 19, Ltd., (Cayman Islands), <br>16.26%, 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;">2,350</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;">1,870</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Signal Peak CLO V, Ltd., (Cayman Islands), <br>6.71%, 04/25/2031</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;">2,568</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;">905</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Signal Peak CLO VIII, Ltd., <br>(Cayman Islands), 16.07%, 04/20/2033</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;">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;">2,662</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Wellfleet CLO, Ltd. 2018-3, <br>(Cayman Islands), 8.85%, 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;">573</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: 168px; 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;">102</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Wellman Park CLO, Ltd., (Cayman Islands), <br>14.64%, 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;">1,659</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: 168px; 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;">&#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: 168px;">
 &#xa0;</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;">
 &#xa0;</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>42,095</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Collateralized Loan Obligations <br></b>(Cost: $179,107)</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>150,832</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: 168px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Investments &#x2014; 166.6%<br></b>(Cost: $567,178)</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 81px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>$</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>526,706</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: 168px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Liabilities in Excess of <br>Other Assets &#x2014; (66.6%)</b></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>(210,518</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: 168px; 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>316,188</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>

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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;">Semi-Annual Report 2023<br>12</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid 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>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;">June 30, 2023 (Unaudited)<br>(in thousands, except shares, percentages and as otherwise noted)</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:11pt; font-family: Arial, Helvetica;"><b>Footnotes:</b></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;Investment holdings in foreign currencies are converted to U.S. Dollars using period end spot rates. Investments are in United States enterprises and all principal balances shown are 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 the Secured Overnight Financing Rate ("SOFR"), the London Interbank Offered Rate ("LIBOR"), Euro InterBank Offered Rate ("EURIBOR"), the U.S. Prime Rate ("PRIME"), or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower's option, which reset annually, semi-annually, quarterly, bi-monthly, monthly or daily. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. For each such loan, Ares Dynamic Credit Allocation Fund, Inc. (the "Fund") has provided the interest rate in effect on the date presented.</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 June 30, 2023.</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;Senior Loans, Collateralized Loan Obligations and Corporate Bonds exempt from registration under Rule 144A, which as of June 30, 2023 represented 146.9% of the Fund's net assets or 88.2% 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 4 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 June 30, 2023, the Fund had entered into the following commitment to fund a revolving senior secured loan. Such commitment is subject to the satisfaction of certain conditions set forth in the documents governing this loan 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 loan commitments.</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: 84px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Unfunded Issuer</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: 146px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total Revolving commitment</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: 134px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Less: drawn commitment</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: 94px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Total undrawn<br>commitment</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 84px; background-color: #cceeff; text-align: left;">
<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>
<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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 118px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">250</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 106px; background-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</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: 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;">201</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>

<p style="margin:4.5pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(h)&#xa0;&#xa0;When-Issued or delayed delivery investment based on typical market settlement convention for such security.</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;Includes a PIK provision.</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 June 30, 2023, the aggregate cost of investments for federal income tax purposes was $567,240. Unrealized appreciation and depreciation on investments for federal income tax purposes are as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 120px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Gross unrealized appreciation</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</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;">3,122</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: 120px; text-align: left;">
<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;">(43,656</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 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:4.5pt .7pt 4.5pt 0pt; width: 120px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net unrealized depreciation</font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</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: 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: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;">(40,534</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: 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>
</table>

<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;">&#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;">&#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;">$&#xa0;&#xa0;U.S. Dollars</font></p>
<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>
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</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;">Semi-Annual Report 2023<br>13</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>
</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 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;">June 30, 2023 (Unaudited)<br>(in thousands, except per share data)</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: 494px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Assets:</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: 414px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Investments, at value (cost $567,178)</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;">$526,706</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: 414px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Cash and cash equivalents</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;">2,775</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: 414px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Cash denominated in foreign currency, at value (cost $524)</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;">545</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: 414px; background-color: #cceeff; 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" 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;">8,245</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: 414px; 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">&#xa0;</td>
<td colspan="1" valign="bottom" 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;">6,220</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: 414px; 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;">79</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: 414px; 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;">544,570</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>
</tr>
<tr>
<td colspan="7" valign="bottom" style="padding:16.5pt .7pt 4.5pt 0pt; width: 494px; 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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 414px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Mandatory redeemable preferred shares (liquidation preference $100,000, net of unamortized deferred issuance <br>costs of $958)</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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">99,042</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: 414px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">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: 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;">98,756</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: 414px; 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;">27,992</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: 414px; 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;">730</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: 414px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Payable for interest expense and 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: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1,415</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: 414px; 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 payables</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;">447</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: 414px; 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">&#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;">228,382</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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 414px; 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</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: 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;"><b>316,188</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; 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:16.5pt .7pt 4.5pt 0pt; width: 494px; 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">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 414px; background-color: #cceeff; 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" 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;">$440,537</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 414px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Accumulated losses</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 52px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(124,349)</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 414px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Net assets</b></font></p></td>
<td colspan="1" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; 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;"><b>316,188</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; 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:16.5pt .7pt 4.5pt 0pt; width: 494px; 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">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 414px; background-color: #cceeff; 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" 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;">$316,188</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: 414px; 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">&#xa0;</td>
<td colspan="1" valign="bottom" 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;">22,915</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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 414px; background-color: #cceeff; 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" 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;">$13.80</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>

<p style="margin:5.5pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>See accompanying Notes to Financial Statements.</i></font></p>
</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;">Semi-Annual Report 2023<br>14</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=16,FOLIO='14',FILE='23-18740-2.ea.qxp',USER='',CD='' -->
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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>Statement 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 six months ended June 30, 2023 (Unaudited)<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 0pt 0pt; width: 341px; 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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 261px; 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;">23,983</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: 261px; 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;">23,983</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="7" valign="bottom" style="padding:1.5pt .7pt 0pt 0pt; width: 341px; 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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 261px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Interest and credit facility fees (Notes 6 and 7)</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;">3,767</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: 261px; 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">&#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;">2,342</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: 261px; 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;">479</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: 261px; 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;">734</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: 261px; 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;">7,322</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: 261px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Tax expense (Note 9)</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;">255</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: 261px; 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;">7,577</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: 261px; 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;">16,406</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="7" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 341px; 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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 0pt 0pt; width: 261px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net realized losses 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;">(9,335</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 0pt 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 0pt 0pt; width: 261px; 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;">(68</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: 261px; 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;">17,631</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: 261px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net unrealized 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;">(135</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 1.5pt 0pt; width: 261px; 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;">8,093</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: 261px; 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>24,499</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>

<p style="margin:12pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>See accompanying Notes to Financial Statements.</i></font></p>
</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;">Semi-Annual Report 2023<br>15</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=17,FOLIO='15',FILE='23-18740-2.ea.qxp',USER='',CD='' -->
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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: 254px;">
 &#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: 146px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>For the Six Months Ended<br>June 30, 2023<br>(Unaudited)</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: 125px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>For the Year Ended<br>December 31, 2022</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="11" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 533px; 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: 254px; 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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 108px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">16,406</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 87px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">29,947</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: 254px; 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 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: 108px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(9,403</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: 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;">(20,617</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: 254px; 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 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: 108px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">17,496</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: 87px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(55,435</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: 254px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net increase/(decrease) 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: 108px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">24,499</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: 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;">(46,105</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; 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="11" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 533px; 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: 254px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Distributable 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: 108px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(15,124</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: 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;">(27,383</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: 254px; 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: 108px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">9,375</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: 87px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(73,488</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: 533px; 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: 254px; 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: 108px; 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: 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: 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: 254px; 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: 108px; background-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: 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; 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: 254px; 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: 108px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">9,375</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: 87px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(73,488</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: 254px; 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: 108px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">306,813</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: 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;">380,301</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: 254px; 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>$</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 108px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>316,188</b></font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 18px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>$</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: 87px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>306,813</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>

<p style="margin:12pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>See accompanying Notes to Financial Statements.</i></font></p>
</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;">Semi-Annual Report 2023<br>16</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
<!-- SEQ.=18,FOLIO='16',FILE='23-18740-2.ea.qxp',USER='',CD='' -->
<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 six months ended June 30, 2023 (Unaudited)<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: 441px; 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: 293px; 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: 81px; 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;">24,499</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: 441px; 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: 293px; 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: 81px;">
 &#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;">(152,508</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: 293px; 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: 81px; 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;">112,011</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: 293px; 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: 81px;">
 &#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;">358</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: 293px; 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 &amp; 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: 81px; 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;">161</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: 293px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net realized losses on investments</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 81px;">
 &#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;">9,335</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: 293px; 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 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: 81px; 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;">(17,631</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: 293px; 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 debt</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 81px;">
 &#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;">257</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: 441px; background-color: #cceeff; 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" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 293px; 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">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 81px;">
 &#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;">(1,908</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: 293px; background-color: #cceeff; 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" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 81px; 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;">527</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: 293px; 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">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 81px;">
 &#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;">47</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: 293px; background-color: #cceeff; 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" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 81px; 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;">6,326</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: 293px; 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">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 81px;">
 &#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;">321</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: 293px; background-color: #cceeff; 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" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 81px; 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;">(457</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: 293px; 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">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 81px;">
 &#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;">169</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: 293px; background-color: #cceeff; 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" 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: 81px; 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;">(18,493</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; 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: 441px; 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">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 293px; background-color: #cceeff; 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" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 81px; 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;">64,749</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: 293px; 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">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 81px;">
 &#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;">(35,014</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: 293px; background-color: #cceeff; 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" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 81px; 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;">(15,124</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: 293px; 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">&#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: 81px;">
 &#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;">14,611</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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 293px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Net decrease in cash and cash equivalents</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:solid windowtext 1pt; width: 81px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; 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;">(3,882</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; 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: 441px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Cash and cash equivalents:</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 293px; background-color: #cceeff; 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" style="background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 81px; 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;">7,202</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 7pt 0pt; width: 293px; 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">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 7pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 81px; 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 7pt 0pt; border:none; border-top:solid windowtext 1pt;border-bottom:double windowtext 2.25pt; width: 49px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">3,320</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 7pt 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>
<tr>
<td colspan="7" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 441px; background-color: #cceeff; 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" style="background-color: #cceeff;">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 293px; 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 and credit facility fees</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 81px; 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;">4,063</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>

<p style="margin:5.5pt 0pt 0pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><i>See accompanying Notes to Financial Statements.</i></font></p>
</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;">Semi-Annual Report 2023<br>17</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>
</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>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>
</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: 126px;">
 &#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: 139px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>For the<br>Six Months Ended<br>June 30, 2023<br>(Unaudited)</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: 116px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>For the<br>Year Ended<br>December 31,<br>2022</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: 116px; 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: 107px; 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: 116px; 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: 99px; 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: 102px; 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>
</tr>
<tr>
<td colspan="31" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 969px; 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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 126px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Net asset value, beginning of <br>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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 80px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">13.39</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 39px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 66px; 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: 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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">16.15</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 30px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 66px; 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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">16.42</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 30px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 58px; 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: 58px; 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>
</tr>
<tr>
<td colspan="31" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 969px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Income from investment <br>operations:</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: 126px; 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: 80px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">0.72</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 39px;">
 &#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: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.31</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: 66px; 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: 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: 66px; 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: 66px; 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: 58px; 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: 58px; 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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 126px; 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: 80px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">0.35</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 39px; 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: 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;">(3.32</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: 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;">0.36</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: 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;">(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: 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;">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: 58px; background-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: 58px; background-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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 126px; 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: 80px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">1.07</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 39px;">
 &#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: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(2.01</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: 66px; 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: 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: 66px; 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: 66px; 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: 58px; 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: 58px; 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>
</tr>
<tr>
<td colspan="31" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 969px; 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: 126px; 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: 80px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(0.66</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 39px; 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: 66px; 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: 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: 66px; 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: 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: 66px; 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: 66px; 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: 58px; 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: 58px; 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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 126px; 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: 80px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(0.66</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 39px; 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: 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;">(1.20</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;">)</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: 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;">(1.17</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: 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;">(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: 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;">(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: 58px; background-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: 58px; background-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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 126px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Net asset value common <br>shares, 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: 80px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">13.80</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 39px;">
 &#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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">13.39</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 30px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 66px; 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: 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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">16.15</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 66px; 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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 58px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">16.42</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 58px; 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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 126px; 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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 80px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">12.33</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 39px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 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;">11.59</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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">16.33</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 30px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 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;">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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">15.35</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 30px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 58px; background-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: 58px; background-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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 126px; 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>&#x200b;</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: 80px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">8.09</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 39px; 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>&#x200b;</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: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(12.41</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: 66px; 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: 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: 66px; 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: 66px; 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>&#x200b;</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: 58px; 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: 58px; 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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 126px; 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>&#x200b;</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: 80px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">11.98</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 39px; 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>&#x200b;</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: 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;">(22.22</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: 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;">23.10</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: 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;">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: 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;">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>&#x200b;</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: 58px; background-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: 58px; background-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>
</tr>
<tr>
<td colspan="31" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 969px; 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: 126px; 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: 80px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">316,188</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 39px; 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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">306,813</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 30px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 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;">380,301</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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 66px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">369,976</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 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;">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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 58px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">376,282</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 58px; background-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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 126px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Expenses, inclusive of interest <br>expense and amortization of <br>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: 80px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4.85</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 39px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%<sup>(d)(e)</sup>&#x200b;</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: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">4.15</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>&#x200b;</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: 66px; 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: 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>&#x200b;</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: 66px; 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: 66px; 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>(e)</sup>&#x200b;</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: 58px; 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: 58px; 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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 126px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Expenses, exclusive of interest <br>expense and amortization of <br>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: 80px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2.44</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 39px; 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>(e)</sup>&#x200b;</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: 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;">2.46</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: 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;">2.08</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: 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;">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: 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;">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>(e)</sup>&#x200b;</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: 58px; background-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: 58px; background-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>
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<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 126px; 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: 80px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">10.49</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 39px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">%<sup>(e)</sup>&#x200b;</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: 66px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">8.90</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: 66px; 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: 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: 66px; 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: 66px; 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>(e)</sup>&#x200b;</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: 58px; 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: 58px; 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>
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<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 126px; background-color: #cceeff; text-align: left;">
<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: 80px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">22.34</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 39px; 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>&#x200b;</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: 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;">51.20</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;">%</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: 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;">76.03</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: 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;">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: 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;">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>&#x200b;</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: 58px; background-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: 58px; background-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>
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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 (beginning market value common shares $20.00). Distributions, if any, are assumed for purposes of this calculation to be reinvested at prices obtained under the Fund's Dividend Reinvestment Plan.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(d)&#xa0;&#xa0;Includes stated dividends and amortization of deferred issuance costs on the mandatory redeemable preferred shares. See Note 7 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;">(e)&#xa0;&#xa0;Annualized.</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;">Semi-Annual Report 2023<br>18</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;">June 30, 2023 (Unaudited)</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, Times, serif;">Ares Dynamic Credit Allocation Fund, Inc. (NYSE: ARDC) ("ARDC" or the "Fund") is a corporation incorporated under the laws of the State of Maryland and registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as a closed-end, 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, Times, serif;">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, Times, serif;">The Fund is externally managed by Ares Capital Management II LLC (the "Adviser") pursuant to an investment advisory and management agreement (the "Investment Advisory Agreement"). The Adviser was registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended (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 </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, Times, serif;">certain administrative and other services necessary for the Fund to operate.</font></p>
<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, Times, serif;">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, Times, serif;">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, Times, serif;">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, Times, serif;">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, Times, serif;">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 Adviser'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, Times, serif;">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 </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;">Semi-Annual Report 2023<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;">June 30, 2023 (Unaudited)</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, Times, serif;">premiums to par value on investments purchased are 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. To maintain the Fund's tax treatment as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends for the year the income was earned, even though the Fund has not yet collected the cash. 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, Times, serif;">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, Times, serif;">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, <i>Beneficial Interest in Securitized Financial Assets.</i></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, Times, serif;">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, Times, serif;">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 </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, Times, serif;">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, Times, serif;">Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates of securities transactions, and the difference between the amounts of income and expense items recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from the changes in fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">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, Times, serif;">The Fund carries its mandatory redeemable preferred shares at amortized cost and they are 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, Times, serif;">Debt and mandatory redeemable preferred shares issuance costs are amortized over the life of the relevant 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, Times, serif;">The Fund has elected to be treated as a RIC under 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, Times, serif;">Depending on the level of taxable income earned in a tax year, the Fund may choose to carry forward taxable income in </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;">Semi-Annual Report 2023<br>20</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;">June 30, 2023 (Unaudited)</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, Times, serif;">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 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, Times, serif;">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, Times, serif;">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, Times, serif;">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, Times, serif;">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, Times, serif;">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 </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, Times, serif;">distribution at the end of each calendar year. This distribution policy may, under certain circumstances, have certain adverse consequences to the Fund and its shareholders because it may result in a return of capital to shareholders, which would reduce the Fund's net asset value and, over time, potentially increase the Fund's expense ratios. If the Fund distributes a return of capital, it means that the Fund is returning to shareholders a portion of their investment rather than making a distribution that is funded from the Fund's earned income or other profits. The Board 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, Times, serif;">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, Times, serif;">The Fund considers the applicability and impact of all accounting standard updates ("ASU") issued by the Financial Accounting Standards Board. The Fund has assessed currently issued ASUs and has determined that they are not applicable or expected to have minimal impact 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, Times, serif;">The Adviser is registered as an investment adviser under 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 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, Times, serif;">The Adviser provides certain investment advisory and administrative services to the Fund pursuant to the 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. The management fees incurred by the Fund for the six months ended June 30, 2023 were $2,342.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">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 </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;">June 30, 2023 (Unaudited)</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, Times, serif;">administrative services provided to the Fund by the Adviser and its affiliates. The Fund incurred such administrative costs of $479 for the six months ended 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, Times, serif;">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 under the service agreements with State Street for the six months ended June 30, 2023 were $169.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund has retained Destra Capital Advisors 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 under the agreement with Destra for the six months ended June 30, 2023 were $144.</font></p>
<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, Times, serif;">Effective October 1, 2022, pursuant to Rule 2a-5 under the Investment Company Act, the Fund's board of directors designated the Fund's Adviser as the Fund's valuation designee to perform the fair value determinations for investments held by the Fund without readily available market quotations subject to the overall supervision of the Fund's Board.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund follows ASC 825-10, <i>Recognition and Measurement of Financial Assets and Financial Liabilities</i> ("ASC 825-10"), which provides companies the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and a better understanding of the effect of the company's choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of </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, Times, serif;">the selected assets and liabilities on the face of the balance sheet. The Fund has not elected the ASC 825-10 option to report selected financial assets and liabilities at fair value. With the exception of the line items entitled "other assets", "mandatory redeemable preferred shares", and "debt," which are reported at amortized cost, the carrying value of all other assets and liabilities approximate 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, Times, serif;">The Fund also follows ASC 820-10, <i>Fair Value Measurements and Disclosures</i> ("ASC 820-10"), which expands the application of fair value accounting. 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, Times, serif;">&#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, Times, serif;">&#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, Times, serif;">&#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, Times, serif;">In addition to using the above inputs in investment valuations, the Adviser, as the Fund's valuation designee, continues to employ the net asset valuation policy and procedures approved by the Fund's Board that are consistent with the provisions of Rule 2a-5 under the Investment Company Act and ASC 820-10 (see Note 2 for more information). Consistent with its valuation policies and procedures, the Adviser 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 </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;">Semi-Annual Report 2023<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:11pt; font-family: Arial, Helvetica;">June 30, 2023 (Unaudited)</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, Times, serif;">fair value. For investments where there is not a readily available market value, the fair value of these investments must typically 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, Times, serif;">The investments classified as Level 1 or Level 2 are typically valued based on quoted market prices, forward foreign exchange rates, dealer quotations or alternative pricing sources supported by observable inputs. The Adviser obtains prices from independent pricing services which generally utilize broker quotes and may use various other pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. The Adviser is responsible for all inputs and assumptions related to the pricing of securities. The Adviser has internal controls in place that support its reliance on information received from third-party pricing sources. As part of its internal controls, the Adviser obtains, reviews, and tests information to corroborate prices received from third-party pricing sources. For any security, if market or dealer quotations are not readily available, or if the Adviser determines that a quotation of a security does not represent a fair value, then the security is valued at a fair value as determined in good faith by the Adviser, as the valuation designee, subject to the oversight of the Board 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, Times, serif;"><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, Times, serif;"><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 </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, Times, serif;">prepayment and loss assumptions, based on historical experience and projected performance, economic factors, the characteristics and condition of the underlying collateral, comparable yields for similar securities and recent trading activity. These securities are classified as Level 3.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;"><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, Times, serif;">The following is a summary of inputs used as of June 30, 2023 in valuing the Fund's investments carried at fair value:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 104px;">
 &#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>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: 96px; 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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 104px; 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="bottom" style="padding:0pt .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: 55px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">146,541</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;">12,780</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;">159,321</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: 104px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Corporate <br>Bonds</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;">&#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: 55px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">216,553</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;">216,553</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: 104px; 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: 55px; background-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;">150,832</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;">150,832</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: 104px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Total <br>Investments</font></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: 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; border:none; border-top:solid windowtext 1pt; width: 21px;">
 &#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: 55px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">363,094</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 21px;">
 &#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: 64px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">163,612</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 21px;">
 &#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;">526,706</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 21px;">
 &#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>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Semi-Annual Report 2023<br>23</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>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;">June 30, 2023 (Unaudited)</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="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, Times, serif;">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 six months ended June 30, 2023:</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: 298px;">
 &#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>Senior <br>Loans ($)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 95px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Collateralized<br>Loan<br>Obligations ($)</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: 73px; 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: 298px; 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, 2022</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: 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;">13,579</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: 8px; 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;">148,479</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: 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;">162,058</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: 298px; 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: 8px;">
 &#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;">11,220</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: 8px;">
 &#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;">2,722</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: 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;">13,942</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: 298px; 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: 8px; 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;">(1,567</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: 8px; 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;">(1,826</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: 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;">(3,393</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: 298px; 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: 8px;">
 &#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;">186</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: 8px;">
 &#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;">1,415</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: 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;">1,601</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: 298px; 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: 8px; 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</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: 8px; 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;">42</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: 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;">45</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: 298px; 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: 8px;">
 &#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: 18px;">
 &#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: 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: 18px;">
 &#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;">&#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: 298px; 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: 8px; 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;">(10,641</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: 8px; 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: 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: 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;">(10,641</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: 298px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Balance as of June 30, 2023</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: 50px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">12,780</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: 8px;">
 &#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;">150,832</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: 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;">163,612</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: 298px; 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 June 30, 2023</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: 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;">182</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: 8px; 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;">3,517</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: 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;">3,699</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>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Investments were transferred out of Level 3 during the period ended June 30, 2023 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, Times, serif;">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 June 30, 2023.</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: 142px;">
 &#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: 252px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Unobservable Input</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: 66px; 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: 68px; 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: 78px; 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>&#x200b;</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: 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;">9,780</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: 68px; 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: 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;">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: 50px; 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="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 68px; 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="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 75px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Market Yield</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: 49px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">11.8-17.4</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;">11.9</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: 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;">150,832</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: 68px; 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: 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;">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;">Total Level 3 Investments</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: 8px;">
 &#xa0;</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;">163,612</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; 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: 68px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 75px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 78px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 83px;">
 &#xa0;</td>
<td colspan="1">&#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) Unobservable inputs were weighted by the relative 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, Times, serif;">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, Times, serif;">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;">
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Semi-Annual Report 2023<br>24</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid 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>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;">June 30, 2023 (Unaudited)</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, Times, serif;">The following are the carrying and fair values of the Fund's senior secured revolving credit facility and mandatory redeemable preferred shares as of June 30, 2023:</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: 133px;">
 &#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: 84px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Carrying Value<br>($)</b></font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 78px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Fair Value<sup>(c)</sup>&#x200b; <br>($)</b></font></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 133px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Credit Facility<sup>(a)</sup>&#x200b;</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: 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;">98,756</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: 62px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">98,756</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: 133px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Series A Mandatory Redeemable <br>Preferred Shares<sup>(b)</sup>&#x200b;</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: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">19,828</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: 62px; 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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 133px; background-color: #cceeff; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Series B Mandatory Redeemable <br>Preferred Shares<sup>(b)</sup>&#x200b;</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: 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;">29,732</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: 62px; background-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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 133px; text-align: left;">
<font style="font-size:8pt; font-family: Arial, Helvetica;">Series C Mandatory Redeemable <br>Preferred Shares<sup>(b)</sup>&#x200b;</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: 68px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">49,482</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: 62px; 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>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 133px; background-color: #cceeff; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Total</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: 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;">197,798</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: 62px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">198,756</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>
</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 Credit Facility (as defined below) carrying value is the same as the principal amounts outstanding.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(b) The liquidation preference of the mandatory redeemable preferred shares approximates its fair value.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;">(c) The fair value of these debt obligations would be categorized as level 2 under ASC 820-10.</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, Times, serif;">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: 133px;">
 &#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: 170px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>For the Six Months Ended June 30, 2023</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 133px;">
 &#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: 84px; 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: 78px; 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: 133px; 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: 8px; 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;">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>
<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: 62px; background-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: 133px; 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: 8px;">
 &#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;">&#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: 62px; 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: 133px; 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: 8px; 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;">&#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: 62px; background-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: 133px; 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: 8px;">
 &#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;">22,915</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: 8px;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 62px; 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, Times, serif;">The Board 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 may determine from time to time) from the net asset value of the shares. The Fund is not required to effect common share repurchases. Any such purchases of Fund shares of common stock may not materially impact the discount of the market price of the Fund's shares of common stock relative to their net asset value and any narrowing of this discount that does result may not be maintained. There were no shares repurchased during the six months ended June 30, 2023.</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, Times, serif;">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, </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, Times, serif;">calculated pursuant to the Investment Company Act, is at least 300% after such borrowing.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">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 $212,000 at any one time outstanding. The Credit Facility's stated maturity date is June 14, 2024. 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 June 30, 2023, the Fund was in compliance in all material respects with the terms 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, Times, serif;">As of June 30, 2023, there was $98,756 outstanding under the Credit Facility. Since June 14, 2022, the interest rate charged on the Credit Facility is based on an applicable Secured Overnight Financing Rate ("SOFR") rate plus a credit spread adjustment of 0.10% and an applicable spread of 0.95% (as defined in the agreements governing the Credit Facility). The Fund is required to pay a commitment fee of 0.15% per annum on any unused portion of the Credit Facility. For the six months ended June 30, 2023 the components of interest and unused commitment fees expense, average stated interest rates (i.e., rate in effect plus the spread) and average outstanding balances for the Credit Facility were as follows:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 200px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-bottom:solid windowtext 1pt; width: 203px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>For the Six Months Ended June 30, 2023<br>($)</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: 162px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,092</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: 162px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">104</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: 162px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">43</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: 162px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,239</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;">Cash paid 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: 20px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 162px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">2,660</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;">Annualized average stated interest rate</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: 162px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">5.65</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;">Average outstanding balance</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: 162px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">74,617</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>

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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Semi-Annual Report 2023<br>25</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid 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>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;">June 30, 2023 (Unaudited)</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: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, Times, serif;">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 Shares for gross proceeds of $50,000 (the "Series C MRP Shares" and together with the Series A MRP Shares and Series B MRP Shares, the "MRP Shares"). 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, Times, serif;">The redemption dates 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, Times, serif;">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. 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 June 30, 2023, the Fund was in compliance in all material respects with the terms of the MRP Shares.</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, Times, serif;">The Fund's MRP Shares activity for the six months ended June 30, 2023 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: 298px;">
 &#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;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Series A</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: 95px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Series B</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: 73px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Series C</b></font></p></td>
<td colspan="1">&#xa0;</td>
</tr>
<tr>
<td colspan="3" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 298px; 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: 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;">800</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: 8px; 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;">1,200</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: 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;">2,000</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: 298px; 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: 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: 18px;">
 &#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: 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: 18px;">
 &#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;">&#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: 298px; 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: 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: 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: 8px; 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: 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: 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;">&#x2014;</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: 298px; 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: 50px; 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: 18px;">
 &#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: 69px; 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: 18px;">
 &#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;">2,000</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>
</table>

<p style="margin:4.5pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund's MRP Shares balance as of June 30, 2023 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: 104px;">
 &#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;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Series A</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: 96px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Series B</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: 105px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Series C</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: 104px; 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: 55px; background-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: 104px; 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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(172</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 55px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(268</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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">(518</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">)</font></p></td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</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;">(958</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: 104px; background-color: #cceeff; 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" 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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">19,828</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 55px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">29,732</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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">49,482</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</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;">99,042</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, Times, serif;">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 six months ended June 30, 2023:</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: 104px;">
 &#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;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Series A</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: 96px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Series B</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: 105px; text-align: center;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Series C</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: 104px; 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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">259</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 55px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">389</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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">762</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</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;">1,410</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: 104px; 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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">28</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 55px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">41</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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">49</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px;">
 &#xa0;</td>
<td colspan="1" style="width: 8px;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</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;">118</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: 104px; 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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 51px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">287</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 55px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">430</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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 64px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">811</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; border:none; border-top:solid windowtext 1pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</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;">1,528</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: 104px; 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: 55px; 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: 104px; 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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 51px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">258</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 55px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">387</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;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 64px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">758</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 21px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</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;">1,403</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, Times, serif;">For the six months ended June 30, 2023, 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: 203px; text-align: center;">
<font style="font-size:8pt; font-family: Arial, Helvetica;"><b>Proceeds from the<br>Sales 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;">$</font></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 172px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">155,053</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 8px; background-color: #cceeff;">
 &#xa0;</td>
<td colspan="1" style="width: 8px; background-color: #cceeff;">&#xa0;</td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 20px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">$</font></p></td>
<td colspan="1" valign="bottom" style="padding:0pt .7pt 4.5pt 0pt; width: 162px; background-color: #cceeff; text-align: right;">
<p style="margin:0pt 0pt 0pt 0pt; white-space:nowrap"><font style="font-size:8pt; font-family: Arial, Helvetica;">110,877</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>(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, Times, serif;">The Fund intends to distribute all or substantially all of its taxable income and to comply with the other requirements of the Code, applicable to RICs. Accordingly, no provision for U.S. federal income taxes is required.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">The Fund may elect to incur an excise tax if it is deemed prudent by its Board from a cash management perspective or in the best interest of shareholders due to other facts and </font></p>
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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;">Semi-Annual Report 2023<br>26</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;">June 30, 2023 (Unaudited)</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, Times, serif;">circumstances. For the six months ended June 30, 2023, the Fund incurred U.S. federal excise tax of $255.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">As of December 31, 2022, which is the end of the Fund's taxable year, the Fund had no uncertain tax positions that would require financial statement recognition, derecognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; 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, Times, serif;">Although 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, Times, serif;">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 </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, Times, serif;">future indebtedness of the Borrower or take other action detrimental to the holders of Senior Loans including, in certain circumstances, invalidating such Senior Loans or causing interest previously paid to be refunded to the Borrower. Additionally, a Senior Loan may be "primed" in bankruptcy, which reduces the ability of the holders of the Senior Loan to recover on the collateral.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">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, 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, Times, serif;">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, Times, serif;">Senior Loans are subject to legislative risk. If legislation or state or federal regulations impose additional requirements or restrictions on the ability of financial institutions to make loans, the availability of Senior Loans for investment by the Fund may be adversely affected. In addition, such requirements or restrictions could reduce or eliminate sources </font></p>
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<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Semi-Annual Report 2023<br>27</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;">June 30, 2023 (Unaudited)</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, Times, serif;">of financing for certain Borrowers. This would increase the risk of default. If legislation or federal or state regulations require financial institutions to increase their capital requirements this may cause financial institutions to dispose of Senior Loans that are considered highly levered transactions. If the Fund attempts to sell a Senior Loan at a time when a financial institution is engaging in such a sale, the price the Fund could receive for the Senior Loan may be adversely affected.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; 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, Times, serif;">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 marketplace, 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, Times, serif;">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, Times, serif;">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 </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, Times, serif;">to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults and aversion to CLO Securities as a class. The risks of an investment in a CLO depend largely on the collateral and the tranche of the CLO in which the Fund invests.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">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, Times, serif;">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, Times, serif;">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 </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;">Semi-Annual Report 2023<br>28</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;">June 30, 2023 (Unaudited)</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, Times, serif;">underlying assets, the obligations of the Borrower of the related CLO Securities to pay such deficiency will be extinguished.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">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, Times, serif;">Some of the loans in which the Fund may invest or get exposure to through its investments in collateralized debt obligations, 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, Times, serif;">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 </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, Times, serif;">investors in these markets, a high-profile default by a major Borrower, movements in indices tied to these markets or related securities or investments, or a change in the market's perception of Senior Loans and investments with similar economic characteristics (such as second lien loans and unsecured loans) and Corporate Bonds. At any point in time, an investment in the common shares of the Fund may be worth less than the original amount invested, even after taking into account distributions paid by the Fund, if any, and the ability of common shareholders to reinvest dividends. The Fund intends to continue to utilize leverage, which will magnify the Fund's risks and, in turn, the risks to the common shareholders.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:11pt; font-family: Arial, Helvetica;"><b><i>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, Times, serif;">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. Following the discontinuance of the USD LIBOR after June 30, 2023, the Financial Conduct Authority has decided to require the publication of USD LIBOR in three settings (one-month, three-month and six-month) using a synthetic methodology until at least September 30, 2024. As of January 1, 2022, all non-USD LIBOR reference rates in all settings ceased to be published. There can be no assurance that USD synthetic LIBOR will remain available in the future.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee (the "ARRC"), a steering committee comprised of large U.S. financial institutions, has identified the SOFR as its preferred alternative rate for LIBOR. On December 6, 2021, the ARRC released a statement selecting and recommending forms of SOFR, along with associated spread adjustments and conforming changes, to replace references to 1-week and 2-month USD LIBOR. We expect that a substantial portion of our future floating rate investments will be linked to SOFR. Although the transition process away from LIBOR for many instruments has been completed, some LIBOR use is continuing and there are potential effects related to the transition away from LIBOR or continued use of LIBOR on the Fund.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">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. In addition, changes or reforms 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;">Semi-Annual Report 2023<br>29</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;">June 30, 2023 (Unaudited)</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, Times, serif;">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.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Additionally, the Fund may need to renegotiate the credit agreements extending beyond June 30, 2023 with its 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 time and expense and may subject the Fund 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 the Fund's accounting, financial reporting, loan servicing, liability management and other aspects of our business. The Fund is in the process of transitioning its investments from LIBOR to SOFR and the Fund does not expect that the transition will have a material impact on its business, financial condition or results of operations.</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, Times, serif;">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, Times, serif;">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, Times, serif;">When interest rates rise, certain obligations will be paid off by the Borrower more slowly than anticipated, causing the 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, Times, serif;">of these obligations to fall. Rising interest rates tend to extend the duration of securities, making them more sensitive to changes in interest rates. The value of longer-term securities generally changes more in response to changes in interest rates than shorter-term securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">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, Times, serif;">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, Times, serif;">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 </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;">Semi-Annual Report 2023<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;">June 30, 2023 (Unaudited)</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, Times, serif;">Situation Investment and the time that any such exchange offer or plan of reorganization is completed, if at all. During this period, it is unlikely that the Fund would receive any interest payments on the Special Situation Investment, the Fund would be subject to significant uncertainty whether the exchange offer or plan of reorganization will be completed and the Fund may be required to bear certain extraordinary expenses to protect and recover its investment. Therefore, to the extent the Fund seeks capital appreciation through investment in Special Situation Investments, the Fund's ability to achieve current income for its shareholders may be diminished. The Fund also will be subject to significant uncertainty as to when, in what manner and for what value the obligations evidenced by Special Situation Investments will eventually be satisfied (e.g., through a liquidation of the obligor's assets, an exchange offer or plan of reorganization involving the Special Situation Investments or a payment of some amount in satisfaction of the obligation). Even if an exchange offer is made or plan of reorganization is adopted with respect to Special Situation Investments held by the Fund, there can be no assurance that the securities or other assets received by the Fund in connection with such exchange offer or plan of reorganization will not have a lower value or income potential than may have been anticipated when the investment was made or even no value. Moreover, any securities received by the Fund upon completion of an exchange offer or plan of reorganization may be restricted as to resale. Similarly, if the Fund participates in negotiations with respect to any exchange offer or plan of reorganization with respect to an issuer of Special Situation Investments, the Fund may be restricted from disposing of such securities. To the extent that the Fund becomes involved in such proceedings, the Fund may have a more active participation in the affairs of the issuer than that assumed generally by an investor.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">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 </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, Times, serif;">may not be permitted by law to make the same investment decisions as Other Accounts in the same or similar situations even if the Adviser believes it would be in the Fund's best economic interests to do so. Also, the Fund may be prohibited by applicable law from investing in a Stressed Issuer (or an affiliate) that Other Accounts are also investing in or currently invest in even if the Adviser believes it would be in the best economic interests of the Fund to do so. Furthermore, entering into certain transactions that are not deemed prohibited by law when made may potentially lead to a condition that raises regulatory or legal concerns in the future. This may be the case, for example, with Stressed Issuers who are near default and more likely to enter into restructuring or work-out transactions with their existing debt holders, which may include the Fund and its affiliates. In some cases, to avoid the potential of future prohibited transactions, the Adviser may avoid recommending allocating an investment opportunity to the Fund that it would otherwise recommend, subject to the Adviser's then-current allocation policy and any applicable exemptions.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; 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, Times, serif;">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, Times, serif;">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 </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;">Semi-Annual Report 2023<br>31</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;">June 30, 2023 (Unaudited)</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, Times, serif;">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 objective will be more dependent on the Adviser's credit analysis than would be the case when the Fund invests in rated securities.</font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">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, Times, serif;">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 </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, Times, serif;">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 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 may make 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 and Geopolitical 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, Times, serif;">U.S. and global markets recently have experienced increased volatility, including as a result of the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Fund and issuers in which it invests. For example, if a bank in which the Fund or issuer has an account fails, any cash or other assets in bank accounts may be temporarily inaccessible or permanently lost by the Fund or issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to an issuer fails, the issuer could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms. Even if banks used by issuers in which the Fund invests remain solvent, continued volatility in the banking sector could cause or intensify an economic recession, increase the costs of banking services or result in the issuers being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Fund and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking industry or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Fund and issuers in which it invests.</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;">June 30, 2023 (Unaudited)</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, Times, serif;">Various social and political circumstances in the U.S. and around the world (including wars and other forms of conflict, terrorist acts, security operations and catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes, and global health epidemics or outbreaks of infectious diseases), may also contribute to increased market volatility and economic uncertainties or deterioration in the U.S. and worldwide. Such events, including rising trade tensions between the United States and China, other uncertainties regarding actual and potential shifts in U.S. and foreign, trade, economic and other policies with other countries, the war in Ukraine and Russia, and health epidemics and pandemics, could adversely affect our business, financial condition or results of operations. These market and economic disruptions could negatively impact the operating results of our portfolio companies.</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, Times, serif;">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 reference 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>Closed-End Structure; Market Discount from Net Asset Value</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, Times, serif;">Shares of closed-end investment companies that trade in a secondary market frequently trade at market prices that are lower than their net asset values. This is commonly referred to as "trading at a discount." As a result, the Fund is designed primarily for long-term investors. Although the value of the Fund's net assets is generally considered by market participants in determining whether to purchase or sell shares, whether an investor will realize gains or losses upon the sale of the shares will depend entirely upon whether the market price of the shares at the time of sale is above or below the investor's purchase price for the shares. Because the market price of the shares will be determined by factors such as </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, Times, serif;">relative supply of and demand for the shares in the market, general market and economic conditions, and other factors beyond the control of the Fund, the Fund cannot predict whether the shares will trade at, below or above net asset value. As with any security, complete loss of investment is possible.</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, Times, serif;">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 six months ended June 30, 2023, 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, Times, serif;">The following common share distributions were declared on <b>July 11, 2023:</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Ex-Date: <b>July 20, 2023</b><br>Record Date: <b>July 21, 2023</b><br>Payable Date: <b>July 31, 2023</b><br>Per Share Amount: <b>$0.1125</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">The following common share distributions were declared on <b>August 11, 2023:</b></font></p>
<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:10pt; font-family: Times New Roman, Times, serif;">Ex-Date: <b>August 18, 2023</b><br>Record Date: <b>August 21, 2023</b><br>Payable Date: <b>August 31, 2023</b><br>Per Share Amount: <b>$0.1125</b></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;">June 30, 2023 (Unaudited)</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, Times, serif;">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, 2022 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, Times, serif;">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; or (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;">Semi-Annual Report 2023<br>34</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;">June 30, 2023 (Unaudited)</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, Times, serif;">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, Times, serif;">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, Times, serif;">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, Times, serif;">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;">Semi-Annual Report 2023<br>35</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;">June 30, 2023 (Unaudited)</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, Times, serif;">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, Times, serif;">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, Times, serif;">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, Times, serif;">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, Times, serif;">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, Times, serif;">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;">Semi-Annual Report 2023<br>36</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;">June 30, 2023 (Unaudited)</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, Times, serif;">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, Times, serif;">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, Times, serif;">&#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, Times, serif;">&#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, Times, serif;">&#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, Times, serif;">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, Times, serif;">&#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, Times, serif;">&#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, Times, serif;">&#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, Times, serif;">&#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, Times, serif;">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, Times, serif;">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, Times, serif;">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, Times, serif;">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, Times, serif;">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;">Semi-Annual Report 2023<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>
</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>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;">June 30, 2023 (Unaudited)</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>&#x200b;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: 241px; 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: 716px; 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>&#x200b;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: 553px; 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>&#x200b;</b></font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:4pt .7pt 2pt 0pt; width: 241px;">
 &#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: 716px;">
 &#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: 553px;">
 &#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>1956</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 241px; 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: 716px; 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;">3</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: 553px; 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; Ares Private Markets 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: 241px; 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</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: 716px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Partner, Portfolio manager and Chairman of Global Liquid Credit in the Ares Credit Group; Member of the Ares Credit Group's Liquid Credit Investment Committee and the Fund's Investment Committee.</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: 537px; 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="7" valign="bottom" style="padding:4pt .7pt 2pt 0pt; width: 312px;">
 &#xa0;</td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="bottom" style="padding:4pt .7pt 2pt 0pt; width: 716px;">
 &#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: 553px;">
 &#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;">Elaine Orr+<br>1966</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 241px; 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 2022*</font></p></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 716px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Independent Consultant; from 2018 to 2019, Senior Director of Philanthropy and Strategic Partnerships for the Robert Toigo Foundation</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;">2</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: 553px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">CION Ares Diversified Credit Fund; Engine No. 1; Transform 500 ETF; Engine No. 1; Transform Climate ETF; Engine No. 1; Transform Supply Chain ETF</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: 241px; 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: 716px; 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;">2</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: 553px; 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>
<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: 241px; 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: 716px; 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;">2</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: 553px; 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>

<p style="margin:0pt 0pt 4.5pt 0pt; text-align: left;"><font style="font-size:8pt; font-family: Arial, Helvetica;"><sup>(1)</sup>&#x200b;&#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>&#x200b;&#xa0;&#xa0;"Interested person," as defined in the Investment Company Act, of the Fund. David A. Sachs and Seth J. 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>&#x200b;&#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 2026 Annual Meeting of Stockholders and until their 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 2024 Annual Meeting of Stockholders and until their 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 2025 Annual Meeting of Stockholders and until their 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;">+ Preferred Stock elected Director.</font></p>
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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;">Semi-Annual Report 2023<br>38</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>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;">June 30, 2023 (Unaudited)</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>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>&#x200b;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: 241px; 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: 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: 1645px; 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;">Seth J. Brufsky <br>1966</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 241px; 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</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: 1645px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Seth J. Brufsky is a Partner, Portfolio Manager and Chairman of Global Liquid Credit in the Ares Credit Group. Additionally, Seth J. Brufsky serves as a member of the Ares Credit Group's Liquid Credit Investment Committee and the ARDC Investment Committee. Seth J. Brufsky joined Ares in 1998.</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;">Penni F. Roll<br>1965</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 241px; 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: 1645px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Penni F. Roll is a Partner and the Chief Financial Officer of the Ares Credit Group. Penni F. Roll serves as the Chief Financial Officer of Ares Capital Corporation ("ARCC") and Treasurer of ARDC and Cion Ares Diversified Credit Fund ("CADC") and as Vice President of Ares Strategic Income Fund ("ASIF"). Penni F. Roll 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. Penni F. Roll also serves as a member of the Ares Diversity, Equity and Inclusion Council. Penni F. Roll previously served as Chief Financial Officer of ARDC from October 2016 to September 2017. Penni F. Roll joined Ares in April 2010.</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;">Lisa Morgan <br>1976</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 241px; 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: 1645px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Lisa Morgan is a Managing Director and Head of Regulatory Compliance in the Ares Compliance Department. Lisa Morgan also serves as the Chief Compliance Officer of ARCC, ASIF, CADC and Ares Private Markets Fund ("APMF"). Lisa 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: 241px; 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: 1645px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Scott Lem is a Partner and Chief Accounting Officer, Credit (Direct Lending) in the Ares Finance Department. Scott Lem additionally serves as Chief Accounting Officer, Vice President and Treasurer of ARCC and Chief Financial Officer and Treasurer of ASIF. Scott Lem also serves as Chief Financial Officer of CADC. Scott Lem previously served as Assistant Treasurer of ARCC from May 2009 to May 2013 and Treasurer of ARDC from October 2016 to September 2017. Scott Lem joined Ares in 2003.</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;">Ian Fitzgerald <br>1975</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 241px; 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: 1645px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Ian Fitzgerald is a Managing Director and Deputy General Counsel (Credit) in the Ares Legal Group, where Ian Fitzgerald focuses on credit matters. Additionally, Ian Fitzgerald serves as Chief Legal Officer, General Counsel and Secretary of CADC and APMF, Vice President and Assistant Secretary of Ivy Hill Asset Management, L.P. ("IHAM") and Vice President and Assistant Secretary of Ivy Hill Asset Management GP, LLC, IHAM's General Partner. Ian Fitzgerald joined Ares in 2010.</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;">Keith Ashton<br>1967</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 241px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Vice President and Portfolio Manager</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: 1645px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Keith Ashton is a Partner, Portfolio Manager and Co-Head of Alternative Credit in the Ares Credit Group and Portfolio Manager of ARDC. Additionally, Keith Ashton serves as a member of the Ares Credit Group's Alternative Credit Executive Committee, Alternative Credit Investment Committee, the ARDC Investment Committee, the Ares Pathfinder Fund and Pathfinder Core Fund Investment Committees and the Ares Diversity, Equity and Inclusion Council. Keith Ashton has also served as a Vice President of ARDC since 2013 and one of four Portfolio Managers of ARDC since 2012. Keith Ashton 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;">Daniel Hayward<br>1985</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 241px; 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: 1645px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Daniel Hayward is a Partner and Portfolio Manager of U.S. Liquid Credit in the Ares Credit Group. Additionally, Daniel Hayward serves as a member of the Ares Credit Group's U.S. Liquid Credit Investment Committee. Daniel Hayward joined Ares in 2012.</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: 241px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Vice President and Portfolio Manager</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: 1645px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Charles Arduini is a Partner and Portfolio Manager in the Ares Credit Group, where Charles Arduini focuses on alternative credit investments. Additionally, Charles Arduini serves as a member of the Ares Credit Group's Pathfinder Core Fund and ARDC Investment Committee. Charles Arduini joined Ares in 2011.</font></p></td>
<td colspan="1">&#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;">Semi-Annual Report 2023<br>39</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>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;">June 30, 2023 (Unaudited)</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>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>&#x200b;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: 241px; 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: 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: 1645px; 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;">Samantha Milner<br>1978</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 241px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Vice President and Portfolio Manager</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: 1645px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Samantha Milner is a Partner and U.S. Liquid Credit Portfolio Manager in the Ares Credit Group, where Samantha Milner is primarily responsible for managing Ares' U.S. bank loan credit strategies. Additionally, Samantha Milner serves as a member of the Ares Credit Group's U.S. Liquid Credit Investment Committee and the ARDC Investment Committee. Samantha Milner also serves on the Ares Diversity, Equity and Inclusion Council. Samantha Milner joined Ares in 2004.</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: 241px; 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: 1645px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Kapil Singh is a Partner and Portfolio Manager of U.S. Liquid Credit in the Ares Credit Group, where Kapil Singh is primarily responsible for managing Ares' U.S. high yield credit strategies. Additionally, Kapil Singh serves as a member of the Ares Credit Group's U.S. Liquid Credit Investment Committee. Prior to joining Ares in 2018, Kapil Singh was a Portfolio Manager in the Global Developed Credit Group at DoubleLine Capital, where Kapil Singh managed high yield bonds across strategies and portfolios in a variety of investment vehicles.</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;">Joshua Bloomstein<br>1973</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 241px; 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: 1645px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Joshua Bloomstein serves as a Partner and General Counsel (Credit) and Deputy General Counsel (Corporate) of Ares, where Joshua Bloomstein focuses on credit matters. Joshua Bloomstein is General Counsel, Vice President and Secretary of ARCC, General Counsel and Secretary of ASIF and Vice President and Assistant Secretary of Ares Commercial Real Estate Corporation. Additionally, Joshua Bloomstein serves as Vice President and Assistant Secretary of CADC. Joshua Bloomstein joined Ares in 2006.</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;">Naseem Sagati Aghili<br>1981</font></td>
<td colspan="1">&#xa0;</td>
<td colspan="3" valign="top" style="padding:0pt .7pt 6pt 0pt; width: 241px; 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: 1645px; text-align: left;">
<p style="margin:0pt 0pt 0pt 0pt"><font style="font-size:8pt; font-family: Arial, Helvetica;">Naseem Sagati Aghili is General Counsel and Secretary of Ares. Naseem Sagati Aghili is a Partner in and Head of the Ares Legal Group and additionally serves on the Ares Executive Management Committee, Enterprise Risk Committee, Communications Committee and the Ares Diversity, Equity and Inclusion Council. Naseem Sagati Aghili also serves as Vice President of ASIF, ARCC, ARDC, APMF and CADC. Prior to being named the firm's General Counsel in 2020, Naseem Sagati Aghili served in a variety of roles at Ares, including most recently Co-General Counsel and General Counsel, Private Equity. Naseem 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>&#x200b; The address of each officer is care of the Secretary of the Fund at 2000 Avenue of the Stars, 12th Floor, Los Angeles, CA 90067.</font></p>
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<div style="margin:8pt 0pt 8pt 0pt;">
</div>
<p style="text-align: center;"><font style="font-size: 13px; font-family: Times New Roman PS, Times New Roman, Times;">Semi-Annual Report 2023<br>40</font></p>
<hr style="height: 1px; width: 100%; border: 1px solid gray; background-color: gray; text-align: center;">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 266.1pt">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;Not applicable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#xa0;</b></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 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">Not applicable for this filing.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#xa0;</b></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">Not applicable for this filing.</p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;Schedule of Investments
is included as part of Item 1 of this Form 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)&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;&#xa0;Not applicable.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#xa0;</b></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) Not applicable for this 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; text-align: justify">(a)(2) Not applicable for this filing.</p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">(b)
</font> There have been no changes to the portfolio managers identified in the most recently filed annual report on Form N-CSR (File No.
811-22535) of Ares Dynamic Credit Allocation Fund, Inc. (the &#x201c;Fund&#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"><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; text-align: justify">&#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">(a), (b)</td><td style="text-align: justify">On November 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; text-align: justify">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">During the six months ended June 30,
2023, the following purchases were made by or on behalf of the Fund or any &#x201c;affiliated purchaser&#x201d;, as defined in Rule 10b-18(a)(3)
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 12 of the 1934 Act.</p>

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

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#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; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">(a)<br> Total Number<br> of Shares<br> (or Units)<br> Purchased</td><td style="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; 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; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">(c)<br> Total Number of<br> Shares (or <br>
Units)<br> Purchased as<br> Part of Publicly<br> Announced <br>
Plans<br> or Programs</td><td style="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; text-align: center">(d)<br> Maximum<br> Number (or<br> Approximate<br> Dollar Value) of<br> Shares (or Units)<br> that May Yet Be<br> Purchased Under the<br> Plans or Programs</td></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> 01/01/23 through 01/31/23</td><td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xa0;</td>
    <td style="vertical-align: top; width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;None</td><td style="text-align: right; width: 2%; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">--</td><td style="vertical-align: top; width: 2%; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td>
    <td style="vertical-align: top; width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;None</td><td style="text-align: right; width: 2%; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; width: 12%; 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="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#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 #2<br> 02/01/23 through 02/28/23</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;None</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">--</td><td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;None</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#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="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#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 #3<br> 03/01/23 through 03/31/23</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;None</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">--</td><td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;None</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#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="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#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 #4<br> 04/01/23 through 04/30/23</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;None</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">--</td><td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;None</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#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="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#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">&#xa0;Month #5<br> 05/01/23 through 05/31/23</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;None</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">--</td><td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;None</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#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="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#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 #6<br> 06/01/23 through 06/30/23</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;None</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">--</td><td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;None</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#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="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#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="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">--</td><td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;</td>
    <td style="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: right">&#xa0;None</td><td style="text-align: right; font: 10pt Times New Roman, Times, Serif; vertical-align: top">&#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; text-align: justify">&#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 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#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; text-align: justify">&#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; text-align: justify">&#xa0;</p>

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

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">(a)</td><td style="text-align: justify">The Fund&#x2019;s principal executive and principal financial officers have concluded that the Fund&#x2019;s
disclosure controls and procedures (as defined in Rule 30a-3(c) 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 N-CSR based on their
evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17&#xa0;CFR 270.30a-3(b)) and Rules 13a-15(b)
or 15d-15(b) under the 1934 Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).</td></tr></table>

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

<table cellpadding="0" cellspacing="0" width="100%" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.5in">(b)</td><td style="text-align: justify">There were no changes in the Fund&#x2019;s internal control over financial reporting (as defined in Rule
30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the Fund&#x2019;s internal control over financial reporting.</td></tr></table>

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

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

<!-- Field: Page; Sequence: 3 -->
    <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; text-align: justify"><b>&#xa0;</b></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; text-align: justify">&#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; text-align: justify">&#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"><b>&#xa0;</b></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)(1)</td><td>Not applicable for this filing.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&#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 href="tm2318740d1_ex99-cert.htm" style="-sec-extract: exhibit">(a)(2)</a></td><td style="text-align: justify"><a href="tm2318740d1_ex99-cert.htm" style="-sec-extract: exhibit">The certifications required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto.</a></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&#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 0pt 0.5in; text-indent: -0.5in">&#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 0pt 0.5in; text-indent: -0.5in">&#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)(5)</td><td>Not applicable.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&#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 href="tm2318740d1_ex99-906cert.htm" style="-sec-extract: exhibit">(b)</a></td><td style="text-align: justify"><a href="tm2318740d1_ex99-906cert.htm" style="-sec-extract: exhibit">The certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)) and Section 906
of the Sarbanes-Oxley Act of 2002 are attached hereto.</a></td></tr></table>

<p style="margin-top: 0; margin-bottom: 0">&#xa0;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

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    <div style="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><p style="margin: 0pt">&#xa0;</p></div>
    <!-- Field: /Page -->

<p style="margin-top: 0; margin-bottom: 0">&#xa0;</p>

<p style="margin-top: 0; margin-bottom: 0">&#xa0;</p>

</div><div style="font: 10pt Times New Roman, Times, Serif"><div style="Page-Break-Before: Always"></div><!-- BannerFile="tm2318740d1_sigpage.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2318740-1/tm2318740-1_ncsrsseq1" -->
<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"><b>SIGNATURES</b></p>

<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: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, the Fund has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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">August 31, 2023</td>
    <td style="text-align: justify">&#xa0;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#xa0;&#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; text-align: justify">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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">August 31, 2023</td>
    <td style="text-align: justify">&#xa0;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#xa0;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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/ Scott C. Lem</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">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">August 31, 2023</td>
    <td style="text-align: justify">&#xa0;</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#xa0;</p>

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

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    <!-- Field: /Page -->

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

</div></body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>tm2318740d1_ex99-cert.htm
<DESCRIPTION>EXHIBIT 99.CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2318740d1_ex99-cert.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2318740-1/tm2318740-1_ncsrsseq1/users" -->
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><FONT STYLE="text-transform: none"><B>Exhibit 99.CERT</B></FONT></P>

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">2.</FONT></TD><TD STYLE="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">3.</FONT></TD><TD STYLE="text-align: justify">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the Fund as of, and for, the periods presented in this report;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(a)</FONT></TD><TD STYLE="text-align: justify">Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Fund,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;</TD>
</TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#9;August 31, 2023</P></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 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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

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    <!-- Field: /Page -->

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




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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">2.</FONT></TD><TD STYLE="text-align: justify">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">3.</FONT></TD><TD STYLE="text-align: justify">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the Fund as of, and for, the periods presented in this report;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">(a)</FONT></TD><TD STYLE="text-align: justify">Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Fund,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;</TD>
</TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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%">Date:</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#9;August 31, 2023</P></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">&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 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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

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    <!-- Field: /Page -->

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<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>tm2318740d1_ex99-906cert.htm
<DESCRIPTION>EXHIBIT 99.906 CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm2318740d1_ex99-906cert.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm2318740-1/tm2318740-1_ncsrsseq1/users" -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.906CERT</B></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></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: justify">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: justify; padding-bottom: 1pt">/s/ Seth J. Brufsky</TD>
    <TD STYLE="text-align: justify; font-size: 10pt; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Seth J. Brufsky</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">President and Chief Executive Officer</TD>
    <TD STYLE="text-align: justify; 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: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Date:</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">August
31, 2023</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: justify">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%; text-align: justify; padding-bottom: 1pt">/s/ Scott C. Lem</TD>
    <TD STYLE="text-align: justify; font-size: 10pt; width: 50%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Scott C. Lem</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Chief Financial Officer</TD>
    <TD STYLE="text-align: justify; 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: justify">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">Date:</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">August 31, 2023</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A signed original of this written statement required
by Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, or other document authenticating, acknowledging, or otherwise adopting the signature
that appears in typed form within the electronic version of this written statement required by Section&nbsp;906 has been provided to the
Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;) or
its staff upon request.</P>

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

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

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

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

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