<SEC-DOCUMENT>0001752724-24-056522.txt : 20240315
<SEC-HEADER>0001752724-24-056522.hdr.sgml : 20240315
<ACCEPTANCE-DATETIME>20240315130359
ACCESSION NUMBER:		0001752724-24-056522
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20231231
FILED AS OF DATE:		20240315
DATE AS OF CHANGE:		20240315
EFFECTIVENESS DATE:		20240315

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22535
		FILM NUMBER:		24753600

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ares Senior Credit Strategies Fund, Inc.
		DATE OF NAME CHANGE:	20110314
</SEC-HEADER>
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          <relyOnRuleType>Rule 17a-7 (17 CFR 270.17a-7)</relyOnRuleType>
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<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:1.0pt;margin-top:4.0pt;text-align:center;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Report</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">of</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.25pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Independent</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Registered</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.25pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Public</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.4pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Accounting</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.05pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;">Firm</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:12.6pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:5.0pt;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">To</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.25pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">the</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.25pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Shareholders</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.4pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.25pt;">and</font></p>

<p style="margin-bottom:0in;margin-left:5.0pt;margin-right:0in;margin-top:.1pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Board</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.25pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">of</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Directors</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">of</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Ares</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Dynamic</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Credit</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Allocation</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Fund,</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;">Inc.:</font></p>

<p style="margin-bottom:.0001pt;margin-left:5.0pt;margin-right:5.6pt;margin-top:11.8pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">In planning and
performing our audit of the financial statements of Ares Dynamic Credit
Allocation Fund, Inc. (the Fund) as of and for the year ended December 31,
2023, in accordance with the standards of the Public Fund Accounting Oversight
Board (United States) (PCAOB), we considered the Fund&#8217;s internal control over
financial reporting, including controls over safeguarding securities, as a
basis for designing our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-CEN, but not for the purpose of expressing an opinion on the effectiveness of
the Fund&#8217;s internal control over financial reporting. Accordingly, we express
no such opinion.</font></p>

<p style="margin-bottom:.0001pt;margin-left:5.0pt;margin-right:5.55pt;margin-top:12.15pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">The management
of the Fund is responsible for establishing and maintaining effective internal
control over financial reporting. In fulfilling this responsibility, estimates
and judgments</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.8pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">by</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.75pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">management</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.75pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">are</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.65pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">required</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.65pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">to</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.75pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">assess</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.8pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">the</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.75pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">expected</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.7pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">benefits</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.7pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">and</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.75pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">related</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.7pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">costs of controls. A fund&#8217;s internal
control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with U.S. generally</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.45pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">accepted</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">accounting</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.4pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">principles.</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.35pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">A</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">fund&#8217;s</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.6pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">internal</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">control</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.4pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">over</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.45pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">financial</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">reporting includes</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.55pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">those</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">policies</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">and</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.75pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">procedures</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.6pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">that</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.55pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">(1)</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.55pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">pertain</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.4pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">to</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">the</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.65pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">maintenance</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">of</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.45pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">records</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.7pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the Fund; (2) provide reasonable
assurance that transactions are recorded as necessary</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">to</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">permit</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.65pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">preparation</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.45pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">of</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">financial</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">statements</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">in</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">accordance</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">with</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">U.S.</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">generally accepted</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.4pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">accounting</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">principles,</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">and</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">that</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">receipts</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">and</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">expenditures</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">of</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.4pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">the</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.4pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Fund</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">are</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.2pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">being made only in accordance with
authorizations of management and directors of the Fund; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">acquisition,</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">use</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">or</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">disposition</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">of</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">a</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Fund&#8217;s</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">assets</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">that</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">could</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">have</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">a</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">material effect on the financial
statements.</font></p>

<p style="margin-bottom:.0001pt;margin-left:5.0pt;margin-right:5.65pt;margin-top:11.95pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Because</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.8pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">of</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.4pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">its</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">inherent</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.75pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">limitations,</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.75pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">internal</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.55pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">control</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.8pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">over</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.75pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">financial</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.7pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">reporting</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.7pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">may</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.75pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">not</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.75pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">are</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">subject</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">to</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">the</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">risk</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">that</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">controls</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">may</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">become</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">inadequate</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">because</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">of</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">changes in conditions, or that the degree
of compliance with the policies or procedures may </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;">deteriorate.</font></p>

<p style="margin-bottom:.0001pt;margin-left:5.0pt;margin-right:5.65pt;margin-top:11.9pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">A</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.45pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">deficiency</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.55pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">in</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">internal</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.6pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">control</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.55pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">over</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.6pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">financial</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">reporting</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.4pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">exists</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.45pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">when</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">the</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.55pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">design</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.6pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">or</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">operation
of</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.4pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">a</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.45pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">control</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.55pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">does</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.7pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">not</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.55pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">allow</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.75pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">management</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">or</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">employees,</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.4pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">in</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.45pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">the</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">normal</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">course</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.8pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">of</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.6pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">performing
their</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">assigned</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">functions, to</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">prevent</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">or</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">detect</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">misstatements</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">on</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">a timely</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">basis.</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">A</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">material weakness</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.8pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">is</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.75pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">a</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.75pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">deficiency,</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.75pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">or</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">a</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.7pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">combination</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.8pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">of</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.65pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">deficiencies,</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">in</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.45pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">internal</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.6pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">control</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.8pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">over</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.75pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">financial reporting,
such that there is a reasonable possibility that a material misstatement of the
Fund&#8217;s</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">annual</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">or</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.25pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">interim</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.3pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">financial</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.45pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">statements</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">will</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.7pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">not</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">be</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.55pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">prevented</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.4pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">or</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.45pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">detected</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.35pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">on</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.55pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">a</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.4pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">timely </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;">basis.</font></p>

<p style="margin-bottom:.0001pt;margin-left:5.0pt;margin-right:5.6pt;margin-top:12.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Our</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.25pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">consideration</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.45pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">of</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.25pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">the</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.45pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Fund&#8217;s</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.4pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">internal</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.45pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">control</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.25pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">over</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.4pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">financial</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.25pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">reporting</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.45pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">was</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.6pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">for</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.25pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">the</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.25pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">limited
purpose described in the first paragraph and would not necessarily disclose all
deficiencies in internal control that might be material weaknesses under
standards established</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:1.45pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">by</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:1.7pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">the</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:1.55pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">PCAOB.</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:1.4pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">However,</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:1.55pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">we</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:1.7pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">noted</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:1.35pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">no</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:1.55pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">deficiencies</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:1.7pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">in</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:1.45pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">the</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:1.6pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Fund&#8217;s</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:1.55pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">internal</font></p>









</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin-bottom:.0001pt;margin-left:5.0pt;margin-right:5.75pt;margin-top:4.0pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">control over financial reporting and its operation,
including controls over safeguarding securities,</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">that we</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">consider</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">to</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">be</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">a</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">material</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">weakness</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.3pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">as</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">defined</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">above</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.1pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">as</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.3pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">of December 31, 2023.</font></p>

<p style="margin-bottom:.0001pt;margin-left:5.0pt;margin-right:5.7pt;margin-top:11.95pt;text-align:justify;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">This report is
intended solely for the information and use of management and the Board of</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.8pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Directors</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.75pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">of</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.75pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Ares</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.8pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Dynamic</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.55pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Credit</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.7pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Allocation</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.6pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Fund,</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.75pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Inc.</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.8pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">and</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.7pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">the</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.75pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Securities</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.8pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">and</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.7pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Exchange
Commission</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.55pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">and</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">is</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.55pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">not</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">intended</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">to</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.45pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">be</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.55pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">and</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">should</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.6pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">not</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.7pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">be</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.35pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">used</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.45pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">by</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.45pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">anyone</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.55pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">other</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.5pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">than</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.4pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">these specified parties.</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:1.05pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:1.05pt;"><font face=Arial,sans-serif lang=EN-US style="font-size:10.0pt;">/s/
ERNST &amp; YOUNG, LLP</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:283.4pt;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Los</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.8pt;">
</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">Angeles,</font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;letter-spacing:-.75pt;"> </font><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">California</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:283.4pt;margin-top:0in;"><font face=Arial,sans-serif lang=EN-US style="font-size:11.0pt;">February 28, 2024</font></p>




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