<SEC-DOCUMENT>0001104659-24-068269.txt : 20240924
<SEC-HEADER>0001104659-24-068269.hdr.sgml : 20240924

<ACCEPTANCE-DATETIME>20240605171717

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001104659-24-068269

CONFORMED SUBMISSION TYPE:	N-2

PUBLIC DOCUMENT COUNT:		5

FILED AS OF DATE:		20240604

DATE AS OF CHANGE:		20240826


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-2

		SEC ACT:		1940 Act

		SEC FILE NUMBER:	811-22535

		FILM NUMBER:		241023017



	BUSINESS ADDRESS:	

		STREET 1:		1800 AVENUE OF THE STARS

		STREET 2:		SUITE 1400

		CITY:			LOS ANGELES

		STATE:			CA

		ZIP:			90067

		BUSINESS PHONE:		(310) 201-4200



	MAIL ADDRESS:	

		STREET 1:		1800 AVENUE OF THE STARS

		STREET 2:		SUITE 1400

		CITY:			LOS ANGELES

		STATE:			CA

		ZIP:			90067



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	Ares Senior Credit Strategies Fund, Inc.

		DATE OF NAME CHANGE:	20110314




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-2

		SEC ACT:		1933 Act

		SEC FILE NUMBER:	333-279977

		FILM NUMBER:		241023016



	BUSINESS ADDRESS:	

		STREET 1:		1800 AVENUE OF THE STARS

		STREET 2:		SUITE 1400

		CITY:			LOS ANGELES

		STATE:			CA

		ZIP:			90067

		BUSINESS PHONE:		(310) 201-4200



	MAIL ADDRESS:	

		STREET 1:		1800 AVENUE OF THE STARS

		STREET 2:		SUITE 1400

		CITY:			LOS ANGELES

		STATE:			CA

		ZIP:			90067



	FORMER COMPANY:	

		FORMER CONFORMED NAME:	Ares Senior Credit Strategies Fund, Inc.

		DATE OF NAME CHANGE:	20110314



<IS-FILER-A-NEW-REGISTRANT>N

<IS-FILER-A-WELL-KNOWN-SEASONED-ISSUER>N

<FILED-PURSUANT-TO-GENERAL-INSTRUCTION-A2>N

<IS-FUND-24F2-ELIGIBLE>N

</SEC-HEADER>

<DOCUMENT>
<TYPE>N-2
<SEQUENCE>1
<FILENAME>tm2416373d1_n2.htm
<DESCRIPTION>N-2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on June&nbsp;4, 2024</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Securities Act File No.&nbsp;333-[&#9679;]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Investment Company Act File No.&nbsp;811-22535</B></P>

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

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>U.S. SECURITIES AND EXCHANGE COMMISSION</B></P>

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

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;N-2</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registration Statement</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center; width: 90%"><FONT STYLE="font-size: 10pt"><B><I>the Securities Act of 1933</I></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top; width: 5%"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Pre-Effective Amendment No.</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Post-Effective Amendment No.&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>and/or</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 14pt"><B>Registration Statement</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>Under</I></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B><I>the Investment Company Act of 1940</I></B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amendment No.&nbsp;5</B></FONT></TD>
    <TD STYLE="text-align: right; vertical-align: top"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD></TR>
</TABLE>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ares Dynamic Credit Allocation Fund,&nbsp;Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact Name of Registrant as Specified In Charter)</B></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2000 Avenue of the Stars, 12<SUP>th</SUP> Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Los Angeles, California 90067</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of Principal Executive Offices)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registrant&rsquo;s Telephone Number, including
Area Code: (310) 201-4100</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2000 Avenue of the Stars, 12th Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Los Angeles, California 90067</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name and Address of Agent For Service)</B></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>787 Seventh Avenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10019</B></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Approximate Date of Proposed Public Offering:
</B>As soon as practicable after the effective date of this Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If <FONT STYLE="font-size: 10pt">the only securities being registered
on this Form&nbsp;are being offered pursuant to dividend or interest reinvestment plans, check the following box&#8239;&#8239;<FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any securities being registered on this Form&nbsp;will be offered
on a delayed or continuous basis in reliance on Rule&nbsp;415 under the Securities Act of 1933 (&ldquo;Securities Act&rdquo;), other
than securities offered in connection with a dividend reinvestment plan, check the following box.&#8239;&#8239;<FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form&nbsp;is a registration statement pursuant to General
Instruction A.2 or a post-effective amendment thereto, check the following box&#8239;&#8239;<FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form&nbsp;is a registration statement pursuant to General
Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule&nbsp;462(e)&nbsp;under
the Securities Act, check the following box&#8239;&#8239;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form&nbsp;is a post-effective amendment to a registration
statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule&nbsp;413(b)&nbsp;under
the Securities Act, check the following box&#8239;&#8239;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It is proposed that this filing will become effective
(check appropriate box)</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">when declared effective pursuant to section 8(c).</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; background-color: white">If appropriate, check the following box:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">This [post-effective] amendment designates a new effective date for a previously filed [post-effective
    amendment] [registration statement].</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">This Form&nbsp;is filed to register additional securities for an offering pursuant to Rule&nbsp;462(b)&nbsp;under
    the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the
    same offering is:&nbsp;<U>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U>.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">This Form&nbsp;is a post-effective amendment filed pursuant to Rule&nbsp;462(c)&nbsp;under the
    Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same
    offering is:&nbsp;<U>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U>.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">This Form&nbsp;is a post-effective amendment filed pursuant to Rule&nbsp;462(d)&nbsp;under the
    Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same
    offering is:&nbsp;<U>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</U>.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check each box that appropriately characterizes the Registrant:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Registered Closed-End Fund (closed-end company that is registered under the Investment Company
    Act of 1940 (the &ldquo;Investment Company Act&rdquo;)). </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Business Development Company (closed-end company that intends or has elected to be regulated as
    a business development company under the Investment Company Act). </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic
    repurchase offers under Rule&nbsp;23c-3 under the Investment Company Act). </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#120;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).
    </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Well-Known Seasoned Issuer (as defined by Rule&nbsp;405 under the Securities Act). </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Emerging Growth Company (as defined by Rule&nbsp;12b-2 under the Securities and Exchange Act of
    1934). </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use
    the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B)&nbsp;of
    the Securities Act. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar
    months preceding this filing). </FONT></TD></TR>
</TABLE>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #EB0029">The
information in this Preliminary Prospectus is not complete and may be changed. Ares Dynamic Credit Allocation Fund,&nbsp;Inc. may not
sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Preliminary
Prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where
the offer or sale is not permitted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white; color: #EB0029"><B>SUBJECT
TO COMPLETION, DATED JUNE 4, 2024</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to $500,000,000 of Common Stock</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ares Dynamic Credit Allocation
Fund,&nbsp;Inc. (the &ldquo;Fund,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our&rdquo;) is a diversified, closed-end management
investment company. The Fund&rsquo;s investment objective is to seek an attractive risk-adjusted level of total return, primarily through
current income and, secondarily, through capital appreciation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may offer, from time to
time, in one or more offerings, up to $500,000,000 of our common stock, par value $0.001 per share (&ldquo;common shares&rdquo; and the
holders thereof, &ldquo;common shareholders&rdquo;). We may also offer subscription rights to purchase our common shares. Common shares
may be offered at prices and on terms to be set forth in one or more supplements to this Prospectus (each, a &ldquo;Prospectus Supplement&rdquo;).
You should read this Prospectus and the applicable Prospectus Supplement carefully before you invest in our common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our common shares may be
offered directly to one or more purchasers, including through a rights offering, through agents designated from time to time by us, or
to or through underwriters or dealers. The Prospectus Supplement relating to the offering will identify any agents or underwriters involved
in the sale of our common shares, and will set forth any applicable purchase price, fee, commission or discount arrangement between us
and our agents or underwriters, or among our underwriters, or the basis upon which such amount may be calculated. The Prospectus Supplement
relating to any offering of rights will set forth the number of common shares issuable upon the exercise of each right (or number of
rights) and the other terms of such rights offering. We may not sell any of our common shares through agents, underwriters or dealers
without delivery of a Prospectus Supplement describing the method and terms of the particular offering of our common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our common shares are listed
on the New York Stock Exchange (&ldquo;NYSE&rdquo;) under the symbol &ldquo;ARDC.&rdquo; The last reported sale price of our common shares,
as reported by the NYSE on [&#9679;], 2024, was $[&#9679;] per common share. The net asset value of our common shares at the close of
business on [&#9679;], 2024 was $[&#9679;] per common share. Rights issued by the Fund may also be listed on a securities exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Investing in the Fund&rsquo;s
common shares involves certain risks that are described in the &ldquo;Risks&rdquo; section beginning on page&nbsp;25 of this Prospectus.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Shares of closed-end management
investment companies frequently trade at a discount to their net asset value. The Fund&rsquo;s common shares have traded at a discount
to net asset value, including during recent periods. If the Fund&rsquo;s common shares trade at a discount to its net asset value, the
risk of loss may increase for purchasers in a public offering.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Neither the Securities
and Exchange Commission (&ldquo;SEC&rdquo;) nor any state securities commission has approved or disapproved these securities or passed
upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.</B></P>

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

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

<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Prospectus, together
with any Prospectus Supplement, sets forth concisely the information about the Fund that a prospective investor should know before investing.
You should read this Prospectus and applicable Prospectus Supplement, which contain important information, before deciding whether to
invest in the common shares. You should retain the Prospectus and Prospectus Supplement for future reference. A Statement of Additional
Information (&ldquo;SAI&rdquo;), dated [&#9679;], 2024, containing additional information about the Fund, has been filed with the SEC
and, as amended from time to time, is incorporated by reference in its entirety into this Prospectus. You may call (888) 818-5298, visit
the Fund&rsquo;s website (www.arespublicfunds.com) or write to the Fund to obtain, free of charge, copies of the SAI and the Fund&rsquo;s
semi-annual and annual reports, as well as to obtain other information about the Fund or to make shareholder inquiries. The SAI, as well
as the Fund&rsquo;s semi-annual and annual reports, are also available for free on the SEC&rsquo;s website (http://www.sec.gov). You
may also e-mail requests for these documents to publicinfo@sec.gov. Information contained in, or that can be accessed through, the Fund&rsquo;s
website is not part of this Prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should not construe the
contents of this Prospectus as legal, tax or financial advice. You should consult with your own professional advisers as to the legal,
tax, financial or other matters relevant to the suitability of an investment in the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>The Fund&rsquo;s common
shares do not represent a deposit or an obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution,
and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Prospectus dated [&#9679;], 2024</B></P>

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

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

<!-- Field: Page; Sequence: 3; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_001">PROSPECTUS SUMMARY</A></TD>
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_001">5</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_002">SUMMARY OF FUND EXPENSES</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_002">10</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_003">FINANCIAL HIGHLIGHTS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_003">11</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_004">USE OF PROCEEDS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_004">12</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_005">THE FUND</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_005">12</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_006">DESCRIPTION OF SHARES</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_006">12</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_007">THE FUND&rsquo;S INVESTMENTS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_007">13</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_008">LEVERAGE</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_008">21</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_009">RISKS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_009">23</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_010">HOW THE FUND MANAGES RISK</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_010">23</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_011">MANAGEMENT OF THE FUND</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_011">24</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_012">NET ASSET VALUE</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_012">26</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_013">DISTRIBUTIONS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_013">28</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_014">DIVIDEND REINVESTMENT PLAN</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_014">29</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_015">RIGHTS OFFERINGS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_015">29</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_016">TAX MATTERS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_016">30</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_017">TAXATION OF HOLDERS OF RIGHTS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_017">36</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_018">CERTAIN PROVISIONS IN THE CHARTER AND BYLAWS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_018">36</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_019">CLOSED-END FUND STRUCTURE</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_019">40</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_020">REPURCHASE OF COMMON SHARES</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_020">40</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_021">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_021">41</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_022">INCORPORATION BY REFERENCE</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_022">42</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_023">PRIVACY PRINCIPLES OF THE FUND</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_023">42</A></TD></TR>
  </TABLE>


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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>You should rely only on the information contained in, or incorporated
by reference into, this Prospectus and any related Prospectus Supplement in making your investment decisions. The Fund has not authorized
any person to provide you with different information. If anyone provides you with different or inconsistent information, you should not
rely on it. The Fund is not making an offer to sell the common shares in any jurisdiction where the offer or sale is not permitted. You
should assume that the information in this Prospectus and any Prospectus Supplement is accurate only as of the dates on their covers.
The Fund&rsquo;s business, financial condition and prospects may have changed since the date of its description in this Prospectus or
the date of its description in any Prospectus Supplement.</B></P>

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

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

<!-- Field: Page; Sequence: 4; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<DIV STYLE="padding-right: 2pt; border: Black 1pt solid; padding-left: 2pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_001"></A><B>PROSPECTUS SUMMARY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt; text-align: justify; text-indent: 0.5in"><I>This is only a summary
of certain information relating to Ares Dynamic Credit Allocation Fund,&nbsp;Inc. This summary may not contain all of the information
that you should consider before investing in our common shares. You should consider the more detailed information contained in the Prospectus
and in any related Prospectus Supplement and in the Statement of Additional Information (&ldquo;SAI&rdquo;) before purchasing common
shares.</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt"><B>The Fund</B></TD>
    <TD STYLE="width: 80%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Ares Dynamic Credit Allocation Fund,&nbsp;Inc.
    is a diversified, closed-end management investment company. Throughout this Prospectus, we refer to Ares Dynamic Credit Allocation
    Fund,&nbsp;Inc. simply as the &ldquo;Fund&rdquo; or as &ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our.&rdquo; See &ldquo;The Fund.&rdquo;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">The Fund&rsquo;s common shares are listed for trading
    on the New York Stock Exchange (&ldquo;NYSE&rdquo;) under the symbol &ldquo;ARDC.&rdquo; As of [&#9679;], the net assets of the Fund
    were $[&#9679;], the total assets of the Fund were $[&#9679;] and the Fund had outstanding [&#9679;] common shares. The last reported
    sale price of the Fund&rsquo;s common shares, as reported by the NYSE on [&#9679;] was $[&#9679;] per common share. The net asset
    value (&ldquo;NAV&rdquo;) of the Fund&rsquo;s common shares at the close of business on [&#9679;] was $[&#9679;]&#8239;&#8239;per common
    share. See &ldquo;Description of Shares.&rdquo; Rights issued by the Fund may also be listed on a securities exchange.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>The Offering</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">We may offer, from time to time, in one or more offerings,
    up to $500,000,000 of our common shares on terms to be determined at the time of the offering. We may also offer subscription rights
    to purchase our common shares. The common shares may be offered at prices and on terms to be set forth in one or more Prospectus
    Supplements. You should read this Prospectus and the applicable Prospectus Supplement carefully before you invest in our common shares.
    Our common shares may be offered directly to one or more purchasers, through agents designated from time to time by us, or to or
    through underwriters or dealers. The offering price per common share will not be less than the NAV per common share at the time we
    make the offering, exclusive of any underwriting commissions or discounts, provided that rights offerings that meet certain conditions
    may offer common shares at a price below the then current NAV. See &ldquo;Rights Offerings.&rdquo; The Prospectus Supplement relating
    to the offering will identify any agents, underwriters or dealers involved in the sale of our common shares, and will set forth any
    applicable purchase price, fee, commission or discount arrangement between us and our agents or underwriters, or among our underwriters,
    or the basis upon which such amount may be calculated. See &ldquo;Plan of Distribution.&rdquo; The Prospectus Supplement relating
    to any offering of rights will set forth the number of common shares issuable upon the exercise of each right (or number of rights)
    and the other terms of such rights offering.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Use of Proceeds</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
    net proceeds from the issuance of common shares hereunder will be invested in accordance with our investment objective and policies
    as appropriate investment opportunities are identified, which is expected to be substantially completed in approximately three months
    from the date on which the proceeds from an offering are received by the Fund; however, the identification of appropriate investment
    opportunities pursuant to the Fund&rsquo;s investment style or changes in market conditions could result in the Fund&rsquo;s anticipated
    investment period extending to as long as six months. The net proceeds from the issuance of common shares hereunder may also be used
    to repay outstanding debt obligations with respect to amounts borrowed in accordance with the Investment Company Act of 1940, as
    amended,</FONT> together with the rules and regulations promulgated thereunder (the &ldquo;Investment Company Act&rdquo;) (such as
    the Credit Facility (as defined below)). <FONT STYLE="background-color: white">Please refer to the&nbsp;</FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924031433/tm244051d1_ncsr.htm">section
    of the Fund&rsquo;s most recent annual report on Form&nbsp;N-CSR&nbsp;entitled &ldquo;Notes to Financial Statements &ndash; Debt,&rdquo;</A>
    <FONT STYLE="background-color: white">which is incorporated by reference herein, for further information on the Credit Facility.
    </FONT>See &ldquo;Use of Proceeds&rdquo; and &ldquo;Credit Facility.&rdquo;</TD></TR>
</TABLE>

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

</DIV>

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

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

<!-- Field: Page; Sequence: 5; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<DIV STYLE="padding-right: 2pt; padding-left: 2pt; border: Black 1pt solid"><P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 20%"><B>Investment Objective and Policies</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 80%"><FONT STYLE="background-color: white">Please
    refer to the&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924031433/tm244051d1_ncsr.htm">section of the
    Fund&rsquo;s most recent annual report on Form&nbsp;N-CSR&nbsp;entitled &ldquo;Additional Information &ndash; Fund Investment Objective,
    Policies and Risks,&rdquo;</A> which is incorporated by reference herein, for a discussion of the Fund&rsquo;s investment objective
    and policies.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Leverage</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">The Fund is authorized to utilize leverage to the maximum
    extent permitted by law for investment and other general corporate purposes. The Fund currently utilizes leverage through the issuance
    of its preferred stock, par value $0.001 per share (the &ldquo;preferred shares&rdquo;), and bank borrowings and may obtain additional
    leverage in the future by issuing preferred shares and/or notes and borrowing funds from banks and other financial institutions.
    The Fund may also gain leverage synthetically through swaps and other derivatives. The use of leverage to purchase additional securities
    creates an opportunity for increased common share dividends, but also creates risks for the common shareholders, including increased
    variability of the Fund&rsquo;s net income, distributions, net asset value and/or market price of its common shares in relation to
    market changes. Leverage is a speculative technique that exposes the Fund to greater risk and increased costs than if it were not
    implemented. Increases and decreases in the value of the Fund&rsquo;s portfolio will be magnified through the use of leverage. The
    Fund pays dividends on its preferred shares and interest on borrowings, which increases expenses and may reduce the Fund&rsquo;s
    return. These dividend payments and interest expenses (which are borne entirely by common shareholders) may be greater than the Fund&rsquo;s
    return on the underlying investments.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will pay (and common shareholders
    will bear) all costs and expenses relating to the issuance and ongoing maintenance of preferred shares and other forms of indebtedness
    issued by the Fund, including higher advisory fees. As a result, the Fund cannot assure you that the issuance of preferred shares
    and/or notes or other forms of indebtedness will provide a higher yield or return to the holders of the common shares. The costs
    of any new offers and/or issuances of preferred shares and/or notes or other forms of indebtedness will be borne immediately by the
    common shareholders and result in a reduction of the net asset value of the common shares.</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">So long as the Fund&rsquo;s portfolio provides
    a higher rate of return, net of expenses, than the interest or dividend rate on borrowed money, the leverage may cause common shareholders
    to receive a higher current rate of return than if the Fund were not leveraged. If, however, long-term and/or short-term rates rise,
    the interest rate on borrowed money could exceed the rate of return on securities held by the Fund, reducing returns to common shareholders.
    Developments in the credit markets may adversely affect the ability of the Fund to borrow for investment purposes and may increase
    the costs of such borrowings, which would reduce returns to common shareholders.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no assurance that a leveraging strategy
    will be successful. Leverage involves risks and special considerations for common shareholders.</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">The preferred shares and indebtedness incurred
    by the Fund impose covenants and other restrictions imposed by its lenders are in addition to, and in certain cases more stringent
    than, those imposed by the Investment Company Act. Certain types of borrowings by the Fund may result in the Fund being subject to
    covenants relating to asset coverage and portfolio composition requirements. These covenants and restrictions may negatively affect
    the Fund&rsquo;s ability to achieve its investment objective. See &ldquo;Leverage.&rdquo;</P></TD></TR>
</TABLE>

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

</DIV>

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

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

<!-- Field: Page; Sequence: 6; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<DIV STYLE="padding-right: 2pt; padding-left: 2pt; border: Black 1pt solid"><P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 20%"><B>Preferred Shares</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 80%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund has authorized and issued 800,000
    shares of Series&nbsp;A Mandatory Redeemable Preferred Stock (the &ldquo;Series&nbsp;A MRP Shares&rdquo;) for gross proceeds of $20
    million, 1,200,000 shares of Series&nbsp;B Mandatory Redeemable Preferred Stock (the &ldquo;Series&nbsp;B MRP Shares&rdquo;) for
    gross proceeds of $30 million and 2,000,000 shares of Series&nbsp;C Mandatory Redeemable Preferred Stock (the &ldquo;Series&nbsp;C
    MRP Shares&rdquo;) for gross proceeds of $50 million. Each of the preferred shares has a liquidation preference of $25.00 per share.
    The aggregate redemption amount of the preferred shares is $100 million.</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">The redemption dates for the Series&nbsp;A
    MRP Shares, Series&nbsp;B MRP Shares and Series&nbsp;C MRP Shares are July&nbsp;15, 2026, September&nbsp;15, 2026 and September&nbsp;15,
    2028, respectively.</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">The Series&nbsp;A MRP Shares and the Series&nbsp;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&nbsp;C
    MRP Shares have a dividend rate of 3.03% per annum, payable quarterly, with a redemption date of seven years from issuance. The preferred
    shares are subject to optional and mandatory redemption in certain circumstances. The Fund may be obligated to redeem certain of
    the preferred 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%. The Fund is subject to certain restrictions relating to the preferred 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 preferred shares. As of the date of this Prospectus, the
    Fund was in compliance in all material respects with the terms of the preferred shares.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Credit Facility</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Under
    the Investment Company Act, the Fund is permitted to incur indebtedness, including through the issuance of debt securities or borrowings
    from a bank, if immediately thereafter the Fund has asset coverage of at least 300%. In general, the term &ldquo;asset coverage&rdquo;
    for this purpose means the ratio which the value of the total assets of the Fund, less all liabilities and indebtedness not represented
    by senior securities, bears to the aggregate amount of senior securities representing indebtedness of the Fund.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is a party to a senior secured revolving
    credit facility (as amended, the &ldquo;Credit Facility&rdquo;), that allows the Fund to borrow up to $212 million at any one time
    outstanding. The Credit Facility is scheduled to terminate in 2026 unless extended. 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)&nbsp;limitations on the incurrence of additional indebtedness, including
    additional mandatory redeemable preferred shares, and liens, (b)&nbsp;limitations on certain investments, (c)&nbsp;limitations on
    certain restricted payments, and (d)&nbsp;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. As of the date of this Prospectus,
    <FONT STYLE="font-size: 10pt">t</FONT>he Fund was in compliance in all material respects with the terms of the Credit Facility. See
    &ldquo;Credit Facility.&rdquo;</P></TD></TR>
</TABLE>

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

</DIV>

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

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

<!-- Field: Page; Sequence: 7; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<DIV STYLE="padding-right: 2pt; padding-left: 2pt; border: Black 1pt solid"><P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 20%"><B>Investment Adviser</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 80%">The Fund is externally managed by Ares Capital
    Management II LLC (the &ldquo;Adviser&rdquo;), a subsidiary of Ares Management Corporation (NYSE: ARES) (&ldquo;Ares&rdquo;), pursuant
    to an investment advisory and management agreement. The Adviser receives an annual fee of 1.00% of the average daily value of the
    Fund&rsquo;s total assets (including any assets attributable to any preferred shares or to indebtedness) minus the Fund's liabilities
    other than liabilities relating to indebtedness (&ldquo;Managed Assets&rdquo;). See &ldquo;Management of the Fund&mdash;Investment
    Adviser.&rdquo;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Distributions</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">The Fund expects to distribute monthly all or a portion
    of its net investment income to common shareholders.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">The Fund intends to pay common shareholders at least annually
    all or substantially all of its net investment income after the payment of dividends and interest, if any, owed with respect to any
    outstanding preferred shares and/or notes or other forms of leverage utilized by the Fund. The Fund intends to pay any capital gains
    distributions at least annually. If the Fund makes a long-term capital gain distribution, it will be required to allocate such gain
    between the common shares and any preferred shares issued by the Fund in proportion to the total dividends paid to each class for
    the year in which the income is realized. The U.S. federal income tax treatment and characterization of the Fund&rsquo;s distributions
    may vary from time to time because of the varied nature of the Fund&rsquo;s investments. Various factors will affect the level of
    the Fund&rsquo;s income, including the asset mix, the average maturity of the Fund&rsquo;s portfolio and default rates, the amount
    of leverage utilized by the Fund, if any, and any use of hedging activities by the Fund.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The distributions for any full or partial
    year might not be made in equal amounts, and any one distribution may be larger than the other. The Fund will make a distribution
    only if authorized by the Board of Directors of the Fund (the &ldquo;Board&rdquo; and each member thereof, a &ldquo;Director&rdquo;)
    or by the officers of the Fund pursuant to delegated authority granted by the Board, and declared by the Fund out of assets legally
    available for these distributions. The Fund may pay a special distribution at the end of each fiscal year if necessary to maintain
    the Fund&rsquo;s tax treatment as a registered investment company (&ldquo;RIC&rdquo;) and/or avoid the imposition of tax on the Fund.
    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&rsquo;s net asset value and, over time, potentially
    increase the Fund&rsquo;s expense ratio. If a distribution constitutes 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&rsquo;s earned income or
    other profits. The Board may elect to change the Fund&rsquo;s distribution policy at any time.</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">Section&nbsp;19(b)&nbsp;of the Investment
    Company Act and Rule&nbsp;19b-1 thereunder generally limit the Fund to one long-term capital gain distribution per year, subject
    to certain exceptions.</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">Shareholders will automatically have all
    dividends and distributions reinvested in common shares of the Fund in accordance with the Fund&rsquo;s dividend reinvestment plan,
    unless an election is made to receive cash by contacting the plan administrator, at (877) 272-8164. See &ldquo;Dividend Reinvestment
    Plan.&rdquo;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Listing</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">The Fund&rsquo;s common shares are listed on the NYSE
    under the symbol &ldquo;ARDC.&rdquo; See &ldquo;Description of Shares&mdash;Common Shares.&rdquo;</TD></TR>
</TABLE>

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

</DIV>

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

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

<!-- Field: Page; Sequence: 8; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<DIV STYLE="padding-right: 2pt; padding-left: 2pt; border: Black 1pt solid"><P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 20%"><B>Administrator, Custodian and Transfer Agent and Other Services</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 80%">State Street Bank and Trust Company (&ldquo;State
    Street&rdquo;) serves as the Fund&rsquo;s administrator and fund accountant, custodian and transfer agent. Destra Capital Advisors
    LLC (&ldquo;Destra&rdquo;) provides investor support services in connection with the ongoing operations of the Fund.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Market Price of Shares</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Common shares of closed-end investment companies frequently
    trade at prices lower than their NAV. The Fund cannot assure you that its common shares will trade at a price higher than or equal
    to NAV. See &ldquo;Use of Proceeds.&rdquo; The Fund&rsquo;s common shares trade in the open market at market prices that are a function
    of several direct and indirect factors, including dividend levels (which are in turn affected by expenses), NAV, call protection
    for portfolio securities, portfolio credit quality, liquidity, dividend stability, relative demand for and supply of the common shares
    in the market, general market and economic conditions and other factors. See &ldquo;Leverage,&rdquo; &ldquo;Risks,&rdquo; &ldquo;Description
    of Shares&rdquo; and &ldquo;Repurchase of Common Shares.&rdquo; The common shares are designed primarily for long-term investors
    and you should not purchase common shares of the Fund if you intend to sell them shortly after purchase.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Special Risk Considerations</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="background-color: white">An investment in
    common shares of the Fund involves risk. Please refer to the&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924031433/tm244051d1_ncsr.htm">section
    of the Fund&rsquo;s most recent annual report on Form&nbsp;N-CSR&nbsp;entitled &ldquo;Additional Information &ndash; Fund Investment
    Objective, Policies and Risks,&rdquo;</A> which is incorporated by reference herein, for a discussion of the risks of investing in
    the Fund. You should carefully consider those risks, which are described in more detail under &ldquo;Risks&rdquo; beginning on page
    25 of this Prospectus.</FONT></TD></TR>
</TABLE>

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

</DIV>

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

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

<!-- Field: Page; Sequence: 9; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table is intended to assist you
in understanding the costs and expenses that an investor in our common shares will bear, directly or indirectly, based on the assumptions
set forth below. We caution you that some of the percentages indicated in the table below are estimates and may vary. The table reflects
the use of leverage in the form of borrowings in an amount equal to 36% of the Fund&rsquo;s Managed Assets (after the leverage is incurred),
and shows Fund expenses as a percentage of net assets attributable to common shares. The extent of the Fund&rsquo;s assets attributable
to leverage following an offering, and the Fund&rsquo;s associated expenses, are likely to vary (perhaps significantly) from these assumptions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_002"></A>SUMMARY OF FUND EXPENSES</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Shareholder Transaction Expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Sales load paid by you (as a percentage of offering price)<FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">None</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Offering expenses borne by the Fund (as a percentage of offering
    price)<FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">None</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Dividend reinvestment plan fees<FONT STYLE="font-size: 10pt">(3)</FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">None</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Annual Expenses (as a percentage of net assets
    attributable to common shares)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; width: 87%; font-size: 10pt">Advisory Fees<FONT STYLE="font-size: 10pt">(4)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">1.74</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Interest payments on borrowed funds<FONT STYLE="font-size: 10pt">(5)</FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2.42</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; padding-bottom: 1pt">Other Expenses<FONT STYLE="font-size: 10pt">(6)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">0.80</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; padding-bottom: 2.5pt; font-size: 10pt; text-align: left">Total Annual Fund Operating Expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">4.96</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">%</TD></TR>
  </TABLE>


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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify">(1)</TD>
    <TD STYLE="text-align: justify">In the event that the securities to which this prospectus relates are sold to or through underwriters,
    a corresponding prospectus supplement will disclose the applicable sales load (underwriting discount or commission). Purchases of
    common shares on the secondary market are not subject to sales charges but may be subject to brokerage commissions or other charges.
    The table does not include any sales load that shareholders may have paid in connection with their purchase of common shares.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(2)</TD>
    <TD STYLE="text-align: justify">The related prospectus supplement will disclose the estimated amount of offering expenses, the offering
    price and the offering expenses borne by the Fund as a percentage of the offering price.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(3)</TD>
    <TD STYLE="text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(4)</TD>
    <TD STYLE="text-align: justify">The Fund currently pays the Adviser a management fee at an annual rate of 1.00% of the average daily
    value of the Fund's Managed Assets. Common shareholders bear the expenses of the Fund&rsquo;s use of leverage in the form of higher
    fees as a percentage of the Fund&rsquo;s net assets attributable to common shares than if the Fund did not use leverage.&#8239;&#8239;The
    advisory fee shown in the table assumes an <FONT STYLE="background-color: white">amount of leverage of </FONT>36<FONT STYLE="background-color: white">%
    of the Fund&rsquo;s Managed Assets.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(5)</TD>
    <TD STYLE="text-align: justify">&ldquo;Interest payments on borrowed funds&rdquo; represents our actual interest and credit facility
    expenses incurred for fiscal year ended 2023.&#8239;&#8239;We had outstanding borrowings of approximately $163 million (with a carrying
    value of approximately $163 million) as of December&nbsp;31, 2023. This item is based on the assumption that the Fund&rsquo;s borrowings
    and interest costs after an offering will remain similar (at leverage of 36% of the Fund&rsquo;s Managed Assets) to those prior to
    such offering. The amount of leverage that the Fund may employ at any particular time will depend on, among other things, the Adviser&rsquo;s
    and the Board&rsquo;s assessment of market and other factors at the time of any proposed borrowing. See &ldquo;Credit Facility.&rdquo;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(6)</TD>
    <TD STYLE="text-align: justify">&ldquo;Other Expenses&rdquo; includes our overhead expenses, including payments based on our allocable
    portion of overhead and other expenses incurred by Ares Operations LLC in performing its obligations under the administration agreement
    with us, and income taxes.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following example illustrates
the expenses that you would pay on a $1,000 investment in common shares, assuming (i)&nbsp;total annual expenses of 4.96% of net assets
attributable to common shares in 2023 and thereafter, and (ii)&nbsp;a 5% annual return:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">One&nbsp;Year</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three&nbsp;Years</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Five&nbsp;Years</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Ten&nbsp;Years</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Total expenses incurred</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(51</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(152</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(254</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(506</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>The example should not
be considered a representation of future expenses. The example assumes that the estimated &ldquo;Other expenses&rdquo; set forth in the
Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater
or less than those assumed. Moreover, the Fund&rsquo;s actual rate of return may be greater or less than the hypothetical 5% return shown
in the example.</B></P>

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

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

<!-- Field: Page; Sequence: 10; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_003"></A><B>FINANCIAL HIGHLIGHTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The audited financial statements and financial
highlights included in the <A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924031433/tm244051d1_ncsr.htm">Annual Report
to the Fund&rsquo;s shareholders for the fiscal year ended December&nbsp;31, 2023</A>, together with the report of Ernst &amp; Young
LLP for the Fund&rsquo;s Annual Report are incorporated herein by reference to the Fund&rsquo;s Annual Report. All other portions of
the Annual Report to shareholders are not incorporated herein by reference and are not part of the registration statement, the SAI, the
prospectus or any prospectus supplement.&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"></P>

<!-- Field: Page; Sequence: 11; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_004"></A>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
net proceeds from the issuance of common shares hereunder will be invested in accordance with the Fund&rsquo;s investment objective and
policies as stated below. We currently anticipate that we will be able to invest all of the net proceeds in accordance with our investment
objective and policies within approximately three months from the date on which the proceeds from an offering are received by the Fund.
Pending such investment, it is anticipated that the proceeds will be invested in short-term investment grade securities or in high quality,
short-term money market instruments. The net proceeds from the issuance of common shares hereunder may also be used to repay outstanding
debt obligations with respect to amounts borrowed in accordance with the Investment Company Act (such as the Credit Facility). </FONT><FONT STYLE="background-color: white">Please
refer to the&nbsp;</FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924031433/tm244051d1_ncsr.htm"><FONT STYLE="background-color: white">section
of the Fund&rsquo;s most recent annual report on Form&nbsp;N-CSR&nbsp;entitled &ldquo;Notes to Financial Statements &ndash; Debt,&rdquo;</FONT></A>
<FONT STYLE="background-color: white">which is incorporated by reference herein, for further information on the Credit Facility.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_005"></A>THE FUND</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund is a diversified,
closed-end management investment company registered under the Investment Company Act. The Fund was organized as a Maryland corporation
on March&nbsp;14, 2011, pursuant to its charter (the &ldquo;Charter&rdquo;) and is governed by the laws of the State of Maryland. The
Fund&rsquo;s principal office is located at 2000 Avenue of the Stars, 12th Floor, Los Angeles, CA 90067, and its telephone number is
(888) 818-5298.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_006"></A><B>DESCRIPTION OF SHARES</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shareholders are entitled
to share pro rata in the net assets of the Fund available for distribution to shareholders upon liquidation of the Fund. Shareholders
are entitled to one vote for each share held. Shareholders do not have preemptive, conversion or subscription rights and the Fund&rsquo;s
common shares are not redeemable. Common shares, when issued and outstanding, will be fully paid and non-assessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund intends to hold
annual meetings of shareholders so long as the common shares are listed on a national securities exchange and such meetings are required
as a condition to such listing. The Fund will send unaudited reports at least semi-annually and audited annual financial statements to
all of its shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unlike open-end funds, closed-end
funds like the Fund do not continuously offer shares and do not provide daily redemptions. Rather, if a shareholder determines to buy
additional common shares or sell shares already held, the shareholder may do so by trading through a broker on the NYSE or otherwise.
Shares of closed-end investment companies frequently trade on an exchange at prices lower than NAV. Shares of closed-end investment companies
like the Fund have during some periods traded at prices higher than NAV and during other periods have traded at prices lower than NAV.
Because the market value of the common shares may be influenced by such direct and indirect factors as dividend levels (which are in
turn affected by expenses), call protection on its portfolio securities, dividend stability, portfolio credit quality, the Fund&rsquo;s
NAV, relative demand for and supply of such shares in the market, general market and economic conditions and other factors beyond the
control of the Fund, the Fund cannot assure you that its common shares will trade at a price equal to or higher than NAV in the future.
The common shares are designed primarily for long-term investors and you should not purchase the common shares if you intend to sell
them soon after purchase. See &ldquo;Repurchase of Common Shares&rdquo; below and &ldquo;Repurchase of Common Shares&rdquo; in the SAI.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund&rsquo;s outstanding
common shares are, and when issued, the common shares offered by this Prospectus will be, publicly held and listed and traded on the
NYSE under the symbol &ldquo;ARDC.&rdquo; The Fund determines its NAV on a daily basis. The following table sets forth, for the quarters
indicated, the highest and lowest daily closing prices on the NYSE per common share, and the NAV per common share and the premium to
or discount from NAV, on the date of each of the high and low market prices. The table also sets forth the number of common shares traded
on the NYSE during the respective quarters.</P>

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

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

<!-- Field: Page; Sequence: 12; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">During Quarter Ended</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NYSE&nbsp;Market&nbsp;Price<BR>
    Per&nbsp;Common Share</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">NAV
    per Common<BR> Share on&nbsp;Date&nbsp;of<BR> Market&nbsp;Price</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Premium/(Discount)&nbsp;on<BR>
    Date&nbsp;of<BR> Market&nbsp;Price</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center">Trading</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">High</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Low</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Volume</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 10%; font-size: 10pt; text-indent: -10pt; padding-left: 10pt">March&nbsp;31, 2024</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">14.29</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">13.41</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">14.69</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">14.56</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(2.72</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)%</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(7.90</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)%</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">6,951,700</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -10pt; padding-left: 10pt">December&nbsp;31, 2023</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">13.75</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">11.93</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">14.51</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">13.77</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(5.24</TD><TD STYLE="font-size: 10pt; text-align: left">)%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(13.43</TD><TD STYLE="font-size: 10pt; text-align: left">)%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,020,500</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: -10pt; padding-left: 10pt">September&nbsp;30, 2023</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">12.90</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">12.10</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">14.21</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">13.78</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(8.19</TD><TD STYLE="font-size: 10pt; text-align: left">)%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(12.19</TD><TD STYLE="font-size: 10pt; text-align: left">)%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,500,400</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -10pt; padding-left: 10pt">June&nbsp;30, 2023</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">12.33</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">11.68</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">13.87</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">13.58</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(10.65</TD><TD STYLE="font-size: 10pt; text-align: left">)%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(13.99</TD><TD STYLE="font-size: 10pt; text-align: left">)%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,473,900</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: -10pt; padding-left: 10pt">March&nbsp;31, 2023</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">12.77</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">11.42</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">14.11</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">13.39</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(9.22</TD><TD STYLE="font-size: 10pt; text-align: left">)%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(14.78</TD><TD STYLE="font-size: 10pt; text-align: left">)%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">7,627,900</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -10pt; padding-left: 10pt">December&nbsp;31, 2022</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">12.09</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">11.27</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">13.66</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">13.17</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(9.90</TD><TD STYLE="font-size: 10pt; text-align: left">)%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(14.69</TD><TD STYLE="font-size: 10pt; text-align: left">)%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,699,200</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: -10pt; padding-left: 10pt">September&nbsp;30, 2022</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">13.45</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">11.75</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">14.69</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">13.34</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(8.44</TD><TD STYLE="font-size: 10pt; text-align: left">)%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(12.26</TD><TD STYLE="font-size: 10pt; text-align: left">)%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,773,900</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -10pt; padding-left: 10pt">June&nbsp;30, 2022</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">14.67</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">11.89</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">15.95</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">13.75</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(8.03</TD><TD STYLE="font-size: 10pt; text-align: left">)%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(12.44</TD><TD STYLE="font-size: 10pt; text-align: left">)%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,461,400</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: -10pt; padding-left: 10pt">March&nbsp;31, 2022</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">16.29</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">13.76</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">16.69</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">15.66</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2.22</TD><TD STYLE="font-size: 10pt; text-align: left">)%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(12.19</TD><TD STYLE="font-size: 10pt; text-align: left">)%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">6,201,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of [&#9679;], 2024, the
NAV per common share of the Fund was $[&#9679;] and the market price per common share was $[&#9679;], representing a discount to NAV
of [&#9679;]%. Common shares of the Fund have historically traded at both a premium and discount to NAV.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of [&#9679;], the Fund
has [&#9679;] outstanding common shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Charter provides that
the Board may authorize and issue preferred shares, with rights as determined by the Board, without the approval of the holders of the
common shares. Common shareholders have no preemptive right to purchase any preferred shares that might be issued. The Fund has $100
million of preferred shares outstanding.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Investment Company
Act, the Fund is not permitted to issue preferred shares unless immediately after such issuance the value of the Fund&rsquo;s total assets
is at least 200% of the liquidation value of the outstanding preferred shares (i.e., the liquidation value may not exceed 50% of the
Fund&rsquo;s total assets). In addition, the Fund is not permitted to declare any cash dividend or other distribution on its common shares
unless, at the time of such declaration, the value of the Fund&rsquo;s total assets is at least 200% of such liquidation value. Please
see &ldquo;Description of Shares&rdquo; in the SAI for more information.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table provides
the Fund&rsquo;s authorized shares and common and preferred shares outstanding as of December&nbsp;31, 2023.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 88%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Title of Class</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount&nbsp;Authorized</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount&nbsp;Held&nbsp;by<BR>
    Fund or for its<BR> Account</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount&nbsp;Outstanding<BR>
    Exclusive of Amount<BR> held by Fund</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; font-size: 10pt; text-indent: -10pt; padding-left: 10pt">Common Shares</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right">996,000,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; font-size: 10pt; text-align: right">22,914,939</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -10pt; padding-left: 10pt">Preferred Shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_007"></A><B>THE FUND&rsquo;S INVESTMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment Objective and Policies</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Please
refer to the&nbsp;<A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924031433/tm244051d1_ncsr.htm">section of the Fund&rsquo;s
most recent annual report on Form&nbsp;N-CSR&nbsp;entitled &ldquo;Additional Information &ndash; Fund Investment Objective, Policies
and Risks,&rdquo;</A> which is incorporated by reference herein, for a discussion of the Fund&rsquo;s investment objective and policies.</FONT></P>

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

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

<!-- Field: Page; Sequence: 13; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under normal circumstances,
the Fund&rsquo;s portfolio is expected to be comprised principally of the following types of investments:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Senior loans (&ldquo;Senior
Loans&rdquo;) generally hold the most senior position in the capital structure of a borrower, are typically secured with specific collateral
and have a claim on the assets and/or stock of the borrower that is senior to that held by unsecured creditors, subordinated debt holders
and holders of equity of the borrower. The majority of loans the Fund may invest in are rated below investment grade. Typically, in order
to borrow money pursuant to a Senior Loan, a borrower will, for the term of the Senior Loan, pledge collateral (subject to typical exceptions),
including but not limited to (i)&nbsp;working capital assets, such as accounts receivable and inventory; (ii)&nbsp;tangible fixed assets,
such as real property, buildings and equipment; (iii)&nbsp;intangible assets, such as trademarks and patent rights; and (iv)&nbsp;security
interests in shares of stock of subsidiaries or affiliates. In many instances, a Senior Loan may be secured only by shares in the borrower
or its subsidiaries. Collateral may consist of assets that may not be readily liquidated, and there is no assurance that the liquidation
of such assets would satisfy fully a borrower&rsquo;s obligations under a Senior Loan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Senior Loans typically have
rates of interest that are determined daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium
or credit spread. As a result, as short-term interest rates increase, interest payable to the Fund from its investments in Senior Loans
should increase, and as short-term interest rates decrease, interest payable to the Fund from its investments in Senior Loans should
decrease. These base lending rates are primarily the secured overnight funding rate (&ldquo;SOFR&rdquo;) or the Euro Interbank Offered
Rate (&ldquo;Euribor&rdquo;) and secondarily the prime rate offered by one or more major U.S. banks and the certificate of deposit rate
or other base lending rates used by commercial lenders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 (&ldquo;Securities Act&rdquo;) or the Securities
and Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;), and borrowers subject to the periodic reporting requirements of
Section&nbsp;13 of the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No active trading market
may exist for some Senior Loans, and some loans may be subject to restrictions on resale. Any secondary market for Senior Loans may be
subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which may impair the ability of a
seller to realize full value and thus cause a material decline in the net asset value of the common shares. In addition, the Fund may
not be able to readily dispose of its Senior Loans at prices that approximate those at which the Fund could sell such loans if they were
more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions
if necessary to raise cash to meet its obligations. A limited supply or relative illiquidity of Senior Loans may adversely affect the
Fund&rsquo;s yield.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the process of buying,
selling and holding Senior Loans, the Fund may receive and/or pay certain fees. These fees are in addition to interest payments received
and may include facility fees, commitment fees, amendment fees, commissions and prepayment penalty fees. On an ongoing basis, the Fund
may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a Senior Loan. In certain circumstances,
the Fund may receive a prepayment penalty fee upon the prepayment of a Senior Loan by a borrower. Other fees received by the Fund may
include covenant waiver fees, covenant modification fees or other amendment fees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Direct Assignments.</I>&#8239;&#8239;The
Fund generally will seek to purchase Senior Loans on a direct assignment basis. If the Fund purchases a Senior Loan on direct assignment,
it typically succeeds to all the rights and obligations under the Loan Agreement of the assigning lender and becomes a lender under the
Loan Agreement with the same rights and obligations as the assigning lender.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Loan Participations.</I>&#8239;&#8239;To
a lesser extent than direct assignments, the Fund may transact in participations in Senior Loans. The participation by the Fund in a
lender&rsquo;s portion of a Senior Loan typically will result in the Fund&rsquo;s having a contractual relationship only with such lender,
not with the borrower. As a result, the Fund may have the right to receive payments of principal, interest and any fees to which it is
entitled only from the lender selling the participation and only upon receipt by such lender of payments from the borrower. Such indebtedness
may be secured or unsecured. In connection with purchasing participations, the Fund generally will have no right to enforce compliance
by the borrower with the terms of the Loan Agreement, nor any rights with respect to any funds acquired by other investors through set-off
against the borrower and the Fund may not directly benefit from the collateral supporting the Senior Loan in which it has purchased the
participation. In the event of the insolvency of the entity selling a participation, the Fund may be treated as a general creditor of
such entity.</P>

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

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

<!-- Field: Page; Sequence: 14; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may invest in corporate
bonds that are fixed income securities typically issued by non-investment-grade borrowers, usually at a yield premium to the yield for
investment-grade bonds (&ldquo;Corporate Bonds&rdquo;). Corporate Bonds generally provide for cash interest payments, but may include
deferred, zero coupon, or payment-in-kind terms. These investments may be acquired during the primary offering process and may also be
purchased in the secondary market as either private securities or publicly registered securities, and typically have multiple institutional
holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Holders of high-yield bonds,
as creditors, have a prior legal claim over common and preferred shareholders as to both income and assets of the issuer for the principal
and interest due them and may have a prior claim over other creditors but are generally subordinate to any senior secured lenders in
the issuer&rsquo;s capital structure.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In most cases Corporate Bonds
restrict the borrower&rsquo;s ability to incur additional debt and may restrict payments to equity shareholders based upon financial
ratios associated with general credit quality. In addition, Corporate Bonds often limit the borrower&rsquo;s ability to repay or amortize
its high-yield bonds, particularly during the initial portion of their contractual tenor. As such, these securities can provide the opportunity
for capital appreciation or yield enhancement, especially when the borrower&rsquo;s financial performance is consistent with or superior
to expectations, when conditions are favorable in the borrower&rsquo;s industry, or when the general economic environment is positive.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Secured bonds and notes.
</I>These bonds and notes generally constitute the senior-most layer of a borrower&rsquo;s capital structure and benefit from a lien
on the borrower&rsquo;s assets as well as senior ranking in repayment priority. Owing to their claim position and collateral support,
secured bonds and secured notes tend to experience superior recoveries in a bankruptcy as compared to unsecured debt due to the collateral
securing these instruments. Such bonds and notes may rank <I>pari passu</I> in many respects with secured loans.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Unsecured bonds. </I>Dependent
upon their terms, these bonds can enjoy a senior ranking or subordinated ranking in repayment priority, but do not benefit from a lien
on a borrower&rsquo;s assets. Unsecured bonds typically form a layer between a borrower&rsquo;s credit facility and its equity. Yields
tend to reflect a premium in respect of a bond&rsquo;s position within a borrower&rsquo;s capital structure.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">These instruments typically
include trust certificates, collateralized debt obligations, collateralized loan obligations (&ldquo;CLOs&rdquo;), asset-backed securities,
credit-linked notes or other structured finance securities. These securities are generally backed by pools of financials and other assets
and tranched into different asset classes. The structure of these securities may consist of debt rated from AAA to B and equity. These
securities typically make interest and principal payments in order of seniority.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>CLO Securities</I>. A
CLO generally holds a portfolio consisting principally of loan obligations. CLOs are created, in part, to reapportion the risk and return
characteristics of a portfolio of underlying assets. The CLO securitizes payment claims arising out of its portfolio of underlying assets
and issues securities with payment characteristics linked to the underlying assets. The redemption of the securities issued by the CLO
typically occurs from the cash flow generated by the portfolio of underlying assets. The vast majority of CLOs are actively managed by
an investment manager that is independent of the CLO and the holders of its securities.</P>

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

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

<!-- Field: Page; Sequence: 15; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund expects to invest
in securities issued by CLOs (&ldquo;CLO Securities&rdquo;) that principally hold Senior Loans, diversified by industry and borrower.
It is also possible that the underlying obligations of CLOs in which the Fund invests will include (i)&nbsp;subordinated loans, (ii)&nbsp;debt
tranches of other CLOs, and (iii)&nbsp;equity securities incidental to investments in Senior Loans. The cash flows on the underlying
obligations will primarily determine the payments to holders of CLO Securities. CLO Securities may have floating interest rates, fixed
interest rates or, in the case of subordinated CLO Securities, no set interest rate (but rather participate in residual cash flows of
the relevant CLO). CLOs issue securities in tranches with different payment characteristics and different credit ratings. These tranches
are generally categorized as senior, mezzanine, or subordinated/equity, according to their degree of risk. The key feature of the CLO
structure is the prioritization of the cash flows from a pool of securities among the several tranches of the CLO. As interest payments
are received, the CLO makes contractual interest payments to each tranche of debt based on its seniority. If there are funds remaining
after each tranche of debt receives its contractual interest rate and the CLO meets or exceeds required collateral coverage levels (or
other similar covenants), the remaining funds may be paid to the subordinated (or residual) tranche (often referred to as the &ldquo;equity&rdquo;
tranche). The contractual provisions setting out this order of payments are set out in detail in the relevant CLO&rsquo;s indenture.
These provisions are referred to as the &ldquo;priority of payments&rdquo; or the &ldquo;waterfall&rdquo; and determine the terms of
payment of any other obligations that may be required to be paid ahead of payments of interest and principal on the securities issued
by a CLO. In addition, for payments to be made to each tranche, after the most senior tranche of debt, there are various tests that must
be complied with, which are different for each CLO.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The tranches of CLO Securities
senior to the subordinated (or residual) tranche (called the &ldquo;rated tranches&rdquo;) are generally assigned credit ratings by one
or more nationally recognized statistical rating organizations (whether or not such tranches are issued as part of a component of a composite
instrument with one or more other instruments). The &ldquo;equity&rdquo; tranche does not receive ratings. The transaction documents
relating to the issuance of CLO Securities impose eligibility criteria on the assets of the CLO, restrict the ability of the CLO&rsquo;s
investment manager to trade investments and impose certain portfolio-wide asset quality requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">CLO Securities are generally
limited recourse obligations of the CLO payable solely from the underlying assets of the CLO or the proceeds thereof. Consequently, holders
of CLO Securities must rely solely on distributions on the underlying assets or proceeds thereof for payment in respect thereof. The
cash flows generated by the underlying obligations held in a CLO&rsquo;s portfolio will generally determine the interest payments on
CLO Securities. Payments to holders of tranched CLO Securities are made in sequential order of priority.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">CLO Securities are generally
limited recourse obligations of the CLO payable solely from the underlying assets of the CLO or the proceeds thereof. Consequently, holders
of CLO Securities must rely solely on distributions on the underlying assets or proceeds thereof for payment in respect thereof. The
cash flows generated by the underlying obligations held in a CLO&rsquo;s portfolio will generally determine the interest payments on
CLO Securities. Payments to holders of tranched CLO Securities are made in sequential order of priority.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Asset-Backed Securities</I>.
Asset-backed securities are debt instruments that are backed by a pool of financial assets, generally consisting of certain kinds of
receivables or loans, including, for example, commercial loans. Such assets are generally securitized through the use of trusts and special
purpose corporations. Payments or distributions of principal and interest may be guaranteed up to certain amounts and for a certain time
period by a letter of credit or a pool insurance policy issued by a financial institution unaffiliated with the trust or corporation,
or other credit enhancements may be present.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Asset-backed securities are
often subject to more rapid repayment than their stated maturity date would indicate as a result of the pass-through of prepayments of
principal on the underlying loans. During periods of declining interest rates, prepayment of loans underlying asset-backed securities
can be expected to accelerate. Accordingly, the Fund&rsquo;s ability to maintain positions in such securities will be affected by reductions
in the principal amount of such securities resulting from prepayments, and its ability to reinvest the returns of principal at comparable
yields is subject to generally prevailing interest rates at that time. To the extent that the Fund invests in asset-backed securities,
the values of the Fund&rsquo;s portfolio securities will vary with changes in market interest rates generally and the differentials in
yields among various kinds of asset-backed securities. Asset-backed securities also carry credit or default risks. If the issuer of an
asset-backed security defaults on its payment obligations, there is the possibility that, in some cases, the Fund will be unable to possess
and sell the underlying collateral and that the Fund&rsquo;s recoveries on repossessed collateral may not be available to support payments
on these securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may invest in subordinated
loans. Because subordinated loans are subordinated and thus lower in priority of payment and/or in priority of lien to Senior Loans,
they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient
to meet scheduled payments after giving effect to the senior secured obligations of the borrower. This risk is generally higher for subordinated
unsecured loans or debt, which are not backed by a security interest in any specific collateral. Subordinated loans generally have greater
price volatility than Senior Loans and may be less liquid.</P>

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

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

<!-- Field: Page; Sequence: 16; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Special Situations and Stressed and Distressed
Investments.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may invest in debt
securities, preferred or common shares, or other instruments, of companies that are facing liquidity constraints or are undergoing, or
that have recently completed, bankruptcies, reorganizations, insolvencies, liquidations or other fundamental changes or similar proceedings.
These instruments may be the subject of bankruptcy proceedings or otherwise in default or at risk of being in default as to the repayment
of principal and/or interest at the time of acquisition by the Fund. The repayment of defaulted obligations is subject to significant
uncertainties. Defaulted obligations might be repaid only after lengthy bankruptcy or other reorganization proceedings, during which
the issuer might not make any interest or other payments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In any investment opportunity
involving any such type of special situation, there also exists the risk that a contemplated transaction either will be unsuccessful,
will take considerable time or will result in a distribution of cash or new securities, the value of which will be less than the purchase
price to the Fund of the securities or other financial instruments in respect of which such distribution is received. Similarly, if an
anticipated transaction does not in fact occur, the Fund may be required to sell its investment at a loss. The consummation of such transactions
can be prevented or delayed by a variety of factors, including but not limited to (i)&nbsp;market conditions resulting in material changes
in securities prices; (ii)&nbsp;compliance with any applicable bankruptcy, insolvency or securities laws; and (iii)&nbsp;other factors
resulting in the inability to obtain adequate financing. Because there is substantial uncertainty concerning the outcome of transactions
involving financially troubled companies in which the Fund intends to invest, there is a potential risk of loss by the Fund of its entire
investment in such companies. Distressed instruments may be highly illiquid and the prices at which they may be sold may represent a
substantial discount to what the Adviser believes to be their ultimate value.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, the Fund
may invest in or hold common shares and other equity securities incident to the purchase or ownership of a Senior Loan, Corporate Bond
or other instrument or in connection with a reorganization of a borrower. Investments in equity securities incidental to investment in
Senior Loans entail certain risks in addition to those associated with investments in Senior Loans. Common shares represent an equity
ownership interest in a company. Historical trends would indicate that common shares are subject to higher levels of volatility and market
and issuer-specific risk than debt securities. The value of equity securities may be affected more rapidly, and to a greater extent,
by company-specific developments and general market conditions. These risks may increase fluctuations in the net asset value of the common
shares. In addition, the Fund frequently may possess material non-public information about a borrower. Because of prohibitions on trading
in securities while in possession of material non-public information, the Fund might be unable to enter into a transaction in a security
of the borrower when it would otherwise be advantageous to do so. The equity interests held by the Fund, if any, may not pay dividends
or otherwise generate income or appreciate in value and, in fact, may decline in value. Accordingly, the Fund may not be able to realize
gains from its equity investments, and any gains that the Fund does realize may not be sufficient to contribute materially to the Fund&rsquo;s
investment objective of seeking current income. Equity securities held by the Fund may be illiquid.</P>

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

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

<!-- Field: Page; Sequence: 17; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may, from time to
time, engage in short sales. A short sale is a transaction in which the Fund sells an instrument that it does not own in anticipation
that the market price will decline. To deliver the securities to the buyer, the Fund arranges through a broker to borrow the securities
and, in so doing, the Fund becomes obligated to replace the securities borrowed at their market price at the time of replacement. When
selling short, the Fund intends to replace the securities at a lower price and therefore profit from the difference between the cost
to replace the securities and the proceeds received from the sale of the securities. When the Fund makes a short sale, the proceeds it
receives from the sale will be held on behalf of a broker until the Fund replaces the borrowed securities. The Fund may have to pay a
premium to borrow the securities and must pay any dividends or interest payable on the securities until they are replaced. The Fund&rsquo;s
obligation to replace the securities borrowed in connection with a short sale will be secured by collateral deposited with the broker
that consists of cash and/or liquid securities. Short sales involve certain risks and special considerations. If the Fund incorrectly
predicts that the price of the borrowed security will decline, the Fund will have to replace the securities with securities with a greater
value than the amount received from the sale. As a result, losses from short sales differ from losses that could be incurred from a purchase
of a security because losses from short sales may be theoretically unlimited, whereas losses from purchases can equal only the total
amount invested.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Warrants give holders the
right, but not the obligation, to buy common shares of an issuer at a given price, usually higher than the market price at the time of
issuance, during a specified period. The risk of investing in a warrant is that the warrant may expire prior to the market value of the
common shares exceeding the price fixed by the warrant. Warrants have a subordinate claim on a borrower&rsquo;s assets compared with
Senior Loans. As a result, the values of warrants generally are dependent on the financial condition of the borrower and less dependent
on fluctuations in interest rates than are the values of many debt securities. The values of warrants may be more volatile than those
of Senior Loans or Corporate Bonds and this may increase the volatility of the net asset value of the common shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may invest a portion
of its capital in non-U.S. securities. Some non-U.S. securities may be less liquid and more volatile than securities of comparable U.S.
issuers. Similarly, there is less volume and liquidity in most foreign financial markets than in the U.S. and, at times, greater price
volatility than in the U.S.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because evidences of ownership
of such securities usually are held outside the U.S., the Fund will be subject to additional risks, including possible adverse political
and economic developments, seizure or nationalization of foreign deposits and adoption of governmental restrictions that might adversely
affect or restrict the payment of principal and interest on the foreign securities to investors located outside the country of the issuer,
whether from currency blockage or otherwise. Because non-U.S. securities may trade on days when the common shares are not traded on the
NYSE, the market value or net asset value of the common shares can change at times when the common shares cannot be sold.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may engage in foreign
currency exchange transactions in connection with its investments in foreign securities. The Fund is not required to hedge its currency
exposure, if any, and may choose not to do so. The Fund generally will conduct its foreign currency exchange transactions either on a
spot (i.e.,&nbsp;cash) basis at the spot rate prevailing in the foreign currency exchange market or through forward contracts to purchase
or sell foreign currencies, including the payment of dividends and the settlement of securities transactions that otherwise might require
untimely dispositions of Fund securities.</P>

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

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

<!-- Field: Page; Sequence: 18; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A forward foreign currency
exchange contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days
(usually less than one year) from the date of the contract agreed upon by the parties, at a price and for an amount set at the time of
the contract. These contracts are traded in the interbank market conducted directly between currency traders (usually large commercial
banks) and their customers. A forward contract generally has a deposit requirement, and no commissions are charged at any stage for trades.
Although foreign exchange dealers do not charge a fee for conversion, they do realize a profit based on the difference (the spread) between
the price at which they are buying and selling various currencies. At the consummation of a forward contract, the Fund may either make
delivery of the foreign currency or terminate its contractual obligation to deliver the foreign currency by purchasing an offsetting
contract obligating it to purchase, at the same maturity date, the same amount of such foreign currency. If the Fund chooses to make
delivery of the foreign currency, it may be required to obtain such currency through the sale of portfolio securities denominated in
such currency or through conversion of other assets of the Fund into such currency. If the Fund engages in an offsetting transaction,
the Fund will incur a gain or loss to the extent that there is a difference between the forward contract price and the offsetting forward
contract price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It should be noted that this
method of protecting the value of the Fund&rsquo;s portfolio securities against a decline in the value of a currency does not eliminate
fluctuations in the underlying prices of the securities. Rather, it simply establishes a rate of exchange that can be achieved at some
future point in time. Additionally, although such contracts tend to minimize the risk of loss due to a decline in the value of the hedged
currency, at the same time they tend to limit any potential gain should the value of the currency increase.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may use derivatives.
Derivatives are financial instruments the value of which is derived from another security, a commodity (such as gold or oil), a currency
or an index (a measure of value or rates, such as the S&amp;P&nbsp;500 Index or the prime lending rate). Derivatives may allow the Fund
to increase or decrease the level of risk to which the Fund is exposed more quickly and efficiently than transactions in other types
of instruments. Pursuant to Rule&nbsp;18f-4 under the Investment Company Act, among other things, the Fund must either limit its derivatives
exposure to no more than 10% of its net assets (the &ldquo;Limited Derivatives User Exception&rdquo;) or comply with an outer limit based
on value-at-risk as specified in the rule. The Fund is currently relying on the Limited Derivatives User Exception. The Fund may or may
not use derivatives for hedging purposes, as a form of leverage or to seek to enhance returns, including speculation on changes in credit
spreads, interest rates or other characteristics of the market, individual securities or groups of securities. If the Fund invests in
a derivative for speculative purposes, which it initially does not intend to do, the Fund will be fully exposed to the risks of loss
of that derivative, which may sometimes be greater than the derivative&rsquo;s cost. The use of derivatives may involve substantial leverage.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Swap Agreements.</I> The
Fund may enter into swap agreements, including interest rate and index swap agreements, for hedging purposes, as a form of leverage or
to seek to obtain a particular desired return at a lower cost to the Fund than if the Fund had invested directly in an instrument that
yielded the desired return. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging
from a few weeks to more than one year. In a standard &ldquo;swap&rdquo; transaction, two parties agree to exchange the returns (or differentials
in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or &ldquo;swapped&rdquo;
between the parties are calculated with respect to a &ldquo;notional amount&rdquo; (i.e., the dollar amount invested at a particular
interest rate, in a particular foreign currency, or in a &ldquo;basket&rdquo; of securities representing a particular index). The &ldquo;notional
amount&rdquo; of the swap agreement is only a basis on which to calculate the obligations that the parties to a swap agreement have agreed
to exchange. The Fund&rsquo;s obligations (or rights) under a swap agreement generally will be equal only to the &ldquo;net amount&rdquo;
to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may enter into credit
default swap agreements and similar agreements, and may also buy credit-linked securities. Among other purposes, credit default swaps
provide investment exposure to changes in credit spreads and relative interest rates. The credit default swap agreement or similar instrument
may have as reference obligations one or more securities that are not currently held by the Fund (including a &ldquo;basket&rdquo; of
securities representing an index). The protection &ldquo;buyer&rdquo; in a credit default contract may be obligated to pay the protection
 &ldquo;seller&rdquo; an upfront payment or a periodic stream of payments over the term of the contract provided generally that no credit
event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the &ldquo;par value&rdquo;
(full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in
the swap, if the swap is physically settled.&nbsp; If the swap is cash settled, an auction process is used to determine the &ldquo;recovery
value&rdquo; of the contract, and the seller may be required to deliver the related net cash amount.&nbsp; The Fund may be either the
buyer or seller in the transaction.&nbsp; If the Fund is a buyer and no credit event occurs, the Fund recovers nothing if the swap is
held through its termination date.&nbsp; However, if a credit event occurs and the credit default contract is required to physically
settle, the Fund may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations
of the reference entity that may have little or no value.&nbsp; If the credit default contract is required to cash settle, the Fund may
elect to receive a cash amount equal to the &ldquo;par value&rdquo; (full notional value) of the swap contract minus the &ldquo;recovery
value&rdquo; as determined by the auction process.&nbsp; As a seller, the Fund generally receives an upfront payment or a fixed rate
of income throughout the term of the swap, which typically is between six months and three years, provided that there is no credit event.
If a credit event occurs and the credit default contract is required to physically settle, generally the seller must pay the buyer the
full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity that may have
little or no value.&nbsp; If the credit default contract is required to cash settle, the Fund will be generally obligated to pay the
buyer the &ldquo;par value&rdquo; (full notional value) of the swap contract minus the &ldquo;recovery value&rdquo; as determined by
the auction process.</P>

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

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

<!-- Field: Page; Sequence: 19; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may enter into total
return swaps. Total return swaps are used as substitutes for owning a particular physical security, or the securities comprising a given
market index, or to obtain exposure in markets where no physical securities are available such as an interest rate index. Total return
refers to the payment (or receipt) of the total return on the security, index or other instrument underlying the swap, which is then
exchanged for the receipt (or payment) of a floating interest rate. Total return swaps provide the Fund with the additional flexibility
of gaining exposure to a particular security or index by using the most cost-effective vehicle available. Total return swaps provide
the Fund with the opportunity to actively manage the cash maintained by the Fund as a result of not having to purchase the actual securities
or other instruments underlying the swap. Similar to interest rate swaps, the cash backing total return swaps is actively managed to
seek to earn a return in excess of the floating rate paid on the swap.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Swaptions.</I>&nbsp; The
Fund, to the extent permitted under applicable law, may enter into &ldquo;swaptions,&rdquo; which are options on swap agreements on either
an asset-based or liability-based basis. A swaption is a contract that gives a counterparty the right (but not the obligation) to enter
into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time
on specified terms. The Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement,
the Fund generally will incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When
the Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised.
When the Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying
agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Credit-Linked Securities.</I>&nbsp;
Among the income-producing securities in which the Fund may invest are credit-linked securities, which are issued by a limited purpose
trust or other vehicle that, in turn, invests in a derivative instrument or basket of derivative instruments, such as credit default
swaps, interest rate swaps and other securities, in order to provide exposure to certain fixed income markets. For instance, the Fund
may invest in credit-linked securities as a cash management tool in order to gain exposure to a certain market and/or to remain fully
invested when more traditional income-producing securities are not available.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Indexed and Inverse Floating
Rate Securities.</I>&nbsp;The Fund may invest in securities that provide a potential return based on a particular index of value or interest
rates. To the extent the Fund invests in these types of securities, the Fund&rsquo;s return on such securities will be subject to risk
with respect to the value of the particular index: that is, if the value of the index falls, the value of the indexed securities owned
by the Fund will fall. Interest and principal payable on certain securities may also be based on relative changes among particular indices.
The Fund may invest in so-called &ldquo;inverse floating obligations&rdquo; or &ldquo;residual interest bonds&rdquo; on which the interest
rates vary inversely with a floating rate (which may be reset periodically by a Dutch auction, a remarketing agent, or by reference to
a short-term tax-exempt interest rate index). The Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial
or trust receipts. Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when
interest rates decrease.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to its investment
objective and policies, the Fund may invest in repurchase agreements. Repurchase agreements are transactions in which the Fund purchases
securities or other obligations from a bank or securities dealer (or its affiliate) and simultaneously commits to resell them to the
counterparty at an agreed upon date or upon demand and at a price reflecting a market rate of interest unrelated to the coupon rate or
maturity of the purchased obligations. The Fund maintains custody of the underlying obligations prior to their repurchase, either through
its regular custodian or through a special &ldquo;triparty&rdquo; custodian or sub-custodian that maintains separate accounts for both
the Fund and its counterparty. The obligation of the counterparty to pay the repurchase price on the date agreed to or upon demand is,
in effect, secured by such obligations.</P>

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

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

<!-- Field: Page; Sequence: 20; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Reverse repurchase agreements
involve the sale of securities held by the Fund subject to the Fund&rsquo;s agreement to repurchase the securities at an agreed upon
date or upon demand and at a price reflecting a market rate of interest. Reverse repurchase agreements are a form of effective leverage
and may be subject to the Fund&rsquo;s limitation on borrowings and may be entered into only with banks or securities dealers or their
affiliates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_008"></A><B>LEVERAGE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund is authorized to
utilize leverage to the maximum extent permitted by law for investment and other general corporate purposes. The Fund currently utilizes
leverage through the issuance of preferred shares and bank borrowings and may obtain additional leverage in the future by issuing preferred
shares and/or notes and borrowing funds from banks and other financial institutions. The Fund may also gain leverage synthetically through
swaps and other derivatives. The use of leverage to purchase additional securities creates an opportunity for increased common share
dividends, but also creates risks for the common shareholders, including increased variability of the Fund&rsquo;s net income, distributions,
net asset value and/or market price of its common shares in relation to market changes. Leverage is a speculative technique that exposes
the Fund to greater risk and increased costs than if it were not implemented. Increases and decreases in the value of the Fund&rsquo;s
portfolio will be magnified through the use of leverage. In particular, leverage may magnify interest rate risk, which is the risk that
the prices of portfolio securities will fall (or rise) if market interest rates for those types of securities rise (or fall). As a result,
leverage may cause greater changes in the net asset value of the common shares, which will be borne entirely by the common shareholders,
and in the price at which its common shares trade in the secondary market. For example, with respect to the Fund&rsquo;s investments
in Senior Loans or other debt instruments that provide an interest rate floor that helps protect the Fund&rsquo;s income in falling or
flat-rate environments, if interest rates increase, the Fund may not realize the same extent of additional income compared to any increase
in the Fund&rsquo;s cost of financing, which could result in the potential for a decrease in the level of income available for dividends
or distributions made by the Fund. The Fund pays dividends on its preferred shares and interest on borrowings, which increases expenses
and may reduce the Fund&rsquo;s return. These dividend payments and interest expenses (which are borne entirely by common shareholders)
may be greater than the Fund&rsquo;s return on the underlying investments. The Fund&rsquo;s leveraging strategy may not be successful.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund&rsquo;s obligations
under its preferred shares are senior to the common shares, such that holders of preferred shares and Fund indebtedness have priority
over the common shareholders in the distribution of the Fund&rsquo;s assets, including dividends, distributions of principal and liquidating
distributions. Preferred shares vote together with the holders of common shares on all matters, including the election of directors.
Additionally, the holders of preferred shares have the right separately to elect two directors of the Fund, and vote separately as a
class on certain matters which may at times give holders of preferred shares disproportionate influence over the Fund&rsquo;s affairs.
Limited term preferred shares may require the Fund to liquidate its investments and reduce the Fund&rsquo;s use of leverage, which could
negatively impact common shareholders. In addition, the Fund&rsquo;s ability to make distributions to its common shareholders or to repurchase
its share is limited by the asset coverage requirements and other limitations imposed by the Investment Company Act, Maryland law and
the Fund&rsquo;s lenders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund will pay (and common
shareholders will bear) all costs and expenses relating to the issuance and ongoing maintenance of preferred shares and other forms of
indebtedness issued by the Fund, including higher advisory fees. As a result, the Fund cannot assure you that the issuance of preferred
shares and/or notes or other forms of indebtedness will provide a higher yield or return to the holders of the common shares. The costs
of any new offers and/or issuances of preferred shares and/or notes or other forms of indebtedness will be borne immediately by the common
shareholders and result in a reduction of the net asset value of the common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">So long as the Fund&rsquo;s
portfolio provides a higher rate of return, net of expenses, than the interest or dividend rate on borrowed money, the leverage may cause
common shareholders to receive a higher current rate of return than if the Fund were not leveraged. If, however, long-term and/or short-term
rates rise, the interest rate on borrowed money could exceed the rate of return on securities held by the Fund, reducing returns to common
shareholders. Developments in the credit markets may adversely affect the ability of the Fund to borrow for investment purposes and may
increase the costs of such borrowings, which would reduce returns to common shareholders.</P>

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

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

<!-- Field: Page; Sequence: 21; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is no assurance that
a leveraging strategy will be successful. Leverage involves risks and special considerations for common shareholders, including:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the likelihood of
                                            greater volatility of net asset value, market price and dividend rate of common shares than
                                            a comparable portfolio without leverage;</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.75in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the risk that fluctuations in interest rates on borrowings or
                                            in dividend payments on, principal proceeds distributed to, or redemption of any preferred
                                            shares and/or notes or other forms of indebtedness that the Fund has issued will reduce the
                                            return to the common shareholders;</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.75in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the effect of leverage in a declining market, which is likely
                                            to cause a greater decline in the net asset value of the common shares than if the Fund were
                                            not leveraged, which may result in a greater decline in the market price of the common shares;</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.75in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">when the Fund uses financial leverage, the investment advisory
                                            fees payable to the Adviser will be higher than if the Fund did not use leverage, and may
                                            provide a financial incentive to the Adviser to increase the Fund&rsquo;s use of leverage
                                            and create an inherent conflict of interest; and</TD></TR></TABLE>

<P STYLE="text-align: justify; 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="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.75in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">leverage may increase expenses (which will be borne entirely
                                            by common shareholders), which may reduce total return.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preferred shares and
indebtedness incurred by the Fund impose covenants and other restrictions imposed by its lenders are in addition to, and in certain cases
more stringent than, those imposed by the Investment Company Act. Certain types of borrowings by the Fund may result in the Fund being
subject to covenants relating to asset coverage and portfolio composition requirements. These covenants and restrictions may negatively
affect the Fund&rsquo;s ability to achieve its investment objective.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund has authorized and
issued 800,000 Series&nbsp;A MRP Shares for gross proceeds of $20 million, 1,200,000 Series&nbsp;B MRP Shares for gross proceeds of $30
million and 2,000,000 Series&nbsp;C MRP Shares for gross proceeds of $50 million. Each of the preferred shares has a liquidation preference
of $25.00 per share. The aggregate redemption amount of the preferred shares is $100 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The redemption dates for
the Series&nbsp;A MRP Shares, Series&nbsp;B MRP Shares and Series&nbsp;C MRP Shares are July&nbsp;15, 2026, September&nbsp;15, 2026 and
September&nbsp;15, 2028, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Series&nbsp;A MRP Shares
and the Series&nbsp;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&nbsp;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 preferred shares is 2.81% per annum. The preferred shares are subject to optional
and mandatory redemption in certain circumstances. The preferred 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 preferred 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 preferred 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 preferred 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 preferred shares. Additionally, in accordance with the Investment Company
Act, the Fund may not issue additional preferred shares if immediately after such issuance the Fund will not have an asset coverage ratio
of at least 200%. As of December&nbsp;31, 2023, the Fund was in compliance in all material respects with the terms of the preferred shares.</P>

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

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

<!-- Field: Page; Sequence: 22; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Investment Company
Act, the Fund is permitted to incur indebtedness, including through the issuance of debt securities or borrowings from a bank, if immediately
thereafter the Fund has asset coverage of at least 300%. In general, the term &ldquo;asset coverage&rdquo; for this purpose means the
ratio which the value of the total assets of the Fund, less all liabilities and indebtedness not represented by senior securities, bears
to the aggregate amount of senior securities representing indebtedness of the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund is a party to a
senior secured revolving Credit Facility that allows the Fund to borrow up to $212 million at any one time outstanding. The Credit Facility
is scheduled to terminate in 2026 unless extended. 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)&nbsp;limitations on the incurrence of additional indebtedness, including additional mandatory redeemable preferred shares,
and liens, (b)&nbsp;limitations on certain investments, (c)&nbsp;limitations on certain restricted payments, and (d)&nbsp;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. As of the date of this Prospectus, the Fund was in compliance in all material respects with the terms
of the Credit Facility.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_009"></A><B>RISKS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Please
refer to the&nbsp;</FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924031433/tm244051d1_ncsr.htm">section of
the Fund&rsquo;s most recent annual report on Form&nbsp;N-CSR&nbsp;entitled &ldquo;Additional Information &ndash; Fund Investment Objective,
Policies and Risks,&rdquo;</A> <FONT STYLE="background-color: white">which is incorporated by reference herein, for a discussion of the
general risks of investing in the Fund.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_010"></A><B>HOW THE FUND MANAGES RISK</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund has adopted certain
investment limitations designed to limit investment risk. Some of these limitations are fundamental and thus may not be changed without
a vote of the holders of common shares and any preferred shares outstanding. See &ldquo;Investment Objective and Policies&mdash;Investment
Restrictions&rdquo; in the SAI.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The restrictions and other
limitations set forth throughout this Prospectus and in the SAI apply only at the time of purchase of securities and will not be considered
violated unless an excess or deficiency occurs or exists immediately after and as a result of the acquisition of securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Management of Investment Portfolio and Capital Structure to Limit
Leverage Risk</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may take certain
actions if short-term interest rates increase or market conditions otherwise change (or the Fund anticipates such an increase or change)
and any leverage the Fund may have outstanding begins (or is expected) to adversely affect common shareholders. In order to attempt to
offset such a negative impact of any outstanding leverage on common shareholders, the Fund may shorten the average maturity of its investment
portfolio (by investing in short-term securities) or may reduce any indebtedness that it may have incurred. Because of the difficulty
of making such predictions, the Fund may elect not to attempt to manage its capital structure in the manner described in this paragraph.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If market conditions suggest
that employing leverage, or employing additional leverage if the Fund already has outstanding leverage, would be beneficial, the Fund
may enter into one or more credit facilities, increase any existing credit facilities, sell preferred shares or engage in additional
leverage transactions (including through investment in derivatives)], subject to the restrictions of the Investment Company Act.</P>

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

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

<!-- Field: Page; Sequence: 23; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may use certain
strategic transactions designed to limit the risk of price fluctuations of securities and to preserve capital (&ldquo;Strategic Transactions&rdquo;).
These Strategic Transactions include using swaps, financial futures contracts, options on financial futures or options based on either
an index of long-term securities, or on securities whose prices, in the opinion of the Adviser, correlate with the prices of the Fund&rsquo;s
investments. There can be no assurance that Strategic Transactions will be used or used effectively to limit risk, and Strategic Transactions
may be subject to their own risks.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_011"></A>MANAGEMENT OF THE FUND</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">The
business and affairs of the Fund are overseen by the </FONT>Board. The Board <FONT STYLE="font-family: Times New Roman, Times, Serif; background-color: white">performs
the various duties imposed on the directors of investment companies by the Investment Company Act and Maryland law, </FONT>including
supervision of the duties performed by the Adviser. There are five Directors. A majority of the Directors are not &ldquo;interested persons&rdquo;
(as defined in the Investment Company Act) of the Fund (the &ldquo;Independent Directors&rdquo;). The name and business address of the
Directors and officers of the Fund and their principal occupations and other affiliations during the past five years are set forth under
 &ldquo;Management of the Fund&rdquo; in the SAI.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund is externally managed
by the Adviser, a subsidiary of Ares, pursuant to an investment advisory and management agreement. The Adviser was registered as an investment
adviser with the SEC under the Investment Advisers Act of 1940 (the &quot;Advisers Act&quot;) on June&nbsp;9, 2011. 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, provides certain administrative and other services necessary for the Fund to operate. The Adviser is located
at 2000 Avenue of the Stars, 12th Floor, Los Angeles, CA 90067.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The members of the portfolio
management team who are primarily responsible for the day-to-day management of the Fund&rsquo;s portfolio are as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Seth J. Brufsky </I>is
a Partner, Portfolio Manager and Chairman of Global Liquid Credit in the Ares Credit Group. Seth J. Brufsky also serves as the Chief
Executive Officer, President and is a Director of the Fund. Additionally, Seth J. Brufsky serves as a member of the Ares Credit Group&rsquo;s
Liquid Credit Investment Committee. Prior to joining Ares in 1998, Seth J. Brufsky was a member of the Corporate Strategy and Research
Group of Merrill Lynch&nbsp;&amp; Co., where Seth J. Brufsky focused on analyzing and marketing non-investment grade securities. Previously,
Seth J. Brufsky was a member of the Institutional Sales and Trading Group of the Global Fixed Income Division at Union Bank of Switzerland.
Seth J. Brufsky serves on the Board of Trustees of Choate Rosemary Hall, a private, co-educational, college-preparatory boarding school,
and serves on the Dean&rsquo;s Advisory Boards for the College of Arts and Sciences and the College of Agriculture and Life Sciences
of Cornell University. Seth J. Brufsky also serves on the Board of the Luminescence Foundation, a charitable giving organization.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Seth J. Brufsky holds a B.S.
from Cornell University in Applied Economics and Business Management and a M.B.A., with honors, from the University of Southern California's
Marshall School of Business in Finance, where Seth J. Brufsky was awarded the Glassick Scholarship for academic achievement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Keith Ashton </I>is a
Partner, Portfolio Manager and Co-Head of Alternative Credit in the Ares Credit Group. Keith Ashton serves as a Vice President and Portfolio
Manager for the Fund. Additionally, Keith Ashton serves as a member of the Ares Credit Group&rsquo;s Alternative Credit, Pathfinder and
Pathfinder Core Fund Investment Committees and the Ares Diversity, Equity and Inclusion Council. Prior to joining Ares in 2011, Keith
Ashton was a Partner at Indicus Advisors LLP, where Keith Ashton focused on launching the global structured credit business in May&nbsp;2007.
Previously, Keith Ashton was a Portfolio Manager and Head of Structured Credit at TIAA-CREF, where Keith Ashton focused on managing a
portfolio of structured credit investments and helped launch TIAA&rsquo;s institutional asset management business. Keith Ashton&rsquo;s
experience as an investor in alternative fixed income products spans virtually all securitized asset classes, including CLOs, consumer
and commercial receivables, insurance and legal settlements, small business and trade receivables, whole business securitizations, timeshare
and other mortgage-related receivables, and esoteric asset classes such as catastrophe risk and intellectual property.</P>

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

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

<!-- Field: Page; Sequence: 24; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Keith Ashton holds a B.A.
from Brigham Young University in Economics and a M.B.A. from the University of Rochester William E. Simon School of Business in Finance&nbsp;&amp;
Accounting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Charles Arduini&nbsp;</I>is
a Partner and Portfolio Manager in the Ares Credit Group, where Charles Arduini focuses on alternative credit investments. Charles Arduini
serves as a Vice President and Portfolio Manager for the Fund. Additionally, Charles Arduini serves as a member of the Ares Credit Group&rsquo;s
Pathfinder Core Fund Investment Committee. Prior to joining Ares in 2011, Charles Arduini was a Managing Director at Indicus Advisors
LLP, where Charles Arduini focused on structured credit investment opportunities. Previously, Charles Arduini was Director of Structured
Credit in the Fixed Income Investment Group and a Manager in the Risk Management Group at TIAA-CREF. In addition, Charles Arduini worked
in the telecommunications and information technology industries in various systems, operations and management roles.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Charles Arduini holds a B.A.
from Bucknell University in Mathematics and an M.S. from Stevens Institute of Technology in Mathematics. Charles Arduini also holds an
M.S. from Carnegie Mellon University in Computational Finance. Charles Arduini is a CFA&reg; charterholder and a member of the New York
Society of Security Analysts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white"><I>Samantha
Milner </I>is a Partner and U.S. Liquid Credit Portfolio Manager in the Ares Credit Group, where Samantha Milner is primarily responsible
for managing Ares&rsquo; U.S. bank loan credit strategies. Samantha Milner serves as a Vice President and Portfolio Manager for the Fund.
Additionally, Samantha Milner serves as a member of the Ares Credit Group&rsquo;s U.S. Liquid Credit Investment Committee. Samantha Milner
also serves on the Ares Diversity, Equity and Inclusion Council. Prior to joining Ares in 2004, Samantha Milner was an Associate in the
Financial Restructuring Group at Houlihan Lokey Howard&nbsp;&amp; Zukin, where Samantha Milner focused on providing advisory services
in connection with restructurings, distressed mergers and acquisitions and private placements. Samantha Milner serves on the Board of
Directors of STEAM:CODERS, a not-for-profit organization focused on underrepresented and underserved students through Science, Technology,
Engineering, Art, and Math (STEAM), in preparation for academic and career opportunities. Samantha Milner holds a B.B.A., with distinction,
from Emory University&rsquo;s Goizueta Business School in Finance and Accounting.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SAI provides additional
information about other accounts managed by the portfolio management team, the compensation of each portfolio manager and the ownership
of the Fund&rsquo;s securities by each portfolio manager.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to an investment
advisory and management agreement between the Adviser and the Fund (the &ldquo;Investment Advisory Agreement&rdquo;), 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 Managed Assets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A discussion regarding the
basis for the approval of the Investment Advisory Agreement by the Board is available in the Fund&rsquo;s Annual Report to shareholders
for the year ended December&nbsp;31, 2023.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Administration, Accounting Services, Custodian, Transfer Agent
and Other Services</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund has engaged State
Street, whose principal business address is One Congress Street, Boston, Massachusetts 02114, 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.</P>

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

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

<!-- Field: Page; Sequence: 25; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund has retained Destra,
whose principal business address is 443 N. Willson Avenue, Bozeman, Montana 59715, to provide investor support services in connection
with the ongoing operations of the Fund. Such services include providing ongoing contact with respect to the Fund and its performance
with financial advisors that are representatives of broker-dealers and other financial intermediaries, communicating with the NYSE specialist
for the Fund's common shares and with the closed-end fund analyst community regarding the Fund on a regular basis, and maintaining a
website for the Fund. The Fund pays Destra for these services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Independent Registered Public Accounting Firm</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ernst&nbsp;&amp; Young LLP,
whose principal business address is 725 South Figueroa Street, Los Angeles, CA 90017, is the independent registered public accounting
firm of the Fund and is expected to render an opinion annually on the financial statements of the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_012"></A>NET ASSET VALUE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective October&nbsp;1,
2022, pursuant to Rule&nbsp;2a-5 under the Investment Company Act, the Fund's Board designated the Fund's Adviser as the Fund's &ldquo;valuation
designee&rdquo; to perform the fair value determinations held by the Fund without readily available market quotations, subject to the
oversight of the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund follows ASC 825-10,&nbsp;<I>Recognition
and Measurement of Financial Assets and Financial Liabilities</I>&nbsp;(&ldquo;ASC 825-10&rdquo;), 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 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 &ldquo;other
assets,&rdquo; &ldquo;mandatory redeemable preferred shares,&rdquo; and &ldquo;debt,&rdquo; which are reported at amortized cost, the
carrying value of all other assets and liabilities approximate fair value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund also follows ASC
820-10, <I>Fair Value Measurements and Disclosures</I> (&ldquo;ASC 820-10&rdquo;), which expands the application of fair value accounting.
ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with U.S. generally accepted accounting
principles (&ldquo;GAAP&rdquo;) 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:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT> Level 1 &mdash; Valuations
based on quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT> Level 2 &mdash; Valuations
based on quoted prices in markets that are not active or for which all significant inputs are observable either directly or indirectly.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT> Level 3 &mdash; Valuations
based on inputs that are unobservable and significant to the overall fair value measurement.</P>

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

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

<!-- Field: Page; Sequence: 26; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to using the
above inputs in investment valuations, the Valuation Designee continues to employ the net asset valuation policy and procedures that
have been reviewed by the Fund&rsquo;s Board in connection with their designation of the Adviser as the Fund&rsquo;s valuation designee
and are consistent with the provisions of Rule&nbsp;2a-5 under the Investment Company Act and ASC 820-10. Consistent with its valuation
policies and procedures, the Valuation Designee evaluates the source of inputs, including any markets in which the Fund's investments
are trading (or any markets in which securities with similar attributes are trading), in determining fair value. For investments where
there is not a readily available market value, the fair value of these investments must typically be determined using unobservable inputs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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 Valuation Designee 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 Valuation Designee is responsible for all inputs and
assumptions related to the pricing of securities. The Valuation Designee has internal controls in place that support its reliance on
information received from third-party pricing sources. As part of its internal controls, the Valuation Designee 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 Valuation Designee 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 Valuation Designee subject to the oversight of the Board and will
be classified as Level 3. In such instances, the Valuation Designee 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Senior loans and corporate
debt</I>:&nbsp;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 Valuation Designee 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 Valuation Designee 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.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Collateralized loan obligations</I>:&nbsp;The
fair value of CLOs is estimated based on various valuation models from third-party pricing services. The provided prices are checked
using internally developed models. The valuation models generally utilize discounted cash flows and take into consideration prepayment
and loss assumptions, based on historical experience and projected performance, economic factors, the characteristics and condition of
the underlying collateral, comparable yields for similar securities and recent trading activity. These securities are classified as Level
3.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Common shares and warrants</I>:&nbsp;The
fair value of common shares and warrants are estimated using either broker quotes or an analysis of the enterprise value (&ldquo;EV&rdquo;)
of the portfolio company. EV 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 Valuation Designee 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 EV.</P>

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

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

<!-- Field: Page; Sequence: 27; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_013"></A><B>DISTRIBUTIONS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund expects to distribute
monthly all or a portion of its net investment income to common shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund intends to pay common
shareholders at least annually all or substantially all of its net investment income after the payment of dividends and interest, if
any, owed with respect to any outstanding preferred shares and/or notes or other forms of leverage utilized by the Fund. The Fund intends
to pay any capital gains distributions at least annually. If the Fund makes a long-term capital gain distribution, it will be required
to allocate such gain between the common shares and any preferred shares issued by the Fund in proportion to the total dividends paid
to each class for the year in which the income is realized.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The U.S. federal income tax
treatment and characterization of the Fund&rsquo;s distributions may vary significantly from time to time because of the varied nature
of the Fund&rsquo;s investments. In light of the Fund&rsquo;s investment policies, the Fund anticipates that the Investment Company Act
will require it to accompany each monthly distribution with a statement setting forth the estimated source (as between net income, capital
gains and return of capital) of the distribution made. The Fund will indicate the proportion of its capital gains distributions that
constitute long-term and short-term gains annually. The ultimate U.S. federal income tax characterization of the Fund&rsquo;s distributions
made in a calendar or fiscal year cannot finally be determined until after the end of that taxable year. As a result, there is a possibility
that the Fund may make total distributions during a calendar or taxable year in an amount that exceeds the Fund&rsquo;s net investment
company taxable income and net capital gains for the relevant taxable year. In such situations, if a distribution exceeds the Fund&rsquo;s
current and accumulated earnings and profits (as determined for U.S. federal income tax purposes), a portion of each distribution paid
with respect to such taxable year would generally be treated as a tax-free return of capital reducing the amount of a shareholder&rsquo;s
tax basis in such shareholder&rsquo;s shares. When a shareholder sells shares in the Fund, the amount, if any, by which the sales price
exceeds the shareholder&rsquo;s basis in the Fund&rsquo;s shares is gain subject to tax. Because a return of capital reduces a shareholder&rsquo;s
basis in the shares, it will increase the amount of such shareholder&rsquo;s gain or decrease the amount of such shareholder&rsquo;s
loss when such shareholder sells the shares, all other things being equal. To the extent that the amount of any return of capital distribution
exceeds the shareholder&rsquo;s basis in such shareholder&rsquo;s shares, the excess will be treated as gain from a sale or exchange
of the shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Various factors will affect
the level of the Fund&rsquo;s income, including the asset mix, the average maturity of the Fund&rsquo;s portfolio and default rates,
the amount of leverage utilized by the Fund, if any, and any use of hedging activities by the Fund. To permit the Fund to maintain a
more stable monthly distribution, the Fund may from time to time distribute less than the entire amount of income earned in a particular
monthly period. The undistributed income would be available to supplement future distributions. As a result, the distributions paid by
the Fund for any particular monthly period may be more or less than the amount of income actually earned by the Fund during that monthly
period. Undistributed income will add to the Fund&rsquo;s net asset value (and indirectly benefits the Adviser by increasing its fees)
and, correspondingly, distributions from undistributed income will reduce the Fund&rsquo;s net asset value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The distributions for any
full or partial year might not be made in equal amounts, and any one distribution may be larger than the other. The Fund will make a
distribution only if authorized by the Board or by the officers of the Fund pursuant to delegated authority granted by the Board, and
declared by the Fund out of assets legally available for these distributions. The Fund may pay a special distribution at the end of each
fiscal year if necessary to maintain the Fund&rsquo;s tax treatment as a RIC and/or avoid the imposition of tax on the Fund. 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&rsquo;s net asset value and, over time, potentially increase the Fund&rsquo;s
expense ratio. If a distribution constitutes 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&rsquo;s earned income or other profits. The Board may elect
to change the Fund&rsquo;s distribution policy at any time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section&nbsp;19(b)&nbsp;of
the Investment Company Act and Rule&nbsp;19b-1 thereunder generally limit the Fund to one long-term capital gain distribution per year,
subject to certain exceptions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shareholders will automatically
have all dividends and distributions reinvested in common shares of the Fund in accordance with the Fund&rsquo;s dividend reinvestment
plan, unless an election is made to receive cash by contacting the plan administrator at (877) 272-8164. See &ldquo;Dividend Reinvestment
Plan.&rdquo;</P>

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

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

<!-- Field: Page; Sequence: 28; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_014"></A>DIVIDEND REINVESTMENT PLAN</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Please refer to the section
of the Fund&rsquo;s most recent annual report on Form&nbsp;N-CSR&nbsp;entitled &ldquo;<A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924031433/tm244051d1_ncsr.htm">Additional
Information - Dividend Reinvestment Plan</A><FONT STYLE="color: #0563c1"><U>,&rdquo;</U></FONT> which is incorporated by reference herein,
for a discussion of the Fund&rsquo;s dividend reinvestment plan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_015"></A>RIGHTS OFFERINGS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may in the future,
and at its discretion, choose to make offerings of rights to its shareholders to purchase common shares. Rights may be issued independently
or together with any other offered security and may or may not be transferable by the person purchasing or receiving the rights. In connection
with a rights offering to shareholders, we would distribute certificates or other documentation (i.e., rights cards distributed in lieu
of certificates) evidencing the rights and a Prospectus Supplement to our shareholders as of the record date that we set for determining
the shareholders eligible to receive rights in such rights offering. Any such future rights offering will be made in accordance with
the Investment Company Act. Under the laws of Maryland, the Board is authorized to approve rights offerings without obtaining shareholder
approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The staff of the SEC has
interpreted the Investment Company Act as not requiring shareholder approval of a transferable rights offering to purchase common shares
at a price below the then current NAV so long as certain conditions are met, including: (i)&nbsp;a good faith determination by the Fund&rsquo;s
Board that such offering would result in a net benefit to existing shareholders; (ii)&nbsp;the offering fully protects shareholders&rsquo;
preemptive rights and does not discriminate among shareholders (except for the possible effect of not offering fractional rights); (iii)&nbsp;management
uses its best efforts to ensure an adequate trading market in the rights for use by shareholders who do not exercise such rights; and
(iv)&nbsp;the ratio of a transferable rights offering does not exceed one new share for each three rights held.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The applicable Prospectus
Supplement would describe the following terms of the rights in respect of which this Prospectus is being delivered:</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the period of time the offering would
                                            remain open;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the underwriter or distributor, if
                                            any, of the rights and any associated underwriting fees or discounts applicable to purchases
                                            of the rights;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the title of such rights;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the exercise price for such rights
                                            (or method of calculation thereof);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the number of such rights issued in
                                            respect of each share;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the number of rights required to purchase
                                            a single share;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the extent to which such rights are
                                            transferable and the market on which they may be traded if they are transferable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if applicable, a discussion of the
                                            material U.S. federal income tax considerations applicable to the issuance or exercise of
                                            such rights;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the date on which the right to exercise
                                            such rights will commence, and the date on which such right will expire (subject to any extension);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the extent to which such rights include
                                            an over-subscription privilege with respect to unsubscribed securities and the terms of such
                                            over-subscription privilege; 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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">termination rights we may have in
                                            connection with such rights offering.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 29; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A certain number of rights
would entitle the holder of the right(s)&nbsp;to purchase for cash such number of common shares at such exercise price as in each case
is set forth in, or be determinable as set forth in, the Prospectus Supplement relating to the rights offered thereby. Rights would be
exercisable at any time up to the close of business on the expiration date for such rights set forth in the applicable Prospectus Supplement.
After the close of business on the expiration date, all unexercised rights would become void. Upon expiration of the rights offering
and the receipt of payment and the rights certificate or other appropriate documentation properly executed and completed and duly executed
at the corporate trust office of the rights agent, or any other office indicated in the applicable Prospectus Supplement, the common
shares purchased as a result of such exercise will be issued as soon as practicable. To the extent permissible under applicable law,
we may determine to offer any unsubscribed offered securities directly to persons other than shareholders, to or through agents, underwriters
or dealers or through a combination of such methods, as set forth in the applicable Prospectus Supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_016"></A><B>TAX MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following discussion
is a brief summary of certain U.S. federal income tax considerations affecting the Fund and the purchase, ownership and disposition of
the Fund&rsquo;s common shares. A more detailed discussion of the tax rules&nbsp;applicable to the Fund and its common shareholders can
be found in the SAI that is incorporated by reference into this Prospectus. Except as otherwise noted, this discussion assumes you are
a taxable U.S. holder (as defined below) and that you hold your common shares as capital assets for U.S. federal income tax purposes
(generally, assets held for investment). This discussion is based upon current provisions of the Internal Revenue Code of 1986, as amended
(the &ldquo;Code&rdquo;), the regulations promulgated thereunder and judicial and administrative authorities, all of which are subject
to change or differing interpretations by the courts or the Internal Revenue Service (the &ldquo;IRS&rdquo;), possibly with retroactive
effect. No attempt is made to present a detailed explanation of all U.S. federal tax concerns affecting the Fund and its common shareholders.
<B>The discussion set forth herein does not constitute tax advice and potential investors are urged to consult their own tax advisers
to determine the specific U.S. federal, state, local and foreign tax consequences to them of investing in the Fund.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, no attempt is
made to address tax considerations applicable to an investor with a special tax status, such as a financial institution, real estate
income trust (&ldquo;REIT&rdquo;), insurance company, regulated investment company, individual retirement account, other tax-exempt organization,
dealer in securities or currencies, person holding shares of the Fund as part of a hedging, integrated, conversion or straddle transaction,
trader in securities that has elected the mark-to-market method of accounting for its securities, U.S. holder (as defined below) whose
functional currency is not the U.S. dollar, investor with &ldquo;applicable financial statements&rdquo; within the meaning of Section&nbsp;451(b)&nbsp;of
the Code, or non-U.S. investor. Furthermore, this discussion does not reflect possible application of the alternative minimum tax.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. holder is a beneficial
owner that is for U.S. federal income tax purposes:</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a citizen or individual resident of
                                            the United States (including certain former citizens and former long-term residents);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a corporation or other entity treated
                                            as a corporation for U.S. federal income tax purposes, created or organized in or under the
                                            laws of the United States or any state thereof or the District of Columbia;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an estate, the income of which is
                                            subject to U.S. federal income taxation regardless of its source; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a trust with respect to which a court
                                            within the United States is able to exercise primary supervision over its administration
                                            and one or more U.S. persons has the authority to control all of its substantial decisions
                                            or the trust has made a valid election in effect under applicable Treasury regulations to
                                            be treated as a U.S. person.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 30; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Taxation of the Fund</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund has elected to be
treated as a RIC under Subchapter M of the Code, and operates in a manner so as to qualify for tax treatment applicable to RICs. To qualify
for tax treatment as a RIC, the Fund must, among other things, satisfy certain requirements relating to the sources of its income, diversification
of its assets, and distribution of its income to its shareholders. First, the Fund must derive at least 90% of its annual gross income
from dividends, interest, payments with respect to securities loans, gains from the sale or other disposition of stock or securities
or foreign currencies, or other income (including but not limited to gains from options, futures and forward contracts) derived with
respect to its business of investing in such stock, securities or currencies, or net income derived from interests in &ldquo;qualified
publicly traded partnerships&rdquo; (as defined in the Code) (the &ldquo;90% gross income test&rdquo;). Second, the Fund must diversify
its holdings so that, at the close of each quarter of its taxable year, (i)&nbsp;at least 50% of the value of its total assets consists
of cash, cash items, U.S. Government securities, securities of other RICs and other securities, with such other securities limited in
respect of any one issuer to an amount not greater in value than 5% of the value of the Fund&rsquo;s total assets and to not more than
10% of the outstanding voting securities of such issuer and (ii)&nbsp;not more than 25% of the market value of the Fund&rsquo;s total
assets is invested in the securities (other than U.S. Government securities and securities of other RICs) of any one issuer, any two
or more issuers controlled by the Fund and engaged in the same, similar or related trades or businesses, or any one or more &ldquo;qualified
publicly traded partnerships.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As long as the Fund qualifies
as a RIC, the Fund will generally not be subject to corporate-level U.S. federal income tax on income and gains that it distributes each
taxable year to its shareholders, provided that in such taxable year it distributes at least 90% of the sum of (i)&nbsp;its net tax-exempt
interest income, if any, and (ii)&nbsp;its &ldquo;investment company taxable income&rdquo; (which includes, among other items, dividends,
taxable interest, taxable original issue discount and market discount income, income from securities lending, net short-term capital
gain in excess of net long-term capital loss, and any other taxable income other than &ldquo;net capital gain&rdquo; (as defined below)
and is reduced by deductible expenses) determined without regard to the deduction for dividends paid. The Fund may retain for investment
its net capital gain (which consists of the excess of its net long-term capital gain over its net short-term capital loss). However,
if the Fund retains any net capital gain or any investment company taxable income, it will be subject to tax at regular corporate rates
on the amount retained.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Code imposes a 4% nondeductible
excise tax on the Fund to the extent the Fund does not distribute by the end of any calendar year at least the sum of (i)&nbsp;98% of
its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii)&nbsp;98.2% of its capital gain
in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on October&nbsp;31 of the
calendar year (unless an election is made to use the Fund&rsquo;s fiscal year). In addition, the minimum amounts that must be distributed
in any year to avoid the excise tax will be increased or decreased to reflect the total amount of any under-distribution or over-distribution,
as the case may be, from the previous year. For purposes of the excise tax, the Fund will be deemed to have distributed any income on
which it paid U.S. federal income tax. While the Fund intends to distribute any income and capital gain in the manner necessary to minimize
imposition of the 4% nondeductible excise tax, there can be no assurance that sufficient amounts of the Fund&rsquo;s taxable income and
capital gain will be distributed to entirely avoid the imposition of the excise tax. In that event, the Fund will be liable for the excise
tax only on the amount by which it does not meet the foregoing distribution requirement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If in any taxable year the
Fund should fail to qualify under Subchapter M of the Code for tax treatment as a RIC, the Fund would incur a regular corporate U.S.
federal income tax upon all of its taxable income for that year, and all distributions to its shareholders (including distributions of
net capital gain) would be taxable to shareholders as ordinary dividend income for U.S. federal income tax purposes to the extent of
the Fund&rsquo;s earnings and profits. Provided that certain holding period and other requirements were met, such dividends would be
eligible (i)&nbsp;to be treated as qualified dividend income in the case of shareholders taxed as individuals and (ii)&nbsp;for the dividends
received deduction in the case of corporate shareholders. In addition, to qualify again to be taxed as a RIC in a subsequent year, the
Fund would be required to distribute to shareholders its earnings and profits attributable to non-RIC years. In addition, if the Fund
failed to qualify as a RIC for a period greater than two taxable years, then, in order to qualify as a RIC in a subsequent year, the
Fund would be required to elect to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income,
over aggregate loss that would have been realized if the Fund had been liquidated) or, alternatively, be subject to taxation on such
built-in gain recognized for a period of five years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The remainder of this discussion
assumes that the Fund qualifies for taxation as a RIC.</P>

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

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

<!-- Field: Page; Sequence: 31; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>The Fund&rsquo;s Investments</I>.
Certain of the Fund&rsquo;s investment practices are subject to special and complex U.S. federal income tax provisions (including mark-to-market,
constructive sale, straddle, wash sale, short sale and other rules) that may, among other things, (i)&nbsp;disallow, suspend or otherwise
limit the allowance of certain losses or deductions, (ii)&nbsp;convert lower taxed long-term capital gains or qualified dividend income
into higher taxed short-term capital gains or ordinary income, (iii)&nbsp;convert ordinary loss or a deduction into capital loss (the
deductibility of which is more limited), (iv)&nbsp;cause the Fund to recognize income or gain without a corresponding receipt of cash,
(v)&nbsp;adversely affect the time as to when a purchase or sale of shares or securities is deemed to occur, (vi)&nbsp;adversely alter
the characterization of certain complex financial transactions and (vii)&nbsp;produce income that will not be &ldquo;qualified&rdquo;
income for purposes of the 90% annual gross income requirement described above. These U.S. federal income tax provisions could therefore
affect the amount, timing and character of distributions to common shareholders. The Fund monitors its transactions and may make certain
tax elections and may be required to dispose of securities to mitigate the effect of these provisions and prevent disqualification of
the Fund as a RIC. Additionally, the Fund may be required to limit its activities in derivative instruments in order to enable it to
maintain its RIC status.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may invest a portion
of its net assets in below investment grade securities. Investments in these types of securities may present special tax issues for the
Fund. U.S. federal income tax rules&nbsp;are not entirely clear about issues such as when the Fund may cease to accrue interest, original
issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless securities, how payments
received on obligations in default should be allocated between principal and income and whether modifications or exchanges of debt obligations
in a bankruptcy or workout context are taxable. These and other issues could affect the Fund&rsquo;s ability to distribute sufficient
income to preserve its status as a RIC or to avoid the imposition of U.S. federal income or excise tax.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain debt securities acquired
by the Fund may be treated as debt securities that were originally issued at a discount. Generally, the amount of the original issue
discount is treated as interest income and is included in taxable income (and required to be distributed by the Fund in order to qualify
as a RIC and avoid U.S. federal income tax or the 4% excise tax on undistributed income) over the term of the security, even though payment
of that amount is not received until a later time, usually when the debt security matures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Fund purchases a debt
security on a secondary market at a price lower than its adjusted issue price, the excess of the adjusted issue price over the purchase
price is &ldquo;market discount.&rdquo; Unless the Fund makes an election to accrue market discount on a current basis, generally, any
gain realized on the disposition of, and any partial payment of principal on, a debt security having market discount is treated as ordinary
income to the extent the gain, or principal payment, does not exceed the &ldquo;accrued market discount&rdquo; on the debt security.
Market discount generally accrues in equal daily installments. If the Fund ultimately collects less on the debt instrument than its purchase
price plus the market discount previously included in income, the Fund may not be able to benefit from any offsetting loss deductions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may invest in preferred
securities or other securities the U.S. federal income tax treatment of which may not be clear or may be subject to recharacterization
by the IRS. To the extent the tax treatment of such securities or the income from such securities differs from the tax treatment expected
by the Fund, it could affect the timing or character of income recognized by the Fund, potentially requiring the Fund to purchase or
sell securities, or otherwise change its portfolio, in order to comply with the tax rules&nbsp;applicable to RICs under the Code.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Gain or loss on the sale
of securities by the Fund will generally be long-term capital gain or loss if the securities have been held by the Fund for more than
one year. Gain or loss on the sale of securities held for one year or less will be short-term capital gain or loss.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because the Fund may invest
in foreign securities, its income from such securities may be subject to non-U.S. taxes. If more than 50% of the Fund&rsquo;s total assets
at the close of its taxable year consists of stock or securities of foreign corporations, the Fund may elect for U.S. federal income
tax purposes to treat foreign income taxes paid by it as paid by its shareholders. The Fund may qualify for and make this election in
some, but not necessarily all, of its taxable years. If the Fund were to make such an election, shareholders would be required to take
into account an amount equal to their pro rata portions of such foreign taxes in computing their taxable income and then treat an amount
equal to those foreign taxes as a U.S. federal income tax deduction or as a foreign tax credit against their U.S. federal income tax
liability. A taxpayer&rsquo;s ability to use a foreign tax deduction or credit is subject to limitations under the Code. Shortly after
any year for which it makes such an election, the Fund will report to its shareholders the amount per share of such foreign income tax
that must be included in each shareholder&rsquo;s gross income and the amount that may be available for the deduction or credit.</P>

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

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

<!-- Field: Page; Sequence: 32; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Foreign currency gain or
loss on foreign currency exchange contracts, non-U.S. dollar-denominated securities contracts, and non-U.S. dollar-denominated futures
contracts, options and forward contracts that are not section 1256 contracts (as defined below) generally will be treated as ordinary
income and loss.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Income from options on individual
securities written by the Fund will not be recognized by the Fund for tax purposes until an option is exercised, lapses or is subject
to a &ldquo;closing transaction&rdquo; (as defined by applicable regulations) pursuant to which the Fund&rsquo;s obligations with respect
to the option are otherwise terminated. If the option lapses without exercise, the premiums received by the Fund from the writing of
such options will generally be characterized as short-term capital gain. If the Fund enters into a closing transaction, the difference
between the premiums received and the amount paid by the Fund to close out its position will generally be treated as short-term capital
gain or loss. If an option written by the Fund is exercised, thereby requiring the Fund to sell the underlying security, the premium
will increase the amount realized upon the sale of the security, and the character of any gain on such sale of the underlying security
as short-term or long-term capital gain will depend on the holding period of the Fund in the underlying security. Because the Fund will
not have control over the exercise of the options it writes, such exercises or other required sales of the underlying securities may
cause the Fund to realize gains or losses at inopportune times.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Index options that qualify
as &ldquo;section 1256 contracts&rdquo; will generally be treated as &ldquo;marked-to-market&rdquo; for U.S. federal income tax purposes.
As a result, the Fund will generally recognize gain or loss on the last day of each taxable year equal to the difference between the
value of the option on that date and the adjusted basis of the option. The adjusted basis of the option will consequently be increased
by such gain or decreased by such loss. Any gain or loss with respect to options on indices and sectors that qualify as &ldquo;section
1256 contracts&rdquo; will be treated as short-term capital gain or loss to the extent of 40% of such gain or loss and long-term capital
gain or loss to the extent of 60% of such gain or loss. Because the mark-to-market rules&nbsp;may cause the Fund to recognize gain in
advance of the receipt of cash, the Fund may be required to dispose of investments in order to meet its distribution requirements. &ldquo;Mark-to-market&rdquo;
losses may be suspended or otherwise limited if such losses are part of a straddle or similar transaction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Taxation of Common Shareholders</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund will either distribute
or retain for reinvestment all or part of its net capital gain. If any such gain is retained, the Fund will be subject to a corporate
income tax on such retained amount. In that event, the Fund expects to report the retained amount as undistributed capital gain in a
notice to its common shareholders, each of whom, if subject to U.S. federal income tax on long-term capital gains, (i)&nbsp;will be required
to include in income for U.S. federal income tax purposes as long-term capital gain its share of such undistributed amounts, (ii)&nbsp;will
be entitled to credit its proportionate share of the tax paid by the Fund against its U.S. federal income tax liability and to claim
refunds to the extent that the credit exceeds such liability and (iii)&nbsp;will increase its basis in its common shares by the amount
of undistributed capital gains included in the common shareholder&rsquo;s income less the tax deemed paid by the common shareholder under
clause (ii).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distributions paid to you
by the Fund from its net capital gain, if any, that the Fund properly reports as capital gain dividends (&ldquo;capital gain dividends&rdquo;)
are taxable as long-term capital gains, regardless of how long you have held your common shares. All other dividends paid to you by the
Fund (including dividends from net short-term capital gains or tax-exempt interest, if any) from its current or accumulated earnings
and profits (&ldquo;ordinary income dividends&rdquo;) are generally subject to tax as ordinary income. Provided that certain holding
period and other requirements are met, ordinary income dividends (if properly reported by the Fund) may qualify (i)&nbsp;for the dividends
received deduction in the case of corporate common shareholders to the extent that the Fund&rsquo;s income consists of dividend income
from U.S. corporations, (ii)&nbsp;in the case of individual common shareholders, as &ldquo;qualified dividend income&rdquo; eligible
to be taxed at long-term capital gains rates to the extent that the Fund receives qualified dividend income and (iii)&nbsp;in the case
of individual common shareholders, as &ldquo;section 199A dividends&rdquo; eligible for a 20% &ldquo;qualified business income&rdquo;
deduction in tax years beginning after December&nbsp;31, 2017 and before January&nbsp;1, 2026 to the extent the Fund receives ordinary
REIT dividends, reduced by allocable Fund expenses. Qualified dividend income is, in general, dividend income from taxable domestic corporations
and certain qualified foreign corporations (e.g., generally, foreign corporations incorporated in a possession of the United States or
in certain countries with a qualifying comprehensive tax treaty with the United States, or whose stock with respect to which such dividend
is paid is readily tradable on an established securities market in the United States). There can be no assurance as to what portion,
if any, of the Fund&rsquo;s distributions will constitute qualified dividend income or be eligible for the dividends received deduction
or &ldquo;qualified business income&rdquo; deduction.</P>

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

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

<!-- Field: Page; Sequence: 33; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any distributions you receive
that are in excess of the Fund&rsquo;s current and accumulated earnings and profits will be treated as a return of capital to the extent
of your adjusted tax basis in your common shares, and thereafter as capital gain from the sale of common shares. The amount of any Fund
distribution that is treated as a return of capital will reduce your adjusted tax basis in your common shares, thereby increasing your
potential gain or reducing your potential loss on any subsequent sale or other disposition of your common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Common shareholders may be
entitled to offset their capital gain dividends with capital losses. The Code contains a number of statutory provisions affecting when
capital losses may be offset against capital gain, and limiting the use of losses from certain investments and activities. Accordingly,
common shareholders that have capital losses are urged to consult their tax advisers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dividends and other taxable
distributions are taxable to you even though they are reinvested in additional common shares of the Fund. Dividends and other distributions
paid by the Fund are generally treated under the Code as received by you at the time the dividend or distribution is made. If, however,
the Fund pays you a dividend in January&nbsp;that was declared in the previous October, November&nbsp;or December&nbsp;to common shareholders
of record on a specified date in one of such months, then such dividend will be treated for U.S. federal income tax purposes as being
paid by the Fund and received by you on December&nbsp;31 of the year in which the dividend was declared. In addition, certain other distributions
made after the close of the Fund&rsquo;s taxable year may be &ldquo;spilled back&rdquo; and treated as paid by the Fund (except for purposes
of the 4% nondeductible excise tax) during such taxable year. In such case, you will be treated as having received such dividends in
the taxable year in which the distributions were actually made.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The price of common shares
purchased at any time may reflect the amount of a forthcoming distribution. Those purchasing common shares just prior to the record date
of a distribution will receive a distribution which will be taxable to them even though it represents, economically, a return of invested
capital.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund will send you information
after the end of each year setting forth the amount and tax status of any distributions paid to you by the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The sale or other disposition
of common shares will generally result in capital gain or loss to you and will be long-term capital gain or loss if you have held such
common shares for more than one year at the time of sale. Any loss upon the sale or other disposition of common shares held for six months
or less will be treated as long-term capital loss to the extent of any capital gain dividends received (including amounts credited as
an undistributed capital gain dividend) by you with respect to such common shares. Any loss you recognize on a sale or other disposition
of common shares will be disallowed if you acquire other common shares (whether through the automatic reinvestment of dividends or otherwise)
within a 61-day period beginning 30 days before and ending 30 days after your sale or exchange of the common shares. In such case, your
tax basis in the common shares acquired will be adjusted to reflect the disallowed loss.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Fund liquidates, common
shareholders generally will realize capital gain or loss upon such liquidation in an amount equal to the difference between the amount
of cash or other property received by the common shareholder (including any property deemed received by reason of its being placed in
a liquidating trust) and the common shareholder&rsquo;s adjusted tax basis in its common shares. Any such gain or loss will be long-term
if the common shareholder is treated as having a holding period in the Fund shares of greater than one year, and otherwise will be short-term.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Current U.S. federal income
tax law taxes both long-term and short-term capital gain of corporations at the rates applicable to ordinary income. For non-corporate
taxpayers, short-term capital gain is currently taxed at rates applicable to ordinary income while long-term capital gain generally is
taxed at a reduced maximum rate. The deductibility of capital losses is subject to limitations under the Code.</P>

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

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

<!-- Field: Page; Sequence: 34; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain U.S. holders who
are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare tax on all or
a portion of their &ldquo;net investment income,&rdquo; which includes dividends received from the Fund and capital gains from the sale
or other disposition of the Fund&rsquo;s common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A common shareholder that
is a nonresident alien individual or a foreign corporation (a &ldquo;foreign investor&rdquo;) generally will be subject to U.S. federal
withholding tax at the rate of 30% (or possibly a lower rate provided by an applicable tax treaty) on ordinary income dividends (except
as discussed below). In general, U.S. federal withholding tax and U.S. federal income tax will not apply to any gain or income realized
by a foreign investor in respect of any distribution of net capital gain (including amounts credited as an undistributed capital gain
dividend) or upon the sale or other disposition of common shares of the Fund. Different tax consequences may result if the foreign investor
is engaged in a trade or business in the United States or, in the case of an individual, is present in the United States for 183 days
or more during a taxable year and certain other conditions are met. Foreign investors should consult their tax advisers regarding the
tax consequences of investing in the Fund&rsquo;s common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ordinary income dividends
properly reported by a RIC are generally exempt from U.S. federal withholding tax where they (i)&nbsp;are paid in respect of the RIC&rsquo;s
 &ldquo;qualified net interest income&rdquo; (generally, its U.S.-source interest income, other than certain contingent interest and interest
from obligations of a corporation or partnership in which the RIC is at least a 10% shareholder, reduced by expenses that are allocable
to such income) or (ii)&nbsp;are paid in respect of the RIC&rsquo;s &ldquo;qualified short-term capital gains&rdquo; (generally, the
excess of the RIC&rsquo;s net short-term capital gain over its long-term capital loss for such taxable year). Depending on its circumstances,
the Fund may report all, some or none of its potentially eligible dividends as such qualified net interest income or as qualified short-term
capital gains, and/or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify
for this exemption from withholding, a foreign investor needs to comply with applicable certification requirements relating to its non-U.S.
status (including, in general, furnishing an IRS Form&nbsp;W-8BEN, W-8BEN-E or substitute Form). In the case of common shares held through
an intermediary, the intermediary may have withheld even if the Fund reported the payment as qualified net interest income or qualified
short-term capital gain. Foreign investors should contact their intermediaries with respect to the application of these rules&nbsp;to
their accounts. There can be no assurance as to what portion of the Fund&rsquo;s distributions would qualify for favorable treatment
as qualified net interest income or qualified short-term capital gains.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, withholding
at a rate of 30% will apply to dividends paid in respect of common shares of the Fund held by or through certain foreign financial institutions
(including investment funds), unless such institution enters into an agreement with the Treasury to report, on an annual basis, information
with respect to shares in, and accounts maintained by, the institution to the extent such shares or accounts are held by certain U.S.
persons and by certain non-U.S. entities that are wholly or partially owned by U.S. persons and to withhold on certain payments. Accordingly,
the entity through which common shares of the Fund are held will affect the determination of whether such withholding is required. Similarly,
dividends paid in respect of common shares of the Fund held by an investor that is a non-financial foreign entity that does not qualify
under certain exemptions will be subject to withholding at a rate of 30%, unless such entity either (i)&nbsp;certifies that such entity
does not have any &ldquo;substantial United States owners&rdquo; or (ii)&nbsp;provides certain information regarding the entity&rsquo;s
 &ldquo;substantial United States owners,&rdquo; which the Fund or applicable withholding agent will in turn provide to the Secretary
of the Treasury. An intergovernmental agreement between the United States and an applicable foreign country, or future Treasury regulations
or other guidance, may modify these requirements. The Fund will not pay any additional amounts to common shareholders in respect of any
amounts withheld. Foreign investors are encouraged to consult with their tax advisers regarding the possible implications of these rules&nbsp;on
their investment in the Fund&rsquo;s common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">U.S. federal backup withholding
tax may be required on dividends, distributions and sale proceeds payable to certain non-exempt common shareholders who fail to supply
their correct taxpayer identification number (in the case of individuals, generally, their social security number) or to make required
certifications, or who are otherwise subject to backup withholding. Backup withholding is not an additional tax and any amount withheld
may be refunded or credited against your U.S. federal income tax liability, if any, provided that you timely furnish the required information
to the IRS.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ordinary income dividends,
capital gain dividends, and gain from the sale or other disposition of common shares of the Fund also may be subject to state, local,
and/or foreign taxes. Common shareholders are urged to consult their own tax advisers regarding specific questions about U.S. federal,
state, local or foreign tax consequences to them of investing in the Fund.</P>

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

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

<!-- Field: Page; Sequence: 35; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>The foregoing is a general
and abbreviated summary of certain provisions of the Code and the Treasury regulations currently in effect as they directly govern the
taxation of the Fund and its common shareholders. These provisions are subject to change by legislative or administrative action, and
any such change may be retroactive. A more detailed discussion of the tax rules&nbsp;applicable to the Fund and its common shareholders
can be found in the SAI that is incorporated by reference into this Prospectus. Common shareholders are urged to consult their tax advisers
regarding specific questions as to U.S. federal, state, local and foreign income or other taxes.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Please refer to the SAI for
more detailed information. You are urged to consult your tax adviser.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_017"></A><B>TAXATION OF HOLDERS OF RIGHTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The value of a right will
not be includible in the income of a common shareholder at the time the right is issued.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The basis of a right issued
to a common shareholder will be zero, and the basis of the share with respect to which the subscription right was issued (the old share)
will remain unchanged, unless either (a)&nbsp;the fair market value of the right on the date of distribution is at least 15% of the fair
market value of the old share, or (b)&nbsp;such shareholder affirmatively elects (in the manner set out in Treasury regulations under
the Code) to allocate to the subscription right a portion of the basis of the old share. If either (a)&nbsp;or (b)&nbsp;applies, then
except as described below such shareholder must allocate basis between the old share and the right in proportion to their fair market
values on the date of distribution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The basis of a right purchased
in the market will generally be its purchase price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holding period of a right
issued to a common shareholder will include the holding period of the old share. No gain or loss will be recognized by a common shareholder
upon the exercise of a right.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No loss will be recognized
by a common shareholder if a right distributed to such common shareholder expires unexercised because the basis of the old share may
be allocated to a right only if the right is exercised. If a right that has been purchased in the market expires unexercised, there will
be a recognized loss equal to the basis of the right.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any gain or loss on the sale
of a right will be a capital gain or loss if the right is held as a capital asset (which in the case of rights issued to common shareholders
will depend on whether the old common shares are held as a capital asset), and will be a long-term capital gain or loss if the holding
period is deemed to exceed one year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_018"></A>CERTAIN PROVISIONS IN THE CHARTER AND BYLAWS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Charter and the bylaws
of the Fund (the &ldquo;Bylaws&rdquo;) contain provisions that could make it more difficult for a potential acquiror to acquire the Fund
by means of a tender offer, proxy contest or otherwise. These provisions are designed to discourage certain coercive takeover practices
and inadequate takeover bids and to encourage persons seeking to acquire control of the Fund to negotiate first with the Board. The Fund
believes that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because,
among other things, the negotiation of such proposals may improve their terms.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund&rsquo;s Directors
(other than any Directors elected solely by the holders of one or more classes or series of preferred shares in connection with dividend
arrearages) are divided into three classes serving staggered three-year terms. Upon expiration of their current terms, Directors of each
class will be elected to serve until the third successive annual meeting of shareholders after the meeting at which they were elected
and until their successors are duly elected and qualify, and each year one class of Directors will be nominated for election by the shareholders.
A classified board may render a change in control of the Fund or the removal of the Fund&rsquo;s incumbent management more difficult.
The Fund believes, however, that the longer time required to elect a majority of a classified board will help to ensure the continuity
and stability of the Fund&rsquo;s management and policies.</P>

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

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

<!-- Field: Page; Sequence: 36; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Charter and the Bylaws
provide that the affirmative vote of the holders of a majority of the shares outstanding and entitled to vote in the election of Directors
will be required to elect a Director. Pursuant to the Charter, the Board may amend the Bylaws from time to time to alter the vote required
to elect a Director.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Number of Directors; Vacancies; Removal</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Charter provides that
the number of Directors may be increased or decreased only by the Board in accordance with the Bylaws or in accordance with the Charter,
but shall never be less than the minimum required by the Maryland General Corporation Law, which is one. The Bylaws provide that a majority
of the entire Board may at any time establish, increase or decrease the number of Directors. However, unless the Bylaws are amended,
the number of Directors cannot be less than the minimum number required by the Maryland General Corporation Law or more than 10.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund has elected to be
subject to the provision of Subtitle 8 of Title 3 of the Maryland General Corporation Law regarding the filling of vacancies on the Board.
For that reason, except as may be provided by the Board in setting the terms of any class or series of preferred shares, any and all
vacancies on the Board may be filled only by the affirmative vote of a majority of the Directors remaining in office, even if the remaining
Directors do not constitute a quorum, and any Director elected to fill a vacancy will serve for the remainder of the full term of the
directorship in which the vacancy occurred and until a successor is duly elected and qualifies, subject to any applicable requirements
of the Investment Company Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Charter provides that,
subject to the rights of holders of one or more classes or series of preferred shares, a Director may be removed only for cause, as defined
in the Charter, and then only by the affirmative vote of shareholders entitled to cast at least two-thirds of the votes entitled to be
cast in the election of Directors.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the Maryland General
Corporation Law, common shareholders may act only at an annual or special meeting of shareholders or, unless the charter provides for
shareholder action by less than unanimous written consent (which is not the case for the Charter), by unanimous consent in writing or
by electronic transmission in lieu of a meeting. These provisions, combined with the requirements of the Bylaws regarding the calling
of a shareholder-requested special meeting of shareholders discussed below, may have the effect of delaying consideration of a shareholder
proposal until the next annual meeting of shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Advance Notice Provisions for Shareholder Nominations and Shareholder
Proposals</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Bylaws provide that,
with respect to an annual meeting of shareholders, the nomination of individuals for election as Directors and the proposal of other
business to be considered by the Fund&rsquo;s shareholders may be made only (1)&nbsp;pursuant to the Fund&rsquo;s notice of the meeting,
(2)&nbsp;by or at the direction of the Board or (3)&nbsp;by a shareholder who (A)&nbsp;is a shareholder of record both at the time the
shareholder provides the notice required by the Bylaws and at the time of the annual meeting, (B)&nbsp;is entitled to vote at the meeting
in the election of such individuals as Directors or on such other business and (C)&nbsp;has complied with the advance notice requirements
of, and provided the information required by, the Bylaws. With respect to special meetings of the Fund&rsquo;s shareholders, only the
business specified in the notice of the meeting may be brought before the meeting. Nominations of individuals for election as Directors
at a special meeting of shareholders may be made only (1)&nbsp;by or at the direction of the Board or (2)&nbsp;if the special meeting
has been called in accordance with the Bylaws for the purpose of electing Directors, by any shareholder who (A)&nbsp;is a shareholder
of record both at the time the shareholder provides the notice required by the Bylaws and at the time of the special meeting, (B)&nbsp;is
entitled to vote at the meeting in the election of each individual so nominated and (C)&nbsp;has complied with the advance notice requirements
of, and provided the information required by, the Bylaws.</P>

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

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

<!-- Field: Page; Sequence: 37; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Calling of Special Meetings of Shareholders</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Bylaws provide that special
meetings of the Fund&rsquo;s shareholders may be called by the Board, the Chairman of the Board and certain of the Fund&rsquo;s officers.
The Bylaws also provide that, subject to the satisfaction of certain procedural and informational requirements by the shareholders requesting
the meeting, a special meeting of shareholders must be called by the secretary of the Fund to act on any matter that may properly be
considered at a meeting of shareholders upon the written request of shareholders entitled to cast not less than a majority of all the
votes entitled to be cast on such matter at such meeting. The Fund&rsquo;s secretary will inform the requesting shareholders of the reasonably
estimated cost of preparing and mailing or delivering the notice of meeting (including the Fund&rsquo;s proxy materials), and the requesting
shareholders must pay the estimated cost before the secretary may prepare and mail or deliver notice of the special meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Approval of Extraordinary Corporate Action; Amendment of the Charter
and Bylaws</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under Maryland law, a Maryland
corporation generally cannot dissolve, amend its charter, merge, consolidate, convert, sell all or substantially all of its assets or
engage in a statutory stock exchange, unless the action is declared advisable by the corporation&rsquo;s board of directors and approved
by the affirmative vote of shareholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter. However,
a Maryland corporation may provide in its charter for approval of these matters by a lesser percentage, but not less than a majority
of all of the votes entitled to be cast on the matter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Charter generally provides
for approval of charter amendments and extraordinary transactions by the shareholders entitled to cast a majority of the votes entitled
to be cast on the matter. However, the Charter provides that the following matters require the approval of shareholders entitled to cast
at least 80 percent of the votes entitled to be cast on such matter:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">amendments to the
                                            provisions of the Charter relating to, or inconsistent with, the classification of the Board,
                                            the power of the Board to fix the number of Directors and to fill vacancies on the Board,
                                            the removal of Directors and, except as otherwise provided in the Bylaws, the vote required
                                            to elect a Director;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">charter amendments
                                            that would make the Fund&rsquo;s common shares redeemable securities (within the meaning
                                            of the Investment Company Act);</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the conversion of
                                            the Fund, whether by merger or otherwise, from a closed-end investment company into an open-end
                                            investment company;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the liquidation
                                            or dissolution of the Fund or charter amendments to effect the liquidation or dissolution
                                            of the Fund;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">amendments to the
                                            provisions of the Charter relating to, or inconsistent with, the vote required to approve
                                            charter amendments and extraordinary transactions;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any merger, consolidation,
                                            stock exchange or sale or exchange of all or substantially all of the Fund&rsquo;s assets
                                            that the Maryland General Corporation Law requires be approved by the Fund&rsquo;s shareholders;
                                            or</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any transaction
                                            between the Fund, on the one hand, and any person or group of persons acting together that
                                            is entitled to exercise or direct the exercise, or acquire the right to exercise or direct
                                            the exercise, directly or indirectly (other than solely by virtue of a revocable proxy),
                                            of one-tenth or more of the voting power in the election of Directors generally, or any person
                                            controlling, controlled by or under common control with any such person or member of such
                                            a group (collectively &ldquo;Transacting Persons&rdquo;), on the other hand.</TD>
</TR></TABLE>

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

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

<!-- Field: Page; Sequence: 38; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, if such amendment,
proposal or transaction is approved by at least two-thirds of the Fund&rsquo;s continuing directors (in addition to approval by the Board),
such amendment, proposal or transaction may instead be approved by the affirmative vote of shareholders entitled to cast a majority of
all the votes entitled to be cast on such amendment, proposal or transaction, provided that any transaction with Transacting Persons
that would not otherwise require shareholder approval under the Maryland General Corporation Law would not require further shareholder
approval unless another provision of the Charter or the Bylaws requires such approval.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The &ldquo;continuing directors&rdquo;
are defined in the Charter as its current Directors and Directors whose nomination for election by the Fund&rsquo;s shareholders or whose
election by the Directors to fill a vacancy on the Board is approved by the current Directors or any successor Directors whose nomination
for election by the shareholders or whose election by the Board to fill vacancies is approved by a majority of the continuing directors
or successor continuing directors then serving on the Board.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Charter and the Bylaws
provide that the Board has the exclusive power to adopt, alter or repeal any provision of the Bylaws and to make new Bylaws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Subtitle 8</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subtitle 8 of Title 3 of
the Maryland General Corporation Law permits a Maryland corporation with a class of equity securities registered under the Exchange Act
and at least three independent directors to elect to be subject, by provision in its charter or bylaws or a resolution of its board of
directors and notwithstanding any contrary provision in the charter or bylaws, to any or all of five provisions of the Maryland General
Corporation Law that provide, respectively, for:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a classified board;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a two-thirds vote requirement for removing a director;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a requirement that the number of directors be fixed only by vote
                                            of the board of directors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a requirement that a vacancy on the board of directors be filled
                                            only by a vote of the remaining directors in office and for the remainder of the full term
                                            of the class of directors in which the vacancy occurred and until a successor is elected
                                            and qualifies; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a majority requirement for the calling of a shareholder-requested
                                            special meeting of shareholders.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Charter sets forth our
election to be subject to the provisions of Subtitle 8 relating to the filling of vacancies on the Board. Through provisions in the Charter
and the Bylaws unrelated to Subtitle 8, we also (i)&nbsp;have a classified board, (ii)&nbsp;require a two-thirds vote to remove a Director,
which removal also requires cause, (iii)&nbsp;vest in the Board the exclusive power to fix the number of directorships and (iv)&nbsp;require,
unless called by the Board, the Chairman of the Board or certain of the Fund&rsquo;s officers, the written request of shareholders entitled
to cast a majority of all the votes entitled to be cast on any matter that may properly be considered at a meeting of shareholders to
call a special meeting to act on such matter.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Bylaws provide that,
unless we consent in writing to the selection of an alternative forum, the courts in the State of Maryland or a federal court sitting
in the State of Maryland, will be the sole and exclusive forum for: (i)&nbsp;any derivative action or proceeding brought on behalf of
the Fund, (ii)&nbsp;any action asserting a claim of breach of a fiduciary duty owed by any of the Fund&rsquo;s Directors, officers or
employees to the Fund or to our shareholders, (iii)&nbsp;any action asserting a claim against the Fund or any of the Fund&rsquo;s Directors,
officers or employees arising pursuant to any provision of the Maryland General Corporation Law or the Charter or the Bylaws, or (iv)&nbsp;any
action otherwise asserting a claim against the Fund or any of the Fund&rsquo;s Directors, officers or employees that is governed by the
internal corporate claims doctrine.</P>

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

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

<!-- Field: Page; Sequence: 39; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_019"></A><B>CLOSED-END FUND STRUCTURE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund is a diversified,
closed-end management investment company (commonly referred to as a closed-end fund). Closed-end funds differ from open-end funds (which
are generally referred to as mutual funds) in that closed-end funds generally list their shares for trading on a stock exchange and do
not redeem their shares at the request of the shareholder. This means that if you wish to sell your shares of a closed-end fund, you
must sell them to a third party, generally by trading them on the stock exchange like any other stock at the prevailing market price
at that time. In a mutual fund, if the shareholder wishes to sell shares of the fund, the mutual fund will redeem or buy back the shares
at NAV. Also, mutual funds generally offer new shares on a continuous basis to new investors and closed-end funds generally do not. The
continuous inflows and outflows of assets in a mutual fund can make it difficult to manage the fund&rsquo;s investments. By comparison,
closed-end funds are generally able to stay more fully invested in securities that are consistent with their investment objectives and
also have greater flexibility to make certain types of investments and to use certain investment strategies, such as financial leverage
and investments in illiquid securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shares of closed-end funds
frequently trade at a discount to their NAV. Because of this possibility and the recognition that any such discount may not be in the
interest of shareholders, the Board might consider from time to time engaging in open-market repurchases, tender offers for shares or
other programs intended to reduce the discount. We cannot guarantee or assure, however, that the Board will decide to engage in any of
these actions. Nor is there any guarantee or assurance that such actions, if undertaken, would result in the shares trading at a price
equal or close to the NAV. See &ldquo;Repurchase of Common Shares&rdquo; below and &ldquo;Repurchase of Common Shares&rdquo; in the SAI.
The Board might also consider converting the Fund to an open-end mutual fund, which would also require a vote of the shareholders of
the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_020"></A><B>REPURCHASE OF COMMON SHARES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because the Fund is a closed-end
management investment company, its shareholders will not have the right to cause the Fund to redeem their common shares. Instead, the
Fund's common shares will trade in the open market at a price that will be a function of several direct and indirect factors, including
dividend levels (which are in turn affected by expenses), net asset value, dividend stability, relative demand for and supply of such
shares in the market, general market and economic conditions and other factors. Notice is hereby given in accordance with Section&nbsp;23(c)&nbsp;of
the Investment Company Act that the Fund may purchase at market prices from time to time its common shares in the open market but is
under no obligation to do so.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
at any time if the Fund has preferred shares outstanding, the Fund may not purchase, redeem or otherwise acquire any of its common shares
unless (i)&nbsp;all accrued preferred share dividends, if any, have been paid and (ii)&nbsp;at the time of such purchase, redemption
or acquisition, the Fund has an asset coverage of at least 200% after deducting the amount of such purchase, redemption or acquisition,
as applicable. Similarly, if the Fund has outstanding indebtedness, the Fund may not purchase, redeem or acquire its capital stock unless
the Fund has an asset coverage of at least 300% after deducting the amount of such purchase, redemption or acquisition, as applicable.
See &ldquo;Leverage&rdquo;. Any service fees incurred in connection with any tender offer made by the Fund will be borne by the Fund
and will not reduce the stated consideration to be paid to tendering shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to its investment
restrictions, the Fund may borrow to finance the repurchase of common shares or to make a tender offer for those shares. Interest on
any borrowings to finance share repurchase transactions or the accumulation of cash by the Fund in anticipation of share repurchases
or tenders will reduce the Fund's net income. Any share repurchase, tender offer or borrowing approved by the Board would have to comply
with the NYSE listing requirements and the Exchange Act, the Investment Company Act, and the rules&nbsp;and regulations thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is no assurance that,
if action is undertaken to repurchase or tender for common shares, such action will result in the Fund's common shares trading at a price
that approximates their net asset value. Although share repurchases and tenders could have a favorable effect on the market price of
the Fund's common shares, shareholders should be aware that the acquisition of common shares by the Fund will decrease the total net
assets of the Fund and, therefore, may have the effect of increasing the Fund's expense ratio and decreasing the asset coverage with
respect to any preferred shares outstanding and any amounts borrowed. For additional information, see &ldquo;Repurchase of Common Shares&rdquo;
in the SAI.</P>

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

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

<!-- Field: Page; Sequence: 40; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_021"></A>PLAN OF DISTRIBUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may sell common shares,
including through a rights offering, through underwriters or dealers, directly to one or more purchasers (including through a rights
offering), through agents, to or through underwriters or dealers, or through a combination of any such methods of sale. The applicable
Prospectus Supplement will identify any underwriter or agent involved in the offer and sale of our common shares, any sales loads, discounts,
commissions, fees or other compensation paid to any underwriter, dealer or agent, the offering price, net proceeds and use of proceeds
and the terms of any sale. In the case of a rights offering, the applicable Prospectus Supplement will set forth the number of our common
shares issuable upon the exercise of each right and the other terms of such rights offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The distribution of our common
shares may be effected from time to time in one or more transactions at a fixed price or prices, which may be changed, at prevailing
market prices at the time of sale, at prices related to such prevailing market prices, or at negotiated prices. Sales of our common shares
may be made in transactions that are deemed to be &ldquo;at the market&rdquo; as defined in Rule&nbsp;415 under the Securities Act, including
sales made directly on the NYSE or sales made to or through a market maker other than on an exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may sell our common shares
directly to, and solicit offers from, institutional investors or others who may be deemed to be underwriters as defined in the Securities
Act for any resales of the securities. In this case, no underwriters or agents would be involved. We may use electronic media, including
the Internet, to sell offered securities directly.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the sale
of our common shares, underwriters or agents may receive compensation from us in the form of discounts, concessions or commissions. Underwriters
may sell our common shares to or through dealers, and such dealers may receive compensation in the form of discounts, concessions or
commissions from the underwriters and/or commissions from the purchasers for whom they may act as agents. Underwriters, dealers and agents
that participate in the distribution of our common shares may be deemed to be underwriters under the Securities Act, and any discounts
and commissions they receive from us and any profit realized by them on the resale of our common shares may be deemed to be underwriting
discounts and commissions under the Securities Act. Any such underwriter or agent will be identified and any such compensation received
from us will be described in the applicable Prospectus Supplement. The maximum amount of compensation to be received by any Financial
Industry Regulatory Authority member or independent broker-dealer will not exceed eight percent for the sale of any securities being
offered pursuant to Rule&nbsp;415 under the Securities Act. We will not pay any compensation to any underwriter or agent in the form
of warrants, options, consulting or structuring fees or similar arrangements. In connection with any rights offering to existing shareholders,
we may enter into a standby underwriting arrangement with one or more underwriters pursuant to which the underwriter(s)&nbsp;will purchase
common shares remaining unsubscribed after the rights offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a Prospectus Supplement
so indicates, we may grant the underwriters an option to purchase additional common shares at the public offering price, less the underwriting
discounts and commissions, within 45 days from the date of the Prospectus Supplement, to cover any over-allotments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under agreements into which
we may enter, underwriters, dealers and agents who participate in the distribution of our common shares may be entitled to indemnification
by us against certain liabilities, including liabilities under the Securities Act. Underwriters, dealers and agents may engage in transactions
with us, or perform services for us, in the ordinary course of business.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If so indicated in the applicable
Prospectus Supplement, we will ourselves, or will authorize underwriters or other persons acting as our agents to solicit offers by certain
institutions to purchase our common shares from us pursuant to contracts providing for payment and delivery on a future date. Institutions
with which such contacts may be made include commercial and savings banks, insurance companies, pension funds, investment companies,
educational and charitable institutions and others, but in all cases such institutions must be approved by us. The obligation of any
purchaser under any such contract will be subject to the condition that the purchase of the common shares shall not at the time of delivery
be prohibited under the laws of the jurisdiction to which such purchaser is subject. The underwriters and such other agents will not
have any responsibility in respect of the validity or performance of such contracts. Such contracts will be subject only to those conditions
set forth in the Prospectus Supplement, and the Prospectus Supplement will set forth the commission payable for solicitation of such
contracts.</P>

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

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

<!-- Field: Page; Sequence: 41; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent permitted under
the Investment Company Act and the rules&nbsp;and regulations promulgated thereunder, the underwriters may from time to time act as brokers
or dealers and receive fees in connection with the execution of our portfolio transactions after the underwriters have ceased to be underwriters
and, subject to certain restrictions, each may act as a broker while it is an underwriter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A Prospectus and accompanying
Prospectus Supplement in electronic form may be made available on the websites maintained by underwriters. The underwriters may agree
to allocate a number of securities for sale to their online brokerage account holders. Such allocations of securities for Internet distributions
will be made on the same basis as other allocations. In addition, securities may be sold by the underwriters to securities dealers who
resell securities to online brokerage account holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to comply with the
securities laws of certain states, if applicable, our common shares offered hereby will be sold in such jurisdictions only through registered
or licensed brokers or dealers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_022"></A>INCORPORATION BY REFERENCE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">This
Prospectus is part of a registration statement that we have filed with the SEC. We are allowed to &ldquo;incorporate by reference&rdquo;
the information that we file with the SEC, which means that we can disclose important information to you by referring you to those documents.
We incorporate by reference into this Prospectus the documents listed below and any future filings we make with the SEC under Sections
13(a), 13(c), 14 or 15(d)&nbsp;of the Exchange Act, including any filings on or after the date of this Prospectus from the date of filing
(excluding any information furnished, rather than filed), until we have sold all of the offered securities to which this Prospectus and
any accompanying prospectus supplement relates or the offering is otherwise terminated. The information incorporated by reference is
an important part of this Prospectus. Any statement in a document incorporated by reference into this Prospectus will be deemed to be
automatically modified or superseded to the extent a statement contained in (1)&nbsp;this Prospectus or (2)&nbsp;any other subsequently
filed document that is incorporated by reference into this Prospectus modifies or supersedes such statement. The documents incorporated
by reference herein include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Fund&rsquo;s SAI, dated
    [<FONT STYLE="font-family: Symbol">&middot;</FONT>], 2024, filed with this Prospectus;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our&nbsp;</FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924031433/tm244051d1_ncsr.htm"><FONT STYLE="font-size: 10pt">annual
    report</FONT></A><FONT STYLE="font-size: 10pt">&nbsp;on Form&nbsp;N-CSR&nbsp;for the fiscal year ended December&nbsp;31, 2023, filed
    with the SEC on March&nbsp;6, 2024;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our&nbsp;</FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465923097217/tm2318740d1_ncsrs.htm"><FONT STYLE="font-size: 10pt">semi-annual
    report&nbsp;</FONT></A><FONT STYLE="font-size: 10pt">on Form&nbsp;N-CSR&nbsp;for the fiscal period ended June&nbsp;30, 2023, filed
    with the SEC on August 31, 2023; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the&nbsp;</FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465912077964/a12-27073_18a12b.htm"><FONT STYLE="font-size: 10pt">description
    of the Fund&rsquo;s common shares</FONT></A><FONT STYLE="font-size: 10pt">&nbsp;contained in our Registration Statement on Form&nbsp;8-A&nbsp;(File&nbsp;No.&nbsp;811-22535),&nbsp;filed
    with the SEC on March 22, 2011, including any amendment or report filed for the purpose of updating such description prior to the
    termination of the offering registered hereby.</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Fund will provide without charge to each person, including any beneficial owner, to whom this Prospectus is delivered, upon written or
oral request, a copy of any and all of the documents that have been or may be incorporated by reference in this Prospectus or the accompanying
prospectus supplement. You should direct requests for documents by calling (888) 818-5298.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Fund makes available this Prospectus, SAI and the Fund&rsquo;s annual and semi-annual reports, free of charge, at www.arespublicfunds.com.
You may also obtain this Prospectus, the SAI, other documents incorporated by reference and other information the Fund files electronically,
including reports and proxy statements, on the SEC website (http://www.sec.gov) or with the payment of a duplication fee, by electronic
request at publicinfo@sec.gov. Information contained in, or that can be accessed through, the Fund&rsquo;s website is not incorporated
by reference into this Prospectus and should not be considered to be part of this Prospectus or the accompanying prospectus supplement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_023"></A>PRIVACY PRINCIPLES OF THE FUND</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund is committed to
maintaining the privacy of its shareholders and to safeguarding their nonpublic personal information. The following information is provided
to help you understand what personal information the Fund collects, how the Fund protects that information and why, in certain cases,
the Fund may share information with select other parties.</P>

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

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

<!-- Field: Page; Sequence: 42; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Generally, the Fund will
not receive any non-public personal information about common shareholders of the Fund, although certain shareholders' non-public information
may become available to the Fund. The non-public personal information that we may receive falls into the following categories:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT> Information the Fund
receives from shareholders, whether we receive it orally, in writing or electronically. This includes shareholders' communications to
the Fund concerning their investment;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT> Information about
shareholders' transactions and history with the Fund; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT> Other general information
that we may obtain about shareholders, such as demographic and contact information such as address.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund does not disclose
any non-public personal information about shareholders, except:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT> to the Fund&rsquo;s
affiliates (such as our investment adviser) and their employees that have a legitimate business need for the information;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT> to the Fund&rsquo;s
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;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT> to comply with court
orders, subpoenas, lawful discovery requests, or other legal or regulatory requirements; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Symbol">&middot;</FONT> as allowed or required
by applicable law or regulation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund's service providers,
such as its 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.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a shareholder ceases to
be a shareholder, the Fund will adhere to the privacy policies and practices as described above. The Fund may choose to modify its privacy
policies at any time. Before it does so, it will notify shareholders and provide a description of its privacy policy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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, the Fund
reserves the right to transfer shareholders&rsquo; non-public personal information to the new party in control or the party acquiring
assets.</P>

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

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

<!-- Field: Page; Sequence: 43; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Up to $500,000,000
of Common Stock</B></FONT></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>ARES DYNAMIC
CREDIT ALLOCATION FUND,&nbsp;INC.</B></FONT></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Common Stock</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Rights to Purchase
Common Stock</B></FONT></P>

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



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

<!-- Field: Rule-Page --><DIV STYLE="margin: 0 auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>PROSPECTUS</B></FONT></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>[<FONT STYLE="font-family: Symbol">&middot;</FONT>],
2024</B></FONT></P>

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

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

<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #EB0029">The
information in this Preliminary Prospectus Supplement is not complete and may be changed. Ares Dynamic Credit Allocation Fund,&nbsp;Inc.
may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Preliminary
Prospectus Supplement is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction
where the offer or sale is not permitted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #EB0029"><B>SUBJECT TO COMPLETION, DATED
[&#9679;], 2024</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(To Prospectus dated [<FONT STYLE="font-family: Symbol">&middot;</FONT>], 2024)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed Pursuant to Rule&nbsp;424(b)[(2)][(5)]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration Statement No.&nbsp;333-<B>[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</B></P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>ARES DYNAMIC
CREDIT ALLOCATION FUND,&nbsp;INC.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to $500,000,000 of Common Stock</B></P>

<P STYLE="border-bottom: Black 1pt solid; 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Ares Dynamic Credit Allocation Fund,&nbsp;Inc.
(the &ldquo;Fund,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our&rdquo;) is offering for sale [<FONT STYLE="font-family: Symbol">&middot;</FONT>] shares of our common
stock, par value $0.001 per share (&ldquo;common shares&rdquo;). Our common shares are listed on the New York Stock Exchange (&ldquo;NYSE&rdquo;)
under the symbol &ldquo;ARDC.&rdquo; As of the close of business on [<FONT STYLE="font-family: Symbol">&middot;</FONT>], 2024, the last reported net asset value per share of our
common shares was $[<FONT STYLE="font-family: Symbol">&middot;</FONT>] and the last reported sales price per share of our common shares on the NYSE was $[<FONT STYLE="font-family: Symbol">&middot;</FONT>].</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is a diversified, closed-end management
investment company registered under the Investment Company Act of 1940, as amended, together with the rules&nbsp;and regulations promulgated
thereunder (the &ldquo;Investment Company Act&rdquo;). The Fund&rsquo;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&rsquo;s investment adviser
is Ares Capital Management II LLC (the &ldquo;Adviser&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales of our common shares, if any, under this
Prospectus Supplement and the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be &ldquo;at
the market&rdquo; as defined in Rule&nbsp;415 under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), including
sales made directly on the NYSE or sales made to or through a market maker other than on an exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in the Fund&rsquo;s common shares
involves certain risks that are described in the &ldquo;Risks&rdquo; section beginning on page&nbsp;25 of the accompanying Prospectus.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NEITHER THE SECURITIES AND EXCHANGE COMMISSION
(&ldquo;SEC&rdquo;) NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS
SUPPLEMENT IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus Supplement, together with the
accompanying Prospectus, sets forth concisely the information about the Fund that a prospective investor should know before investing.
You should read this Prospectus Supplement and the accompanying Prospectus, which contain important information, before deciding whether
to invest in the common shares. You should retain the accompanying Prospectus and this Prospectus Supplement for future reference. A
Statement of Additional Information (&ldquo;SAI&rdquo;), dated [<FONT STYLE="font-family: Symbol">&middot;</FONT>], 2024, containing additional information about the Fund, has
been filed with the SEC and, as amended from time to time, is incorporated by reference in its entirety into this Prospectus Supplement
and the accompanying Prospectus. This Prospectus Supplement, the accompanying Prospectus and the SAI are part of a &ldquo;shelf&rdquo;
registration statement filed with the SEC. This Prospectus Supplement describes the specific details regarding this offering, including
the method of distribution. If information in this Prospectus Supplement is inconsistent with the accompanying Prospectus or the SAI,
you should rely on this Prospectus Supplement. You may call (888) 818-5298, visit the Fund&rsquo;s website (www.arespublicfunds.com)
or write to the Fund to obtain, free of charge, copies of the SAI and the Fund&rsquo;s semi-annual and annual reports, as well as to
obtain other information about the Fund or to make shareholder inquiries. The SAI, as well as the Fund&rsquo;s semi-annual and annual
reports, are also available for free on the SEC&rsquo;s website (http://www.sec.gov). You may also e-mail requests for these documents
to publicinfo@sec.gov. Information contained in, or that can be accessed through, the Fund&rsquo;s website is not part of this Prospectus
Supplement or the accompanying Prospectus.</P>

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

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

<!-- Field: Page; Sequence: 45; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should not construe the contents of this
Prospectus Supplement and the accompanying Prospectus as legal, tax or financial advice. You should consult with your own professional
advisers as to the legal, tax, financial or other matters relevant to the suitability of an investment in the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Fund&rsquo;s common shares do not represent
a deposit or an obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally
insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<FONT STYLE="font-family: Symbol">&middot;</FONT>], 2024</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>You should rely only on the information contained
or incorporated by reference in this Prospectus Supplement and the accompanying Prospectus. Neither the Fund nor the underwriters have
authorized anyone to provide you with different information. The Fund is not making an offer to sell these securities in any jurisdiction
where the offer or sale is not permitted. You should not assume that the information contained in this Prospectus Supplement and the
accompanying Prospectus is accurate as of any date other than the date of this Prospectus Supplement and the accompanying Prospectus,
respectively. Our business, financial condition, results of operations and prospects may have changed since those dates. In this Prospectus
Supplement and in the accompanying Prospectus, unless otherwise indicated, &ldquo;Fund,&rdquo; &ldquo;us,&rdquo; &ldquo;our&rdquo; and
 &ldquo;we&rdquo; refer to Ares Dynamic Credit Allocation Fund,&nbsp;Inc.</B></P>

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

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

<!-- Field: Page; Sequence: 46; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Prospectus Supplement</B></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"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#b_001">CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#b_001">S-4</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#b_002">PROSPECTUS SUPPLEMENT SUMMARY</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#b_002">S-4</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#b_003">SUMMARY OF FUND EXPENSES</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#b_003">S-5</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#b_004">USE OF PROCEEDS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#b_004">S-6</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#b_005">CAPITALIZATION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#b_005">S-6</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#b_006">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#b_006">S-6</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#b_007">LEGAL MATTERS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#b_007">S-6</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#b_008">ADDITIONAL INFORMATION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#b_008">S-7</A></TD></TR>
  </TABLE>


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_001">PROSPECTUS SUMMARY</A></TD>
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_001">5</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_002">SUMMARY OF FUND EXPENSES</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_002">10</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_003">FINANCIAL HIGHLIGHTS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_003">11</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_004">USE OF PROCEEDS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_004">12</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_005">THE FUND</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_005">12</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_006">DESCRIPTION OF SHARES</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_006">12</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_007">THE FUND&rsquo;S INVESTMENTS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_007">13</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_008">LEVERAGE</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_008">21</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_009">RISKS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_009">23</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_010">HOW THE FUND MANAGES RISK</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_010">23</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_011">MANAGEMENT OF THE FUND</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_011">24</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_012">NET ASSET VALUE</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_012">26</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_013">DISTRIBUTIONS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_013">28</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_014">DIVIDEND REINVESTMENT PLAN</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_014">29</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_015">RIGHTS OFFERINGS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_015">29</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_016">TAX MATTERS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_016">30</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_017">TAXATION OF HOLDERS OF RIGHTS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_017">36</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_018">CERTAIN PROVISIONS IN THE CHARTER AND BYLAWS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_018">36</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_019">CLOSED-END FUND STRUCTURE</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_019">40</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_020">REPURCHASE OF COMMON SHARES</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_020">40</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_021">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_021">41</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_022">INCORPORATION BY REFERENCE</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_022">42</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_023">PRIVACY PRINCIPLES OF THE FUND</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_023">42</A></TD></TR>
  </TABLE>


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

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

<!-- Field: Page; Sequence: 47; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="b_001"></A><B>CAUTIONARY NOTICE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus Supplement, the accompanying
Prospectus and the Statement of Additional Information (the &ldquo;SAI&rdquo;) contain &ldquo;forward-looking statements.&rdquo; Forward-looking
statements can be identified by the words &ldquo;believe,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;intend,&rdquo; &ldquo;expect,&rdquo;
 &ldquo;estimate,&rdquo; &ldquo;continue,&rdquo; &ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo; and similar terms and the negative of such
terms. Such forward-looking statements may be contained in this Prospectus Supplement, as well as in the accompanying Prospectus. By
their nature, all forward-looking statements involve risks and uncertainties, and actual results could differ materially from those contemplated
by the forward-looking statements. Several factors that could materially affect our actual results are the performance of the portfolio
of securities we hold, the price at which our shares will trade in the public markets and other factors discussed in our periodic filings
with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we believe that the expectations expressed
in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in our forward-looking
statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change
and are subject to inherent risks and uncertainties, such as those disclosed in the &ldquo;Risks&rdquo; section of the accompanying Prospectus.
All forward-looking statements contained or incorporated by reference in this Prospectus Supplement or the accompanying Prospectus are
made as of the date of this Prospectus Supplement or the accompanying Prospectus, as the case may be. Except for our ongoing obligations
under the federal securities laws, we do not intend, and we undertake no obligation, to update any forward-looking statement. The forward-looking
statements contained in this Prospectus Supplement, the accompanying Prospectus and the SAI are excluded from the safe harbor protection
provided by Section&nbsp;27A of the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently known risk factors that could cause
actual results to differ materially from our expectations include, but are not limited to, the factors described in the &ldquo;Risks&rdquo;
section of the accompanying Prospectus. We urge you to review carefully those sections for a more detailed discussion of the risks of
an investment in our common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="b_002"></A><B>PROSPECTUS SUPPLEMENT SUMMARY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following summary is qualified in its entirety
by reference to the more detailed information included elsewhere in this Prospectus Supplement and in the accompanying Prospectus and
in the SAI.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is a diversified, closed-end management
investment company. The Fund&rsquo;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 is not intended as, and you should not construe it to be, a complete
investment program. There can be no assurance that the Fund&rsquo;s investment objective will be achieved or that the Fund&rsquo;s investment
program will be successful. The Fund&rsquo;s common shares are listed for trading on the NYSE under the symbol &ldquo;ARDC.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ares Capital Management II LLC (previously defined
as the &ldquo;Adviser&rdquo;) is the Fund&rsquo;s investment adviser. The Adviser receives 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 or to indebtedness)
minus the Fund's liabilities other than liabilities relating to indebtedness (&ldquo;Managed Assets&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[The provisions of the Investment Company Act
generally require that the public offering price of common shares (less any underwriting commissions and discounts) must equal or exceed
the net asset value per share of a company&rsquo;s common shares (calculated within 48 hours of pricing).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales of our common shares, if any, under this
Prospectus Supplement and the accompanying Prospectus may be made in negotiated transactions or transactions that are deemed to be &ldquo;at
the market&rdquo; as defined in Rule&nbsp;415 under the Securities Act, including sales made directly on the NYSE or sales made to or
through a market maker other than on an exchange.]</P>

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

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

<!-- Field: Page; Sequence: 48; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
currently anticipate that we will be able to invest all of the net proceeds of any sales of common shares pursuant to this Prospectus
Supplement in accordance with our investment objective and policies as described in the accompanying Prospectus under &ldquo;The Fund&rsquo;s
Investments&rdquo; within approximately three months of the receipt of such proceeds. Pending such investment, it is anticipated that
the proceeds will be invested in short-term investment grade securities or in high quality, short-term money market instruments. Depending
on market conditions and operations, a portion of the cash held by the Fund, including any proceeds raised from the offering, may be
used to pay distributions in accordance with the Fund&rsquo;s distribution policy and may be a return of capital. The net proceeds of
any sales of common shares pursuant to this Prospectus Supplement may also be used to repay outstanding debt obligations with respect
to amounts borrowed in accordance with the Investment Company Act. </FONT><FONT STYLE="background-color: white">Please refer to the&nbsp;</FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924031433/tm244051d1_ncsr.htm"><FONT STYLE="background-color: white">section
of the Fund&rsquo;s most recent annual report on Form&nbsp;N-CSR&nbsp;entitled &ldquo;Notes to Financial Statements &ndash; Debt,&rdquo;</FONT></A>
<FONT STYLE="background-color: white">which is incorporated by reference herein, for further information on the Fund&rsquo;s outstanding
debt obligations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_003"></A>SUMMARY OF FUND EXPENSES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table and example are intended
to assist you in understanding the various costs and expenses directly or indirectly associated with investing in our common shares.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Shareholder Transaction Expenses</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-left: 0.125in; width: 87%; font-size: 10pt; text-align: left">Sales load paid by you (as a percentage of offering
price)</TD>
<TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; font-size: 10pt; text-align: right">[&#9679;]</TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Offering expenses borne by the Fund (as a percentage of offering
price)</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: right">[&#9679;]</TD>
<TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Dividend reinvestment plan fees<FONT STYLE="font-size: 10pt">(1)</FONT></TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: right">[&#9679;]</TD>
<TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Annual Expenses (as a percentage of net assets
attributable to common shares)</TD>
<TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-left: 0.125in; font-size: 10pt">Advisory Fees<FONT STYLE="font-size: 10pt">(2)</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">[&#9679;]</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Interest payments on borrowed funds<FONT STYLE="font-size: 10pt">(3)</FONT></TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: right">[&#9679;]</TD>
<TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-left: 0.125in; font-size: 10pt; padding-bottom: 1pt">Other Expenses<FONT STYLE="font-size: 10pt">(4)</FONT></TD>
<TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">[&#9679;]</TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Total Annual Fund Operating Expenses</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">[&#9679;]</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
</TABLE>



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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify">(1)</TD>
    <TD STYLE="text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(2)</TD>
    <TD STYLE="text-align: justify">The Fund currently pays the Adviser a management fee at an annual rate of 1.00% of the average daily
    value of the Fund's Managed Assets. Common shareholders bear the expenses of the Fund&rsquo;s use of leverage in the form of higher
    fees as a percentage of the Fund&rsquo;s net assets attributable to common shares than if the Fund did not use leverage.&#8239;&#8239;The
    advisory fee shown in the table assumes an <FONT STYLE="background-color: white">amount of leverage of </FONT>[&#9679;]<FONT STYLE="background-color: white">%
    of the Fund&rsquo;s Managed Assets.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(3)</TD>
    <TD STYLE="text-align: justify">&ldquo;Interest payments on borrowed funds&rdquo; represents our actual interest and credit facility
    expenses incurred for fiscal year ended 2023.&#8239;&#8239;We had outstanding borrowings of approximately $[&#9679;] (with a carrying
    value of approximately $[&#9679;]) as of [&#9679;]. This item is based on the assumption that the Fund&rsquo;s borrowings and interest
    costs after an offering will remain similar (at leverage of [&#9679;]% of the Fund&rsquo;s Managed Assets) to those prior to such
    offering. The amount of leverage that the Fund may employ at any particular time will depend on, among other things, the Adviser&rsquo;s
    and the Board&rsquo;s assessment of market and other factors at the time of any proposed borrowing.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(4)</TD>
    <TD STYLE="text-align: justify">&ldquo;Other Expenses&rdquo; includes our overhead expenses, including payments based on our allocable
    portion of overhead and other expenses incurred by Ares Operations LLC in performing its obligations under the administration agreement
    with us, and income taxes.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 49; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following example illustrates
the expenses that you would pay on a $1,000 investment in common shares, assuming (i)&nbsp;total annual expenses of [&#9679;]% of net
assets attributable to common shares in 2023 and thereafter, and (ii)&nbsp;a 5% annual return:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 94%; border-collapse: collapse; margin-left: 0.25in">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>One&nbsp;Year</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three&nbsp;Years</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Five&nbsp;Years</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Ten&nbsp;Years</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt; width: 42%">Total expenses incurred</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 8%">[&#9679;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">]</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 11%">[&#9679;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">]</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 9%">[&#9679;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">]</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 9%">[&#9679;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">]</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>The example should not
be considered a representation of future expenses. The example assumes that the estimated &ldquo;Other expenses&rdquo; set forth in the
Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater
or less than those assumed. Moreover, the Fund&rsquo;s actual rate of return may be greater or less than the hypothetical 5% return shown
in the example.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_004"></A>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We estimate the total net proceeds of the offering
to be $[<FONT STYLE="font-family: Symbol">&middot;</FONT>], based on the public offering price of $[<FONT STYLE="font-family: Symbol">&middot;</FONT>] per share and after deducting underwriting discounts and commissions
and estimated offering expenses payable by us.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
net proceeds from the issuance of common shares hereunder will be invested in accordance with the Fund&rsquo;s investment objective and
policies as set forth in this Prospectus Supplement and the accompanying Prospectus. We currently anticipate that we will be able to
invest all of the net proceeds in accordance with our investment objective and policies within approximately three months of the receipt
of such proceeds. Pending such investment, it is anticipated that the proceeds will be invested in short-term investment grade securities
or in high quality, short-term money market instruments. The net proceeds from the issuance of common shares hereunder may also be used
to repay outstanding debt obligations with respect to amounts borrowed in accordance with the Investment Company Act. </FONT><FONT STYLE="background-color: white">Please
refer to the&nbsp;</FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924031433/tm244051d1_ncsr.htm"><FONT STYLE="background-color: white">section
of the Fund&rsquo;s most recent annual report on Form&nbsp;N-CSR&nbsp;entitled &ldquo;Notes to Financial Statements &ndash; Debt,&rdquo;</FONT></A>
<FONT STYLE="background-color: white">which is incorporated by reference herein, for further information on the Fund&rsquo;s outstanding
debt obligations.</FONT> Depending on market conditions and operations, a portion of the cash held by the Fund, including any proceeds
raised from the offering, may be used to pay distributions in accordance with the Fund&rsquo;s distribution policy and may be a return
of capital. A return of capital is a return to investors of a portion of their original investment in the Fund. In general terms, a return
of capital would involve a situation in which the Fund distribution (or a portion thereof) represents a return of a portion of a shareholder&rsquo;s
investment in the Fund, rather than making a distribution that is funded from the Fund&rsquo;s earned income or other profits. Although
return of capital distributions may not be currently taxable, such distributions would decrease the basis of a shareholder&rsquo;s shares,
and therefore, may increase a shareholder&rsquo;s tax liability for capital gains upon a sale of shares, even if sold at a loss to the
shareholder&rsquo;s original investments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="b_005"></A><B>CAPITALIZATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth the unaudited
capitalization of the Fund as of [<FONT STYLE="font-family: Symbol">&middot;</FONT>], 2024 and its adjusted capitalization assuming the common shares available in the offering
discussed in this Prospectus Supplement had been issued.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="b_006"></A><B>PLAN OF DISTRIBUTION</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_007"></A>LEGAL MATTERS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain legal matters in connection with the
common shares will be passed upon for the Fund by Willkie Farr&nbsp;&amp; Gallagher LLP, New York, New York, counsel to the Fund. Willkie
Farr&nbsp;&amp; Gallagher LLP may rely as to certain matters of Maryland law on the opinion of Venable LLP, Baltimore, Maryland. [Certain
legal matters will be passed on by [<FONT STYLE="font-family: Symbol">&middot;</FONT>] as special counsel to the Underwriters in connection with the offering.]</P>

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

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

<!-- Field: Page; Sequence: 50; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="b_008"></A>ADDITIONAL INFORMATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus Supplement and the accompanying
Prospectus constitute part of a Registration Statement filed by the Fund with the SEC under the Securities Act and the Investment Company
Act. This Prospectus Supplement and the accompanying Prospectus omit certain of the information contained in the Registration Statement,
and reference is hereby made to the Registration Statement and related exhibits for further information with respect to the Fund and
the common shares offered hereby. Any statements contained herein concerning the provisions of any document are not necessarily complete,
and, in each instance, reference is made to the copy of such document filed as an exhibit to the Registration Statement or otherwise
filed with the SEC. Each such statement is qualified in its entirety by such reference. The complete Registration Statement may be obtained
from the SEC upon payment of the fee prescribed by its rules&nbsp;and regulations or free of charge through the SEC&rsquo;s website (<U>http://www.sec.gov</U>).</P>

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

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

<!-- Field: Page; Sequence: 51; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>ARES DYNAMIC
CREDIT ALLOCATION FUND,&nbsp;INC.</B></FONT></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Common Stock</B></FONT></P>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>PROSPECTUS SUPPLEMENT</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>[<FONT STYLE="font-family: Symbol">&middot;</FONT>],
2024</B></FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Until [&#8239;&#8239;&#8239;&#8239;], 2024 (25 days after the date
of this Prospectus Supplement), all dealers that buy, sell or trade the common shares, whether or not participating in this offering,
may be required to deliver a prospectus. This is in addition to the dealers&rsquo; obligation to deliver a prospectus when acting as
underwriters.</B></P>

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

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

<!-- Field: Page; Sequence: 52; Options: NewSection; Value: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white; color: #EB0029">The
information in this Preliminary Prospectus Supplement is not complete and may be changed. Ares Dynamic Credit Allocation Fund,&nbsp;Inc.
may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Preliminary
Prospectus Supplement is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction
where the offer or sale is not permitted.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #EB0029"><B>SUBJECT TO COMPLETION, DATED
[&#9679;], 2024</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(To Prospectus dated [&#9679;], 2024)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Filed Pursuant to Rule&nbsp;424(b)[(2)][(5)]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration Statement No.&nbsp;333-[&#9679;]</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>ARES DYNAMIC
CREDIT ALLOCATION FUND,&nbsp;INC.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>[</B>&#9679;<B>] Rights for [</B>&#9679;<B>]
Common Shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Subscription Rights to Acquire Common Shares</B></P>

<P STYLE="border-bottom: Black 1pt solid; 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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ares Dynamic Credit Allocation Fund,&nbsp;Inc.
(the &ldquo;Fund,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our&rdquo;) is issuing subscription rights (the &ldquo;Rights&rdquo;)
to our common stockholders (the &ldquo;common shareholders&rdquo;) to purchase additional shares of common stock, par value $0.001 per
share (each, a &ldquo;common share&rdquo; and collectively, the &ldquo;common shares&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is a diversified, closed-end management
investment company registered under the Investment Company Act of 1940, as amended, together with the rules&nbsp;and regulations promulgated
thereunder (the &ldquo;Investment Company Act&rdquo;). The Fund&rsquo;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&rsquo;s investment adviser
is Ares Capital Management II LLC (the &ldquo;Adviser&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The common shares are listed on the New York
Stock Exchange (&ldquo;NYSE&rdquo;) under the symbol &ldquo;ARDC.&rdquo; Common shareholders of record on [&#9679;], 2024 (the &ldquo;Record
Date&rdquo;) will receive [&#9679;] Right for each common share held. These Rights are transferable and will allow the holders thereof
to purchase additional common shares. The Rights will be listed for trading on the [&#9679;] under the symbol &ldquo;[&#9679;]&rdquo;
during the course of the Rights offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On [&#9679;], 2024 (the last trading date prior
to the common shares trading ex-Rights), the last reported net asset value per share of the common shares was $[&#9679;] and the last
reported sales price per share of common shares on the NYSE was $[&#9679;].</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus Supplement, together with the
accompanying Prospectus, sets forth concisely the information about the Fund that a prospective investor should know before investing.
You should read this Prospectus Supplement and the accompanying Prospectus, which contain important information, before deciding whether
to invest in the common shares. You should retain the accompanying Prospectus and this Prospectus Supplement for future reference. A
Statement of Additional Information (&ldquo;SAI&rdquo;), dated [&#9679;], 2024, containing additional information about the Fund, has
been filed with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) and, as amended from time to time, is incorporated by reference
in its entirety into this Prospectus Supplement and the accompanying Prospectus. This Prospectus Supplement, the accompanying Prospectus
and the SAI are part of a &ldquo;shelf&rdquo; registration statement filed with the SEC. This Prospectus Supplement describes the specific
details regarding this offering, including the method of distribution. If information in this Prospectus Supplement is inconsistent with
the accompanying Prospectus or the SAI, you should rely on this Prospectus Supplement. You may call (888) 818-5298, visit the Fund&rsquo;s
website (www.arespublicfunds.com) or write to the Fund to obtain, free of charge, copies of the SAI and the Fund&rsquo;s semi-annual
and annual reports, as well as to obtain other information about the Fund or to make shareholder inquiries. The SAI, as well as the Fund&rsquo;s
semi-annual and annual reports, are also available for free on the SEC&rsquo;s website (http://www.sec.gov). You may also e-mail requests
for these documents to publicinfo@sec.gov. Information contained in, or that can be accessed through, the Fund&rsquo;s website is not
part of this Prospectus Supplement or the accompanying Prospectus. Common shareholders please call toll-free at [&#9679;] (banks and
brokers please call [&#9679;]) or please send written requests to [&#9679;].</P>

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

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

<!-- Field: Page; Sequence: 53; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investing in common shares through Rights involves certain risks
that are described in the &ldquo;Special Characteristics and Risks of the Rights Offering&rdquo; section of this Prospectus Supplement.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION
HAS APPROVED OR DISAPPROVED THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS SUPPLEMENT IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION
TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>SHAREHOLDERS WHO DO NOT FULLY EXERCISE THEIR
RIGHTS MAY, AT THE COMPLETION OF THE OFFERING, OWN A SMALLER PROPORTIONAL INTEREST IN THE FUND THAN IF THEY EXERCISED THEIR RIGHTS. AS
A RESULT OF THE OFFERING YOU MAY&nbsp;EXPERIENCE SUBSTANTIAL DILUTION OF THE AGGREGATE NET ASSET VALUE OF YOUR COMMON SHARES DEPENDING
UPON WHETHER THE FUND&rsquo;S NET ASSET VALUE PER COMMON SHARE IS ABOVE OR BELOW THE SUBSCRIPTION PRICE ON THE EXPIRATION DATE. ALL COSTS
OF THE OFFERING WILL BE BORNE BY THE FUND, AND INDIRECTLY BY CURRENT SHAREHOLDERS WHETHER THEY EXERCISE THEIR RIGHTS OR NOT. RIGHTS EXERCISED
BY A SHAREHOLDER ARE IRREVOCABLE.</B></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ANY COMMON SHARES ISSUED AS A RESULT OF THE
RIGHTS OFFERING WILL NOT BE RECORD DATE SHARES FOR THE FUND&rsquo;S MONTHLY DISTRIBUTION TO BE PAID ON [</B>&#9679;<B>], 2024 AND WILL
NOT BE ENTITLED TO RECEIVE SUCH DISTRIBUTION.</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 75%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Per&nbsp;Share</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Total</TD><TD STYLE="text-align: center; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Estimated subscription price of
    common shares to shareholders exercising Rights<FONT STYLE="font-size: 10pt">(1)</FONT></TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">[&#9679;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">]</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">[&#9679;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">]</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Underwriting discounts and commissions</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">[&#9679;</TD><TD STYLE="font-size: 10pt; text-align: left">]</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">[&#9679;</TD><TD STYLE="font-size: 10pt; text-align: left">]</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Estimated proceeds, before expenses, to the
    Fund<FONT STYLE="font-size: 10pt">(2)</FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">[&#9679;</TD><TD STYLE="font-size: 10pt; text-align: left">]</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">[&#9679;</TD><TD STYLE="font-size: 10pt; text-align: left">]</TD></TR>
  </TABLE>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify">The estimated subscription price to the public is based upon [&#9679;]% of the last reported sales
    price of the Fund&rsquo;s common shares of beneficial interest on the NYSE on [&#9679;], 2024.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify">Before deduction of expenses related to the Rights offering, which are estimated approximately at
    $[&#9679;]. Any offering expenses are paid indirectly by shareholders. Such fees and expenses will immediately reduce the net asset
    value per share of each common share purchased by an investor in the Rights offering. The indirect expenses of the offering that
    shareholders will pay are estimated to be $[&#9679;] in the aggregate and $[&#9679;] per share. The amount of proceeds to the Fund
    net of any fees and expenses of the offering are estimated to be $[&#9679;] in the aggregate and $[&#9679;] per share. Shareholders
    will not directly bear any offering expenses.</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">[The common shares are expected to be ready for
delivery in book-entry form through the [insert depository name] on or about [&#9679;], 2024, unless extended. If the offering is extended,
the common shares are expected to be ready for delivery in book-entry form through the [&#9679;] on or about [&#9679;], 2024.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should not construe the contents of this
Prospectus Supplement and the accompanying Prospectus as legal, tax or financial advice. You should consult with your own professional
advisers as to the legal, tax, financial or other matters relevant to the suitability of an investment in the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The Fund&rsquo;s common shares do not represent
a deposit or an obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally
insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The date of this Prospectus Supplement is [&#9679;],
2024.</B></P>

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

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

<!-- Field: Page; Sequence: 54; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>You should rely only on the information contained
or incorporated by reference in this Prospectus Supplement and the accompanying Prospectus. The Fund has not authorized anyone to provide
you with different information. The Fund is not making an offer to sell these securities in any jurisdiction where the offer or sale
is not permitted. You should not assume that the information contained in this Prospectus Supplement and the accompanying Prospectus
is accurate as of any date other than the date of this Prospectus Supplement and the accompanying Prospectus, respectively. This Prospectus
Supplement will be amended to reflect material changes to the information contained herein and will be delivered to shareholders. Our
business, financial condition, results of operations and prospects may have changed since those dates. In this Prospectus Supplement
and in the accompanying Prospectus, unless otherwise indicated, &ldquo;Fund,&rdquo; &ldquo;us,&rdquo; &ldquo;our&rdquo; and &ldquo;we&rdquo;
refer to Ares Dynamic Credit Allocation Fund,&nbsp;Inc., a Maryland corporation.</B></P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#c_001">CAUTIONARY
    NOTICE REGARDING FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#c_001">R-4</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#c_002">SUMMARY OF THE TERMS
    OF THE RIGHTS OFFERING</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#c_002">R-4</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#c_003">DESCRIPTION OF THE
    RIGHTS OFFERING</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#c_003">R-8</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#c_004">SUMMARY OF FUND EXPENSES</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#c_004">R-17</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#c_005">USE OF PROCEEDS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#c_005">R-17</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c_006">CAPITALIZATION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#c_006">R-18</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#c_007">SPECIAL CHARACTERISTICS
    AND RISKS OF THE RIGHTS OFFERING</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#c_007">R-18</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#c_008">TAXATION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#c_008">R-20</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#c_009">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#c_009">R-21</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#c_010">LEGAL MATTERS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#c_010">R-23</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#c_011">FINANCIAL STATEMENTS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#c_011">R-23</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#c_012">ADDITIONAL INFORMATION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#c_012">R-23</A></TD></TR>
  </TABLE>


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_001">PROSPECTUS SUMMARY</A></TD>
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_001">5</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_002">SUMMARY OF FUND EXPENSES</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_002">10</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_003">FINANCIAL HIGHLIGHTS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_003">11</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_004">USE OF PROCEEDS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_004">12</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_005">THE FUND</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_005">12</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_006">DESCRIPTION OF SHARES</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_006">12</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_007">THE FUND&rsquo;S INVESTMENTS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_007">13</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_008">LEVERAGE</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_008">21</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_009">RISKS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_009">23</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_010">HOW THE FUND MANAGES RISK</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_010">23</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_011">MANAGEMENT OF THE FUND</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_011">24</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_012">NET ASSET VALUE</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_012">26</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_013">DISTRIBUTIONS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_013">28</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_014">DIVIDEND REINVESTMENT PLAN</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_014">29</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_015">RIGHTS OFFERINGS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_015">29</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_016">TAX MATTERS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_016">30</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_017">TAXATION OF HOLDERS OF RIGHTS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_017">36</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_018">CERTAIN PROVISIONS IN THE CHARTER AND BYLAWS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_018">36</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_019">CLOSED-END FUND STRUCTURE</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_019">40</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_020">REPURCHASE OF COMMON SHARES</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_020">40</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_021">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_021">41</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_022">INCORPORATION BY REFERENCE</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_022">42</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#a_023">PRIVACY PRINCIPLES OF THE FUND</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_023">42</A></TD></TR>
  </TABLE>


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

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

<!-- Field: Page; Sequence: 55; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="c_001"></A><B>CAUTIONARY NOTICE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus Supplement, the accompanying
Prospectus and the Statement of Additional Information (&ldquo;SAI&rdquo;) contain &ldquo;forward-looking statements.&rdquo; Forward-looking
statements can be identified by the words &ldquo;believe,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;intend,&rdquo; &ldquo;expect,&rdquo;
 &ldquo;estimate,&rdquo; &ldquo;continue,&rdquo; &ldquo;plan,&rdquo; &ldquo;anticipate,&rdquo; and similar terms and the negative of such
terms. Such forward-looking statements may be contained in this Prospectus Supplement, as well as in the accompanying Prospectus and
in the SAI. By their nature, all forward-looking statements involve risks and uncertainties, and actual results could differ materially
from those contemplated by the forward-looking statements. Several factors that could materially affect our actual results are the performance
of the portfolio of securities we hold, the price at which our shares will trade in the public markets and other factors discussed in
our periodic filings with the SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we believe that the expectations expressed
in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in our forward-looking
statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change
and are subject to inherent risks and uncertainties, such as those disclosed in the &ldquo;Risks&rdquo; section of the accompanying Prospectus
and &ldquo;Special Characteristics and Risks of the Rights Offering&rdquo; in this Prospectus Supplement. All forward-looking statements
contained or incorporated by reference in this Prospectus Supplement or the accompanying Prospectus, or in the SAI, are made as of the
date of this Prospectus Supplement or the accompanying Prospectus or SAI, as the case may be. Except for our ongoing obligations under
the federal securities laws, we do not intend, and we undertake no obligation, to update any forward-looking statement. The forward-looking
statements contained in this Prospectus Supplement, the accompanying Prospectus and the SAI are excluded from the safe harbor protection
provided by Section&nbsp;27A of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently known risk factors that could cause
actual results to differ materially from our expectations include, but are not limited to, the factors described in the &ldquo;Risks&rdquo;
section of the accompanying Prospectus, as well as in the &ldquo;Special Characteristics and Risks of the Rights Offering&rdquo; section
of this Prospectus Supplement. We urge you to review carefully those sections for a more detailed discussion of the risks of an investment
in the common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="c_002"></A><B>SUMMARY OF THE TERMS OF THE RIGHTS OFFERING</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt"><B>Terms of the Rights Offering</B></TD>
    <TD STYLE="width: 68%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">One transferable subscription right (a &ldquo;Right&rdquo;)
    will be issued for each share of common stock, par value $0.001 per share, of Ares Dynamic Credit Allocation Fund,&nbsp;Inc. (the
    &ldquo;Fund,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our&rdquo;) (each, a &ldquo;common share,&rdquo; and collectively,
    the &ldquo;common shares&rdquo;) held on the Record Date (as defined below). Rights are expected to trade on the [&#9679;] under
    the symbol &ldquo;[&#9679;].&rdquo; The Rights will allow common shareholders to subscribe for new common shares of the Fund. [&#9679;]
    common shares of the Fund are outstanding as of [&#9679;], 2024. [&#9679;] Rights will be required to purchase one common share.
    Shares of the Fund, as a closed-end fund, can trade at a discount to net asset value (&ldquo;NAV&rdquo;). Upon exercise of the Rights
    offering, Fund shares are expected to be issued at a price below NAV per common share. [An over-subscription privilege will be offered,
    [subject to the right of the Board of Directors of the Fund (the &ldquo;Board&rdquo; and each member thereof, a &ldquo;Director&rdquo;)
    to eliminate the over-subscription privilege.]] [&#9679;] common shares of the Fund will be issued if all Rights are exercised. See
    &ldquo;Terms of the Rights Offering.&rdquo; Any common shares issued as a result of the Rights offering will not be record date shares
    for the Fund&rsquo;s monthly distribution to be paid on [&#9679;], 2024 and will not be entitled to receive such distribution. The
    exercise of rights by a shareholder is irrevocable.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Amount Available for Primary Subscription</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Approximately $[&#9679;], before expenses.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Title</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Subscription Rights to Acquire Common Shares</TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 56; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 32%"><B>Subscription Price</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 68%">The final subscription price per common share
    (the &ldquo;Subscription Price&rdquo;) will be determined based upon a formula equal to [&#9679;]% of the average of the last reported
    sales price of the Fund&rsquo;s common shares on the New York Stock Exchange (&ldquo;NYSE&rdquo;) on the Expiration Date (as defined
    below) and each of the [four] preceding trading days (the &ldquo;Formula Price&rdquo;). If, however, the Formula Price is less than
    [&#9679;]% of the NAV per common share of the Fund&rsquo;s common shares at the close of trading on the NYSE on the Expiration Date,
    then the Subscription Price will be [&#9679;]% of the Fund&rsquo;s NAV per common share at the close of trading on the NYSE on that
    day. See &ldquo;Terms of the Rights Offering.&rdquo;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Record Date</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Rights will be issued to holders of record of the Fund&rsquo;s
    common shares as of the close of business on [&#9679;], 2024 (the &ldquo;Record Date&rdquo;). See &ldquo;Terms of the Rights Offering.&rdquo;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Number of Rights Issued</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">One Right will be issued in respect of each common share
    of the Fund outstanding as of the close of business on the Record Date. See &ldquo;Terms of the Rights Offering.&rdquo;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Number of Rights Required to Purchase One Common Share</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">A holder of Rights may purchase [&#9679;] common shares
    of the Fund for every [&#9679;] Rights exercised. The number of Rights to be issued to a shareholder as of the close of business
    on the Record Date will be rounded up to the nearest number of Rights evenly divisible by [&#9679;]. See &ldquo;Terms of the Rights
    Offering.&rdquo;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Over-Subscription Privilege</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Holders of common shares as of the close of business on
    the Record Date (&ldquo;Record Date Shareholders&rdquo;) who fully exercise all Rights initially issued to them are entitled to buy
    those common shares, referred to as &ldquo;primary over-subscription shares,&rdquo; that were not purchased by other Rights holders
    at the same Subscription Price. If enough primary over-subscription shares are available, all such requests will be honored in full.
    If the requests for primary over-subscription shares exceed the primary over-subscription shares available, the available primary
    over-subscription shares will be allocated pro rata among those fully exercising Record Date Shareholders who over-subscribe based
    on the number of Rights originally issued to them by the Fund. Common shares acquired pursuant to the primary over-subscription privilege
    are subject to allotment. Rights acquired in the secondary market may not participate in the primary over-subscription privilege.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">[In addition, the Fund, in its sole discretion, may determine
    to issue additional common shares at the same Subscription Price in an amount of up to [&#9679;]% of the shares issued pursuant to
    the primary subscription, referred to as &ldquo;secondary over-subscription shares.&rdquo; Should the Fund determine to issue some
    or all of the secondary over-subscription shares, they will be allocated only among Record Date Shareholders who submitted over-subscription
    requests. Secondary over-subscription shares will be allocated pro rata among those fully exercising Record Date Shareholders who
    over-subscribe based on the number of Rights originally issued to them by the Fund. Rights acquired in the secondary market may not
    participate in the secondary over-subscription privilege.]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Notwithstanding the above, the Board has the right in
    its absolute discretion to eliminate the primary over-subscription privilege and/or secondary over-subscription privilege (together,
    the &ldquo;over-subscription privilege&rdquo;) if it considers it to be in the best interest of the Fund to do so. The Board may
    make that determination at any time, without prior notice to Rights holders or others, up to and including the fifth day following
    the Expiration Date (as defined below). See &ldquo;Over-Subscription Privilege.&rdquo;</TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 57; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 32%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 68%">Any common shares issued pursuant to the over-subscription
    privilege will be shares registered under the Prospectus.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Transfer of Rights</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">[The Rights will be transferable. See &ldquo;Terms of
    the Rights Offering,&rdquo; &ldquo;Sales by Rights Agent&rdquo; and &ldquo;Method of Transferring Rights.&rdquo;]</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Subscription Period</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">The Rights may be exercised at any time after issuance
    and prior to expiration of the Rights (the &ldquo;Subscription Period&rdquo;), which will be [5:00 PM, Eastern Time] on [&#9679;],
    2024 (the &ldquo;Expiration Date&rdquo;), unless otherwise extended. See &ldquo;Terms of the Rights Offering&rdquo; and &ldquo;Method
    of Exercise of Rights.&rdquo; The Rights offering may be terminated [or extended] by the Fund at any time for any reason before the
    Expiration Date. If the Fund terminates the Rights offering, the Fund will issue a press release announcing such termination and
    will direct the Rights Agent (defined below) to return, without interest, all subscription proceeds received to such shareholders
    who had elected to purchase common shares.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Offering Expenses</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">The expenses of the Rights offering are expected to be
    approximately $[&#9679;] and will be borne by holders of the Fund&rsquo;s common shares. See &ldquo;Use of Proceeds.&rdquo;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Sale of Rights</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">The Rights are transferable until the completion of the
    Subscription Period and will be admitted for trading on the NYSE under the symbol &ldquo;[&#9679;].&rdquo; Although no assurance
    can be given that a market for the Rights will develop, trading in the Rights on the [&#9679;] is expected to begin two Business
    Days prior to the Record Date and may be conducted until the close of trading on the last [&#9679;] trading day prior to the Expiration
    Date. For purposes of this Prospectus Supplement, a &ldquo;Business Day&rdquo; shall mean any day on which trading is conducted on
    the [&#9679;].</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">The value of the Rights, if any, will be reflected by
    their market price on the [&#9679;]. Rights may be sold by individual holders through their broker or financial adviser or may be
    submitted to the Rights Agent (defined below) for sale. Any Rights submitted to the Rights Agent for sale must be received by the
    Rights Agent prior to [5:00 PM, Eastern Time], on or before [&#9679;], 2024, [&#9679;] Business Days prior to the Expiration Date
    (or, if the Subscription Period is extended, prior to [5:00 PM, Eastern Time], on the [&#9679;] Business Day prior to the extended
    Expiration Date).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Rights that are sold will not confer any right to acquire
    any common shares in any over-subscription, and any Record Date Shareholder who sells any Rights will not be eligible to participate
    in the over-subscription privilege, if any.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Trading of the Rights on the [&#9679;] will be conducted
    on a when-issued basis until and including the date on which the Subscription Certificates (as defined below) are mailed to Record
    Date Shareholders of record and thereafter will be conducted on a regular-way basis until and including the last [&#9679;] trading
    day prior to the completion of the Subscription Period. The shares are expected to begin trading ex-Rights one Business Day prior
    to the Record Date.</TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 58; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 32%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 68%">If the Rights Agent receives Rights for sale
    in a timely manner, the Rights Agent will use its best efforts to sell the Rights on the [&#9679;]. The Rights Agent will also attempt
    to sell any Rights attributable to shareholders of record whose addresses are outside the United States, or who have an APO or FPO
    address. See &ldquo;Foreign Restrictions.&rdquo; The Rights Agent will attempt to sell such Rights, including by first offering such
    Rights to the Dealer Manager (defined below) for purchase by the Dealer Manager at the then-current market price on the [&#9679;].
    The Rights Agent may offer Rights to the Dealer Manager before attempting to sell them on the [&#9679;].</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Any commissions will be paid by the selling Rights holders.
    Neither the Fund nor the Rights Agent will be responsible if Rights cannot be sold and neither has guaranteed any minimum sales price
    for the Rights. If the Rights can be sold, sales of these Rights will be deemed to have been effected at the weighted average price
    received by the Rights Agent on the day such Rights are sold, less any applicable brokerage commissions, taxes and other expenses
    (i.e., costs incidental to the sale of Rights).</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">For a discussion of actions that may be taken by [&#9679;]
    (the &ldquo;Dealer Manager&rdquo;) to seek to facilitate the trading market for Rights and the placement of common shares pursuant
    to the exercise of Rights, including the purchase of Rights and the sale during the Subscription Period by the Dealer Manager of
    common shares acquired through the exercise of Rights and the terms on which such sales will be made, see &ldquo;Plan of Distribution.&rdquo;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Shareholders are urged to obtain a recent trading price
    for the Rights on the [&#9679;] from their broker, bank, financial adviser or the financial press.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Banks, broker-dealers and trust companies that hold shares
    for the accounts of others are advised to notify those persons that purchase Rights in the secondary market that such Rights will
    not participate in any over-subscription privilege. See &ldquo;Terms of the Rights Offering&rdquo; and &ldquo;Sales by Rights Agent.&rdquo;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Use of Proceeds</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">The Fund estimates the net proceeds of the Rights offering
    to be approximately $[&#9679;]. This figure is based on the Subscription Price per common share of $[&#9679;] ([&#9679;]% of the
    last reported sales price of the Fund&rsquo;s common shares on the NYSE on [&#9679;], 2024) and assumes all new common shares offered
    are sold and that the expenses related to the Rights offering estimated at approximately $[&#9679;] are paid.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">The Adviser anticipates that investment of the proceeds
    will be made in accordance with the Fund&rsquo;s investment objective and policies as appropriate investment opportunities are identified,
    which is expected to be substantially completed in approximately three months; however, the identification of appropriate investment
    opportunities pursuant to the Fund&rsquo;s investment style or changes in market conditions may cause the investment period to extend
    as long as six months. Pending such investment, the proceeds will be held in [cash and/or high quality, short-term debt securities
    and instruments]. Net proceeds of the Rights offering may also be used to repay outstanding debt obligations with respect to amounts
    borrowed in accordance with the Investment Company Act.</TD></TR>
</TABLE>

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

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

<!-- Field: Page; Sequence: 59; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 32%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; width: 68%">Depending on market conditions and operations,
    a portion of the cash held by the Fund, including any proceeds raised from the offering, may be used to pay distributions in accordance
    with the Fund&rsquo;s distribution policy and may be a return of capital. A return of capital is a return to investors of a portion
    of their original investment in the Fund. In general terms, a return of capital would involve a situation in which the Fund distribution
    (or a portion thereof) represents a return of a portion of a shareholder&rsquo;s investment in the Fund, rather than making a distribution
    that is funded from the Fund&rsquo;s earned income or other profits. Although return of capital distributions may not be currently
    taxable, such distributions would decrease the basis of a shareholder&rsquo;s shares and, therefore, may increase a shareholder&rsquo;s
    tax liability for capital gains upon a sale of shares, even if sold at a loss to the shareholder&rsquo;s original investments. See
    &ldquo;Use of Proceeds.&rdquo;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Taxation/ERISA</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">See &ldquo;Taxation&rdquo; and &ldquo;Employee Benefit
    Plan and IRA Considerations.&rdquo;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Rights Agent</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">[&#9679;]. See &ldquo;Rights Agent.&rdquo;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><B>Information Agent</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">[&#9679;]. See &ldquo;Information Agent.&rdquo;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="c_003"></A><B>DESCRIPTION OF THE RIGHTS OFFERING</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Terms of the Rights Offering</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund is issuing to Record Date Shareholders
Rights to subscribe for common shares of the Fund. Each Record Date Shareholder is being issued one transferable Right for each common
share owned on the Record Date. The Rights entitle the holder to acquire, at a subscription price per common share (the &ldquo;Subscription
Price&rdquo;) determined based upon a formula equal to [&#9679;]% of the average of the last reported sales price of the Fund&rsquo;s
common shares on the NYSE on the Expiration Date (as defined below) and each of the [four] preceding trading days (the &ldquo;Formula
Price&rdquo;), [&#9679;] new common share for each [&#9679;] Rights held. If, however, the Formula Price is less than [&#9679;]% of the
NAV per common share of the Fund&rsquo;s common shares at the close of trading on the NYSE on the Expiration Date, then the Subscription
Price will be [&#9679;]% of the Fund&rsquo;s NAV per common share at the close of trading on the NYSE on that day. The estimated Subscription
Price to the public of $[&#9679;] is based upon [&#9679;]% of the last reported sales price of the Fund&rsquo;s common shares on the
NYSE on [&#9679;], 2024. Fractional shares will not be issued upon the exercise of the Rights. Accordingly, common shares may be purchased
only pursuant to the exercise of Rights in integral multiples of [&#9679;]. The number of Rights to be issued to a Record Date Shareholder
will be rounded up to the nearest number of Rights evenly divisible by [&#9679;]. In the case of common shares held of record by Cede&nbsp;&amp;
Co. (&ldquo;Cede&rdquo;), as nominee for the Depository Fund Company (&ldquo;DTC&rdquo;), or any other depository or nominee, the number
of Rights issued to Cede or such other depository or nominee will be adjusted to permit rounding up (to the nearest number of Rights
evenly divisible by [&#9679;]) of the Rights to be received by beneficial owners for whom it is the holder of record only if [insert
nominee name] or such other depository or nominee provides to the Fund on or before the close of business on [&#9679;], 2024 written
representation of the number of Rights required for such rounding. Rights may be exercised at any time during the period (the &ldquo;Subscription
Period&rdquo;) which commences on [&#9679;], 2024, and ends at [5:00 PM, Eastern Time] on [&#9679;], 2024 (the &ldquo;Expiration Date&rdquo;),
unless otherwise extended. Shares of the Fund, as a closed-end fund, can trade at a discount to NAV. Upon exercise of the Rights offering,
Fund shares are expected to be issued at a price below NAV per common share. The right to acquire one common share for each [&#9679;]
Rights held during the Subscription Period (or any extension of the Subscription Period) at the Subscription Price will be referred to
in the remainder of this Prospectus Supplement as the &ldquo;Rights offering.&rdquo; <I>Rights will expire on the Expiration Date and
thereafter may not be exercised</I>. <B><I>Any common shares issued as a result of the Rights offering will not be Record Date shares
for the Fund&rsquo;s monthly distribution to be paid on [</I></B>&#9679;<B><I>], 2024 and will not be entitled to receive such distribution</I></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund has entered into a dealer manager agreement
with the Dealer Manager that allows the Dealer Manager to take actions to seek to facilitate the trading market for Rights and the placement
of common shares pursuant to the exercise of Rights. Those actions are expected to involve the Dealer Manager purchasing and exercising
Rights during the Subscription Period at prices determined at the time of such exercise, which are expected to vary from the Subscription
Price. See &ldquo;Plan of Distribution&rdquo; for additional information.</P>

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

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

<!-- Field: Page; Sequence: 60; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Rights may be evidenced by subscription certificates
or may be uncertificated and evidenced by other appropriate documentation (i.e., a rights card distributed to registered shareholders
in lieu of a subscription certificate) (&ldquo;Subscription Certificates&rdquo;). The number of Rights issued to each holder will be
stated on the Subscription Certificate delivered to the holder. The method by which Rights may be exercised and common shares paid for
is set forth below in &ldquo;Method of Exercise of Rights,&rdquo; &ldquo;Payment for Shares&rdquo; and &ldquo;Plan of Distribution.&rdquo;
A holder of Rights will have no right to rescind a purchase after [&#9679;] (the &ldquo;Rights Agent&rdquo;) has received payment. See
 &ldquo;Payment for Shares&rdquo; below. It is anticipated that the common shares issued pursuant to an exercise of Rights will be listed
on the [&#9679;].</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[Holders of Rights [who are Record Date Shareholders]
are entitled to subscribe for additional common shares at the same Subscription Price pursuant to the over-subscription privilege, subject
to certain limitations, allotment and the right of the Board to eliminate the primary over-subscription privilege [or secondary] over-subscription
privilege. See &ldquo;Over-Subscription Privilege&rdquo; below.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of determining the maximum number
of common shares that may be acquired pursuant to the Rights offering, broker-dealers, trust companies, banks or others whose shares
are held of record by Cede or by any other depository or nominee will be deemed to be the holders of the Rights that are held by Cede
or such other depository or nominee on their behalf.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Rights are transferable until the completion
of the Subscription Period and will be admitted for trading on the [&#9679;] under the symbol &ldquo;[&#9679;].&rdquo; Assuming a market
exists for the Rights, the Rights may be purchased and sold through usual brokerage channels and also sold through the Rights Agent.
Although no assurance can be given that a market for the Rights will develop, trading in the Rights on the [&#9679;] is expected to begin
two Business Days prior to the Record Date and may be conducted until the close of trading on the last [&#9679;] trading day prior to
the Expiration Date. Trading of the Rights on the [&#9679;] is expected to be conducted on a when-issued basis until and including the
date on which the Subscription Certificates are mailed to Record Date Shareholders of record and thereafter is expected to be conducted
on a regular way basis until and including the last [&#9679;] trading day prior to the Expiration Date. The method by which Rights may
be transferred is set forth below under &ldquo;Method of Transferring Rights.&rdquo; The common shares are expected to begin trading
ex-Rights one Business Day prior to the Record Date as determined and announced by the [&#9679;]. The Rights offering may be terminated
or extended by the Fund at any time for any reason before the Expiration Date. If the Fund terminates the Rights offering, the Fund will
issue a press release announcing such termination and will direct the Rights Agent to return, without interest, all subscription proceeds
received to such shareholders who had elected to purchase common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Nominees who hold the Fund&rsquo;s common shares
for the account of others, such as banks, broker-dealers, trustees or depositories for securities, should notify the respective beneficial
owners of such shares as soon as possible to ascertain such beneficial owners&rsquo; intentions and to obtain instructions with respect
to the Rights. If the beneficial owner so instructs, the nominee should complete the Subscription Certificate and submit it to the Rights
Agent with proper payment. In addition, beneficial owners of the common shares or Rights held through such a nominee should contact the
nominee and request the nominee to effect transactions in accordance with such beneficial owner&rsquo;s instructions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[Participants in the Fund&rsquo;s Dividend Reinvestment
Plan (the &ldquo;Plan&rdquo;) will be issued Rights in respect of the common shares held in their accounts in the Plan. Participants
wishing to exercise these Rights must exercise the Rights in accordance with the procedures set forth in &ldquo;Method of Exercise of
Rights&rdquo; and &ldquo;Payment for Shares.&rdquo;]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Conditions of the Rights Offering</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Rights offering is being made in accordance
with the Investment Company Act of 1940, as amended, together with the rules&nbsp;and regulations promulgated thereunder (the &ldquo;Investment
Company Act&rdquo;), and is not subject to shareholder approval. The staff of the SEC has interpreted the Investment Company Act as not
requiring shareholder approval of a transferable rights offering to purchase common shares at a price below the then-current NAV so long
as certain conditions are met, including: (i)&nbsp;a good faith determination by the Fund&rsquo;s Board that such offering would result
in a net benefit to existing shareholders; (ii)&nbsp;the offering fully protects shareholders&rsquo; preemptive rights and does not discriminate
among shareholders (except for the possible effect of not offering fractional rights); (iii)&nbsp;management uses its best efforts to
ensure an adequate trading market in the rights for use by shareholders who do not exercise such rights; and (iv)&nbsp;the ratio of a
transferable rights offering does not exceed one new share for each three rights held.</P>

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

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

<!-- Field: Page; Sequence: 61; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Important Dates to Remember</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[Please note that the dates in the table below
may change if the Rights offering is extended.]</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; border-bottom: black 1pt solid"><B>Event</B></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">Record Date</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">[&#9679;], 2024</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">Subscription Period</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">[&#9679;], 2024 through&nbsp;[&#9679;], 2024&dagger;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">Expiration Date*</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">[&#9679;], 2024&dagger;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">Payment for Guarantees of Delivery Due*</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">[&#9679;], 2024&dagger;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">Issuance Date</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">[&#9679;], 2024&dagger;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">Confirmation Date</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">[&#9679;], 2024&dagger;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify">*</TD>
    <TD STYLE="text-align: justify">A shareholder exercising Rights must deliver to the Rights Agent by [5:00 PM, Eastern Time] on [&#9679;],
    2024 (unless the offer is extended) either (a)&nbsp;a Subscription Certificate and payment for common shares or (b)&nbsp;a notice
    of guaranteed delivery and payment for common shares.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&dagger;</TD>
    <TD STYLE="text-align: justify">Unless the offer is extended.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>[Over-Subscription Privilege</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Board has the right in its absolute discretion
to eliminate the over-subscription privilege with respect to primary over-subscription shares and secondary over-subscription shares
if it considers it to be in the best interest of the Fund to do so. The Board may make that determination at any time, without prior
notice to Rights holders or others, up to and including the fifth day following the Expiration Date. If the primary over-subscription
privilege is not eliminated, it will operate as set forth below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Rights holders [who are Record Date Shareholders
and who fully exercise their Rights] are entitled to subscribe for additional common shares at the same Subscription Price pursuant to
the over-subscription privilege, subject to certain limitations and subject to allotment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[Record Date Shareholders who fully exercise
all Rights initially issued to them] are entitled to buy those common shares, referred to as &ldquo;primary over-subscription shares,&rdquo;
that were not purchased by other holders of Rights at the same Subscription Price. If enough primary over-subscription shares are available,
all such requests will be honored in full. If the requests for primary over-subscription shares exceed the primary over-subscription
shares available, the available primary over-subscription shares will be allocated pro rata among those fully exercising [Record Date
Shareholders] who over-subscribe based on the number of Rights originally issued to them by the Fund. Common shares <B><I>acquired pursuant
to the over-subscription privilege are subject to allotment</I></B>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[In addition, the Fund, in its sole discretion,
may determine to issue additional common shares at the same Subscription Price in an amount of up to [ ]% of the shares issued pursuant
to the primary subscription, referred to as &ldquo;secondary over-subscription shares.&rdquo; Should the Fund determine to issue some
or all of the secondary over-subscription shares, they will be allocated only among Record Date Shareholders who submitted over-subscription
requests. Secondary over-subscription shares will be allocated pro rata among those fully exercising Record Date Shareholders who over-subscribe
based on the number of Rights originally issued to them by the Fund. <I>Rights acquired in the secondary market may not participate in
the over-subscription privilege</I>.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Record Date Shareholders who are fully exercising
their Rights during the Subscription Period should indicate, on the Subscription Certificate that they submit with respect to the exercise
of the Rights issued to them, how many common shares they are willing to acquire pursuant to the over-subscription privilege. Rights
acquired in the secondary market may not participate in the over-subscription privilege.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent sufficient common shares are not
available to fulfill all over-subscription requests, unsubscribed common shares (the &ldquo;Excess Shares&rdquo;) will be allocated pro
rata among those Record Date Shareholders who over-subscribe based on the number of Rights issued to them by the Fund. The allocation
process may involve a series of allocations in order to assure that the total number of common shares available for over-subscriptions
is distributed on a pro rata basis.</P>

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

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

<!-- Field: Page; Sequence: 62; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The formula to be used in allocating the Excess
Shares is as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 94%; border-collapse: collapse; margin-left: 0.5in">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 59%; border-bottom: black 1pt solid; text-align: center">Shareholder&rsquo;s Record Date Position</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 39%">X&nbsp;Excess&nbsp;Shares&nbsp;Remaining</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">Total&nbsp;Record&nbsp;Date&nbsp;Position&nbsp;of&nbsp;All
    Over-Subscribers</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Banks, broker-dealers, trustees and other nominee
holders of Rights will be required to certify to the Rights Agent, before any over-subscription privilege may be exercised with respect
to any particular beneficial owner, as to the aggregate number of Rights exercised during the Subscription Period and the number of common
shares subscribed for pursuant to the over-subscription privilege by such beneficial owner and that such beneficial owner&rsquo;s subscription
was exercised in full. Nominee holder over-subscription forms and beneficial owner certification forms will be distributed to banks,
broker-dealers, trustees and other nominee holders of Rights with the Subscription Certificates. [Nominees should also notify holders
purchasing Rights in the secondary market that such Rights may not participate in the over-subscription privilege.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund will not otherwise offer or sell any
common shares that are not subscribed for pursuant to the primary subscription, the primary over-subscription privilege or the secondary
over-subscription privilege pursuant to the Rights offering.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sales by Rights Agent</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of Rights who are unable or do not wish
to exercise any or all of their Rights may instruct the Rights Agent to sell any unexercised Rights. The Subscription Certificates representing
the Rights to be sold by the Rights Agent must be received prior to [5:00 PM, Eastern Time], on [&#9679;], 2024, five Business Days prior
to the Expiration Date (or, if the Subscription Period is extended, prior to [5:00 PM, Eastern Time], on the fifth Business Day prior
to the extended Expiration Date). Upon the timely receipt of the appropriate instructions to sell Rights, the Rights Agent will use its
best efforts to complete the sale and will remit the proceeds of sale, net of any commissions, to the holders. The Rights Agent will
also attempt to sell any Rights attributable to shareholders of record whose addresses are outside the United States, or who have an
APO or FPO address. The selling Rights holder will pay all brokerage commissions incurred by the Rights Agent. These sales may be effected
by the Rights Agent. The Rights Agent will automatically attempt to sell any unexercised Rights that remain unclaimed as a result of
Subscription Certificates being returned by the postal authorities as undeliverable as of the [&#9679;] Business Day prior to the Expiration
Date. The Rights Agent will attempt to sell such Rights, including by first offering such Rights to the Dealer Manager for purchase by
the Dealer Manager at the then-current market price on the [&#9679;]. The Rights Agent will offer Rights to the Dealer Manager before
attempting to sell them on the [&#9679;], which may affect the market price for Rights on the [&#9679;] and reduce the number of Rights
available for purchase on the [&#9679;], thereby reducing the ability of new investors to participate in the offering. These sales will
be made net of commissions, taxes and any other expenses paid on behalf of the nonclaiming holders of Rights. Proceeds from those sales
will be held by State Street Bank and Trust Company in its capacity as the Fund&rsquo;s transfer agent, for the account of the nonclaiming
holder of Rights until the proceeds are either claimed or escheated. There can be no assurance that the Rights Agent will be able to
complete the sale of any of these Rights and neither the Fund nor the Rights Agent has guaranteed any minimum sales price for the Rights.
All of these Rights will be sold at the market price, if any, through an exchange or market trading the Rights. If the Rights can be
sold, sales of the Rights will be deemed to have been effected at the weighted average price received by the Rights Agent on the day
such Rights are sold, less any applicable brokerage commissions, taxes and other expenses.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[&#9679;] (previously defined as the &ldquo;Dealer
Manager&rdquo;), a registered broker-dealer, may also act on behalf of its clients to purchase or sell Rights in the open market and
may receive commissions from its clients for such services. Holders of Rights attempting to sell any unexercised Rights in the open market
through a broker-dealer other than the Dealer Manager may be charged a different commission and should consider the commissions and fees
charged by the broker-dealer prior to selling their Rights on the open market. The Dealer Manager is not expected to purchase Rights
as principal for its own account in order to seek to facilitate the trading market for Rights or otherwise. See &ldquo;Plan of Distribution&rdquo;
for additional information.]</P>

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

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

<!-- Field: Page; Sequence: 63; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Rights are transferable and will be admitted
for trading on the [<FONT STYLE="font-family: Symbol">&middot;</FONT>] under the symbol &ldquo;[<FONT STYLE="font-family: Symbol">&middot;</FONT>].&rdquo; Although no assurance can be given that a market for the Rights
will develop, trading in the Rights on the [<FONT STYLE="font-family: Symbol">&middot;</FONT>] is expected to begin two Business Days prior to the Record Date and may be conducted
until the close of trading on the last [<FONT STYLE="font-family: Symbol">&middot;</FONT>] trading day prior to the Expiration Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The value of the Rights, if any, will be reflected
by the market price. Rights may be sold by individual holders or may be submitted to the Rights Agent for sale. Any Rights submitted
to the Rights Agent for sale must be received by the Rights Agent prior to [5:00 PM, Eastern Time], on [<FONT STYLE="font-family: Symbol">&middot;</FONT>], 2024, five Business
Days prior to the Expiration Date (or, if the Subscription Period is extended, prior to [5:00 PM, Eastern Time], on the [<FONT STYLE="font-family: Symbol">&middot;</FONT>] Business
Day prior to the extended Expiration Date).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[Rights that are sold will not confer any right
to acquire any common shares in any primary over-subscription privilege or secondary over-subscription privilege, if any, and any Record
Date Shareholder who sells any Rights will not be eligible to participate in the primary over-subscription privilege or secondary over-subscription
privilege, if any.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Trading of the Rights on the [<FONT STYLE="font-family: Symbol">&middot;</FONT>] will be
conducted on a when-issued basis until and including the date on which the Subscription Certificates are mailed to Record Date Shareholders
of record and thereafter will be conducted on a regular-way basis until and including the last [<FONT STYLE="font-family: Symbol">&middot;</FONT>] trading day prior to the Expiration
Date. The common shares are expected to begin trading ex-Rights one Business Day prior to the Record Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders are urged to obtain a recent trading
price for the Rights on the [<FONT STYLE="font-family: Symbol">&middot;</FONT>] from their broker, bank, financial adviser or the financial press.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Method of Transferring Rights</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Rights evidenced by a single Subscription
Certificate may be transferred in whole by endorsing the Subscription Certificate for transfer in accordance with the accompanying instructions.
A portion of the Rights evidenced by a single Subscription Certificate (but not fractional Rights) may be transferred by delivering to
the Rights Agent a Subscription Certificate properly endorsed for transfer, with instructions to register the portion of the Rights evidenced
thereby in the name of the transferee (and to issue a new Subscription Certificate to the transferee evidencing the transferred Rights).
In this event, a new Subscription Certificate evidencing the balance of the Rights will be issued to the Rights holder or, if the Rights
holder so instructs, to an additional transferee.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders wishing to transfer all or a portion
of their Rights (but not fractional Rights) should promptly transfer such Rights to ensure that: (i)&nbsp;the transfer instructions will
be received and processed by the Rights Agent, (ii)&nbsp;a new Subscription Certificate will be issued and transmitted to the transferee
or transferees with respect to transferred Rights, and to the holder with respect to retained Rights, if any, and (iii)&nbsp;the Rights
evidenced by the new Subscription Certificates may be exercised or sold by the recipients thereof prior to the Expiration Date. Neither
the Fund nor the Rights Agent shall have any liability to a transferee or holder of Rights if Subscription Certificates are not received
in time for exercise or sale prior to the Expiration Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except for the fees charged by the Rights Agent
(which will be paid by the Fund as described below), all commissions, fees and other expenses (including brokerage commissions and transfer
taxes) incurred in connection with the purchase, sale, transfer or exercise of Rights will be for the account of the holder of the Rights,
and none of these commissions, fees or expenses will be borne by the Fund or the Rights Agent.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund anticipates that the Rights will be
eligible for transfer through, and that the exercise of the Rights may be effected through, the facilities of [insert depository] (Rights
exercised through [insert depository] are referred to as &ldquo;[insert depository] Exercised Rights&rdquo;).</P>

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

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

<!-- Field: Page; Sequence: 64; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Rights Agent is [<FONT STYLE="font-family: Symbol">&middot;</FONT>]. The Rights Agent
will receive from the Fund an amount estimated to be $[<FONT STYLE="font-family: Symbol">&middot;</FONT>], comprised of the fee for its services and the reimbursement for certain
expenses related to the Rights offering. The shareholders of the Fund will indirectly pay such amount.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">INQUIRIES BY ALL HOLDERS OF RIGHTS SHOULD BE
DIRECTED TO: THE INFORMATION AGENT, [<FONT STYLE="font-family: Symbol">&middot;</FONT>]; HOLDERS PLEASE CALL TOLL-FREE AT [<FONT STYLE="font-family: Symbol">&middot;</FONT>]; BANKS AND BROKERS PLEASE CALL [<FONT STYLE="font-family: Symbol">&middot;</FONT>].</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Method of Exercise of Rights</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Rights may be exercised by completing and signing
the Subscription Certificate and mailing it in the envelope provided, or otherwise delivering the completed and signed Subscription Certificate
to the Rights Agent, together with payment for the common shares as described below under &ldquo;Payment for Shares.&rdquo; Rights may
also be exercised through the broker of a holder of Rights, who may charge the holder of Rights a servicing fee in connection with such
exercise. See &ldquo;Plan of Distribution&rdquo; for additional information regarding the purchase and exercise of Rights by the Dealer
Manager.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Completed Subscription Certificates and payment
must be received by the Rights Agent prior to [5:00 PM, Eastern Time], on the Expiration Date (unless payment is effected by means of
a notice of guaranteed delivery as described below under &ldquo;Payment for Shares&rdquo;). Your broker, bank, trust company or other
intermediary may impose a deadline for exercising Rights earlier than [5:00 PM, Eastern Time], on the Expiration Date. The Subscription
Certificate and payment should be delivered to the Rights Agent at the following address:</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ares Dynamic Credit Allocation Fund,&nbsp;Inc.<BR>
[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ares Dynamic Credit Allocation Fund,&nbsp;Inc.<BR>
[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of Rights who acquire common shares in
the Rights offering may choose between the following methods of payment:</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: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD STYLE="text-align: justify">A holder of Rights can send the Subscription
                                            Certificate, together with payment in the form of a check (which must include the name of
                                            the shareholder on the check) for the common shares subscribed for in the Rights offering
                                            and, if eligible, for any additional common shares subscribed for pursuant to the over-subscription
                                            privilege, to the Rights Agent based on the Subscription Price. To be accepted, the payment,
                                            together with the executed Subscription Certificate, must be received by the Rights Agent
                                            at one of the addresses noted above prior to [5:00 PM, Eastern Time] on the Expiration Date.
                                            The Rights Agent will deposit all share purchase checks received by it prior to the final
                                            due date into a segregated account pending proration and distribution of common shares. The
                                            Rights Agent will not accept cash as a means of payment for common shares.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD STYLE="text-align: justify">Alternatively, a subscription will be
                                            accepted by the Rights Agent if, prior to [5:00 PM, Eastern Time] on the Expiration Date,
                                            the Rights Agent has received a written notice of guaranteed delivery by mail or email from
                                            a bank, trust company, or a NYSE member, guaranteeing delivery of a properly completed and
                                            executed Subscription Certificate. In order for the notice of guarantee to be valid, full
                                            payment for the common shares at the Subscription Price must be received with the notice.
                                            The Rights Agent will not honor a notice of guaranteed delivery unless a properly completed
                                            and executed Subscription Certificate is received by the Rights Agent by the close of business
                                            on the [second] Business Day after the Expiration Date. The notice of guaranteed delivery
                                            must be emailed to the Rights Agent at [<FONT STYLE="font-family: Symbol">&middot;</FONT>] or delivered to the Rights Agent at one of
                                            the addresses noted above.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 65; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A PAYMENT PURSUANT TO THIS METHOD MUST BE IN
UNITED STATES DOLLARS BY CHECK (WHICH MUST INCLUDE THE NAME OF THE SHAREHOLDER ON THE CHECK) DRAWN ON A BANK LOCATED IN THE CONTINENTAL
UNITED STATES, MUST BE PAYABLE TO ARES DYNAMIC CREDIT ALLOCATION FUND,&nbsp;INC. AND MUST ACCOMPANY AN EXECUTED SUBSCRIPTION CERTIFICATE
TO BE ACCEPTED.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The method and timing of payment for common shares
acquired by the Dealer Manager through the exercise of Rights is described under &ldquo;Plan of Distribution.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If a holder of Rights who acquires common shares
pursuant to the Rights offering does not make payment of all amounts due, the Fund reserves the right to take any or all of the following
actions: (i)&nbsp;find other purchasers for such subscribed-for and unpaid-for common shares; (ii)&nbsp;apply any payment actually received
by it toward the purchase of the greatest whole number of common shares which could be acquired by such holder upon exercise of the Rights
or any over-subscription privilege; (iii)&nbsp;sell all or a portion of the common shares purchased by the holder, in the open market,
and apply the proceeds to the amounts owed; and (iv)&nbsp;exercise any and all other rights or remedies to which it may be entitled,
including, without limitation, the right to set off against payments actually received by it with respect to such subscribed common shares
and to enforce the relevant guarantee of payment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any payment required from a holder of Rights
must be received by the Rights Agent prior to [5:00 PM, Eastern Time] on the Expiration Date. Issuance and delivery of the common shares
purchased are subject to collection of checks.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Within [<FONT STYLE="font-family: Symbol">&middot;</FONT>] Business Days following the Expiration
Date (the &ldquo;Confirmation Date&rdquo;), a confirmation will be sent by the Rights Agent to each holder of Rights (or, if the common
shares are held by [insert nominee name] or any other depository or nominee, to [insert nominee name] or such other depository or nominee),
showing (i)&nbsp;the number of common shares acquired pursuant to the subscription, (ii)&nbsp;the number of common shares, if any, acquired
pursuant to the over-subscription privilege, and (iii)&nbsp;the per share and total purchase price for the common shares. Any payment
required from a holder of Rights must be received by the Rights Agent on or prior to the Expiration Date. Any excess payment to be refunded
by the Fund to a holder of Rights, or to be paid to a holder of Rights as a result of sales of Rights on its behalf by the Rights Agent,
will be mailed by the Rights Agent to the holder within [<FONT STYLE="font-family: Symbol">&middot;</FONT>] Business Days after the Expiration Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A holder of Rights will have no right to rescind
a purchase after the Rights Agent has received payment either by means of a notice of guaranteed delivery or a check, which must include
the name of the shareholder on the check.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon acceptance of a subscription, all funds
received by the Rights Agent shall be held by the Rights Agent as agent for the Fund and deposited in one or more bank accounts. Such
funds may be invested by the Rights Agent in: bank accounts, short-term certificates of deposit, bank repurchase agreements, and disbursement
accounts with commercial banks meeting certain standards. The Rights Agent may receive interest, dividends or other earnings in connection
with such deposits or investments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders, such as broker-dealers, trustees or
depositories for securities, who hold common shares for the account of others, should notify the respective beneficial owners of the
common shares as soon as possible to ascertain such beneficial owners&rsquo; intentions and to obtain instructions with respect to the
Rights. If the beneficial owner so instructs, the record holder of the Rights should complete Subscription Certificates and submit them
to the Rights Agent with the proper payment. In addition, beneficial owners of common shares or Rights held through such a holder should
contact the holder and request that the holder effect transactions in accordance with the beneficial owner&rsquo;s instructions. <B>[Banks,
broker-dealers, trustees and other nominee holders that hold common shares of the Fund for the accounts of others are advised to notify
those persons that purchase Rights in the secondary market that such Rights may not participate in any over-subscription privilege offered.]</B></P>

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

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

<!-- Field: Page; Sequence: 66; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THE INSTRUCTIONS ACCOMPANYING THE SUBSCRIPTION
CERTIFICATES SHOULD BE READ CAREFULLY AND FOLLOWED IN DETAIL. DO NOT SEND SUBSCRIPTION CERTIFICATES TO THE FUND.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">THE METHOD OF DELIVERY OF SUBSCRIPTION CERTIFICATES
AND PAYMENT OF THE SUBSCRIPTION PRICE TO THE RIGHTS AGENT WILL BE AT THE ELECTION AND RISK OF THE RIGHTS HOLDERS, BUT IF SENT BY MAIL,&nbsp;IT
IS RECOMMENDED THAT THE CERTIFICATES AND PAYMENTS BE SENT BY REGISTERED MAIL, PROPERLY INSURED, WITH RETURN RECEIPT REQUESTED, AND THAT
A SUFFICIENT NUMBER OF DAYS BE ALLOWED TO ENSURE DELIVERY TO THE RIGHTS AGENT AND CLEARANCE OF PAYMENT PRIOR TO [5:00 PM, EASTERN TIME],
ON THE EXPIRATION DATE. BECAUSE UNCERTIFIED PERSONAL CHECKS MAY&nbsp;TAKE AT LEAST FIVE BUSINESS DAYS TO CLEAR, YOU ARE STRONGLY URGED
TO PAY, OR ARRANGE FOR PAYMENT, BY MEANS OF A CERTIFIED OR CASHIER&rsquo;S CHECK, WHICH MUST INCLUDE THE NAME OF THE SHAREHOLDER ON THE
CHECK.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All questions concerning the timeliness, validity,
form and eligibility of any exercise of Rights will be determined by the Fund, whose determinations will be final and binding. The Fund
in its sole discretion may waive any defect or irregularity, or permit a defect or irregularity to be corrected within such time as it
may determine, or reject the purported exercise of any Right. Subscriptions will not be deemed to have been received or accepted until
all irregularities have been waived or cured within such time as the Fund determines in its sole discretion. Neither the Fund nor the
Rights Agent will be under any duty to give notification of any defect or irregularity in connection with the submission of Subscription
Certificates or incur any liability for failure to give such notification.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subscription Certificates will only be mailed
to Record Date Shareholders of record whose addresses are within the United States (other than an APO or FPO address). Because the Rights
offering will not be registered in any jurisdiction other than the United States, the Rights Agent will attempt to sell all of the Rights
issued to shareholders of record outside of these jurisdictions and remit the net proceeds, if any, to such shareholders of record. If
the Rights can be sold, sales of these Rights will be deemed to have been effected at the weighted average price received by the Rights
Agent on the day the Rights are sold, less any applicable brokerage commissions, taxes and other expenses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Notice of Net Asset Value Decline</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund has, pursuant to the SEC&rsquo;s regulatory
requirements, undertaken to suspend the Rights offering until the Fund amends this Prospectus Supplement if, after [<FONT STYLE="font-family: Symbol">&middot;</FONT>], 2024 (the
date of this Prospectus Supplement), the Fund&rsquo;s NAV declines more than 10% from the Fund&rsquo;s NAV as of that date. In that event,
the Expiration Date will be extended and the Fund will notify Record Date Shareholders of record of any such decline and permit Rights
holders to cancel their exercise of Rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Employee Benefit Plan and IRA Considerations</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of Rights that are employee benefit plans
subject to limitations imposed by the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), such as employee plans subject
to the Employee Retirement Income Security Act of 1974, as amended (&ldquo;ERISA&rdquo;), Keogh Plans and Individual Retirement Accounts
(&ldquo;IRA&rdquo;) (each a &ldquo;Benefit Plan&rdquo; and collectively, &ldquo;Benefit Plans&rdquo;), should be aware that the use of
additional contributions of cash outside of the Benefit Plan to exercise Rights may be treated as additional contributions to the Benefit
Plan. When taken together with contributions previously made, such deemed additional contributions may be in excess of tax limitations
and subject the Rights holder to excise taxes for excess or nondeductible contributions. In the case of Benefit Plans qualified under
Section&nbsp;401(a)&nbsp;of the Code, additional contributions could cause the maximum contribution limitations of Section&nbsp;415 of
the Code or other qualification rules&nbsp;to be violated. Benefit Plans contemplating making additional contributions to exercise Rights
should consult with their legal and tax counsel prior to making such contributions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Benefit Plans and other tax-exempt entities,
including governmental plans, should also be aware that if they borrow to finance their exercise of Rights, they may become subject to
the tax on unrelated business taxable income under Section&nbsp;511 of the Code. If any portion of an IRA is used as security for a loan,
the portion so used may also be treated as distributed to the IRA depositor.</P>

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

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

<!-- Field: Page; Sequence: 67; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A Benefit Plan may also be subject to laws, such
as ERISA, that impose certain requirements on the Benefit Plan and on those persons who are fiduciaries with respect to the Benefit Plans
(the &ldquo;Benefit Plan Fiduciary&rdquo;). Such requirements may include prudence and diversification requirements and require that
investments be made in accordance with the documents governing the Benefit Plan. The exercise of Rights by a Benefit Plan Fiduciary for
a Benefit Plan should be considered in light of such fiduciary requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, ERISA and the Code prohibit certain
transactions involving the assets of a Benefit Plan and certain persons (referred to as &ldquo;parties in interest&rdquo; for purposes
of ERISA and &ldquo;disqualified persons&rdquo; for purposes of the Code) having certain relationships to such Benefit Plans, unless
a statutory or administrative exemption is applicable to the transaction. A party in interest or disqualified person who engages in a
nonexempt prohibited transaction may be subject to excise taxes and other penalties and liabilities under ERISA and the Code (or with
respect to certain Benefit Plans, such as IRAs, a prohibited transaction may cause the Benefit Plan to lose its tax-exempt status). In
this regard, the U.S. Department of Labor has issued prohibited transaction class exemptions (&ldquo;PTCEs&rdquo;) that may apply to
the exercise of the Rights and holding of the common shares. These class exemptions include, without limitation, PTCE 84-14 respecting
transactions determined by independent qualified professional asset managers, PTCE 90-1 respecting insurance company pooled separate
accounts, PTCE 91-38 respecting bank collective investment funds, PTCE 95-60 respecting life insurance company general accounts, PTCE
96-23 respecting transactions determined by in-house asset managers, PTCE 84-24 governing purchases of shares in investment companies,
and PTCE 75-1 respecting sales of securities. In addition, Section&nbsp;408(b)(17) of ERISA and Section&nbsp;4975(d)(20) of the Code
each provides a limited exemption, commonly referred to as the &ldquo;service provider exemption,&rdquo; from the prohibited transaction
provisions of ERISA and Section&nbsp;4975 of the Code for certain transactions between a Benefit Plan and a person that is a party in
interest and/or a disqualified person (other than a fiduciary or an affiliate that, directly or indirectly, has or exercises any discretionary
authority or control or renders any investment advice with respect to the assets of any Benefit Plan involved in the transaction) solely
by reason of providing services to the Benefit Plan or by relationship to a service provider, provided that the Benefit Plan receives
no less, nor pays no more, than adequate consideration. There can be no assurance that all of the conditions of any such exemptions or
any other exemption will be satisfied at the time that the Rights are exercised, or thereafter while the common shares are held, if the
facts relied upon for using a prohibited transaction exemption change.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By its exercise of the Rights, each Benefit Plan
will be deemed to have represented and warranted that (i)&nbsp;neither the exercise of the Rights, nor the investment in common shares
pursuant to such exercise, will result in a non-exempt prohibited transaction under ERISA or Section&nbsp;4975 of the Code, or any substantially
similar law, and (ii)&nbsp;neither the Adviser, the Dealer Manager, the Fund or any of their affiliates is or will be a Benefit Plan
Fiduciary with respect to the Benefit Plan&rsquo;s exercise of the Rights or its investment in common shares, for purposes of ERISA,
Section&nbsp;4975 of the Code, or any applicable substantially similar law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Due to the complexity of these rules&nbsp;and
the penalties for noncompliance, fiduciaries of Benefit Plans, including the Benefit Plan Fiduciary, should consult with their legal
and tax counsel regarding the consequences of their exercise of Rights and their investment in common shares under ERISA, the Code and
other similar laws.</P>

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

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

<!-- Field: Page; Sequence: 68; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="c_004"></A><B>SUMMARY OF FUND EXPENSES</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table and example are intended
to assist you in understanding the various costs and expenses directly or indirectly associated with investing in our common shares as
a percentage of net assets attributable to common shares. Amounts are for the current fiscal year after giving effect to anticipated
net proceeds of the Rights offering, assuming that we incur the estimated offering expenses.</P>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 94%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.25in">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 0in; font-size: 10pt; font-weight: bold; text-align: left">Shareholder Transaction Expenses</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-left: 0.125in; width: 87%; font-size: 10pt; text-align: left">Sales load paid by you (as a percentage
of offering price)</TD>
<TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
<TD STYLE="width: 10%; font-size: 10pt; text-align: right">[&#9679;</TD>
<TD STYLE="width: 1%; font-size: 10pt; text-align: left">]</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Offering expenses borne by the Fund (as a percentage
of offering price)</TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: right">[&#9679;</TD>
<TD STYLE="font-size: 10pt; text-align: left">]</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Dividend reinvestment plan fees<FONT STYLE="font-size: 10pt">(1)</FONT></TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: right">[&#9679;</TD>
<TD STYLE="font-size: 10pt; text-align: left">]</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 0in; font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt">Annual Expenses (as a percentage of net assets
attributable to common shares)</TD>
<TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: right">&nbsp;</TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-left: 0.125in; font-size: 10pt">Advisory Fees<FONT STYLE="font-size: 10pt">(2)</FONT></TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">[&#9679;</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">]%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Interest payments on borrowed funds<FONT STYLE="font-size: 10pt">(3)</FONT></TD>
<TD STYLE="font-size: 10pt">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: right">[&#9679;</TD>
<TD STYLE="font-size: 10pt; text-align: left">]%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="padding-left: 0.125in; font-size: 10pt; padding-bottom: 1pt">Other Expenses<FONT STYLE="font-size: 10pt">(4)</FONT></TD>
<TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">[&#9679;</TD>
<TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">]%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 1pt">Total Annual Fund Operating
Expenses</TD>
<TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">[&#9679;</TD>
<TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">]%</TD></TR>
</TABLE>


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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify">(1)</TD>
    <TD STYLE="text-align: justify">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.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(2)</TD>
    <TD STYLE="text-align: justify">The Fund currently pays the Adviser a management fee at an annual rate of 1.00% of the average daily
    value of the Fund's Managed Assets. Common shareholders bear the expenses of the Fund&rsquo;s use of leverage in the form of higher
    fees as a percentage of the Fund&rsquo;s net assets attributable to common shares than if the Fund did not use leverage.&#8239;&#8239;The
    advisory fee shown in the table assumes an <FONT STYLE="background-color: white">amount of leverage of </FONT>[&#9679;]<FONT STYLE="background-color: white">%
    of the Fund&rsquo;s Managed Assets.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(3)</TD>
    <TD STYLE="text-align: justify">&ldquo;Interest payments on borrowed funds&rdquo; represents our actual interest and credit facility
    expenses incurred for fiscal year ended 2023.&#8239;&#8239;We had outstanding borrowings of approximately $[&#9679;] (with a carrying
    value of approximately $[&#9679;]) as of [&#9679;]. This item is based on the assumption that the Fund&rsquo;s borrowings and interest
    costs after an offering will remain similar (at leverage of [&#9679;]% of the Fund&rsquo;s Managed Assets) to those prior to such
    offering. The amount of leverage that the Fund may employ at any particular time will depend on, among other things, the Adviser&rsquo;s
    and the Board&rsquo;s assessment of market and other factors at the time of any proposed borrowing.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(4)</TD>
    <TD STYLE="text-align: justify">&ldquo;Other Expenses&rdquo; includes our overhead expenses, including payments based on our allocable
    portion of overhead and other expenses incurred by Ares Operations LLC in performing its obligations under the administration agreement
    with us, and income taxes.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following example illustrates
the expenses that you would pay on a $1,000 investment in common shares, assuming (i)&nbsp;total annual expenses of [&#9679;]% of net
assets attributable to common shares in 2023 and thereafter, and (ii)&nbsp;a 5% annual return:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 94%; border-collapse: collapse; margin-left: 0.25in">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>One&nbsp;Year</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Three&nbsp;Years</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Five&nbsp;Years</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Ten&nbsp;Years</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt; width: 42%">Total expenses incurred</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 8%">[&#9679;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">]</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 4%">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 11%">[&#9679;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">]</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 9%">[&#9679;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">]</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 3%">$</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; width: 9%">[&#9679;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">]</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>The example should not
be considered a representation of future expenses. The example assumes that the estimated &ldquo;Other expenses&rdquo; set forth in the
Estimated Annual Expenses table are accurate and that all dividends and distributions are reinvested at NAV. Actual expenses may be greater
or less than those assumed. Moreover, the Fund&rsquo;s actual rate of return may be greater or less than the hypothetical 5% return shown
in the example.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="c_005"></A><B>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund estimates the net proceeds of the Rights
offering to be approximately $[<FONT STYLE="font-family: Symbol">&middot;</FONT>], based on the estimated Subscription Price per common share of $[<FONT STYLE="font-family: Symbol">&middot;</FONT>] ([<FONT STYLE="font-family: Symbol">&middot;</FONT>]% of the last
reported sales price of the Fund&rsquo;s common shares on the NYSE on [<FONT STYLE="font-family: Symbol">&middot;</FONT>], 2024), assuming all new common shares offered are sold
and that the expenses related to the Rights offering estimated at approximately $[<FONT STYLE="font-family: Symbol">&middot;</FONT>] are paid.</P>

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

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

<!-- Field: Page; Sequence: 69; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
net proceeds from the Rights offering hereunder will be invested in accordance with the Fund&rsquo;s investment objective and policies
as set forth in this Prospectus Supplement and the accompanying Prospectus. We currently anticipate that we will be able to invest all
of the net proceeds in accordance with our investment objective and policies within approximately three months of the receipt of such
proceeds. Pending such investment, it is anticipated that the proceeds will be invested in short-term investment grade securities or
in high quality, short-term money market instruments. The net proceeds from the Rights offering hereunder may also be used to repay outstanding
debt obligations with respect to amounts borrowed in accordance with the Investment Company Act. </FONT><FONT STYLE="background-color: white">Please
refer to the&nbsp;</FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924031433/tm244051d1_ncsr.htm"><FONT STYLE="background-color: white">section
of the Fund&rsquo;s most recent annual report on Form&nbsp;N-CSR&nbsp;entitled &ldquo;Notes to Financial Statements &ndash; Debt,&rdquo;</FONT></A>
<FONT STYLE="background-color: white">which is incorporated by reference herein, for further information on the Fund&rsquo;s outstanding
debt obligations.</FONT> Depending on market conditions and operations, a portion of the cash held by the Fund, including any proceeds
raised from the offering, may be used to pay distributions in accordance with the Fund&rsquo;s distribution policy and may be a return
of capital. A return of capital is a return to investors of a portion of their original investment in the Fund. In general terms, a return
of capital would involve a situation in which the Fund distribution (or a portion thereof) represents a return of a portion of a shareholder&rsquo;s
investment in the Fund, rather than making a distribution that is funded from the Fund&rsquo;s earned income or other profits. Although
return of capital distributions may not be currently taxable, such distributions would decrease the basis of a shareholder&rsquo;s shares,
and therefore, may increase a shareholder&rsquo;s tax liability for capital gains upon a sale of shares, even if sold at a loss to the
shareholder&rsquo;s original investments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="c_006"></A><B>CAPITALIZATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth the unaudited
capitalization of the Fund as of [<FONT STYLE="font-family: Symbol">&middot;</FONT>], 2024 and its adjusted capitalization assuming the common shares available in the Rights offering
discussed in this Prospectus Supplement had been issued.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="c_007"></A><B>SPECIAL CHARACTERISTICS AND RISKS OF THE RIGHTS
OFFERING</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Risk is inherent in all investing. Therefore,
before investing in the common shares, you should consider the risks associated with such an investment carefully. See &ldquo;Risks&rdquo;
in the Prospectus. The following summarizes some of the matters that you should consider before investing in the Fund through the Rights
offering:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Dilution.</I> Record Date Shareholders who
do not fully exercise their Rights will, at the completion of the Rights offering, own a smaller proportional interest in the Fund than
owned prior to the Rights offering. The completion of the Rights offering will result in immediate voting dilution for such shareholders.
Further, both the sales load and the expenses associated with the Rights offering will immediately reduce the NAV of each outstanding
common share. In addition, if the Subscription Price is less than the NAV per common share as of the Expiration Date, the completion
of this Rights offering will result in an immediate dilution of the NAV per common share for all existing common shareholders (i.e.,
will cause the NAV per common share to decrease). It is anticipated that existing common shareholders will experience immediate dilution
even if they fully exercise their Rights. Such dilution is not currently determinable because it is not known how many common shares
will be subscribed for, what the NAV per common share or market price of the common shares will be on the Expiration Date or what the
Subscription Price per common share will be. If the Subscription Price is substantially less than the current NAV per common share, this
dilution could be substantial. The Fund will pay expenses associated with the Rights offering, estimated at approximately $[<FONT STYLE="font-family: Symbol">&middot;</FONT>].
In addition, the Fund has agreed to pay a dealer manager fee (sales load) equal to [<FONT STYLE="font-family: Symbol">&middot;</FONT>]% of the Subscription Price per common share
issued pursuant to the exercise of Rights (including pursuant to the Over-Subscription Privilege). The Fund, not investors, pays the
sales load, which is ultimately borne by all common shareholders. All of the costs of the Rights offering will be borne by the Fund&rsquo;s
common shareholders. See &ldquo;Table of Fees and Expenses&rdquo; in this Prospectus Supplement and &ldquo;Summary of Fund Expenses&rdquo;
in the accompanying Prospectus for more information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you do not exercise all of your Rights, you
may own a smaller proportional interest in the Fund when the Rights offering is over. In addition, you will experience an immediate dilution
of the aggregate NAV per common share if you do not participate in the Rights offering and will experience a reduction in the NAV per
common share whether or not you exercise your Rights, if the Subscription Price is below the Fund&rsquo;s NAV per common share on the
Expiration Date, because:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the offered common shares are being
                                            sold at less than their current NAV;</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">you will indirectly bear the expenses
                                            of the Rights offering; and</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 70; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the number of common shares outstanding
                                            after the Rights offering will have increased proportionately more than the increase in the
                                            amount of the Fund&rsquo;s net assets.</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">On the other hand, if the Subscription Price
is above the Fund&rsquo;s NAV per common share on the Expiration Date, you may experience an immediate accretion of the aggregate NAV
per share of your common shares even if you do not exercise your Rights and an immediate increase in the NAV per common share whether
or not you participate in the Rights offering, because:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the offered common shares are being
                                            sold at more than their current NAV after deducting the expenses of the Rights offering;
                                            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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the number of common shares outstanding
                                            after the Rights offering will have increased proportionately less than the increase in the
                                            amount of the Fund&rsquo;s net assets.</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">[Furthermore, if you do not participate in the
secondary over-subscription, if it is available, your percentage ownership will also be diluted.] The Fund cannot state precisely the
amount of any dilution because it is not known at this time what the NAV per common share will be on the Expiration Date or what proportion
of the Rights will be exercised. The impact of the Rights offering on NAV per common share is shown by the following examples, assuming
the Rights offering is fully subscribed and a $[<FONT STYLE="font-family: Symbol">&middot;</FONT>] Subscription Price:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 64%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">Scenario 1: (assumes NAV per share is above Subscription Price)(1)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font-size: 10pt; text-indent: -10pt; padding-left: 10pt">NAV(2)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -10pt; padding-left: 10pt">Subscription Price(3)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Reduction in NAV ($)(4)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Reduction in NAV (%)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 64%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">[Scenario 2: (assumes NAV per share is below Subscription Price)(1)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font-size: 10pt; text-indent: -10pt; padding-left: 10pt">NAV(2)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -10pt; padding-left: 10pt">Subscription Price(3)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Increase in NAV ($)(4)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Increase in NAV (%)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">[<FONT STYLE="font-family: Symbol">&middot;</FONT>]]</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify">(1)</TD>
    <TD STYLE="text-align: justify">Both examples assume the full primary subscription [and secondary over-subscription privilege] are
    exercised. Actual amounts may vary due to rounding.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(2)</TD>
    <TD STYLE="text-align: justify">For illustrative purposes only; reflects the Fund&rsquo;s NAV per common share as of [<FONT STYLE="font-family: Symbol">&middot;</FONT>], 2024.
    It is not known at this time what the NAV per common share will be on the Expiration Date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(3)</TD>
    <TD STYLE="text-align: justify">For illustrative purposes only; reflects an estimated Subscription Price of $[<FONT STYLE="font-family: Symbol">&middot;</FONT>] based upon
    [<FONT STYLE="font-family: Symbol">&middot;</FONT>]% of the last reported sales price of the Fund&rsquo;s common shares on the NYSE on [<FONT STYLE="font-family: Symbol">&middot;</FONT>], 2024. It is not known at this
    time what the Subscription Price will be on the Expiration Date.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(4)</TD>
    <TD STYLE="text-align: justify">Assumes $[<FONT STYLE="font-family: Symbol">&middot;</FONT>] in estimated offering expenses.</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">If you do not wish to exercise your Rights, you
should consider selling them as set forth in this Prospectus Supplement. Any cash you receive from selling your Rights may serve as partial
compensation for any possible dilution of your interest in the Fund. The Fund cannot give assurance, however, that a market for the Rights
will develop or that the Rights will have any marketable value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[The Fund&rsquo;s largest shareholders could
increase their percentage ownership in the Fund through the exercise of the primary subscription and over-subscription privilege.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Risks of Investing in Rights</I>. Shares of
closed-end funds, such as the Fund, frequently trade at a discount to NAV. If the Formula Price is less than [<FONT STYLE="font-family: Symbol">&middot;</FONT>]% of NAV on the
Expiration Date, then the Subscription Price will likely be greater than the market price of a common share on that date. In addition,
the Formula Price, even if above [<FONT STYLE="font-family: Symbol">&middot;</FONT>]% of NAV, may be still above the market price of a common share on the Expiration Date. If either
event occurs, the Rights will have no value, and a person who exercises Rights will experience an immediate loss of value.</P>

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

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

<!-- Field: Page; Sequence: 71; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Leverage</I>. Leverage creates a greater risk
of loss, as well as a potential for more gain, for the common shares than if leverage were not used. Following the completion of the
Rights offering, the Fund&rsquo;s amount of leverage outstanding will decrease. The leverage of the Fund as of [<FONT STYLE="font-family: Symbol">&middot;</FONT>], 2024 was approximately
[<FONT STYLE="font-family: Symbol">&middot;</FONT>]% of the Fund&rsquo;s Managed Assets. After the completion of the Rights offering, the amount of leverage outstanding is expected
to decrease to approximately [<FONT STYLE="font-family: Symbol">&middot;</FONT>]% of the Fund&rsquo;s Managed Assets. The use of leverage for investment purposes creates opportunities
for greater total returns but at the same time increases risk. When leverage is employed, the NAV and market price of the common shares
and the yield to holders of common shares may be more volatile. Any investment income or gains earned with respect to the amounts borrowed
in excess of the interest due on the borrowing will augment the Fund&rsquo;s income. Conversely, if the investment performance with respect
to the amounts borrowed fails to cover the interest on such borrowings, the value of the Fund&rsquo;s common shares may decrease more
quickly than would otherwise be the case, and distributions on the common shares could be reduced or eliminated. Interest payments and
fees incurred in connection with such borrowings will reduce the amount of net income available for distribution to holders of the common
shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because the fee paid to the Adviser is calculated
on the basis of the Fund&rsquo;s Managed Assets, which include the proceeds of leverage, the dollar amount of the management fee paid
by the Fund to the Adviser will be higher (and the Adviser will be benefited to that extent) when leverage is used. The Adviser will
use leverage only if it believes such action would result in a net benefit to the Fund&rsquo;s shareholders after taking into account
the higher fees and expenses associated with leverage (including higher management fees).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund&rsquo;s leveraging strategy may not
be successful.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Increase in Share Price Volatility; Decrease
in Share Price.</I> The Rights offering may result in an increase in trading of the common shares, which may increase volatility in the
market price of the common shares. The Rights offering may result in an increase in the number of shareholders wishing to sell their
common shares, which would exert downward price pressure on the price of common shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Under-Subscription.</I> It is possible that
the Rights offering will not be fully subscribed. Under-subscription of the Rights offering would have an impact on the net proceeds
of the Rights offering and whether the Fund achieves any benefits.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="c_008"></A><B>TAXATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[The following is a general summary of the U.S.
federal income tax consequences of the Rights offering to Record Date Shareholders who are U.S. persons for U.S. federal income tax purposes.
The following summary supplements the discussion set forth in the accompanying Prospectus and SAI and is subject to the qualifications
and assumptions set forth therein. The discussion set forth herein does not constitute tax advice and potential investors are urged to
consult their own tax advisor to determine the tax consequences of investing in the Fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please refer to the &ldquo;Tax Matters&rdquo;
section in the Fund&rsquo;s Prospectus and SAI for a description of the consequences of investing in the common shares of the Fund. Special
tax considerations relating to this Rights offering are summarized below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The value of a Right will not be
                                            includible in the income of a common shareholder at the time the Right is issued.</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The basis of a Right issued to a
                                            common shareholder will be zero, and the basis of the common share with respect to which
                                            the Right was issued (the &ldquo;Old Common Share&rdquo;) will not change, unless either
                                            the fair market value of the Right on the date of distribution is at least 15% of the fair
                                            market value of the Old Common Share, or such common shareholder affirmatively elects (in
                                            the manner set out in Treasury regulations under the Code) to allocate to the Right a portion
                                            of the basis of the Old Common Share. If the basis of a Right or Old Common Share changes,
                                            such common shareholder must allocate basis between the Old Common Share and the Right in
                                            proportion to their fair market values on the date of distribution.</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The basis of a Right purchased will
                                            generally be its purchase price.</TD></TR></TABLE>

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

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

<!-- Field: Page; Sequence: 72; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A common shareholder&rsquo;s holding
                                            period in a Right issued includes the holding period of the Old Common Share.</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">A common shareholder will not recognize
                                            a loss if a Right distributed to such common shareholder expires unexercised because the
                                            basis of the Old Common Share may be allocated to a Right only if the Right is sold or exercised.
                                            If a Right that has been purchased in the market expires unexercised, there will be a recognized
                                            loss equal to the basis of the Right.</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Any gain or loss on the sale of a
                                            Right will be a capital gain or loss if the Right is held as a capital asset (which in the
                                            case of a Right issued to Record Date Shareholders will depend on whether the Old Common
                                            Share is held as a capital asset), and will be a long-term capital gain or loss if the holding
                                            period is deemed to exceed one year.</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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">No gain or loss will be recognized
                                            by a common shareholder upon the exercise of a Right, and the basis of any common share acquired
                                            upon exercise (the &ldquo;New Common Share&rdquo;) will equal the sum of the basis, if any,
                                            of the Right and the Subscription Price for the New Common Share. The holding period for
                                            the New Common Share will begin on the date when the Right is exercised (or, in the case
                                            of a Right purchased in the market, potentially the day after the date of exercise).</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">The foregoing is a general and brief summary
of the provisions of the Code and the Treasury regulations in effect as they directly govern the taxation of the Fund and its common
shareholders, with respect to U.S. federal income taxation only. Other tax issues such as state and local taxation may apply. Investors
are urged to consult their own tax advisers to determine the tax consequences of investing in the Fund. These provisions are subject
to change by legislative or administrative action, and any such change may be retroactive.]</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="c_009"></A><B>PLAN OF DISTRIBUTION</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[<FONT STYLE="font-family: Symbol">&middot;</FONT>] will act as Dealer Manager for this
Rights offering. Under the terms and subject to the conditions contained in the Dealer Manager Agreement among the Dealer Manager, the
Fund and the Adviser, the Dealer Manager will provide financial structuring and solicitation services in connection with the Rights offering
and will solicit the exercise of Rights and participation in the over-subscription privilege. The Rights offering is not contingent upon
any number of Rights being exercised. The Dealer Manager will also be responsible for forming and managing a group of selling broker-dealers
(each, a &ldquo;Selling Group Member&rdquo; and collectively, the &ldquo;Selling Group Members&rdquo;), whereby each Selling Group Member
will enter into a Selling Group Agreement with the Dealer Manager to solicit the exercise of Rights and to sell common shares purchased
by the Selling Group Member from the Dealer Manager. In addition, the Dealer Manager will enter into a Soliciting Dealer Agreement with
other soliciting broker-dealers (each, a &ldquo;Soliciting Dealer&rdquo; and collectively, the &ldquo;Soliciting Dealers&rdquo;) to solicit
the exercise of Rights. See &ldquo;&mdash;Compensation to Dealer Manager&rdquo; for a discussion of fees and other compensation to be
paid to the Dealer Manager, Selling Group Members and Soliciting Dealers in connection with the Rights offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Fund and the Adviser have each agreed to
indemnify the Dealer Manager for losses arising out of certain liabilities, including liabilities under the Securities Act. The Dealer
Manager Agreement also provides that the Dealer Manager will not be subject to any liability to the Fund in rendering the services contemplated
by the Dealer Manager Agreement except for any act of willful misfeasance, bad faith or gross negligence of the Dealer Manager or reckless
disregard by the Dealer Manager of its obligations and duties under the Dealer Manager Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to seek to facilitate the trading market
in the Rights for the benefit of non-exercising shareholders, and the placement of the common shares to new or existing investors pursuant
to the exercise of the Rights, the Dealer Manager Agreement provides for special arrangements with the Dealer Manager. Under these arrangements,
the Dealer Manager is expected to purchase Rights on the [<FONT STYLE="font-family: Symbol">&middot;</FONT>], as well as Rights received by the Rights Agent for sale by Record
Date Shareholders and offered to the Dealer Manager and unexercised Rights of Record Date Shareholders whose record addresses are outside
the United States that are held by the Subscription Agent and for which no instructions are received. The number of rights, if any, purchased
by the Dealer Manager will be determined by the Dealer Manager in its sole discretion. The Dealer Manager is not obligated to purchase
Rights or common shares as principal for its own account to facilitate the trading market for Rights or for investment purposes. Rather,
its purchases are expected to be closely related to interest in acquiring common shares generated by the Dealer Manager through its marketing
and soliciting activities. The Dealer Manager intends to exercise Rights purchased by it during the Subscription Period but prior to
the Expiration Date. The Dealer Manager may exercise those Rights at its option on one or more dates, which are expected to be prior
to the Expiration Date. The Subscription Price for the common shares issued through the exercise of Rights by the Dealer Manager prior
to the Expiration Date will be the greater of [<FONT STYLE="font-family: Symbol">&middot;</FONT>]% of the last reported sale price of a common share on the NYSE on the date of
exercise or [<FONT STYLE="font-family: Symbol">&middot;</FONT>]% of the last reported NAV of a common share on the date prior to the date of exercise. The price and timing of these
exercises are expected to differ from those described herein for the Rights offering. The Subscription Price will be paid to the Fund
and the dealer manager fee with respect to such proceeds will be paid by the Fund on the applicable settlement date(s)&nbsp;of such exercise(s).</P>

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

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

<!-- Field: Page; Sequence: 73; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the exercise of Rights and
receipt of common shares, the Dealer Manager intends to offer those common shares for sale to the public and/or through a group of selling
members it has established. The Dealer Manager may set the price for those common shares at any price that it determines, in its sole
discretion. The Dealer Manager has advised that the price at which such common shares are offered is expected to be at or slightly below
the closing price of the common shares on the NYSE on the date the Dealer Manager exercises Rights. No portion of the amount paid to
the Dealer Manager or to a Selling Group Member from the sale of common shares in this manner will be paid to the Fund. If the sales
price of the common shares is greater than the Subscription Price paid by the Dealer Manager for such common shares, plus the costs to
purchase Rights for the purpose of acquiring those common shares, the Dealer Manager will receive a gain. Alternatively, if the sales
price of the common shares is less than the Subscription Price for such common shares, plus the costs to purchase Rights for the purpose
of acquiring those common shares, the Dealer Manager will incur a loss. The Dealer Manager will pay a concession to Selling Group Members
in an amount equal to approximately [2.50]% of the aggregate price of the common shares sold by the respective Selling Group Member.
Neither the Fund nor the Adviser has a role in setting the terms, including the sales price, on which the Dealer Manager offers for sale
and sells common shares it has acquired through purchasing and exercising Rights or the timing of the exercise of Rights or sales of
common shares by the Dealer Manager. Persons who purchase common shares from the Dealer Manager or the selling group will purchase shares
at a price set by the Dealer Manager, which may be more or less than the Subscription Price, and at a time set by the Dealer Manager,
which is expected to be prior to the Expiration Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Dealer Manager may purchase Rights as principal
or act as agent on behalf of its clients for the resale of such Rights. The Dealer Manager may realize gains (or losses) in connection
with the purchase and sale of Rights and the sale of common shares, although such transactions are intended by the Dealer Manager to
facilitate the trading market in the Rights and the placement of the common shares to new or existing investors pursuant to the exercise
of the Rights. Any gains (or losses) realized by the Dealer Manager from the purchase and sale of Rights and the sale of common shares
are independent of and in addition to its fee as Dealer Manager. The Dealer Manager has advised that any such gains (or losses) are expected
to be immaterial relative to its fee as Dealer Manager.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since neither the Dealer Manager nor persons
who purchase common shares from the Dealer Manager or members of the selling group were Record Date Shareholders, they would not be able
to participate in the over-subscription privilege.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Persons who purchase common shares from the Dealer
Manager or the selling group will not purchase shares at the Subscription Price based on the formula price mechanism through which common
shares will be sold in the Rights offering. Instead, those persons will purchase common shares at a price set by the Dealer Manager,
which may be more or less than the Subscription Price, and will not have the uncertainty of waiting for the determination of the Subscription
Price on the Expiration Date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There is no limit on the number of Rights the
Dealer Manager can purchase or exercise. Common shares acquired by the Dealer Manager pursuant to the exercise of Rights acquired by
it will reduce the number of common shares available pursuant to the over-subscription privilege, perhaps materially, depending on the
number of Rights purchased and exercised by the Dealer Manager.</P>

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

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

<!-- Field: Page; Sequence: 74; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the Dealer Manager can seek to facilitate
the trading market for Rights as described above, investors can acquire common shares at the Subscription Price by acquiring Rights on
the [<FONT STYLE="font-family: Symbol">&middot;</FONT>] and exercising them in the method described above under &ldquo;Description of the Rights&mdash;Method of Exercise of Rights&rdquo;
and &ldquo;Description of the Rights&mdash;Payment for Shares.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the ordinary course of their businesses, the
Dealer Manager and/or its affiliates may engage in investment banking or financial transactions with the Fund, the Adviser and their
affiliates. In addition, in the ordinary course of their businesses, the Dealer Manager and/or its affiliates may, from time to time,
own securities of the Fund or its affiliates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The principal business address of the Dealer
Manager is [<FONT STYLE="font-family: Symbol">&middot;</FONT>].</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Compensation to Dealer Manager</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Dealer Manager Agreement, the
Fund has agreed to pay the Dealer Manager a fee for its financial structuring and solicitation services equal to [<FONT STYLE="font-family: Symbol">&middot;</FONT>]% of the Subscription
Price per common share for each common share issued pursuant to the exercise of Rights, including the over-subscription privilege.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Dealer Manager will reallow to Selling Group
Members in the selling group to be formed and managed by the Dealer Manager selling fees equal to [<FONT STYLE="font-family: Symbol">&middot;</FONT>]% of the Subscription Price
for each common share issued pursuant to the Rights offering or the over-subscription privilege as a result of their selling efforts.
In addition, the Dealer Manager will reallow to Soliciting Dealers that have executed and delivered a Soliciting Dealer Agreement and
have solicited the exercise of Rights, solicitation fees equal to [<FONT STYLE="font-family: Symbol">&middot;</FONT>]% of the Subscription Price for each common share issued pursuant
to the exercise of Rights as a result of their soliciting efforts, subject to a maximum fee based on the number of common shares held
by such Soliciting Dealer through [insert depository] on the Record Date. Fees will be paid to the broker-dealer designated on the applicable
portion of the subscription certificates or, in the absence of such designation, to the Dealer Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the Fund, has agreed to pay the
Dealer Manager an amount up to $[<FONT STYLE="font-family: Symbol">&middot;</FONT>] as a partial reimbursement of its expenses incurred in connection with the Rights offering,
including reasonable out-of-pocket fees and expenses, if any and not to exceed $[<FONT STYLE="font-family: Symbol">&middot;</FONT>], incurred by the Dealer Manager, Selling Group
Members, Soliciting Dealers and other brokers, dealers and financial institutions in connection with their customary mailing and handling
of materials related to the Rights offering to their customers. No other fees will be payable by the Fund or the Adviser to the Dealer
Manager in connection with the Rights offering.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="c_010"></A><B>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain legal matters in connection with the
common shares will be passed on for the Fund by Willkie Farr&nbsp;&amp; Gallagher LLP, New York, New York, counsel to the Fund. Willkie
Farr&nbsp;&amp; Gallagher LLP may rely as to certain matters of Maryland law on the opinion of Venable LLP, Baltimore, Maryland. [Certain
legal matters will be passed on by [<FONT STYLE="font-family: Symbol">&middot;</FONT>] as special counsel to the Dealer Manager in connection with the Rights offering.]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="c_011"></A><B>FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The audited annual financial statements of the
Fund for the fiscal year ended December&nbsp;31, [<FONT STYLE="font-family: Symbol">&middot;</FONT>] [and the unaudited financial statements for the six months ended June&nbsp;30,
[<FONT STYLE="font-family: Symbol">&middot;</FONT>]] are incorporated by reference into this Prospectus Supplement, the accompanying Prospectus and the Statement of Additional
Information (&ldquo;SAI&rdquo;). Portions of the Fund&rsquo;s annual report [and semiannual report] other than the financial statements
and related footnotes thereto are not incorporated into, and do not form a part of, this Prospectus Supplement, the accompanying Prospectus
or the SAI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="c_012"></A><B>ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Prospectus Supplement and the accompanying
Prospectus constitute part of a Registration Statement filed by the Fund with the SEC under the Securities Act and the Investment Company
Act. This Prospectus Supplement and the accompanying Prospectus omit certain of the information contained in the Registration Statement,
and reference is hereby made to the Registration Statement and related exhibits for further information with respect to the Fund and
the common shares offered hereby. Any statements contained herein concerning the provisions of any document are not necessarily complete,
and, in each instance, reference is made to the copy of such document filed as an exhibit to the Registration Statement or otherwise
filed with the SEC. Each such statement is qualified in its entirety by such reference. The complete Registration Statement may be obtained
from the SEC upon payment of the fee prescribed by its rules&nbsp;and regulations or free of charge through the SEC&rsquo;s website (http://www.sec.gov).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 75; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> R-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>ARES DYNAMIC
CREDIT ALLOCATION FUND,&nbsp;INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>[<FONT STYLE="font-family: Symbol">&middot;</FONT>]
Rights for [<FONT STYLE="font-family: Symbol">&middot;</FONT>] Common Shares</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Subscription
Rights to Acquire Common Shares</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Issuable Upon
Exercise of Rights to Subscribe for</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Such Common Shares</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>PROSPECTUS SUPPLEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>[<FONT STYLE="font-family: Symbol">&middot;</FONT>],
2024</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><B>Until [<FONT STYLE="font-family: Symbol">&middot;</FONT>], 2024 (25 days after the date of this Prospectus
Supplement), all dealers that buy, sell or trade the common shares, whether or not participating in this offering, may be required to
deliver a prospectus. This is in addition to the dealers&rsquo; obligation to deliver a prospectus when acting as underwriters.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 76 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #EB0029"><B>SUBJECT TO COMPLETION, DATED
JUNE 4, 2024</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="color: #DE1A1E; background-color: white"><B>THE
INFORMATION IN THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT COMPLETE AND MAY&nbsp;BE CHANGED. WE MAY&nbsp;NOT SELL THESE SECURITIES
UNTIL THE REGISTRATION STATEMENT FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IS EFFECTIVE. THIS STATEMENT OF ADDITIONAL INFORMATION
IS NOT AN OFFER TO SELL THESE SECURITIES AND IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY JURISDICTION WHERE THE OFFER OR
SALE IS NOT PERMITTED</B></FONT><FONT STYLE="color: #EB0029">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ares Dynamic Credit Allocation Fund,&nbsp;Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>STATEMENT OF ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ares Dynamic Credit Allocation Fund,&nbsp;Inc.
(the &ldquo;Fund&rdquo;) is a diversified, closed-end management investment company. This Statement of Additional Information (&ldquo;SAI&rdquo;)
relating to common stock, par value $0.001 per share (&ldquo;common shares&rdquo;), of the Fund does not constitute a prospectus, but
should be read in conjunction with the prospectus relating thereto dated <B>[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</B>, 2024 and any related prospectus supplement.
This SAI, which is not a prospectus, does not include all information that a prospective investor should consider before purchasing common
shares, and investors should obtain and read the prospectus and any related prospectus supplement prior to purchasing such shares. A
copy of the prospectus and any related prospectus supplement may be obtained without charge by calling (888) 818-5298. You may also obtain
a copy of the prospectus on the Securities and Exchange Commission&rsquo;s (the &ldquo;SEC&rdquo;) website (http://www.sec.gov). Capitalized
terms used but not defined in this SAI have the meanings ascribed to them in the prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">References to the Investment Company Act of 1940,
as amended, together with the rules&nbsp;and regulations promulgated thereunder (the &ldquo;Investment Company Act&rdquo;), or other
applicable law, will include any rules&nbsp;promulgated thereunder and any guidance, interpretations or modifications by the SEC, SEC
staff or other authority with appropriate jurisdiction, including court interpretations, and exemptive, no-action or other relief or
permission from the SEC, SEC staff or other authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif"><A HREF="#d_001">THE FUND</A></TD>
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#d_001">S-1</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#d_002">INVESTMENT OBJECTIVE AND POLICIES</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#d_002">S-1</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#d_003">MANAGEMENT OF THE FUND</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#d_003">S-2</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#d_004">PORTFOLIO TRANSACTIONS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#d_004">S-9</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#d_005">CONFLICTS OF INTEREST</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#d_005">S-10</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#d_006">DESCRIPTION OF SHARES</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#d_006">S-11</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#d_007">REPURCHASE OF COMMON SHARES</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#d_007">S-12</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#d_008">TAX MATTERS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#d_008">S-13</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#d_010">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#d_010">S-20</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#d_011">CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#d_011">S-20</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#d_012">INCORPORATION BY REFERENCE</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#d_012">S-22</A></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#d_013">FINANCIAL STATEMENTS</A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#d_013">S-22</A></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>This Statement of Additional Information is
dated [<FONT STYLE="font-family: Symbol">&middot;</FONT>], 2024.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 77 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="d_001"></A><B>THE FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund is a diversified,
closed-end management investment company registered under the Investment Company Act. The Fund was organized as a Maryland corporation
on March&nbsp;14, 2011, pursuant to the charter of the Fund (the &ldquo;Charter&rdquo;), which is governed by the laws of the State of
Maryland. The Fund&rsquo;s investment adviser is Ares Capital Management II LLC (the &ldquo;Adviser&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The common shares of the
Fund are listed on the New York Stock Exchange (&ldquo;NYSE&rdquo;) under the symbol &ldquo;ARDC.&rdquo; As of <B>[<FONT STYLE="font-family: Symbol">&middot;</FONT>]</B>, the Fund
has outstanding <B>[<FONT STYLE="font-family: Symbol">&middot;</FONT>] </B>common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="d_002"></A><B>INVESTMENT OBJECTIVE AND POLICIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment Restrictions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following investment
restrictions are fundamental policies of the Fund and may not be changed without the approval of the holders of a majority of the Fund's
outstanding common shares (which for this purpose and under the Investment Company Act means the lesser of (i)&nbsp;67% of the common
shares represented at a meeting at which more than 50% of the outstanding common shares are represented or (ii)&nbsp;more than 50% of
the outstanding shares).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to such shareholder
approval, the Fund may not:</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: 0.5in"></TD><TD STYLE="width: 0.5in">1.</TD><TD STYLE="text-align: justify">make investments for the purpose of exercising
                                            control or management;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">2.</TD><TD STYLE="text-align: justify">purchase or sell real estate, commodities
                                            or commodity contracts, except that, to the extent permitted by applicable law, the Fund
                                            may (i)&nbsp;invest in securities directly or indirectly secured by real estate or interests
                                            therein or issued by entities that invest in real estate or interests therein; (ii)&nbsp;acquire,
                                            hold and sell real estate acquired through default, liquidation, or other distributions of
                                            an interest in real estate as a result of the Fund's ownership of other assets; (iii)&nbsp;invest
                                            in instruments directly or indirectly secured by commodities or securities issued by entities
                                            that invest in or hold such commodities and acquire temporarily commodities as a result thereof;
                                            and (iv)&nbsp;purchase and sell forward contracts, financial futures contracts and options
                                            thereon;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">issue senior securities or borrow money
                                            except as permitted by Section&nbsp;18 of the Investment Company Act or otherwise as permitted
                                            by applicable law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">4.</TD><TD STYLE="text-align: justify">underwrite securities of other issuers,
                                            except insofar as the Fund may be deemed an underwriter under the <FONT STYLE="font-size: 10pt">Securities
                                            Act of 1933, as amended</FONT>, in selling its own securities or portfolio securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">5.</TD><TD STYLE="text-align: justify">make loans to other persons, except that
                                            (i)&nbsp;the Fund will not be deemed to be making a loan to the extent that the Fund makes
                                            investments in accordance with its stated investment strategies or otherwise purchases senior
                                            loans, subordinated loans, corporate bonds, collateralized loan obligations (&ldquo;CLO&rdquo;)
                                            securities, debentures or other loans or debt securities of any type, preferred securities,
                                            commercial paper, pass through instruments, loan participation interests, corporate loans,
                                            certificates of deposit, bankers acceptances, repurchase agreements or any similar instruments;
                                            (ii)&nbsp;the Fund may take short positions in any security or financial instrument; and
                                            (iii)&nbsp;the Fund may lend its portfolio securities in an amount not in excess of 33 1/3%
                                            of its total assets, taken at market value, provided that such loans shall be made in accordance
                                            with applicable law; 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: 0.5in"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">invest more than 25% of its total assets
                                            (taken at market value at the time of each investment) in the securities of issuers of any
                                            one industry; provided that securities issued or guaranteed by the U.S. Government or its
                                            agencies or instrumentalities and tax-exempt securities of governments and their political
                                            subdivisions will not be considered to represent an industry (other than private purpose
                                            industrial development bonds issued on behalf of non-governmental issuers).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 78; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="d_003"></A><B>MANAGEMENT OF THE FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investment Advisory Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Advisory Services</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ares Capital Management II
LLC serves as the Fund&rsquo;s investment adviser and is registered as an investment adviser under the Investment Advisers Act of 1940,
as amended. Subject to the overall supervision of the Board of Directors of the Fund (the &ldquo;Board,&rdquo; and each member thereof,
a &ldquo;Director&rdquo;), the Adviser manages the day-to-day operations of, and provides investment advisory and management services
to, the Fund. Under the terms of the investment advisory and management agreement between the Adviser and the Fund (the &ldquo;Investment
Advisory Agreement&rdquo;), the Adviser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">obtains and evaluates pertinent economic,
                                            financial, and other information affecting the economy generally and certain investment assets
                                            as such information relates to securities, loans or other financial instruments, that are
                                            purchased for or considered for purchase by the Fund;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">makes investment decisions for the
                                            Fund (including the exercise or disposition of rights accompanying portfolio securities,
                                            loans or other financial instruments, such as tender offers, exchanges, amendments, consents,
                                            waivers or forbearances, and other attendant rights thereto);</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: 0.25in"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">places purchase and sale orders for
                                            portfolio transactions on behalf of the Fund and manages otherwise uninvested cash assets
                                            of the Fund;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">arranges for the pricing of Fund
                                            securities, loans or other financial instruments;</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: 0.25in"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">executes account documentation, agreements,
                                            contracts and other documents as may be requested by brokers, dealers, assignors, assignees,
                                            participants, counterparties and other persons in connection with the Adviser&rsquo;s management
                                            of the assets of the Fund;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">employs professional portfolio managers
                                            and securities analysts who provide research services to the Fund;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">engages certain third-party professionals,
                                            consultants, experts or specialists in connection with the Adviser&rsquo;s management of
                                            the assets of the Fund; 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: 0.25in"></TD><TD STYLE="width: 0.75in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">makes decisions with respect to the
                                            use by the Fund of borrowing for leverage or other investment purposes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Adviser is an affiliate
of Ares Management Corporation, a leading global alternative investment manager whose common units are listed on the NYSE under the symbol
 &ldquo;ARES&rdquo; (&ldquo;Ares&rdquo;), and leverages the Ares investment platform and benefits from the significant capital markets,
trading and research expertise of Ares's investment professionals. Ares Operations LLC, a subsidiary of Ares, provides certain administrative
and other services necessary for the Fund to operate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Adviser&rsquo;s services
to the Fund under the Investment Advisory Agreement are not exclusive. The Adviser may provide investment advisory and administration
services to other entities. Similarly, affiliates of the Adviser may directly or indirectly manage funds or other accounts with investment
objectives similar to those of the Fund. Accordingly, the Fund may compete with these Ares funds or other investment vehicles managed
by the Adviser and its affiliates for capital and investment opportunities. The Adviser endeavors to allocate investment opportunities
in a fair and equitable manner, and in any event consistent with any fiduciary duties owed to the Fund. Nevertheless, it is possible
that the Fund may not be given the opportunity to participate in certain investments made by investment funds or other accounts managed
by the Adviser or its affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 79; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Adviser is a wholly
owned subsidiary of Ares Management LLC, an SEC-registered investment adviser, and an indirect subsidiary of Ares<FONT STYLE="font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Management Fee</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Investment
Advisory Agreement with the Fund and subject to the overall supervision of the Board, the Adviser provides investment advisory and management
services to the Fund. For providing these services, the Adviser receives a monthly fee at the annual rate of 1.00% of the average daily
value of the Fund&rsquo;s Managed Assets. &ldquo;Managed Assets&rdquo; means the total assets of the Fund (including any assets attributable
to any preferred shares or to indebtedness)<FONT STYLE="font-size: 10pt">,</FONT> minus <FONT STYLE="font-size: 10pt">l</FONT>iabilities
(other than liabilities relating to indebtedness). Fees for any partial month are appropriately prorated. During periods when the Fund
is using leverage, the fees paid to the Adviser will be higher than if the Fund did not use leverage because the fees paid will be calculated
on the basis of the Fund&rsquo;s Managed Assets, which include the assets purchased through leverage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Adviser may elect from
time to time, in its sole discretion, to waive its right to receive a portion of the advisory fee. If the Adviser elects to waive its
compensation, such action may have a positive effect on the Fund&rsquo;s performance or yield. The Adviser is under no obligation to
waive its fees, may elect not to do so, or may decide to waive its compensation periodically.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the fiscal years ended December&nbsp;31, 2023,
December&nbsp;31, 2022 and December&nbsp;31, 2021, the Fund paid the Adviser advisory fees of $4.9 million, $5.6 million and $5.3 million,
respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Payment of the Fund&rsquo;s Expenses and Reimbursement of Certain
Costs of the Adviser and its Affiliates</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The services of all investment
professionals and staff of the Adviser, when and to the extent engaged in providing investment advisory and management services, and
the compensation and routine overhead expenses of such personnel allocable to such services, are provided and paid for by the Adviser.
The Fund bears all other costs and expenses of its operations and transactions, including those relating to: organization; calculation
of its net asset value (including the cost and expenses of any independent valuation firm, agent, or other provider); expenses incurred
by the Adviser payable to third parties, including agents, consultants or other Advisers, in monitoring the financial and legal affairs
of the Fund and in monitoring the Fund&rsquo;s investments; interest payable on indebtedness and dividends and distributions on preferred
shares, as applicable, if any, incurred to finance the Fund&rsquo;s investments; offerings of the Fund&rsquo;s common shares and other
securities (including all fees, costs and expenses related thereto); investment advisory and management fees; fees payable to third parties,
including agents, legal counsel (including, without limitation, any committee formed in accordance with Federal Rule&nbsp;of Bankruptcy
Procedure 2019 or unsecured committee counsel), consultants or other advisers, relating to, or associated with, evaluating and making
investments; administrator, transfer agent, custodian, investor support services and investor relation fees; federal and state registration
fees; all costs of registration and listing the Fund&rsquo;s shares on any securities exchange; federal, state and local taxes; independent
directors&rsquo; fees and expenses; costs of preparing and filing reports or other documents required by governmental bodies (including
the SEC), including printing costs; costs of any reports, proxy statements or other notices to shareholders, including printing costs;
insurance premiums for fidelity bond and other insurance coverage, including the Fund&rsquo;s allocable portion of the fidelity bond,
directors&rsquo; and officers&rsquo; errors and omissions liability insurance, and any other insurance premium; direct costs and expenses
of administration, including printing, mailing, long-distance telephone, copying, secretarial and other staff, independent auditors and
outside legal costs; brokerage commissions, assignment fees and other costs in connection with the purchase, holding or sale of securities
and other investment instruments (including, without limitation, security settlement costs); costs incurred to implement and monitor
agreements governing the Fund&rsquo;s financing or borrowing facilities and costs associated with issuances of preferred shares and ongoing
related expenses; such unusual, non-recurring or extraordinary expenses as may arise, including those relating to actions, suits or proceedings
to which the Fund is a party and legal obligations that the Fund may have to indemnify the Fund&rsquo;s directors, officers and/or employees
or agents with respect to these actions, suits or proceedings; all other expenses incidental to holding meetings of the Fund&rsquo;s
shareholders, including proxy solicitations therefor; and all other expenses incurred by the Fund in connection with administering the
Fund&rsquo;s business (including the reimbursements contemplated in the following paragraph).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under the Fund&rsquo;s Investment Advisory Agreement,
the Adviser may seek reimbursement from the Fund for certain administrative costs provided to the Fund by the Adviser and its affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 80; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Duration, Termination and Amendment</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Investment Advisory Agreement between the
Fund and the Adviser became effective on November&nbsp;27, 2012. The Investment Advisory Agreement was renewed by the Board on August&nbsp;14,
2023 and will renew for successive annual periods thereafter if approved annually by the Board or by the affirmative vote of the holders
of a majority of the Fund&rsquo;s outstanding voting securities, including, in either case, approval by a majority of the Fund&rsquo;s
Directors who are not &ldquo;interested persons.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Investment Advisory Agreement will automatically
terminate in the event of its assignment (within the meaning of the Investment Company Act). The Investment Advisory Agreement may be
terminated by either party without penalty upon 60 days&rsquo; written notice to the other.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Generally, material changes to the Investment
Advisory Agreement of the Fund must be submitted to the Fund&rsquo;s shareholders for approval under the Investment Company Act and the
Fund may from time to time decide it is appropriate to seek shareholder approval to change the terms of the agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Indemnification</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Investment Advisory Agreement provides that,
absent willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of
its duties and obligations, the Adviser, its members and their respective officers, managers, partners, agents, employees, controlling
persons, members and any other person or entity affiliated with any of them are entitled to indemnification from the Fund for any damages,
liabilities, costs and expenses (including reasonable attorneys&rsquo; fees and amounts reasonably paid in settlement) arising out of
or otherwise based upon the performance of any of the Adviser&rsquo;s duties or obligations under the Investment Advisory Agreement or
otherwise as an investment adviser of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Board Approval of Investment Advisory Agreement</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A discussion regarding the basis of the Board&rsquo;s
approval of the Investment Advisory Agreement is available in the Fund&rsquo;s annual report to shareholders dated December&nbsp;31,
2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Administration and Accounting Services Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">State Street Bank and Trust
Company (&ldquo;State Street&rdquo;) provides certain administration and accounting services to the Fund pursuant to an Administration
and Accounting Services Agreement. The table below shows the amounts paid to State Street for such services for the periods indicated:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 64%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Fiscal&nbsp;Year&nbsp;Ended&nbsp;December&nbsp;31,</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Paid&nbsp;to&nbsp;State<BR>
    Street</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">2023</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">341,957</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">2022</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">358,873</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">2021</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">515,050</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Biographical Information Pertaining to the Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund&rsquo;s business
and affairs are managed under the direction of its Board. The Board of the Fund performs the various duties imposed on the directors
of investment companies by the Investment Company Act and Maryland law. The Board currently consists of five Directors, three of whom
are not &ldquo;interested persons&rdquo; of the Fund as defined in Section&nbsp;2(a)(19) of the Investment Company Act. The Fund refers
to these individuals as its &ldquo;Independent Directors.&rdquo; The Directors of the Fund are divided into three classes, serving staggered
three-year terms. The Board periodically elects the Fund&rsquo;s officers, who serve at the discretion of the Board. The Board maintains
an audit committee and a nominating and governance committee and may establish additional committees from time to time as necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 81; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Please refer to the section
of the Fund&rsquo;s April 9, 2024 definitive proxy statement on Schedule 14A for the annual meeting of the Fund&rsquo;s shareholders
entitled: &ldquo;<A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924045179/tm2411001d1_def14a.htm">Information Concerning
the Nominees and Members of the Board</A>,&rdquo; which is incorporated by reference herein, for a discussion of the Fund&rsquo;s Directors,
their principal occupations and other affiliates during the past five years, and other information about them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Director Qualifications</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Please
refer to the section of the Fund&rsquo;s April 9, 2024 definitive proxy statement on Schedule 14A for the annual meeting of the Fund&rsquo;s
shareholders entitled: &ldquo;<A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924045179/tm2411001d1_def14a.htm">Director
Qualifications</A>,&rdquo; which is incorporated by reference herein, for a </FONT>summary of the experience, qualifications, attributes
and skills of each Director that supports the conclusion that each Director should serve as a Director of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Leadership Structure, Composition and Role of the Board of the
Fund in Risk Oversight</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white">Please
refer to the sections of the Fund&rsquo;s definitive proxy statement on Schedule 14A for the annual meeting of the Fund&rsquo;s shareholders
entitled: &ldquo;<A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924045179/tm2411001d1_def14a.htm">Leadership Structure,
Composition and Role of Board of the Fund in Risk Oversight&rdquo;</A>&nbsp;and &ldquo;<A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924045179/tm2411001d1_def14a.htm">Committees
of the Board</A>,&rdquo; which is incorporated by reference herein, for a discussion of the Board&rsquo;s leadership structure and oversight.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Director Share Ownership</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Information relating to each Director&rsquo;s
share ownership in the Fund as of December&nbsp;31, 2023 is set out in the chart below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 45%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; width: 49%">Name of Director(1)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Dollar&nbsp;Range&nbsp;of&nbsp;Equity</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities&nbsp;in&nbsp;the&nbsp;Fund(2)</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Independent Directors</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Elaine Orr</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">None</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">John J. Shaw</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">Over $100,000</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Bruce Spector</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">Over $100,000</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: -10pt; padding-left: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Interested Directors</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">David A. Sachs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">Over $100,000</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Seth J. Brufsky</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: right">Over $100,000</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; text-align: justify">(1)</TD>
    <TD STYLE="text-align: justify">All are current Directors.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">(2)</TD>
    <TD STYLE="text-align: justify">Dollar ranges are as follows: None, $1-$10,000, $10,001-$50,000, $50,001-$100,000 or Over $100,000.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Compensation of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets
forth the compensation paid by the Fund to the Directors during the fiscal year ended December&nbsp;31, 2023. The Directors who are &quot;interested
persons,&quot; as defined in the Investment Company Act, of the Fund and the Fund's officers do not receive compensation from the Fund.
Under the Fund's Investment Advisory Agreement, however, the Adviser may seek reimbursement from the Fund for the costs of certain administrative
services provided to the Fund by the Adviser and its affiliates. The Fund currently pays each Independent Director an annual fee of $50,000.
The Chair of the Nominating and Governance Committee receives an additional annual fee of $5,000. Prior to December&nbsp;31, 2023, the
Chair of the Audit Committee received an additional annual fee of $5,000. Effective January&nbsp;1, 2024, the Chair of the Audit Committee
receives an additional annual fee of $10,000. The Nominating and Governance Committee Chair is Bruce H. Spector and the Audit Committee
Chair is Elaine Orr.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 82; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Name(1)</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Aggregate <BR> Compensation<BR>
    from the<BR> Fund</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pension
                                            or</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Retirement
                                            Benefits</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Accrued
                                            As Part</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of
                                            Fund Expenses</B></P></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Independent Directors</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 52%; font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Elaine Orr</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 20%; font-size: 10pt; text-align: right">50,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; font-size: 10pt; text-align: right">None</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">John J. Shaw</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">50,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">None</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Bruce Spector</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">55,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">None</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -10pt; padding-left: 10pt">Interested Directors</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">David A. Sachs</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">None</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">None</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Seth J. Brufsky</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">None</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">None</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of April&nbsp;1, 2024, the Directors and officers
of the Fund as a group beneficially owned less than 1% of the Fund&rsquo;s outstanding common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of May&nbsp;9, 2024, none of the Independent
Directors of the Fund or their immediate family members owned beneficially or of record any securities in the Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Information Pertaining to the Officers</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Please refer to the section
of the Fund&rsquo;s definitive proxy statement on Schedule 14A for the annual meeting of the Fund&rsquo;s shareholders entitled: &ldquo;<A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924045179/tm2411001d1_def14a.htm">Officers
of the Fund</A>,&rdquo; which is incorporated by reference herein, for certain biographical and other information relating to the officers
of the Fund.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Portfolio Management</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Portfolio Manager Assets Under Management</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth information about funds and accounts
other than the Fund for which the portfolio managers are primarily responsible for the day-to-day portfolio management as of December&nbsp;31,
2023:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    of <BR>
    Portfolio <BR>
    Manager</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Type
    of <BR>
    Accounts</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
    # of <BR>
    Accounts <BR>
    Managed</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
    Assets <BR>
    (in millions)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#8239;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>#
    of Accounts <BR>
    Managed for <BR>
    which <BR>
    Advisory Fee <BR>
    is Based on<BR>
    Performance</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&#8239;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total
    Assets <BR>
    for which <BR>
    Advisory Fee <BR>
    is Based on<BR>
    Performance<BR>
    (in millions)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 17%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seth J. Brufsky</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered investment companies</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,948</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other pooled investment vehicles</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,419</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other accounts</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,846</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,246</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Keith Ashton</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered investment companies</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">634</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other pooled investment vehicles</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,470</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15,890</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other accounts</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,493</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,280</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charles Arduini</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered investment companies</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">634</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other pooled investment vehicles</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,633</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">255</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other accounts</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,579</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,296</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Samantha Milner</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered investment companies</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,813</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other pooled investment vehicles</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,602</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other accounts</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,931</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,767</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8239;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Portfolio Manager Compensation Overview</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The discussion below describes
the portfolio managers&rsquo; compensation as of December&nbsp;31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 83; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Adviser&rsquo;s financial
arrangements with the Portfolio Managers, its competitive compensation and its career path emphasis at all levels reflect the value senior
management places on key resources. Compensation may include a variety of components and may vary from year to year based on a number
of factors. The Portfolio Managers may receive, all or some combination of, salary, an annual bonus and interests in the carried interest
in certain of Ares&rsquo;s funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Base Compensation.</B>
Generally, portfolio managers receive base compensation based on their position with the firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Discretionary Incentive
Compensation. </B>In addition to base compensation, portfolio managers may receive discretionary compensation. Discretionary compensation
may be based on individual seniority and contribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Securities Ownership of Portfolio Managers</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets
forth, for each Portfolio Manager, the aggregate dollar range of the Fund&rsquo;s equity securities beneficially owned as of December&nbsp;31,
2023:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; font-size: 10pt; font-weight: bold; text-align: justify">Portfolio Manager</TD><TD STYLE="padding-bottom: 1pt; width: 2%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 46%; font-size: 10pt; font-weight: bold; text-align: center"><B>Dollar
                                            Range of Fund Shares Beneficially Owned</B></TD><TD STYLE="padding-bottom: 1pt; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Seth J. Brufsky</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">$500,001 - $1,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: justify">Keith Ashton</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">$10,001 - $50,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Charles Arduini</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">None</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Samantha Milner</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">None</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Material Conflicts of Interest</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Actual or apparent conflicts
of interest may arise when a Portfolio Manager has day-to-day management responsibilities with respect to more than one fund or other
account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain inherent conflicts
of interest arise from the fact that the Portfolio Managers, the Adviser and its affiliates provide investment management services both
to the Fund and the other Ares-advised funds, including other funds, as well as client accounts, proprietary accounts and any other investment
vehicles that the Adviser and its affiliates may establish from time to time, managed by the Adviser and its affiliates in which the
Fund will not have an interest. The investment program of the Fund and the other Ares-advised funds or accounts may or may not be substantially
similar. The Portfolio Managers, the Adviser and its affiliates may give advice and recommend securities to the other Ares-advised funds
or accounts that may differ from advice given to, or securities recommended or bought for, the Fund, even though their investment objectives
may be the same or similar to those of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Adviser will seek to
manage potential conflicts of interest in good faith; nonetheless, the portfolio strategies employed by the Portfolio Managers, the Adviser
and its affiliates in managing the other Ares-advised funds could conflict with the transactions and strategies employed by the Portfolio
Managers in managing the Fund and may affect the prices and availability of the securities and instruments in which the Fund invests.
Conversely, participation in specific investment opportunities may be appropriate, at times, for both the Fund and the other Ares-advised
funds or accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Adviser has adopted allocation
procedures that are intended to provide that all investment opportunities will be allocated among the Adviser&rsquo;s or its related
parties&rsquo; clients on a basis that over a period of time is fair and equitable to each client relative to other clients consistent
with any fiduciary duties owed to clients and in an effort to avoid favoring one client over another, taking into account the terms of
the relevant governing documents and all relevant facts and circumstances, including, but not limited to: (i)&nbsp;differences with respect
to available capital, size of client, and remaining life of a client; (ii)&nbsp;differences with respect to investment objectives or
current investment strategies, such as objectives or strategies regarding: (a)&nbsp;current and total return objectives, (b)&nbsp;emphasizing
or limiting exposure to specific investments, including, but not limited to, type of security, jurisdiction, industry, or other characteristic
of the investment, (c)&nbsp;diversification, including industry or company exposure, currency and jurisdiction, or (d)&nbsp;credit ratings;
(iii)&nbsp;differences in risk profile at the time an opportunity becomes available; (iv)&nbsp;the potential transaction and other costs
of allocating an opportunity among various clients; (v)&nbsp;actual or potential conflicts of interest, including whether multiple clients
directly or indirectly have an existing investment in the security in question or the issuer of such security; (vi)&nbsp;the nature of
the security or the transaction including size of investment opportunity, minimum investment amounts and the source of the opportunity;
(vii)&nbsp;current and anticipated market and general economic conditions; and (viii)&nbsp;prior or existing positions in an issuer/security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 84; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event investment opportunities
are allocated among the Fund and the other Ares-advised funds, the Fund may not be able to structure its investment portfolio in the
manner desired. Although the Adviser endeavors to allocate investment opportunities in a manner that, over a period of time, is fair
and equitable, it is possible that the Fund may not be given the opportunity to participate in certain investments made by the other
Ares-advised funds or portfolio managers affiliated with the Adviser. Furthermore, the Fund and the other Ares-advised funds may make
investments in securities where the prevailing trading activity may make impossible the receipt of the same price or execution on the
entire volume of securities purchased or sold by the Fund and the other Ares-advised funds. When this occurs, the various prices may
be averaged, and the Fund will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some
occasions to the disadvantage of the Fund. In addition, under certain circumstances, the Fund may not be charged the same commission
or commission equivalent rates in connection with a bunched or aggregated order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">It is likely that other Ares-advised
funds may make investments in the same or similar securities at different times and on different terms than the Fund. The Fund and the
other Ares-advised funds may make investments at different levels of a borrower&rsquo;s capital structure or otherwise in different classes
of a borrower&rsquo;s securities. Such investments may inherently give rise to conflicts of interest or perceived conflicts of interest
between or among the various classes of securities that may be held by such entities. Conflicts may also arise because portfolio decisions
regarding the Fund may benefit the other Ares-advised funds. For example, the sale of a long position or establishment of a short position
by the Fund may impair the price of the same security sold short by (and therefore benefit) one or more Ares-advised funds, and the purchase
of a security or covering of a short position in a security by the Fund may increase the price of the same security held by (and therefore
benefit) one or more Ares-advised funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While these conflicts cannot
be eliminated, the Adviser, when practicable, will cause the Fund and the other Ares-advised funds to hold investments in the same levels
of an issuer&rsquo;s capital structure in the same proportion at each level; provided, however, that neither the Fund nor any other Ares-advised
fund will be required to hold an investment if holding such investment would result in a violation of the provisions of the organizational
documents of the Fund or the other Ares-advised fund, as applicable, or constitute a breach of, or default or debt repayment event with
respect to, any credit facility or other debt instrument or obligation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Although the professional
staff of the Adviser will devote as much time to the management of the Fund as the Adviser deems appropriate to perform its obligations,
the professional staff of the Adviser may have conflicts in allocating its time and services among the Fund and the Adviser&rsquo;s other
investment vehicles and accounts. The Adviser and its affiliates are not restricted from forming additional investment funds, from entering
into other investment advisory relationships or from engaging in other business activities, even though such activities may be in competition
with the Fund and/or may involve substantial time and resources of the Adviser and its professional staff. These activities could be
viewed as creating a conflict of interest in that the time and effort of the members of the Adviser and their officers and employees
will not be devoted exclusively to the business of the Fund but will be allocated between the business of the Fund and the management
of the monies of other clients of the Adviser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Codes of Ethics</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund and the Adviser
have each adopted a code of ethics pursuant to Rule&nbsp;17j-1 under the Investment Company Act that establishes procedures for personal
investments and restricts certain personal securities transactions. Personnel subject to each code may invest in securities for their
personal investment accounts, including securities that may be purchased or held by the Fund, so long as such investments are made in
accordance with the code&rsquo;s requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The codes of ethics may be
viewed and copied at the SEC&rsquo;s Public Reference Room in Washington, D.C. Information about the SEC&rsquo;s Public Reference Room
may be obtained by calling the SEC at (202) 551-8090. The codes of ethics also may be available on the EDGAR Database on the SEC&rsquo;s
website, http://www.sec.gov, or be obtained, after paying a duplicating fee, by electronic request to publicinfo@sec.gov, or by writing
to: SEC&rsquo;s Public Reference Section, 100 F Street, N.E., Washington, D.C. 20549-0102. This reference to the website does not incorporate
the contents of the website into this SAI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 85; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="d_004"></A><B>PORTFOLIO TRANSACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Adviser is responsible
for decisions to buy and sell securities for the Fund, the selection of brokers and dealers to effect the transactions and the negotiation
of prices and any brokerage commissions. With respect to senior loans and subordinated loans, the Fund generally will engage in privately
negotiated transactions for purchase or sale in which the Adviser will negotiate on behalf of the Fund. Most of these transactions will
be principal transactions at net prices for which the Fund will generally incur little or no brokerage costs. The Fund may be required
to pay fees, or forgo a portion of interest and any fees payable to the Fund, to a lender selling assignment or participations to the
Fund. The Adviser will determine the lenders from whom the Fund will purchase assignments and participations by considering their professional
ability, level of service, relationship with the borrower, financial condition, credit standards and quality of management. Affiliates
of the Adviser may participate in the primary and secondary market for senior loans and subordinated loans. Because of certain limitations
imposed by the Investment Company Act, this may restrict the Fund&rsquo;s ability to acquire some senior loans and subordinated loans.
The Adviser does not believe that this will have a material effect on the Fund&rsquo;s ability to acquire senior loans and subordinated
loans consistent with its investment policies. Sales to dealers are effected at bid prices. The illiquidity of some senior loans, subordinated
loans and, to a more limited extent, CLOs may restrict the ability of the Adviser to locate in a timely manner persons willing to purchase
the Fund&rsquo;s interests in senior loans, subordinated loans or CLOs at a fair price should the Fund desire to sell such interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With respect to other types
of securities, the Fund may purchase certain money market instruments directly from an issuer (in which case no commissions or discounts
are paid), may purchase securities in the over-the-counter (OTC) market from an underwriter or dealer serving as market maker for the
securities, in which case the price includes a fixed amount of compensation to the underwriter or dealer, and may purchase and sell listed
securities on an exchange, which are effected through brokers who charge a commission for their services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Adviser is responsible
for arranging for the execution of the Fund&rsquo;s portfolio transactions and will do so in a manner deemed fair and reasonable to the
Fund and in accordance with the Adviser&rsquo;s conflicts policy. The primary consideration in all portfolio transactions is prompt execution
of orders in an effective manner at the most favorable price. In selecting broker-dealers and in negotiating prices and any brokerage
commissions on such transactions, the Adviser considers the firm&rsquo;s reliability, integrity and financial condition and the firm&rsquo;s
execution capability, the size and breadth of the market for the security, the size of and difficulty in executing the order, and the
best net price. There may be instances when, in the judgment of the Adviser, more than one firm can offer comparable execution services.
A commission paid to such brokers may be higher than that which another qualified broker would have charged for effecting the same transaction,
provided that the Adviser determine in good faith that such commission is reasonable in terms either of the transaction or the overall
responsibility of the Adviser to the Fund and its other clients and that the total commissions paid by the Fund will be reasonable in
relation to the benefits to the Fund over the long-term. The advisory fees that the Fund pays to the Adviser will not be reduced if the
Adviser receives brokerage and research services. Commission rates for brokerage transactions on foreign share exchanges are generally
fixed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Information about the brokerage
commissions paid by the Fund is set forth in the following tables:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 68%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">Fiscal
    Year Ended December&nbsp;31,</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Aggregate&nbsp;Brokerage<BR>
    Commissions&nbsp;Paid</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD><TD STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Commissions<BR>
    Paid&nbsp;to&nbsp;Affiliates</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; font-size: 10pt; text-align: left">2023</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">0</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">0</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">2022</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">2021</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the fiscal year ended
December&nbsp;31, 2023, the Fund paid no brokerage commissions to affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table shows
the dollar amount of brokerage commissions paid to brokers for providing third-party research services and the approximate dollar amount
of the transactions involved for the fiscal year ended December&nbsp;31, 2023. The provision of third-party research services was not
necessarily a factor in the placement of all brokerage business with such brokers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 86; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 1pt solid"><B>Amount&nbsp;of&nbsp;Commissions&nbsp;Paid&nbsp;to&nbsp;Brokers&nbsp;for
    Providing<BR>
    Research Services</B></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount&nbsp;of&nbsp;Brokerage&nbsp;Transactions&nbsp;Involved</B></FONT></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD STYLE="vertical-align: top; text-align: right">$0</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">$0</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of December&nbsp;31, 2023,
the Fund held no securities of its &ldquo;regular brokers or dealers&rdquo; (as defined in Rule&nbsp;10b-1 under the Investment Company
Act) whose shares were purchased during the fiscal year ended December&nbsp;31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="d_005"></A><B>CONFLICTS OF INTEREST</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund&rsquo;s executive
officers and directors, and the employees of the Adviser, serve or may serve as officers, directors or principals of entities that operate
in the same or a related line of business as the Fund or of other Ares-advised funds (&ldquo;Other Managed Funds&rdquo;). As a result,
they may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of the Fund or
its shareholders. Moreover, notwithstanding the difference in principal investment objectives between the Fund and the Other Managed
Funds, such other Ares-advised funds, including potential new pooled investment vehicles or managed accounts not yet established (whether
managed or sponsored by affiliates or the Adviser), have, and may from time to time have, overlapping investment objectives with the
Fund and, accordingly, invest in, whether principally or secondarily, asset classes similar to those targeted by the Fund. To the extent
the Other Managed Funds have overlapping investment objectives, the scope of opportunities otherwise available to the Fund may be adversely
affected and/or reduced. Additionally, certain employees of the Adviser and its management may face conflicts in their time management
and commitments as well as in the allocation of investment opportunities to other Ares funds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The results of the Fund&rsquo;s
investment activities may differ significantly from the results achieved by Other Managed Funds. It is possible that one or more of such
funds will achieve investment results that are substantially more or less favorable than the results achieved by the Fund. Moreover,
it is possible that the Fund will sustain losses during periods in which one or more affiliates achieve significant profits on their
trading for proprietary or other accounts. The opposite result is also possible. The investment activities of one or more Adviser affiliates
for their proprietary accounts and accounts under their management may also limit the investment opportunities for the Fund in certain
markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Adviser may determine
that the Fund should invest on a side-by-side basis with one or more Other Managed Funds. In certain circumstances, negotiated co-investments
may be made only in accordance with the terms of the exemptive order Ares received from the SEC (the &ldquo;Order&rdquo;). Co-investments
made under the Order are subject to compliance with the conditions and other requirements contained in the Order, which could limit the
Fund&rsquo;s ability to participate in a co-investment transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From time to time, the Fund
and the Other Managed Funds may make investments at different levels of an issuer&rsquo;s capital structure or otherwise in different
classes of an issuer&rsquo;s securities. Such investments may inherently give rise to conflicts of interest or perceived conflicts of
interest between or among the various classes of securities that may be held by such entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Adviser, its affiliates
and their clients may pursue or enforce rights with respect to an issuer in which the Fund has invested, and those activities may have
an adverse effect on the Fund. As a result, prices, availability, liquidity and terms of the Fund&rsquo;s investments may be negatively
impacted by the activities of the Adviser and its affiliates or their clients, and transactions for the Fund may be impaired or effected
at prices or terms that may be less favorable than would otherwise have been the case.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Adviser may enter into
transactions and invest in securities, instruments and currencies on behalf of the Fund in which customers of its affiliates, to the
extent permitted by applicable law, serve as the counterparty, principal or issuer. In such cases, such party&rsquo;s interests in the
transaction could be adverse to the interests of the Fund, and such party may have no incentive to assure that the Fund obtains the best
possible prices or terms in connection with the transaction. In addition, the purchase, holding and sale of such investments by the Fund
may enhance the profitability of the Adviser or its affiliates. One or more affiliates may also create, write or issue derivatives for
their customers, the underlying securities, currencies or instruments of which may be those in which the Fund invests or which may be
based on the performance of the Fund. The Fund may, subject to applicable law, purchase investments that are the subject of an underwriting
or other distribution by one or more affiliates of the Adviser and may also enter into transactions with other clients of an affiliate
where such other clients have interests adverse to those of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 87; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund will be required
to establish business relationships with its counterparties based on the Fund&rsquo;s own credit standing. Neither the Adviser nor any
of its affiliates will have any obligation to allow its credit to be used in connection with the Fund&rsquo;s establishment of its business
relationships, nor is it expected that the Fund&rsquo;s counterparties will rely on the credit of the Adviser or its affiliates in evaluating
the Fund&rsquo;s creditworthiness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Adviser is paid a fee
based on a percentage of the Fund&rsquo;s Managed Assets (as defined above). The participation of the Adviser&rsquo;s investment professionals
in the valuation process could therefore result in a conflict of interest. The Adviser also may have a conflict of interest in deciding
whether to cause the Fund to incur leverage or to invest in more speculative investments or financial instruments, thereby potentially
increasing the assets or yield of the Fund and, accordingly, the Management Fees or Incentive Fees received by the Adviser. Certain other
Ares-advised funds pay the Adviser or its affiliates performance-based compensation, which could create an incentive for the Adviser
or affiliate to favor such investment fund or account over the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">By reason of the various
activities of the Adviser and its affiliates, the Adviser and such affiliates may acquire confidential or material non-public information
or otherwise be restricted from purchasing certain potential Fund investments that otherwise might have been purchased or be restricted
from selling certain Fund investments that might otherwise have been sold at the time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Adviser has adopted policies
and procedures designed to prevent conflicts of interest from influencing proxy voting decisions made on behalf of advisory clients,
including the Fund, and to help ensure that such decisions are made in accordance with its fiduciary obligations to clients. Nevertheless,
notwithstanding such proxy voting policies and procedures, actual proxy voting decisions may have the effect of favoring the interests
of other clients, provided that the Adviser believes such voting decisions to be in accordance with its fiduciary obligations. See &ldquo;The
Portfolio Managers&mdash;Material Conflicts of Interest&rdquo; for further discussion of conflicts of interest relevant to the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="d_006"></A><B>DESCRIPTION OF SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund intends to hold
annual meetings of shareholders so long as the common shares are listed on a national securities exchange and such meetings are required
as a condition to such listing. The Fund will send unaudited reports at least semi-annually and audited annual financial statements to
all of its shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Preferred Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund has authorized and
issued 800,000 shares of Series&nbsp;A Mandatory Redeemable Preferred Stock, par value $0.001 per share (the &ldquo;Series&nbsp;A MRP
Shares&rdquo;), for gross proceeds of $20 million, 1,200,000 shares of Series&nbsp;B Mandatory Redeemable Preferred Stock, par value
$0.001 per share (the &ldquo;Series&nbsp;B MRP Shares&rdquo;), for gross proceeds of $30 million and 2,000,000 shares of Series&nbsp;C
Mandatory Redeemable Preferred Stock, par value $0.001 per share (the &ldquo;Series&nbsp;C MRP Shares&rdquo; and together with the Series&nbsp;A
MRP Shares and Series&nbsp;B MRP Shares, the &ldquo;preferred shares&rdquo;), for gross proceeds of $50 million. Each of the preferred
shares has a liquidation preference of $25.00 per share. The aggregate redemption amount of the preferred shares is $100 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The redemption dates for
the Series&nbsp;A MRP Shares, Series&nbsp;B MRP Shares and Series&nbsp;C MRP Shares are July&nbsp;15, 2026, September&nbsp;15, 2026 and
September&nbsp;15, 2028, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 88; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Series&nbsp;A MRP Shares
and the Series&nbsp;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&nbsp;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 preferred shares is 2.81% per annum. Holders of the preferred shares are entitled
to receive quarterly cumulative cash dividend payments on the first business day following each quarterly dividend date. The preferred
shares are subject to optional and mandatory redemption in certain circumstances. The preferred 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 preferred 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%. The redemption price per share is equal to the sum of the liquidation preference
per share, plus any accumulated but unpaid dividends and other distributions 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 preferred 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 preferred shares. Additionally, in accordance with the Investment
Company Act, the Fund may not issue additional preferred shares if immediately after such issuance the Fund will not have an asset coverage
ratio of at least 200%. As of December&nbsp;31, 2023, the Fund was in compliance in all material respects with the terms of the preferred
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Other Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board (subject to applicable
law and the Charter) may authorize an offering, without the approval of the holders of common shares and, depending on their terms, any
preferred shares outstanding at that time, of other classes of shares, or other classes or series of shares, as it determines to be necessary,
desirable or appropriate, having such terms, rights, preferences, privileges, limitations and restrictions as the Board sees fit. The
Fund currently does not expect to issue any other classes of shares, or series of shares, except for the common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="d_007"></A><B>REPURCHASE OF COMMON SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because the Fund is a closed-end
management investment company, its shareholders will not have the right to cause the Fund to redeem their common shares. Instead, the
Fund's common shares will trade in the open market at a price that will be a function of several direct and indirect factors, including
dividend levels (which are in turn affected by expenses), net asset value, dividend stability, relative demand for and supply of such
shares in the market, general market and economic conditions and other factors. Notice is hereby given in accordance with Section&nbsp;23(c)&nbsp;of
the Investment Company Act that the Fund may purchase at market prices from time to time its common shares in the open market but is
under no obligation to do so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
at any time if the Fund has preferred shares outstanding, the Fund may not purchase, redeem or otherwise acquire any of its common shares
unless (i)&nbsp;all accrued preferred share dividends, if any, have been paid and (ii)&nbsp;at the time of such purchase, redemption
or acquisition, the Fund has an asset coverage of at least 200% after deducting the amount of such purchase, redemption or acquisition,
as applicable. Similarly, if the Fund has outstanding indebtedness, the Fund may not purchase, redeem or acquire its capital stock unless
the Fund has an asset coverage of at least 300% after deducting the amount of such purchase, redemption or acquisition, as applicable.
See &ldquo;Leverage.&rdquo; Any service fees incurred in connection with any tender offer made by the Fund will be borne by the Fund
and will not reduce the stated consideration to be paid to tendering shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to its investment
restrictions, the Fund may borrow to finance the repurchase of common shares or to make a tender offer for those shares. Interest on
any borrowings to finance share repurchase transactions or the accumulation of cash by the Fund in anticipation of share repurchases
or tenders will reduce the Fund's net income. Any share repurchase, tender offer or borrowing approved by the Board would have to comply
with the NYSE listing requirements and the Securities and Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;), the Investment Company
Act, and the rules&nbsp;and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is no assurance that,
if action is undertaken to repurchase or tender for common shares, such action will result in the Fund's common shares trading at a price
that approximates their net asset value. Although share repurchases and tenders could have a favorable effect on the market price of
the Fund's common shares, shareholders should be aware that the acquisition of common shares by the Fund will decrease the total net
assets of the Fund and, therefore, may have the effect of increasing the Fund's expense ratio and decreasing the asset coverage with
respect to any preferred shares outstanding and any amounts borrowed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 89; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="d_008"></A><B>TAX MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a description
of certain U.S. federal income tax consequences to a shareholder of acquiring, holding and disposing of common shares of the Fund. Except
as otherwise noted, this discussion assumes you are a taxable U.S. holder (as defined below). This discussion is based upon current provisions
of the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), the regulations promulgated thereunder and judicial and administrative
authorities, all of which are subject to change or differing interpretations by the courts or the Internal Revenue Service (the &ldquo;IRS&rdquo;),
possibly with retroactive effect. No attempt is made to present a detailed explanation of all U.S. federal income tax concerns affecting
the Fund and its shareholders, and the discussions set forth here do not constitute tax advice. This discussion assumes that investors
hold common shares of the Fund as capital assets (generally, for investment). The Fund has not sought and will not seek any ruling from
the IRS regarding any matters discussed herein. No assurance can be given that the IRS would not assert, or that a court would not sustain,
a position contrary to those set forth below. This summary does not discuss any aspects of foreign, state or local tax. Prospective investors
must consult their own tax advisers as to the U.S. federal income tax consequences (including the alternative minimum tax consequences)
of acquiring, holding and disposing of the Fund&rsquo;s common shares, as well as the effects of state, local and non-U.S. tax laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, no attempt is
made to address tax considerations applicable to an investor with a special tax status, such as a financial institution, real estate
income trust (&ldquo;REIT&rdquo;), insurance company, regulated investment company, individual retirement account, other tax-exempt organization,
dealer in securities or currencies, person holding shares of the Fund as part of a hedging, integrated, conversion or straddle transaction,
trader in securities that has elected the mark-to-market method of accounting for its securities, U.S. holder (as defined below) whose
functional currency is not the U.S. dollar, investor with &ldquo;applicable financial statements&rdquo; within the meaning of Section&nbsp;451(b)&nbsp;of
the Code, or non-U.S. investor. Furthermore, this discussion does not reflect possible application of the alternative minimum tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A U.S. holder is a beneficial
owner that is for U.S. federal income tax purposes:</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: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a citizen or individual resident of
                                            the United States (including certain former citizens and former long-term residents);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a corporation or other entity treated
                                            as a corporation for U.S. federal income tax purposes, created or organized in or under the
                                            laws of the United States or any state thereof or the District of Columbia;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an estate, the income of which is
                                            subject to U.S. federal income taxation regardless of its source; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a trust with respect to which a court
                                            within the United States is able to exercise primary supervision over its administration
                                            and one or more U.S. persons have the authority to control all of its substantial decisions
                                            or the trust has made a valid election in effect under applicable Treasury regulations to
                                            be treated as a U.S. person.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Taxation of the Fund</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund has elected to be
treated as a registered investment company (&ldquo;RIC&rdquo;) under Subchapter M of the Code, and operates in a manner so as to qualify
for tax treatment applicable to RICs. To qualify as a RIC, the Fund must, among other things, satisfy certain requirements relating to
the sources of its income, diversification of its assets, and distribution of its income to its shareholders. First, the Fund must derive
at least 90% of its annual gross income from dividends, interest, payments with respect to securities loans, gains from the sale or other
disposition of shares or securities or foreign currencies, or other income (including but not limited to gains from options, futures
and forward contracts) derived with respect to its business of investing in such shares, securities or currencies, or net income derived
from interests in &ldquo;qualified publicly traded partnerships&rdquo; (as defined in the Code) (the &ldquo;90% gross income test&rdquo;).
Second, the Fund must diversify its holdings so that, at the close of each quarter of its taxable year, (i)&nbsp;at least 50% of the
value of its total assets consists of cash, cash items, U.S. Government securities, securities of other RICs and other securities, with
such other securities limited in respect of any one issuer to an amount not greater in value than 5% of the value of the Fund&rsquo;s
total assets and to not more than 10% of the outstanding voting securities of such issuer, and (ii)&nbsp;not more than 25% of the market
value of the Fund&rsquo;s total assets is invested in the securities (other than U.S. Government securities and securities of other RICs)
of any one issuer, any two or more issuers controlled by the Fund and engaged in the same, similar or related trades or businesses, or
any one or more &ldquo;qualified publicly traded partnerships.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 90; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As long as the Fund qualifies
as a RIC, the Fund will generally not be subject to corporate-level U.S. federal income tax on income and gains that it distributes each
taxable year to its shareholders, provided that in such taxable year it distributes at least 90% of the sum of (i)&nbsp;its net tax-exempt
interest income, if any, and (ii)&nbsp;its &ldquo;investment company taxable income&rdquo; (which includes, among other items, dividends,
taxable interest, taxable original issue discount and market discount income, income from securities lending, net short-term capital
gain in excess of net long-term capital loss, and any other taxable income other than &ldquo;net capital gain&rdquo; (as defined below)
and is reduced by deductible expenses) determined without regard to the deduction for dividends paid. The Fund may retain for investment
its net capital gain (which consists of the excess of its net long-term capital gain over its net short-term capital loss). However,
if the Fund retains any net capital gain or any investment company taxable income, it will be subject to tax at regular corporate rates
on the amount retained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Code imposes a 4% nondeductible
excise tax on the Fund to the extent the Fund does not distribute by the end of any calendar year at least the sum of (i)&nbsp;98% of
its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii)&nbsp;98.2% of its capital gain
in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on October&nbsp;31 of the
calendar year (unless an election is made to use the Fund&rsquo;s fiscal year). In addition, the minimum amounts that must be distributed
in any year to avoid the excise tax will be increased or decreased to reflect the total amount of any under-distribution or over-distribution,
as the case may be, from the previous year. For purposes of the excise tax, the Fund will be deemed to have distributed any income on
which it paid U.S. federal income tax. While the Fund intends to distribute any income and capital gain in the manner necessary to minimize
imposition of the 4% nondeductible excise tax, there can be no assurance that sufficient amounts of the Fund&rsquo;s taxable income and
capital gain will be distributed to entirely avoid the imposition of the excise tax. In that event, the Fund will be liable for the excise
tax only on the amount by which it does not meet the foregoing distribution requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If in any taxable year the
Fund should fail to qualify under Subchapter M of the Code for tax treatment as a RIC, the Fund would incur a regular corporate U.S.
federal income tax upon all of its taxable income for that year, and all distributions to its shareholders (including distributions of
net capital gain) would be taxable to shareholders as ordinary dividend income for U.S. federal income tax purposes to the extent of
the Fund&rsquo;s earnings and profits. Provided that certain holding period and other requirements were met, such dividends would be
eligible (i)&nbsp;to be treated as qualified dividend income in the case of shareholders taxed as individuals and (ii)&nbsp;for the dividends
received deduction in the case of corporate shareholders. In addition, to qualify again to be taxed as a RIC in a subsequent year, the
Fund would be required to distribute to shareholders its earnings and profits attributable to non-RIC years. In addition, if the Fund
failed to qualify as a RIC for a period greater than two taxable years, then, in order to qualify as a RIC in a subsequent year, the
Fund would be required to elect to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income,
over aggregate loss that would have been realized if the Fund had been liquidated) or, alternatively, be subject to taxation on such
built-in gain recognized for a period of five years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The remainder of this discussion
assumes that the Fund qualifies for taxation as a RIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The Fund&rsquo;s Investments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain of the Fund&rsquo;s
investment practices are subject to special and complex U.S. federal income tax provisions (including mark-to-market, constructive sale,
straddle, wash sale, short sale and other rules) that may, among other things, (i)&nbsp;disallow, suspend or otherwise limit the allowance
of certain losses or deductions, (ii)&nbsp;convert lower taxed long-term capital gains or qualified dividend income into higher taxed
short-term capital gains or ordinary income, (iii)&nbsp;convert ordinary loss or a deduction into capital loss (the deductibility of
which is more limited), (iv)&nbsp;cause the Fund to recognize income or gain without a corresponding receipt of cash, (v)&nbsp;adversely
affect the time as to when a purchase or sale of shares or securities is deemed to occur, (vi)&nbsp;adversely alter the characterization
of certain complex financial transactions and (vii)&nbsp;produce income that will not be &ldquo;qualified&rdquo; income for purposes
of the 90% annual gross income requirement described above. These U.S. federal income tax provisions could therefore affect the amount,
timing and character of distributions to common shareholders. The Fund monitors its transactions and may make certain tax elections and
may be required to dispose of securities to mitigate the effect of these provisions and prevent disqualification of the Fund as a RIC.
Additionally, the Fund may be required to limit its activities in derivative instruments in order to enable it to maintain its RIC status.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 91; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may invest a portion
of its net assets in below investment grade securities, commonly known as &ldquo;junk&rdquo; securities. Investments in these types of
securities may present special tax issues for the Fund. U.S. federal income tax rules&nbsp;are not entirely clear about issues such as
when the Fund may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken
for bad debts or worthless securities, how payments received on obligations in default should be allocated between principal and income
and whether modifications or exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues could
affect the Fund&rsquo;s ability to distribute sufficient income to preserve its status as a RIC or to avoid the imposition of U.S. federal
income or excise tax.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain debt securities acquired
by the Fund may be treated as debt securities that were originally issued at a discount. Generally, the amount of the original issue
discount is treated as interest income and is included in taxable income (and required to be distributed by the Fund in order to qualify
as a RIC and avoid U.S. federal income tax or the 4% excise tax on undistributed income) over the term of the security, even though payment
of that amount is not received until a later time, usually when the debt security matures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Fund purchases a debt
security on a secondary market at a price lower than its adjusted issue price, the excess of the adjusted issue price over the purchase
price is &ldquo;market discount.&rdquo; Unless the Fund makes an election to accrue market discount on a current basis, generally, any
gain realized on the disposition of, and any partial payment of principal on, a debt security having market discount is treated as ordinary
income to the extent the gain, or principal payment, does not exceed the &ldquo;accrued market discount&rdquo; on the debt security.
Market discount generally accrues in equal daily installments. If the Fund ultimately collects less on the debt instrument than its purchase
price, plus the market discount previously included in income, the Fund may not be able to benefit from any offsetting loss deductions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund may invest in preferred
securities or other securities the U.S. federal income tax treatment of which may not be clear or may be subject to recharacterization
by the IRS. To the extent the tax treatment of such securities or the income from such securities differs from the tax treatment expected
by the Fund, it could affect the timing or character of income recognized by the Fund, potentially requiring the Fund to purchase or
sell securities, or otherwise change its portfolio, in order to comply with the tax rules&nbsp;applicable to RICs under the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Gain or loss on the sale
of securities by the Fund will generally be long-term capital gain or loss if the securities have been held by the Fund for more than
one year. Gain or loss on the sale of securities held for one year or less will be short-term capital gain or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because the Fund may invest
in foreign securities, its income from such securities may be subject to non-U.S. taxes. If more than 50% of the Fund&rsquo;s total assets
at the close of its taxable year consists of stock or securities of foreign corporations, the Fund may elect for U.S. federal income
tax purposes to treat foreign income taxes paid by it as paid by its shareholders. The Fund may qualify for and make this election in
some, but not necessarily all, of its taxable years. If the Fund were to make such an election, shareholders would be required to take
into account an amount equal to their pro rata portions of such foreign taxes in computing their taxable income and then treat an amount
equal to those foreign taxes as a U.S. federal income tax deduction or as a foreign tax credit against their U.S. federal income tax
liability. A taxpayer&rsquo;s ability to use a foreign tax deduction or credit is subject to limitations under the Code. Shortly after
any year for which it makes such an election, the Fund will report to its shareholder the amount per share of such foreign income tax
that must be included in each shareholder&rsquo;s gross income and the amount that may be available for the deduction or credit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Foreign currency gain or
loss on foreign currency exchange contracts, non-U.S. dollar-denominated securities contracts, and non-U.S. dollar-denominated futures
contracts, options and forward contracts that are not section 1256 contracts (as defined below) generally will be treated as ordinary
income and loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 92; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Income from options on individual
securities written by the Fund will generally not be recognized by the Fund for tax purposes until an option is exercised, lapses or
is subject to a &ldquo;closing transaction&rdquo; (as defined by applicable regulations) pursuant to which the Fund&rsquo;s obligations
with respect to the option are otherwise terminated. If the option lapses without exercise, the premiums received by the Fund from the
writing of such options will generally be characterized as short-term capital gain. If the Fund enters into a closing transaction, the
difference between the premiums received and the amount paid by the Fund to close out its position will generally be treated as short-term
capital gain or loss. If an option written by the Fund is exercised, thereby requiring the Fund to sell the underlying security, the
premium will increase the amount realized upon the sale of the security, and the character of any gain on such sale of the underlying
security as short-term or long-term capital gain will depend on the holding period of the Fund in the underlying security. Because the
Fund will not have control over the exercise of the options it writes, such exercises or other required sales of the underlying securities
may cause the Fund to realize gains or losses at inopportune times.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Options on indices of securities
and sectors of securities that qualify as &ldquo;section 1256 contracts&rdquo; will generally be treated as &ldquo;marked-to-market&rdquo;
for U.S. federal income tax purposes. As a result, the Fund will generally recognize gain or loss on the last day of each taxable year
equal to the difference between the value of the option on that date and the adjusted basis of the option. The adjusted basis of the
option will consequently be increased by such gain or decreased by such loss. Any gain or loss with respect to options on indices and
sectors that qualify as &ldquo;section 1256 contracts&rdquo; will be treated as short-term capital gain or loss to the extent of 40%
of such gain or loss and long-term capital gain or loss to the extent of 60% of such gain or loss. Because the mark-to-market rules&nbsp;may
cause the Fund to recognize gain in advance of the receipt of cash, the Fund may be required to dispose of investments in order to meet
its distribution requirements. &ldquo;Mark-to-market&rdquo; losses may be suspended or otherwise limited if such losses are part of a
straddle or similar transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Taxation of Common Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund will either distribute
or retain for reinvestment all or part of its net capital gain. If any such gain is retained, the Fund will be subject to a corporate
income tax on such retained amount. In that event, the Fund expects to report the retained amount as undistributed capital gain in a
notice to its common shareholders, each of whom, if subject to U.S. federal income tax on long-term capital gains, (i)&nbsp;will be required
to include in income for U.S. federal income tax purposes as long-term capital gain its share of such undistributed amounts, (ii)&nbsp;will
be entitled to credit its proportionate share of the tax paid by the Fund against its U.S. federal income tax liability and to claim
refunds to the extent that the credit exceeds such liability and (iii)&nbsp;will increase its basis in its common shares by the amount
of undistributed capital gains included in the shareholder&rsquo;s income, less the tax deemed paid by the shareholder under clause (ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Distributions paid to you
by the Fund from its net capital gain, if any, that the Fund properly reports as capital gain dividends (&ldquo;capital gain dividends&rdquo;)
are taxable as long-term capital gains, regardless of how long you have held your common shares. All other dividends paid to you by the
Fund (including dividends from net short-term capital gains or tax-exempt interest, if any) from its current or accumulated earnings
and profits (&ldquo;ordinary income dividends&rdquo;) are generally subject to tax as ordinary income. Provided that certain holding
period and other requirements are met, ordinary income dividends (if properly reported by the Fund) may qualify (i)&nbsp;for the dividends
received deduction in the case of corporate shareholders to the extent that the Fund&rsquo;s income consists of dividend income from
U.S. corporations, and (ii)&nbsp;in the case of individual shareholders, as &ldquo;qualified dividend income&rdquo; eligible to be taxed
at long-term capital gains rates to the extent that the Fund receives qualified dividend income. Qualified dividend income is, in general,
dividend income from taxable domestic corporations and certain qualified foreign corporations (e.g., generally, foreign corporations
incorporated in a possession of the United States or in certain countries with a qualifying comprehensive tax treaty with the United
States, or whose stock with respect to which such dividend is paid is readily tradable on an established securities market in the United
States). There can be no assurance as to what portion, if any, of the Fund&rsquo;s distributions will constitute qualified dividend income
or be eligible for the dividends received deduction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any distributions you receive
that are in excess of the Fund&rsquo;s current and accumulated earnings and profits will be treated as a return of capital to the extent
of your adjusted tax basis in your common shares, and thereafter as capital gain from the sale of common shares. The amount of any Fund
distribution that is treated as a return of capital will reduce your adjusted tax basis in your common shares, thereby increasing your
potential gain or reducing your potential loss on any subsequent sale or other disposition of your common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 93; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Common shareholders may be
entitled to offset their capital gain dividends with capital losses. The Code contains a number of statutory provisions affecting when
capital losses may be offset against capital gain, and limiting the use of losses from certain investments and activities. Accordingly,
common shareholders that have capital losses are urged to consult their tax advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Dividends and other taxable
distributions are taxable to you even though they are reinvested in additional common shares of the Fund. Dividends and other distributions
paid by the Fund are generally treated under the Code as received by you at the time the dividend or distribution is made. If, however,
the Fund pays you a dividend in January&nbsp;that was declared in the previous October, November&nbsp;or December&nbsp;to common shareholders
of record on a specified date in one of such months, then such dividend will be treated for U.S. federal income tax purposes as being
paid by the Fund and received by you on December&nbsp;31 of the year in which the dividend was declared. In addition, certain other distributions
made after the close of the Fund&rsquo;s taxable year may be &ldquo;spilled back&rdquo; and treated as paid by the Fund (except for purposes
of the 4% nondeductible excise tax) during such taxable year. In such case, you will be treated as having received such dividends in
the taxable year in which the distributions were actually made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The price of common shares
purchased at any time may reflect the amount of a forthcoming distribution. Those purchasing common shares just prior to the record date
for a distribution will receive a distribution which will be taxable to them even though it represents, economically, a return of invested
capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund will send you information
after the end of each year setting forth the amount and tax status of any distributions paid to you by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The sale or other disposition
of common shares will generally result in capital gain or loss to you and will be long-term capital gain or loss if you have held such
common shares for more than one year at the time of sale. Any loss upon the sale or other disposition of common shares held for six months
or less will be treated as long-term capital loss to the extent of any capital gain dividends received (including amounts credited as
an undistributed capital gain dividend) by you with respect to such common shares. Any loss you recognize on a sale or other disposition
of common shares will be disallowed if you acquire other common shares (whether through the automatic reinvestment of dividends or otherwise)
within a 61-day period beginning 30 days before and ending 30 days after your sale or exchange of the common shares. In such case, your
tax basis in the common shares acquired will be adjusted to reflect the disallowed loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any sales charges paid upon
a purchase of common shares cannot be taken into account for purposes of determining gain or loss on a sale of the common shares before
the 91st day after their purchase to the extent a sales charge is reduced or eliminated in a subsequent acquisition of common shares
of the Fund (or of another fund), during the period beginning on the date of such sale and ending on January&nbsp;31 of the calendar
year following the calendar year in which such sale was made, pursuant to the reinvestment or exchange privilege. Any disregarded amounts
will result in an adjustment to the shareholder&rsquo;s tax basis in some or all of any other shares acquired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Fund conducts a tender
offer for its shares, a repurchase by the Fund of a shareholder&rsquo;s shares pursuant to such tender offer generally will be treated
as a sale or exchange of the shares by a shareholder, provided that either (i)&nbsp;the shareholder tenders, and the Fund repurchases,
all of such shareholder&rsquo;s shares, thereby reducing the shareholder&rsquo;s percentage ownership of the Fund, directly and by attribution
under Section&nbsp;318 of the Code, to 0%, (ii)&nbsp;the shareholder meets numerical safe harbors under the Code with respect to percentage
voting interest and reduction in ownership of the Fund following completion of the tender offer, or (iii)&nbsp;the tender offer otherwise
results in a &ldquo;meaningful reduction&rdquo; of the shareholder&rsquo;s ownership percentage interest in the Fund, which determination
depends on a particular shareholder&rsquo;s facts and circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If a tendering shareholder&rsquo;s
proportionate ownership of the Fund (determined after applying the ownership attribution rules&nbsp;under Section&nbsp;318 of the Code)
is not reduced to the extent required under the tests described above, such shareholder will be deemed to receive a distribution from
the Fund under Section&nbsp;301 of the Code with respect to the shares held (or deemed held under Section&nbsp;318 of the Code) by the
shareholder after the tender offer (a &ldquo;Section&nbsp;301 distribution&rdquo;). The amount of this distribution will equal the price
paid by the Fund to such shareholder for the shares sold, and will be taxable as a dividend, i.e., as ordinary income, to the extent
of the Fund&rsquo;s current or accumulated earnings and profits allocable to such distribution, with the excess treated as a return of
capital reducing the shareholder&rsquo;s tax basis in the shares held after the tender offer, and thereafter as capital gain. Any Fund
shares held by a shareholder after a tender offer will be subject to basis adjustments in accordance with the provisions of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 94; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Provided that no tendering
shareholder is treated as receiving a Section&nbsp;301 distribution as a result of selling shares pursuant to a particular tender offer,
shareholders who do not sell shares pursuant to that tender offer will not realize constructive distributions on their shares as a result
of other shareholders selling shares in the tender offer. In the event that any tendering shareholder is deemed to receive a Section&nbsp;301
distribution, it is possible that shareholders whose proportionate ownership of the Fund increases as a result of that tender offer,
including shareholders who do not tender any shares, will be deemed to receive a constructive distribution under Section&nbsp;305(c)&nbsp;of
the Code in an amount equal to the increase in their percentage ownership of the Fund as a result of the tender offer. Such constructive
distribution will be treated as a dividend to the extent of current or accumulated earnings and profits allocable to it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Use of the Fund&rsquo;s cash
to repurchase shares may adversely affect the Fund&rsquo;s ability to satisfy the distribution requirements for treatment as a regulated
investment company described above. The Fund may also recognize income in connection with the sale of portfolio securities to fund share
purchases, in which case the Fund would take any such income into account in determining whether such distribution requirements have
been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the Fund liquidates, shareholders
generally will realize capital gain or loss upon such liquidation in an amount equal to the difference between the amount of cash or
other property received by the shareholder (including any property deemed received by reason of its being placed in a liquidating trust)
and the shareholder&rsquo;s adjusted tax basis in its shares. Any such gain or loss will be long-term if the shareholder is treated as
having a holding period in Fund shares of greater than one year, and otherwise will be short-term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing discussion
does not address the tax treatment of shareholders who do not hold their shares as a capital asset. Such shareholders should consult
their own tax advisers on the specific tax consequences to them of participating or not participating in the tender offer or upon liquidation
of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Current U.S. federal income
tax law taxes both long-term and short-term capital gain of corporations at the rates applicable to ordinary income. For non-corporate
taxpayers, short-term capital gain is currently taxed at rates applicable to ordinary income while long-term capital gain generally is
taxed at a reduced maximum rate. The deductibility of capital losses is subject to limitations under the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain U.S. holders who
are individuals, estates or trusts and whose income exceeds certain thresholds will be required to pay a 3.8% Medicare tax on all or
a portion of their &ldquo;net investment income,&rdquo; which includes dividends received from the Fund and capital gains from the sale
or other disposition of the Fund&rsquo;s common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A common shareholder that
is a nonresident alien individual or a foreign corporation (a &ldquo;foreign investor&rdquo;) generally will be subject to U.S. federal
withholding tax at the rate of 30% (or possibly a lower rate provided by an applicable tax treaty) on ordinary income dividends (except
as discussed below). In general, U.S. federal withholding tax and U.S. federal income tax will not apply to any gain or income realized
by a foreign investor in respect of any distribution of net capital gain (including amounts credited as an undistributed capital gain
dividend) or upon the sale or other disposition of common shares of the Fund. Different tax consequences may result if the foreign investor
is engaged in a trade or business in the United States or, in the case of an individual, is present in the United States for 183 days
or more during a taxable year and certain other conditions are met. Foreign investors should consult their tax advisor regarding the
tax consequences of investing in the Fund&rsquo;s common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ordinary income dividends
properly reported by the RIC are generally exempt from U.S. federal withholding tax where they (i)&nbsp;are paid in respect of the RIC&rsquo;s
 &ldquo;qualified net interest income&rdquo; (generally, its U.S.-source interest income, other than certain contingent interest and interest
from obligations of a corporation or partnership in which the RIC is at least a 10% shareholder, reduced by expenses that are allocable
to such income) or (ii)&nbsp;are paid in respect of the RIC&rsquo;s &ldquo;qualified short-term capital gains&rdquo; (generally, the
excess of the RIC&rsquo;s net short-term capital gain over its long-term capital loss for such taxable year). Depending on its circumstances,
the Fund may report all, some or none of its potentially eligible dividends as such qualified net interest income or as qualified short-term
capital gains, and/or treat such dividends, in whole or in part, as ineligible for this exemption from withholding. In order to qualify
for this exemption from withholding, a foreign investor needs to comply with applicable certification requirements relating to its non-U.S.
status (including, in general, furnishing an IRS Form&nbsp;W-8BEN, W-8BEN-E, or substitute Form). In the case of common shares held through
an intermediary, the intermediary may have withheld even if the Fund reported the payment as qualified net interest income or qualified
short-term capital gain. Foreign investors should contact their intermediaries with respect to the application of these rules&nbsp;to
their accounts. There can be no assurance as to what portion of the Fund&rsquo;s distributions would qualify for favorable treatment
as qualified net interest income or qualified short-term capital gains.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 95; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, withholding
at a rate of 30% will apply to dividends paid in respect of common shares of the Fund held by or through certain foreign financial institutions
(including investment funds), unless such institution enters into an agreement with the Treasury to report, on an annual basis, information
with respect to shares in, and accounts maintained by, the institution to the extent such shares or accounts are held by certain U.S.
persons and by certain non-U.S. entities that are wholly or partially owned by U.S. persons and to withhold on certain payments. Accordingly,
the entity through which common shares of the Fund are held will affect the determination of whether such withholding is required. Similarly,
dividends paid in respect of common shares of the Fund held by an investor that is a non-financial foreign entity that does not qualify
under certain exemptions will be subject to withholding at a rate of 30%, unless such entity either (i)&nbsp;certifies that such entity
does not have any &ldquo;substantial United States owners&rdquo; or (ii)&nbsp;provides certain information regarding the entity&rsquo;s
 &ldquo;substantial United States owners,&rdquo; which the applicable withholding agent will in turn provide to the Secretary of the Treasury.
An intergovernmental agreement between the United States and an applicable foreign country, or future Treasury regulations or other guidance,
may modify these requirements. The Fund will not pay any additional amounts to common shareholders in respect of any amounts withheld.
Foreign investors are encouraged to consult with their tax advisers regarding the possible implications of these rules&nbsp;on their
investment in the Fund&rsquo;s common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">U.S. federal backup withholding
tax may be required on dividends, distributions and sale proceeds payable to certain non-exempt common shareholders who fail to supply
their correct taxpayer identification number (in the case of individuals, generally, their social security number) or to make required
certifications, or who are otherwise subject to backup withholding. Backup withholding is not an additional tax and any amount withheld
may be refunded or credited against your U.S. federal income tax liability, if any, provided that you timely furnish the required information
to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ordinary income dividends,
capital gain dividends, and gain from the sale or other disposition of common shares of the Fund also may be subject to state, local,
and/or foreign taxes. Common shareholders are urged to consult their own tax advisers regarding specific questions about U.S. federal,
state, local or foreign tax consequences to them of investing in the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">***</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing is a general
and abbreviated summary of certain provisions of the Code and the Treasury regulations presently in effect as they directly govern the
taxation of the Fund and its shareholders. For complete provisions, reference should be made to the pertinent Code sections and Treasury
regulations. The Code and the Treasury regulations are subject to change by legislative or administrative action, and any such change
may be retroactive with respect to Fund transactions. Holders of common shares are advised to consult their own tax advisor for more
detailed information concerning the U.S. federal income taxation of the Fund and the income tax consequences to its holders of common
shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><A NAME="d_009"></A><B>ADMINISTRATIVE, CUSTODIAN,
TRANSFER AGENT AND OTHER SERVICES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The custodian of the assets
of the Fund is State Street, located at One Congress Street, Boston, Massachusetts 02114. The custodian performs custodial, fund accounting
and portfolio accounting services. State Street serves as the Fund&rsquo;s transfer agent and dividend paying agent with respect to the
common shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund has engaged 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 year ended December&nbsp;31, 2023 were $342.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 96; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Fund has retained Destra
Capital Advisors LLC (&ldquo;Destra&rdquo;) 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&nbsp;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 year ended December&nbsp;31, 2023 were $290.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="d_010"></A><B>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Ernst &amp; Young LLP serves
as the Fund&rsquo;s independent registered public accounting firm. The financial statements of the Fund as of December 31, 2023 have
been audited by Ernst &amp; Young LLP and are incorporated by reference herein to the <A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924031433/tm244051d1_ncsr.htm">Fund&rsquo;s
annual report filed on Form N-CSR filed on March 6, 2024</A>. Such financial statements are incorporated by reference herein. The principal
business address of Ernst &amp; Young LLP is 725 South Figueroa Street, Los Angeles, California 90017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="d_011"></A><B>CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A control person includes
a person who beneficially owns more than 25% of the voting securities of a company. Neither the Adviser nor its affiliates own more than
25% of the common shares of the Fund. However, the Adviser may be considered a controlling person of the Fund under the Investment Company
Act to the extent it has the power to exercise a controlling influence over the management or policies of the Fund. The principal executive
offices of the Adviser are located at 2000 Avenue of the Stars, 12th Floor, Los Angeles, California 90067.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Set forth below is information
with respect to persons or organizations that are known to the Fund to be beneficial owners of more than 5% of the Fund&rsquo;s outstanding
preferred shares as of <FONT STYLE="font-size: 10pt"><B>[&#9679;]</B></FONT>, 2024. There were no persons or organizations known to the
Fund to be beneficial owners of more than 5% of the Fund&rsquo;s outstanding common shares as of <FONT STYLE="font-size: 10pt"><B>[&#9679;]</B></FONT>,
2024. This information is based on the Fund&rsquo;s records and publicly available information such as Schedule 13D, Schedule 13G and
Form&nbsp;13F disclosures filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Name and Address</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Preferred
    Shares Held</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Percentage
    of<BR> Preferred Shares<BR> Held</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; font: 10pt Times New Roman, Times, Serif; text-align: left">Thrivent Financial for Lutherans<BR> 901 Marquette
    Avenue, Suite&nbsp;25<BR> Minneapolis, Minnesota 55402</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">760,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; font: 10pt Times New Roman, Times, Serif; text-align: right">19.00</TD><TD STYLE="white-space: nowrap; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Athene Annuity and Life Company<BR> Athene Annuity&nbsp;&amp;
    Life Assurance <BR> Company7700 Mills Civic Parkway<BR> West Des Moines,&nbsp;Iowa 50266</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">760,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">19.00</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">%(a)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Sun Life Assurance Company of <BR> Canada<BR> Sun Life Financial
    Inc.<BR> One York Street<BR> Toronto, Ontario<BR> Canada M5J OB6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">560,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14.00</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">%(b)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Principal Life Insurance Company<BR> 711 High Street<BR> Des
    Moines,&nbsp;Iowa 50392</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">360,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">9.00</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">%(c)</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 97; Options: NewSection; Value: 20 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 72%; font: 10pt Times New Roman, Times, Serif; text-align: left">Voya Retirement Insurance and Annuity Company<BR>
    5780 Powers Ferry Road, NW<BR> Suite&nbsp;300<BR> Atlanta, Georgia 30327</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">288,000</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">7.20</TD><TD STYLE="white-space: nowrap; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">The Guardian Life Insurance Company <BR> of America<BR> 10
    Hudson Yards<BR> New York, New York 10001</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">280,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">7.00</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">%(d)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Minnesota Life Insurance Company<BR> Attn: Securian Asset
    Management,&nbsp;Inc.<BR> 400 Robert Street North<BR> St. Paul, Minnesota 55101-2098</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">223,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.58</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">%(e)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Arch Reinsurance Ltd.<BR> Waterloo House<BR> 100 Pitts Bay
    Road<BR> Pembroke HM 08<BR> Bermuda</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">200,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">5.00</TD><TD STYLE="white-space: nowrap; font: 10pt Times New Roman, Times, Serif; text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&#8239;&#8239;Athene Annuity and Life Company
(&quot;AAIA&quot;) and Athene Annuity&nbsp;&amp; Life Assurance Company (&quot;AADE&quot;) filed their amended Schedule 13G jointly with
the SEC on February&nbsp;14, 2024 and beneficially owned shares of the Fund in the aggregate amount of 760,000, or 19.00% of the Fund's
outstanding preferred shares. AAIA owned 260,000 Series&nbsp;A MRP Shares of the Fund with shared voting power and 260,000 Series&nbsp;A
MRP Shares with shared dispositive power, 160,000 Series&nbsp;B MRP Shares of the Fund with shared voting power and 160,000 Series&nbsp;B
MRP Shares with shared dispositive power, and 240,000 Series&nbsp;C MRP Shares of the Fund with shared voting power and 240,000 Series&nbsp;C
MRP Shares with shared dispositive power. AADE owned 360,000 Series&nbsp;A MRP Shares with shared voting power and 360,000 Series&nbsp;A
MRP Shares with shared dispositive power, 160,000 Series&nbsp;B MRP Shares with shared voting power and 160,000 Series&nbsp;B MRP Shares
with shared dispositive power, and 240,000 Series&nbsp;C MRP Shares with shared voting power and 240,000 Series&nbsp;C MRP Shares with
shared dispositive power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&#8239;&#8239;Sun Life Assurance Company of
Canada and Sun Life Financial Inc. filed their amended Schedule 13G jointly with the SEC on February&nbsp;14, 2022 and beneficially owned
shares of the Fund in the aggregate amount of 560,000, or 14.00% of the Fund's outstanding preferred shares. Sun Life Assurance Company
of Canada owned 240,000 Series&nbsp;A MRP Shares of the Fund with sole voting power and 240,000 Series&nbsp;A MRP Shares of the Fund
with sole dispositive power. Sun Life Assurance Company of Canada owned 320,000 Series&nbsp;C MRP Shares of the Fund with sole voting
power and 320,000 Series&nbsp;C MRP Shares of the Fund with sole dispositive power. Sun Life Financial Inc. owned 240,000 Series&nbsp;A
MRP Shares of the Fund with shared voting power and 240,000 Series&nbsp;A MRP Shares of the Fund with shared dispositive power. Sun Life
Financial Inc. owned 320,000 Series&nbsp;C MRP Shares of the Fund with shared voting power and 320,000 Series&nbsp;C MRP Shares of the
Fund with shared dispositive power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&#8239;&#8239;Principal Life Insurance Company
filed its Schedule 13G with the SEC on June&nbsp;16, 2023 and beneficially owned shares of the Fund in the aggregate amount of 360,000,
or 9.00% of the Fund's outstanding preferred shares. Principal Life Insurance Company owned an aggregate amount of 360,000 Series&nbsp;A
MRP Shares and Series&nbsp;B MRP Shares with shared voting power and an aggregate amount of 360,000 Series&nbsp;A MRP Shares and Series&nbsp;B
MRP Shares with shared dispositive power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&#8239;&#8239;The Guardian Life Insurance Company
of America filed its Schedule 13G with the SEC on February&nbsp;15, 2022 and beneficially owned shares of the Fund in the aggregate amount
of 280,000, or 7.00% of the Fund's outstanding preferred shares. The Guardian Life Insurance Company of America owned 280,000 Series&nbsp;C
MRP Shares of the Fund with sole voting power and 280,000 Series&nbsp;C MRP Shares of the Fund with sole dispositive power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e)&#8239;&#8239;Minnesota Life Insurance Company
filed its Schedule 13G with the SEC on February&nbsp;14, 2022 and beneficially owned shares of the Fund in the aggregate amount of 223,000,
or 5.58% of the Fund's outstanding preferred shares. Minnesota Life Insurance Company owned 223,000 Series&nbsp;B MRP Shares of the Fund
with sole voting power and 223,000 Series&nbsp;B MRP Shares of the Fund with sole dispositive power.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 98; Value: 20 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="d_012"></A><B>INCORPORATION BY REFERENCE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">This
SAI is part of a registration statement that we have filed with the SEC. We are allowed to &ldquo;incorporate by reference&rdquo; the
information that we file with the SEC, which means that we can disclose important information to you by referring you to those documents.
We incorporate by reference into this SAI the documents listed below and any future filings we make with the SEC under Section&nbsp;13(a),
13(c), 14 or 15(d)&nbsp;of the Exchange Act, including any filings on or after the date of this SAI from the date of filing (excluding
any information furnished, rather than filed), until we have sold all of the offered securities to which this SAI, the Prospectus and
any accompanying prospectus supplement relates or the offering is otherwise terminated. The information incorporated by reference is
an important part of this SAI. Any statement in a document incorporated by reference into this SAI will be deemed to be automatically
modified or superseded to the extent a statement contained in (1)&nbsp;this SAI or (2)&nbsp;any other subsequently filed document that
is incorporated by reference into this SAI modifies or supersedes such statement. The documents incorporated by reference herein include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Fund&rsquo;s Prospectus, dated </FONT><FONT STYLE="font-size: 10pt"><B>[&#9679;]</B>, 2024, filed with this SAI;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our&nbsp;</FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924031433/tm244051d1_ncsr.htm"><FONT STYLE="font-size: 10pt">annual
    report</FONT></A><FONT STYLE="font-size: 10pt">&nbsp;on Form&nbsp;N-CSR&nbsp;for the fiscal year ended December&nbsp;31, 2023 filed
    with the SEC on March 6, 2024;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our&nbsp;</FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465923097217/tm2318740d1_ncsrs.htm"><FONT STYLE="font-size: 10pt">semi-annual
    report&nbsp;</FONT></A><FONT STYLE="font-size: 10pt">on Form&nbsp;N-CSR&nbsp;for the fiscal period ended June&nbsp;30, 2023 filed
    with the SEC on August 31, 2023;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Fund&rsquo;s&nbsp;</FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924045179/tm2411001d1_def14a.htm"><FONT STYLE="font-size: 10pt">definitive
    proxy statement</FONT></A><FONT STYLE="font-size: 10pt">&nbsp;on Schedule 14A, filed with the SEC on April 9, 2024; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 5%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the&nbsp;</FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465912077964/a12-27073_18a12b.htm"><FONT STYLE="font-size: 10pt">description
    of the Fund&rsquo;s common shares</FONT></A><FONT STYLE="font-size: 10pt">&nbsp;contained in our Registration Statement on Form&nbsp;8-A&nbsp;(File&nbsp;No.&nbsp;811-22535)&nbsp;filed
    with the SEC on March 22, 2011, including any amendment or report filed for the purpose of updating such description prior to the
    termination of the offering registered hereby.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Fund will provide without charge to each person, including any beneficial owner, to whom this SAI is delivered, upon written or oral
request, a copy of any and all of the documents that have been or may be incorporated by reference in this SAI, the Prospectus or the
accompanying prospectus supplement. You should direct requests for documents by calling: (888) 818-5298.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white">The
Fund makes available this Prospectus, SAI and the Fund&rsquo;s annual and semi-annual reports, free of charge, at www.arespublicfunds.com.
You may also obtain this SAI, the Prospectus, other documents incorporated by reference and other information the Fund files electronically,
including reports and proxy statements, on the SEC&rsquo;s website (http://www.sec.gov) or with the payment of a duplication fee, by
electronic request at publicinfo@sec.gov. Information contained in, or that can be accessed through, the Fund&rsquo;s website is not
part of this SAI, the Prospectus or the accompanying prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="d_013"></A><B>FINANCIAL STATEMENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The audited financial statements
and financial highlights included in the <A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924031433/tm244051d1_ncsr.htm">Annual
Report to the Fund&rsquo;s shareholders for the fiscal year ended December&nbsp;31, 2023</A>, together with the report of Ernst &amp;
Young LLP for the Fund&rsquo;s Annual Report are incorporated herein by reference to the Fund&rsquo;s Annual Report. All other portions
of the Annual Report to shareholders are not incorporated herein by reference and are not part of the registration statement, the SAI,
the prospectus or any prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 99; Value: 20 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">S-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;C</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Other Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&nbsp;25. Financial Statements And Exhibits</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The agreements included or
incorporated by reference as exhibits to this Registration Statement contain representations and warranties by each of the parties to
the applicable agreement. These representations and warranties were made solely for the benefit of the other parties to the applicable
agreement and (i)&nbsp;were not intended to be treated as categorical statements of fact, but rather as a way of allocating the risk
to one of the parties if those statements prove to be inaccurate; (ii)&nbsp;may have been qualified in such agreement by disclosures
that were made to the other party in connection with the negotiation of the applicable agreement; (iii)&nbsp;may apply contract standards
of &ldquo;materiality&rdquo; that are different from &ldquo;materiality&rdquo; under the applicable securities laws; and (iv)&nbsp;were
made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Registrant acknowledges
that, notwithstanding the inclusion of the foregoing cautionary statements, it is responsible for considering whether additional specific
disclosures of material information regarding material contractual provisions are required to make the statements in this Registration
Statement not misleading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    Statements</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part A:</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    Highlights</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Part B:</FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audited
    financial statements for the fiscal year ended December&nbsp;31, 2023 and related Report of Independent Registered Public Accounting
    Firm are incorporated herein by reference to the Fund&rsquo;s </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924031433/tm244051d1_ncsr.htm"><FONT STYLE="font-size: 10pt">Annual
    Report for the year ended December&nbsp;31, 2023</FONT></A><FONT STYLE="font-size: 10pt">. </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibits</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
<TD STYLE="width: 6%; font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
<TD STYLE="text-align: justify; width: 87%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000104746912009250/a2211184zex-99_a.htm">Articles
of Amendment and Restatement are incorporated by reference to Exhibit (a) to the Registration Statement of the Registrant on Form N-2
(File Nos. 333-172987 and 811-22535) filed on October 2, 2012.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
<TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465918059140/a18-36063_1ex3d1.htm">Amended
and Restated Bylaws are incorporated by reference to Exhibit 3.1 to the Registrant&rsquo;s Report on Form 8-K (File No. 811-22535) filed
on September 27, 2018.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
<TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">(d) &nbsp;</TD>
<TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Portions of
the Articles of Amendment and Restatement and Amended and Restated Bylaws of the Registrant defining the rights of holders of shares
of common stock of the Registrant (reference is made to Articles V, VI and VIII of the Registrant&rsquo;s Articles of Amendment and Restatement,
see Exhibit (a) to this Registration Statement, and to Articles II, VII, IX and XI of the Registrant&rsquo;s Amended and Restated Bylaws,
see Exhibit (b) to this Registration Statement).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
<TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000104746912009761/a2211405zex-99_e.htm">Form
of Dividend Reinvestment Plan is incorporated by reference to Exhibit (e) to the Registration Statement of the Registrant on Form N-2
(File Nos. 333-172987 and 811-22535) filed on October 25, 2012.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD>
<TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable
</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
<TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT></TD>
<TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000104746912010786/a2211928zex-99_g.htm">Form
of Investment Advisory and Management Agreement between the Registrant and Ares Capital Management II LLC is Incorporated by reference
to Exhibit (g) to the Registration Statement of the Registrant on Form N-2 (File Nos. 333-172987 and 811-22535) filed on November 27,
2012.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD>
<TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Deal
Manager Agreement to be filed by amendment.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
<TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="text-align: left">&nbsp;</TD>
<TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT></TD>
<TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000104746912009761/a2211405zex-99_j.htm">Form
of Master Custodian Agreement between the Registrant and State Street Bank and Trust Company is incorporated by reference to Exhibit
(j) to the Registration Statement of the Registrant on Form N-2 (File Nos. 333-172987 and 811-22535) filed on October 25, 2012.</A></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
<TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
<TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)(1)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt; width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000104746912009761/a2211405zex-99_k1.htm">Form
    of Transfer Agency and Service Agreement between the Registrant and State Street Bank and Trust Company is incorporated by reference
    to Exhibit (k)(1) of the Registration Statement of the Registrant on Form N-2 (File Nos. 333-172987 and 811-22535) filed on October
    25, 2012.</A></FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 100; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)(2)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt; width: 87%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000104746912009761/a2211405zex-99_k2.htm">Form
    of Administration Agreement between Registrant and State Street Bank and Trust Company is incorporated by reference to Exhibit (k)(2)
    of the Registration Statement of the Registrant on Form N-2 (File Nos. 333-172987 and 811-22535) filed on October 25, 2012.</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)(3)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000104746912009250/a2211184zex-99_k3.htm">Form
    of Trademark License Agreement is incorporated by reference to Exhibit (k)(3) of the Registration Statement of the Registrant on
    Form N-2 (File Nos. 333-172987 and 811-22535) filed on October 2, 2012.</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)(4)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000104746912009250/a2211184zex-99_k8.htm">Form
    of Indemnification Agreement between the Registrant and the Directors and Officers of the Registrant is incorporated by reference
    to Exhibit (k)(8) of the Registration Statement of the Registrant on Form N-2 (File Nos. 333-172987 and 811-22535) filed on October
    2, 2012.</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)(5)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000104746912009761/a2211405zex-99_k5.htm">Form
    of Investor Support Services Agreement between the Registrant and Destra Capital Investments LLC is incorporated by reference to
    Exhibit (k)(5) of the Registration Statement of the Registrant on Form N-2 (File Nos. 333-172987 and 811-22535) filed on October
    25, 2012.</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)(6)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment
    to Investor Support Services Agreement between the Registrant and Destra Capital Investments LLC to be filed by amendment.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)(7)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465915044849/a15-13925_1ex99d13f.htm">Form
    of Expense Limitation Agreement between the Registrant and Ares Capital Management II LLC is incorporated by reference to Exhibit
    (13)(f) of the Registration Statement of the Registrant on Form N-14 (File No. 333-203285) filed on June 11, 2015.</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)(8)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of
    Amended and Restated Credit Agreement between the Registrant and State Street Bank and Trust Company to be filed by amendment.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
    and Consent of </FONT><FONT STYLE="font-size: 10pt">Venable LLP with Respect to the Legality of the common shares to be filed by
    amendment.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="tm2416373d1_ex99-n.htm">Consent
    of Independent Registered Public Accounting Firm is filed herewith.</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1515324/000110465924031433/tm244051d1_ex99-codeeth.htm">Codes
    of Ethics are incorporated by reference to Exhibit (a)(1) of the Registrant&rsquo;s Annual Report on Form N-CSR (File No. 811-22535)
    filed on March 6, 2024.</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="tm2416373d1_ex99-s.htm">Calculation
    of Filing Fee Tables is filed herewith.</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not Applicable.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&nbsp;26. Marketing Arrangements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information contained
under the section entitled &ldquo;Plan of Distribution&rdquo; in the Prospectus is incorporated by reference, and any information concerning
any underwriters will be contained in the accompanying Prospectus Supplement, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 101; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&nbsp;27. Other Expenses Of Issuance And
Distribution</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets
forth the estimated expenses to be incurred in connection with the offering described in this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 65%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Registration fee</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">[&#9679;]</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">NYSE listing fee</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">[&#9679;]</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Accounting fees and expenses</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">[&#9679;]</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Legal fees and expenses</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">[&#9679;]</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Printing expenses</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">[&#9679;]</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">Promotion expenses</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">[&#9679;]</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: -10pt; padding-left: 10pt">Miscellaneous</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">[&#9679;]</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -10pt; padding-left: 10pt">FINRA Fee</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">[&#9679;]</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-indent: -10pt; padding-left: 30pt">Total</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">[&#9679;]</TD><TD STYLE="font-size: 10pt; text-align: left">(1)</TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%"><FONT STYLE="font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Estimate is based on the aggregate estimated expenses to be incurred during a three-year shelf
    offering period. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&nbsp;28. Persons Controlled By Or Under
Common Control With The Registrant</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">None.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&nbsp;29. Number Of Holders Of Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of April&nbsp;30, 2024:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 65%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1pt solid">Title Of Class</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number&nbsp;Of&nbsp;Record&nbsp;Holders</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font-size: 10pt; text-indent: -10pt; padding-left: 10pt">Common shares, par value $0.001 per share</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">10</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&nbsp;30. Indemnification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Maryland law permits a Maryland
corporation to include a provision in its charter limiting the liability of its directors and officers to the corporation and its shareholders
for money damages, except for liability resulting from (a)&nbsp;actual receipt of an improper benefit or profit in money, property or
services or (b)&nbsp;active and deliberate dishonesty that is established by a final judgment and is material to the cause of action.
The Registrant's charter contains a provision that eliminates its directors' and officers' liability to the maximum extent permitted
by Maryland law and the Investment Company Act of 1940, as amended, together with the rules&nbsp;and regulations promulgated thereunder
(the &ldquo;Investment Company Act&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Registrant's charter
authorizes it to obligate itself, and its bylaws require it, to the maximum extent permitted by Maryland law and subject to the requirements
of the Investment Company Act, to indemnify and, without requiring a preliminary determination of the ultimate entitlement to indemnification,
pay or reimburse reasonable expenses in advance of final disposition of a proceeding to (a)&nbsp;any individual who is a present or former
director or officer and who is made or threatened to be made a party to the proceeding by reason of his or her service in that capacity
or (b)&nbsp;any individual who, while a director or officer of the Registrant and at the request of the Registrant, serves or has served
another corporation, partnership, joint venture, limited liability company, trust, employee benefit plan or other enterprise as a director,
officer, partner, manager, managing member or trustee and who is made or threatened to be made a party to the proceeding by reason of
his or her service in any of the foregoing capacities. The Registrant's charter and bylaws also permit it, with the approval of the Registrant&rsquo;s
board of directors, to indemnify and advance expenses to any individual who served any predecessor of the Registrant in any of the capacities
described in (a)&nbsp;or (b)&nbsp;above and any employee or agent of the Registrant or any predecessor of the Registrant. In accordance
with the Investment Company Act, the Registrant will not indemnify any person for any liability to which such person would be subject
by reason of such person's willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct
of his office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Maryland law requires a Maryland
corporation (unless its charter provides otherwise, which the Registrant's charter does not) to indemnify a director or officer who has
been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made or threatened to be made a party
by reason of his or her service in that capacity. Maryland law permits a Maryland corporation to indemnify its present and former directors
and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection
with any proceeding to which they may be made or threatened to be made a party by reason of their service in those or other capacities
unless it is established that (a)&nbsp;the act or omission of the director or officer was material to the matter giving rise to the proceeding
and (i)&nbsp;was committed in bad faith or (ii)&nbsp;was the result of active and deliberate dishonesty, (b)&nbsp;the director or officer
actually received an improper personal benefit in money, property or services or (c)&nbsp;in the case of any criminal proceeding, the
director or officer had reasonable cause to believe that the act or omission was unlawful. A Maryland corporation may not indemnify a
director or officer who has been adjudged liable in a suit by or in the right of the corporation or on the basis that a personal benefit
was improperly received. A court may order indemnification if it determines that the director or officer is fairly and reasonably entitled
to indemnification, even though the director or officer did not meet the prescribed standard of conduct, was adjudged liable to the corporation
or was adjudged liable on the basis that personal benefit was improperly received; however, indemnification for an adverse judgment in
a suit by or in the right of the corporation, or for a judgment of liability on the basis that personal benefit was improperly received,
is limited to expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 102; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, Maryland law
permits a Maryland corporation to advance reasonable expenses to a director or officer upon the corporation's receipt of (a)&nbsp;a written
affirmation by the director or officer of his or her good faith belief that he or she has met the standard of conduct necessary for indemnification
by the corporation and (b)&nbsp;a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by
the corporation if it is ultimately determined that the standard of conduct was not met.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Insofar as indemnification
for liability arising under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), may be permitted to directors,
officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised
that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment
by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense
of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to
a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&nbsp;31. Business And Other Connections
Of Investment Adviser</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The description of the Adviser
under the caption &ldquo;Management of the Fund&rdquo; in the prospectus, which forms part of this registration statement, is incorporated
by reference herein. Information as to the directors and officers of the Adviser together with information as to any other business,
profession, vocation or employment of a substantial nature engaged in by the directors and officers of the Adviser in the last two years,
will be included in its application for registration as an investment adviser on Form&nbsp;ADV (File No.&nbsp;801-72399) filed under
the Investment Advisers Act of 1940, as amended, and is incorporated herein by reference. The Adviser's principal business address is
2000 Avenue of the Stars, 12th Floor, Los Angeles, California 90067.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&nbsp;32. Location Of Accounts And Records</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Omitted pursuant to the instruction
to Item 32 of Form&nbsp;N-2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&nbsp;33. Management Services</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Not Applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Item&nbsp;34. Undertakings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(1)&nbsp;Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(2)&nbsp;Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
securities being registered will be offered on a delayed or continuous basis in reliance on Rule&nbsp;415 under the Securities Act. Accordingly,
the Registrant undertakes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
include any prospectus required by Section&nbsp;10(a)(3)&nbsp;of the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 103; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
reflect in the prospectus any facts or events after the effective date of the Registration Statement (or the most recent post-effective
amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration
Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities
offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the SEC pursuant to Rule&nbsp;424(b)&nbsp;if, in the aggregate, the changes in
volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration
Fee&rdquo; table in the effective registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(3)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any
material change to such information in the Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">provided, however, that paragraphs
a(1), a(2), and a(3)&nbsp;of this section do not apply if the information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to Section&nbsp;13 or Section&nbsp;15(d)&nbsp;of
the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;) that are incorporated by reference into the registration statement,
or is contained in a form of prospectus filed pursuant to Rule&nbsp;424(b)&nbsp;that is part of the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;that
for the purpose of determining any liability under the Securities Act, each post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;to
remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;that,
for the purpose of determining liability under the Securities Act to any purchaser:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(1)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if
the Registrant is relying on Rule&nbsp;430B [17 CFR 230.430B]:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(A)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
prospectus filed by the Registrant pursuant to Rule&nbsp;424(b)(3)&nbsp;shall be deemed to be part of the registration statement as of
the date the filed prospectus was deemed part of and included in the registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(B)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
prospectus required to be filed pursuant to Rule&nbsp;424(b)(2), (b)(5), or (b)(7)&nbsp;as part of a registration statement in reliance
on Rule&nbsp;430B relating to an offering made pursuant to Rule&nbsp;415(a)(1)(i), (x), or (xi)&nbsp;for the purpose of providing the
information required by Section&nbsp;10(a)&nbsp;of the Securities Act shall be deemed to be part of and included in the registration
statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of
sale of securities in the offering described in the prospectus. As provided in Rule&nbsp;430B, for liability purposes of the issuer and
any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating
to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus
that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such
effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration
statement or made in any such document immediately prior to such effective date; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;if
the Registrant is subject to Rule&nbsp;430C [17 CFR 230.430C]: Each prospectus filed pursuant to Rule&nbsp;424(b)&nbsp;under the Securities
Act as part of a registration statement relating to an offering, other than registration statements relying on Rule&nbsp;430B or other
than prospectuses filed in reliance on Rule&nbsp;430A, shall be deemed to be part of and included in the registration statement as of
the date it is first used after effectiveness. Provided, however, that no statement made in a registration statement or prospectus that
is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement
or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first
use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement
or made in any such document immediately prior to such date of first use;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 104; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;that
for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities:
The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this Registration
Statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold
to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will
be considered to offer or sell such securities to the purchaser: (1)&nbsp;any preliminary prospectus or prospectus of the undersigned
Registrant relating to the offering required to be filed pursuant to Rule&nbsp;424 under the Securities Act; (2)&nbsp;free writing prospectus
relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to by the undersigned Registrant;
(3)&nbsp;the portion of any other free writing prospectus or advertisement pursuant to Rule&nbsp;482 under the Securities Act relating
to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned
Registrant; and (4)&nbsp;any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(4)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
applicable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
the purposes of determining any liability under the Securities Act, the information omitted from the form of prospectus filed as part
of a registration statement in reliance upon Rule&nbsp;430A and contained in the form of prospectus filed by the Registrant under Rule&nbsp;424(b)(1)&nbsp;under
the Securities Act shall be deemed to be part of the Registration Statement as of the time it was declared effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;For
the purpose of determining any liability under the Securities Act, each post-effective amendment that contains a form of prospectus shall
be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time
shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(5)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the
Registrant&rsquo;s annual report pursuant to Section&nbsp;13(a)&nbsp;or Section&nbsp;15(d)&nbsp;of the Exchange Act that is incorporated
by reference into the registration statement shall be deemed to be a new registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(6)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of
the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(7)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery within two business days
of receipt of a written or oral request, any prospectus or Statement of Additional Information constituting Part&nbsp;B of this Registration
Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 105; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933 and the Investment Company Act of 1940, the Fund has duly caused this Registration Statement to be signed
on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and the State of New York, on the 14th day of June,
2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">ARES DYNAMIC CREDIT ALLOCATION FUND,&nbsp;INC.</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 3%">By:</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; width: 47%">/s/ Seth J. Brufsky</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">Seth J. Brufsky</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">President, Chief Executive Officer and Director</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the
dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center; width: 25%"><FONT STYLE="font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center; width: 61%"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; white-space: nowrap; text-align: center; width: 10%"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.75pt solid">/s/ Seth
    J. Brufsky</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Seth J. Brufsky)</P></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Director, President and Chief
    Executive Officer (Principal Executive Officer)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">June&nbsp;4,
    2024</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.75pt solid">/s/ Scott
    C. Lem</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Scott C. Lem)</P></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Chief Financial Officer </FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">June&nbsp;4,
    2024</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.75pt solid">/s/ David
    A. Sachs</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(David A. Sachs)</P></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">June&nbsp;4, 2024</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.75pt solid">/s/ Elaine
    Orr</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Elaine Orr)</P></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">June&nbsp;4, 2024</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.75pt solid">/s/ John
    J. Shaw</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(John J. Shaw)</P></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">June&nbsp;4, 2024</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: black 0.75pt solid">/s/ Bruce
    H. Spector</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Bruce H. Spector)</P></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt">June&nbsp;4, 2024</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<!-- Field: Page; Sequence: 106 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 6%"><A HREF="tm2416373d1_ex99-n.htm">(n)</A></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 3.15pt; width: 94%"><A HREF="tm2416373d1_ex99-n.htm">Consent of Independent Registered
    Public Accounting Firm</A></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-left: 3.15pt">&nbsp;</TD></TR>
  <TR>
    <TD><A HREF="tm2416373d1_ex99-s.htm">(s)</A></TD>
    <TD STYLE="vertical-align: bottom; padding-left: 3.15pt"><A HREF="tm2416373d1_ex99-s.htm">Calculation of Filing Fee Tables</A></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 107; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(N)
<SEQUENCE>2
<FILENAME>tm2416373d1_ex99-n.htm
<DESCRIPTION>EXHIBIT 99.(N)
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><FONT><B><I>Exhibit&nbsp;(n)</I></B></FONT></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent of Independent Registered Public Accounting
Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the references to our firm under
the captions &ldquo;Financial Highlights&rdquo; in the Prospectus and &ldquo;Independent Registered Public Accounting Firm&rdquo; and
 &ldquo;Financial Statements&rdquo; in the Statement of Additional Information, each dated June&nbsp;4, 2024, and each included in this
Registration Statement (Form&nbsp;N-2) of Ares Dynamic Credit Allocation Fund,&nbsp;Inc. (the &ldquo;Registration Statement&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also consent to the incorporation by reference
of our report dated February&nbsp;28, 2024, with respect to the financial statements and financial highlights of Ares Dynamic Credit Allocation
Fund,&nbsp;Inc. included in the Annual Report to Shareholders (Form&nbsp;N-CSR) for the year ended December&nbsp;31, 2023, into this Registration
Statement, filed with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Ernst&nbsp;&amp; Young LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Los Angeles, California</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June&nbsp;4, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-FILING FEES
<SEQUENCE>3
<FILENAME>tm2416373d1_ex99-s.htm
<DESCRIPTION>EX-FILING FEES
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B><I>Exhibit&nbsp;(s)</I></B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Calculation of Filing
Fee Tables</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>FORM&nbsp;N-2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">(Form&nbsp;Type)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>ARES DYNAMIC CREDIT
ALLOCATION FUND,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">(Exact Name of Registrant
as Specified in its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><U>Table 1: Newly Registered
and Carry Forward Securities</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Security<BR> Type</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Security<BR> Class<BR> Title</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Fee<BR> Calculation<BR>
    or Carry<BR> Forward<BR> Rule</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Amount<BR> Registered</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Proposed<BR> Maximum<BR>
    Offering<BR> Price Per<BR> Unit</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Maximum<BR> Aggregate<BR>
    Offering<BR> Price</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Fee<BR> Rate</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Amount of<BR> Registration<BR>
    Fee</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Carry<BR> Forward<BR>
    Form<BR> Type</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Carry<BR> Forward<BR>
    File<BR> Number</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Carry<BR> Forward<BR>
    Initial<BR> effective<BR> date</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Filing Fee<BR>
    Previously&nbsp;Paid<BR> In Connection<BR> with Unsold<BR> Securities to<BR> be&nbsp;Carried<BR> Forward</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="29" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Newly Registered
    Securities</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Fees
    to Be Paid</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 12%"><FONT STYLE="font-size: 8pt">Equity</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 12%"><FONT STYLE="font-size: 8pt">Common<BR> Stock</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%"><FONT STYLE="font-size: 8pt">457</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 8pt">(o)</FONT></TD><TD STYLE="font-size: 10pt; width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; width: 10%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right; width: 10%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%"><FONT STYLE="font-size: 8pt">1,000,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%"><FONT STYLE="font-size: 8pt">147.60</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%"><FONT STYLE="font-size: 8pt">147.60</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 10%">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Fees
    to be Paid</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Other</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">Rights to<BR> Purchase<BR> Shares<BR>
    of<BR> Common<BR> Stock(1)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Fees
    Previously Paid</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="30" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 8pt">Carry Forward
    Securities</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.125in; padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">Carry
    Forward Securities</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="10" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Total Offering Amounts</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">1,000,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">147.60</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="10" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Total&nbsp;Fees&nbsp;Previously&nbsp;Paid</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">0</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="10" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Total Fee Offsets</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="10" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 8pt">Net Fee Due</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 8pt">147.60</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 4%; font-size: 10pt">(1)</TD>
    <TD STYLE="font-size: 10pt">No separate consideration will be received by the Registrant. Any shares issued pursuant to an offering of rights to purchase shares of common stock, including any shares issued pursuant to an over-subscription privilege or a secondary over-subscription privilege, will be shares registered under this Registration Statement.</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>tm2416373d1_coverimg002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 tm2416373d1_coverimg002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  ? 8$# 2(  A$! Q$!_\0
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M826[V<8MIXYHXP$#HX8<#U%>2PW][8?&S2-:NF*V7B6SEMH$)R$5#F/_ +Z
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BZ2-"T2TTM9O-CM8Q%&VW;A!PHZGH,#.><4 :5%%% '__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>COVER
<SEQUENCE>6
<FILENAME>filename6.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD ROWSPAN="4" STYLE="width: 80%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm2416373d1_coverimg002.jpg" ALT=""></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="width: 20%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">787 Seventh Avenue</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, NY 10019-6099</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel: 212 728 8000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fax: 212 728 8111</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">June&nbsp;4, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B><U>VIA EDGAR</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<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">
<TD STYLE="width: 0.5in">Re:</TD><TD>Ares Dynamic Credit Allocation Fund,&nbsp;Inc.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><U>Investment Company Act File No.&nbsp;811-22535</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On behalf of Ares Dynamic
Credit Allocation Fund,&nbsp;Inc. (the &ldquo;Fund&rdquo;), and in accordance with the requirements of the Securities Act of 1933, as
amended (the &ldquo;1933 Act&rdquo;), and the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;), electronically
transmitted herewith is the Fund&rsquo;s Registration Statement on Form&nbsp;N-2 (the &ldquo;Registration Statement&rdquo;) with respect
to the proposed offering by the Fund of shares of common stock, par value $0.001 per share (&ldquo;Common Shares&rdquo;) and rights to
purchase Common Shares on an immediate, delayed or continuous basis in reliance on Rule&nbsp;415 under the 1933 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We request that the Staff
review the Registration Statement as promptly as possible and transmit comments, if any, at its earliest possible convenience. At such
time as the Fund responds to comments, it will file the remaining exhibits required by Form&nbsp;N-2, to the extent not filed as part
of this filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any questions or comments
on the Registration Statement should be directed to the undersigned at (212) 728-3953.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Nicole M. Ventura</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Nicole M. Ventura</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Enclosures</P>

<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; text-align: left">cc:</TD><TD STYLE="text-align: justify">Jay Spinola,&nbsp;Esq., Willkie Farr&nbsp;&amp; Gallagher LLP</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: center"><FONT STYLE="font-variant: small-caps">Brussels&nbsp;&nbsp;
Chicago &nbsp;&nbsp;Dallas &nbsp;&nbsp;Frankfurt &nbsp;&nbsp;Houston &nbsp;&nbsp;London &nbsp;&nbsp;Los Angeles&nbsp;&nbsp; Milan</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">Munich &nbsp;&nbsp;New
York&nbsp;&nbsp; Palo Alto &nbsp;&nbsp;Paris &nbsp;&nbsp;Rome San &nbsp;&nbsp;Francisco Washington</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="font-size: 10pt; text-align: center; margin-top: 0pt; margin-bottom: 0pt"> </P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
