<SEC-DOCUMENT>0001104659-26-000664.txt : 20260105
<SEC-HEADER>0001104659-26-000664.hdr.sgml : 20260105
<ACCEPTANCE-DATETIME>20260105164259
ACCESSION NUMBER:		0001104659-26-000664
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20260105
DATE AS OF CHANGE:		20260105

FILER:

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

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-279977
		FILM NUMBER:		26507167

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>tm261748d1_424b3.htm
<DESCRIPTION>424B3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif"><!-- BannerFile="tm261748d1_supplement.htm"   BannerFilePath="/apps/files/files/jms2files/gofiler/tm261748-1/tm261748-1_424b3seq1/users" -->

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule&nbsp;424(b)(3)</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-279977</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="text-transform: uppercase"><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">Supplement dated January&nbsp;5, 2026</P>


<P STYLE="font: 10pt 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">To</P>


<P STYLE="font: 10pt 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">Prospectus and Statement of Additional Information,</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">each dated August&nbsp;26, 2024, as supplemented
to 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-indent: 0.5in">This supplement (&ldquo;Supplement&rdquo;) contains
information that amends, supplements or modifies certain information contained in the accompanying prospectus (the &ldquo;Prospectus&rdquo;)
and statement of additional information (the &ldquo;SAI&rdquo;) of Ares Dynamic Credit Allocation Fund,&nbsp;Inc. (the &ldquo;Fund&rdquo;),
each dated August&nbsp;26, 2024, as supplemented to date. This Supplement is part of, and should be read in conjunction with, the Prospectus
and SAI. Unless otherwise indicated, all other information included in the Prospectus and SAI that is not inconsistent with the information
set forth in this Supplement remains unchanged. The Prospectus and SAI have been filed with the U.S. Securities and Exchange Commission
and are available free of charge at www.sec.gov or by calling (888) 818-5298. Capitalized terms used in this Supplement have the same
meanings as in the Prospectus and SAI, unless otherwise stated herein.</P>


<P STYLE="font: 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">Effective January&nbsp;1, 2026, Kristofer Pritchett
has been appointed as a Vice President and Portfolio Manager of the Fund. In addition, effective January&nbsp;1, 2026, Keith Ashton has
retired from his position as a Portfolio Manager of the Fund. Keith Ashton will remain a Vice President 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-indent: 0.5in"><B>Accordingly, effective immediately, the following
changes are made to the Fund&rsquo;s Prospectus and SAI:</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-indent: 0.5in"><I>The section of the Prospectus entitled &ldquo;Management
of the Fund&mdash;Portfolio Managers&rdquo; is hereby updated to add the following information regarding Kristofer Pritchett:</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-indent: 0.5in"><I>Kristofer Pritchett</I> is a Partner and Portfolio
Manager in the Ares Credit Group, where Kristofer Pritchett focuses on alternative credit, including asset-based finance (ABF) investments.
Kristofer Pritchett serves as a Vice President and Portfolio Manager for the Fund. Additionally, Kristofer Pritchett serves as a member
of the Ares Credit Group&rsquo;s Alternative Credit Investment Committee. Prior to joining Ares in 2011, Kristofer Pritchett was an Associate
at Indicus Advisors. Kristofer Pritchett holds an M.Eng. from Imperial College London in Mechanical Engineering.</P>


<P STYLE="font: 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"><I>The section of the SAI entitled &ldquo;Management
of the Fund&mdash;Information Pertaining to the Officers&rdquo; is hereby updated to include the following information regarding Kristofer
Pritchett:</I></P>


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


<TABLE CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name, <BR>
Address<SUP>(1)</SUP>&nbsp;<BR>
and Year of <BR>
Birth</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 18%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Position(s)&nbsp;Held<BR>
with Fund</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Officer Since</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 51%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal Occupation(s)&nbsp;or Employment During Past Five Years</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kristofer Pritchett<BR>
1984</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President and Portfolio Manager</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since 2026</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kristofer Pritchett is a Partner and Portfolio Manager in the Ares Credit Group. Additionally, Kristofer Pritchett serves as a member of the Ares Credit Group&rsquo;s Alternative Credit Investment Committee. Kristofer Pritchett joined Ares in 2011.</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD>The address of each officer is care of the Corporate Secretary of the Fund at 1800 Avenue of the Stars, Suite&nbsp;1400, Los Angeles,
California 90067.</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 -->
    <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: 100%">&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-indent: 0.5in"><I>The section of the SAI entitled &ldquo;Management
of the Fund&mdash;Portfolio Management&rdquo; is hereby updated to include the following information regarding Kristofer Pritchett:</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-indent: 0.5in"><U>Portfolio Manager Assets Under Management</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; text-indent: 0.5in">The following table sets forth information about
funds and accounts other than the Fund for which Kristofer Pritchett is primarily responsible for the day-to-day portfolio management
as of September&nbsp;30, 2025:</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="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #212529">Name of<BR> Portfolio Manager</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center">Type of<BR> Accounts</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center">Total # of<BR> Accounts<BR> Managed</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center">Total Assets<BR> (in millions)</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center"># of Accounts<BR> Managed for<BR> which<BR> Advisory Fee<BR> is Based on<BR> Performance</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #212529; text-align: center">Total Assets<BR> for which<BR> Advisory Fee<BR> is Based on<BR> Performance<BR> (in millions)</TD><TD STYLE="white-space: nowrap; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">Kristofer Pritchett</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="width: 25%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">Registered investment companies</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">1</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">661</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">0</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">0</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">Other pooled investment vehicles</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">1</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">73</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">0</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">Other accounts</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">2,296</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; text-align: right">797</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #212529; 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 0pt 0.5in; text-align: justify; background-color: white; color: #212529"><U>Portfolio
Manager Compensation Overview</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; text-align: justify; text-indent: 0.5in; background-color: white; color: #212529">The
discussion below describes Kristofer Pritchett&rsquo;s compensation as of September&nbsp;30, 2025.</P>


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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in; background-color: white; color: #212529">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; background-color: white; color: #212529"><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: left; text-indent: 0.5in; background-color: white; color: #212529"><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 0pt 0.5in; background-color: white; color: #212529"><U>Securities Ownership
of Portfolio Managers</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; text-indent: 0.5in">The following table sets forth the aggregate dollar
range of the Fund&rsquo;s equity securities beneficially owned by Kristofer Pritchett as of September&nbsp;30, 2025:</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="padding: 1pt; width: 27%; border: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529"><B>Portfolio Manager</B></FONT></TD>
    <TD STYLE="padding: 1pt; width: 73%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529"><B>Dollar Range of Fund Shares Beneficially Owned</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCEEFF">
    <TD STYLE="padding: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">Kristofer Pritchett</FONT></TD>
    <TD STYLE="padding: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #212529">None</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>All references to Keith Ashton in the Prospectus
and SAI as a Portfolio Manager of the Fund, and any related information regarding Keith Ashton as a Portfolio Manager of the Fund included
therein (including any such information incorporated therein by reference),  are hereby removed.</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: center"><B>Please retain this Supplement with your Prospectus
and SAI.</B></P>


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


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


<!-- Field: Page; Sequence: 2; Options: NewSection Last; Value: 2 -->
    <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="text-align: center; width: 100%">- <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --> -</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
