# EDGAR Filing Document

**Accession Number:** 0001515324
**File Stem:** 0001410368-26-051422
**Filing Date:** 2026-5
**Character Count:** 196238
**Document Hash:** 15167ccb2554abd371a170595f067ba6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-051422.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0001410368-26-051422

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**PERIOD START**: 20261231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22535
- **FILM NUMBER:** 261018557

**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

## Nport-Ex

**Ares Dynamic Credit Allocation Fund, Inc.**

**Schedule of Investments**

**March 31, 2026 (Unaudited)**

(in thousands, except percentages and as otherwise noted)

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount (a)** | **Value (a)** |
| **Senior Loans 64.1% (b)(c)(d)** |  |  |
| **Automobiles and Components 3.7%** |  |  |
| American Axle and Manufacturing, Inc., 1st Lien Term Loan, 3M SOFR + 3.25%, 6.91%, 02/03/2033 | $3267 | $3248 |
| Clarios Global, LP, 1st Lien Term Loan, 1M SOFR + 2.50%, 6.17%, 05/06/2030 | 2770 | 2759 |
| Tenneco, Inc., 1st Lien Term Loan, 3M SOFR + 4.75%, 8.51%, 11/17/2028 | 995 | 967 |
| Tenneco, Inc., 1st Lien Term Loan, 3M SOFR + 5.00%, 8.76%, 11/17/2028 | 3000 | 2920 |
| Wand NewCo 3, Inc., 1st Lien Term Loan, 1M SOFR + 2.50%, 6.17%, 01/30/2031 | 1946 | 1928 |
|  |  | 11822 |
| **Capital Goods 10.6%** |  |  |
| Crown Subsea Communications Holding, Inc., 1st Lien Term Loan, 1M SOFR + 3.00%, 6.67%, 01/30/2031 | 5090 | 5099 |
| Kaman Corp., 1st Lien Delay Draw Term Loan, 02/26/2032 (h) | 42 | 42 |
| Kaman Corp., 1st Lien Term Loan, 3M SOFR + 2.50%, 6.20%, 02/26/2032 | 2273 | 2273 |
| Kodiak Building Partners, Inc., 1st Lien Term Loan, 1M SOFR + 3.75%, 7.42%, 12/04/2031 | 3173 | 3171 |
| Madison IAQ, LLC, 1st Lien Term Loan, 6M SOFR + 2.50%, 6.13%, 06/21/2028 | 670 | 669 |
| Madison IAQ, LLC, 1st Lien Term Loan, 6M SOFR + 2.75%, 6.38%, 11/08/2032 | 3342 | 3346 |
| Osmosis Buyer Ltd., 1st Lien Term Loan, 3M SOFR + 2.50%, 6.16%, 07/31/2028 | 3466 | 3456 |
| Pinnacle Buyer, LLC, 1st Lien Delay Draw Term Loan, 10/01/2032 (h) |  |  |
| Pinnacle Buyer, LLC, 1st Lien Term Loan, 3M SOFR + 2.50%, 6.18%, 10/01/2032 | 1673 | 1674 |
| Signature Aviation U.S Holdings, Inc., 1st Lien Term Loan, 3M SOFR + 2.50%, 6.17%, 07/01/2031 | 2235 | 2237 |
| Specialty Building Products Holdings, LLC, 1st Lien Term Loan, 10/16/2028 (e) | 1496 | 1267 |
| TransDigm, Inc., 1st Lien Term Loan, 1M SOFR + 2.50%, 6.17%, 02/28/2031 | 3433 | 3432 |
| Traverse Midstream Partners, LLC, 1st Lien Term Loan, 3M SOFR + 2.50%, 6.17%, 02/16/2028 | 2747 | 2745 |
| White Cap Supply Holdings, LLC, 1st Lien Term Loan, 1M SOFR + 3.25%, 6.92%, 10/19/2029 | 2963 | 2843 |
| Wilsonart, LLC, 1st Lien Term Loan, 3M SOFR + 4.25%, 7.95%, 08/05/2031 | 1970 | 1709 |
|  |  | 33963 |
| **Commercial and Professional Services 2.9%** |  |  |
| GFL Environmental Services, Inc., 1st Lien Term Loan (Canada), 3M SOFR + 2.50%, 6.17%, 03/03/2032 | 3294 | 3292 |
| iSolved, Inc., 1st Lien Term Loan, 1M SOFR + 2.75%, 6.42%, 10/15/2030 | 2491 | 2368 |
| Openlane, Inc., 1st Lien Term Loan, 3M SOFR + 2.50%, 6.14%, 10/08/2032 | 1995 | 1992 |
| Pye-Barker Fire and Safety, LLC, 1st Lien Delay Draw Term Loan, 12/16/2032 (h) |  |  |
| Pye-Barker Fire and Safety, LLC, 1st Lien Term Loan, 1M SOFR + 2.50%, 6.21%, 12/16/2032 | 1740 | 1742 |
|  |  | 9394 |
| **Consumer Distribution and Retail 2.6%** |  |  |
| EG America, LLC, 1st Lien Term Loan, 1M SOFR + 3.25%, 6.92%, 02/10/2031 | 3500 | 3498 |
| Peer Holding III B.V., 1st Lien Term Loan (Netherlands), 3M SOFR + 2.50%, 6.20%, 10/28/2030 | 4912 | 4900 |
|  |  | 8398 |
| **Consumer Services 8.0%** |  |  |
| Century De Buyer, LLC, 1st Lien Term Loan, 3M SOFR + 3.00%, 6.67%, 10/30/2030 | 2485 | 2411 |
| Electronic Arts, Inc., 1st Lien Term Loan, 03/24/2033 (e) | 2500 | 2484 |
| Fertitta Entertainment, LLC, 1st Lien Term Loan, 1M SOFR + 3.25%, 6.92%, 01/27/2029 | 2977 | 2915 |
| Golden State Food, LLC, 1st Lien Term Loan, 3M SOFR + 3.50%, 7.20%, 12/04/2031 | 3500 | 3500 |
| Herschend Entertainment Company, LLC, 1st Lien Term Loan, 1M SOFR + 2.50%, 6.17%, 05/27/2032 | 2482 | 2483 |
| IRB Holding Corp., 1st Lien Term Loan, 1M SOFR + 2.50%, 6.17%, 12/15/2030 | 1953 | 1947 |
| Mister Car Wash Holdings, Inc., 03/27/2031 (e) | 2000 | 1976 |
| Ontario Gaming GTA LP, 1st Lien Term Loan (Canada), 08/01/2030 (e) | 997 | 933 |
| SGH2, LLC, 1st Lien Term Loan, 08/18/2032 (e),(f) | 2500 | 2453 |
| Turquoise Topco, Ltd., 1st Lien Term Loan, 1M SOFR + 3.25%, 6.95%, 12/30/2032 | 2500 | 2417 |
| Wash Multifamily Parent, Inc., 1st Lien Term Loan, 1M SOFR + 3.25%, 6.92%, 09/10/2032 | 2250 | 2254 |
|  |  | 25773 |
| **Energy 3.4%** |  |  |
| Freeport LNG Investments, LLLP, 1st Lien Term Loan, 3M SOFR + 3.25%, 6.89%, 02/11/2033 | 6000 | 5995 |
| Pasadena Performance Products, LLC, 1st Lien Term Loan, 3M SOFR + 3.25%, 6.95%, 02/27/2032 (f) | 2594 | 2568 |

---

**Ares Dynamic Credit Allocation Fund, Inc.**

**Schedule of Investments *(continued)***

**March 31, 2026 (Unaudited)**

(in thousands, except percentages and as otherwise noted)

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount (a)** | **Value (a)** |
| **Senior Loans (b)(c)(d) (Continued)** |  |  |
| Prairie ECI Acquiror LP, 1st Lien Term Loan, 1M SOFR + 3.25%, 6.92%, 08/01/2029 | $341 | $341 |
| TransMontaigne Operating Company, LP, 1st Lien Term Loan, 1M SOFR + 2.25%, 5.92%, 03/18/2030 | 2080 | 2075 |
|  |  | 10979 |
| **Financial Services 3.2%** |  |  |
| Athena Holdco SAS, 1st Lien Term Loan (France), 3M EURIBOR + 3.00%, 5.13%, 04/14/2031 | 2020 | 2301 |
| Blackfin Pipeline, LLC, 1st Lien Term Loan, 1M SOFR + 3.00%, 6.68%, 09/29/2032 | $1496 | 1503 |
| Heritage Environmental Services, Inc., 1st Lien Term Loan, 03/17/2033 (e),(f) | 1500 | 1500 |
| Paysafe Holdings U.S. Corp., 1st Lien Term Loan, 06/28/2028 (e) | 2994 | 2739 |
| Siaci Saint Honore, 1st Lien Term Loan (France), 3M EURIBOR + 3.25%, 5.38%, 07/26/2032 | 2000 | 2281 |
|  |  | 10324 |
| **Food and Beverage 1.1%** |  |  |
| Primo Brands Corporation, 1st Lien Term Loan, 03/31/2031 (e) | $3500 | 3504 |
| **Healthcare Equipment and Services 7.1%** |  |  |
| Argent Bidco SAS, 1st Lien Term Loan (France), 11/12/2032 (e) | 500 | 576 |
| Bausch & Lomb Corp., 1st Lien Term Loan (Canada), 1M SOFR + 3.75%, 7.42%, 01/15/2031 | $1955 | 1957 |
| CNT Holdings I Corp., 1st Lien Term Loan, 3M SOFR + 2.50%, 6.17%, 11/08/2032 | 2378 | 2375 |
| Confluent Medical Technologies, Inc., 1st Lien Term Loan, 3M SOFR + 3.00%, 6.70%, 02/16/2029 | 2456 | 2452 |
| Ensemble RCM, LLC, 1st Lien Term Loan, 3M SOFR + 3.00%, 6.66%, 02/09/2033 | 3500 | 3455 |
| Gainwell Acquisition Corp., 1st Lien Term Loan, 3M SOFR + 4.00%, 7.80%, 10/01/2027 | 3721 | 3606 |
| Mamba Purchaser, Inc., 1st Lien Term Loan, 1M SOFR + 2.75%, 6.42%, 10/14/2031 | 2723 | 2724 |
| Project Ruby Ultimate Parent Corp., 1st Lien Term Loan, 1M SOFR + 2.75%, 6.53%, 03/10/2028 | 1990 | 1979 |
| Resonetics, LLC, 1st Lien Term Loan, 06/18/2031 (e) | 1000 | 995 |
| Resonetics, LLC, 1st Lien Term Loan, 3M SOFR + 2.75%, 6.42%, 06/18/2031 | 2597 | 2583 |
|  |  | 22702 |
| **Insurance 0.6%** |  |  |
| Acrisure, LLC, 1st Lien Term Loan, 1M SOFR + 3.00%, 6.67%, 11/06/2030 | 1973 | 1908 |
| **Materials 1.8%** |  |  |
| Ahlstrom-Munksjo Holding 3 Oy, 1st Lien Term Loan (Finland), 3M SOFR + 4.25%, 8.21%, 05/23/2030 | 3720 | 3677 |
| WR Grace Holdings, LLC, 1st Lien Term Loan, 3M SOFR + 3.00%, 6.70%, 08/19/2032 | 1995 | 1986 |
|  |  | 5663 |
| **Pharmaceuticals, Biotechnology and Life Sciences 2.6%** |  |  |
| Alkermes, Inc., 1st Lien Term Loan, 1M SOFR + 2.75%, 6.42%, 08/12/2031 | 2000 | 2014 |
| Bausch Health Companies, Inc., 1st Lien Term Loan (Canada), 1M SOFR + 6.25%, 9.92%, 10/08/2030 | 1990 | 1918 |
| Genmab AS, 1st Lien Term Loan (Denmark), 3M SOFR + 3.00%, 6.70%, 12/10/2032 | 2438 | 2444 |
| Precision Medicine Group, LLC, 1st Lien Term Loan, 1M SOFR + 3.50%, 7.17%, 08/20/2032 | 1990 | 1985 |
|  |  | 8361 |
| **Software and Services 6.6%** |  |  |
| Access CIG, LLC, 1st Lien Term Loan, 1M SOFR + 4.00%, 7.70%, 08/19/2030 | 2200 | 1979 |
| BEP Intermediate Holdco, LLC, 1st Lien Term Loan, 1M SOFR + 2.75%, 6.42%, 04/25/2031 (f) | 4024 | 4014 |
| Darktrace Finco US, LLC, 1st Lien Term Loan, 3M SOFR + 3.25%, 6.90%, 10/09/2031 | 1990 | 1901 |
| Databricks, Inc., 1st Lien Delay Draw Term Loan, 01/03/2031 (h),(f) |  |  |
| Databricks, Inc., 1st Lien Delay Draw Term Loan, 01/05/2032 (h),(f) |  |  |
| Databricks, Inc., 1st Lien Term Loan, 01/05/2032 (e),(f) | 4507 | 4507 |
| ECI Macola Max Holding, LLC, 1st Lien Term Loan, 3M SOFR + 2.75%, 6.45%, 05/09/2030 | 1990 | 1942 |
| McAfee Corp., 1st Lien Term Loan, 1M SOFR + 3.00%, 6.67%, 03/01/2029 | 2216 | 1972 |
| Proofpoint, Inc., 1st Lien Term Loan, 3M SOFR + 3.00%, 6.70%, 08/31/2028 | 2494 | 2410 |
| Rithum Holdings, Inc., 1st Lien Term Loan, 3M SOFR + 4.75%, 8.45%, 07/21/2032 | 2494 | 2366 |
|  |  | 21091 |
| **Sports, Media and Entertainment 4.5%** |  |  |
| Dorna Sports SL, 1st Lien Term Loan (Spain), 6M EURIBOR + 2.75%, 4.87%, 08/18/2032 | 1000 | 1152 |

---

**Ares Dynamic Credit Allocation Fund, Inc.**

**Schedule of Investments *(continued)***

**March 31, 2026 (Unaudited)**

(in thousands, except percentages and as otherwise noted)

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount (a)** | **Value (a)** |
| **Senior Loans (b)(c)(d) (Continued)** |  |  |
| Gray Media, Inc., 1st Lien Term Loan, 1M SOFR + 3.00%, 6.78%, 12/01/2028 | $3971 | $3969 |
| Nexstar Broadcasting, Inc., 1st Lien Term Loan, 03/18/2033 (e) | 2500 | 2470 |
| OVG Business Services, LLC, 1st Lien Term Loan, 1M SOFR + 3.00%, 6.67%, 06/25/2031 | 3982 | 3972 |
| Virgin Media Bristol, LLC, 1st Lien Term Loan, 6M SOFR + 3.18%, 7.05%, 03/31/2031 | 3000 | 2728 |
|  |  | 14291 |
| **Telecommunication Services 1.4%** |  |  |
| Delta TopCo, Inc., 1st Lien Term Loan, 1M SOFR + 2.75%, 6.42%, 11/30/2029 | 2000 | 1931 |
| QualityTech, LP, 1st Lien Term Loan, 1M SOFR + 3.50%, 7.16%, 11/04/2031 (f) | 2475 | 2463 |
|  |  | 4394 |
| **Utilities 4.0%** |  |  |
| Astoria Energy, LLC, 1st Lien Term Loan, 1M SOFR + 2.25%, 5.92%, 06/23/2032 | 1812 | 1813 |
| CPV Fairview, LLC, 08/14/2031 (e) | 381 | 379 |
| Hamilton Projects Acquiror, LLC, 1st Lien Term Loan, 1M SOFR + 2.50%, 6.17%, 05/30/2031 | 3254 | 3257 |
| Indeck Niles, LLC, 1st Lien Term Loan, 3M SOFR + 2.75%, 6.42%, 03/09/2033 (f) | 4000 | 3995 |
| South Field, LLC, 1st Lien Term Loan, 3M SOFR + 3.00%, 6.70%, 08/29/2031 | 3246 | 3248 |
|  |  | 12692 |
| **Total Senior Loans (Cost: $207,268)** |  | 205259 |
| **Corporate Bonds 57.0%** |  |  |
| **Automobiles and Components 0.7%** |  |  |
| Wand NewCo 3, Inc., 7.63%, 01/30/2032 (d) | 500 | 511 |
| ZF North America Capital, Inc., 7.50%, 03/24/2031 (d) | 1750 | 1717 |
|  |  | 2228 |
| **Capital Goods 7.4%** |  |  |
| AECOM, 6.00%, 08/01/2033 (d) | 927 | 923 |
| ARC Falcon I, Inc., 9.75%, 03/01/2033 (d) | 3000 | 2888 |
| Bombardier, Inc., (Canada), 6.75%, 06/15/2033 (d) | 1000 | 1033 |
| Bombardier, Inc., (Canada), 8.75%, 11/15/2030 (d) | 2500 | 2659 |
| Builders FirstSource, Inc., 6.75%, 05/15/2035 (d) | 2500 | 2496 |
| Gates Corp., 6.88%, 07/01/2029 (d) | 2250 | 2308 |
| OneSky Flight, LLC, 8.88%, 12/15/2029 (d) | 3000 | 3096 |
| SPX FLOW, Inc., 8.75%, 04/01/2030 (d) | 2500 | 2554 |
| Standard Building Solutions, Inc., 6.50%, 08/15/2032 (d) | 3000 | 3001 |
| United Rentals, Inc., 6.13%, 03/15/2034 (d) | 2000 | 2024 |
| Wilsonart, LLC, 11.00%, 08/15/2032 (d) | 1000 | 725 |
|  |  | 23707 |
| **Consumer Distribution and Retail 0.8%** |  |  |
| Asurion, LLC, 8.38%, 02/01/2034 (d) | 2750 | 2664 |
| **Consumer Services 5.3%** |  |  |
| Light and Wonder International, Inc., 6.25%, 10/01/2033 (d) | 2750 | 2694 |
| Light and Wonder International, Inc., 7.50%, 09/01/2031 (d) | 1250 | 1283 |
| MGM Resorts International, 6.50%, 04/15/2032 | 2500 | 2520 |
| OAK-Eagle Acquireco, Inc., 8.75%, 07/01/2034 (d),(g) | 1000 | 1048 |
| Rivers Enterprise Borrower LLC, 6.25%, 10/15/2030 (d) | 2500 | 2494 |
| Rivers Enterprise Borrower, LLC, 6.63%, 02/01/2033 (d) | 1000 | 992 |
| Six Flags Entertainment Corp., 8.63%, 01/15/2032 (d) | 2529 | 2535 |
| Station Casinos, LLC, 6.63%, 03/15/2032 (d) | 3500 | 3514 |
|  |  | 17080 |
| **Energy 11.4%** |  |  |
| Ascent Resources - Utica, LLC, 6.63%, 07/15/2033 (d) | 2500 | 2544 |

---

**Ares Dynamic Credit Allocation Fund, Inc.**

**Schedule of Investments *(continued)***

**March 31, 2026 (Unaudited)**

(in thousands, except percentages and as otherwise noted)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount (a)** | **Value (a)** |
| **Corporate Bonds (Continued)** |  |  |
| Blue Racer Midstream, LLC, 7.00%, 07/15/2029 (d) | $1500 | $1549 |
| DCP Midstream Operating, LP, 8.13%, 08/16/2030 | 3330 | 3795 |
| Kodiak Gas Services, LLC, 6.75%, 10/01/2035 (d) | 2500 | 2540 |
| Nabors Industries, Inc., 7.63%, 11/15/2032 (d) | 550 | 561 |
| Nabors Industries, Inc., 9.13%, 01/31/2030 (d) | 3000 | 3149 |
| Occidental Petroleum Corp., 8.88%, 07/15/2030 | 3500 | 3982 |
| Sunoco, LP, 6.63%, 08/15/2032 (d) | 2000 | 2031 |
| Sunoco, LP, 7.25%, 05/01/2032 (d) | 3125 | 3233 |
| Tallgrass Energy Partners, LP, 7.38%, 02/15/2029 (d) | 2500 | 2572 |
| TransMontaigne Partners, LLC, 8.50%, 06/15/2030 (d) | 2750 | 2779 |
| Transocean, Inc., (Cayman Islands), 7.88%, 10/15/2032 (d) | 1500 | 1602 |
| Transocean, Inc., (Cayman Islands), 8.75%, 02/15/2030 (d) | 525 | 546 |
| VoltaGrid, LLC, 7.38%, 11/01/2030 (d) | 1000 | 1033 |
| Williams Cos., Inc., 8.75%, 03/15/2032 | 4000 | 4749 |
|  |  | 36665 |
| **Equity Real Estate Investment Trusts (REITs) 1.3%** |  |  |
| Iron Mountain, Inc., 7.00%, 02/15/2029 (d) | 4000 | 4078 |
| **Financial Services 5.8%** |  |  |
| Ally Financial, Inc., 8.00%, 11/01/2031 | 2000 | 2218 |
| CHS/Community Health Systems, Inc., 6.88%, 04/15/2029 (d) | 2857 | 2747 |
| CHS/Community Health Systems, Inc., 10.88%, 01/15/2032 (d) | 1200 | 1287 |
| Ford Motor Credit Co., LLC, 6.80%, 05/12/2028 | 2500 | 2575 |
| Ford Motor Credit Co., LLC, 6.95%, 06/10/2026 | 1000 | 1002 |
| Ford Motor Credit Co., LLC, 7.35%, 11/04/2027 | 1465 | 1512 |
| GGAM Finance, Ltd., (Cayman Islands), 8.00%, 02/15/2027 (d) | 3000 | 3028 |
| Shift4 Payments, LLC, 6.75%, 08/15/2032 (d) | 2000 | 1962 |
| Summit Midstream Holdings, LLC, 8.63%, 10/31/2029 (d) | 2200 | 2262 |
|  |  | 18593 |
| **Insurance 2.0%** |  |  |
| Acrisure, LLC, 7.50%, 11/06/2030 (d) | 1081 | 1083 |
| Alliant Holdings Intermediate, LLC, 6.75%, 04/15/2028 (d) | 2500 | 2513 |
| Howden U.K. Refinance PLC, (Great Britain), 7.25%, 02/15/2031 (d) | 1400 | 1406 |
| Howden U.K. Refinance PLC, (Great Britain), 8.13%, 02/15/2032 (d) | 1500 | 1405 |
|  |  | 6407 |
| **Materials 3.2%** |  |  |
| First Quantum Minerals, Ltd., (Canada), 7.25%, 02/15/2034 (d) | 2000 | 2036 |
| Kobe U.S. Midco 2, Inc., 9.25%, 11/01/2026 (d) | 1703 | 1384 |
| Novelis Corp., 6.38%, 08/15/2033 (d) | 2471 | 2423 |
| Quikrete Holdings, Inc., 6.38%, 03/01/2032 (d) | 2750 | 2787 |
| Trident TPI Holdings, Inc., 12.75%, 12/31/2028 (d) | 1500 | 1460 |
|  |  | 10090 |
| **Pharmaceuticals, Biotechnology and Life Sciences 1.1%** |  |  |
| 1261229 BC, Ltd., (Canada), 10.00%, 04/15/2032 (d) | 1500 | 1534 |
| IQVIA, Inc., 6.25%, 06/01/2032 (d) | 2000 | 2031 |
|  |  | 3565 |
| **Software and Services 3.8%** |  |  |
| Beacon Roofing Supply, Inc., 6.75%, 04/30/2032 (d) | 2250 | 2288 |
| Leidos, Inc., 7.13%, 07/01/2032 | 2500 | 2740 |
| Open Text Corp., (Canada), 6.90%, 12/01/2027 (d) | 4500 | 4618 |
| SS&C Technologies, Inc., 6.50%, 06/01/2032 (d) | 2500 | 2498 |
|  |  | 12144 |

---

**Ares Dynamic Credit Allocation Fund, Inc.**

**Schedule of Investments *(continued)***

**March 31, 2026 (Unaudited)**

(in thousands, except percentages and as otherwise noted)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount (a)** | **Value (a)** |
| **Corporate Bonds (Continued)** |  |  |
| **Sports, Media and Entertainment 5.5%** |  |  |
| Belo Corp., 7.25%, 09/15/2027 | $3250 | $3344 |
| CCO Holdings, LLC, 7.00%, 02/01/2033 (d) | 1000 | 999 |
| CCO Holdings, LLC, 7.38%, 03/01/2031 (d) | 1200 | 1219 |
| Charter Communications Operating, LLC, 6.10%, 06/01/2029 | 1650 | 1709 |
| Charter Communications Operating, LLC, 6.55%, 06/01/2034 | 1650 | 1714 |
| Fox Corp., 6.50%, 10/13/2033 | 3000 | 3221 |
| Live Nation Entertainment, Inc., 6.50%, 05/15/2027 (d) | 3250 | 3254 |
| Univision Communications, Inc., 8.00%, 08/15/2028 (d) | 2000 | 2028 |
|  |  | 17488 |
| **Technology Hardware and Equipment 2.7%** |  |  |
| Amentum Holdings, Inc., 7.25%, 08/01/2032 (d) | 3250 | 3362 |
| Dell International, LLC, 6.10%, 07/15/2027 | 1500 | 1528 |
| Diebold Nixdorf, Inc., 7.75%, 03/31/2030 (d) | 2250 | 2339 |
| Insight Enterprises, Inc., 6.63%, 05/15/2032 (d) | 1500 | 1448 |
|  |  | 8677 |
| **Telecommunication Services 1.7%** |  |  |
| Altice France SA, (France), 9.50%, 11/01/2029 (d) | 2474 | 2500 |
| Holdco II S.A.S, (France), 7.00%, 10/15/2028 (d) | 1000 | 1006 |
| Level 3 Financing, Inc., 7.00%, 03/31/2034 (d) | 2000 | 2045 |
|  |  | 5551 |
| **Transportation 0.8%** |  |  |
| XPO, Inc., 6.25%, 06/01/2028 (d) | 2500 | 2530 |
| **Utilities 3.5%** |  |  |
| CQP Holdco, LP, 7.50%, 12/15/2033 (d) | 1750 | 1836 |
| NRG Energy, Inc., 6.25%, 11/01/2034 (d) | 2000 | 2014 |
| Venture Global Plaquemines LNG, LLC, 6.50%, 01/15/2034 (d) | 750 | 781 |
| Venture Global Plaquemines LNG, LLC, 7.50%, 05/01/2033 (d) | 1500 | 1649 |
| Venture Global Plaquemines LNG, LLC, 7.75%, 05/01/2035 (d) | 1500 | 1681 |
| Vistra Operations Co, LLC, 7.75%, 10/15/2031 (d) | 3000 | 3142 |
|  |  | 11103 |
| **Total Corporate Bonds (Cost: $180,847)** |  | 182570 |
| **Collateralized Loan Obligations 43.8% (d)(f)** |  |  |
| **Collateralized Loan Obligations - Debt 27.6% (b)(c)** |  |  |
| **Investment Funds and Vehicles 27.6%** |  |  |
| AIMCO CLO 14, Ltd., (Cayman Islands), 3M LIBOR + 4.80%, 8.47%, 10/20/2038 | 750 | 740 |
| AIMCO CLO 28, Ltd., (Cayman Islands), 3M SOFR + 4.60%, 8.35%, 01/16/2039 | 750 | 732 |
| AIMCO CLO, Ltd. 2015-A, (Cayman Islands), 3M LIBOR + 4.60%, 8.27%, 10/17/2038 | 500 | 488 |
| Anchorage Capital Clo 34, Ltd., (Cayman Islands), 3M SOFR + 5.90%, 9.57%, 01/15/2039 | 1000 | 979 |
| Anchorage Capital CLO 36, Ltd., (Cayman Islands), 3M SOFR + 6.59%, 04/15/2039 (g) | 385 | 386 |
| Anchorage Capital CLO 6, Ltd., (Cayman Islands), 3M LIBOR + 6.15%, 9.82%, 07/22/2038 | 325 | 324 |
| Atrium XIV, LLC, (Cayman Islands), 3M LIBOR + 6.50%, 10.17%, 10/16/2037 | 2800 | 2253 |
| Atrium XV, (Cayman Islands), 3M LIBOR + 6.50%, 10.17%, 07/16/2037 | 688 | 600 |
| Bain Capital Credit CLO, Ltd. 2021-5, (Cayman Islands), 3M LIBOR + 6.76%, 10.62%, 10/23/2034 | 2000 | 1621 |
| Ballyrock CLO 26, Ltd., (Cayman Islands), 3M LIBOR + 6.10%, 9.77%, 07/25/2037 | 950 | 932 |
| Benefit Street Partners CLO XIV, Ltd., (Cayman Islands), 3M LIBOR + 6.15%, 9.82%, 10/20/2037 | 2750 | 2712 |
| Benefit Street Partners CLO XLV Ltd., (Cayman Islands), 3M SOFR + 4.70%, 8.37%, 01/20/2039 | 1000 | 974 |
| Benefit Street Partners CLO XXI Ltd., (Cayman Islands), 3M SOFR + 4.95%, 8.62%, 01/15/2039 | 260 | 256 |
| Benefit Street Partners CLO XXXV, Ltd., (Jersey), 3M LIBOR + 6.10%, 9.77%, 04/25/2037 | 750 | 736 |
| Brookhaven Park CLO, Ltd., (Cayman Islands), 3M LIBOR + 6.50%, 10.17%, 04/19/2037 | 500 | 447 |
| Captree Park CLO, Ltd., (Jersey), 3M LIBOR + 6.00%, 9.67%, 07/20/2037 | 1275 | 1214 |

---

**Ares Dynamic Credit Allocation Fund, Inc.**

**Schedule of Investments *(continued)***

**March 31, 2026 (Unaudited)**

(in thousands, except percentages and as otherwise noted)

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount (a)** | **Value (a)** |
| **Collateralized Loan Obligations (d)(f) (continued)** | | |
| Carlyle US CLO 2021 11A, Ltd., (Cayman Islands), 3M LIBOR + 6.50%, 10.17%, 07/25/2037 | $500 | $464 |
| Carlyle US CLO 2022-5, Ltd., (Cayman Islands), 3M LIBOR + 7.10%, 10.77%, 10/15/2037 | 2095 | 2050 |
| Carlyle US CLO 2024-1, Ltd., (Cayman Islands), 3M LIBOR + 6.92%, 10.59%, 04/15/2037 | 548 | 548 |
| Carlyle US CLO 2024-2, Ltd., (Cayman Islands), 3M LIBOR + 6.85%, 10.52%, 04/25/2037 | 1000 | 984 |
| Carlyle US CLO 2024-3, Ltd., (Cayman Islands), 3M LIBOR + 6.40%, 10.07%, 07/25/2036 | 1600 | 1571 |
| Carlyle US CLO 2025-4, Ltd., (Cayman Islands), 3M LIBOR + 5.00%, 8.96%, 10/25/2037 | 800 | 782 |
| Carlyle US CLO 2025-5, Ltd., (Cayman Islands), 3M SOFR + 4.95%, 8.60%, 01/15/2039 | 735 | 719 |
| CIFC Funding 2021-III, Ltd., (Cayman Islands), 3M SOFR + 4.85%, 8.52%, 10/15/2038 | 500 | 489 |
| CIFC Funding 2022, Ltd., (Cayman Islands), 3M SOFR + 6.54%, 10.20%, 03/16/2038 | 525 | 526 |
| CIFC Funding 2025-VIII, Ltd., (Cayman Islands), 3M SOFR + 4.75%, 8.42%, 01/24/2039 | 1350 | 1318 |
| CIFC Funding, Ltd. 2019-VII, (Cayman Islands), 3M LIBOR + 4.90%, 8.57%, 10/19/2038 | 1000 | 987 |
| CIFC Funding, Ltd. 2021-1A, (Cayman Islands), 3M LIBOR + 6.00%, 9.67%, 07/25/2037 | 1150 | 1127 |
| CIFC Funding, Ltd. 2021-VI, (Cayman Islands), 3M LIBOR + 6.51%, 10.18%, 10/15/2034 | 2000 | 1876 |
| CIFC Funding, Ltd. 2021-VII, (Cayman Islands), 3M LIBOR + 4.90%, 8.57%, 01/23/2035 | 2516 | 2383 |
| CIFC Funding, Ltd. 2022-IV, (Cayman Islands), 3M LIBOR + 5.25%, 8.92%, 07/16/2035 | 1000 | 946 |
| CIFC Funding, Ltd. 2023-I, (Cayman Islands), 3M LIBOR + 4.70%, 8.37%, 10/15/2038 | 950 | 932 |
| CIFC Funding, Ltd. 2025-V, (Cayman Islands), 3M LIBOR + 4.90%, 8.90%, 10/15/2038 | 525 | 513 |
| Dryden 104 CLO, Ltd., (Cayman Islands), 3M LIBOR + 7.40%, 11.06%, 08/20/2034 | 2878 | 2735 |
| Dryden 115 CLO, Ltd., (Jersey), 3M LIBOR + 7.10%, 10.77%, 04/18/2037 | 1000 | 983 |
| Elmwood CLO 28, Ltd., (Cayman Islands), 3M LIBOR + 6.00%, 9.67%, 04/17/2037 | 500 | 491 |
| Elmwood CLO 44, Ltd., (Cayman Islands), 3M LIBOR + 4.70%, 8.37%, 10/20/2038 | 700 | 690 |
| Elmwood CLO 46, Ltd., (Cayman Islands), 3M SOFR + 5.00%, 8.68%, 01/17/2039 | 870 | 858 |
| Elmwood CLO IV, Ltd., (Cayman Islands), 3M LIBOR + 6.15%, 9.82%, 04/18/2037 | 1369 | 1282 |
| Elmwood CLO VIII, Ltd., (Cayman Islands), 3M LIBOR + 6.25%, 9.92%, 04/20/2037 | 500 | 467 |
| Flatiron CLO 21, Ltd., (Cayman Islands), 3M LIBOR + 5.90%, 9.57%, 10/19/2037 | 250 | 232 |
| Generate CLO 12, Ltd., (Cayman Islands), 3M LIBOR + 0.00%, 7.91%, 07/20/2038 | 250 | 247 |
| Generate CLO 16, Ltd., (Cayman Islands), 3M LIBOR + 6.15%, 9.82%, 07/20/2037 | 250 | 242 |
| Goldentree Loan Management U.S CLO 9, Ltd., (Cayman Islands), 3M SOFR + 5.90%, 04/20/2037 (g) | 650 | 652 |
| Goldentree Loan Management U.S CLO 9, Ltd., (Cayman Islands), 3M SOFR + 6.30%, 9.97%, 04/20/2037 | 650 | 650 |
| Golub Capital Partners CLO 60B, Ltd., (Cayman Islands), 3M LIBOR + 6.00%, 9.67%, 10/25/2034 | 950 | 899 |
| Invesco CLO, Ltd., (Cayman Islands), 3M LIBOR + 6.41%, 10.08%, 07/15/2034 | 1000 | 832 |
| KKR CLO 46, Ltd., (Cayman Islands), 3M LIBOR + 7.00%, 10.67%, 10/20/2037 | 250 | 243 |
| KKR CLO 58, Ltd., (Cayman Islands), 3M LIBOR + 5.30%, 9.28%, 10/15/2038 | 400 | 396 |
| KKR CLO 59, Ltd., (Cayman Islands), 3M SOFR + 5.35%, 9.03%, 01/15/2039 | 1200 | 1179 |
| Madison Park Funding LIX, Ltd., (Cayman Islands), 3M LIBOR + 6.40%, 10.07%, 04/18/2037 | 1350 | 1168 |
| Madison Park Funding LVII, Ltd., (Cayman Islands), 3M LIBOR + 6.70%, 10.37%, 07/27/2034 | 1185 | 1016 |
| Madison Park Funding LXIII, Ltd., (Cayman Islands), 3M SOFR + 6.00%, 9.67%, 07/21/2038 | 1500 | 1381 |
| Madison Park Funding LXIX Ltd., (Cayman Islands), 3M LIBOR + 6.25%, 9.92%, 07/25/2037 | 1000 | 929 |
| Madison Park Funding LXXIII, Ltd., (Cayman Islands), 3M LIBOR + 4.95%, 8.91%, 10/17/2038 | 1300 | 1271 |
| Madison Park Funding LXXV, Ltd., (Cayman Islands), 3M SOFR + 5.10%, 8.76%, 01/17/2039 | 870 | 850 |
| Madison Park Funding XIV, Ltd., (Cayman Islands), 3M LIBOR + 8.03%, 11.70%, 10/22/2030 | 2576 | 2084 |
| Madison Park Funding XXXI, Ltd., (Cayman Islands), 3M LIBOR + 6.40%, 10.26%, 07/23/2037 | 775 | 688 |
| Madison Park Funding XXXII, Ltd., (Cayman Islands), 3M LIBOR + 6.40%, 10.07%, 07/22/2037 | 3000 | 2607 |
| Madison Park Funding XXXIV, Ltd., (Cayman Islands), 3M LIBOR + 6.50%, 10.17%, 10/16/2037 | 850 | 741 |
| Madison Park Funding XXXVII, Ltd., (Cayman Islands), 3M LIBOR + 6.60%, 10.27%, 04/15/2037 | 500 | 408 |
| Magnetite CLO, Ltd., (Cayman Islands), 3M LIBOR + 4.75%, 8.42%, 10/20/2038 | 1000 | 989 |
| Magnetite LI, Ltd., (Cayman Islands), 3M SOFR + 4.60%, 8.49%, 10/25/2038 | 800 | 789 |
| Magnetite XXIV, Ltd., (Cayman Islands), 3M LIBOR + 6.40%, 10.07%, 04/15/2035 | 2750 | 2605 |
| Magnetite XXIX, Ltd., (Cayman Islands), 3M LIBOR + 6.00%, 9.67%, 07/15/2037 | 250 | 249 |
| Magnetite XXXVII, Ltd., (Cayman Islands), 3M SOFR + 4.70%, 8.37%, 10/25/2038 | 600 | 590 |
| Milford Park CLO, Ltd., (Jersey), 3M LIBOR + 0.00%, 7.83%, 01/20/2038 | 1500 | 1434 |
| OCP CLO 2021-21, Ltd., (Cayman Islands), 3M LIBOR + 0.00%, 7.82%, 01/20/2038 | 1700 | 1672 |
| OCP CLO 2023-27, Ltd., (Cayman Islands), 3M LIBOR + 4.95%, 8.62%, 07/15/2038 | 700 | 685 |
| Octagon Investment Partners 49, Ltd., (Cayman Islands), 3M LIBOR + 7.33%, 11.00%, 04/15/2037 | 1000 | 921 |
| OHA Credit Funding 10-R, Ltd., (Cayman Islands), 3M LIBOR + 4.85%, 8.52%, 07/18/2038 | 850 | 821 |
| OHA Credit Funding 16-R, Ltd., (Cayman Islands), 3M SOFR + 4.60%, 8.27%, 10/20/2038 | 950 | 928 |
| OHA Credit Partners XIII, Ltd., (Cayman Islands), 3M LIBOR + 5.75%, 9.42%, 10/21/2037 | 610 | 598 |

---

**Ares Dynamic Credit Allocation Fund, Inc.**

**Schedule of Investments *(continued)***

**March 31, 2026 (Unaudited)**

(in thousands, except percentages and as otherwise noted)

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount (a)** | **Value (a)** |
| **Collateralized Loan Obligations (d)(f) (continued)** |  |  |
| OHA Loan Funding 2013-1, Ltd., (Cayman Islands), 3M LIBOR + 5.90%, 9.57%, 04/23/2037 | $1500 | $1472 |
| RR 18, Ltd., (Cayman Islands), 3M SOFR + 4.90%, 8.57%, 07/15/2040 | 450 | 443 |
| RR 2025-41, Ltd., (Cayman Islands), 3M LIBOR + 4.85%, 8.81%, 10/15/2040 | 1600 | 1581 |
| RR 28, Ltd., (Cayman Islands), 3M SOFR + 6.10%, 9.78%, 04/15/2041 | 1000 | 990 |
| RR 42, Ltd., (Cayman Islands), 3M SOFR + 5.10%, 8.77%, 10/15/2040 | 2300 | 2222 |
| Serenity-Peace Park CLO, Ltd., (Cayman Islands), 3M LIBOR + 4.85%, 8.82%, 10/24/2038 | 850 | 831 |
| Sixth Street CLO 31, Ltd., (Cayman Islands), 3M SOFR + 4.70%, 8.37%, 01/17/2039 | 1000 | 973 |
| Sixth Street CLO 32, Ltd., (Cayman Islands), 3M SOFR + 6.00%, 04/21/2039 (g) | 1000 | 1005 |
| Sixth Street CLO XIX, Ltd., (Cayman Islands), 3M LIBOR + 5.00%, 8.67%, 07/17/2038 | 1000 | 975 |
| Trimaran Cavu 2021-1, Ltd., (Cayman Islands), 3M LIBOR + 7.00%, 10.67%, 07/23/2037 | 625 | 581 |
| Trimaran CAVU 2025-3, Ltd., (Cayman Islands), 3M SOFR + 5.75%, 9.32%, 01/22/2039 | 1000 | 983 |
| Voya CLO 2020-3, Ltd., (Cayman Islands), 3M SOFR + 5.10%, 8.77%, 01/20/2038 | 300 | 291 |
| Voya CLO 2021-2, Ltd., (Cayman Islands), 3M LIBOR + 0.00%, 7.95%, 04/20/2038 | 1900 | 1881 |
| Voya CLO 2022-3, Ltd., 3M SOFR + 4.75%, 8.42%, 10/20/2036 | 1100 | 1055 |
| Voya CLO, Ltd., (Cayman Islands), 3M LIBOR + 6.05%, 9.72%, 07/20/2037 | 350 | 350 |
| Wehle Park CLO, Ltd. 2022-1, (Jersey), 3M LIBOR + 5.40%, 9.07%, 10/21/2038 | 750 | 683 |
|  |  | 88427 |
| **Collateralized Loan Obligations - Equity 16.2%** |  |  |
| **Investment Funds and Vehicles 16.2%** |  |  |
| AIMCO CLO 23, Ltd., (Cayman Islands), 16.70%, 04/20/2038 | 1860 | 1423 |
| AIMCO CLO XI, Ltd., (Cayman Islands), 11.20%, 10/17/2034 | 2180 | 1436 |
| AIMCO CLO XVI, Ltd., (Cayman Islands), 10.57%, 07/17/2037 | 1208 | 656 |
| AIMCO CLO XX, Ltd., (Cayman Islands), 16.44%, 10/16/2038 | 1633 | 1299 |
| AIMCO CLO XXII, Ltd., (Jersey), 10.26%, 04/19/2037 | 410 | 282 |
| Allegro CLO V, Ltd., (Cayman Islands), 10/16/2030 | 2000 |  |
| Atrium XIV, LLC, (Cayman Islands), 10.88%, 10/16/2037 | 6744 | 2088 |
| Bain Capital Credit CLO 2024-2, Ltd., (Jersey), 8.41%, 07/15/2037 | 960 | 464 |
| Bain Capital Credit CLO, Ltd. 2022-1, (Cayman Islands), 26.03%, 10/18/2038 | 4001 | 953 |
| Benefit Street Partners Clo XXXVII, Ltd., (Cayman Islands), 13.31%, 01/25/2038 | 1950 | 1464 |
| Blueberry Park CLO, Ltd., (Jersey), 10/20/2037 | 1840 | 99 |
| Blueberry Park CLO, Ltd., (Jersey), 10.63%, 10/20/2037 | 1840 | 949 |
| Carlyle Global Market Strategies CLO, Ltd. 2018-3, (Cayman Islands), 10/15/2030 | 3223 | 5 |
| Carlyle US CLO 2024-3, Ltd., (Cayman Islands), 11.52%, 07/25/2036 | 2250 | 1192 |
| Carlyle US CLO 2024-5, Ltd., (Cayman Islands), 11.40%, 10/25/2036 | 1580 | 940 |
| CIFC Funding 2024-III, Ltd., (Cayman Islands), 8.74%, 07/21/2037 | 400 | 248 |
| CIFC Funding 2024-IV, Ltd., (Cayman Islands), 11.33%, 10/16/2037 | 1830 | 1253 |
| CIFC Funding, Ltd. 2020-3A, (Cayman Islands), 14.02%, 10/20/2038 | 2706 | 1436 |
| CIFC Funding, Ltd. 2021-5A, (Cayman Islands), 10.59%, 01/15/2038 | 2986 | 1494 |
| Credit Partners XI Ltd., (Cayman Islands), 7.88%, 04/20/2037 | 400 | 172 |
| Diameter Capital CLO 3, Ltd., (Cayman Islands), 20.88%, 04/15/2122 | 250 | 169 |
| Diameter Capital CLO 9, Ltd., (Cayman Islands), 21.09%, 04/20/2038 | 250 | 187 |
| Dryden 98 CLO, Ltd., (Cayman Islands), 24.77%, 04/20/2035 | 1100 | 311 |
| Elmwood CLO 26, Ltd., (Cayman Islands), 8.96%, 04/18/2037 (g) | 541 | 269 |
| Elmwood CLO 32, Ltd., (Cayman Islands), 11.17%, 10/18/2037 | 1770 | 973 |
| Elmwood CLO 35, Ltd., (Cayman Islands), 10.95%, 10/18/2037 | 1020 | 671 |
| Elmwood CLO XI, Ltd., (Cayman Islands), 17.44%, 10/20/2034 | 1280 | 733 |
| Generate CLO 18, Ltd., (Cayman Islands), 13.84%, 01/20/2038 | 4190 | 2326 |
| Invesco CLO 2021-3, Ltd., (Cayman Islands), 10/22/2034 | 113 | 25 |
| Invesco CLO 2021-3, Ltd., (Cayman Islands), 8.84%, 10/22/2034 | 1130 | 209 |
| KKR CLO 50 Ltd, (Cayman Islands), 6.14%, 04/20/2037 | 1151 | 449 |
| LCM XV, LP, (Cayman Islands), 07/20/2030 | 5875 | 111 |
| Madison Park Funding LIII, Ltd., (Cayman Islands), 44.75%, 04/21/2035 | 2268 | 436 |
| Madison Park Funding LIX, Ltd., (Cayman Islands), 11.89%, 04/18/2037 | 2762 | 813 |
| Madison Park Funding LXVI, Ltd., (Cayman Islands), 12.41%, 10/21/2037 | 560 | 327 |
| Madison Park Funding LXVII, Ltd., (Cayman Islands), 8.88%, 04/25/2037 | 250 | 119 |
| Madison Park Funding LXXI, Ltd., (Cayman Islands), 16.64%, 04/23/2038 | 630 | 382 |
| Madison Park Funding XII, Ltd., (Cayman Islands), 07/20/2026 | 4000 | 1 |

---

**Ares Dynamic Credit Allocation Fund, Inc.**

**Schedule of Investments *(continued)***

**March 31, 2026 (Unaudited)**

(in thousands, except percentages and as otherwise noted)

---

| | | |
|:---|:---|:---|
|  | **Principal <br> Amount (a)** | **Value (a)** |
| **Collateralized Loan Obligations (d)(f) (continued)** |  |  |
| Madison Park Funding XXII, Ltd., (Cayman Islands), 12.87%, 01/15/2033 | $6193 | $1947 |
| Madison Park Funding XXX, Ltd., (Cayman Islands), 9.03%, 07/16/2027 | 2715 | 818 |
| Madison Park Funding XXXI, Ltd., (Cayman Islands), 8.71%, 07/23/2037 | 2000 | 510 |
| Madison Park Funding XXXII, Ltd., (Cayman Islands), 12.43%, 01/22/2048 | 2472 | 680 |
| Madison Park Funding, Ltd., (Cayman Islands), 10.97%, 07/21/2038 | 1589 | 814 |
| Magnetite XLIV, Ltd., 12.52%, 10/15/2037 | 2400 | 1617 |
| Magnetite XXVIII, Ltd., (Cayman Islands), 12.39%, 01/20/2035 | 2803 | 1494 |
| Magnetite XXXVIII, Ltd., 8.20%, 04/15/2037 | 250 | 149 |
| Oaktree CLO, Ltd. 2015-1, (Cayman Islands), 10/20/2027 | 4000 | 75 |
| OCP CLO 2024-34, Ltd., 10.47%, 10/15/2037 | 450 | 262 |
| OHA Credit Funding 1, Ltd., (Cayman Islands), 8.32%, 04/20/2037 | 5700 | 3602 |
| OHA Credit Partners VII, Ltd., (Cayman Islands), 18.78%, 02/20/2038 | 2672 | 1122 |
| OHA Credit Partners XIV, Ltd., (Cayman Islands), 12.36%, 07/21/2037 | 753 | 435 |
| OHA Credit Partners XVI, (Cayman Islands), 13.47%, 10/18/2034 | 1675 | 961 |
| OHA Credit Partners XVII, Ltd., (Cayman Islands), 11.31%, 01/18/2038 | 610 | 417 |
| OHA Loan Funding, Ltd. 2016-1, (Cayman Islands), 16.70%, 07/20/2037 | 3613 | 1665 |
| RR 19, Ltd., (Cayman Islands), 15.90%, 10/15/2121 | 2471 | 1645 |
| RR 38, Ltd., (Cayman Islands), 12.09%, 04/15/2040 | 470 | 325 |
| RRX 7, Ltd. 2022-7, (Cayman Islands), 14.50%, 07/15/2122 | 7252 | 4415 |
| Signal Peak CLO XI, Ltd., (Cayman Islands), 15.61%, 07/18/2037 | 1750 | 1237 |
| Voya CLO 2024-1, Ltd., (Cayman Islands), 11.40%, 04/15/2037 | 2142 | 1407 |
|  |  | 51961 |
| **Total Collateralized Loan Obligations (Cost: $169,691)** |  | 140388 |
| **Total Investments - 164.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost: $557,806)** |  | $528217 |
| **Liabilities in Excess of Other Assets - (64.9%)** |  | (207972) |
| **Net Assets - 100.0%** |  | $320245 |

---

**Footnotes:**

(a) Investment holdings in foreign currencies are converted to U.S. Dollars using period end spot rates. Investments
are in United States enterprises and all principal balances shown are in U.S. Dollars unless otherwise noted.

(b) Variable rate loans bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate ("SOFR"),
the London Interbank Offered Rate ("LIBOR"), Euro InterBank Offered Rate ("EURIBOR"), the U.S. Prime Rate ("PRIME"),
or an alternate base rate (commonly based on the Federal Funds Rate or the Prime Rate), at the borrower's option, which reset annually,
semi-annually, quarterly, bi-monthly, monthly or daily. SOFR based contracts may include a credit spread adjustment that is charged in
addition to the base rate and the stated spread. For each such loan, Ares Dynamic Credit Allocation Fund, Inc. (the "Fund")
has provided the interest rate in effect on the date presented.

(c) Variable rate coupon rate shown as of March 31, 2026.

(d) Senior Loans, Collateralized Loan Obligations and Corporate Bonds exempt from registration under Rule 144A,
which as of March 31, 2026 represented 153.5% of the Fund's net assets or 93.1% of the Fund's total assets, are subject to legal
restrictions on sales.

(e) This loan or a portion of this loan represents an unsettled loan purchase. The interest rate will be determined
at the time of settlement and will be based upon a spread plus the applicable reference rate determined at the time of purchase.

(f) Investments whose values were determined using significant unobservable inputs (Level 3) (See Note 3 of
the Notes to Schedule of Investments).

(g) When-Issued or delayed delivery security based on typical market settlement convention for such security.

(h) As of March 31, 2026, the Fund had entered into the following commitment to fund a revolving senior secured loan. Such commitment
is subject to the satisfaction of certain conditions set forth in the documents governing this loan and there can be no assurance that
such conditions will be satisfied. See Note 2 of the Notes to Schedule of Investments for further information on revolving loan commitments.

---

| | | | |
|:---|:---|:---|:---|
| <br>**Company** | **Total revolving<br> and delayed**<br>**draw loan commitments** | **Less: drawn**<br>**commitments** | **Total undrawn**<br>**commitments** |
| Databricks, Inc. | $993 | $**—** | $993 |
| Kaman Corp. | 215 | (42) | 173 |
| Pinnacle Buyer, LLC | 323 |  | 323 |
| Pye-Barker Fire and Safety, LLC | 260 |  | 260 |
| Total | $**1791** | $**(42)** | $**1749** |

---

**Ares Dynamic Credit Allocation Fund, Inc.**

**Schedule of Investments *(continued)***

**March 31, 2026 (Unaudited)**

(in thousands, except percentages and as otherwise noted)

As of March 31, 2026, the aggregate cost of securities for Federal income tax purposes was $557,801. Unrealized appreciation and depreciation on investments for Federal income tax purposes are as follows:

---

| | |
|:---|:---|
| Gross unrealized appreciation | $3607 |
| Gross unrealized depreciation | (33191) |
| Net unrealized depreciation | $(29584) |

---

**Currencies:**

---

| | |
|:---|:---|
| £| British Pounds |

---

&nbsp;&nbsp;&nbsp;&nbsp;€ Euro Currency

---

| | |
|:---|:---|
| $| U.S. Dollars |

---

**Abbreviations:**

144A Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.

CLO Collateralized Loan Obligation

CMT Constant Maturity Treasury

**Ares Dynamic Credit Allocation Fund, Inc.**

**Notes to Schedule of Investments**

**March 31, 2026 (Unaudited)**

(in thousands, except percentages and as otherwise noted)

 **(1) Organization**

Ares Dynamic Credit Allocation Fund, Inc. (NYSE: ARDC) ("ARDC" or the "Fund") is a corporation incorporated under the laws of the State of Maryland and registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as a closed-end, diversified, management investment company, and intends to qualify each year to be treated as a Regulated Investment Company ("RIC"), under Subchapter M of the Internal Revenue Code of 1986, as amended. The Fund commenced operations on November 27, 2012.

The Fund's investment objective is to seek an attractive risk adjusted level of total return, primarily through current income and, secondarily, through capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in a broad, dynamically managed portfolio of (i) senior secured loans ("Senior Loans") made primarily to companies whose debt is rated below investment grade, (ii) corporate bonds ("Corporate Bonds") that are primarily high yield issues rated below investment grade, (iii) other fixed-income instruments of a similar nature that may be represented by derivatives, and (iv) securities issued by entities commonly referred to as collateralized loan obligations ("CLOs") and other asset-backed securities. Debt instruments that are rated below investment grade are often referred to as "high yield" securities or "junk bonds." The Fund's investments in CLOs may include investments in subordinated tranches of CLO securities. The Adviser (as defined below) will dynamically allocate the Fund's portfolio among investments in the various targeted credit markets, to seek to manage interest rate and credit risk and the duration of the Fund's portfolio. Under normal market conditions, the Fund will not invest more than (i) 45% of its Managed Assets (as defined below) in CLOs and other asset-backed securities, or (ii) 15% of its Managed Assets in subordinated (or residual) tranches of CLO securities. "Managed Assets" means the total assets of the Fund (including any assets attributable to any preferred shares that may be issued or to indebtedness) minus the Fund's liabilities other than liabilities relating to indebtedness.

The Fund is externally managed by Ares Capital Management II LLC (the "Adviser") 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 on June 9, 2011 and serves as the investment adviser to the Fund. The Adviser oversees the management of the Fund's activities and is responsible for making investment decisions for the Fund's portfolio. Ares Operations LLC, a subsidiary of Ares Management Corporation, provides certain administrative and other services necessary for the Fund to operate.

 **(2) Significant Accounting Policies**

***Basis of Presentation***

 ****

The accompanying schedule of investments has been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles ("GAAP") and includes the accounts of the Fund. The Fund is an investment company following accounting and reporting guidance in Accounting Standards Codification ("ASC") Topic 946, *Financial Services — Investment Companies*.

***Cash and Cash Equivalents***

 ****

Cash and cash equivalents include funds from time to time deposited with financial institutions. Cash and cash equivalents are carried at cost, which approximates fair value.

***Concentration of Credit Risk***

 ****

The Fund places its cash and cash equivalents with financial institutions and, at times, cash held in depository or money market accounts may exceed the Federal Deposit Insurance Corporation insured limit.

***Investment Transactions***

 ****

Investment transactions are accounted for on the trade date. Realized gains and losses are reported on the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.

**Ares Dynamic Credit Allocation Fund, Inc.**

**Notes to Schedule of Investments (continued)**

**March 31, 2026 (Unaudited)**

(in thousands, except percentages and as otherwise noted)

Pursuant to Rule 2a-5 under the Investment Company Act, the Fund's board of directors (the "Board") designated the Adviser as the valuation designee (the "Valuation Designee") to perform the fair value determinations for investments held by the Fund without readily available market quotations, subject to the oversight of the Board. All investments are recorded at their fair value. See Note 3 for more information on the Fund's valuation process.

***Interest Income Recognition***

 ****

Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and payment-in-kind ("PIK") interest. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective yield method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rate specified in each applicable agreement, is accrued and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. To maintain the Fund's tax treatment as a RIC, this non-cash source of income must be paid out to shareholders in the form of dividends for the year the income was earned, even though the Fund has not yet collected the cash. The amortized cost of investments represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest.

Loans and corporate bonds are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan or corporate bond is placed on non-accrual status. Interest payments received on non-accrual loans and corporate bonds may be recognized as income or applied to principal depending upon the Fund's judgment regarding collectability. Non-accrual loans and corporate bonds are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Fund's judgment, are likely to remain current. The Fund may make exceptions to this policy if the loan or corporate bond has sufficient collateral value (i.e., typically measured as enterprise value of the portfolio company) or is in the process of collection.

Equity investments in CLOs recognize interest income by utilizing an effective interest methodology based upon an effective yield to maturity utilizing projected cash flows, in accordance with ASC Topic 325-40, *Beneficial Interest in Securitized Financial Assets.*

 

***Foreign Currency Transactions***

 ****

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (i) investments and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the date of valuation; and (ii) purchases and sales of investments and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on transaction dates.

The Fund does not isolate that portion of the results of operations resulting from the changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the "net realized and unrealized gain (loss) on investments" in the statement of operations.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates of securities transactions, and the difference between the amounts of income and expense items recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from the changes in fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.

Investments in foreign companies and securities of foreign governments may involve special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. government. These risks include, among other things, revaluation of currencies, less reliable information about issuers, different transaction clearance and settlement practices, and potential future adverse political and economic developments. Moreover, investments in foreign companies and securities of foreign governments and their markets may be less liquid and their prices more volatile than those of comparable U.S. companies and the U.S. government.

**Ares Dynamic Credit Allocation Fund, Inc.**

**Notes to Schedule of Investments (continued)**

**March 31, 2026 (Unaudited)**

(in thousands, except percentages and as otherwise noted)

***Commitments and Contingencies***

 ****

In the normal course of business, the Fund's investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, dealers and the Fund's custodian. These activities may expose the Fund to risk in the event that such parties are unable to fulfill contractual obligations. Management does not anticipate any material losses from counterparties with whom it conducts business. Consistent with standard business practice, the Fund enters into contracts that contain a variety of indemnifications, and is engaged from time to time in various legal actions. The maximum exposure of the Fund under these arrangements and activities is unknown. However, the Fund expects the risk of material loss to be remote.

Commitments to extend credit include loan proceeds the Fund is obligated to advance, such as delayed draws or revolving credit arrangements. Commitments generally have fixed expiration dates or other termination clauses. Unrealized gains or losses associated with unfunded commitments are recorded in the financial statements and reflected as an adjustment to the fair value of the related security in the Schedule of Investments. The par amount of the unfunded commitments is not recognized by the Fund until it becomes funded.

***Use of Estimates in the Preparation of Financial Statements***

 ****

The preparation of financial statements in conformity with GAAP requires the Adviser to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and such differences may be material.

**(3)** **Fair Value of Financial Instruments**

The Fund follows ASC 825-10, *Recognition and Measurement of Financial Assets and Financial Liabilities* ("ASC 825-10"), which provides companies the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and a better understanding of the effect of the company's choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the balance sheet. The Fund has not elected the ASC 825-10 option to report selected financial assets and liabilities at fair value. With the exception of the line items entitled "other assets", "mandatory redeemable preferred shares", and "debt," which are reported at amortized cost, the carrying value of all other assets and liabilities approximate fair value.

The Fund also follows ASC 820-10, *Fair Value Measurements and Disclosures* ("ASC 820-10"), which expands the application of fair value accounting. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Fund to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, the Fund has considered its principal market as the market in which the Fund exits its portfolio investments with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below:

· Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

· Level 2 — Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable either directly or indirectly.

· Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

**Ares Dynamic Credit Allocation Fund, Inc.**

**Notes to Schedule of Investments (continued)**

**March 31, 2026 (Unaudited)**

(in thousands, except percentages and as otherwise noted)

In addition to using the above inputs in investment valuations, the Valuation Designee continues to employ its net asset valuation policy and procedures that have been reviewed by the Board in connection with their designation of the Adviser as the Fund's valuation designee and are consistent with the provisions of Rule 2a-5 under the Investment Company Act and ASC 820-10 (see Note 2 for more information). Consistent with its valuation policy 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.

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.

*Senior loans and corporate bonds:* 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.

*Collateralized loan obligations:* 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.

*Common stock and warrants:* The fair value of common stock and warrants are estimated using either broker quotes or an analysis of the enterprise value ("EV") of the portfolio company. 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.

**Ares Dynamic Credit Allocation Fund, Inc.**

**Notes to Schedule of Investments (continued)**

**March 31, 2026 (Unaudited)**

(in thousands, except percentages and as otherwise noted)

The following table is a summary of inputs used as of March 31, 2026 in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**Level 1 - Quoted**<br>**Prices ($)** | **Level 2 - Other**<br>**Significant**<br>**Observable**<br>**Inputs **($)** | **Level 3 -**<br> **Significant**<br>**Unobservable**<br>**Inputs **($)** |<br>**Total** |
| Senior Loans |  | 183759 | 21500 | 205259 |
| Corporate Bonds |  | 182570 |  | 182570 |
| Collateralized Loan Obligations |  |  | 140388 | 140388 |
| **Total Investments** |  | 366329 | 161888 | 528217 |

---

The following table is a reconciliation of the Fund's investments in which significant unobservable inputs (Level 3) were used in determining fair value for the three months ended March 31, 2026:

---

| | | | |
|:---|:---|:---|:---|
|  | **Senior Loans**<br>**($)** | **Collateralized Loan**<br>**Obligations ($)** |<br>**Total ($)** |
| Balance as of December 31, 2025 | 7808 | 162548 | 170356 |
| Purchases | 13222 | 6694 | 19916 |
| Sales and principal redemptions | (5167) | (12701) | (17868) |
| Net realized and unrealized losses | (70) | (16341) | (16411) |
| Accrued discounts | 2 | 188 | 190 |
| Transfers into Level 3 | 8183 |  | 8183 |
| Transfers out Level 3 | (2478) |  | (2478) |
| Balance as of December 31, 2025 | 21500 | 140388 | 161888 |
| Net change in unrealized gains/(losses) from investments held at March 31, 2026 | (91) | (16303) | (16394) |

---

Investments that were transferred into and out of Level 3 during the three months ended March 31, 2026 were generally as a result of changes in the observability of significant inputs or available market data for certain portfolio companies.

The following table summarizes the significant unobservable inputs the Valuation Designee used to value the majority of the Fund's investments categorized within Level 3 as of March 31, 2026. The table is not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the Valuation Designee's determination of fair values.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Unobservable Input** | **Unobservable Input** | **Unobservable Input** |
| <br>**Type** | <br>**Fair Value<br> ($)** | <br>**Valuation Technique** | **Input** | **Range** | **Weighted<br> Average<sup>(a)</sup>** |
| Senior Loans | 16993 | Broker Quotes and/or 3rd Party Pricing Services | N/A | N/A | N/A |
| Senior Loans | 4507 | Yield Analysis | Market Yield | 8.18% | 8.18% |
| Collateralized Loan Obligations | 140388 | Broker Quotes and/or 3rd Party Pricing Services | N/A | N/A | N/A |
| Total Level 3 Investments | 161888 |  |  |  |  |

---

(a) Unobservable inputs were weighted by the relative fair value of investments.

Changes in market yields may change the fair value of certain of the Fund's investments. Generally, an increase in market yields may result in a decrease in the fair value of certain of the Fund's investments.

**Ares Dynamic Credit Allocation Fund, Inc.**

**Notes to Schedule of Investments (continued)**

**March 31, 2026 (Unaudited)**

(in thousands, except percentages and as otherwise noted)

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments may fluctuate from period to period. Additionally, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Fund may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Fund was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Fund has recorded it.

In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Ares Dynamic Credit Allocation Fund, Inc.

- **b. Investment Company Act file number:** 811-22535

- **c. CIK number of Registrant:** 0001515324

- **d. LEI of Registrant:** 549300BZI16VZUT2N044

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1800 AVENUE OF THE STARS

  - **City:** LOS ANGELES

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 90067

  - **Telephone number:** 310-201-4200

**Item A.2. Information about the Series.**

- **a. Name of Series:** Ares Dynamic Credit Allocation Fund, Inc.

- **c. LEI of Series:** 549300BZI16VZUT2N044

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $554071738.21

**Total Liabilities:** $233790769.80

**Net Assets:** $320280968.41

**Delayed Delivery Securities:** $20542247.31

**Cash Not Reported:** $8148271.09

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -150.81000000 | **1-Year:** -2956.84000000 | **5-Year:** -9888.67000000 | **10-Year:** -2823.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -1397.26000000 | **1-Year:** -30864.96000000 | **5-Year:** -123790.50000000 | **10-Year:** -21488.44000000 | **30-Year:** -31.11000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.97%                | -4.81%               | -3.29%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $5433.26                 | $-6063883.75                               |
| Month 2  | $42825.32                | $-9809529.03                               |
| Month 3  | $-131926.21              | $-6109383.94                               |

### Schedule of Portfolio Investments

| Name                                     | Title                                                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AI AQUA MERGER SUB INC                   | AI Aqua Merger Sub Inc 2026 Term Loan B                                         | CUSIP: 00132UAQ7<br>LEI: 5493005QMH1D47U26R45 | Long             | LON              | CORP              | US        |   3466250 | PA      | $3455955.24   | 1.08%             | 2028-07-31      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| Aimco                                    | Aimco CLO 11 Ltd                                                                | CUSIP: 00140PAC9<br>LEI: 549300VLRW0CEQ83RF89 | Long             | ABS-CBDO         | CORP              | KY        |   2180180 | PA      | $1436191.39   | 0.45%             | 2034-10-17      | None          | 24.62%                | No            |                  3 | On Loan: No      |
| Aimco                                    | Aimco CLO 14 Ltd                                                                | CUSIP: 00144FAE3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $739735.50    | 0.23%             | 2038-10-20      | Floating      | 8.47%                 | No            |                  3 | On Loan: No      |
| Access CIG LLC                           | Access CIG LLC 2025 Term Loan                                                   | CUSIP: 00435CAV0<br>LEI: 5493002EU9Z6IQMPAN35 | Long             | LON              | CORP              | US        |   2199544 | PA      | $1978665.94   | 0.62%             | 2030-08-19      | Floating      | 7.70%                 | No            |                  2 | On Loan: No      |
| Acrisure, LLC                            | Acrisure LLC 2024 1st Lien Term Loan B6                                         | CUSIP: 00488PAV7<br>LEI: 549300R0Z1Q47XRTGO22 | Long             | LON              | CORP              | US        |   1972692 | PA      | $1908086.14   | 0.60%             | 2030-11-06      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| ACRISURE LLC / FIN INC                   | Acrisure LLC / Acrisure Finance Inc                                             | CUSIP: 00489LAL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1081000 | PA      | $1083208.48   | 0.34%             | 2030-11-06      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| AECOM                                    | AECOM                                                                           | CUSIP: 00766TAE0<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | DBT              | CORP              | US        |    486000 | PA      | $483893.85    | 0.15%             | 2033-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Aimco                                    | AIMCO CLO Series 2015-A                                                         | CUSIP: 00900MAN2<br>LEI: 549300MMTPNJGGRMPB33 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $487889.00    | 0.15%             | 2038-10-17      | Floating      | 8.27%                 | No            |                  3 | On Loan: No      |
| Aimco                                    | AIMCO CLO 16 Ltd                                                                | CUSIP: 00901GAC8<br>LEI: 254900Q0PCRO7XC6LM21 | Long             | ABS-CBDO         | CORP              | KY        |   1207849 | PA      | $655621.65    | 0.20%             | 2037-07-17      | None          | 15.45%                | No            |                  3 | On Loan: No      |
| Aimco                                    | AIMCO CLO 23 Ltd                                                                | CUSIP: 00901KAC9<br>LEI: 254900JY4GSBXW978G85 | Long             | ABS-CBDO         | CORP              | KY        |   1860000 | PA      | $1423474.74   | 0.44%             | 2038-04-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Aimco                                    | Aimco CLO 20 Ltd                                                                | CUSIP: 00901TAC0<br>LEI: 2549009AFNTQKXTAWE65 | Long             | ABS-CBDO         | CORP              | KY        |   1633382 | PA      | $1299489.32   | 0.41%             | 2038-10-16      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Aimco                                    | AIMCO CLO 22 Ltd                                                                | CUSIP: 00901VAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |    410000 | PA      | $282263.27    | 0.09%             | 2037-04-19      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Aimco                                    | AIMCO CLO 28 Ltd                                                                | CUSIP: 00902EAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    750000 | PA      | $732153.00    | 0.23%             | 2039-01-16      | Floating      | 8.35%                 | No            |                  3 | On Loan: No      |
| Allegro CLO Ltd                          | Allegro CLO V Ltd                                                               | CUSIP: 01748WAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $201.00       | 0.00%             | 2030-10-16      | None          | 12.43%                | No            |                  3 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                 | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer                  | CUSIP: 01883LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2512637.50   | 0.78%             | 2028-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALTICE FRANCE SA                         | Altice France SA                                                                | CUSIP: 02090DAA6<br>LEI: 5493001ZMCICV4N02J21 | Long             | DBT              | CORP              | FR        |   2474340 | PA      | $2499749.00   | 0.78%             | 2029-11-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| AMENTUM HOLDINGS INC                     | Amentum Holdings Inc                                                            | CUSIP: 02352BAA3<br>LEI: 2549009FJIBLW40CU216 | Long             | DBT              | CORP              | US        |   3250000 | PA      | $3362401.25   | 1.05%             | 2032-08-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| American Axle and Manufacturing, Inc.    | American Axle and Manufacturing Inc 2025 Incremental Term Loan C                | CUSIP: 02406MBB2<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | LON              | CORP              | US        |   3267000 | PA      | $3248639.46   | 1.01%             | 2033-02-03      | Floating      | 6.91%                 | No            |                  2 | On Loan: No      |
| Anchorage Capital CLO LTD                | Anchorage Capital CLO 6 Ltd                                                     | CUSIP: 03328RBA6<br>LEI: 54930064GO7DB3TVDY21 | Long             | ABS-CBDO         | CORP              | KY        |    325000 | PA      | $324196.93    | 0.10%             | 2038-07-22      | Floating      | 9.82%                 | No            |                  3 | On Loan: No      |
| Anchorage Capital CLO LTD                | Anchorage Capital Clo 34 Ltd                                                    | CUSIP: 03333JAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $978721.00    | 0.31%             | 2039-01-15      | Floating      | 9.57%                 | No            |                  3 | On Loan: No      |
| Anchorage Capital CLO LTD                | Anchorage Capital CLO 36 Ltd                                                    | CUSIP: 03333RAA0<br>LEI: 636700ZD2WXM90FMIT59 | Long             | ABS-CBDO         | CORP              | KY        |    385000 | PA      | $385962.50    | 0.12%             | 2039-04-15      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| ARC FALCON I INC/ARCL/HO                 | ARC Falcon I Inc / Arclin USA LLC / New Arclin US Holding Corp                  | CUSIP: 03881HAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2888190.00   | 0.90%             | 2033-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| HERITAGE ENVIRONMENTAL SER INC           | HERITAGE ENVIRONMENTAL SER INC 2026 TERM LOAN B                                 | CUSIP: 03970GAC8<br>LEI: 549300E3IIHNPMXFHC03 | Long             | LON              | CORP              | US        |   1500000 | PA      | $1500000.00   | 0.47%             | 2033-03-17      | Floating      | 6.67%                 | No            |                  3 | On Loan: No      |
| ASCENT RESOURCES/ARU FIN                 | Ascent Resources Utica Holdings LLC / ARU Finance Corp                          | CUSIP: 04364VBA0<br>LEI: 549300EGLQ2M2CL7JZ89 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2543555.00   | 0.79%             | 2033-07-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| ASURION LLC/ASURION CO                   | Asurion LLC/ Asurion Co-Issuer Inc                                              | CUSIP: 045941AB7<br>LEI: 549300KNQVXGIOXWK278 | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2664428.80   | 0.83%             | 2034-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| Astoria Energy LLC                       | Astoria Energy LLC 2025 Term Loan B                                             | CUSIP: 04626LAJ8<br>LEI: 549300BXD26J7I0IPB62 | Long             | LON              | CORP              | US        |   1812301 | PA      | $1812590.75   | 0.57%             | 2032-06-23      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| Atrium CDO Corp                          | Atrium XIV LLC                                                                  | CUSIP: 04965HAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   6743708 | PA      | $2088270.11   | 0.65%             | 2037-10-16      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| BEP Intermediate Holdco LLC              | BEP Intermediate Holdco LLC 2025 Term Loan B                                    | CUSIP: 05554YAE4<br>LEI: 254900510SAMOPG9CQ76 | Long             | LON              | CORP              | US        |   4023876 | PA      | $4013816.07   | 1.25%             | 2031-04-25      | Floating      | 6.42%                 | No            |                  3 | On Loan: No      |
| Bain Capital Credit CLO, Limited         | Bain Capital Credit CLO 2021-5 Ltd                                              | CUSIP: 05682FAA8<br>LEI: 2549004H0JOYEPRCTE90 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1620866.00   | 0.51%             | 2034-10-23      | Floating      | 10.43%                | No            |                  3 | On Loan: No      |
| Bain Capital Credit CLO, Limited         | Bain Capital Credit CLO 2022-1 Ltd                                              | CUSIP: 05684WAC5<br>LEI: 254900SOM2S14IE3BZ76 | Long             | ABS-CBDO         | CORP              | KY        |   4001000 | PA      | $953442.30    | 0.30%             | 2038-10-18      | None          | 19.95%                | No            |                  3 | On Loan: No      |
| Bain Capital Credit CLO, Limited         | Bain Capital Credit CLO 2024-2 Ltd                                              | CUSIP: 056922AC1<br>LEI: 254900KJZFJF5PZOFD13 | Long             | ABS-CBDO         | CORP              | JE        |    960000 | PA      | $463787.52    | 0.14%             | 2037-07-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Ballyrock Ltd                            | Ballyrock CLO 26 Ltd                                                            | CUSIP: 05876PAA2<br>LEI: 254900KWGJ97WUSMSQ74 | Long             | ABS-CBDO         | CORP              | KY        |    950000 | PA      | $932092.50    | 0.29%             | 2037-07-25      | Floating      | 11.43%                | No            |                  3 | On Loan: No      |
| BELO CORP                                | Belo Corp                                                                       | CUSIP: 080555AF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3250000 | PA      | $3344227.25   | 1.04%             | 2027-09-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Benefit Street Partners CLO Ltd          | Benefit Street Partners CLO XIV Ltd                                             | CUSIP: 08181NAE3<br>LEI: 5493008E17UEFI73RC63 | Long             | ABS-CBDO         | CORP              | KY        |   2750000 | PA      | $2712061.00   | 0.85%             | 2037-10-20      | Floating      | 9.82%                 | No            |                  3 | On Loan: No      |
| Benefit Street Partners CLO Ltd          | Benefit Street Partners Clo XXXVII Ltd                                          | CUSIP: 08182VAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1950000 | PA      | $1463966.40   | 0.46%             | 2038-01-25      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| Benefit Street Partners CLO Ltd          | Benefit Street Partners Clo XXXV Ltd                                            | CUSIP: 08183CAA3<br>LEI: 254900U0SNDVHNBLRW07 | Long             | ABS-CBDO         | CORP              | JE        |    750000 | PA      | $736461.00    | 0.23%             | 2037-04-25      | Floating      | 9.77%                 | No            |                  3 | On Loan: No      |
| Benefit Street Partners CLO Ltd          | Benefit Street Partners Clo XLV Ltd                                             | CUSIP: 08183KAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $974213.00    | 0.30%             | 2039-01-20      | Floating      | 8.37%                 | No            |                  3 | On Loan: No      |
| Benefit Street Partners CLO Ltd          | Benefit Street Partners CLO XXI Ltd                                             | CUSIP: 08186TAG0<br>LEI: 2549002IHKGRTABCLD52 | Long             | ABS-CBDO         | CORP              | KY        |    260000 | PA      | $256413.82    | 0.08%             | 2039-01-15      | Floating      | 8.62%                 | No            |                  3 | On Loan: No      |
| Blackfin Pipeline LLC                    | Blackfin Pipeline LLC Term Loan B                                               | CUSIP: 09231PAB2<br>LEI: 254900F4BUS186SK8A51 | Long             | LON              | CORP              | US        |   1496250 | PA      | $1502324.78   | 0.47%             | 2032-09-29      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN                 | Blue Racer Midstream LLC / Blue Racer Finance Corp                              | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1549296.41   | 0.48%             | 2029-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Blueberry Park CLO                       | Blueberry Park CLO Ltd                                                          | CUSIP: 09609VAC1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1840000 | PA      | $949285.44    | 0.30%             | 2037-10-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Blueberry Park CLO                       | Blueberry Park CLO Ltd                                                          | CUSIP: 09609VAE7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1840000 | PA      | $99475.92     | 0.03%             | 2037-10-20      | Variable      | 0.13%                 | No            |                  3 | On Loan: No      |
| BOMBARDIER INC                           | Bombardier Inc                                                                  | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   2500000 | PA      | $2659075.00   | 0.83%             | 2030-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                           | Bombardier Inc                                                                  | CUSIP: 097751CD1<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |   1000000 | PA      | $1032764.00   | 0.32%             | 2033-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Brookhaven Park CLO Ltd                  | Brookhaven Park CLO LTD                                                         | CUSIP: 113525AA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $447424.50    | 0.14%             | 2037-04-19      | Floating      | 10.17%                | No            |                  3 | On Loan: No      |
| Brown Group Holding LLC                  | Brown Group Holding LLC 2022 Incremental Term Loan B2                           | CUSIP: 11565HAD8<br>LEI: 25490094PF4HHK9QS109 | Long             | LON              | CORP              | US        |   2234925 | PA      | $2236891.34   | 0.70%             | 2031-07-01      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| BUILDERS FIRSTSOURCE INC                 | Builders FirstSource Inc                                                        | CUSIP: 12008RAT4<br>LEI: 549300W0SKP6L3H7DP63 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2495982.50   | 0.78%             | 2035-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                   | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1218815.82   | 0.38%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP                   | CCO Holdings LLC / CCO Holdings Capital Corp                                    | CUSIP: 1248EPCU5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $999282.00    | 0.31%             | 2033-02-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                 | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBJ8<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   2857000 | PA      | $2747338.05   | 0.86%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                 | CHS/Community Health Systems Inc                                                | CUSIP: 12543DBN9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1287183.60   | 0.40%             | 2032-01-15      | Fixed         | 10.88%                | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                         | CIFC Funding 2020-III Ltd                                                       | CUSIP: 12560GAC5<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |   2705894 | PA      | $1436426.54   | 0.45%             | 2038-10-20      | None          | 20.26%                | No            |                  3 | On Loan: No      |
| CIFC Funding Ltd                         | CIFC Funding 2021-I Ltd                                                         | CUSIP: 12563KAE9<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |   1150000 | PA      | $1127019.55   | 0.35%             | 2037-07-25      | Floating      | 9.67%                 | No            |                  3 | On Loan: No      |
| CIFC Funding Ltd                         | CIFC Funding 2021-III Ltd                                                       | CUSIP: 12565BAG2<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $489422.50    | 0.15%             | 2038-10-15      | Floating      | 8.52%                 | No            |                  3 | On Loan: No      |
| CIFC Funding Ltd                         | CIFC Funding 2021-V Ltd                                                         | CUSIP: 12565HAC8<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |   2986114 | PA      | $1493675.13   | 0.47%             | 2038-01-15      | None          | 15.30%                | No            |                  3 | On Loan: No      |
| CIFC Funding Ltd                         | CIFC Funding 2021-VII Ltd                                                       | CUSIP: 12567KAE5<br>LEI: 54930089HD7KU5NUS092 | Long             | ABS-CBDO         | CORP              | KY        |   2516082 | PA      | $2383295.77   | 0.74%             | 2035-01-23      | Floating      | 8.57%                 | No            |                  3 | On Loan: No      |
| CIFC Funding Ltd                         | CIFC Funding 2022-IV Ltd                                                        | CUSIP: 12567XAG2<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $946082.00    | 0.30%             | 2035-07-16      | Floating      | 8.92%                 | No            |                  3 | On Loan: No      |
| CIFC Funding Ltd                         | CIFC Funding 2021-VI Ltd                                                        | CUSIP: 12570PAA7<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $1876418.00   | 0.59%             | 2034-10-15      | Floating      | 10.18%                | No            |                  3 | On Loan: No      |
| CIFC Funding Ltd                         | CIFC Funding 2022-V Ltd                                                         | CUSIP: 12574CAJ3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    525000 | PA      | $526312.50    | 0.16%             | 2038-03-16      | Floating      | 10.20%                | No            |                  3 | On Loan: No      |
| CIFC Funding Ltd                         | CIFC Funding 2023-I Ltd                                                         | CUSIP: 12575BAE5<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |    950000 | PA      | $931544.35    | 0.29%             | 2038-10-15      | Floating      | 8.37%                 | No            |                  3 | On Loan: No      |
| CIFC Funding Ltd                         | CIFC Funding 2025-VIII Ltd                                                      | CUSIP: 12576FAA3<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |   1350000 | PA      | $1318318.20   | 0.41%             | 2039-01-24      | Floating      | 8.42%                 | No            |                  3 | On Loan: No      |
| CIFC Funding Ltd                         | CIFC Funding 2024-III Ltd                                                       | CUSIP: 12576JAC1<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $248438.40    | 0.08%             | 2037-07-21      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CNT Holdings I Corp                      | CNT Holdings I Corp 2025 Term Loan                                              | CUSIP: 12656AAF6<br>LEI: 254900SYIEHMSB69WT08 | Long             | LON              | CORP              | US        |   2377514 | PA      | $2374780.09   | 0.74%             | 2032-11-08      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| CQP HOLDCO LP/BIP-V CHIN                 | CQP Holdco LP / BIP-V Chinook Holdco LLC                                        | CUSIP: 12657NAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1836175.25   | 0.57%             | 2033-12-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Captree Park CLO Ltd                     | Captree Park CLO Ltd                                                            | CUSIP: 14074FAA6<br>LEI: 254900T5FZQKDOCWVD69 | Long             | ABS-CBDO         | CORP              | JE        |   1275000 | PA      | $1214403.08   | 0.38%             | 2037-07-20      | Floating      | 11.33%                | No            |                  3 | On Loan: No      |
| Carlyle Global Market Strategies         | Carlyle US CLO 2025-4 Ltd                                                       | CUSIP: 142919AA7<br>LEI: 549300VC6J79YJCFU884 | Long             | ABS-CBDO         | CORP              | KY        |    800000 | PA      | $781807.20    | 0.24%             | 2037-10-25      | Floating      | 8.96%                 | No            |                  3 | On Loan: No      |
| Carlyle Global Market Strategies         | Carlyle US CLO 2024-1 Ltd                                                       | CUSIP: 142924AA7<br>LEI: 549300VC6J79YJCFU884 | Long             | ABS-CBDO         | CORP              | KY        |    548000 | PA      | $548027.40    | 0.17%             | 2037-04-15      | Floating      | 10.59%                | No            |                  3 | On Loan: No      |
| Carlyle Global Market Strategies         | CARLYLE US CLO 2021-11 LTD                                                      | CUSIP: 143124AG0<br>LEI: 549300VC6J79YJCFU884 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $464323.50    | 0.14%             | 2037-07-25      | Floating      | 10.17%                | No            |                  3 | On Loan: No      |
| CARLYLE GLOBAL MARKET STRATEGI 10/30 1   | CARLYLE GLOBAL MARKET STRATEGI 10/30 1                                          | CUSIP: 14317TAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3222500 | PA      | $5157.61      | 0.00%             | 2030-10-15      | None          | 15.85%                | No            |                  3 | On Loan: No      |
| Carlyle Global Market Strategies         | Carlyle US CLO 2022-5 Ltd                                                       | CUSIP: 14318NAG2<br>LEI: 549300FMPRIVFSDJTS63 | Long             | ABS-CBDO         | CORP              | KY        |   2095000 | PA      | $2050020.35   | 0.64%             | 2037-10-15      | Floating      | 10.77%                | No            |                  3 | On Loan: No      |
| Carlyle Global Market Strategies         | Carlyle US CLO 2024-2 Ltd                                                       | CUSIP: 14319AAA2<br>LEI: 549300VC6J79YJCFU884 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $984191.00    | 0.31%             | 2037-04-25      | Floating      | 10.52%                | No            |                  3 | On Loan: No      |
| Carlyle Global Market Strategies         | Carlyle US CLO 2024-3 Ltd                                                       | CUSIP: 14319JAA3<br>LEI: 549300VC6J79YJCFU884 | Long             | ABS-CBDO         | CORP              | KY        |   1600000 | PA      | $1570844.80   | 0.49%             | 2036-07-25      | Floating      | 11.70%                | No            |                  3 | On Loan: No      |
| Carlyle Global Market Strategies         | Carlyle US CLO 2024-3 Ltd                                                       | CUSIP: 14319JAC9<br>LEI: 549300VC6J79YJCFU884 | Long             | ABS-CBDO         | CORP              | KY        |   2250000 | PA      | $1192275.00   | 0.37%             | 2036-07-25      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Carlyle Global Market Strategies         | Carlyle US CLO 2024-5 Ltd                                                       | CUSIP: 14319MAA6<br>LEI: 549300VC6J79YJCFU884 | Long             | ABS-CBDO         | CORP              | KY        |   1580000 | PA      | $940379.66    | 0.29%             | 2036-10-25      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Carlyle Global Market Strategies         | Carlyle US CLO 2025-5 LTD                                                       | CUSIP: 14320KAA7<br>LEI: 549300VC6J79YJCFU884 | Long             | ABS-CBDO         | CORP              | KY        |    735000 | PA      | $718780.02    | 0.22%             | 2039-01-15      | Floating      | 8.60%                 | No            |                  3 | On Loan: No      |
| Century De Buyer LLC                     | Century De Buyer LLC 2025 Term Loan B                                           | CUSIP: 15651FAE6<br>LEI: 254900PQRPPYRTQIDX74 | Long             | LON              | CORP              | US        |   2485006 | PA      | $2410977.93   | 0.75%             | 2030-10-30      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                 | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1709058.55   | 0.53%             | 2029-06-01      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| CHARTER COMM OPT LLC/CAP                 | Charter Communications Operating LLC / Charter Communications Operating Capital | CUSIP: 161175CR3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1713798.87   | 0.54%             | 2034-06-01      | Fixed         | 6.55%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                         | CIFC Funding 2024-IV Ltd                                                        | CUSIP: 17181XAC6<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |   1830000 | PA      | $1253454.84   | 0.39%             | 2037-10-16      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| CIFC Funding Ltd                         | CIFC Funding 2025-V Ltd                                                         | CUSIP: 17182LAA5<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |    525000 | PA      | $513145.50    | 0.16%             | 2038-10-15      | Floating      | 8.90%                 | No            |                  3 | On Loan: No      |
| CIFC Funding Ltd                         | CIFC Funding 2019-VII Ltd                                                       | CUSIP: 171932AA4<br>LEI: 2549005S1LQJ8MBPXW05 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $986524.00    | 0.31%             | 2038-10-19      | Floating      | 8.57%                 | No            |                  3 | On Loan: No      |
| Confluent Medical Technologies, Inc      | Confluent Medical Technologies Inc 2025 Term Loan B                             | CUSIP: 20717RAE2<br>LEI: 549300I0TF2DFR26JU13 | Long             | LON              | CORP              | US        |   2456342 | PA      | $2451748.94   | 0.77%             | 2029-02-16      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| Crown Subsea Communications Holding,Inc. | Crown Subsea Communications HoldingInc 2026 Term Loan B                         | CUSIP: 22860EAL6<br>LEI: 5493003AYLUE132FIO27 | Long             | LON              | CORP              | US        |   5090344 | PA      | $5099252.17   | 1.59%             | 2031-01-30      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Databricks Inc                           | Databricks Inc 2025 1st Amendment Term Loan                                     | CUSIP: 23803RAE1<br>LEI: 984500FEDAC7FBD96273 | Long             | LON              | CORP              | US        |   4507389 | PA      | $4507388.90   | 1.41%             | 2032-01-05      | Floating      | 8.17%                 | No            |                  3 | On Loan: No      |
| Databricks Inc                           | Databricks Inc 2025 1st Amendment Delayed Draw Term Loan                        | CUSIP: 23803RAF8<br>LEI: 984500FEDAC7FBD96273 | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2032-01-05      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| DELL INT LLC / EMC CORP                  | Dell International LLC / EMC Corp                                               | CUSIP: 24703TAF3<br>LEI: 254900ZARLSVK41DKO78 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1528163.46   | 0.48%             | 2027-07-15      | Fixed         | 6.10%                 | No            |                  2 | On Loan: No      |
| Delta TopCo Inc                          | Delta TopCo Inc 2025 Term Loan B                                                | CUSIP: 24780DAJ6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2000000 | PA      | $1931560.20   | 0.60%             | 2029-11-30      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Diameter Capital CLO                     | Diameter Capital CLO 9 Ltd                                                      | CUSIP: 25254BAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $186623.00    | 0.06%             | 2038-04-20      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| Diameter Capital CLO                     | Diameter Capital Clo 3 Ltd                                                      | CUSIP: 25255KAC8<br>LEI: 254900L1QJX98W5ORK78 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $168690.00    | 0.05%             | 2122-04-15      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| DIEBOLD NIXDORF INC                      | Diebold Nixdorf Inc                                                             | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2339151.75   | 0.73%             | 2030-03-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| Dryden Senior Loan Fund                  | Dryden 98 CLO Ltd                                                               | CUSIP: 26248CAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1100000 | PA      | $311048.10    | 0.10%             | 2035-04-20      | Variable      | 20.89%                | No            |                  3 | On Loan: No      |
| Dryden Senior Loan Fund                  | Dryden 115 CLO Ltd                                                              | CUSIP: 26248HAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1000000 | PA      | $982748.00    | 0.31%             | 2037-04-18      | Floating      | 10.77%                | No            |                  3 | On Loan: No      |
| Dryden Senior Loan Fund                  | Dryden 104 CLO Ltd                                                              | CUSIP: 26253DAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2878000 | PA      | $2734721.65   | 0.85%             | 2034-08-20      | Floating      | 11.06%                | No            |                  3 | On Loan: No      |
| DCP MIDSTREAM OPERATING                  | DCP Midstream Operating LP                                                      | CUSIP: 26439XAC7<br>LEI: 549300Y6CTBSE0QIPL28 | Long             | DBT              | CORP              | US        |   3330000 | PA      | $3795474.69   | 1.19%             | 2030-08-16      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| ECI Macola Max Holding LLC               | ECI Macola Max Holding LLC 2025 Term Loan                                       | CUSIP: 26825UAN1<br>LEI: 549300MZ2LKM75L5EI42 | Long             | LON              | CORP              | US        |   1990000 | PA      | $1941662.90   | 0.61%             | 2030-05-09      | Floating      | 6.45%                 | No            |                  2 | On Loan: No      |
| EG AMERICA LLC                           | EG America LLC 2026 Term Loan B                                                 | CUSIP: 28228QAB5<br>LEI: 549300BY1CRYVPEG9R57 | Long             | LON              | CORP              | US        |   3500000 | PA      | $3497375.00   | 1.09%             | 2031-02-10      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO VIII Ltd                     | Elmwood CLO VIII Ltd                                                            | CUSIP: 290021AL8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $467356.50    | 0.15%             | 2037-04-20      | Floating      | 9.92%                 | No            |                  3 | On Loan: No      |
| Elmwood CLO IV Ltd                       | Elmwood CLO IV Ltd                                                              | CUSIP: 29002KAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1369000 | PA      | $1281904.22   | 0.40%             | 2037-04-18      | Floating      | 9.82%                 | No            |                  3 | On Loan: No      |
| Elmwood CLO XI Ltd                       | Elmwood CLO XI Ltd                                                              | CUSIP: 29002MAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1280000 | PA      | $732623.36    | 0.23%             | 2034-10-20      | None          | 18.99%                | No            |                  3 | On Loan: No      |
| Elmwood CLO 28 Ltd                       | Elmwood CLO 28 Ltd                                                              | CUSIP: 29003PAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $490893.00    | 0.15%             | 2037-04-17      | Floating      | 9.67%                 | No            |                  3 | On Loan: No      |
| Elmwood CLO 26 Ltd                       | Elmwood CLO 26 Ltd                                                              | CUSIP: 29004DAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    540541 | PA      | $268861.31    | 0.08%             | 2037-04-18      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Elmwood CLO 32 Ltd                       | Elmwood CLO 32 Ltd                                                              | CUSIP: 29004EAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1770000 | PA      | $972848.64    | 0.30%             | 2037-10-18      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Elmwood CLO 35 Ltd                       | Elmwood CLO 35 Ltd                                                              | CUSIP: 29004RAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1020000 | PA      | $670787.70    | 0.21%             | 2037-10-18      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Elmwood CLO 44 Ltd                       | Elmwood CLO 44 Ltd                                                              | CUSIP: 29004XAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $690321.10    | 0.22%             | 2038-10-20      | Floating      | 8.37%                 | No            |                  3 | On Loan: No      |
| Elmwood CLO 46 Ltd                       | Elmwood CLO 46 Ltd                                                              | CUSIP: 29005HAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    870000 | PA      | $857527.68    | 0.27%             | 2039-01-17      | Floating      | 8.68%                 | No            |                  3 | On Loan: No      |
| ENSEMBLE RCM LLC                         | Ensemble RCM LLC 2026 Term Loan B                                               | CUSIP: 29359BAH4<br>LEI: 254900PDXJVVI20WAQ37 | Long             | LON              | CORP              | US        |   3500000 | PA      | $3455515.00   | 1.08%             | 2033-02-09      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| Fertitta Entertainment LLC               | Fertitta Entertainment LLC 2022 Term Loan B                                     | CUSIP: 31556PAB3<br>LEI: 984500A0805D8V551D35 | Long             | LON              | CORP              | US        |   2976744 | PA      | $2914619.53   | 0.91%             | 2029-01-27      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| FIRST QUANTUM MINERALS L                 | First Quantum Minerals Ltd                                                      | CUSIP: 335934AX3<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |   2000000 | PA      | $2035824.00   | 0.64%             | 2034-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| Flatiron CLO Ltd                         | Flatiron CLO 21 Ltd                                                             | CUSIP: 33883TAE9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $231665.25    | 0.07%             | 2037-10-19      | Floating      | 9.57%                 | No            |                  3 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                 | Ford Motor Credit Co LLC                                                        | CUSIP: 345397C35<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1465000 | PA      | $1511958.58   | 0.47%             | 2027-11-04      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                 | Ford Motor Credit Co LLC                                                        | CUSIP: 345397C92<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2575255.85   | 0.80%             | 2028-05-12      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC                 | Ford Motor Credit Co LLC                                                        | CUSIP: 345397D26<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1002393.43   | 0.31%             | 2026-06-10      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| FOX CORP                                 | Fox Corp                                                                        | CUSIP: 35137LAN5<br>LEI: 549300DDU6FDRBIELS05 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3220770.75   | 1.01%             | 2033-10-13      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FREEPORT LNG INVESTMENTS LLLP            | Freeport LNG Investments LLLP 2026 Term Loan B                                  | CUSIP: 35670CAE8<br>LEI: 549300LR5YVRZH4YPQ33 | Long             | LON              | CORP              | US        |   6000000 | PA      | $5995020.00   | 1.87%             | 2033-02-11      | Floating      | 6.89%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD                         | GGAM Finance Ltd                                                                | CUSIP: 36170JAC0<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |   3000000 | PA      | $3027600.00   | 0.95%             | 2027-02-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ALLY FINANCIAL INC                       | Ally Financial Inc                                                              | CUSIP: 36186CBY8<br>LEI: 549300JBN1OSM8YNAI90 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2217412.56   | 0.69%             | 2031-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GFL Environmental Inc                    | GFL Environmental Inc 2025 Term Loan B                                          | CUSIP: 36257SAB8<br>LEI: 254900PGDQWC19PRP053 | Long             | LON              | CORP              | CA        |   3294257 | PA      | $3292214.31   | 1.03%             | 2032-03-03      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| GATES CORPORATION/DE                     | Gates Corp/DE                                                                   | CUSIP: 367398AA2<br>LEI: 984500F43C791F4C7894 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2308200.75   | 0.72%             | 2029-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Kennedy Lewis CLO Ltd                    | Kennedy Lewis CLO 12 Ltd                                                        | CUSIP: 37147VAU1<br>LEI: 549300OPJWALMOKFT505 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $246680.50    | 0.08%             | 2038-07-20      | Fixed         | 7.91%                 | No            |                  3 | On Loan: No      |
| Kennedy Lewis CLO Ltd                    | Kennedy Lewis CLO 16 Ltd                                                        | CUSIP: 37149WAA1<br>LEI: 213800SVSEDOQON7JV18 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $242472.50    | 0.08%             | 2037-07-20      | Floating      | 9.82%                 | No            |                  3 | On Loan: No      |
| Kennedy Lewis CLO Ltd                    | Kennedy Lewis CLO 18 Ltd                                                        | CUSIP: 37149XAC5<br>LEI: 213800HEENW837PB8J74 | Long             | ABS-CBDO         | CORP              | KY        |   4190000 | PA      | $2326484.93   | 0.73%             | 2038-01-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Genmab AS                                | Genmab AS Term Loan B                                                           | CUSIP: 37231EAB8<br>LEI: 529900MTJPDPE4MHJ122 | Long             | LON              | CORP              | DK        |   2437500 | PA      | $2444349.38   | 0.76%             | 2032-12-10      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| GOLDEN STATE FOOD LLC                    | Golden State Food LLC 2026 Term Loan B                                          | CUSIP: 38121NAD5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3500000 | PA      | $3500000.00   | 1.09%             | 2031-12-04      | Floating      | 7.20%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US CLO1, LTD  | Goldentree Loan Management US Clo 9 Ltd                                         | CUSIP: 38138HAG2<br>LEI: 549300CQMHYJ3DLMP206 | Long             | ABS-CBDO         | CORP              | KY        |    650000 | PA      | $650032.50    | 0.20%             | 2037-04-20      | Floating      | 9.97%                 | No            |                  3 | On Loan: No      |
| GoldenTree Loan Management US CLO1, LTD  | Goldentree Loan Management US Clo 9 Ltd                                         | CUSIP: 38138HAL1<br>LEI: 549300CQMHYJ3DLMP206 | Long             | ABS-CBDO         | CORP              | KY        |    650000 | PA      | $651625.00    | 0.20%             | 2037-04-20      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Golub Capital Partners CLO, LTD          | Golub Capital Partners CLO 60B Ltd                                              | CUSIP: 381734AE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    950000 | PA      | $899336.50    | 0.28%             | 2034-10-25      | Floating      | 9.67%                 | No            |                  3 | On Loan: No      |
| Gray Television, Inc.                    | Gray Television Inc 2021 Term Loan D                                            | CUSIP: 389376AZ7<br>LEI: 529900TM5726KDN7UU35 | Long             | LON              | CORP              | US        |   3971197 | PA      | $3968457.09   | 1.24%             | 2028-12-01      | Floating      | 6.78%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                   | RR 42 Ltd                                                                       | CUSIP: 40256JAC9<br>LEI: 549300V317BEVFPNAZ66 | Long             | ABS-CBDO         | CORP              | KY        |   7251825 | PA      | $4415121.36   | 1.38%             | 2122-07-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Herschend Entertainment Company, LLC     | Herschend Entertainment Company LLC 2026 Term Loan B                            | CUSIP: 42778EAH4<br>LEI: 54930087KQ7RPDXK0716 | Long             | LON              | CORP              | US        |   2482497 | PA      | $2483018.18   | 0.78%             | 2032-05-27      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| HOWDEN UK REFINANCE / US                 | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC   | CUSIP: 44287DAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   1500000 | PA      | $1405049.40   | 0.44%             | 2032-02-15      | Fixed         | 8.13%                 | No            |                  2 | On Loan: No      |
| HOWDEN UK REFINANCE / US                 | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC   | CUSIP: 44287GAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | GB        |   1400000 | PA      | $1406259.40   | 0.44%             | 2031-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ILIAD HOLDING SAS                        | Iliad Holding SAS                                                               | CUSIP: 449691AC8<br>LEI: 9695009BGMXB527HV965 | Long             | DBT              | CORP              | FR        |   1000000 | PA      | $1006456.87   | 0.31%             | 2028-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| IRB HOLDING CORP                         | IRB Holding Corp 2025 Term Loan B                                               | CUSIP: 44988LAM9<br>LEI: 549300HVW4WNWYBXN830 | Long             | LON              | CORP              | US        |   1958337 | PA      | $1952423.05   | 0.61%             | 2030-12-15      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| INSIGHT ENTERPRS                         | Insight Enterprises Inc                                                         | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1447656.00   | 0.45%             | 2032-05-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| Invesco CLO LTD                          | Invesco CLO 2021-2 Ltd                                                          | CUSIP: 46091AAA8<br>LEI: 54930008KRIBK4JIR608 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $831894.00    | 0.26%             | 2034-07-15      | Floating      | 10.08%                | No            |                  3 | On Loan: No      |
| Invesco CLO LTD                          | Invesco CLO 2021-3 Ltd                                                          | CUSIP: 46145KAC8<br>LEI: 5493000BVI47XOSBML18 | Long             | ABS-CBDO         | CORP              | KY        |    113000 | PA      | $25083.85     | 0.01%             | 2034-10-22      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| Invesco CLO LTD                          | Invesco CLO 2021-3 Ltd                                                          | CUSIP: 46145KAE4<br>LEI: 5493000BVI47XOSBML18 | Long             | ABS-CBDO         | CORP              | KY        |   1130000 | PA      | $208489.52    | 0.07%             | 2034-10-22      | None          | 15.43%                | No            |                  3 | On Loan: No      |
| IQVIA INC                                | IQVIA Inc                                                                       | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2030782.00   | 0.63%             | 2032-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC                        | Iron Mountain Inc                                                               | CUSIP: 46284VAP6<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              |  | US        |   4000000 | PA      | $4077884.00   | 1.27%             | 2029-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| iSolved Inc                              | iSolved Inc 2025 Term Loan                                                      | CUSIP: 46488HAF3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2497149 | PA      | $2373864.79   | 0.74%             | 2030-10-15      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| KKR Financial CLO Ltd                    | KKR CLO 50 Ltd                                                                  | CUSIP: 481953AE7<br>LEI: 254900X4SZ7MY83NGT93 | Long             | ABS-CBDO         | CORP              | KY        |   1151000 | PA      | $449273.28    | 0.14%             | 2037-04-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| KKR Financial CLO Ltd                    | KKR CLO 46 Ltd                                                                  | CUSIP: 48255WAE0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $242552.25    | 0.08%             | 2037-10-20      | Floating      | 10.67%                | No            |                  3 | On Loan: No      |
| KKR Financial CLO Ltd                    | KKR CLO 58 Ltd                                                                  | CUSIP: 48257JAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $395704.00    | 0.12%             | 2038-10-15      | Floating      | 9.28%                 | No            |                  3 | On Loan: No      |
| KKR Financial CLO Ltd                    | KKR CLO 59 Ltd                                                                  | CUSIP: 48257LAA0<br>LEI: 254900974UU3OEPQ5P61 | Long             | ABS-CBDO         | CORP              | KY        |   1200000 | PA      | $1179136.80   | 0.37%             | 2039-01-15      | Floating      | 9.03%                 | No            |                  3 | On Loan: No      |
| Kaman Corporation                        | Kaman Corporation 2025 Term Loan B                                              | CUSIP: 48354VAM4<br>LEI: 5493003YK076OLTEQF95 | Long             | LON              | CORP              | US        |   2273060 | PA      | $2272628.45   | 0.71%             | 2032-02-26      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| Kaman Corporation                        | Kaman Corporation 2025 Delayed Draw Term Loan                                   | CUSIP: 48354VAN2<br>LEI: 5493003YK076OLTEQF95 | Long             | LON              | CORP              | US        |     42087 | PA      | $42086.60     | 0.01%             | 2032-02-26      | Floating      | 6.15%                 | No            |                  2 | On Loan: No      |
| ADVANCION SCIENCES INC                   | Advancion Sciences Inc                                                          | CUSIP: 499894AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1702558 | PA      | $1383328.38   | 0.43%             | 2026-11-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| Kodiak Building Partners Inc             | Kodiak Building Partners Inc 2024 Term Loan B                                   | CUSIP: 50011JAF7<br>LEI: 549300Y1Q6ZUH0EXO182 | Long             | LON              | CORP              | US        |   3173049 | PA      | $3171557.45   | 0.99%             | 2031-12-04      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| KODIAK GAS SERVICES LLC                  | Kodiak Gas Services LLC                                                         | CUSIP: 50012LAE4<br>LEI: 549300ZQBRWEUOVOM131 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2539807.50   | 0.79%             | 2035-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| LCM Ltd Partnership                      | LCM XV LP                                                                       | CUSIP: 50184YAA6<br>LEI: 549300HV40B88JRNJD93 | Long             | ABS-CBDO         | CORP              | KY        |   5875000 | PA      | $111425.25    | 0.03%             | 2030-07-20      | Variable      | 13.44%                | No            |                  3 | On Loan: No      |
| Darktrace PLC                            | Darktrace PLC 1st Lien Term Loan                                                | CUSIP: 52526CAB5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1989950 | PA      | $1900660.70   | 0.59%             | 2031-10-09      | Floating      | 6.90%                 | No            |                  2 | On Loan: No      |
| LEVEL 3 FINANCING INC                    | Level 3 Financing Inc                                                           | CUSIP: 527298CN1<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2044499.58   | 0.64%             | 2034-03-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                  | Light & Wonder International Inc                                                | CUSIP: 531968AA3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |   1250000 | PA      | $1283041.25   | 0.40%             | 2031-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC                  | Light & Wonder International Inc                                                | CUSIP: 531968AB1<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2694147.50   | 0.84%             | 2033-10-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                 | Live Nation Entertainment Inc                                                   | CUSIP: 538034AV1<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |   3250000 | PA      | $3254065.75   | 1.02%             | 2027-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| MGM RESORTS INTL                         | MGM Resorts International                                                       | CUSIP: 552953CJ8<br>LEI: 54930066VBP7DZEGGJ87 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2520235.00   | 0.79%             | 2032-04-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Madison IAQ LLC                          | Madison IAQ LLC Term Loan                                                       | CUSIP: 55759VAB4<br>LEI: 549300IXDNBXNHUPBU73 | Long             | LON              | CORP              | US        |    669740 | PA      | $669030.33    | 0.21%             | 2028-06-21      | Floating      | 6.13%                 | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC                          | Madison IAQ LLC 2025 Repriced Term Loan                                         | CUSIP: 55759VAE8<br>LEI: 549300IXDNBXNHUPBU73 | Long             | LON              | CORP              | US        |   3341964 | PA      | $3346408.66   | 1.04%             | 2032-11-08      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                 | Madison Park Funding LXVI Ltd                                                   | CUSIP: 55790AAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    560000 | PA      | $326605.44    | 0.10%             | 2037-10-21      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Atrium CDO Corp                          | Atrium XIV LLC                                                                  | CUSIP: 557912AA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2800000 | PA      | $2252899.60   | 0.70%             | 2037-10-16      | Floating      | 10.17%                | No            |                  3 | On Loan: No      |
| Madison Park Funding Ltd                 | Madison Park Funding XXXII Ltd                                                  | CUSIP: 55817CAC4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2472260 | PA      | $679552.58    | 0.21%             | 2048-01-22      | None          | 32.49%                | No            |                  3 | On Loan: No      |
| Madison Park Funding Ltd                 | Madison Park Funding XXXII Ltd                                                  | CUSIP: 55817CAG5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   3000000 | PA      | $2607198.00   | 0.81%             | 2037-07-22      | Floating      | 5.28%                 | No            |                  3 | On Loan: No      |
| Madison Park Funding Ltd                 | Madison Park Funding XXXVII Ltd                                                 | CUSIP: 55817FAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $408103.50    | 0.13%             | 2037-04-15      | Floating      | 10.27%                | No            |                  3 | On Loan: No      |
| Madison Park Funding Ltd                 | Madison Park Funding LXXI Ltd                                                   | CUSIP: 558182AE1<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    630000 | PA      | $381521.70    | 0.12%             | 2038-04-23      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Madison Park Funding Ltd                 | Madison Park Funding XII Ltd                                                    | CUSIP: 55818QAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $800.00       | 0.00%             | 2026-07-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Madison Park Funding Ltd                 | Madison Park Funding XIV Ltd                                                    | CUSIP: 55818TAJ1<br>LEI: 254900Q2IOW6JYPYIV98 | Long             | ABS-CBDO         | CORP              | KY        |   2575957 | PA      | $2083673.78   | 0.65%             | 2030-10-22      | Floating      | 11.70%                | No            |                  3 | On Loan: No      |
| Madison Park Funding Ltd                 | Madison Park Funding XXXI Ltd                                                   | CUSIP: 55819EAC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2000000 | PA      | $509698.00    | 0.16%             | 2037-07-23      | None          | 21.51%                | No            |                  3 | On Loan: No      |
| Madison Park Funding Ltd                 | Madison Park Funding XXXI Ltd                                                   | CUSIP: 55819EAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    775000 | PA      | $688296.10    | 0.21%             | 2037-07-23      | Floating      | 10.07%                | No            |                  3 | On Loan: No      |
| Madison Park Funding Ltd                 | Madison Park Funding XXII Ltd                                                   | CUSIP: 55819VAC0<br>LEI: 254900YXXBTCF4NGD347 | Long             | ABS-CBDO         | CORP              | KY        |   6192986 | PA      | $1947111.96   | 0.61%             | 2033-01-15      | None          | 19.74%                | No            |                  3 | On Loan: No      |
| Madison Park Funding Ltd                 | Madison Park Funding LIII Ltd                                                   | CUSIP: 558201AC3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2268000 | PA      | $436125.06    | 0.14%             | 2035-04-21      | None          | 18.47%                | No            |                  3 | On Loan: No      |
| Madison Park Funding Ltd                 | Madison Park Funding XXXIV Ltd                                                  | CUSIP: 55820HAG9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    850000 | PA      | $740646.65    | 0.23%             | 2037-10-16      | Floating      | 10.17%                | No            |                  3 | On Loan: No      |
| Madison Park Funding Ltd                 | Madison Park Funding LXIII Ltd                                                  | CUSIP: 55821JAE9<br>LEI: 549300XQII222AK58E79 | Long             | ABS-CBDO         | CORP              | KY        |   1588800 | PA      | $813648.31    | 0.25%             | 2038-07-21      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Madison Park Funding Ltd                 | Madison Park Funding LXIII Ltd                                                  | CUSIP: 55821JAG4<br>LEI: 549300XQII222AK58E79 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1381192.50   | 0.43%             | 2038-07-21      | Floating      | 9.67%                 | No            |                  3 | On Loan: No      |
| Madison Park Funding Ltd                 | Madison Park Funding LIX Ltd                                                    | CUSIP: 55822FAC0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2761967 | PA      | $812777.84    | 0.25%             | 2037-04-18      | None          | 15.03%                | No            |                  3 | On Loan: No      |
| Madison Park Funding Ltd                 | Madison Park Funding LIX Ltd                                                    | CUSIP: 55822FAE6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1350000 | PA      | $1167633.90   | 0.36%             | 2037-04-18      | Floating      | 10.07%                | No            |                  3 | On Loan: No      |
| Madison Park Funding Ltd                 | Madison Park Funding XXX LTD                                                    | CUSIP: 55822HAE2<br>LEI: 549300FFTJ3WPTJK8589 | Long             | ABS-CBDO         | CORP              | KY        |   2714800 | PA      | $817776.49    | 0.26%             | 2027-07-16      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| Madison Park Funding Ltd                 | Madison Park Funding LVII Ltd                                                   | CUSIP: 55822JAE8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1185000 | PA      | $1016218.08   | 0.32%             | 2034-07-27      | Floating      | 10.37%                | No            |                  3 | On Loan: No      |
| Madison Park Funding Ltd                 | Madison Park Funding LXVII Ltd                                                  | CUSIP: 55822KAE5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $118723.50    | 0.04%             | 2037-04-25      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Madison Park XLIV                        | Atrium XV                                                                       | CUSIP: 55822TAA4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    687500 | PA      | $600186.13    | 0.19%             | 2037-07-16      | Floating      | 10.17%                | No            |                  3 | On Loan: No      |
| Madison Park Funding Ltd                 | Madison Park Funding LXIX Ltd                                                   | CUSIP: 55822WAA7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $928752.00    | 0.29%             | 2037-07-25      | Floating      | 9.92%                 | No            |                  3 | On Loan: No      |
| Madison Park Funding Ltd                 | Madison Park Funding LXXIII Ltd                                                 | CUSIP: 55823JAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1300000 | PA      | $1270770.80   | 0.40%             | 2038-10-17      | Floating      | 8.91%                 | No            |                  3 | On Loan: No      |
| Madison Park Funding Ltd                 | Madison Park Funding LXXV Ltd                                                   | CUSIP: 55823MAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    870000 | PA      | $849955.20    | 0.27%             | 2039-01-17      | Floating      | 8.76%                 | No            |                  3 | On Loan: No      |
| Magnetite CLO Ltd                        | Magnetite XXXVII Ltd                                                            | CUSIP: 55952CAE5<br>LEI: 529900QDM2RO966NLE49 | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $589990.80    | 0.18%             | 2038-10-25      | Floating      | 8.37%                 | No            |                  3 | On Loan: No      |
| Magnetite CLO Ltd                        | Magnetite XXXVIII Ltd                                                           | CUSIP: 55952HAB0<br>LEI: 529900R1XWW85WSHQ318 | Long             | ABS-CBDO         | CORP              | US        |    250000 | PA      | $148703.25    | 0.05%             | 2037-04-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Magnetite CLO Ltd                        | Magnetite XXIV Ltd                                                              | CUSIP: 55954XAE7<br>LEI: 549300P6T1S83Z2MDF55 | Long             | ABS-CBDO         | CORP              | KY        |   2750000 | PA      | $2604659.75   | 0.81%             | 2035-04-15      | Floating      | 10.07%                | No            |                  3 | On Loan: No      |
| Magnetite CLO Ltd                        | Magnetite XXVII Ltd                                                             | CUSIP: 55955FAG0<br>LEI: 5493003N6WY184N72D84 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $989493.00    | 0.31%             | 2038-10-20      | Floating      | 8.42%                 | No            |                  3 | On Loan: No      |
| Magnetite CLO Ltd                        | Magnetite XXIX Ltd                                                              | CUSIP: 55955JAE7<br>LEI: 549300XSCWZTP19VRZ67 | Long             | ABS-CBDO         | CORP              | KY        |    250000 | PA      | $249061.25    | 0.08%             | 2037-07-15      | Floating      | 9.67%                 | No            |                  3 | On Loan: No      |
| Magnetite CLO Ltd                        | Magnetite XXVIII Ltd                                                            | CUSIP: 55955MAC4<br>LEI: 54930077HHZ1QV5CPQ30 | Long             | ABS-CBDO         | CORP              | KY        |   2802916 | PA      | $1493497.35   | 0.47%             | 2035-01-20      | Variable      | 22.32%                | No            |                  3 | On Loan: No      |
| Magnetite CLO Ltd                        | Magnetite XLIV Ltd                                                              | CUSIP: 55955WAE8<br>LEI: 529900QN6D2QU338OD40 | Long             | ABS-CBDO         | CORP              | US        |   2400000 | PA      | $1616937.60   | 0.50%             | 2037-10-15      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| Magnetite CLO Ltd                        | Magnetite LI Ltd                                                                | CUSIP: 559925AA0<br>LEI: 529900KAYH281VVPRN31 | Long             | ABS-CBDO         | CORP              | KY        |    800000 | PA      | $788718.40    | 0.25%             | 2038-10-25      | Floating      | 8.49%                 | No            |                  3 | On Loan: No      |
| MDVIP INC                                | MDVIP Inc 2026 Term Loan B                                                      | CUSIP: 56150KAK1<br>LEI: 549300EAB6F7TKRLOT57 | Long             | LON              | CORP              | US        |   2723445 | PA      | $2724017.34   | 0.85%             | 2031-10-14      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| McAfee, LLC                              | McAfee LLC 2024 USD 1st Lien Term Loan B                                        | CUSIP: 57906HAF4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | LON              | CORP              | US        |   2216278 | PA      | $1972487.72   | 0.62%             | 2029-03-01      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| Gainwell Acquisition Corp                | Gainwell Acquisition Corp Term Loan B                                           | CUSIP: 59909TAC8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3720550 | PA      | $3605845.20   | 1.13%             | 2027-10-01      | Floating      | 7.80%                 | No            |                  2 | On Loan: No      |
| Milford Park CLO, Ltd.                   | Milford Park CLO Ltd                                                            | CUSIP: 59966PAW2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | JE        |   1500000 | PA      | $1433665.50   | 0.45%             | 2038-01-20      | Fixed         | 7.83%                 | No            |                  3 | On Loan: No      |
| NRG ENERGY INC                           | NRG Energy Inc                                                                  | CUSIP: 629377CX8<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2014226.00   | 0.63%             | 2034-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| OVG Business Services LLC                | OVG Business Services LLC 2024 Term Loan B                                      | CUSIP: 62955EAJ3<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3982317 | PA      | $3972361.05   | 1.24%             | 2031-06-25      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                    | Nabors Industries Inc                                                           | CUSIP: 62957HAP0<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3149052.00   | 0.98%             | 2030-01-31      | Fixed         | 9.13%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC                    | Nabors Industries Inc                                                           | CUSIP: 62957HAR6<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |    550000 | PA      | $561144.65    | 0.18%             | 2032-11-15      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| NEXSTAR BROADCASTING INC                 | NEXSTAR BROADCASTING INC 2026 TERM LOAN B7                                      | CUSIP: 65336RBF4<br>LEI: 5493006PK6I4I2OOT688 | Long             | LON              | CORP              | US        |   2500000 | PA      | $2469800.00   | 0.77%             | 2033-03-18      | Floating      | 6.43%                 | No            |                  2 | On Loan: No      |
| NOVELIS CORP                             | Novelis Corp                                                                    | CUSIP: 670001AN6<br>LEI: 549300G5F3W3B52WYL23 | Long             | DBT              | CORP              | US        |   2471000 | PA      | $2423199.74   | 0.76%             | 2033-08-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Oak Hill Credit Partners                 | OHA Credit Partners XIII Ltd                                                    | CUSIP: 67090VAF8<br>LEI: 549300EX32IF3NZCVL73 | Long             | ABS-CBDO         | CORP              | KY        |    610000 | PA      | $598045.22    | 0.19%             | 2037-10-21      | Floating      | 9.42%                 | No            |                  3 | On Loan: No      |
| OCP CLO Ltd                              | OCP CLO 2021-21 Ltd                                                             | CUSIP: 671000AU1<br>LEI: 2549000M7NBNQ7XU2038 | Long             | ABS-CBDO         | CORP              | KY        |   1700000 | PA      | $1671751.10   | 0.52%             | 2038-01-20      | Fixed         | 7.82%                 | No            |                  3 | On Loan: No      |
| OHA Credit Partners Ltd                  | OHA Credit Partners VII Ltd                                                     | CUSIP: 67102UAB5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   2672000 | PA      | $1121791.10   | 0.35%             | 2038-02-20      | None          | 21.44%                | No            |                  3 | On Loan: No      |
| OHA Loan Funding Ltd                     | OHA Loan Funding 2016-1 Ltd                                                     | CUSIP: 67110VAC1<br>LEI: 54930016024GMIAF7A82 | Long             | ABS-CBDO         | CORP              | KY        |   3612679 | PA      | $1664942.86   | 0.52%             | 2037-07-20      | None          | 19.10%                | No            |                  3 | On Loan: No      |
| Oak Hill Credit Partners                 | OHA Credit Partners XVI                                                         | CUSIP: 67115MAC6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1675498 | PA      | $960775.79    | 0.30%             | 2034-10-18      | None          | 16.78%                | No            |                  3 | On Loan: No      |
| Oak Hill Credit Partners                 | OHA Credit Funding 1 LTD                                                        | CUSIP: 67115XAC2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   5700000 | PA      | $3602229.00   | 1.12%             | 2037-04-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| OHA Credit Partners Ltd                  | OHA Credit Partners XVII Ltd                                                    | CUSIP: 67120NAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    610000 | PA      | $416810.56    | 0.13%             | 2038-01-18      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| Oak Hill Credit Partners                 | OHA Credit Funding 10-R Ltd                                                     | CUSIP: 67121WAA0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    850000 | PA      | $820724.30    | 0.26%             | 2038-07-18      | Floating      | 8.52%                 | No            |                  3 | On Loan: No      |
| Oak Hill Credit Partners                 | OHA Credit Funding 16-R Ltd                                                     | CUSIP: 67122LAA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    950000 | PA      | $928117.70    | 0.29%             | 2038-10-20      | Floating      | 8.27%                 | No            |                  3 | On Loan: No      |
| ELECTRONIC ARTS INC                      | ELECTRONIC ARTS INC USD TERM LOAN B                                             | CUSIP: 67123SAB5<br>LEI: 6488ICS9P20290MA1H31 | Long             | LON              | CORP              | US        |   2500000 | PA      | $2484375.00   | 0.78%             | 2033-03-24      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| OAK-EAGLE ACQUIRECO INC                  | OAK-Eagle Acquireco Inc                                                         | CUSIP: 67124CAB9<br>LEI: 6488ICS9P20290MA1H31 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1048133.25   | 0.33%             | 2034-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Oaktree CLO Ltd                          | Oaktree CLO 2015-1 Ltd                                                          | CUSIP: 67389YAB1<br>LEI: 635400SBDDFQR1OHEJ54 | Long             | ABS-CBDO         | CORP              | KY        |   4000000 | PA      | $75328.00     | 0.02%             | 2027-10-20      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR                 | Occidental Petroleum Corp                                                       | CUSIP: 674599EA9<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3981960.50   | 1.24%             | 2030-07-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| OSD CLO 2023-27, Ltd.                    | OCP CLO 2023-27 Ltd                                                             | CUSIP: 67570LAC6<br>LEI: 25490028U8Y2XMZWXO46 | Long             | ABS-CBDO         | CORP              | KY        |    700000 | PA      | $684763.80    | 0.21%             | 2038-07-15      | Floating      | 8.62%                 | No            |                  3 | On Loan: No      |
| OCP CLO Ltd                              | OCP CLO 2024-34 Ltd                                                             | CUSIP: 67570NAC2<br>LEI: 213800MLX1S56O7NHK45 | Long             | ABS-CBDO         | CORP              | US        |    450000 | PA      | $262110.60    | 0.08%             | 2037-10-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Octagon Investment Partners 49, Ltd.     | Octagon Investment Partners 49 Ltd                                              | CUSIP: 67578DAE2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $921093.00    | 0.29%             | 2037-04-15      | Floating      | 11.00%                | No            |                  3 | On Loan: No      |
| OHA Loan Funding Ltd                     | OHA Loan Funding 2013-1 Ltd                                                     | CUSIP: 67706FAU6<br>LEI: 25490072LQI0R2J4XC93 | Long             | ABS-CBDO         | CORP              | KY        |   1500000 | PA      | $1472157.00   | 0.46%             | 2037-04-23      | Floating      | 9.57%                 | No            |                  3 | On Loan: No      |
| Oak Hill Credit Partners                 | OHA Credit Partners XIV Ltd                                                     | CUSIP: 67706YAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    752609 | PA      | $435133.69    | 0.14%             | 2037-07-21      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| ONESKY FLIGHT LLC                        | OneSky Flight LLC                                                               | CUSIP: 68278CAA3<br>LEI: 549300PM6NEPXGG5B882 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3096051.00   | 0.97%             | 2029-12-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| 1261229 BC LTD                           | 1261229 BC Ltd                                                                  | CUSIP: 68288AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   1500000 | PA      | $1533795.86   | 0.48%             | 2032-04-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| OPEN TEXT CORP                           | Open Text Corp                                                                  | CUSIP: 683715AF3<br>LEI: 549300HP7ONDQODZJV16 | Long             | DBT              | CORP              | CA        |   4500000 | PA      | $4617621.00   | 1.44%             | 2027-12-01      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |
| Openlane Inc                             | Openlane Inc Term Loan B                                                        | CUSIP: 68373AAD5<br>LEI: 5493004HKD20LBSG7D03 | Long             | LON              | CORP              | US        |   1995000 | PA      | $1992506.25   | 0.62%             | 2032-10-08      | Floating      | 6.14%                 | No            |                  2 | On Loan: No      |
| Pye-Barker Fire & Safety, LLC            | Pye-Barker Fire & Safety LLC 2025 Term Loan                                     | CUSIP: 69380SAB9<br>LEI: 254900K8RDMGUBC44870 | Long             | LON              | CORP              | US        |   1740000 | PA      | $1741548.60   | 0.54%             | 2032-12-16      | Floating      | 6.21%                 | No            |                  2 | On Loan: No      |
| Pye-Barker Fire & Safety, LLC            | Pye-Barker Fire & Safety LLC 2025 Delayed Draw Term Loan                        | CUSIP: 69380SAC7<br>LEI: 254900K8RDMGUBC44870 | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2032-12-16      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Pasadena Performance Products, LLC       | Pasadena Performance Products LLC 1st Lien Term Loan                            | CUSIP: 70230EAD6<br>LEI: 5493005DW01M0N2KWP70 | Long             | LON              | CORP              | US        |   2593938 | PA      | $2567998.41   | 0.80%             | 2032-02-27      | Floating      | 6.95%                 | No            |                  3 | On Loan: No      |
| Paysafe Holdings (US) Corp               | Paysafe Holdings (US) Corp USD Term Loan B1                                     | CUSIP: 70451NAB2<br>LEI: 549300N8UN7DUDH51357 | Long             | LON              | CORP              | US        |   2993777 | PA      | $2739305.71   | 0.86%             | 2028-06-28      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| Pinnacle Buyer LLC                       | Pinnacle Buyer LLC Term Loan                                                    | CUSIP: 72349UAB8<br>LEI: 254900F51XXB8NHJPB58 | Long             | LON              | CORP              | US        |   1673226 | PA      | $1673744.50   | 0.52%             | 2032-10-01      | Floating      | 6.18%                 | No            |                  2 | On Loan: No      |
| PINNACLE BUYER LLC                       | Pinnacle Buyer LLC Delayed Draw Term Loan                                       | CUSIP: 72349UAC6<br>LEI: 254900F51XXB8NHJPB58 | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2032-10-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| PRAIRIE ECI ACQUIROR LP                  | Prairie ECI Acquiror LP 2026 Repriced Term Loan B                               | CUSIP: 73955HAG9<br>LEI: 254900Q6KU2LVSIISH22 | Long             | LON              | CORP              | US        |    340681 | PA      | $340936.42    | 0.11%             | 2029-08-01      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Precision Medicine Group LLC             | Precision Medicine Group LLC 2025 Term Loan B                                   | CUSIP: 74028HAG0<br>LEI: 5493005RG0LYTBKL8W81 | Long             | LON              | CORP              | US        |   1990000 | PA      | $1985025.00   | 0.62%             | 2032-08-20      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| Project Ruby Ultimate Parent Corp.       | Project Ruby Ultimate Parent Corp 2025 Term Loan B                              | CUSIP: 74339UBA7<br>LEI: 549300UGGIEE7YT1C741 | Long             | LON              | CORP              | US        |   1990000 | PA      | $1978816.20   | 0.62%             | 2028-03-10      | Floating      | 6.53%                 | No            |                  2 | On Loan: No      |
| PROOFPOINT INC                           | Proofpoint Inc 2025 Repriced Term Loan                                          | CUSIP: 74345HAJ0<br>LEI: 529900C5FODDK0WSR085 | Long             | LON              | CORP              | US        |   2493639 | PA      | $2410525.71   | 0.75%             | 2028-08-31      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS                    | QXO Building Products Inc                                                       | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2287554.75   | 0.71%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC                    | Quikrete Holdings Inc                                                           | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2787149.75   | 0.87%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                   | RR 18 Ltd                                                                       | CUSIP: 749737AJ1<br>LEI: 54930003V8ISBLDELD80 | Long             | ABS-CBDO         | CORP              | KY        |    450000 | PA      | $443307.60    | 0.14%             | 2040-07-15      | Floating      | 8.57%                 | No            |                  3 | On Loan: No      |
| RR Ltd                                   | RR 41 LTD                                                                       | CUSIP: 749754AA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1600000 | PA      | $1580568.00   | 0.49%             | 2040-10-15      | Floating      | 8.81%                 | No            |                  3 | On Loan: No      |
| RR Ltd                                   | RR 19 Ltd                                                                       | CUSIP: 74983BAC5<br>LEI: 549300RJ4N2AJDFNE876 | Long             | ABS-CBDO         | CORP              | KY        |   2471419 | PA      | $1645258.23   | 0.51%             | 2121-10-15      | None          | 15.63%                | No            |                  3 | On Loan: No      |
| RR Ltd                                   | RR 38 Ltd                                                                       | CUSIP: 74988GAC9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    470000 | PA      | $324777.52    | 0.10%             | 2040-04-15      | Variable      | 0.00%                 | No            |                  3 | On Loan: No      |
| RR Ltd                                   | RR 28 Ltd                                                                       | CUSIP: 74989QAJ1<br>LEI: 254900ZSKVCYOXP11C98 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $990221.00    | 0.31%             | 2041-04-15      | Floating      | 9.78%                 | No            |                  3 | On Loan: No      |
| SPX FLOW INC                             | SPX FLOW Inc                                                                    | CUSIP: 758071AA2<br>LEI: 5493003YXEKRBINIEM78 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2554700.00   | 0.80%             | 2030-04-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Resonetics LLC                           | Resonetics LLC 2025 Repriced Term Loan B                                        | CUSIP: 76118EAL2<br>LEI: 5493007F3QX6Z23QGO95 | Long             | LON              | CORP              | US        |   2596906 | PA      | $2583116.42   | 0.81%             | 2031-06-18      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| RESONETICS LLC                           | RESONETICS LLC 2026 Add-On TERM LOAN                                            | CUSIP: 76118EAM0<br>LEI: 5493007F3QX6Z23QGO95 | Long             | LON              | CORP              | US        |   1000000 | PA      | $994690.00    | 0.31%             | 2031-06-18      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| Rithum Holdings Inc                      | Rithum Holdings Inc 2025 Term Loan                                              | CUSIP: 76779JAB3<br>LEI: 549300V3JZOSIRXFRG67 | Long             | LON              | CORP              | US        |   2493734 | PA      | $2365930.46   | 0.74%             | 2032-07-21      | Floating      | 8.45%                 | No            |                  2 | On Loan: No      |
| RIVERS ENTERPRISE                        | Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp                 | CUSIP: 76883NAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $992238.40    | 0.31%             | 2033-02-01      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| RIVERS ENT BORROWER LLC                  | Rivers Enterprise Borrower LLC                                                  | CUSIP: 76884GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2493253.75   | 0.78%             | 2030-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| RR Ltd                                   | RR 42 Ltd                                                                       | CUSIP: 78109VAA5<br>LEI: 549300V317BEVFPNAZ66 | Long             | ABS-CBDO         | CORP              | KY        |   2300000 | PA      | $2222138.10   | 0.69%             | 2040-10-15      | Floating      | 8.77%                 | No            |                  3 | On Loan: No      |
| SGH2 LLC                                 | SGH2 LLC 2025 USD Term Loan B                                                   | CUSIP: 78424SAB8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2500000 | PA      | $2453125.00   | 0.77%             | 2032-08-18      | Floating      | 8.18%                 | No            |                  3 | On Loan: No      |
| SS&C TECHNOLOGIES INC                    | SS&C Technologies Inc                                                           | CUSIP: 78466CAD8<br>LEI: 549300KY09TR3J12JU49 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2498303.00   | 0.78%             | 2032-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Spa Holdings 3 Oy                        | Spa Holdings 3 Oy 2025 USD Term Loan B                                          | CUSIP: 78475BAB3<br>LEI: 743700UEY0YM039XN974 | Long             | LON              | CORP              | FI        |   3720080 | PA      | $3677447.49   | 1.15%             | 2030-05-23      | Floating      | 8.21%                 | No            |                  2 | On Loan: No      |
| LEIDOS INC                               | Leidos Inc                                                                      | CUSIP: 808626AE5<br>LEI: 5493006I78VIN6J1BQ95 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2740127.03   | 0.86%             | 2032-07-01      | Fixed         | 7.13%                 | No            |                  2 | On Loan: No      |
| Serenity-Peace Park CLO LTD              | Serenity-Peace Park Clo Ltd                                                     | CUSIP: 81750HAA2<br>LEI: 3912001A818O0ZP8HP89 | Long             | ABS-CBDO         | CORP              | KY        |    850000 | PA      | $830553.70    | 0.26%             | 2038-10-24      | Floating      | 8.82%                 | No            |                  3 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN                  | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                           | CUSIP: 82453AAB3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1962205.20   | 0.61%             | 2032-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Signal Peak CLO, LLC                     | Signal Peak CLO 11 Ltd                                                          | CUSIP: 82667DAC7<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1750000 | PA      | $1236824.75   | 0.39%             | 2037-07-18      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| SIX FLAGS/CAN WON/MILLEN                 | Six Flags Entertainment Corp/Canada's Wonderland Co/Millennium Operations LLC   | CUSIP: 83003AAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2529000 | PA      | $2534939.76   | 0.79%             | 2032-01-15      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| Sixth Street CLO XVI, LTD.               | Sixth Street CLO XIX Ltd                                                        | CUSIP: 83011MAE4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $975037.00    | 0.30%             | 2038-07-17      | Floating      | 8.67%                 | No            |                  3 | On Loan: No      |
| Sixth Street CLO XVI, LTD.               | Sixth Street CLO 32 Ltd                                                         | CUSIP: 83013EAA8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $1004653.00   | 0.31%             | 2039-04-21      | Floating      | 0.00%                 | No            |                  3 | On Loan: No      |
| Sixth Street CLO XVI, LTD.               | Sixth Street CLO 31 Ltd                                                         | CUSIP: 83014AAA5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $973263.00    | 0.30%             | 2039-01-17      | Floating      | 8.37%                 | No            |                  3 | On Loan: No      |
| South Field LLC                          | South Field LLC 2025 1st Lien Term Loan C                                       | CUSIP: 83783XAF3<br>LEI: 549300M3RBW5ZIH20760 | Long             | LON              | CORP              | US        |    191031 | PA      | $191151.75    | 0.06%             | 2031-08-29      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| South Field LLC                          | South Field LLC 2025 1st Lien Term Loan B                                       | CUSIP: 83783XAG1<br>LEI: 549300M3RBW5ZIH20760 | Long             | LON              | CORP              | US        |   3054771 | PA      | $3056695.97   | 0.95%             | 2031-08-29      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI                 | Standard Building Solutions Inc                                                 | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3000819.00   | 0.94%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC                      | Station Casinos LLC                                                             | CUSIP: 857691AJ8<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3513485.50   | 1.10%             | 2032-03-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING                 | Summit Midstream Holdings LLC                                                   | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2261476.80   | 0.71%             | 2029-10-31      | Fixed         | 8.63%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                | Sunoco LP                                                                       | CUSIP: 86765KAC3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   3125000 | PA      | $3233018.75   | 1.01%             | 2032-05-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP                                | Sunoco LP                                                                       | CUSIP: 86765KAL3<br>LEI: 54930001NJU8E40NQ561 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2031136.00   | 0.63%             | 2032-08-15      | Fixed         | 6.63%                 | No            |                  2 | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                  | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp                    | CUSIP: 87470LAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2571802.50   | 0.80%             | 2029-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Tenneco Inc                              | Tenneco Inc 2022 Term Loan A                                                    | CUSIP: 88037HAN4<br>LEI: 549300U0EXXFAQFAD785 | Long             | LON              | CORP              | US        |    994859 | PA      | $966883.20    | 0.30%             | 2028-11-17      | Floating      | 8.51%                 | No            |                  2 | On Loan: No      |
| Tenneco Inc                              | Tenneco Inc 2022 Term Loan B                                                    | CUSIP: 88037HAP9<br>LEI: 549300U0EXXFAQFAD785 | Long             | LON              | CORP              | US        |   3000000 | PA      | $2919690.00   | 0.91%             | 2028-11-17      | Floating      | 8.76%                 | No            |                  2 | On Loan: No      |
| TransDigm Inc                            | TransDigm Inc 2023 Term Loan J                                                  | CUSIP: 89364MCA0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | LON              | CORP              | US        |   3432609 | PA      | $3432231.75   | 1.07%             | 2031-02-28      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| TransMontaigne Operating Company LP      | TransMontaigne Operating Company LP Term Loan B                                 | CUSIP: 89376WAH1<br>LEI: 549300V4T155OZCUJ734 | Long             | LON              | CORP              | US        |   2080004 | PA      | $2075324.09   | 0.65%             | 2030-03-18      | Floating      | 5.92%                 | No            |                  2 | On Loan: No      |
| TRANSMONTAIGNE PARTNERS                  | TransMontaigne Partners LLC                                                     | CUSIP: 89377AAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2779232.50   | 0.87%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                 | Transocean International Ltd                                                    | CUSIP: 893814AA1<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |   1500000 | PA      | $1601826.00   | 0.50%             | 2032-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INTERNTNL LTD                 | Transocean International Ltd                                                    | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    525000 | PA      | $546133.35    | 0.17%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Traverse Midstream Partners LLC          | Traverse Midstream Partners LLC 2017 Term Loan                                  | CUSIP: 89435TAB0<br>LEI: 549300DHTM8B2X5QMJ22 | Long             | LON              | CORP              | US        |   2747164 | PA      | $2744883.85   | 0.86%             | 2028-02-16      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Trimaran CAVU Ltd                        | Trimaran CAVU 2025-3 Ltd                                                        | CUSIP: 895968AA3<br>LEI: 254900IFDJE1IJQ1HT84 | Long             | ABS-CBDO         | CORP              | KY        |   1000000 | PA      | $982732.00    | 0.31%             | 2039-01-22      | Floating      | 9.32%                 | No            |                  3 | On Loan: No      |
| TRIDENT TPI HOLDINGS INC                 | Trident TPI Holdings Inc                                                        | CUSIP: 89616RAC3<br>LEI: 549300TPLK304J3RNC85 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1460323.20   | 0.46%             | 2028-12-31      | Fixed         | 12.75%                | No            |                  2 | On Loan: No      |
| Trimaran CAVU Ltd                        | Trimaran Cavu 2021-1 Ltd                                                        | CUSIP: 89624PAE3<br>LEI: 254900IFDJE1IJQ1HT84 | Long             | ABS-CBDO         | CORP              | KY        |    625000 | PA      | $580836.88    | 0.18%             | 2037-07-23      | Floating      | 12.32%                | No            |                  3 | On Loan: No      |
| TURQUOISE TOPCO LTD                      | Turquoise Topco Ltd Term Loan B                                                 | CUSIP: 89776TAB7<br>LEI: 254900RI25V4FBT02P38 | Long             | LON              | CORP              | US        |   2500000 | PA      | $2417200.00   | 0.75%             | 2032-12-30      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM                  | United Rentals North America Inc                                                | CUSIP: 911365BR4<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2023902.00   | 0.63%             | 2034-03-15      | Fixed         | 6.13%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS                 | Univision Communications Inc                                                    | CUSIP: 914906AY8<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2027868.38   | 0.63%             | 2028-08-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                    | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AA4<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1648485.00   | 0.51%             | 2033-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                    | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AB2<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1681372.50   | 0.52%             | 2035-05-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL PLAQUE                    | Venture Global Plaquemines LNG LLC                                              | CUSIP: 922966AC0<br>LEI: 549300TKP4I6OJ02BF90 | Long             | DBT              | CORP              | US        |    750000 | PA      | $781037.25    | 0.24%             | 2034-01-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| VISTRA OPERATIONS CO LLC                 | Vistra Operations Co LLC                                                        | CUSIP: 92840VAP7<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3142106.82   | 0.98%             | 2031-10-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| VOLTAGRID LLC                            | VoltaGrid LLC                                                                   | CUSIP: 92874BAA3<br>LEI: 254900R5BEUGIKK1FM03 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1032690.07   | 0.32%             | 2030-11-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                             | Voya CLO 2020-3 Ltd                                                             | CUSIP: 92918KAG8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    300000 | PA      | $290701.50    | 0.09%             | 2038-01-20      | Floating      | 8.77%                 | No            |                  3 | On Loan: No      |
| Voya CLO Ltd                             | Voya CLO 2021-2 Ltd                                                             | CUSIP: 92919AAY0<br>LEI: 254900MS3D9HONB0N824 | Long             | ABS-CBDO         | CORP              | KY        |   1900000 | PA      | $1881220.40   | 0.59%             | 2038-04-20      | Fixed         | 7.95%                 | No            |                  3 | On Loan: No      |
| Voya CLO Ltd                             | Voya CLO 2022-3 Ltd                                                             | CUSIP: 92919WAG1<br>LEI: 254900MS3D9HONB0N824 | Long             | ABS-CBDO         | CORP              | US        |   1100000 | PA      | $1054533.70   | 0.33%             | 2036-10-20      | Floating      | 8.42%                 | No            |                  3 | On Loan: No      |
| Voya CLO Ltd                             | Voya CLO 2024-1 Ltd                                                             | CUSIP: 92920EAC7<br>LEI: 254900MS3D9HONB0N824 | Long             | ABS-CBDO         | CORP              | KY        |   2142000 | PA      | $1407101.22   | 0.44%             | 2037-04-15      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| Voya CLO Ltd                             | Voya CLO 2024-2 Ltd                                                             | CUSIP: 92920JAA0<br>LEI: 254900MS3D9HONB0N824 | Long             | ABS-CBDO         | CORP              | KY        |    350000 | PA      | $350515.90    | 0.11%             | 2037-07-20      | Floating      | 9.72%                 | No            |                  3 | On Loan: No      |
| WR Grace & Co-Conn                       | WR Grace & Co-Conn 2025 Term Loan B                                             | CUSIP: 92943HAD1<br>LEI: 549300WNOVFRGYOAEB12 | Long             | LON              | CORP              | US        |   1994987 | PA      | $1985850.43   | 0.62%             | 2032-08-19      | Floating      | 6.70%                 | No            |                  2 | On Loan: No      |
| Wand NewCo 3 Inc                         | Wand NewCo 3 Inc 2025 Repriced Term Loan B                                      | CUSIP: 93369PAM6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | LON              | CORP              | US        |   1946287 | PA      | $1928050.59   | 0.60%             | 2031-01-30      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| WAND NEWCO 3 INC                         | Wand NewCo 3 Inc                                                                | CUSIP: 933940AA6<br>LEI: 549300Y3VZEWMSQW8494 | Long             | DBT              | CORP              | US        |    500000 | PA      | $511232.50    | 0.16%             | 2032-01-30      | Fixed         | 7.63%                 | No            |                  2 | On Loan: No      |
| Wash Multifamily Parent Inc              | Wash Multifamily Parent Inc Term Loan B                                         | CUSIP: 93710RAB2<br>LEI: 254900VX9ZQVIOW7QI08 | Long             | LON              | CORP              | US        |   2250000 | PA      | $2253757.50   | 0.70%             | 2032-09-10      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| Wehle Park CLO Ltd.                      | Wehle Park CLO Ltd                                                              | CUSIP: 94860MAJ2<br>LEI: 549300H0MQXDP83CAD27 | Long             | ABS-CBDO         | CORP              | JE        |    750000 | PA      | $683405.25    | 0.21%             | 2038-10-21      | Floating      | 9.07%                 | No            |                  3 | On Loan: No      |
| White Cap Buyer LLC                      | White Cap Buyer LLC 2024 Term Loan B                                            | CUSIP: 96350TAH3<br>LEI: 254900L2N0T6GULCL366 | Long             | LON              | CORP              | US        |   2962500 | PA      | $2842903.88   | 0.89%             | 2029-10-19      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| WILLIAMS COMPANIES INC                   | Williams Cos Inc/The                                                            | CUSIP: 969457BM1<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4749140.12   | 1.48%             | 2032-03-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| Wilsonart LLC                            | Wilsonart LLC 2024 Term Loan B                                                  | CUSIP: 97246FAM8<br>LEI: 549300SAZRUMYKDJBY14 | Long             | LON              | CORP              | US        |   1970000 | PA      | $1708975.00   | 0.53%             | 2031-08-05      | Floating      | 7.95%                 | No            |                  2 | On Loan: No      |
| WILSONART LLC                            | Wilsonart LLC                                                                   | CUSIP: 97246JAA6<br>LEI: 549300SAZRUMYKDJBY14 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $724710.80    | 0.23%             | 2032-08-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| XPO INC                                  | XPO Inc                                                                         | CUSIP: 98379KAA0<br>LEI: 54930096DB9LCLPN7H13 | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2530447.50   | 0.79%             | 2028-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ZF NA CAPITAL                            | ZF North America Capital Inc                                                    | CUSIP: 98877DAH8<br>LEI: 529900JYGMS9CW9IQX78 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1716796.03   | 0.54%             | 2031-03-24      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| QUALITYTECH LP                           | QualityTech LP Term Loan B                                                      | CUSIP: 74758JAB3<br>LEI: 549300GWD2FYVWRWCZ90 | Long             | LON              | CORP              | US        |   2475000 | PA      | $2462625.00   | 0.77%             | 2031-11-04      | Floating      | 7.17%                 | No            |                  3 | On Loan: No      |
| DATABRICKS INC                           | Databricks Inc Delayed Draw Term Loan                                           | CUSIP: 000000000<br>LEI: 984500FEDAC7FBD96273 | Long             | LON              | CORP              | US        |         0 | PA      | $0.00         | 0.00%             | 2031-01-03      | Fixed         | 1.00%                 | No            |                  3 | On Loan: No      |
| Hamilton Projects Acquiror, LLC          | Hamilton Projects Acquiror LLC 2025 Repriced Term Loan B                        | CUSIP: 000000000<br>LEI: 5493005K6XILIQ2EZY52 | Long             | LON              | CORP              | US        |   3254102 | PA      | $3256997.78   | 1.02%             | 2031-05-30      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Motogp Sports Entertainment Group, S.L.  | Motogp Sports Entertainment Group SL 2025 EUR Term Loan B                       | CUSIP: 000000000<br>LEI: 95980020140005602218 | Long             | LON              | CORP              | ES        |   1000000 | PA      | $1152283.38   | 0.36%             | 2032-08-18      | Floating      | 4.87%                 | No            |                  2 | On Loan: No      |
| Athena Holdco SAS                        | Athena Holdco SAS 2025 EUR Repriced Term Loan                                   | CUSIP: 000000000<br>LEI: 2549000RJO0263KQGB75 | Long             | LON              | CORP              | FR        |   2019608 | PA      | $2300599.92   | 0.72%             | 2031-04-14      | Floating      | 5.13%                 | No            |                  2 | On Loan: No      |
| ARGENT BIDCO SAS                         | ARGENT BIDCO SAS EUR TERM LOAN B                                                | CUSIP: 000000000<br>LEI: 969500EUACKHJGAJ8J38 | Long             | LON              | CORP              | FR        |    500000 | PA      | $575881.89    | 0.18%             | 2032-11-12      | Floating      | 3.25%                 | No            |                  2 | On Loan: No      |
| ALKERMES INC                             | Alkermes Inc 2026 Term Loan B                                                   | CUSIP: 000000000<br>LEI: 549300YHRMYLL071E243 | Long             | LON              | CORP              | US        |   2000000 | PA      | $2013760.00   | 0.63%             | 2031-08-12      | Floating      | 6.42%                 | No            |                  2 | On Loan: No      |
| SIACI SAINT HONORE                       | Siaci Saint Honore 2026 EUR Term Loan B                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | LON              | CORP              | FR        |   2000000 | PA      | $2281312.10   | 0.71%             | 2032-07-26      | Floating      | 5.38%                 | No            |                  2 | On Loan: No      |
| INDECK NILES LLC                         | INDECK NILES LLC TERM LOAN B                                                    | CUSIP: 000000000<br>LEI: 5493003HISDK37Z6Q008 | Long             | LON              | CORP              | US        |   4000000 | PA      | $3995000.00   | 1.25%             | 2033-03-09      | Floating      | 6.42%                 | No            |                  3 | On Loan: No      |
| PRIMO BRANDS CORPORATION                 | PRIMO BRANDS CORPORATION 2026 TERM LOAN B                                       | CUSIP: 89678QAF3<br>LEI: 254900J0WS4AXV2LAX55 | Long             | LON              | CORP              | US        |   3500000 | PA      | $3503815.00   | 1.09%             | 2031-03-31      | Floating      | 3.75%                 | No            |                  2 | On Loan: No      |
| Bausch & Lomb Corporation                | Bausch & Lomb Corporation 2025 Repriced Term Loan                               | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |   1955000 | PA      | $1957443.75   | 0.61%             | 2031-01-15      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Bausch Health Companies Inc              | Bausch Health Companies Inc 2025 Term Loan B                                    | CUSIP: 000000000<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | LON              | CORP              | CA        |   1989987 | PA      | $1917571.80   | 0.60%             | 2030-10-08      | Floating      | 9.92%                 | No            |                  2 | On Loan: No      |
| Clarios Global LP                        | Clarios Global LP 2024 USD Term Loan B                                          | CUSIP: 000000000<br>LEI: 549300474L1ZLXZY2P98 | Long             | LON              | CORP              | US        |   2770400 | PA      | $2759152.57   | 0.86%             | 2030-05-06      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| OHA Credit Partners Ltd                  | OHA Credit Partners XI Ltd                                                      | CUSIP: 000000000<br>LEI: 549300OYGEU6QQMCEG78 | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $171688.40    | 0.05%             | 2037-04-20      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| Virgin Media Bristol LLC                 | Virgin Media Bristol LLC 2023 USD Term Loan Y                                   | CUSIP: 000000000<br>LEI: 213800IQ982XX69LE276 | Long             | LON              | CORP              | US        |   3000000 | PA      | $2728140.00   | 0.85%             | 2031-03-31      | Floating      | 7.05%                 | No            |                  2 | On Loan: No      |
| Peer Holding III BV                      | Peer Holding III BV 2025 USD Term Loan B4B                                      | CUSIP: 000000000<br>LEI: 7245002S0K5Q59JCVQ03 | Long             | LON              | CORP              | NL        |   4912405 | PA      | $4900124.04   | 1.53%             | 2030-10-28      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

**Name of Applicant:** Ares Dynamic Credit Allocation Fund, Inc.

**Signature:** Paul Cho

**Name of Signer:** Paul Cho

**Title:** Chief Accounting Officer