Fund Description: Ares Dynamic Credit Allocation Fund, formerly Ares Senior Credit Strategies Fund, Inc., is an exchange-traded closed-end Fund or a closed-end ETF which is officially described as a non-diversified, closed-end investment management company. <p> INVESTMENT OBJECTIVE: The Ares Dynamic Credit Allocation Fund seeks to provide an attractive level of total return, primarily through current income and, secondarily, through capital appreciation. <p> FUND STRATEGY: The Fund will seek to achieve its investment objective by investing primarily 80% of the Fund's Managed Assets in a broad, dynamically managed portfolio of secured loans (Senior Loans) made primarily to companies whose debt is rated below investment grade and corporate bonds that are expected to be primarily high yield issues rated below investment grade. Under normal market conditions, the Fund expects to invest up to 20% of its Managed Assets in CLO Debt Securities. The obligations collateralizing such CLO Debt Securities will principally be Senior Loans, diversified by industry and borrower. The Fund will invest only in CLO Debt Securities rated investment grade at the time of the Fund's investment. <p> FUND MANAGEMENT: Ares Capital Management II LLC, serves as the Fund's investment adviser.