Ares Dynamic Credit Allocation Fund, Inc. Announces Board Changes
November 03, 2016 at 01:45 am IST
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Ares Dynamic Credit Allocation Fund, Inc. announced that effective November 1, 2016, Mr. M. Freddie Reiss resigned from the Board of Directors of the Fund. Mr. Reiss was the Chairperson of the Audit Committee of the Fund’s Board of Directors and also served as a member of the Nominating and Governance Committee. Also effective November 1, 2016, Mr. James K. Hunt was appointed to the Board of Directors of the Fund. Mr. Hunt was also appointed as the Chairperson of the Audit Committee of the Fund’s Board of Directors and as a member of the Nominating and Governance Committee.
Ares Dynamic Credit Allocation Fund, Inc. (the Fund) is a closed end, diversified, management investment company. 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 senior secured loans (Senior Loans) made primarily to companies whose debt is rated below investment grade; corporate bonds (Corporate Bonds) that are primarily high yield issues rated below investment grade; other fixed-income instruments of a similar nature that may be represented by derivatives, and securities issued by entities commonly referred to as collateralized loan obligations (CLOs) and other asset-backed securities. Its investments in CLOs may include investments in subordinated tranches of CLO securities. The Fund's investment adviser is Ares Capital Management II LLC.
ARES DYNAMIC CREDIT ALLOCATION FUND, INC. 
