ASIF Summary Risk Factors

Investing in the Fund's common shares of beneficial interest (“Shares”) involves a number of significant risks. The following information is a list of material risk factors associated with an investment in the Shares specifically, as well as those factors generally associated with an investment in the Fund. You should consider carefully the following information before making an investment in the Shares. If any of the following events occur, the Fund's business, financial condition and results of operations could be materially and adversely affected. In such cases, the net asset value (“NAV”) of the Shares could decline, and you may lose all or part of your investment. Along with the risks listed under the heading "Risk Factors" in the Fund's prospectus (the "Prospectus"), please also consider the following:

• The Fund has a limited operating history and there is no assurance that it will achieve its investment objective.
• The Fund has not identified specific investments that it will make with the proceeds of this offering, so it may be considered a “blind pool” offering because you will not have the opportunity to evaluate historical data or assess future investments before purchasing Shares.
• There may be changes in laws or regulations (including interpretations thereof), including tax laws, governing the Fund’s operations or the operations of its portfolio companies or the operations of its competitors. 
• You should not expect to be able to sell your Shares regardless of how the Fund performs and you should consider that you may not have access to the money you invest for an extended period of time. An investment in the Shares is not suitable for you if you need access to the money you invest. See “Suitability Standards” and “Share Repurchase Program” in the Prospectus. An investment in the Shares is suitable only for investors with the financial ability and willingness to accept the high risks and lack of liquidity inherent in an investment in the Shares.
• The Fund does not intend to list the Shares on any securities exchange and does not expect a secondary market in the Shares to develop. Because you may be unable to sell your Shares, you will be unable to reduce your exposure in any market downturn.
• At the discretion of the Fund’s board of trustees and beginning no later than the first full calendar quarter after Shares are sold in the offering, the Fund intends to implement a share repurchase program, but only a limited number of Shares will be eligible for repurchase and repurchases will be subject to available liquidity and other significant restrictions. The Fund’s board of trustees  may amend, suspend or terminate the share repurchase program at any time. See “Share Repurchase Program” in the Prospectus.
• The Fund cannot guarantee that it will make distributions, and if it does, the Fund may fund such distributions from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital or offering proceeds, and there are no limits on the amounts that the Fund may pay from such sources. Distributions may exceed the Fund’s earnings and profits, especially during the period before the Fund has substantially invested the proceeds from the offering. As a result, a portion of the distributions that the Fund makes may represent a return of capital for tax purposes. A return of capital is a return of a portion of your original investment in the Shares.
• Distributions may also be funded in significant part, directly or indirectly, from temporary waivers or expense reimbursements borne by Fund’s investment adviser or its affiliates that may be subject to reimbursement to the Fund’s investment adviser or its affiliates. The repayment of any amounts owed to the Fund’s affiliates will reduce the Fund’s NAV and may reduce future distributions to which you would otherwise be entitled.
• The Fund expects to use leverage, which will magnify the potential for loss on amounts invested in the Fund.
• The Fund qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act and cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make the Shares less attractive to investors.
• The Fund invests in instruments that are typically unrated or rated below investment grade. Generally, the Fund believes that if its unrated investments were rated, they would be rated below investment grade. Bonds that are rated below investment grade are sometimes referred to as “high yield bonds” or “junk bonds.” These unrated and below investment grade instruments have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. They may also be illiquid and difficult to value. The Fund intends to invest significantly in junk bonds.
• Certain Ares funds may have investment objectives that compete or overlap with, and may from time to time invest in asset classes similar to those targeted by, the Fund. As a result, the Fund, on the one hand, and these other entities, on the other hand, may from time to time pursue the same or similar capital and investment opportunities. Ares and the Fund’s investment adviser endeavor to allocate investment opportunities in a fair and equitable manner, and in any event consistent with any fiduciary duties owed to the Fund, nevertheless, it is possible that the Fund may not be given the opportunity to participate in certain investments made by investment funds managed by investment managers affiliated with Ares (including the Fund’s investment adviser and its affiliates). 
• Economic recessions or downturns could impair the Fund’s portfolio companies and harm its operating results. 

See the Prospectus for more detailed risk information. The list above is not a complete list of Fund risks. You should rely only on the information contained in the Prospectus. The Fund has not authorized anyone to provide you with different information. You should not assume that the information provided by the Prospectus is accurate as of its date. No offering is made except by the Prospectus filed with the Securities and Exchange Commission (“SEC”) and the Department of Law of the State of New York. Neither the SEC, the Attorney-General of the State of New York nor any other state securities regulator has approved or disapproved of the securities or determined if the Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.