Sec Form 4 Filing - ARES CAPITAL MANAGEMENT II LLC @ Ares Dynamic Credit Allocation Fund, Inc. - 2019-10-15

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL OMB Number: 3235-0287 Expires: November 30, 2011 Estimated average burden hours per response... 0.5

1. Name and Address of Reporting Person ARES CAPITAL MANAGEMENT II LLC 2. Issuer Name and Ticker or Trading Symbol Ares Dynamic Credit Allocation Fund, Inc. [ ARDC] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner _____ Officer (give title below) X __ Other (specify below) Adviser (Last) (First) (Middle) 2000 AVENUE OF THE STARS,, 12TH FLOOR 3. Date of Earliest Transaction (MM/DD/YY) 10/15/2019 (Street) LOS ANGELES, CA90067 4. If Amendment, Date Original Filed (MM/DD/YY) 6. Individual or Joint/Group Filing (Check Applicable Line) _____ Form filed by One Reporting Person __ X __ Form filed by More than One Reporting Person (City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned 1.Title of Security (Instr. 3) 2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 10/15/2019 S( 1 ) 8,221 ( 2 ) D $ 14.781 59.003 D ( 3 ) ( 4 )

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities) 1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date (MM/DD/YY) 7. Title and Amount of Underlying Securities (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4) Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other ARES CAPITAL MANAGEMENT II LLC 2000 AVENUE OF THE STARS, 12TH FLOOR LOS ANGELES, CA90067 Adviser ARES MANAGEMENT LLC 2000 AVENUE OF THE STARS, 12TH FLOOR LOS ANGELES, CA90067 Affiliate of Adviser ARES INVESTMENTS HOLDINGS LLC 2000 AVENUE OF THE STARS, 12TH FLOOR LOS ANGELES, CA90067 Affiliate of Adviser ARES INVESTMENTS LLC 2000 AVENUE OF THE STARS, 12TH FLOOR LOS ANGELES, CA90067 Affiliate of Adviser Ares Partners Holdco LLC 2000 AVENUE OF THE STARS, 12TH FLOOR LOS ANGELES, CA90067 Affiliate of Adviser Signatures /s/ Michael Weiner, Authorized Signatory for ARES CAPITAL MANAGEMENT II, LLC 10/17/2019 Signature of Reporting Person Date /s/ Michael Weiner, Authorized Signatory for ARES MANAGEMENT, LLC 10/17/2019 Signature of Reporting Person Date /s/ Michael Weiner, Authorized Signatory for ARES INVESTMENTS HOLDINGS LLC 10/17/2019 Signature of Reporting Person Date /s/ Michael Weiner, Authorized Signatory for ARES INVESTMENTS L.P. 10/17/2019 Signature of Reporting Person Date /s/ Michael Weiner, Authorized Signatory for ARES PARTNERS HOLDCO LLC 10/17/2019 Signature of Reporting Person Date

Explanation of Responses:

( 1 )This Form 4 is being filed jointly by (i) Ares Management LLC ("AM LLC"), (ii) Ares Capital Management II LLC ("ACM"), (iii) Ares Partners Holdco LLC ("Ares Partners"), (iv) Ares Investments Holdings LLC ("AIH") and (v) Ares Investments L.P. ("AI") (collectively, the "Reporting Persons"), in respect of 8,221 shares of common stock ("Common Stock") of Ares Dynamic Credit Allocation Fund, Inc. (the "Issuer") sold by AM LLC. ( 2 )AIH initially acquired 4,200 shares of common stock of Ares Multi-Strategy Credit Fund, Inc. ("ARMF") on October 28, 2013 in connection with ARMF's initial public offering. AIH's shares of ARMF's common stock then increased in connection with ARMF's dividend reinvestment plan ("DRIP"). In August 2015, ARMF merged into the Issuer and all of AIH's 4,826.33 shares of ARMF's common stock were exchanged for a total of 5,856.75 shares of the Issuer's Common Stock. AIH's shares of Common Stock then increased in connection with the Issuer's DRIP. AIH transferred 8,221 shares of Common Stock to AM LLC in a transaction that effected only a change in the form of beneficial interest without changing the Reporting Persons' pecuniary interest in the Common Stock. ( 3 )AM LLC is the parent company of ACM. AIH is controlled by AI. Each of AM LLC and AI is indirectly controlled by Ares Management Corporation ("Ares Management" and together with the Reporting Persons, the "Ares Entities"). Pursuant to Ares Management's Certificate of Incorporation, the holders of Ares Management's Class B common stock, $0.01 par value per share and Class C common stock, $0.01 par value per share, collectively, will generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. The Class B and Class C common stock are indirectly controlled by Ares Partners. Ares Partners is managed by a board of managers, which is composed of Michael Arougheti, Ryan Berry, R. Kipp deVeer, David Kaplan, Michael McFerran, Antony Ressler and Bennett Rosenthal (collectively, the "Board Members"). Mr. Ressler generally has veto authority over decisions of the Board Members. (Continued in Footnote 4) ( 4 )Each of the Ares Entities (other than AM LLC and AIH with respect to the shares held directly by it), the Board Members and the other directors, officers, partners, stockholders, members and managers of the Ares Entities expressly disclaims beneficial ownership of the shares of these securities, except to the extent of any pecuniary interest therein, and this Form 4 shall not be deemed an admission that any such person or entity is the beneficial owner of, or has any pecuniary interest in, such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes. The address of each Ares Entity is 2000 Avenue of the Stars, 12th Floor, Los Angeles, California 90067.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.