Ownership Submission
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 OF SECURITIES

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
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(Print or Type Responses)
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 of the Fund
(Last)
(First)
(Middle)
2000 AVENUE OF THE STARS, 12TH FLOOR		 3. Date of Earliest Transaction (Month/Day/Year)
12/23/2013
(Street)

LOS ANGELES, CA 90067		 4. If Amendment, Date Original Filed(Month/Day/Year)
 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 (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 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 12/23/2013   J(1)   141,721.088 (2) D $ 0 0 D (3)  

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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 (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 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
(Month/Day/Year)		 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, CA 90067		       Adviser of the Fund
ARES PARTNERS MANAGEMENT CO LLC
2000 AVENUE OF THE STARS
12TH FLOOR
LOS ANGELES, CA 90067		       Parent of Adviser
ARES INVESTMENTS HOLDINGS LLC
2000 AVENUE OF THE STARS
12TH FLOOR
LOS ANGELES, CA 90067		       Affiliate of Parent of Adviser
ARES INVESTMENTS LLC
2000 AVENUE OF THE STARS
12TH FLOOR
LOS ANGELES, CA 90067		       Affiliate of Parent of Adviser

Signatures

 /s/ Michael D. Weiner, Authorized Signatory, for ARES CAPITAL MANAGEMENT II LLC   12/24/2013
**Signature of Reporting Person Date
 /s/ Michael D. Weiner, Authorized Signatory, for ARES PARTNERS MANAGEMENT COMPANY LLC   12/24/2013
**Signature of Reporting Person Date
 /s/ Michael D. Weiner, Authorized Signatory, for ARES INVESTMENTS HOLDINGS LLC   12/24/2013
**Signature of Reporting Person Date
 /s/ Michael D. Weiner, Authorized Signatory, for ARES INVESTMENTS LLC   12/24/2013
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) As a result of pro rata in kind distributions made by Ares Investments Holdings LLC ("AIH"), Ares Investments LLC ("AI") and Ares Partners Management Company LLC ("APMC") to their respective members for no additional consideration, the Reporting Persons (as defined below) no longer own any shares of common stock ("Common Stock") of Ares Dynamic Credit Allocation Fund, Inc. (the "Issuer").
(2) Includes 367.486 shares acquired under the Dividend Reinvestment Plan of the Issuer.
(3) This Form 4 is being filed jointly by Ares Capital Management II LLC ("ACM"), AIH, AI and APMC (collectively, the "Reporting Persons"), in respect of 141,721.088 shares of Common Stock that were held directly by AIH.

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