Sec Form 4 Filing - ARES CAPITAL MANAGEMENT II LLC @ Ares Dynamic Credit Allocation Fund, Inc. - 2013-12-23

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

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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 (MM/DD/YY) 12/23/2013 (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 12/23/2013 J( 1 ) 141,721.088 ( 2 ) D $ 0 0 D ( 3 )

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 Ot her ARES CAPITAL MANAGEMENT II LLC 2000 AVENUE OF THE STARS 12TH FLOOR LOS ANGELES, CA90067 Adviser of the Fund ARES PARTNERS MANAGEMENT CO LLC 2000 AVENUE OF THE STARS 12TH FLOOR LOS ANGELES, CA90067 Parent of Adviser ARES INVESTMENTS HOLDINGS LLC 2000 AVENUE OF THE STARS 12TH FLOOR LOS ANGELES, CA90067 Affiliate of Parent of Adviser ARES INVESTMENTS LLC 2000 AVENUE OF THE STARS 12TH FLOOR LOS ANGELES, CA90067 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:

( 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.

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).

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