Ares Dynamic Credit Allocation Fund, Inc. — Director's Dealing 2012

Nov 27, 2012

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: Ares Dynamic Credit Allocation Fund, Inc. (ARDC)
CIK: 0001515324
Period of Report: 2012-11-27

Reporting Person: ARES CAPITAL MANAGEMENT II LLC (10% Owner, Adviser of the Fund)
Reporting Person: ARES MANAGEMENT LLC (10% Owner, Parent of the Adviser)
Reporting Person: Ares Management Holdings LLC (10% Owner)
Reporting Person: Ares Holdings LLC (10% Owner)
Reporting Person: ARES PARTNERS MANAGEMENT CO LLC (10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5235.602	Direct

Footnotes

F1: This Form 3 is being filed jointly by (i) Ares Capital Management II LLC ("ACM"), (ii) Ares Management LLC ("Ares Management"), (iii) Ares Management Holdings LLC ("Ares Management Holdings"), (iv) Ares Holdings LLC ("Ares Holdings") and (v) Ares Partners Management Company LLC ("APMC") (collectively, the "Ares Entities" or the "Reporting Persons") in respect of shares of common stock of the Issuer ("Common Stock") held directly by ACM.

F2: ACM is owned by Ares Management, which, in turn, is owned by Ares Management Holdings. Ares Management Holdings is controlled by Ares Holdings, which, in turn, is controlled by APMC. APMC is managed by an executive committee comprised of Michael Arougheti, David Kaplan, Gregory Margolies, Antony Ressler and Bennett Rosenthal. Because the executive committee acts by consensus/majority approval, none of the members of the executive committee has sole voting or dispositive power with respect to any shares of Common Stock.

F3: Each of the members of the executive committee of APMC, the Ares Entities (other than ACM, with respect to the shares it holds directly) and the directors, officers, partners, stockholders, members and managers of the Ares Entities expressly disclaims beneficial ownership of any shares of Common Stock, except to the extent of any pecuniary interest therein, and this Form 3 shall not be deemed an admission that any such person or entity is the beneficial owner of such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purposes.