<SEC-DOCUMENT>0001104659-18-025504.txt : 20180605
<SEC-HEADER>0001104659-18-025504.hdr.sgml : 20180605
<ACCEPTANCE-DATETIME>20180420114019
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-18-025504
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180420

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ares Dynamic Credit Allocation Fund, Inc.
		CENTRAL INDEX KEY:			0001515324
		IRS NUMBER:				454969053
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310) 201-4200

	MAIL ADDRESS:	
		STREET 1:		2000 AVENUE OF THE STARS
		STREET 2:		12TH FLOOR
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ares Senior Credit Strategies Fund, Inc.
		DATE OF NAME CHANGE:	20110314
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>


<html>
<head>



  </head>
<body link=blue lang="EN-US">
<div style="font-family:Times New Roman;">
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="78%" rowspan="4" valign="top" style="padding:0in 0in 0in 0in;width:78.34%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="331" height="22" src="g112811bci001.gif"></font></p>    </td>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">787 Seventh Avenue</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, NY 10019-6099</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tel: 212 728 8000</font></p>    </td>   </tr>
<tr>
<td width="21%" valign="top" style="padding:0in 0in 0in 0in;width:21.66%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fax: 212 728 8111</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April&nbsp;20, 2018</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><b><u><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">VIA EDGAR</font></u></b></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Securities and Exchange Commission</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Division of Investment Management, Disclosure Review and Accounting</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Attention: Chad Eskildsen, Staff Accountant</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">100 F Street, N.E.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Washington, DC 20549</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt .5in;text-indent:-.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Re:</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Ares Dynamic Credit Allocation Fund,&nbsp;Inc. (the &#147;Fund&#148;), File No.&nbsp;811-22535</u></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Mr.&nbsp;Eskildsen:</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On behalf of the Fund, we hereby transmit for filing with the Securities and Exchange Commission (the &#147;Commission&#148;) the Fund&#146;s responses to the comments provided by you on behalf of the staff (the &#147;Staff&#148;) of the Commission to Ryan Brizek and Steven Messer of Willkie Farr&nbsp;&amp; Gallagher LLP on March&nbsp;26, 2018 regarding the Fund&#146;s shareholder report for the fiscal year ended October&nbsp;31, 2017 (the &#147;Shareholder Report&#148;), filed with the Commission on Form&nbsp;N-CSR on January&nbsp;8, 2018.&#160; The Staff&#146;s comments are described below and have been summarized to the best of our understanding.&#160; We have discussed the Staff&#146;s comments with representatives of the Fund.&#160; The Fund&#146;s responses to the Staff&#146;s comments are set out immediately under the restated comment.&#160; Unless otherwise indicated, defined terms used herein have the meanings set out in the Shareholder Report.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Comment No.&nbsp;1</font></u>:<font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>The Fund classifies itself as &#147;non-diversified&#148; as that term is defined in </i><i>the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;).&#160; It appears to the Staff, however, that the Fund has been operating as a diversified company for more than three years.&#160; Please state in your response whether the Fund has operated as a non-diversified company at any point within the past three years. If the Fund has operated as a diversified company for more than three years, please affirm that the Fund will not operate as a non-diversified company without first obtaining the approval of the Fund&#146;s shareholders.</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Response</font></u>:<font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Fund confirms that it has not operated as a non-diversified company at any point within the past three years and will not operate as a non-diversified company without first obtaining the approval of the Fund&#146;s shareholders as required by the 1940 Act and the Fund&#146;s charter.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NEW YORK&#160;&#160;&#160; WASHINGTON&#160;&#160;&#160; PARIS&#160;&#160;&#160; LONDON&#160; &#160;&#160;MILAN&#160;&#160;&#160; ROME&#160;&#160;&#160; FRANKFURT&#160;&#160;&#160; BRUSSELS</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">in alliance with Dickson Minto W.S., London and Edinburgh</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\108224\18-11281-1\task8850314\11281-1-bc.htm',USER='108224',CD='Apr 20 16:19 2018' -->

<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Comment No.&nbsp;2</font></u>:<font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>In future filings, please include in the Fund&#146;s Schedule of Investments, either as a description in the line item for each applicable investment or in a note, the amount of each unfunded commitment entered into by the Fund.&#160; In addition, in the Fund&#146;s Statement of Assets and Liabilities, please break out commitments and contingencies into a separate line item.</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Response</font></u>:<font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Fund confirms it will disclose the amount of each unfunded commitment entered into by the Fund in its future filings.&#160; The Fund further confirms it will break out commitments and contingencies into a separate line item in its Statement of Assets and Liabilities in its future filings.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Comment No.&nbsp;3</font></u>:<font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><i>In future filings, please disclose in the Fund&#146;s Schedule of Investments the estimated yield for each of the Fund&#146;s CLO equity holdings.</i></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Response</font></u>:<font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Fund confirms it will disclose the requested information in its future filings of its financial statements.</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">*</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>*<font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>*<font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>*<font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>*</p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If you have any questions concerning the responses provided above, please contact the undersigned at (212) 728-8554.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;">
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Steven P. Messer</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Steven P. Messer</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>    </td>   </tr>
<tr>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Enclosure</font></p>    </td>
<td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.0%;">
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>    </td>   </tr>  </table>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">cc:</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Cory Nikolaus,&nbsp;Esq.</p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Daniel J. Hall,&nbsp;Esq.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">P. Jay Spinola,&nbsp;Esq.</font></p>
<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Ryan P. Brizek,&nbsp;Esq.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_161728_9525"></a></p>
<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade align="left" style="color:#010101;"></div>
</div>
<!-- SEQ.=1,FOLIO='2',FILE='C:\JMS\108224\18-11281-1\task8850314\11281-1-bc.htm',USER='108224',CD='Apr 20 16:19 2018' -->

</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g112811bci001.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g112811bci001.gif
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M#!@@<)*  U=D 0CHX H A I?X\J=Z]05SXH)=AJMZ,HKW;\E(2@54/&!4+^
M3QIPA<  TY(/N*:=B*"! PB),VM.W*$KQ0<[X5(D %< @0(@_7X<B%@BR-2%
M"4*4N'J@1($"0-*6+7)D[HPZ'1"N* !?@8G#/\L>B/OB1X@D33J@0KGU10%V
M1?,-H"]C<N6Y#1+_K_W=NT8"1,$D*+]:P(#C#9</(%S;]V_3!:%;=YHWP &*
M G#5%D7UP%1/!791L4I3$'36#P(5?$>:4*X\1E$"" A8@5<'=*"A6A50U4&$
M E2 P$X05M"!90%TD)%@#NSG5EK&-&!13AJ&V,]+%36X4P,53+!5!Y-E9$
M-DHDUD:"!5#D1 =4A=$#KI178F<M1DB18T;P-,%_&W6 &4:"05! /A T$-*8
M.=GER@0,5L#5B"*%R%,%>+(U%  '&M&/ Q"RY0H$Y=5$ (J?[>1 10@@=N*
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)@+D1?1,1$  [

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
