<SEC-DOCUMENT>0001752724-21-126547.txt : 20210615
<SEC-HEADER>0001752724-21-126547.hdr.sgml : 20210615
<ACCEPTANCE-DATETIME>20210615143713
ACCESSION NUMBER:		0001752724-21-126547
CONFORMED SUBMISSION TYPE:	N-CEN/A
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20210615
DATE AS OF CHANGE:		20210615
EFFECTIVENESS DATE:		20210615

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:		N-CEN/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22535
		FILM NUMBER:		211017947

	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>
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<P style="TEXT-ALIGN: left"><FONT color=#808080 size=1 face=Arial,Arial,Helvetica,sans-serif>Ernst &amp; Young LLP</FONT><BR><FONT color=#808080 size=1 face=Arial,Arial,Helvetica,sans-serif>725 S. Figueroa Street</FONT><BR><FONT color=#808080 size=1 face=Arial,Arial,Helvetica,sans-serif>Los Angeles, CA 90017</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Report of Independent Registered Public Accounting Firm</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">To the Shareholders and</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Board of Directors of Ares Dynamic Credit Allocation Fund, Inc.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">In planning and performing our audit of the financial statements of Ares Dynamic Credit Allocation Fund, Inc. (the Fund) as of December 31, 2019 and for the period from November 1, 2019 to December 31, 2019, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund&#8217;s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. A fund&#8217;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and directors of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund&#8217;s assets that could have a material effect on the financial statements.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the fund&#8217;s annual or interim financial statements will not be prevented or detected on a timely basis.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">Our consideration of the Fund&#8217;s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Fund&#8217;s internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be a material weakness as defined above as of December 31, 2019.</FONT></P>

<P style="TEXT-ALIGN: left"><FONT color=#808080 size=1 face=Arial,Arial,Helvetica,sans-serif>A member firm of Ernst &amp; Young Global Limited</FONT></P>

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<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman,Arial,Helvetica,sans-serif">This report is intended solely for the information and use of management and the Board of Directors of Ares Dynamic Credit Allocation Fund, Inc. and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.</FONT></P>

<P>/s/ Ernst &amp; Young LLP</P>

<P style="TEXT-ALIGN: left">Los Angeles, California </P>

<P style="TEXT-ALIGN: left">February 28, 2020</P>

<P style="TEXT-ALIGN: left"><FONT color=#808080 size=1 face=Arial,Arial,Helvetica,sans-serif>A member firm of Ernst &amp; Young Global Limited</FONT></P>

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