<SEC-DOCUMENT>0001752724-22-061779.txt : 20220315
<SEC-HEADER>0001752724-22-061779.hdr.sgml : 20220315
<ACCEPTANCE-DATETIME>20220315092800
ACCESSION NUMBER:		0001752724-22-061779
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20211231
FILED AS OF DATE:		20220315
DATE AS OF CHANGE:		20220315
EFFECTIVENESS DATE:		20220315

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
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22535
		FILM NUMBER:		22739355

	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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<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
<FILENAME>NCEN_811-22535_14188127_1221.htm
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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Report of Independent Registered Public Accounting
Firm</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&#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;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">To
the Shareholders and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Board
of Directors of Ares Dynamic Credit Allocation Fund, Inc. </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">In planning
and performing our audit of the financial statements of Ares Dynamic Credit
Allocation Fund, Inc. (the Fund) as of and for the year ended December 31, 2021,
in accordance with the standards of the Public Company Accounting Oversight
Board (United States)(PCAOB), 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="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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 PCAOB. 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, 2021 . </font></p>

<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_2"></a><a name="_bclPageBorder2"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;text-align:justify;"><font color=black face="Times New Roman" lang=EN-US style="font-size:11.0pt;">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 style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">/s/ Ernst &amp; Young</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;text-align:left;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">Los Angeles, California</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;">February 28, 2022</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>




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