<SEC-DOCUMENT>0001752724-25-058097.txt : 20250317
<SEC-HEADER>0001752724-25-058097.hdr.sgml : 20250317
<ACCEPTANCE-DATETIME>20250317074557
ACCESSION NUMBER:		0001752724-25-058097
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20241231
FILED AS OF DATE:		20250317
DATE AS OF CHANGE:		20250317
EFFECTIVENESS DATE:		20250317

FILER:

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

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-22535
		FILM NUMBER:		25742380

	BUSINESS ADDRESS:	
		STREET 1:		1800 AVENUE OF THE STARS
		STREET 2:		SUITE 1400
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		(310) 201-4200

	MAIL ADDRESS:	
		STREET 1:		1800 AVENUE OF THE STARS
		STREET 2:		SUITE 1400
		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
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<FILENAME>NCEN_811-22535_73633762_1224.htm
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<p align=center style="margin:0in;text-align:center;"><font face=arial,sans-serif lang=EN-US style="font-size:11.0pt;">Report of Independent
Registered Public Accounting Firm</font></p>

<p style="margin:0in;"><font face=arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=arial,sans-serif lang=EN-US style="font-size:11.0pt;">To
the Shareholders and</font></p>

<p style="margin:0in;"><font face=arial,sans-serif 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=arial,sans-serif 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, 2024, in accordance with the standards of the
Public Fund 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=arial,sans-serif 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=arial,sans-serif 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=arial,sans-serif 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=arial,sans-serif 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 </font><font color=black face=arial,sans-serif lang=EN-US style="font-size:11.0pt;">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, 2024.</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=arial,sans-serif 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;"><font face=arial,sans-serif lang=EN-US style="font-size:11.0pt;">/s/
Ernst &amp; Young LLP</font></p>

<p style="margin:0in;"><font face=arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;"><font face=arial,sans-serif lang=EN-US style="font-size:11.0pt;">Los
Angeles, California</font></p>

<p style="margin:0in;"><font face=arial,sans-serif lang=EN-US style="font-size:11.0pt;">February
27, 2025</font></p>

<p style="margin:0in;"><font face=arial,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>




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