FORM 3
        
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      
1. Name and Address of Reporting Person * Apollo Management Holdings GP, LLC 2. Date of Event Requiring Statement (MM/DD/YYYY)
7/15/2021 

3. Issuer Name and Ticker or Trading Symbol Ares Dynamic Credit Allocation Fund, Inc. [ARDC]
(Last)       (First)       (Middle)
9 W. 57TH STREET, 43RD FLOOR
4. Relationship of Reporting Person(s) to Issuer (Check all applicable)_____ Director                          ___X___ 10% Owner
_____ Officer (give title below)        _____ Other (specify below)
(Street)
NEW YORK, NY 10019      
(City)             (State)             (Zip)
5. If Amendment, Date Original Filed(MM/DD/YYYY)
 

6. Individual or Joint/Group Filing(Check Applicable Line)___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)
2. Amount of Securities Beneficially Owned
(Instr. 4)
3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)
4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Mandatory Redeemable Preferred Stock 7/15/2026  9000000  I  See footnote (1)
Mandatory Redeemable Preferred Stock 9/15/2026  4000000  I  See footnote (1)
Mandatory Redeemable Preferred Stock 9/15/2028  6000000  I  See footnote (1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 4)
2. Date Exercisable and Expiration Date
(MM/DD/YYYY)
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)
6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares

Explanation of Responses:
(1)  See Exhibit 99.1.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
Apollo Management Holdings GP, LLC
9 W. 57TH STREET
43RD FLOOR
NEW YORK, NY 10019

X

Athene Annuity & Life Co
7700 MILLS CIVIC PARKWAY
WEST DES MOINES, IA 50266

X

ATHENE ANNUITY & LIFE ASSURANCE Co
400 BROOKFIELD PARKWAY
GREENVILLE, SC 29607

X

Athene USA Corp
7700 MILLS CIVIC PARWAY
WEST DES MOINES, IA 50266

X

Athene Holding Ltd
SECOND FLOOR, WASHINGTON HOUSE
16 CHURCH STREET
HAMILTON, D0 HM 11

X

Apollo Insurance Solutions Group LP
2121 ROSECRANS AVE
STE 5300
EL SEGUNDO, CA 90245

X

AISG GP Ltd.
C/O WALKERS CORPORATE LIMITED
CAYMAN CORPORATE CENTER, 27 HOSPITAL RD
GEORGE TOWN, GRAND CAYMAN, E9 KY1-9008

X

Apollo Capital Management, L.P.
9 WEST 57TH STREET
NEW YORK, NY 10019

X

Apollo Capital Management GP, LLC
9 WEST 57TH STREET
NEW YORK, NY 10019

X

Apollo Management Holdings, L.P.
9 W. 57TH STREET
NEW YORK, NY 10019

X


Signatures
See signatures attached as Exhibit 99.2 7/26/2021
**Signature of Reporting Person Date
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