ARES DYNAMIC CREDIT ALLOCATION FUND, INC.

(Name of Issuer)

Series A Mandatory Redeemable Preferred Stock

(Title of Class of Securities)

04014F2*2

(CUSIP Number)

July 31, 2021

(Date of Event which Requires Filing of this Statement)

1

NAMES OF REPORTING PERSON

 

 

Sun Life Assurance Company of Canada

 

 

 

 

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

(a)☐

(b)☐

 

 

3

SEC USE ONLY

 

 

 

 

 

 

 

4

CITIZENSHIP OR PLACE OF ORGANIZATION

 

 

Canada

 

 

 

 

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

5

SOLE VOTING POWER

 

 

240,000

 

 

 

 

6

SHARED VOTING POWER

 

 

0

 

 

 

 

7

SOLE DISPOSITIVE POWER

 

 

240,000

 

 

 

 

8

SHARED DISPOSITIVE POWER

 

 

0

 

 

 

 

9

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

 

240,000

 

 

 

 

10

 

 

☐

 

 

 

 

11

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

 

 

30.00%

 

 

 

 

12

TYPE OF REPORTING PERSON

 

 

FI, IC, CO

 

 

 

 

Item 1.

(a)

Name of Issuer:

 

(b)

Address of Issuer’s Principal Executive Offices:

2000 Avenue of the Stars

12th Floor

Los Angeles, California 90067

Item 2.

(a)

(i)

(ii)

Name of Persons Filing:

Sun Life Assurance Company of Canada ("SLA")

Sun Life Financial Inc. ("SLF")

(b)

Address of Principal Business Office or, if none, Residence :

SLA and SLF:

One York Street

Toronto, Ontario, Canada M5J OB6

(c)

Citizenship or Place of Organization:

SLA and SLF:  Canada

 

(d)

Title of Class of Securities:

 

Mandatory Redeemable Preferred Stock

(e)

CUSIP Number:

Item 3.

If this statement is filed pursuant to Sections 240.13d-1(b) or 240.13d-2(b) or (c),

check whether the person filing is a:

(a)

[   ]   Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);

(b)

[   ]   Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c);

(c)

[   ]   Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c);

(d)

[   ]   Investment company registered under Section 8 of the Investment

        Company Act of 1940 (U.S.C. 80a-8);

(e)

[   ]  An investment adviser in accordance with Section

        240.13d-1(b)(1)(ii)(E);

(f)

[   ]  An employee benefit plan or endowment fund in accordance with

        Section 240.13d-1(b)(1)(ii)(F);

(g)

[X]   A parent holding company or control person in accordance with

         Section 240.13d-1(b)(1)(ii)(G);

(h)

[   ]   A savings associations as defined in Section 3(b) of the Federal

         Deposit Insurance Act (12 U.S.C. 1813);

(i)

[   ]   A church plan that is excluded from the definition of an investment

         company under Section 3(c)(14) of the Investment Company Act

         of 1940 (15 U.S.C. 80a-3);

(j)

[X ]   A non-U.S. institution in accordance with Section 240.13d-1(b)(1) (ii)(J).

(k)

[   ]   Group, in accordance with Section 240.13d-1(b)(1)(ii)(K).

If filing as a non-U.S. institution in accordance with Section 240.13d-1(b)(1)(ii)(J), please specify the type of institution:   Insurance Company

Item 4.  Ownership

(a)

Amount beneficially owned:

 

(i)   SLA:   240,000

(ii)  SLF:    240,000

(b)

Percent of class:

 

(c)

Number of shares as to which the person has:

(i)     Sole power to vote or to direct the vote:

 

(ii)     Shared power to vote or direct the vote:

 

(iii)    Sole power to dispose or direct the disposition of:

 

(1)   SLA:    240,000

(2)   SLF:             0

(iv)    Shared power to dispose or to direct the disposition of:

 

Item 5.

Ownership of Five Percent or Less of a Class:

 

Item 6.

Ownership of More than Five Percent on Behalf of Another Person:

Item 7.

Identification and Classification of the Subsidiary which Acquired the Security Being Reported on by the Parent Holding Company:

Item 8.

Identification and Classification of Members of  the Group:

Item 9.

Notice of Dissolution of Group.

Item 10.

Certification:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to insurance companies in Canada is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institutions.  I also undertake to furnish the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

Date:  August 2, 2021

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