SEC Form 4 · accession 0001104659-15-063374

Ares Dynamic Credit Allocation Fund, Inc. · ARDC

Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗

Table I — non-derivative securities

Table II — derivative securities

Explanation of responses

• F1Effective as of August 31, 2015, Ares Multi-Strategy Credit Fund, Inc. (the "Target Fund") was reorganized into Ares Dynamic Credit Allocation Fund, Inc. (the "Acquiring Fund," and such reorganization, the "Reorganization"). In the Reorganization, common stockholders of the Target Fund received shares of common stock of the Acquiring Fund in an amount equal to the aggregate net asset value of shares of the Target Fund's common stock as determined at the close of business on August 28, 2015, less the costs of the Reorganization (although cash was distributed for any fractional shares). As of August 28, 2015, the Target Fund reported a net asset value per share of $21.020937 and the Acquiring Fund reported a net asset value per share of $17.322984. The conversion ratio for the Target Fund's common shares was 1.21347090. In the Reorganization, Mr. Sachs received 29,244.64869 shares of common stock of the Acquiring Fund in exchange for his 24,100 shares of common stock of the Target Fund.
• F2The shares are held by Richards Sachs Investment Partners LLC, a limited liability company, of which David A. Sachs is the sole manager and a beneficiary.
• F3These shares are held directly by David A. Sachs, by David A. Sachs' IRA and by the Sachs Revocable Trust dated 3-12-97.