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                                 SCHEDULE 13G


                 Under the Securities Exchange Act of 1934
                               (Amendment No.)1


                               ARES CAPITAL CORPORATION
-----------------------------------------------------------------------------
                                (Name of Issuer)

                     Common Stock, par value $0.001 per share
-----------------------------------------------------------------------------
                         (Title of Class of Securities)


                                    04010L103
-----------------------------------------------------------------------------
                                 (CUSIP Number)


                                November 28, 2008
-----------------------------------------------------------------------------
            (Date of Event Which Requires Filing of this Statement)

     Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:

          [X ] Rule 13d-1(b)

          [  ] Rule 13d-1(c)

          [  ] Rule 13d-1(d)


*    The remainder of this cover page shall be filled out for a reporting
     person's initial filing on this form with respect to the subject class
     of securities, and for any subsequent amendment containing information
     which would alter the disclosures provided in a prior cover page.

     The information required in the remainder of this cover page shall not
     be deemed to be "filed" for the purpose of Section 18 of the Securities
     Exchange Act of 1934 or otherwise subject to the liabilities of that
     section of the Act but shall be subject to all other provisions of the
     Act (however, see the Notes).



CUSIP No.04010L103                      13G



_____________________________________________________________________________
1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
		MERRILL LYNCH & CO., INC. (MERRILL LYNCH)
_____________________________________________________________________________
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                 (a)  [_]
                                                                 (b)  [ ]
_____________________________________________________________________________
3.   SEC USE ONLY

_____________________________________________________________________________
4.   CITIZENSHIP OR PLACE OF ORGANIZATION

                           Delaware
_____________________________________________________________________________
  NUMBER OF    5.   SOLE VOTING POWER

   SHARES                  Disclaimed (See #9 below)
            _________________________________________________________________
BENEFICIALLY   6.   SHARED VOTING POWER

  OWNED BY                 Disclaimed (See #9 below)
            _________________________________________________________________
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING                Disclaimed (See #9 below)
               ______________________________________________________________
   PERSON      8.   SHARED DISPOSITIVE POWER

    WITH                   Disclaimed (See #9 below)
_____________________________________________________________________________
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

Merrill Lynch & Co., Inc. disclaims beneficial ownership in all shares of
Ares Capital Corporation held by Merrill Lynch International, Merrill Lynch,
Pierce, Fenner & Smith Incorporated. and Merrill Lynch Financial Markets, Inc.
_____________________________________________________________________________
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          [_]
_____________________________________________________________________________
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                           Disclaimed (See #9 above)
_____________________________________________________________________________
12.  TYPE OF REPORTING PERSON*

                           HC, CO
_____________________________________________________________________________
                     *SEE INSTRUCTIONS BEFORE FILLING OUT!


CUSIP No. 04010L103                    13G


_____________________________________________________________________________
1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

             Merrill Lynch International
_____________________________________________________________________________
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                 (a)  [_]
                                                                 (b)  [_]

_____________________________________________________________________________
3.   SEC USE ONLY

____________________________________________________________________________
4.   CITIZENSHIP OR PLACE OF ORGANIZATION

                           England
____________________________________________________________________________
  NUMBER OF    5.   SOLE VOTING POWER

   SHARES                  3,155
            _________________________________________________________________
BENEFICIALLY   6.   SHARED VOTING POWER

  OWNED BY                  0
            _________________________________________________________________
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING                3,155
               ______________________________________________________________
   PERSON      8.   SHARED DISPOSITIVE POWER

    WITH                   0
_____________________________________________________________________________
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                           3,155
_____________________________________________________________________________
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          [_]
_____________________________________________________________________________
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                           .00%
_____________________________________________________________________________
12.  TYPE OF REPORTING PERSON*

                           BD
_____________________________________________________________________________





CUSIP No. 04010L103

1.   NAME OF REPORTING PERSONS
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)

             Merrill Lynch Pierce, Fenner & Smith Incorporated
_____________________________________________________________________________
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
                                                                 (a)  [_]
                                                                 (b)  [_]

_____________________________________________________________________________
3.   SEC USE ONLY

____________________________________________________________________________
4.   CITIZENSHIP OR PLACE OF ORGANIZATION

                           Delaware
____________________________________________________________________________
  NUMBER OF    5.   SOLE VOTING POWER

   SHARES                  1,005,342
            _________________________________________________________________
BENEFICIALLY   6.   SHARED VOTING POWER

  OWNED BY                  0
            _________________________________________________________________
    EACH       7.   SOLE DISPOSITIVE POWER

  REPORTING                1,005,342
               ______________________________________________________________
   PERSON      8.   SHARED DISPOSITIVE POWER

    WITH                      0
_____________________________________________________________________________
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                             1,005,342
_____________________________________________________________________________
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

                                                                          [_]
_____________________________________________________________________________
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

                           1.03%
_____________________________________________________________________________
12.  TYPE OF REPORTING PERSON*

                           BD, IA

_____________________________________________________________________________


____________________________________________________________________________


CUSIP No. 04010L103

Item 1(a).  Name of Issuer:
                                  Ares Capital Corporation.
_____________________________________________________________________________
Item 1(b).  Address of Issuer's Principal Executive Offices:

             280 Park Avenue, 22nd Floor
                  New York, NY 10017
_____________________________________________________________________________
Item 2(a).  Name of Person Filing:
               Merrill Lynch & CO., Inc. (ML&CO)
               Merrill Lynch, Pierce, Fenner & Smith Incorporated (MLPF&S)
___________________________________________________________________________
Item 2(b).  Address of Principal Business Office, or if None, Residence:

4 WORLD FINANCIAL CENTER
250 VESEY ST.
NEW YORK, NEW YORk 10080

_____________________________________________________________________________
Item 2(c).  Citizenship:
                                  SEE ITEM 4 OF COVER PAGES
_____________________________________________________________________________
Item 2(d).  Title of Class of Securities:
                  Common Stock, par value $0.001 per share
_____________________________________________________________________________
Item 2(e).  CUSIP Number:
                                  04010L103

_____________________________________________________________________________
Item 3.     If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b)
            or (c), Check Whether the Person Filing is a:

ML & Co. is a parent holding company in accordance with Rule
13d-1(b)(1)(ii)(G).

Merrill Lynch, Pierce, Fenner & Smith is a:

(a) [X] Broker or dealer registered under Section 15 of the Exchange Act.
(e) [X] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E)

















CUSIP No. 04010L103                      13G

Item 4.  Ownership.

     Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.

(a)	Amount beneficially owned:

                        1,009,297

(b)	Percent of class:
                             1.03%

(c)	Number of shares as to which such person has:

          (i)   Sole power to vote or to direct the vote:
  						SEE ITEM 5 OF COVER PAGES
          (ii)  Shared power to vote or to direct the vote:
						SEE ITEM 6 OF COVER PAGES
          (iii) Sole power to dispose or to direct the disposition of:
						SEE ITEM 7 OF COVER PAGES
          (iv)  Shared power to dispose or to direct the disposition of
						SEE ITEM 8 OF COVER PAGE
_____________________________________________________________________________
Item 5.  Ownership of Five Percent or Less of a Class.

If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more
than 5 percent of the class of securities, check the following [X]
_______________________________________________________________________________
Item 6.  Ownership of More Than Five Percent on Behalf of Another Person.

              NOT APPLICABLE
_______________________________________________________________________________

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.

                              NOT APPLICABLE
_______________________________________________________________________________
Item 9.  Notice of Dissolution of Group.

                              NOT APPLICABLE
_______________________________________________________________________________








CUSIP No. 04010L103                     13G


Item 10.  Certifications.

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.

                                    SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.

December 10, 2008


MERRILL LYNCH & CO., INC.



By:  /s/ Pia Thompson
--------------------------------
Name:    Pia Thompson
Title:   Assistant Secretary


MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED



By:  /s/ Pia Thompson
--------------------------------
Name:    Pia Thompson
Title:   Assistant Secretary





* Executed pursuant to a Power of Attorney, dated November 17, 1995, a copy
 of which is attached hereto as Exhibit A.



                                  Schedule 13G
                                    Exhibit A

                                Power of Attorney

     The undersigned, Merrill Lynch & Co., Inc. (the "Corporation"), a
corporation duly organized under the laws of Delaware, with its principal
place of business at World Financial Center, North Tower, 250 Vesey Street,
New York, New York 10281 does hereby make, constitute and appoint Richard B.
Alsop, Richard D. Kreuder, Andrea Lowenthal, Gregory T. Russo, or any
individual from time to time elected or appointed as secretary or an
assistant secretary of the Corporation, acting severally, each of whose
address is Merrill Lynch & Co., Inc., World Financial Center, North Tower,
250 Vesey Street, New York, New York 10281, as its true and lawful attorneys-
in-fact, for it and in its name, place and stead (i) to execute on behalf of
the Corporation and cause to be filed and/or delivered, as required under
Section 13(d) of the Securities Exchange Act of 1934 (the "Act") and the
regulations thereunder, any number, as appropriate, of original, copies, or
electronic filings of the Securities and Exchange Commission Schedule 13D or
Schedule 13G Beneficial Ownership Reports (together with any amendments and
joint filing agreements under Rule 13d-1(f)(1) of the Act, as may be required
thereto) to be filed and/or delivered with respect to any equity security (as
defined in Rule 13d-1(d) under the Act) beneficially owned by the undersigned
and which must be reported by the undersigned pursuant to Section 13(d) of
the Act and the regulations thereunder, (ii) to execute on behalf of the
Corporation and cause to be filed and/or delivered, any number, as
appropriate, of original, copies or electronic filings of any forms
(including without limitation), Securities and Exchange Commission Forms 3, 4
and 5) required to be filed pursuant to Section 16(a) of the Act and the
regulations thereunder, and (iii) generally to take such other actions and
perform such other things necessary to effectuate the foregoing as fully in a
all respects as if the undersigned could do if personally present.

     This Power of Attorney shall remain in effect until revoked, in writing,
by the undersigned.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney,
this 17th day of November 1995.


                                  MERRILL LYNCH & CO., INC.


                                  By:  /s/ David H. Komansky


                                  _____________________________________________
                                  Name:  David H. Komansky
                                  Title:  President and Chief Operating Officer