Wells Fargo & Company reports beneficial ownership of 1,588,639 common shares of Ares Dynamic Credit Allocation Fund (ARDC), representing 6.9% of the class as of 03/31/2026. The filer discloses sole dispositive power over those shares and no voting power. This Amendment No. 6 is filed by Wells Fargo on its own behalf and on behalf of certain subsidiaries, and is signed by a designated signer on 05/12/2026.
Positive
None.
Negative
None.
Insights
Wells Fargo reports a passive >5% stake with dispositive but not voting power.
The schedule shows 1,588,639 shares (6.9%) held with sole dispositive power and zero voting power, indicating control over disposition but not voting authority. The filing lists Wells Fargo and specified subsidiaries as reporting persons.
This is a routine beneficial-ownership amendment under Section 13; subsequent filings would show changes in holdings or voting status if they occur.
Key Figures
Beneficial ownership:1,588,639 sharesPercent of class:6.9%Sole dispositive power:1,588,639 shares+2 more
5 metrics
Beneficial ownership1,588,639 sharesAmount beneficially owned as of 03/31/2026
Percent of class6.9%Percent of common shares outstanding reported in Item 4
Sole dispositive power1,588,639 sharesNumber of shares as to which filer has sole power to dispose
Voting power0 sharesSole voting power reported in Item 4(i)
Amendment numberAmendment No. 6Filing header
Key Terms
beneficially owned, sole dispositive power, Schedule 13G/A
3 terms
beneficially ownedregulatory
"Item 4(a) Amount beneficially owned: 1,588,639"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
sole dispositive powerregulatory
"Item 4(c)(iii) Sole power to dispose or to direct the disposition of: 1,588,639"
Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.
Schedule 13G/Aregulatory
"CONTENT METADATA form_type: SCHEDULE 13G/A"
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 6)
Ares Dynamic Credit Allocation Fund
(Name of Issuer)
Common Shares
(Title of Class of Securities)
04014F102
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
04014F102
1
Names of Reporting Persons
Wells Fargo & Company
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
1,588,639.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
1,588,639.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.9 %
12
Type of Reporting Person (See Instructions)
HC
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Ares Dynamic Credit Allocation Fund
(b)
Address of issuer's principal executive offices:
1800 Avenue of the Stars,Suite 1400,Los Angeles,CA,90067
Item 2.
(a)
Name of person filing:
Wells Fargo & Company
(b)
Address or principal business office or, if none, residence:
333 Market Street, San Francisco, CA 94105
(c)
Citizenship:
DE
(d)
Title of class of securities:
Common Shares
(e)
CUSIP No.:
04014F102
Item 3.
If this statement is filed pursuant to §§ 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 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 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)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
1,588,639
(b)
Percent of class:
6.9 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
0
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
1,588,639
(iv) Shared power to dispose or to direct the disposition of:
0
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Not applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
This Schedule 13G is filed by Wells Fargo & Company on its own and on behalf of its subsidiary Wells Fargo Bank, National Association a Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c); Wells Fargo Advisors Financial Network, LLC a Broker or dealer registered under section 15 of the Act (15 U.S.C. 78c); Wells Fargo Clearing Services, LLC a Broker or dealer registered under section 15 of the Act (15 U.S.C. 78c).
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
Not applicable
Item 9.
Notice of Dissolution of Group.
Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5.
Not applicable
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, other than activities solely in connection with a nomination under ?? 240.14a-11.
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.
Wells Fargo reports ownership of 1,588,639 shares, equal to 6.9%. The schedule states this amount as beneficially owned and ties the position to dispositive authority as of 03/31/2026.
Does Wells Fargo hold voting control over ARDC shares?
No; the filing reports zero voting power. Item 4 shows 0 sole voting power and 0 shared voting power, while dispositive power is reported separately at 1,588,639 shares.
Who filed the 13G/A for ARDC on behalf of Wells Fargo?
The filing is by Wells Fargo & Company, also on behalf of subsidiaries. The schedule names Wells Fargo Bank, N.A., Wells Fargo Advisors Financial Network, LLC, and Wells Fargo Clearing Services, LLC as related filers.
What is the filing date or signature date for this amendment?
The amendment is signed on 05/12/2026. The schedule also references the position "as of" 03/31/2026 for the reported beneficial ownership amount.
What does "sole dispositive power" mean in this filing?
It means the filer can direct sale or transfer of the shares. Item 4(c)(iii) reports 1,588,639 shares as those over which Wells Fargo has sole dispositive authority.
