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Ares Dynamic Credit Allocation Fund, Inc. (ARDC) is the issuer in a joint beneficial-ownership report by Principal Life Insurance Company (PLIC) and Principal Global Investors, LLC (PGI), covering 160,000 mandatory redeemable preferred shares. PLIC directly owns the shares; as of September 30, 2026, PGI may be deemed their beneficial owner. Both report shared voting and dispositive power over 160,000 shares, with zero sole voting or dispositive power. The reported holding represents 4.0% of the class.
Key Figures
Beneficially owned shares:160,000 sharesPercent of class:4.0%Shared voting power:160,000 shares+3 more
6 metrics
Beneficially owned shares160,000 sharesJointly reported; PGI may be deemed beneficial owner as of September 30, 2026
Percent of class4.0%Reported beneficial ownership
Shared voting power160,000 sharesReported by PLIC and PGI
Shared dispositive power160,000 sharesReported by PLIC and PGI
Sole voting power0 sharesReported by PLIC and PGI
Sole dispositive power0 sharesReported by PLIC and PGI
Key Terms
beneficial owner, shared voting power, shared dispositive power
3 terms
beneficial ownerfinancial
"PGI may be deemed to be the beneficial owner of 160,000 Shares"
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
shared voting powerfinancial
"Shared Voting Power 160,000.00"
Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.
shared dispositive powerfinancial
"Shared Dispositive Power 160,000.00"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many ARDC preferred shares do Principal Life Insurance Company and Principal Global Investors report?
They jointly report beneficial ownership of 160,000 mandatory redeemable preferred shares, equal to 4.0% of the class. Principal Life Insurance Company directly owns the shares; Principal Global Investors may be deemed their beneficial owner.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
Ares Dynamic Credit Allocation Fund, Inc.
(Name of Issuer)
Mandatory Redeemable Preferred Shares
(Title of Class of Securities)
04014F4*0
(CUSIP Number)
09/30/2026
(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):
04014F4*0
1
Names of Reporting Persons
PRINCIPAL LIFE INSURANCE CO
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
IOWA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
160,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
160,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
160,000.00
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)
4 %
12
Type of Reporting Person (See Instructions)
IC
SCHEDULE 13G
CUSIP Number(s):
04014F4*0
1
Names of Reporting Persons
PRINCIPAL GLOBAL INVESTORS
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
160,000.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
160,000.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
160,000.00
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)
4 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Ares Dynamic Credit Allocation Fund, Inc.
(b)
Address of issuer's principal executive offices:
1800 AVENUE OF THE STARS, SUITE 1400, LOS ANGELES, CALIFORNIA
90067
Item 2.
(a)
Name of person filing:
This Statement is filed by Principal Life Insurance Company (PLIC) and Principal Global Investors, LLC (PGI) and jointly pursuant to a Joint Filing Agreement, which is filed with this Schedule 13G as Exhibit 99.1. This Statement relates to the shares of Mandatory Redeemable Preferred Stock (the Shares) of the Issuer indirectly beneficially owned by PGI and directly beneficially owned by PLIC.
(b)
Address or principal business office or, if none, residence:
PRINCIPAL LIFE INSURANCE CO
711 HIGH STREET
DES MOINES, IOWA 50392-0300
PRINCIPAL GLOBAL INVESTORS
711 HIGH STREET
DES MOINES, IOWA 50392-0300
(c)
Citizenship:
PRINCIPAL LIFE INSURANCE CO - IOWA
PRINCIPAL GLOBAL INVESTORS - DELAWARE
(d)
Title of class of securities:
Mandatory Redeemable Preferred Shares
(e)
CUSIP No.:
04014F4*0
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:
Principal Life Insurance Company (PLIC) and Principal Global Investors, LLC (PGI) jointly own 160,000
Shares.
As of September 30, 2026, PGI may be deemed to be the beneficial owner of 160,000 Shares, which are beneficially owned directly by PLIC.
(b)
Percent of class:
4.0 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
PRINCIPAL LIFE INSURANCE CO - 0
PRINCIPAL GLOBAL INVESTORS - 0
(ii) Shared power to vote or to direct the vote:
PRINCIPAL LIFE INSURANCE CO - 160,000
PRINCIPAL GLOBAL INVESTORS - 160,000
(iii) Sole power to dispose or to direct the disposition of:
PRINCIPAL LIFE INSURANCE CO - 0
PRINCIPAL GLOBAL INVESTORS - 0
(iv) Shared power to dispose or to direct the disposition of:
PRINCIPAL LIFE INSURANCE CO - 160,000
PRINCIPAL GLOBAL INVESTORS - 160,000
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 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 or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
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.
PRINCIPAL LIFE INSURANCE CO
Signature:
/s/ J. Markham Penrod
Name/Title:
J. Markham Penrod, Chief Compliance Officer - North America, Principal Asset Management
Date:
10/28/2026
PRINCIPAL GLOBAL INVESTORS
Signature:
/s/ J. Markham Penrod
Name/Title:
J. Markham Penrod, Chief Compliance Officer - North America, Principal Asset Management
Date:
10/28/2026
Exhibit Information
This Statement is filed by Principal Life Insurance Company and Principal Global Investors LLC jointly pursuant to a Joint Filing Agreement, which is filed with this Schedule 13G as Exhibit 99.1.
