Ares Dynamic Credit: Sun Life's 19.5% preferred stake

The reporting entities certified that Canada's insurance-company regulatory scheme is substantially comparable to that for functionally equivalent U.S. institutions.

Rhea-AI Filing Summary

Ares Dynamic Credit Allocation Fund, Inc. (ARDC) is the issuer of the mandatory redeemable preferred stock for which Sun Life Assurance Company of Canada and Sun Life Financial Inc. each report beneficial ownership of 780,000 shares, or 19.5% of the class. Sun Life Assurance Company of Canada reports sole voting and dispositive power over 780,000 shares, while Sun Life Financial Inc. reports shared voting and dispositive power over 780,000 shares.

Key Figures

Beneficial ownership — Sun Life Assurance Company of Canada: 780,000 shares Ownership percentage — Sun Life Assurance Company of Canada: 19.5% Beneficial ownership — Sun Life Financial Inc.: 780,000 shares +1 more

4 metrics

Beneficial ownership — Sun Life Assurance Company of Canada 780,000 shares Mandatory redeemable preferred stock

Ownership percentage — Sun Life Assurance Company of Canada 19.5% Of the class

Beneficial ownership — Sun Life Financial Inc. 780,000 shares Mandatory redeemable preferred stock

Ownership percentage — Sun Life Financial Inc. 19.5% Of the class

Key Terms

beneficially owned, Sole Voting Power, Shared Dispositive Power, substantially comparable

4 terms

beneficially owned regulatory

"Amount beneficially owned: SLA: 780,000"

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 Voting Power regulatory

"Sole Voting Power 780,000.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

Shared Dispositive Power regulatory

"Shared Dispositive Power 780,000.00"

substantially comparable regulatory

"regulatory scheme applicable to insurance companies in Canada is substantially comparable"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many ARDC mandatory redeemable preferred shares do the Sun Life entities report?

Sun Life Assurance Company of Canada and Sun Life Financial Inc. each report beneficial ownership of 780,000 shares, representing 19.5% of the class. Sun Life Assurance Company of Canada reports sole voting and dispositive power, while Sun Life Financial Inc. reports shared voting and dispositive power.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/06/2026 - 02:41 PM Accepted by SEC EDGAR 10/06/2026 - 02:41 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Ares Dynamic Credit Allocation Fund, Inc.

(Name of Issuer)

Mandatory Redeemable Preferred Stock

(Title of Class of Securities)

04014F4*0 (CUSIP Number) 04014F5*9 (CUSIP Number) 04014F6*8 (CUSIP Number)

09/14/2026

(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, 04014F5*9, 04014F6*8

1

Names of Reporting Persons

Sun Life Assurance Company of Canada

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

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 780,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 780,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

780,000.00

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)

19.5 %

12

Type of Reporting Person (See Instructions)

FI, IC, CO

SCHEDULE 13G

CUSIP Number(s): 04014F4*0, 04014F5*9, 04014F6*8

1

Names of Reporting Persons

Sun Life Financial Inc.

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

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 780,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 780,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

780,000.00

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)

19.5 %

12

Type of Reporting Person (See Instructions)

FI, CO, HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Ares Dynamic Credit Allocation Fund, Inc.
(b)	Address of issuer's principal executive offices: 2000 Avenue of the Stars, 12th Floor, Los Angeles, California 90067
Item 2.
(a)	Name of person filing: (i) Sun Life Assurance Company of Canada ("SLA") (ii) Sun Life Financial Inc. ("SLF")
(b)	Address or principal business office or, if none, residence: SLA and SLF: One York Street Toronto, Ontario, Canada M5J 0B6
(c)	Citizenship: SLA and SLF: Canada
(d)	Title of class of securities: Mandatory Redeemable Preferred Stock
(e)	CUSIP No.: 04014F4*0, 04014F5*9, 04014F6*8
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).
	Insurance Company
Item 4.	Ownership
(a)	Amount beneficially owned: (i) SLA: 780,000 (ii) SLF: 780,000
(b)	Percent of class: (i) SLA: 19.5% (ii) SLF: 19.5%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: (1) SLA: 780,000 (2) SLF: 0
	(ii) Shared power to vote or to direct the vote: (1) SLA: 0 (2) SLF: 780,000
	(iii) Sole power to dispose or to direct the disposition of: (1) SLA: 780,000 (2) SLF: 0
	(iv) Shared power to dispose or to direct the disposition of: (1) SLA: 0 (2) SLF: 780,000
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.
	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. 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. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

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.

Sun Life Assurance Company of Canada

Signature:	/s/ Randolph B. Brown
Name/Title:	Authorized Signatory
Date:	10/06/2026

Signature:	/s/ Brett W. Pacific
Name/Title:	Authorized Signatory
Date:	10/06/2026

Sun Life Financial Inc.

Signature:	/s/ Randolph B. Brown
Name/Title:	Authorized Signatory
Date:	10/06/2026

Signature:	/s/ Brett W. Pacific
Name/Title:	Authorized Signatory
Date:	10/06/2026