Wells Fargo (NYSE: WFC) discloses 8.3% beneficial stake in Ares Dynamic Credit Allocation Fund (ARDC)

Rhea-AI Filing Summary

Wells Fargo & Company filed Amendment No. 7 to a Schedule 13G reporting its beneficial ownership in Ares Dynamic Credit Allocation Fund common shares. As of June 30, 2026, Wells Fargo reports beneficial ownership of 1,913,094 common shares, representing 8.3% of the class.

Wells Fargo reports no sole or shared voting power over these shares, but reports sole dispositive power over 1,913,094 shares and no shared dispositive power. The filing is made by Wells Fargo & Company on its own behalf and on behalf of subsidiaries including Wells Fargo Bank, National Association; Wells Fargo Advisors Financial Network, LLC; and Wells Fargo Clearing Services, LLC.

Key Figures

Beneficially owned shares: 1,913,094 shares Percent of class: 8.3% Sole voting power: 0 shares +3 more

6 metrics

Beneficially owned shares 1,913,094 shares Common Shares of Ares Dynamic Credit Allocation Fund beneficially owned by Wells Fargo

Percent of class 8.3% Percentage of ARDC common share class beneficially owned by Wells Fargo

Sole voting power 0 shares Shares for which Wells Fargo has sole power to vote or direct the vote

Shared voting power 0 shares Shares for which Wells Fargo has shared power to vote or direct the vote

Sole dispositive power 1,913,094 shares Shares for which Wells Fargo has sole power to dispose or direct the disposition

As-of date 06/30/2026 Date as of which the ownership information is reported

Key Terms

beneficially owned, sole dispositive power, Schedule 13G, parent holding company, +1 more

5 terms

beneficially owned financial

"Amount beneficially owned: 1,913,094"

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 power financial

"Sole power to dispose or to direct the disposition of: 1,913,094"

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 regulatory

"If a parent holding company has filed this schedule, pursuant to (ii)(G)"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

parent holding company financial

"If a parent holding company has filed this schedule, pursuant to (ii)(G)"

broker or dealer registered under section 15 of the Act regulatory

"a Broker or dealer registered under section 15 of the Act"

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

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Available on EDGAR 07/28/2026 - 09:43 AM Accepted by SEC EDGAR 07/28/2026 - 09:43 AM Learn about SEC filing dates

FAQ

What percentage of Ares Dynamic Credit Allocation Fund (ARDC) does Wells Fargo report owning?

Wells Fargo & Company reports beneficial ownership of 8.3% of Ares Dynamic Credit Allocation Fund’s common shares, based on 1,913,094 shares beneficially owned as disclosed in the Schedule 13G/A amendment.

How many ARDC common shares does Wells Fargo beneficially own according to this Schedule 13G/A?

Wells Fargo & Company reports beneficial ownership of 1,913,094 common shares of Ares Dynamic Credit Allocation Fund, representing 8.3% of the class, with sole dispositive power over all of those shares.

Does Wells Fargo have voting power over its ARDC holdings?

Wells Fargo reports no sole or shared voting power over its Ares Dynamic Credit Allocation Fund shares. However, it reports sole dispositive power over 1,913,094 shares, meaning it can direct their disposition but not their voting.

Which Wells Fargo subsidiaries are included in this ARDC Schedule 13G/A filing?

The filing is made by Wells Fargo & Company on its own behalf and on behalf of Wells Fargo Bank, National Association, Wells Fargo Advisors Financial Network, LLC, and Wells Fargo Clearing Services, LLC, each classified under the Exchange Act.

Is any other person entitled to more than 5% of ARDC through Wells Fargo’s holdings?

The filing states this item is “Not applicable”, indicating no other person is identified as having the right to receive dividends or sale proceeds relating to more than 5% of the ARDC common share class through these holdings.

What type of securities in ARDC are reported in Wells Fargo’s Schedule 13G/A?

Wells Fargo’s Schedule 13G/A covers Common Shares of Ares Dynamic Credit Allocation Fund, identified by CUSIP 04014F102, with 1,913,094 shares reported as beneficially owned as of June 30, 2026.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 7)

Ares Dynamic Credit Allocation Fund

(Name of Issuer)

Common Shares

(Title of Class of Securities)

04014F102

(CUSIP Number)

06/30/2026

(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): 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 1,913,094.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,913,094.00

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)

8.3 %

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: 1,913,094
(b)	Percent of class: 8.3 %
(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: 1,913,094
	(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 & Company

Signature:	Ally Pecarro
Name/Title:	Designated Signer
Date:	07/28/2026