Wells Fargo discloses 7.2% stake in Ares Dynamic Credit (ARDC)

Rhea-AI Filing Summary

Wells Fargo & Company filed an amended ownership report showing it beneficially owns 1,660,475 common shares of Ares Dynamic Credit Allocation Fund, equal to 7.2% of the fund’s common shares as of 12/31/2025.

The firm reports sole voting power over 2 shares and sole dispositive power over 1,660,475 shares, with no shared voting or 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 and certain broker-dealer affiliates. Wells Fargo states the position is held in the ordinary course of business and not for the purpose of influencing control of the fund.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 5)

Ares Dynamic Credit Allocation Fund

(Name of Issuer)

Common Shares

(Title of Class of Securities)

04014F102

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 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 2.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,660,475.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,660,475.00

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)

7.2 %

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: 1,660,475
(b)	Percent of class: 7.2 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1,660,475
	(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:	01/28/2026

FAQ

What stake does Wells Fargo report in Ares Dynamic Credit Allocation Fund (ARDC)?

Wells Fargo & Company reports beneficial ownership of 7.2% of Ares Dynamic Credit Allocation Fund’s common shares. This represents 1,660,475 common shares as of the event date, giving Wells Fargo a significant but non‑controlling position in the closed‑end fund.

How many ARDC shares does Wells Fargo have voting and dispositive power over?

Wells Fargo reports sole voting power over 2 common shares and sole dispositive power over 1,660,475 common shares, with no shared voting or dispositive power. This means it can decide how to sell or hold the reported shares but votes essentially none of them.

Why did Wells Fargo file this amended Schedule 13G/A for ARDC?

The amended Schedule 13G/A updates Wells Fargo’s beneficial ownership position in Ares Dynamic Credit Allocation Fund. Wells Fargo certifies the securities were acquired and are held in the ordinary course of business, not to change or influence control of the fund.

Which Wells Fargo subsidiaries are associated with the ARDC share holdings?

The filing states it 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, which are bank and broker‑dealer entities.

What type of securities does Wells Fargo hold in Ares Dynamic Credit Allocation Fund (ARDC)?

Wells Fargo reports beneficial ownership of Common Shares of Ares Dynamic Credit Allocation Fund. The securities are identified by CUSIP 04014F102, which uniquely labels this class of shares in the U.S. securities identification system.

On what date was Wells Fargo’s ARDC ownership measured in this filing?

The ownership information in this Schedule 13G/A amendment is keyed to an event date of 12/31/2025. The 7.2% beneficial ownership and 1,660,475 common shares are reported as of that specific calendar date.