Principal Life Insurance Company and Principal Global Investors, LLC filed an amended Schedule 13G with the SEC on October 29, 2026, disclosing a joint beneficial ownership position in the Mandatory Redeemable Preferred Shares of Ares Dynamic Credit Allocation Fund, Inc., with a triggering event date of September 30, 2026.

Key Highlights

  • Joint filers: Principal Life Insurance Company (PLIC) and Principal Global Investors, LLC (PGI) filed jointly pursuant to a Joint Filing Agreement.
  • Shares beneficially owned: Each reporting person lists 160,000 Mandatory Redeemable Preferred Shares as beneficially owned in aggregate.
  • Percent of class: The 160,000 shares represent 4% of the class, as stated in the filing.
  • Voting and dispositive power: Both PLIC and PGI report 0 sole voting power and 0 sole dispositive power, with shared voting and shared dispositive power of 160,000 shares each.
  • Direct vs. indirect ownership: According to the filing, the shares are directly beneficially owned by PLIC and indirectly beneficially owned by PGI.
  • Ordinary course certification: Both filers certified that the securities "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."

Principal Life and Principal Global Investors Disclose Preferred Share Position in Ares Dynamic Credit Allocation Fund

According to the filing, Principal Life Insurance Company (PLIC), organized in Iowa, and Principal Global Investors, LLC (PGI), organized in Delaware, together submitted Amendment No. 1 to a Schedule 13G covering Mandatory Redeemable Preferred Shares (CUSIP 04014F4*0) of Ares Dynamic Credit Allocation Fund, Inc. The issuer's principal executive offices are listed at 1800 Avenue of the Stars, Suite 1400, Los Angeles, California 90067. The filing was signed by J. Markham Penrod, identified as Chief Compliance Officer - North America, Principal Asset Management, on October 28, 2026.

The filing reports that, as of September 30, 2026, the aggregate amount beneficially owned by each reporting person is 160,000 shares, representing 4.0% of the class. The filing states that PGI "may be deemed to be the beneficial owner of 160,000 Shares, which are beneficially owned directly by PLIC." Neither PLIC nor PGI holds sole voting or sole dispositive power over any of the shares; both report shared voting power and shared dispositive power of 160,000 shares. Both filers are headquartered at 711 High Street, Des Moines, Iowa 50392-0300.

The filing further notes under Item 5 that this represents "ownership of 5 percent or less of a class." Items 6 through 9, covering ownership on behalf of another person, subsidiary identification, and group membership, are each reported as "Not Applicable."

What Was Disclosed

Principal Life Insurance Company and Principal Global Investors, LLC jointly disclosed a 160,000-share, 4% beneficial ownership position in the Mandatory Redeemable Preferred Shares of Ares Dynamic Credit Allocation Fund, Inc. as of September 30, 2026, via an amended Schedule 13G.