X0202 SCHEDULE 13G/A 0001085146-23-002522 0000009712 XXXXXXXX LIVE 1 Mandatory Redeemable Preferred Shares 09/30/2026 0001515324 Ares Dynamic Credit Allocation Fund, Inc. 04014F4*0 1800 AVENUE OF THE STARS SUITE 1400 LOS ANGELES CA 90067 Rule 13d-1(b) PRINCIPAL LIFE INSURANCE CO IA 0 160000 0 160000 160000 N 4 IC PRINCIPAL GLOBAL INVESTORS DE 0 160000 0 160000 160000 N 4 IA Ares Dynamic Credit Allocation Fund, Inc. 1800 AVENUE OF THE STARS, SUITE 1400, LOS ANGELES, CALIFORNIA 90067 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. PRINCIPAL LIFE INSURANCE CO 711 HIGH STREET DES MOINES, IOWA 50392-0300 PRINCIPAL GLOBAL INVESTORS 711 HIGH STREET DES MOINES, IOWA 50392-0300 PRINCIPAL LIFE INSURANCE CO - IOWA PRINCIPAL GLOBAL INVESTORS - DELAWARE N IC IA 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. 4.0 PRINCIPAL LIFE INSURANCE CO - 0 PRINCIPAL GLOBAL INVESTORS - 0 PRINCIPAL LIFE INSURANCE CO - 160,000 PRINCIPAL GLOBAL INVESTORS - 160,000 PRINCIPAL LIFE INSURANCE CO - 0 PRINCIPAL GLOBAL INVESTORS - 0 PRINCIPAL LIFE INSURANCE CO - 160,000 PRINCIPAL GLOBAL INVESTORS - 160,000 N Y Y Y Y Y N 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. 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. PRINCIPAL LIFE INSURANCE CO /s/ J. Markham Penrod 10/28/2026 PRINCIPAL GLOBAL INVESTORS /s/ J. Markham Penrod 10/28/2026