# EDGAR Filing Document

**Accession Number:** 0001679543
**File Stem:** 0001178913-25-002068
**Filing Date:** 2025-6
**Character Count:** 6800
**Document Hash:** 3949bdeeb810b1d61804a0d29234d9b6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001178913-25-002068.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001178913-25-002068

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250220

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Phoenix Financial Ltd.
- **CENTRAL INDEX KEY:** 0001679543

**ORGANIZATION NAME:**
- **STATE OF INCORPORATION:** L3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01811
- **FILM NUMBER:** 251025850

**BUSINESS ADDRESS:**
- **STREET 1:** 53 DERECH HA'SHALOM ST.
- **CITY:** GIVATAYIM
- **STATE:** L3
- **ZIP:** 53454
- **BUSINESS PHONE:** 972-3-733-2997

**MAIL ADDRESS:**
- **STREET 1:** 53 DERECH HA'SHALOM ST.
- **CITY:** GIVATAYIM
- **STATE:** L3
- **ZIP:** 53454

**FORMER NAME:**
- **FORMER CONFORMED NAME:** Phoenix Holdings Ltd.
- **DATE OF NAME CHANGE:** 20160713
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ares Core Infrastructure Fund
- **CENTRAL INDEX KEY:** 0002031750

**ORGANIZATION NAME:**
- **EIN:** 996541890
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** C/O ARES MANAGEMENT LLC
- **STREET 2:** 2000 AVENUE OF THE STARS, 12TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90067
- **BUSINESS PHONE:** (310) 201-4100

**MAIL ADDRESS:**
- **STREET 1:** C/O ARES MANAGEMENT LLC
- **STREET 2:** 2000 AVENUE OF THE STARS, 12TH FLOOR
- **CITY:** LOS ANGELES
- **STATE:** CA
- **ZIP:** 90067

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[x] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Phoenix Financial Ltd.<br><sub>(Last) (First) (Middle)</sub><br>53 DERECH HA'SHALOM ST.<br><sub>(Street)</sub><br>GIVATAYIM, L3 53454<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2025-02-20 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director [X] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>Ares Core Infrastructure Fund [ NONE ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

---

**Remarks:**
(1) This report is made on a voluntary basis as the Reporting Person has not acquired or disposed of any additional Common Shares. The Reporting Person is no longer subject to section 16, as it holds 2,394,014.165 Common Share constituing 8.34% of the total ordinary shares outstanding and it is no longer a 10% owner. This percentage is based on 28,699,898 Ordinary Shares outstanding as of May 20, 2025 (as reported by the issuer in its form 8-K filed with the Securities and Exchange Commision on May 20, 2025). (2) The shares are owned directly by Smart Capital Alternative Solutions S.V Ltd. ("Smart Capital"), which is a majority-owned subsidiary of the Reporting Person (which holds 72.45% of the share capital the voting rights of Smart Capital, while Mr. Moni Feller owns 11.57%, and each of Mr. Ido Berman and Mr. Guy Friedler owns (through a trustee) 7.99% of the share capital the voting rights of Smart Capital. The Reporting Person is an indirect beneficial owner of the reported securities.

**Signature:** /s/ Haggai Schreiber /s/ Eli Schwartz.  
**Date:** 2025-06-05

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**