# EDGAR Filing Document

**Accession Number:** 0002031750
**File Stem:** 0001104659-26-045552
**Filing Date:** 2026-4
**Character Count:** 13836
**Document Hash:** 12febbb249d4c08449f2744f661b01ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-045552.hdr.sgml**: 20260420

**ACCESSION NUMBER**: 0001104659-26-045552

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260420

**DATE AS OF CHANGE**: 20260420

**SUBJECT COMPANY**: 

**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

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-94849
- **FILM NUMBER:** 26875783

**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
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nonghyup Bank as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust II
- **CENTRAL INDEX KEY:** 0002059104

**ORGANIZATION NAME:**
- **EIN:** 981832172
- **STATE OF INCORPORATION:** M5
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 120, TONGIL-RO
- **CITY:** JUNG-GU, SEOUL
- **STATE:** M5
- **ZIP:** 04517
- **BUSINESS PHONE:** 82-2-6308-0672

**MAIL ADDRESS:**
- **STREET 1:** 120, TONGIL-RO
- **CITY:** JUNG-GU, SEOUL
- **STATE:** M5
- **ZIP:** 04517

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Nonghyup Bank acting as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust II
- **DATE OF NAME CHANGE:** 20250304

## Ex-99

**Exhibit 99**

JOINT FILING AGREEMENT

This will confirm the agreement by and among the undersigned that the Amendment No. 1 to Schedule 13G filed with the Securities and Exchange Commission on or about the date hereof with respect to the beneficial ownership by the undersigned of the Common Shares of Beneficial Interest, par value $0.01 per share, of Ares Core Infrastructure Fund will be filed on behalf of each of the persons and entities named below in accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

Dated: April 20, 2026

---

| | |
|:---|:---|
| NONGHYUP BANK ACTING AS TRUSTEE OF TRUSTON CORE INFRA QUALIFIED INVESTMENT TYPE PRIVATE INVESTMENT TRUST II | NONGHYUP BANK ACTING AS TRUSTEE OF TRUSTON CORE INFRA QUALIFIED INVESTMENT TYPE PRIVATE INVESTMENT TRUST II |
| By: | /s/ Jaewoo Chang |
| Name: | Jaewoo Chang |
| Title: | Manager |
| NONGHYUP BANK ACTING AS TRUSTEE OF TRUSTON CORE INFRA QUALIFIED INVESTMENT TYPE PRIVATE INVESTMENT TRUST III | NONGHYUP BANK ACTING AS TRUSTEE OF TRUSTON CORE INFRA QUALIFIED INVESTMENT TYPE PRIVATE INVESTMENT TRUST III |
| By: | /s/ Jaewoo Chang |
| Name: | Jaewoo Chang |
| Title: | Manager |

---

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

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Issuer:** Ares Core Infrastructure Fund

**Title of Class of Securities:** Common Shares of Beneficial Interest, Par Value $0.01 Per Share

**CUSIP Number:** —

**Date of Event Which Requires Filing of this Statement:** 03/31/2026

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [x] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Nonghyup Bank acting as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust II | Names of Reporting Persons<br>Nonghyup Bank acting as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust II |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>M5 | Citizenship or Place of Organization<br>M5 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>3990024.94 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>3990024.94 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3990024.94 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3990024.94 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.1% | Percent of Class Represented by Amount in Row (9)<br>4.1% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** The percentage ownership information contained in Item 11 is based on 95,246,492 shares of Class I Common Stock of the Issuer outstanding as of January 31, 2026, based on information received from the Issuer.

---

| 1. | Names of Reporting Persons<br>Nonghyup Bank acting as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust III | Names of Reporting Persons<br>Nonghyup Bank acting as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust III |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [x] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>M5 | Citizenship or Place of Organization<br>M5 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>3995796.42 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>3995796.42 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>0.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3995796.42 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3995796.42 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>4.2% | Percent of Class Represented by Amount in Row (9)<br>4.2% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

**Comment for Type of Reporting Person:** The percentage ownership information contained in Item 11 is based on 95,246,492 shares of Class I Common Stock of the Issuer outstanding as of January 31, 2026, based on information received from the Issuer.

---

**Item 1(a). Name of Issuer:**
Ares Core Infrastructure Fund

**Item 1(b). Address of Issuer's Principal Executive Offices:**
245 Park Avenue, 44th Floor, New York, NY 10067

**Item 2(a). Name of Person Filing:**
Nonghyup Bank acting as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust II

Nonghyup Bank acting as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust III

**Item 2(b). Address of Principal Business Office:**
Nonghyup Bank acting as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust II, 120, Tongil-ro, Jung-Gu, Seoul, 04517, Republic of Korea

Nonghyup Bank acting as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust III, 120, Tongil-ro, Jung-Gu, Seoul, 04517, Republic of Korea

**Item 2(c). Citizenship:**
Nonghyup Bank acting as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust II - Republic of Korea

Nonghyup Bank acting as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust III - Republic of Korea

**Item 2(d). Title of Class of Securities:**
Common Shares of Beneficial Interest, Par Value $0.01 Per Share

**Item 2(e). CUSIP Number:**
—

**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:**

Nonghyup Bank acting as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust II - 3,990,024.94
Nonghyup Bank acting as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust III - 3,995,796.42

**(b) Percent of class:**

Nonghyup Bank acting as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust II - 4.1%
Nonghyup Bank acting as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust III - 4.2%

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

Nonghyup Bank acting as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust II - 3,990,024.94
Nonghyup Bank acting as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust III - 3,995,796.42

**(ii) Shared power to vote or to direct the vote:**

Nonghyup Bank acting as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust II - 0
Nonghyup Bank acting as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust III - 0

**(iii) Sole power to dispose or to direct the disposition of:**

Nonghyup Bank acting as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust II - 3,990,024.94
Nonghyup Bank acting as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust III - 3,995,796.42

**(iv) Shared power to dispose or to direct the disposition of:**

Nonghyup Bank acting as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust II - 0
Nonghyup Bank acting as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust III - 0

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above 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.

**Nonghyup Bank acting as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust II**

**Date:** 04/20/2026

**By:** /s/ Jaewoo Chang

**Name & Title:** Jaewoo Chang / Manager

**Nonghyup Bank acting as trustee of Truston Core Infra Qualified Investment Type Private Investment Trust III**

**Date:** 04/20/2026

**By:** /s/ Jaewoo Chang

**Name & Title:** Jaewoo Chang / Manager