<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0708</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001678124</cik>
        <entityName>CION Ares Diversified Credit Fund</entityName>
        <issuerAddress>
            <street1>100 PARK AVENUE</street1>
            <street2>25TH FLOOR</street2>
            <city>NEW YORK</city>
            <stateOrCountry>NY</stateOrCountry>
            <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
            <zipCode>10017</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>212-418-4700</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Statutory trust - Offering of Mandatory Redeemable Preferred Shares</entityTypeOtherDesc>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Mitch</firstName>
                <lastName>Goldstein</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o CION Ares Diversified Credit Fund</street1>
                <street2>100 Park Avenue, 25th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10017</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Vice President and Trustee of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>David</firstName>
                <middleName>A.</middleName>
                <lastName>Sachs</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o CION Ares Diversified Credit Fund</street1>
                <street2>100 Park Avenue, 25th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10017</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee of the Issuer and chair of the Issuer's Board</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jeffrey</firstName>
                <middleName>A.</middleName>
                <lastName>Perlowitz</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o CION Ares Diversified Credit Fund</street1>
                <street2>100 Park Avenue, 25th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10017</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Elaine</firstName>
                <lastName>Orr</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o CION Ares Diversified Credit Fund</street1>
                <street2>100 Park Avenue, 25th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10017</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <middleName>Joseph</middleName>
                <lastName>Shaw</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o CION Ares Diversified Credit Fund</street1>
                <street2>100 Park Avenue, 25th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10017</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Bruce</firstName>
                <middleName>H.</middleName>
                <lastName>Spector</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o CION Ares Diversified Credit Fund</street1>
                <street2>100 Park Avenue, 25th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10017</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Mark</firstName>
                <middleName>R.</middleName>
                <lastName>Yosowitz</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o CION Ares Diversified Credit Fund</street1>
                <street2>100 Park Avenue, 25th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10017</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Trustee of the Issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <middleName>A.</middleName>
                <lastName>Reisner</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o CION Ares Diversified Credit Fund</street1>
                <street2>100 Park Avenue, 25th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10017</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Co-President, Co-Chief Executive Officer and Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Mark</firstName>
                <lastName>Gatto</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o CION Ares Diversified Credit Fund</street1>
                <street2>100 Park Avenue, 25th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10017</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Director</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Co-President, Co-Chief Executive Officer and Trustee</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Greg</firstName>
                <lastName>Margolies</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o CION Ares Diversified Credit Fund</street1>
                <street2>100 Park Avenue, 25th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10017</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Vice President</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Greg</firstName>
                <lastName>Schill</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o CION Ares Diversified Credit Fund</street1>
                <street2>100 Park Avenue, 25th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10017</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Vice President</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Penni</firstName>
                <middleName>F.</middleName>
                <lastName>Roll</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o CION Ares Diversified Credit Fund</street1>
                <street2>100 Park Avenue, 25th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10017</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Treasurer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Scott</firstName>
                <lastName>Lem</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o CION Ares Diversified Credit Fund</street1>
                <street2>100 Park Avenue, 25th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10017</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Financial Officer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Lisa</firstName>
                <lastName>Morgan</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o CION Ares Diversified Credit Fund</street1>
                <street2>100 Park Avenue, 25th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10017</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Chief Compliance Officer and Anti-Money Laundering Officer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ian</firstName>
                <lastName>Fitzgerald</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>c/o CION Ares Diversified Credit Fund</street1>
                <street2>100 Park Avenue, 25th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10017</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Counsel and Secretary</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>John</firstName>
                <lastName>Atherton</lastName>
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            <relatedPersonAddress>
                <street1>c/o CION Ares Diversified Credit Fund</street1>
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                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10017</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Vice President and Assistant Secretary</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Joshua</firstName>
                <lastName>Bloomstein</lastName>
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            <relatedPersonAddress>
                <street1>c/o CION Ares Diversified Credit Fund</street1>
                <street2>100 Park Avenue, 25th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10017</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Vice President and Assistant Secretary</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Anton</firstName>
                <lastName>Feingold</lastName>
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            <relatedPersonAddress>
                <street1>c/o CION Ares Diversified Credit Fund</street1>
                <street2>100 Park Avenue, 25th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10017</zipCode>
            </relatedPersonAddress>
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        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Keith</firstName>
                <lastName>Kooper</lastName>
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                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
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        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Naseem</firstName>
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                <lastName>Aghili</lastName>
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            <relatedPersonAddress>
                <street1>c/o CION Ares Diversified Credit Fund</street1>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kevin</firstName>
                <lastName>Early</lastName>
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                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
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            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <lastName>Dennis</lastName>
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                <stateOrCountry>NY</stateOrCountry>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Blair</firstName>
                <lastName>Jacobson</lastName>
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    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Investing</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06c</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2023-06-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Goldman Sachs &amp; Co. LLC</recipientName>
                <recipientCRDNumber>361</recipientCRDNumber>
                <associatedBDName>Goldman Sachs &amp; Co. LLC</associatedBDName>
                <associatedBDCRDNumber>361</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>200 West Street</street1>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10282</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>150000000</totalOfferingAmount>
            <totalAmountSold>150000000</totalAmountSold>
            <totalRemaining>0</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>28</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>1500000</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>CION Ares Diversified Credit Fund</issuerName>
                <signatureName>/s/ Greg Schill</signatureName>
                <nameOfSigner>Greg Schill</nameOfSigner>
                <signatureTitle>Vice President</signatureTitle>
                <signatureDate>2023-06-13</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
