SCHEDULE 13G/A 0001193125-23-179540 0000073076 XXXXXXXX LIVE 2 Series K Mandatory Redeemable Preferred Shares (PPN 17260GA*4) 01/15/2025 0001678124 CION Ares Diversified Credit Fund 17260GA04 100 PARK AVENUE, 25TH FLOOR NEW YORK NY 10017 Rule 13d-1(b) The Northwestern Mutual Life Insurance Company b WI 6040000 0 6040000 0 6040000 N 0 IC CION Ares Diversified Credit Fund 800 Corporate Pointe, Suite 300, Culver City, CA 90230 The Northwestern Mutual Life Insurance Company 720 East Wisconsin Avenue, Milwaukee, Wisconsin 53202 Wisconsin N IC 6,040,000 total shares of Series K (PPN 17260GA*4), which encompasses an aggregate amount of the Series F, Series G, Series H, and Series J shares. All of these shares were acquired in the ordinary course of business, and not with the purpose or effect of changing or influencing control of the Issuer. The filing of this statement should not be construed as an admission that Northwestern Mutual is, for the purposes of Sections 13 or 16 of the Securities Exchange Act of 1934, the beneficial owner of these shares. 16.41% 6,040,000 0 6,040,000 0 Y N Northwestern Mutual presently holds 6,040,000 shares of Series K (PPN 17260GA*4)of Issuer's Mandatory Redeemable Preferred Shares for the benefit of its general account. This holding encompasses an aggregate amount of the Series F, Series G, Series H, and Series J shares. All of these shares were acquired in the ordinary course of business, and not with the purpose or effect of changing or influencing control of the Issuer. 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. The Northwestern Mutual Life Insurance Company /s/ Douglas D. Timmer 01/17/2025