UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Item 8.01. Other Events.
CION Ares Management, LLC, under authority delegated by the Board of Trustees of CION Ares Diversified Credit Fund (the “Fund”) to declare distributions to the Fund’s shareholders, has elected to increase the daily distribution rate for Class A shares of common stock of the Fund (“Class A shares”), Class C shares of common stock of the Fund (“Class C shares”), Class I shares of common stock of the Fund (“Class I shares”), Class L shares of common stock of the Fund (“Class L shares”), Class U shares of common stock of the Fund (“Class U shares”), Class U-2 shares of common stock of the Fund (“Class U-2 shares”) and Class W shares of common stock of the Fund (“Class W shares”), effective April 1, 2023. The Fund records distributions from net investment income daily and pays distributions monthly to shareholders on such daily record dates.
Effective April 1, 2023, the daily distribution rate to Class A shares will increase to $0.0053084, which reflects 7.98% of the NAV of Class A shares as of February 28, 2023 on an annualized basis. The increased declared daily Class A share distribution rate equals a 15.0% increase compared to the previously declared distribution daily amount of $0.0046160 per Class A share.
Effective April 1, 2023, the daily distribution rate to Class C shares will increase to $0.0047763, which reflects 7.24% of the NAV of Class C shares as of February 28, 2023 on an annualized basis. The increased declared daily Class C share distribution rate equals a 17.0% increase compared to the previously declared distribution daily amount of $0.0040823 per Class C share.
Effective April 1, 2023, the daily distribution rate to Class I shares will increase to $0.0055467, which reflects 8.25% of the NAV of Class I shares as of February 28, 2023 on an annualized basis. The increased declared daily Class I share distribution rate equals a 15.0% increase compared to the previously declared distribution daily amount of $0.0048232 per Class I share.
Effective April 1, 2023, the daily distribution rate to Class L shares will increase to $0.0051839, which reflects 7.77% of the NAV of Class L shares as of February 28, 2023 on an annualized basis. The increased declared daily Class L share distribution rate equals a 16.0% increase compared to the previously declared distribution daily amount of $0.0044689 per Class L share.
Effective April 1, 2023, the daily distribution rate to Class U shares will increase to $0.0050044, which reflects 7.49% of the NAV of Class U shares as of February 28, 2023 on an annualized basis. The increased declared daily Class U share distribution rate equals a 17.0% increase compared to the previously declared distribution daily amount of $0.0042773 per Class U share.
Effective April 1, 2023, the daily distribution rate to Class U-2 shares will increase to $0.0050044, which reflects 7.50% of the NAV of Class U-2 shares as of February 28, 2023 on an annualized basis. The increased declared daily Class U-2 share distribution rate equals a 17.0% increase compared to the previously declared distribution daily amount of $0.0042773 per Class U-2 share.
Effective April 1, 2023, the daily distribution rate to Class W shares will increase to $0.0052286, which reflects 7.78% of the NAV of Class W shares as of February 28, 2023 on an annualized basis. The increased declared daily Class W share distribution rate equals a 17.0% increase compared to the previously declared distribution daily amount of $0.0044689 per Class W share.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
CION Ares Diversified Credit Fund | ||
Date: March 6, 2023 | By: | /s/ Gregg Schill |
Gregg Schill | ||
Vice President |
Cover |
Mar. 06, 2023 |
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Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Mar. 06, 2023 |
Entity File Number | 811-23165 |
Entity Registrant Name | CION ARES DIVERSIFIED CREDIT FUND |
Entity Central Index Key | 0001678124 |
Entity Tax Identification Number | 81-3755597 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | 100 Park Avenue |
Entity Address, Address Line Two | 25th Floor |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10017 |
City Area Code | 646 |
Local Phone Number | 845-2577 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
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