SCHEDULE 13G 0000009015 XXXXXXXX LIVE Mandatory Redeemable Preferred Shares 06/30/2025 0001678124 CION Ares Diversified Credit Fund 17260GA*4** 100 Park Avenue, 25th Floor New York NY 10017 Rule 13d-1(b) BARINGS LLC DE 0 3800000 0 3800000 3800000 N 8.88 IA ** This filing relates to the following CUSIP numbers: 17260GA*4 (Series K) and 17260GA@2 (Series L). (1) Massachusetts Mutual Life Insurance Company ("MassMutual"), a Massachusetts corporation, is the direct beneficial owner of 1,280,000 Series K Mandatory Redeemable Preferred Shares ("Series K Shares") of CION Ares Diversified Credit Fund (the "Issuer") and 949,232 Series L Mandatory Redeemable Preferred Shares ("Series L Shares" and, together with Series K Shares, the "Shares") of the Issuer; MassMutual Ascend Life Insurance Company ("Ascend"), an Ohio corporation, is the direct beneficial owner of 320,000 Series K Shares and 320,000 Series L Shares; Martello Re Limited ("Martello Re"), a Bermuda limited company, is the direct beneficial owner of 211,540 Series L Shares; Banner Life Insurance Company ("Banner"), a Maryland corporation, is the direct beneficial owner of 528,844 Series L Shares; and William Penn Life Insurance Company of New York ("William Penn"), a New York corporation, is the direct beneficial owner of 190,384 Series L Shares. All such Series K Shares and Series L Shares are held in one or more advisory accounts. Barings LLC ("Barings"), a Delaware limited liability company and wholly-owned indirect subsidiary of MassMutual, acts as investment adviser to these advisory accounts, and as such may also be deemed to be the beneficial owner of the Shares reported herein. (2) The Series K Shares and Series L Shares are part of a single class of the Issuer's preferred equity securities known as Mandatory Redeemable Preferred Shares ("MRPS"), so the Series K Shares and Series L Shares are combined together in this Schedule 13G and the percentage stated herein is calculated based on the Issuer's total outstanding number of MRPS as of April 21, 2025, as reported in the Issuer's Post-Effective Amendment No. 30 to its Registration Statement on Form N-2 filed with the Securities and Exchange Commission on April 29, 2025. CION Ares Diversified Credit Fund 100 Park Avenue, 25th Floor, New York, New York, 10017 Barings LLC 300 South Tryon Street Suite 2500 Charlotte, North Carolina 28202 Delaware N IA 3,800,000 Shares 8.88%, based on 42,800,000 shares of MRPS outstanding as of April 21, 2025, as reported in the Issuer's Post-Effective Amendment to Registration Statement on Form N-2 filed on April 29, 2025. 0 3,800,000 0 3,800,000 Y N This Schedule 13G is filed by Barings, the investment adviser of the MassMutual, Ascend, Martello Re, Banner and William Penn advisory accounts that acquired the securities to which this Schedule 13G applies. N Barings is filing this Schedule 13G pursuant to Rule 240.13d-1(b)(1)(ii)(E) as the investment adviser of the MassMututal, Ascend, Martello Re, Banner and William Penn advisory accounts that acquired the securities to which this Schedule 13G applies. 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. BARINGS LLC /s/ Melissa LaGrant 08/13/2025