CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

SENIOR LOANS(b)(c)(d)

Automobiles & Components

Automotive Keys Group, LLC and Automotive Keys Investor, LLC

1st Lien Term Loan

6.00% (3M LIBOR + 5.00%)

11/6/2025

$

1,784

$

1,748

(e)(f)

Continental Acquisition Holdings, Inc.

1st Lien Revolver

4.50% (1M LIBOR + 3.50%)

1/20/2026

1

1

(e)(h)

Continental Acquisition Holdings, Inc.

1st Lien Term Loan

7.75% (3M LIBOR + 6.75%)

1/20/2027

6,005

6,005

(e)(f)

Continental Acquisition Holdings, Inc.

1st Lien Delayed Draw Term Loan

7.75% (3M LIBOR + 6.75%)

1/20/2027

1,457

1,457

(e)

Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC

1st Lien Revolver

4.30% (1M LIBOR + 3.75%)

11/10/2025

1

1

(e)(h)

Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC

1st Lien Term Loan

5.25% (3M LIBOR + 4.50%)

11/9/2027

4,414

4,187

(i)

Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC

2nd Lien Term Loan

8.75% (3M LIBOR + 8.00%)

11/9/2028

5,942

5,586

(e)(f)

Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC

2nd Lien Delayed Draw Term Loan

8.75% (3M LIBOR + 8.00%)

11/9/2028

4,209

3,956

(e)

Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP

1st Lien Revolver

4.22% (1M LIBOR + 3.75%)

5/4/2026

1

1

(e)(h)

Sun Acquirer Corp. and Sun TopCo, LP

1st Lien Revolver

9/8/2027

1,059

—

(e)(h)

Sun Acquirer Corp. and Sun TopCo, LP

1st Lien Term Loan

6.50% (3M LIBOR + 5.75%)

9/8/2028

8,364

8,364

(e)

Sun Acquirer Corp. and Sun TopCo, LP

1st Lien Delayed Draw Term Loan

6.50% (3M LIBOR + 5.75%)

9/8/2028

4,864

2,599

(e)(h)

Truck Hero, Inc.

1st Lien Term Loan

4.00% (1M LIBOR + 3.25%)

1/31/2028

12,033

11,642

(i)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Wand Newco 3, Inc.

1st Lien Term Loan

3.46% (1M LIBOR + 3.00%)

2/5/2026

$

10,620

$

10,281

(i)

Wand Newco 3, Inc.

2nd Lien Term Loan

7.71% (1M LIBOR + 7.25%)

2/5/2027

3,000

2,940

(e)(f)

58,768

2.59

%

Capital Goods

Ali Group S.R.L.

Italy

1st Lien Term Loan

10/13/2028

1,890

1,860

(i)

Alliance Laundry Systems LLC

1st Lien Term Loan

4.25% (3M LIBOR + 3.50%)

10/8/2027

8,701

8,608

(i)

Artera Services, LLC

1st Lien Term Loan

4.51% (3M LIBOR + 3.50%)

3/6/2025

927

866

Box Bidco Limited

United Kingdom

1st Lien Term Loan

6.34% (6M LIBOR + 6.10%)

11/24/2028

1,691

1,691

(e)(f)

Box Bidco Limited

United Kingdom

1st Lien Term Loan

7.83% (6M EURIBOR + 7.83%)

11/24/2028

€

878

972

(e)(f)

Clarios Global LP

Canada

1st Lien Term Loan

3.71% (1M LIBOR + 3.25%)

4/30/2026

4,925

4,857

Conair Holdings LLC

1st Lien Term Loan

4.76% (3M LIBOR + 3.75%)

5/17/2028

2,246

2,206

CP Atlas Buyer Inc

1st Lien Term Loan

4.25% (1M LIBOR + 3.75%)

11/23/2027

10,486

10,173

Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP

1st Lien Revolver

12/30/2025

1,296

(13)

(e)(h)

Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP

1st Lien Term Loan

7.50% (3M LIBOR + 6.50%)

12/30/2026

3,293

3,260

(e)(f)

Dynasty Acquisition Co., Inc.

1st Lien Term Loan

4.51% (3M LIBOR + 3.50%)

4/6/2026

5,117

5,019

Eleda BidCo AB (fka EISG BidCo AB)

Sweden

1st Lien Term Loan

6.34% (3M STIBOR + 6.25%)

6/30/2026

SEK

21,000

2,236

(e)(f)

Eleda BidCo AB (fka EISG BidCo AB)

Sweden

1st Lien Delayed Draw Term Loan

6/30/2026

SEK

8,000

—

(e)(h)

Eleda BidCo AB (fka EISG BidCo AB)

Sweden

1st Lien Delayed Draw Term Loan

6.34% (3M STIBOR + 6.25%)

6/30/2026

SEK

9,070

966

(e)(f)

EPS NASS Parent, Inc.

1st Lien Revolver

6.75% (1M LIBOR + 5.75%)

4/17/2026

158

111

(e)(h)

EPS NASS Parent, Inc.

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

4/19/2028

5,817

5,817

(e)(f)

EPS NASS Parent, Inc.

1st Lien Delayed Draw Term Loan

4/19/2028

585

—

(e)(h)

FCG Acquisitions, Inc.

1st Lien Term Loan

4.25% (3M LIBOR + 3.75%)

3/31/2028

1,985

1,949

Husky Injection Molding Systems Ltd.

Canada

1st Lien Term Loan

3.35% (6M LIBOR + 3.00%)

3/28/2025

7,966

7,781

Kene Acquisition, Inc. and Kene Holdings, L.P.

1st Lien Revolver

5.26% (3M LIBOR + 4.25%)

8/8/2024

676

389

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Kene Acquisition, Inc. and Kene Holdings, L.P.

1st Lien Term Loan

5.25% (3M LIBOR + 4.25%)

8/10/2026

$

2,841

$

2,841

(e)(f)

Kene Acquisition, Inc. and Kene Holdings, L.P.

1st Lien Delayed Draw Term Loan

5.26% (3M LIBOR + 4.25%)

8/10/2026

475

475

(e)

Kodiak BP, LLC

1st Lien Term Loan

4.00% (1M LIBOR + 3.25%)

3/12/2028

11,483

11,210

LBM Acquisition LLC

1st Lien Term Loan

4.50% (3M LIBOR + 3.75%)

12/17/2027

9,894

9,638

Lower ACS, Inc.

1st Lien Revolver

1/7/2028

2,356

(47)

(e)(h)

Lower ACS, Inc.

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

1/7/2028

9,783

9,686

(e)(f)

Lower ACS, Inc.

1st Lien Delayed Draw Term Loan

1/7/2028

8,173

(82)

(e)(h)

Madison IAQ LLC

1st Lien Term Loan

4.52% (2M LIBOR + 3.25%)

6/21/2028

9,929

9,772

(i)

Maverick Acquisition, Inc.

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

6/1/2027

5,334

5,174

(e)(f)

Maverick Acquisition, Inc.

1st Lien Delayed Draw Term Loan

7.00% (3M LIBOR + 6.00%)

6/1/2027

1,915

1,158

(e)(h)

Maverick Acquisition, Inc.

1st Lien Delayed Draw Term Loan

6/1/2027

1,255

(38)

(e)(h)

Osmose Utilities Services, Inc. and Pine Intermediate Holding LLC

2nd Lien Term Loan

7.25% (1M LIBOR + 6.75%)

6/25/2029

8,237

8,155

(e)

Osmosis Buyer Limited

1st Lien Term Loan

4.50% (SOFR + 4.00%)

7/31/2028

6,474

6,401

(i)

Osmosis Buyer Limited

1st Lien Term Loan

4.50% (SOFR + 3.75%)

7/31/2028

7,566

7,488

Osmosis Buyer Limited

1st Lien Delayed Draw Term Loan

4.50% (SOFR + 4.00%)

7/31/2028

1,471

1,455

(i)

Patagonia BidCo Limited

United Kingdom

1st Lien Term Loan

5.64% (SONIA + 5.25%)

11/1/2028

₤

3,482

4,401

(i)

Patagonia BidCo Limited

United Kingdom

1st Lien Term Loan

5.45% (SONIA + 5.25%)

11/1/2028

₤

633

800

(i)

Radius Aerospace, Inc. and Radius Aerospace Europe Limited

United Kingdom

1st Lien Revolver

3/29/2025

₤

186

(2)

(e)(h)

Radius Aerospace, Inc. and Radius Aerospace Europe Limited

1st Lien Revolver

6.75% (SOFR + 5.75%)

3/29/2025

429

96

(e)(h)

Radius Aerospace, Inc. and Radius Aerospace Europe Limited

United Kingdom

1st Lien Term Loan

6.75% (SOFR + 5.75%)

3/29/2025

1,590

1,574

(e)(f)

Radius Aerospace, Inc. and Radius Aerospace Europe Limited

1st Lien Term Loan

6.75% (SOFR + 5.75%)

3/29/2025

2,259

2,236

(e)(f)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Specialty Building Products Holdings, LLC

1st Lien Term Loan

4.30% (1M LIBOR + 3.75%)

10/15/2028

$

7,000

$

6,821

(i)

SPX FLOW, Inc.

1st Lien Term Loan

5.00% (SOFR + 4.50%)

4/5/2029

3,907

3,803

(i)

SRS Distribution Inc.

1st Lien Term Loan

4.00% (SOFR + 3.50%)

6/2/2028

3,370

3,323

SRS Distribution Inc.

1st Lien Term Loan

4.02% (6M LIBOR + 3.50%)

6/2/2028

6,092

6,011

Star US Bidco LLC

1st Lien Term Loan

5.25% (1M LIBOR + 4.25%)

3/17/2027

3,567

3,520

Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, Diecast Beacon

1st Lien Revolver

10/31/2022

1

—

(e)(h)

Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, Diecast Beacon

1st Lien Term Loan

5.75% (3M LIBOR + 4.75%)

10/31/2023

119

119

(e)(f)

Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, Diecast Beacon

1st Lien Term Loan

5.76% (3M LIBOR + 4.75%)

10/31/2023

487

487

(e)(f)

TransDigm Group Incorporated

1st Lien Term Loan

2.71% (1M LIBOR + 2.25%)

8/22/2024

422

416

TransDigm Group Incorporated

1st Lien Term Loan

2.71% (1M LIBOR + 2.25%)

12/9/2025

2,962

2,910

Turbo Acquisitions 10 Bidco Limited

United Kingdom

1st Lien Term Loan

8.06% (SONIA + 7.25%)

2/26/2027

₤

2,516

3,304

(e)(f)

Turbo Acquisitions 10 Bidco Limited

United Kingdom

1st Lien Delayed Draw Term Loan

7.97% (SONIA + 7.25%)

2/26/2027

₤

2,692

2,482

(e)(h)

Turbo Acquisitions 10 Bidco Limited

United Kingdom

1st Lien Delayed Draw Term Loan

8.06% (SONIA + 7.25%)

2/26/2027

₤

2,827

3,713

(e)(f)

VC GB Holdings I Corp

1st Lien Term Loan

4.51% (3M LIBOR + 3.50%)

7/21/2028

733

708

VC GB Holdings I Corp

2nd Lien Term Loan

7.76% (3M LIBOR + 6.75%)

7/23/2029

3,200

3,088

Victory Buyer LLC

1st Lien Term Loan

4.25% (3M LIBOR + 3.75%)

11/19/2028

6,402

6,314

Welbilt Inc

1st Lien Term Loan

2.96% (1M LIBOR + 2.50%)

10/23/2025

7,902

7,823

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Wilsonart LLC

1st Lien Term Loan

4.25% (3M LIBOR + 3.25%)

12/31/2026

$

13,398

$

13,037

209,018

9.20

%

Commercial & Professional Services

Aero Operating LLC

1st Lien Term Loan

8.00% (1M LIBOR + 7.00%)

2/9/2026

2,958

2,958

(e)(f)

Aero Operating LLC

1st Lien Delayed Draw Term Loan

8.50% (1M LIBOR + 7.00%)

2/9/2026

823

823

(e)

AlixPartners, LLP

1st Lien Term Loan

3.25% (1M LIBOR + 2.75%)

2/4/2028

1,980

1,947

Argenbright Holdings V, LLC

1st Lien Term Loan

7.00% (1M LIBOR + 6.00%)

11/30/2026

2,841

2,813

(e)(f)

Argenbright Holdings V, LLC

1st Lien Delayed Draw Term Loan

11/30/2026

178

(2)

(e)(h)

Auxadi Midco S.L.U.

Spain

1st Lien Term Loan

4.75% (3M EURIBOR + 4.75%)

7/17/2028

€

836

926

(e)

Auxadi Midco S.L.U.

Spain

1st Lien Term Loan

7/17/2028

€

364

—

(e)(h)

Auxadi Midco S.L.U.

Spain

1st Lien Delayed Draw Term Loan

7/17/2028

€

909

—

(e)(h)

Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP

1st Lien Revolver

11/12/2025

1,150

—

(e)(h)

Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP

1st Lien Term Loan

5.75% (1M LIBOR + 4.75%)

11/12/2027

10,925

10,925

(e)(f)

Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP

1st Lien Delayed Draw Term Loan

5.75% (1M LIBOR + 4.75%)

11/12/2027

1,678

641

(e)(h)

Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP

2nd Lien Term Loan

9.75% (1M LIBOR + 8.75%)

11/13/2028

3,008

3,008

(e)(f)

Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP

2nd Lien Delayed Draw Term Loan

11/13/2028

531

—

(e)(h)

Dun & Bradstreet Corporation

1st Lien Term Loan

3.56% (SOFR + 3.25%)

1/18/2029

2,000

1,980

Dun & Bradstreet Corporation

1st Lien Term Loan

3.70% (1M LIBOR + 3.25%)

2/6/2026

6,772

6,701

Elevation Services Parent Holdings, LLC

1st Lien Revolver

7.00% (3M LIBOR + 6.00%)

12/18/2026

386

296

(e)(h)

Elevation Services Parent Holdings, LLC

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

12/18/2026

1,333

1,333

(e)(f)

Elevation Services Parent Holdings, LLC

1st Lien Delayed Draw Term Loan

7.00% (3M LIBOR + 6.00%)

12/18/2026

1,782

1,782

(e)

EUCALYPTUS BIDCO PTY LTD

Australia

1st Lien Term Loan

12/23/2027

AUD

1,337

—

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

EUCALYPTUS BIDCO PTY LTD

Australia

1st Lien Term Loan

6.75% (BBSY + 6.50%)

12/23/2027

AUD

11,142

$

8,342

(e)(f)

FC Sun Intressenter AB

Sweden

1st Lien Term Loan

5.85% (SONIA + 5.75%)

12/21/2028

€

8,685

9,598

(e)(f)

FC Sun Intressenter AB

Sweden

1st Lien Delayed Draw Term Loan

5.76% (3M STIBOR + 5.75%)

12/21/2028

€

10,909

3,420

(e)(h)

GFL Environmental Inc.

Canada

1st Lien Term Loan

3.50% (3M LIBOR + 3.00%)

5/30/2025

2,565

2,553

HH-Stella, Inc. and Bedrock Parent Holdings, LP

1st Lien Revolver

6.50% (1M LIBOR + 5.50%)

4/22/2027

444

228

(e)(h)

HH-Stella, Inc. and Bedrock Parent Holdings, LP

1st Lien Term Loan

6.50% (1M LIBOR + 5.50%)

4/24/2028

6,139

6,139

(e)(f)

HH-Stella, Inc. and Bedrock Parent Holdings, LP

1st Lien Delayed Draw Term Loan

6.50% (1M LIBOR + 5.50%)

4/24/2028

1,978

405

(e)(h)

IRI Holdings, Inc., IRI Group Holdings, Inc. and IRI Parent, L.P.

1st Lien Term Loan

4.71% (1M LIBOR + 4.25%)

12/1/2025

1,631

1,631

(e)(f)

IRI Holdings, Inc., IRI Group Holdings, Inc. and IRI Parent, L.P.

2nd Lien Term Loan

8.46% (1M LIBOR + 8.00%)

11/30/2026

1,472

1,472

(e)(f)

Kellermeyer Bergensons Services, LLC

1st Lien Term Loan

6.75% (3M LIBOR + 6.00%)

11/7/2026

1,760

1,760

(e)(f)

Kellermeyer Bergensons Services, LLC

1st Lien Term Loan

6.75% (6M LIBOR + 5.75%)

11/7/2026

6,083

6,083

(e)

Kellermeyer Bergensons Services, LLC

1st Lien Delayed Draw Term Loan

6.75% (3M LIBOR + 5.75%)

11/7/2026

387

387

(e)

Kellermeyer Bergensons Services, LLC

1st Lien Delayed Draw Term Loan

6.75% (3M LIBOR + 6.00%)

11/7/2026

4,549

4,549

(e)

Laboratories Bidco LLC and Laboratories Topco LLC

1st Lien Revolver

8.25% (PRIME + 4.75%)

7/23/2027

1,562

130

(e)(h)

Laboratories Bidco LLC and Laboratories Topco LLC

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

7/23/2027

3,996

3,996

(e)

Laboratories Bidco LLC and Laboratories Topco LLC

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

7/23/2027

5,826

5,826

(e)(f)

Laboratories Bidco LLC and Laboratories Topco LLC

1st Lien Term Loan

6.75% (3M CDOR + 6.00%)

7/23/2027

CAD

1,775

1,422

(e)(f)

Laboratories Bidco LLC and Laboratories Topco LLC

1st Lien Delayed Draw Term Loan

7/23/2027

2,201

—

(e)(h)

Lavatio Midco Sarl

Luxembourg

1st Lien Delayed Draw Term Loan

7.50% (6M EURIBOR + 7.25%)

11/30/2026

€

802

844

(e)(f)

Lavatio Midco Sarl

Luxembourg

1st Lien Delayed Draw Term Loan

7.50% (6M EURIBOR + 7.25%)

11/30/2026

€

990

632

(e)(h)

Lowe P27 Bidco Limited

United Kingdom

1st Lien Delayed Draw Term Loan

8.25% (6M LIBOR + 7.50%)

7/31/2026

610

573

(e)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Lowe P27 Bidco Limited

United Kingdom

1st Lien Delayed Draw Term Loan

8.25% (SONIA + 7.50%)

7/31/2026

₤

2,031

$

2,165

(e)(h)

Marmic Purchaser, LLC and Marmic Topco, L.P.

1st Lien Revolver

7.00% (SOFR + 6.00%)

3/5/2027

287

129

(e)(h)

Marmic Purchaser, LLC and Marmic Topco, L.P.

1st Lien Term Loan

7.00% (SOFR + 6.00%)

3/5/2027

2,042

2,042

(e)(f)

Marmic Purchaser, LLC and Marmic Topco, L.P.

1st Lien Delayed Draw Term Loan

7.00% (3M LIBOR + 6.00%)

3/5/2027

1,196

1,196

(e)

Marmic Purchaser, LLC and Marmic Topco, L.P.

1st Lien Delayed Draw Term Loan

3/5/2027

2,543

—

(e)(h)

MIP V Waste, LLC

1st Lien Term Loan

3.75% (1M LIBOR + 3.25%)

12/8/2028

5,000

4,938

MPLC Debtco Limited

Jersey

1st Lien Delayed Draw Term Loan

7.75% (SONIA + 7.25%)

1/7/2027

₤

1,052

1,381

(e)(f)

MPLC Debtco Limited

Jersey

1st Lien Delayed Draw Term Loan

8.75% (6M LIBOR + 7.25%)

1/7/2027

2,100

2,100

(e)(f)

Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1

1st Lien Term Loan

9.00% (3M LIBOR + 8.50%)

8/31/2029

13,162

13,162

(e)

Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1

1st Lien Delayed Draw Term Loan

8/31/2029

13,162

—

(e)(h)

North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC

1st Lien Revolver

5/19/2027

411

—

(e)(h)

North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC

1st Lien Term Loan

7.00% (SOFR + 6.00%)

5/19/2027

2,321

2,321

(e)(f)

North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC

1st Lien Delayed Draw Term Loan

6.75% (3M LIBOR + 6.00%)

5/19/2027

2,456

2,195

(e)(h)

North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC

1st Lien Delayed Draw Term Loan

5/19/2027

3,471

—

(e)(h)

North Haven Stack Buyer, LLC

1st Lien Revolver

6.50% (3M LIBOR + 5.50%)

7/16/2027

259

26

(e)(h)

North Haven Stack Buyer, LLC

1st Lien Term Loan

6.50% (2M LIBOR + 5.50%)

7/16/2027

1,330

1,330

(e)

North Haven Stack Buyer, LLC

1st Lien Delayed Draw Term Loan

6.50% (3M LIBOR + 5.50%)

7/16/2027

1,016

105

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Orbit Private Holdings I Ltd

United Kingdom

1st Lien Term Loan

6.50% (SONIA + 5.75%)

12/11/2028

₤

4,915

$

6,326

(e)

Packers Holdings LLC

1st Lien Term Loan

4.00% (3M LIBOR + 3.25%)

3/9/2028

5,181

5,096

Petroleum Service Group LLC

1st Lien Revolver

7.00% (3M LIBOR + 6.00%)

7/23/2025

2,106

772

(e)(h)

Petroleum Service Group LLC

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

7/23/2025

8,908

8,908

(e)(f)

Petroleum Service Group LLC

1st Lien Delayed Draw Term Loan

7.00% (3M LIBOR + 6.00%)

7/23/2025

1,713

1,515

(e)(h)

PX HoldCo3 Limited

United Kingdom

1st Lien Delayed Draw Term Loan

7.81% (SONIA + 7.00%)

4/27/2027

₤

553

290

(e)(h)

PX HoldCo3 Limited

United Kingdom

1st Lien Delayed Draw Term Loan

7.56% (SONIA + 7.00%)

4/27/2027

₤

2,947

3,871

(e)(f)

Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P.

1st Lien Revolver

8/26/2027

764

—

(e)(h)

Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P.

1st Lien Term Loan

6.00% (3M LIBOR + 5.00%)

8/26/2027

4,178

4,178

(e)

Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P.

1st Lien Delayed Draw Term Loan

8/26/2027

2,327

—

(e)(h)

Restaurant Technologies, Inc.

1st Lien Term Loan

5.50% (PRIME + 2.00%)

10/1/2025

2,992

2,977

Rodeo AcquisitionCo LLC

1st Lien Revolver

7.00% (3M LIBOR + 6.00%)

7/26/2027

311

69

(e)(h)

Rodeo AcquisitionCo LLC

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

7/26/2027

2,113

2,092

(e)

Rodeo AcquisitionCo LLC

1st Lien Delayed Draw Term Loan

7/26/2027

460

(5)

(e)(h)

RSK Group Limited

United Kingdom

1st Lien Term Loan

5.56% (SONIA + 5.00%)

8/7/2028

₤

3,276

3,182

(e)(h)

RSK Group Limited

United Kingdom

1st Lien Term Loan

5.25%

8/7/2028

€

986

1,092

(e)(f)

RSK Group Limited

United Kingdom

1st Lien Term Loan

5.81% (SONIA + 5.00%)

8/7/2028

₤

7,881

10,352

(e)(f)

Schill Landscaping and Lawn Care Services LLC and Landscape Parallel Partners, L.P.

1st Lien Revolver

12/16/2027

720

(18)

(e)(h)

Schill Landscaping and Lawn Care Services LLC and Landscape Parallel Partners, L.P.

1st Lien Term Loan

6.75% (1M LIBOR + 5.75%)

12/16/2027

2,590

2,564

(e)(f)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Schill Landscaping and Lawn Care Services LLC and Landscape Parallel Partners, L.P.

1st Lien Delayed Draw Term Loan

12/16/2027

$

1,542

$

(15)

(e)(h)

SLR BD Limited

United Kingdom

1st Lien Term Loan

7.72% (SONIA + 7.00%)

9/22/2028

₤

1,226

1,611

(e)(f)

SLR BD Limited

United Kingdom

1st Lien Term Loan

8.29% (6M LIBOR + 7.00%)

9/22/2028

753

753

(e)(f)

SLR BD Limited

United Kingdom

1st Lien Delayed Draw Term Loan

7.97% (SONIA + 7.00%)

9/22/2028

₤

1,232

481

(e)(h)

SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP

1st Lien Revolver

3.00% (1M LIBOR + 2.00%)

6/30/2025

3

1

(e)(h)

SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP

1st Lien Term Loan

10.22% (3M LIBOR + 9.22%)

6/30/2026

615

560

(e)(f)

Stealth Holding LLC and UCIT Online Security Inc.

Canada

1st Lien Term Loan

7.75% (3M LIBOR + 6.75%)

3/2/2026

1,649

1,649

(e)(f)

Stealth Holding LLC and UCIT Online Security Inc.

1st Lien Term Loan

7.75% (SOFR + 6.75%)

3/2/2026

2,473

2,473

(e)(f)

Stealth Holding LLC and UCIT Online Security Inc.

1st Lien Delayed Draw Term Loan

7.75% (3M LIBOR + 6.75%)

3/2/2026

986

986

(e)

Stealth Holding LLC and UCIT Online Security Inc.

1st Lien Delayed Draw Term Loan

7.75% (SOFR + 6.75%)

3/2/2026

1,787

179

(e)(h)

SURVITEC GROUP HOLDCO LIMITED

United Kingdom

1st Lien Term Loan

7.82% (SONIA + 7.50%)

4/6/2027

₤

9,000

11,822

(e)(f)

Tempo Acquisition, LLC

1st Lien Term Loan

3.21% (1M LIBOR + 2.75%)

5/1/2024

166

165

Tempo Acquisition, LLC

1st Lien Term Loan

3.50% (SOFR + 3.00%)

8/31/2028

1,371

1,361

(i)

Thermostat Purchaser III, Inc.

1st Lien Revolver

8/31/2026

100

—

(e)(h)

Thermostat Purchaser III, Inc.

2nd Lien Term Loan

8.00% (3M LIBOR + 7.25%)

8/31/2029

3,575

3,540

(e)

Thermostat Purchaser III, Inc.

2nd Lien Delayed Draw Term Loan

8/31/2029

612

—

(e)(h)

Tiger Parent Inc. (IPS)

2nd Lien Term Loan

8.50% (3M LIBOR + 7.75%)

11/22/2029

4,983

4,983

(e)

Trans Union LLC

1st Lien Term Loan

2.75% (1M LIBOR + 2.25%)

12/1/2028

8,568

8,493

Visual Edge Technology, Inc.

1st Lien Term Loan

9.75% (3M LIBOR + 8.25%)

8/31/2022

161

153

(e)(f)(g)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Visual Edge Technology, Inc.

1st Lien Delayed Draw Term Loan

9.75% (3M LIBOR + 8.25%)

8/31/2022

$

1,977

$

1,878

(e)(f)(g)

VLS Environmental Solutions, LLC

1st Lien Revolver

6.50% (1M LIBOR + 5.50%)

10/17/2024

622

53

(e)(h)

VLS Environmental Solutions, LLC

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

10/17/2024

3,902

3,902

(e)

VLS Environmental Solutions, LLC

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

10/17/2024

972

972

(e)(f)

VLS Environmental Solutions, LLC

1st Lien Delayed Draw Term Loan

6.50% (3M LIBOR + 5.50%)

10/17/2024

1,154

1,154

(e)

VLS Environmental Solutions, LLC

1st Lien Delayed Draw Term Loan

6.50% (3M LIBOR + 5.50%)

10/17/2024

43

43

(e)(f)

VLS Environmental Solutions, LLC

1st Lien Delayed Draw Term Loan

10/17/2024

1,385

—

(e)(h)

229,669

10.11

%

Consumer Durables & Apparel

Centric Brands LLC and Centric Brands GP LLC

1st Lien Revolver

6.50% (3M LIBOR + 5.50%)

10/9/2024

269

152

(e)(h)

Centric Brands LLC and Centric Brands GP LLC

1st Lien Term Loan

10.00% (3M LIBOR + 9.00%)

10/9/2025

2,368

2,368

(e)

Crocs, Inc.

1st Lien Term Loan

4.00% (SOFR + 3.50%)

2/20/2029

3,830

3,730

DRS Holdings III, Inc. and DRS Holdings I, Inc.

1st Lien Revolver

11/1/2025

173

—

(e)(h)

DRS Holdings III, Inc. and DRS Holdings I, Inc.

1st Lien Term Loan

6.75% (1M LIBOR + 5.75%)

11/1/2025

13,668

13,668

(e)(f)

DRS Holdings III, Inc. and DRS Holdings I, Inc.

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

11/1/2025

1,986

1,986

(e)(f)

LHS Borrower, LLC

1st Lien Term Loan

5.25% (SOFR + 4.75%)

2/16/2029

7,825

7,727

MSG National Properties, LLC

1st Lien Term Loan

7.00% (3M LIBOR + 6.25%)

11/12/2025

741

737

(e)

New Era Cap, LLC

1st Lien Term Loan

6.75% (3M LIBOR + 6.00%)

7/13/2027

12,811

12,683

(e)(f)

Rawlings Sporting Goods Company, Inc. and Easton Diamond Sports, LLC

1st Lien Revolver

4.75% (1M LIBOR + 3.75%)

12/31/2025

1

1

(e)(h)

Rawlings Sporting Goods Company, Inc. and Easton Diamond Sports, LLC

1st Lien Term Loan

7.75% (3M LIBOR + 6.75%)

12/31/2026

6,712

6,712

(e)(f)

TGP Holdings III LLC

1st Lien Term Loan

4.25% (1M LIBOR + 3.50%)

6/29/2028

7,308

6,979

TGP Holdings III LLC

1st Lien Delayed Draw Term Loan

6/29/2028

964

(43)

(h)

56,700

2.50

%

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Consumer Services

A.U.L. Corp.

1st Lien Revolver

6/5/2023

$

1

$

—

(e)(h)

A.U.L. Corp.

1st Lien Term Loan

5.50% (1M LIBOR + 4.50%)

6/5/2023

28

28

(e)(f)

Aimbridge Acquisition Co., Inc.

2nd Lien Term Loan

7.73% (1M LIBOR + 7.50%)

2/1/2027

4,788

4,596

(e)(f)

Alterra Mountain Company

1st Lien Term Loan

4.00% (1M LIBOR + 3.50%)

8/17/2028

2,878

2,853

American Residential Services L.L.C. and Aragorn Parent Holdings LP

1st Lien Revolver

3.70% (1M LIBOR + 3.25%)

10/15/2025

1

—

(e)(h)

American Residential Services L.L.C. and Aragorn Parent Holdings LP

2nd Lien Term Loan

9.50% (3M LIBOR + 8.50%)

10/16/2028

8,314

8,314

(e)

Apollo Finco BV

Belgium

1st Lien Term Loan

4.88% (3M EURIBOR + 4.88%)

10/2/2028

€

5,000

5,293

Aspris Bidco Limited and Aspris Midco Limited

United Kingdom

1st Lien Term Loan

6.97% (SONIA + 6.25%)

8/23/2028

₤

3,234

4,249

(e)(f)

Aspris Bidco Limited and Aspris Midco Limited

United Kingdom

1st Lien Delayed Draw Term Loan

6.57% (SONIA + 6.25%)

8/23/2028

₤

1,406

1,847

(e)

Caesars Resort Collection, LLC

1st Lien Term Loan

3.21% (1M LIBOR + 2.75%)

12/23/2024

6,232

6,193

(i)

Caesars Resort Collection, LLC

1st Lien Term Loan

3.96% (1M LIBOR + 3.50%)

7/21/2025

10,149

10,104

(i)

Canopy Bidco Limited

United Kingdom

1st Lien Term Loan

6.81% (SONIA + 6.00%)

12/18/2024

₤

509

668

(e)(f)

Canopy Bidco Limited

United Kingdom

1st Lien Delayed Draw Term Loan

7.81% (SONIA + 7.25%)

12/18/2024

₤

502

172

(e)(f)(h)

CC Fly Holding II A/S

Denmark

1st Lien Term Loan

9.67% (3M CIBOR + 8.25%)

5/9/2025

DKK

629

91

(e)(f)

CC Fly Holding II A/S

Denmark

1st Lien Delayed Draw Term Loan

8.75% (3M CIBOR + 8.25%)

5/9/2025

DKK

4,842

663

(e)(f)

CC Fly Holding II A/S

Denmark

1st Lien Delayed Draw Term Loan

9.67% (3M CIBOR + 8.25%)

5/9/2025

DKK

2,987

387

(e)(f)(h)

Entain PLC

Isle Of Man

1st Lien Term Loan

3.74% (6M LIBOR + 2.25%)

3/29/2027

4,963

4,913

Equinox Holdings Inc.

1st Lien Term Loan

4.01% (3M LIBOR + 3.00%)

3/8/2024

2,566

2,407

Equinox Holdings Inc.

2nd Lien Term Loan

8.01% (3M LIBOR + 7.00%)

9/6/2024

5,736

5,022

Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC

1st Lien Revolver

11/17/2025

1,560

—

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

11/16/2026

$

9,693

$

9,693

(e)(f)

Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC

1st Lien Delayed Draw Term Loan

6.75% (3M LIBOR + 5.75%)

11/16/2026

30,196

22,341

(e)(h)

EuroParcs Topholding B.V.

Netherlands

1st Lien Term Loan

5.75% (3M EURIBOR + 5.75%)

7/3/2026

€

2,652

2,936

(e)

EuroParcs Topholding B.V.

Netherlands

1st Lien Delayed Draw Term Loan

5.75% (3M EURIBOR + 5.75%)

7/3/2026

€

313

346

(e)

EuroParcs Topholding B.V.

Netherlands

1st Lien Delayed Draw Term Loan

6.25% (3M EURIBOR + 6.25%)

7/3/2026

€

2,830

3,132

(e)(h)

EuroParcs Topholding B.V.

Netherlands

1st Lien Delayed Draw Term Loan

5.75% (1M EURIBOR + 5.75%)

7/3/2026

€

1,549

1,714

(e)

Fertitta Entertainment, LLC

1st Lien Term Loan

4.50% (SOFR + 4.00%)

1/27/2029

2,060

2,047

Goldcup 16786 AB

Sweden

1st Lien Delayed Draw Term Loan

7.00% (6M STIBOR + 6.50%)

8/18/2025

SEK

10,000

1,065

(e)(f)

Horizon Bidco S.A.S

France

1st Lien Term Loan

6.75% (3M EURIBOR + 6.75%)

10/2/2028

€

6,010

6,653

(e)(f)

Horizon Bidco S.A.S

France

1st Lien Term Loan

10/2/2028

€

3,082

—

(e)(f)(h)

Horizon Bidco S.A.S

France

1st Lien Term Loan

7.56% (SONIA + 6.75%)

10/2/2028

₤

9,567

12,567

(e)(f)

IRB Holding Corp.

1st Lien Term Loan

3.76% (3M LIBOR + 2.75%)

2/5/2025

7,983

7,913

IRB Holding Corp.

1st Lien Term Loan

3.75% (SOFR + 3.00%)

12/15/2027

10,322

10,254

(i)

Jim N Nicks Management, LLC

1st Lien Revolver

6.25% (3M LIBOR + 5.25%)

7/10/2023

1

—

(e)(h)

Jim N Nicks Management, LLC

1st Lien Term Loan

6.25% (3M LIBOR + 5.25%)

7/10/2023

48

48

(e)(f)

Learning Care Group US No. 2 Inc.

1st Lien Term Loan

4.25% (3M LIBOR + 3.25%)

3/13/2025

6,377

6,271

(i)

Learning Care Group US No. 2 Inc.

1st Lien Term Loan

9.54% (3M LIBOR + 8.50%)

3/13/2025

983

983

Len the Plumber, LLC, LTP Neffsville, LLC, LTP of NJ, LLC, LTP LSI, LLC, LTP RB, LLC and Precision Air of Georgia, LLC

1st Lien Term Loan

7.00% (SOFR + 6.00%)

2/17/2026

2,085

2,085

(e)(f)

LGDN Bidco Limited

United Kingdom

1st Lien Revolver

7/9/2027

₤

100

—

(e)(h)

LGDN Bidco Limited

United Kingdom

1st Lien Term Loan

8.56% (SONIA + 7.75%)

7/9/2027

₤

1,923

1,583

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

LGDN Bidco Limited

United Kingdom

1st Lien Delayed Draw Term Loan

8.56% (SONIA + 7.75%)

7/9/2027

₤

359

$

472

(e)(f)

LSP Holdco, LLC and ZBS Mechanical Group Co-Invest Fund 2, LLC

1st Lien Revolver

10/7/2026

127

(3)

(e)(h)

LSP Holdco, LLC and ZBS Mechanical Group Co-Invest Fund 2, LLC

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

10/7/2026

879

870

(e)(f)

LSP Holdco, LLC and ZBS Mechanical Group Co-Invest Fund 2, LLC

1st Lien Delayed Draw Term Loan

7.00% (3M LIBOR + 6.00%)

10/7/2026

1,990

1,644

(e)(h)

MC Plato Bidco Limited and MC Plato Midco Limited

United Kingdom

1st Lien Term Loan

7.56% (SONIA + 6.84%)

8/17/2028

₤

5,702

7,489

(e)(f)

MC Plato Bidco Limited and MC Plato Midco Limited

United Kingdom

1st Lien Delayed Draw Term Loan

8/17/2028

₤

1,188

—

(e)(h)

Mister Car Wash Holdings, Inc.

1st Lien Term Loan

3.46% (1M LIBOR + 3.00%)

5/14/2026

4,670

4,602

Movati Athletic (Group) Inc.

Canada

1st Lien Term Loan

7.45% (PRIME + 4.20%)

10/5/2024

CAD

259

191

(e)(f)

Movati Athletic (Group) Inc.

Canada

1st Lien Delayed Draw Term Loan

7.50% (3M CDOR + 6.50%)

10/5/2024

CAD

188

138

(e)

Redwood Services, LLC and Redwood Services Holdco, LLC

1st Lien Revolver

12/31/2025

158

—

(e)(h)

Redwood Services, LLC and Redwood Services Holdco, LLC

1st Lien Term Loan

8.00% (1M LIBOR + 7.00%)

12/31/2025

791

791

(e)

Redwood Services, LLC and Redwood Services Holdco, LLC

1st Lien Delayed Draw Term Loan

8.00% (1M LIBOR + 7.00%)

12/31/2025

2,793

1,379

(e)(h)

Safe Home Security, Inc., Security Systems Inc., Safe Home Monitoring, Inc., National Protective Services, Inc., Bright Integrations LLC and Medguard Alert, Inc.

1st Lien Term Loan

8.25% (1M LIBOR + 7.25%)

8/5/2024

1,297

1,297

(e)(f)

Safe Home Security, Inc., Security Systems Inc., Safe Home Monitoring, Inc., National Protective Services, Inc., Bright Integrations LLC and Medguard Alert, Inc.

1st Lien Delayed Draw Term Loan

8.25% (1M LIBOR + 7.25%)

8/5/2024

287

102

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Service Logic Acquisition, Inc.

1st Lien Revolver

4.46% (1M LIBOR + 4.00%)

10/30/2025

$

1,007

$

131

(e)(h)

Service Logic Acquisition, Inc.

1st Lien Term Loan

4.75% (1M LIBOR + 4.00%)

10/29/2027

5,993

5,923

Service Logic Acquisition, Inc.

1st Lien Delayed Draw Term Loan

10/29/2027

498

(6)

(h)

Sunshine Cadence HoldCo, LLC

2nd Lien Term Loan

8.73% (6M LIBOR + 8.38%)

3/23/2028

383

330

(e)

SV-Burton Holdings, LLC & LBC Breeze Holdings LLC

1st Lien Revolver

12/6/2027

416

(8)

(e)(h)

SV-Burton Holdings, LLC & LBC Breeze Holdings LLC

1st Lien Term Loan

6.50% (1M LIBOR + 5.50%)

12/6/2027

2,392

2,368

(e)(f)

SV-Burton Holdings, LLC & LBC Breeze Holdings LLC

1st Lien Delayed Draw Term Loan

6.50% (1M LIBOR + 5.50%)

12/6/2027

1,370

106

(e)(h)

United PF Holdings, LLC

1st Lien Term Loan

9.50% (3M LIBOR + 8.50%)

12/30/2026

1,337

1,346

(e)

United PF Holdings, LLC

1st Lien Term Loan

5.01% (3M LIBOR + 4.00%)

12/30/2026

7,703

7,384

(i)

Whatabrands LLC

1st Lien Term Loan

3.75% (1M LIBOR + 3.25%)

8/3/2028

7,183

7,089

YE Brands Holdings, LLC

1st Lien Revolver

10/18/2027

165

(4)

(e)(h)

YE Brands Holdings, LLC

1st Lien Term Loan

6.25% (1M LIBOR + 5.50%)

10/18/2027

1,079

1,068

(e)(f)

194,130

8.55

%

Diversified Financials

Alpha Luxco 2 Sarl

Luxembourg

1st Lien Delayed Draw Term Loan

6.25% (3M EURIBOR + 5.75%)

1/9/2025

€

1,005

1,112

(e)(f)(g)

BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC

1st Lien Term Loan

7.00% (3M LIBOR + 6.25%)

9/15/2027

7,377

7,377

(e)

Beacon Pointe Harmony, LLC

1st Lien Revolver

12/29/2027

909

(18)

(e)(h)

Beacon Pointe Harmony, LLC

1st Lien Term Loan

6.00% (3M LIBOR + 5.25%)

12/29/2028

6,139

6,078

(e)

Beacon Pointe Harmony, LLC

1st Lien Delayed Draw Term Loan

12/29/2028

3,175

(32)

(e)(h)

BLAUWTRUST HOLDING B.V

Netherlands

1st Lien Delayed Draw Term Loan

1/8/2029

€

611

—

(e)(g)(h)

BLAUWTRUST HOLDING B.V

Netherlands

1st Lien Delayed Draw Term Loan

7.00% (6M EURIBOR + 7.00%)

1/8/2029

€

5,389

5,966

(e)(f)

Camelot U.S. Acquisition 1 Co.

1st Lien Term Loan

3.46% (3M LIBOR + 3.00%)

10/30/2026

3,980

3,932

Convera International Holdings Limited and Convera International Financial S.a r.l.

Jersey

1st Lien Revolver

3/1/2027

1,777

(40)

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Convera International Holdings Limited and Convera International Financial S.a r.l.

Jersey

1st Lien Term Loan

6.50% (SOFR + 5.75%)

3/1/2028

$

21,318

$

21,105

(e)(f)

Driven Brands, Inc. and Driven Holdings, LLC

1st Lien Term Loan

3.52% (3M LIBOR + 3.00%)

12/17/2028

7,000

6,930

(e)

Eagle Parent Corp.

1st Lien Term Loan

4.90% (SOFR + 4.25%)

4/2/2029

2,900

2,870

(i)

Flutter Entertainment plc

Ireland

1st Lien Term Loan

3.26% (3M LIBOR + 2.25%)

7/21/2026

4,965

4,921

LSF11 Folio Bidco GmbH

Germany

1st Lien Term Loan

4.25% (3M EURIBOR + 4.25%)

2/28/2029

€

3,000

3,268

(i)

Mercury Borrower, Inc.

1st Lien Revolver

7/31/2026

470

(8)

(e)(h)

Mercury Borrower, Inc.

1st Lien Term Loan

4.56% (3M LIBOR + 3.50%)

8/2/2028

5,714

5,664

(i)

Mercury Borrower, Inc.

2nd Lien Term Loan

7.50% (3M LIBOR + 6.50%)

8/2/2029

1,213

1,201

(i)

Monica Holdco (US) Inc.

1st Lien Revolver

1/8/2026

1,009

—

(e)(h)

Monica Holdco (US) Inc.

1st Lien Term Loan

7.25% (3M LIBOR + 6.25%)

1/7/2028

8,159

8,159

(e)(f)

NXTGENPAY INTRESSENTER BIDCO AB

Sweden

1st Lien Term Loan

6.84% (3M STIBOR + 6.75%)

6/30/2025

SEK

5,500

586

(e)

NXTGENPAY INTRESSENTER BIDCO AB

Sweden

1st Lien Delayed Draw Term Loan

6.84% (3M STIBOR + 6.75%)

6/30/2025

SEK

2,700

287

(e)

Pegasus (Bidco) Limited

Jersey

1st Lien Term Loan

4/4/2029

₤

4,125

—

(e)(f)(h)(i)

Pegasus (Bidco) Limited

Jersey

1st Lien Delayed Draw Term Loan

4/4/2029

₤

822

—

(e)(h)(i)

Phoenix Newco, Inc.

1st Lien Term Loan

4.00% (3M LIBOR + 3.50%)

11/15/2028

3,000

2,975

Project Accelerate Parent LLC

1st Lien Term Loan

5.25% (1M LIBOR + 4.25%)

1/2/2025

4,982

4,932

(e)

ProService Finteco Sp. z o.o.

Poland

1st Lien Term Loan

6.25% (3M EURIBOR + 6.25%)

12/3/2027

€

2,164

2,395

(e)(f)

ProService Finteco Sp. z o.o.

Poland

1st Lien Term Loan

8.86% (3M WIBOR + 6.25%)

12/3/2027

PLN

15,023

3,577

(e)

ProService Finteco Sp. z o.o.

Poland

1st Lien Delayed Draw Term Loan

12/3/2027

€

451

—

(e)(h)(i)

Quest Software US Holdings Inc.

1st Lien Term Loan

4.75% (SOFR + 4.25%)

2/1/2029

4,619

4,543

Quest Software US Holdings Inc.

2nd Lien Term Loan

8.15% (SOFR + 7.50%)

2/1/2030

5,575

5,397

SaintMichelCo Limited

Jersey

1st Lien Term Loan

8.31% (SONIA + 7.75%)

9/9/2025

₤

1,541

2,024

(e)

SaintMichelCo Limited

Jersey

1st Lien Delayed Draw Term Loan

8.25% (SONIA + 7.75%)

9/9/2025

₤

192

253

(e)

SaintMichelCo Limited

Jersey

1st Lien Delayed Draw Term Loan

8.31% (SONIA + 7.75%)

9/9/2025

₤

2,244

2,947

(e)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Symbol Bidco I Limited

United Kingdom

1st Lien Delayed Draw Term Loan

6.81% (SONIA + 6.25%)

12/21/2026

₤

571

$

751

(e)(f)

Symbol Bidco I Limited

United Kingdom

1st Lien Delayed Draw Term Loan

6.81% (SONIA + 6.25%)

12/21/2026

₤

429

333

(e)(h)

TA/WEG Holdings, LLC

1st Lien Revolver

6.75% (3M LIBOR + 5.75%)

10/4/2027

914

226

(e)(h)

TA/WEG Holdings, LLC

1st Lien Term Loan

6.75% (1M LIBOR + 5.75%)

10/4/2027

3,476

3,476

(e)(f)

TA/WEG Holdings, LLC

1st Lien Delayed Draw Term Loan

6.75% (1M LIBOR + 5.75%)

10/4/2027

12,234

11,583

(e)(h)

TA/WEG Holdings, LLC

1st Lien Delayed Draw Term Loan

6.75% (6M LIBOR + 5.75%)

10/4/2027

2,491

2,491

(e)

The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC

1st Lien Revolver

3/31/2028

750

(15)

(e)(h)

The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC

1st Lien Term Loan

6.55% (SOFR + 5.75%)

3/31/2028

5,000

4,950

(e)(f)

The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC

1st Lien Term Loan

12.00%

3/30/2029

2,750

2,723

(e)

The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC

1st Lien Delayed Draw Term Loan

3/31/2028

2,500

(25)

(e)(h)

The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP

1st Lien Revolver

2/1/2024

396

—

(e)(h)

The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP

1st Lien Term Loan

5.75% (3M LIBOR + 4.75%)

2/1/2026

3,125

3,125

(e)(f)

The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP

1st Lien Term Loan

5.76% (3M LIBOR + 4.75%)

2/1/2026

3,941

3,941

(e)(f)

TK Elevator Midco GmbH

Germany

1st Lien Term Loan

4.02% (6M LIBOR + 3.50%)

7/30/2027

7,437

7,358

Toscafund Limited

United Kingdom

1st Lien Delayed Draw Term Loan

8.47% (SONIA + 7.50%)

4/2/2025

₤

4,206

5,525

(e)(f)

Tronox Finance LLC

1st Lien Term Loan

4/4/2029

4,000

3,973

(i)

UPC Financing Partnership

1st Lien Term Loan

3.55% (1M LIBOR + 3.00%)

1/31/2029

3,000

2,956

WA Asset Management, LLC

1st Lien Revolver

3/1/2028

375

(8)

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

WA Asset Management, LLC

1st Lien Term Loan

6.50% (SOFR + 5.50%)

3/1/2028

$

2,062

$

2,041

(e)(f)

WA Asset Management, LLC

1st Lien Delayed Draw Term Loan

3/1/2028

1,500

(15)

(e)(h)

Zephyr Bidco Limited

United Kingdom

1st Lien Term Loan

5.47% (SONIA + 4.75%)

7/23/2025

₤

3,000

3,840

167,630

7.38

%

Energy

CD&R Firefly Bidco Limited

United Kingdom

1st Lien Term Loan

5.19% (SONIA + 4.50%)

6/23/2025

₤

3,500

4,481

Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC

2nd Lien Term Loan

10.00% (3M LIBOR + 9.00%)

1/10/2024

7,244

7,244

(e)

Gulf Finance, LLC

1st Lien Term Loan

7.75% (1M LIBOR + 6.75%)

8/25/2026

499

455

(i)

Halcon Holdings, LLC

1st Lien Term Loan

8.01% (3M LIBOR + 7.00%)

11/24/2025

12,016

11,896

(e)

Halcon Holdings, LLC

1st Lien Delayed Draw Term Loan

11/24/2025

2,103

(21)

(e)(h)

24,055

1.06

%

Food & Staples Retailing

Continental Cafe, LLC and Infinity Ovation Yacht Charters, LLC

1st Lien Revolver

11/30/2027

786

(16)

(e)(h)

Continental Cafe, LLC and Infinity Ovation Yacht Charters, LLC

1st Lien Term Loan

8.00% (3M LIBOR + 7.00%)

11/30/2027

6,952

6,882

(e)(f)

Continental Cafe, LLC and Infinity Ovation Yacht Charters, LLC

1st Lien Delayed Draw Term Loan

11/30/2027

2,788

(28)

(e)(h)

DecoPac, Inc. and KCAKE Holdings Inc.

1st Lien Revolver

7.00% (1M LIBOR + 6.00%)

5/14/2026

2,382

749

(e)(h)

DecoPac, Inc. and KCAKE Holdings Inc.

1st Lien Term Loan

9.00% (3M LIBOR + 8.00%)

5/15/2028

22,062

22,062

(e)(f)

SFE Intermediate Holdco LLC

1st Lien Revolver

7/31/2025

2

—

(e)(h)

SFE Intermediate Holdco LLC

1st Lien Term Loan

5.75% (SOFR + 4.75%)

7/31/2026

2,102

2,102

(e)(f)

ZB Holdco LLC & ZB Parent LLC

1st Lien Revolver

2/9/2028

637

(13)

(e)(h)

ZB Holdco LLC & ZB Parent LLC

1st Lien Term Loan

6.01% (3M LIBOR + 5.00%)

2/9/2028

1,602

1,586

(e)(f)

ZB Holdco LLC & ZB Parent LLC

1st Lien Delayed Draw Term Loan

2/9/2028

801

(8)

(e)(h)

33,316

1.47

%

Food & Beverage

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Berner Food & Beverage, LLC

1st Lien Revolver

9.00% (PRIME + 5.50%)

7/30/2026

$

262

$

118

(e)(h)

Berner Food & Beverage, LLC

1st Lien Term Loan

7.50% (6M LIBOR + 6.50%)

7/30/2027

2,626

2,600

(e)

CHG PPC Parent LLC & PPC CHG Blocker LLC

2nd Lien Term Loan

7.25% (1M LIBOR + 6.75%)

12/10/2029

3,000

2,940

(e)(f)

Florida Food Products, LLC

1st Lien Term Loan

5.75% (1M LIBOR + 5.00%)

10/18/2028

1

1

(e)

Florida Food Products, LLC

2nd Lien Term Loan

8.75% (1M LIBOR + 8.00%)

10/18/2029

7,299

7,226

(e)

Hometown Food Company

1st Lien Revolver

8/31/2023

1

—

(e)(h)

Hometown Food Company

1st Lien Term Loan

6.25% (1M LIBOR + 5.00%)

8/31/2023

977

977

(e)(f)

Quirch Foods Holdings, LLC

1st Lien Term Loan

5.50% (3M LIBOR + 4.50%)

10/27/2027

5,377

5,337

Triton Water Holdings, Inc.

1st Lien Term Loan

4.00% (3M LIBOR + 3.50%)

3/31/2028

666

648

Watermill Express, LLC and Watermill Express Holdings, LLC

1st Lien Revolver

6.50% (1M LIBOR + 5.50%)

4/20/2027

275

19

(e)(h)

Watermill Express, LLC and Watermill Express Holdings, LLC

1st Lien Term Loan

6.25% (3M LIBOR + 5.50%)

4/20/2027

2,279

2,279

(e)(f)

Watermill Express, LLC and Watermill Express Holdings, LLC

1st Lien Delayed Draw Term Loan

4/20/2027

219

—

(e)(h)

Winebow Holdings, Inc. and The Vintner Group, Inc.

1st Lien Term Loan

7.25% (1M LIBOR + 6.25%)

7/1/2025

3,431

3,431

(e)(f)

Woof Holdings, Inc.

1st Lien Term Loan

4.68% (3M LIBOR + 3.75%)

12/21/2027

2,970

2,944

28,520

1.26

%

Healthcare Equipment & Services

Air Methods Corporation

1st Lien Term Loan

4.51% (3M LIBOR + 3.50%)

4/22/2024

1,504

1,438

Athenahealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP

1st Lien Revolver

2/15/2027

2,100

(47)

(e)(h)(i)

Athenahealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP

1st Lien Term Loan

4.01% (SOFR + 3.50%)

2/15/2029

12,091

11,943

Athenahealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP

1st Lien Delayed Draw Term Loan

2/15/2029

2,049

(25)

(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Auris Luxembourg III S.a r.l.

Luxembourg

1st Lien Term Loan

4.21% (1M LIBOR + 3.75%)

2/27/2026

$

2,481

$

2,413

Bearcat Buyer, Inc. and Bearcat Parent, Inc.

1st Lien Revolver

7/9/2024

580

—

(e)(h)

Bearcat Buyer, Inc. and Bearcat Parent, Inc.

1st Lien Term Loan

5.26% (3M LIBOR + 4.25%)

7/9/2026

5,440

5,440

(e)(f)

Bearcat Buyer, Inc. and Bearcat Parent, Inc.

1st Lien Term Loan

5.76% (3M LIBOR + 4.75%)

7/9/2026

1

1

(e)

Bearcat Buyer, Inc. and Bearcat Parent, Inc.

1st Lien Delayed Draw Term Loan

5.26% (3M LIBOR + 4.25%)

7/9/2026

965

965

(e)

Bearcat Buyer, Inc. and Bearcat Parent, Inc.

1st Lien Delayed Draw Term Loan

5.76% (3M LIBOR + 4.75%)

7/9/2026

1

1

(e)(h)

Bearcat Buyer, Inc. and Bearcat Parent, Inc.

2nd Lien Term Loan

9.25% (3M LIBOR + 8.25%)

7/9/2027

617

617

(e)

Bearcat Buyer, Inc. and Bearcat Parent, Inc.

2nd Lien Term Loan

9.25% (3M LIBOR + 8.25%)

7/9/2027

2,249

2,249

(e)(f)

Bearcat Buyer, Inc. and Bearcat Parent, Inc.

2nd Lien Delayed Draw Term Loan

9.25% (3M LIBOR + 8.25%)

7/9/2027

184

184

(e)

Bearcat Buyer, Inc. and Bearcat Parent, Inc.

2nd Lien Delayed Draw Term Loan

7/9/2027

726

—

(e)(h)

CEP V I 5 UK Limited

United Kingdom

1st Lien Delayed Draw Term Loan

7.49% (3M LIBOR + 7.00%)

2/18/2027

26,654

24,521

(e)(f)

Change Healthcare Holdings LLC

1st Lien Term Loan

3.50% (1M LIBOR + 2.50%)

3/1/2024

7,548

7,497

Comprehensive EyeCare Partners, LLC

1st Lien Revolver

7.00% (SOFR + 5.75%)

2/14/2024

1

—

(e)(h)

Comprehensive EyeCare Partners, LLC

1st Lien Term Loan

7.00% (SOFR + 5.75%)

2/14/2024

980

980

(e)(f)

Comprehensive EyeCare Partners, LLC

1st Lien Delayed Draw Term Loan

2/14/2024

73

—

(e)(h)

Comprehensive EyeCare Partners, LLC

1st Lien Delayed Draw Term Loan

7.00% (SOFR + 5.75%)

2/14/2024

684

684

(e)

Convey Health Solutions, Inc.

1st Lien Term Loan

5.50% (1M LIBOR + 4.75%)

9/4/2026

2,698

2,698

(e)(f)

Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC

1st Lien Revolver

3/8/2028

903

(18)

(e)(h)

Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC

1st Lien Term Loan

6.11% (3M LIBOR + 5.50%)

3/8/2029

8,318

8,235

(e)(f)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC

1st Lien Delayed Draw Term Loan

3/8/2029

$

1,040

$

(10)

(e)(h)

CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC

1st Lien Revolver

10/31/2024

3,005

—

(e)(h)

CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

10/31/2025

3,414

3,414

(e)(f)

CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC

1st Lien Delayed Draw Term Loan

6.75% (3M LIBOR + 5.75%)

10/31/2025

7,714

6,336

(e)(h)

CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC

1st Lien Delayed Draw Term Loan

7.25% (3M LIBOR + 6.25%)

10/31/2025

2,623

2,623

(e)

CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC

1st Lien Delayed Draw Term Loan

10/31/2025

19,662

—

(e)(h)

Electron Bidco Inc.

1st Lien Term Loan

3.75% (1M LIBOR + 3.25%)

11/1/2028

7,517

7,425

Ensemble RCM LLC

1st Lien Term Loan

4.05% (3M LIBOR + 3.75%)

8/3/2026

2,196

2,181

Floss Bidco Limited

United Kingdom

1st Lien Term Loan

8.06% (SONIA + 7.25%)

9/7/2026

₤

840

1,081

(e)(f)(g)

Floss Bidco Limited

United Kingdom

1st Lien Delayed Draw Term Loan

10.00% (3M GBP LIBOR + 10.00%)

9/7/2026

₤

1,213

509

(e)(g)(h)

Global Medical Response, Inc. and GMR Buyer Corp.

1st Lien Term Loan

5.75% (3M LIBOR + 4.75%)

10/2/2025

6,435

6,381

Global Medical Response, Inc. and GMR Buyer Corp.

2nd Lien Term Loan

7.50% (1M LIBOR + 6.75%)

12/17/2029

29,366

29,072

(e)

JDC Healthcare Management, LLC

1st Lien Term Loan

4/10/2024

119

80

(e)(j)

Kedleston Schools Limited

United Kingdom

1st Lien Term Loan

8.50% (SONIA + 7.50%)

5/31/2024

₤

244

128

(e)(f)(h)

Kedleston Schools Limited

United Kingdom

1st Lien Delayed Draw Term Loan

8.50% (SONIA + 7.50%)

5/31/2024

₤

1,000

1,313

(e)(f)

MED ParentCo, LP

1st Lien Term Loan

4.71% (1M LIBOR + 4.25%)

8/31/2026

11,566

11,425

MEDIAN B.V.

Netherlands

1st Lien Term Loan

5.00% (3M EURIBOR + 5.00%)

10/14/2027

€

5,000

5,441

Medline Borrower, LP

1st Lien Term Loan

3.75% (1M LIBOR + 3.25%)

10/23/2028

11,446

11,326

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

NueHealth Performance, LLC

1st Lien Revolver

9.00% (1M LIBOR + 8.00%)

9/27/2023

$

1

$

1

(e)

NueHealth Performance, LLC

1st Lien Term Loan

9.00% (1M LIBOR + 8.00%)

9/27/2023

2,139

2,139

(e)(f)

NueHealth Performance, LLC

1st Lien Delayed Draw Term Loan

9/27/2023

566

—

(e)(h)

NueHealth Performance, LLC

1st Lien Delayed Draw Term Loan

9.00% (1M LIBOR + 8.00%)

9/27/2023

285

285

(e)(f)

NueHealth Performance, LLC

1st Lien Delayed Draw Term Loan

9.00% (1M LIBOR + 8.00%)

9/27/2023

603

590

(e)(h)

Olympia Acquisition, Inc., Olympia TopCo, L.P. and Asclepius Holdings LLC

1st Lien Term Loan

10.00% (SOFR + 9.00%)

2/26/2027

2,759

2,759

(e)(f)

Olympia Acquisition, Inc., Olympia TopCo, L.P. and Asclepius Holdings LLC

1st Lien Term Loan

10.00% (SOFR + 9.00%)

2/26/2027

119

119

(e)

Olympia Acquisition, Inc., Olympia TopCo, L.P. and Asclepius Holdings LLC

1st Lien Delayed Draw Term Loan

10.00% (SOFR + 9.00%)

2/26/2027

472

33

(e)(h)

OMH-HealthEdge Holdings, LLC

1st Lien Revolver

10/24/2024

1

—

(e)(h)

OMH-HealthEdge Holdings, LLC

1st Lien Term Loan

6.50% (6M LIBOR + 6.00%)

10/24/2025

1,402

1,402

(e)(f)

OMH-HealthEdge Holdings, LLC

1st Lien Term Loan

6.50% (3M LIBOR + 6.00%)

10/24/2025

826

826

(e)(f)

OMH-HealthEdge Holdings, LLC

1st Lien Term Loan

7.50% (6M LIBOR + 6.00%)

10/24/2025

397

397

(e)(f)

Ortho-Clinical Diagnostics, Inc.

1st Lien Term Loan

3.23% (1M LIBOR + 3.00%)

6/30/2025

5,097

5,073

PetVet Care Centers, LLC

1st Lien Term Loan

4.25% (1M LIBOR + 3.50%)

2/14/2025

9,058

9,002

PointClickCare Technologies Inc.

Canada

1st Lien Term Loan

4.78% (SOFR + 4.00%)

12/29/2027

5,000

4,963

(e)

Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP

1st Lien Revolver

3.74% (3M LIBOR + 3.25%)

7/10/2023

1

—

(e)(h)

Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP

1st Lien Term Loan

4.51% (3M LIBOR + 3.50%)

7/10/2025

11

11

(e)(f)

Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP

2nd Lien Term Loan

8.51% (3M LIBOR + 7.50%)

7/10/2026

2,000

2,000

(e)(f)

Radnet Management, Inc.

1st Lien Term Loan

3.75% (3M LIBOR + 3.00%)

4/23/2028

2,481

2,445

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

RegionalCare Hospital Partners Holdings, Inc.

1st Lien Term Loan

4.20% (1M LIBOR + 3.75%)

11/16/2025

$

9,480

$

9,414

(i)

Rubicone Bidco Limited

United Kingdom

1st Lien Term Loan

7.56% (SONIA + 7.00%)

12/1/2028

₤

2,722

3,575

(e)(f)

Rubicone Bidco Limited

United Kingdom

1st Lien Delayed Draw Term Loan

12/1/2028

₤

1,667

—

(e)(h)

SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC

1st Lien Revolver

3/26/2024

1

—

(e)(h)

SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC

1st Lien Term Loan

5.75% (3M LIBOR + 4.75%)

3/26/2024

653

588

(e)(f)

Sotera Health Holdings, LLC

1st Lien Term Loan

3.25% (3M LIBOR + 2.75%)

12/11/2026

7,459

7,353

Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc.

1st Lien Revolver

6.25% (PRIME + 2.75%)

12/22/2025

1

—

(e)(h)

Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc.

1st Lien Term Loan

5.25% (SOFR + 4.50%)

12/22/2027

2

2

(e)

Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc.

2nd Lien Term Loan

8.63% (SOFR + 7.88%)

12/22/2028

12,343

12,343

(e)(f)

Tandarts Today Holding B.V.

Netherlands

1st Lien Term Loan

7.25% (3M EURIBOR + 7.25%)

2/24/2028

€

634

702

(e)(f)

Tandarts Today Holding B.V.

Netherlands

1st Lien Delayed Draw Term Loan

2/24/2028

€

3,366

—

(e)(h)

Teligent, Inc

2nd Lien Term Loan

12/29/2022

1,165

555

(e)(j)

Teligent, Inc

2nd Lien Delayed Draw Term Loan

12/29/2022

721

343

(e)(j)

Therapy Brands Holdings LLC

2nd Lien Term Loan

7.50% (3M LIBOR + 6.75%)

5/18/2029

3,050

3,050

(e)(f)

Therapy Brands Holdings LLC

2nd Lien Delayed Draw Term Loan

5/18/2029

1,284

—

(e)(h)

United Digestive MSO Parent, LLC

1st Lien Revolver

12/14/2023

511

—

(e)(h)

United Digestive MSO Parent, LLC

1st Lien Term Loan

5.00% (3M LIBOR + 4.00%)

12/16/2024

1,418

1,418

(e)(f)

United Digestive MSO Parent, LLC

1st Lien Delayed Draw Term Loan

5.00% (3M LIBOR + 4.00%)

12/16/2024

1,018

1,018

(e)

United Digestive MSO Parent, LLC

1st Lien Delayed Draw Term Loan

12/16/2024

4,320

—

(e)(h)

VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P.

1st Lien Revolver

12/1/2027

315

(6)

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P.

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

12/1/2027

$

1,577

$

1,561

(e)(f)

VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P.

1st Lien Delayed Draw Term Loan

6.75% (3M LIBOR + 5.75%)

12/1/2027

472

5

(e)(h)

WSHP FC Acquisition LLC

1st Lien Revolver

7.00% (3M LIBOR + 6.00%)

3/30/2027

106

50

(e)(h)

WSHP FC Acquisition LLC

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

3/30/2027

49

49

(e)

WSHP FC Acquisition LLC

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

3/30/2027

3,342

3,342

(e)(f)

WSHP FC Acquisition LLC

1st Lien Delayed Draw Term Loan

7.00% (3M LIBOR + 6.00%)

3/30/2027

166

166

(e)(f)

WSHP FC Acquisition LLC

1st Lien Delayed Draw Term Loan

7.00% (3M LIBOR + 6.00%)

3/30/2027

349

182

(e)(h)

WSHP FC Acquisition LLC

1st Lien Delayed Draw Term Loan

7.01% (3M LIBOR + 6.00%)

3/30/2027

1,083

1,083

(e)

237,339

10.45

%

Household & Personal Products

CDI Holdings III Corp. and CDI Holdings I Corp.

1st Lien Revolver

12/22/2027

410

(8)

(e)(h)

CDI Holdings III Corp. and CDI Holdings I Corp.

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

12/22/2027

1,683

1,666

(e)(f)

Diamond (BC) B.V.

Netherlands

1st Lien Term Loan

3.25% (1M LIBOR + 2.75%)

9/29/2028

3,007

2,943

Foundation Consumer Brands, LLC

1st Lien Revolver

10/1/2026

389

—

(e)(h)

Foundation Consumer Brands, LLC

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

10/1/2026

4,729

4,729

(e)(f)

Premier Specialties, Inc. and RMCF V CIV XLIV, L.P.

1st Lien Revolver

6.75% (1M LIBOR + 5.75%)

8/20/2027

385

27

(e)(h)

Premier Specialties, Inc. and RMCF V CIV XLIV, L.P.

1st Lien Term Loan

6.75% (1M LIBOR + 5.75%)

8/20/2027

3,035

2,944

(e)

Premier Specialties, Inc. and RMCF V CIV XLIV, L.P.

1st Lien Delayed Draw Term Loan

8/20/2027

829

(25)

(e)(h)

Sunshine Luxembourg VII S.a r.l.

Luxembourg

1st Lien Term Loan

4.76% (3M LIBOR + 3.75%)

10/1/2026

4,129

4,098

16,374

0.72

%

Insurance

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Acrisure, LLC, Acrisure Investors FO, LLC and Acrisure Investors SO, LLC

1st Lien Term Loan

3.96% (1M LIBOR + 3.50%)

2/15/2027

$

2,955

$

2,908

Amynta Agency Borrower Inc. and Amynta Warranty Borrower Inc.

1st Lien Term Loan

4.96% (1M LIBOR + 4.50%)

2/28/2025

2,895

2,866

(e)(f)

AQ Sunshine, Inc.

1st Lien Revolver

7.00% (3M LIBOR + 6.00%)

4/15/2024

1,096

198

(e)(h)

AQ Sunshine, Inc.

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

4/15/2025

1,731

1,731

(e)

AQ Sunshine, Inc.

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

4/15/2025

1,499

1,499

(e)(f)

AQ Sunshine, Inc.

1st Lien Term Loan

7.00% (6M LIBOR + 6.00%)

4/15/2025

3,556

3,556

(e)(f)

AQ Sunshine, Inc.

1st Lien Delayed Draw Term Loan

7.00% (3M LIBOR + 6.00%)

4/15/2025

8,332

2,413

(e)(h)

Ardonagh Midco 2 plc and Ardonagh Midco 3 plc

United Kingdom

1st Lien Term Loan

7.75% (6M EURIBOR + 7.00%)

7/14/2026

€

190

210

(e)(f)

Ardonagh Midco 2 plc and Ardonagh Midco 3 plc

United Kingdom

1st Lien Term Loan

8.21% (SONIA + 7.00%)

7/14/2026

₤

1,491

1,958

(e)(f)

Ardonagh Midco 2 plc and Ardonagh Midco 3 plc

United Kingdom

1st Lien Delayed Draw Term Loan

7/14/2026

₤

1

—

(e)(h)

Ardonagh Midco 2 plc and Ardonagh Midco 3 plc

United Kingdom

1st Lien Delayed Draw Term Loan

6.75% (6M LIBOR + 5.75%)

7/14/2026

16,452

16,452

(e)

Ardonagh Midco 2 plc and Ardonagh Midco 3 plc

United Kingdom

1st Lien Delayed Draw Term Loan

7.50% (SONIA + 7.00%)

7/14/2026

₤

312

409

(e)

Benefytt Technologies, Inc.

1st Lien Term Loan

6.75% (3M LIBOR + 6.00%)

8/12/2027

3,635

3,454

(e)

Benefytt Technologies, Inc.

1st Lien Delayed Draw Term Loan

8/12/2027

911

(46)

(e)(h)

Blackwood Bidco Limited

United Kingdom

1st Lien Term Loan

8.80% (6M LIBOR + 7.55%)

10/8/2026

3,359

3,359

(e)(f)

Blackwood Bidco Limited

United Kingdom

1st Lien Delayed Draw Term Loan

8.02% (SONIA + 7.30%)

10/8/2026

₤

2,689

3,532

(e)(f)

Blackwood Bidco Limited

United Kingdom

1st Lien Delayed Draw Term Loan

7.89% (SOFR + 7.30%)

10/8/2026

₤

464

609

(e)(f)

Blackwood Bidco Limited

United Kingdom

1st Lien Delayed Draw Term Loan

7.94% (6M GBP LIBOR + 7.30%)

10/8/2026

₤

2,319

1,930

(e)(f)(h)

Brokers Alliance S.L.

Spain

1st Lien Term Loan

6.50% (3M EURIBOR + 6.50%)

3/29/2029

€

958

1,061

(e)(f)(i)

Brokers Alliance S.L.

Spain

1st Lien Delayed Draw Term Loan

3/29/2029

€

1,542

—

(e)(h)(i)

Foundation Risk Partners, Corp.

1st Lien Revolver

10/29/2027

2,627

—

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Foundation Risk Partners, Corp.

1st Lien Term Loan

6.50% (3M LIBOR + 5.75%)

10/30/2028

$

16,078

$

16,078

(e)(f)

Foundation Risk Partners, Corp.

1st Lien Delayed Draw Term Loan

6.50% (3M LIBOR + 5.75%)

10/30/2028

3,495

2,867

(e)(h)

Galway Borrower LLC

1st Lien Revolver

9/30/2027

969

—

(e)(h)

Galway Borrower LLC

1st Lien Term Loan

6.00% (3M LIBOR + 5.25%)

9/29/2028

10,575

10,575

(e)

Galway Borrower LLC

1st Lien Delayed Draw Term Loan

6.26% (3M LIBOR + 5.25%)

9/29/2028

1,600

144

(e)(h)

Hammersmith Bidco Limited

United Kingdom

1st Lien Term Loan

7.63% (3M GBP LIBOR + 7.13%)

9/2/2026

₤

2,098

1,455

(e)(h)

Hammersmith Bidco Limited

United Kingdom

1st Lien Delayed Draw Term Loan

7.63% (3M GBP LIBOR + 7.13%)

9/2/2026

₤

6,924

9,117

(e)

Hammersmith Bidco Limited

United Kingdom

1st Lien Delayed Draw Term Loan

7.85% (SONIA + 7.13%)

9/2/2026

₤

4,112

5,402

(e)(f)

High Street Buyer, Inc. and High Street Holdco LLC

1st Lien Revolver

4/16/2027

688

(14)

(e)(h)

High Street Buyer, Inc. and High Street Holdco LLC

1st Lien Term Loan

6.75% (1M LIBOR + 6.00%)

4/14/2028

4,771

4,723

(e)(f)

High Street Buyer, Inc. and High Street Holdco LLC

1st Lien Delayed Draw Term Loan

6.50% (3M LIBOR + 5.75%)

4/14/2028

11,734

634

(e)(h)

High Street Buyer, Inc. and High Street Holdco LLC

1st Lien Delayed Draw Term Loan

6.75% (1M LIBOR + 6.00%)

4/14/2028

9,059

8,969

(e)

High Street Buyer, Inc. and High Street Holdco LLC

1st Lien Delayed Draw Term Loan

6.75% (3M LIBOR + 6.00%)

4/14/2028

8,800

8,712

(e)

Hub International Limited

1st Lien Term Loan

4.35% (3M LIBOR + 3.25%)

4/25/2025

7,177

7,125

Jewel Bidco Limited

United Kingdom

1st Lien Term Loan

7.06% (SONIA + 6.50%)

7/24/2028

₤

3,797

1,563

(e)(h)

Jewel Bidco Limited

United Kingdom

1st Lien Term Loan

6.70% (SONIA + 6.50%)

7/24/2028

₤

6,203

8,147

(e)(f)

JMG Group Investments Limited

United Kingdom

1st Lien Term Loan

6.31% (SONIA + 5.75%)

12/11/2028

₤

310

407

(e)(f)

JMG Group Investments Limited

United Kingdom

1st Lien Delayed Draw Term Loan

12/11/2028

₤

1,190

—

(e)(h)

Lucida Broking Holdings Limited

United Kingdom

1st Lien Term Loan

8.00% (SONIA + 7.25%)

6/6/2024

₤

1,000

1,314

(e)(f)

Lucida Broking Holdings Limited

United Kingdom

1st Lien Delayed Draw Term Loan

8.00% (SONIA + 7.25%)

6/6/2024

₤

667

876

(e)(f)

OneDigital Borrower LLC

1st Lien Term Loan

4.75% (SOFR + 4.25%)

11/16/2027

1,780

1,766

Optio Group Limited

United Kingdom

1st Lien Delayed Draw Term Loan

8.00% (3M GBP LIBOR + 7.25%)

3/16/2026

₤

598

358

(e)(h)

Optio Group Limited

United Kingdom

1st Lien Delayed Draw Term Loan

8.22% (SONIA + 7.25%)

3/16/2026

₤

500

657

(e)(f)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Patriot Growth Insurance Services, LLC

1st Lien Revolver

10/16/2028

$

250

$

(5)

(e)(h)

Patriot Growth Insurance Services, LLC

1st Lien Term Loan

6.25% (3M LIBOR + 5.50%)

10/16/2028

1,349

1,336

(e)(f)

Patriot Growth Insurance Services, LLC

1st Lien Delayed Draw Term Loan

10/16/2028

456

(5)

(e)(h)

People Corporation

Canada

1st Lien Revolver

7.25% (3M CDOR + 6.25%)

2/18/2027

CAD

898

312

(e)(h)

People Corporation

Canada

1st Lien Term Loan

7.25% (3M CDOR + 6.25%)

2/18/2028

CAD

7,148

5,727

(e)(f)

People Corporation

Canada

1st Lien Delayed Draw Term Loan

7.25% (3M CDOR + 6.25%)

2/18/2028

CAD

2,332

1,868

(e)

People Corporation

Canada

1st Lien Delayed Draw Term Loan

6.25% (3M CDOR + 5.50%)

2/18/2028

CAD

4,115

187

(e)(h)

PROJECT HAMMOND BIDCO LIMITED

United Kingdom

1st Lien Term Loan

6.06% (SONIA + 5.50%)

12/4/2028

₤

1,750

2,299

(e)(f)

PROJECT HAMMOND BIDCO LIMITED

United Kingdom

1st Lien Delayed Draw Term Loan

12/4/2028

₤

1,750

—

(e)(h)(i)

RSC Acquisition, Inc. and RSC Insurance Brokerage, Inc.

1st Lien Revolver

10/30/2026

1

—

(e)(h)

RSC Acquisition, Inc. and RSC Insurance Brokerage, Inc.

1st Lien Term Loan

6.25% (3M LIBOR + 5.50%)

10/30/2026

3,169

3,169

(e)(f)

SageSure Holdings, LLC & Insight Catastrophe Group, LLC

1st Lien Revolver

6.25% (1M LIBOR + 5.75%)

1/28/2028

815

363

(e)(h)

SageSure Holdings, LLC & Insight Catastrophe Group, LLC

1st Lien Term Loan

6.25% (1M LIBOR + 5.75%)

1/28/2028

5,631

5,575

(e)(f)

SageSure Holdings, LLC & Insight Catastrophe Group, LLC

1st Lien Delayed Draw Term Loan

1/28/2028

1,536

(15)

(e)(h)

SCM Insurance Services Inc.

Canada

1st Lien Revolver

8/29/2022

CAD

1

—

(e)(h)

SCM Insurance Services Inc.

Canada

1st Lien Term Loan

6.00% (1M CDOR + 5.00%)

8/29/2024

CAD

120

96

(e)(f)

SCM Insurance Services Inc.

Canada

2nd Lien Term Loan

10.00% (1M CDOR + 9.00%)

3/1/2025

CAD

125

100

(e)

SelectQuote, Inc.

1st Lien Term Loan

5.75% (1M LIBOR + 5.00%)

11/5/2024

7,290

6,779

(e)

SG Acquisition, Inc.

1st Lien Term Loan

6.00% (3M LIBOR + 5.00%)

1/27/2027

2,876

2,876

(e)(f)

Spring Insurance Solutions, LLC

1st Lien Term Loan

7.50% (3M LIBOR + 6.50%)

11/24/2025

3,454

3,212

(e)(f)

Spring Insurance Solutions, LLC

1st Lien Delayed Draw Term Loan

7.50% (3M LIBOR + 6.50%)

11/24/2025

1,151

46

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Staysure Bidco Limited

United Kingdom

1st Lien Delayed Draw Term Loan

8.06% (SONIA + 7.25%)

7/1/2025

₤

1,000

$

1,235

(e)

USI, Inc.

1st Lien Term Loan

4.26% (3M LIBOR + 3.25%)

12/2/2026

6,471

6,411

180,540

7.95

%

Materials

Anchor Packaging, LLC

1st Lien Term Loan

4.46% (1M LIBOR + 4.00%)

7/18/2026

7,064

6,923

(i)

Aruba Investments, Inc.

2nd Lien Term Loan

8.50% (3M LIBOR + 7.75%)

11/24/2028

3,000

2,962

ASP-r-pac Acquisition Co LLC and ASP-r-pac Holdings LP

1st Lien Revolver

12/29/2027

839

(17)

(e)(h)

ASP-r-pac Acquisition Co LLC and ASP-r-pac Holdings LP

1st Lien Term Loan

6.75% (1M LIBOR + 6.00%)

12/29/2027

6,244

6,182

(e)(f)

Berlin Packaging L.L.C.

1st Lien Term Loan

3.75% (1M LIBOR + 3.25%)

3/11/2028

6,013

5,894

(i)

Berlin Packaging L.L.C.

1st Lien Term Loan

4.25% (1M LIBOR + 3.75%)

3/11/2028

4,690

4,640

DCG Acquisition Corp.

1st Lien Term Loan

4.96% (1M LIBOR + 4.50%)

9/30/2026

5,280

5,188

Groupe Solmax Inc.

Canada

1st Lien Term Loan

5.50% (3M LIBOR + 4.75%)

5/29/2028

1,075

1,055

IntraPac International LLC and IntraPac Canada Corporation

1st Lien Revolver

6.51% (3M LIBOR + 5.50%)

1/11/2025

415

135

(e)(h)

IntraPac International LLC and IntraPac Canada Corporation

Canada

1st Lien Term Loan

6.51% (3M LIBOR + 5.50%)

1/11/2026

792

792

(e)(f)

IntraPac International LLC and IntraPac Canada Corporation

1st Lien Term Loan

6.51% (3M LIBOR + 5.50%)

1/11/2026

2,752

2,752

(e)(f)

IntraPac International LLC and IntraPac Canada Corporation

1st Lien Term Loan

6.51% (3M LIBOR + 5.50%)

1/11/2026

1,555

1,555

(e)(f)

Kleopatra Finco S.a r.l.

Luxembourg

1st Lien Term Loan

4.75% (6M EURIBOR + 4.75%)

2/12/2026

€

3,800

3,807

Mauser Packaging Solutions Holding Company

1st Lien Term Loan

3.71% (3M LIBOR + 3.25%)

4/3/2024

5,861

5,771

(i)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V.

1st Lien Revolver

5.25% (3M LIBOR + 4.25%)

7/2/2024

$

605

$

253

(e)(h)

Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V.

Netherlands

1st Lien Revolver

7/2/2024

€

582

—

(e)(h)

Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V.

1st Lien Term Loan

5.25% (3M LIBOR + 4.25%)

7/2/2026

2,664

2,664

(e)(f)

Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V.

1st Lien Term Loan

5.26% (3M LIBOR + 4.25%)

7/2/2026

297

297

(e)(f)

Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V.

Netherlands

1st Lien Term Loan

4.50% (3M EURIBOR + 4.50%)

7/2/2026

€

6,044

6,690

(e)(f)

Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C.

1st Lien Term Loan

6.75% (6M LIBOR + 5.25%)

12/1/2026

4,333

4,333

(e)(f)

Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC

1st Lien Term Loan

4.75% (3M LIBOR + 4.00%)

12/15/2025

2,054

2,054

(e)(i)

Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC

2nd Lien Term Loan

8.00% (3M LIBOR + 7.00%)

12/14/2026

2,960

2,960

(e)(f)

Pregis Corporation, Pregis Intellipack Corp., and Pregis Innovative Packaging Inc.

1st Lien Term Loan

4.50% (1M LIBOR + 4.00%)

7/31/2026

1,289

1,260

(e)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Pregis Corporation, Pregis Intellipack Corp., and Pregis Innovative Packaging Inc.

1st Lien Term Loan

4.46% (1M LIBOR + 4.00%)

7/31/2026

$

4,813

$

4,705

(i)

Pretium Packaging, L.L.C.

1st Lien Term Loan

4.97% (3M LIBOR + 4.00%)

10/2/2028

8,942

8,672

Pretium Packaging, L.L.C.

2nd Lien Term Loan

7.72% (3M LIBOR + 6.75%)

10/1/2029

1,025

993

Trident TPI Holdings, Inc.

1st Lien Term Loan

4.50% (1M LIBOR + 4.00%)

9/15/2028

7,667

7,557

Trident TPI Holdings, Inc.

1st Lien Term Loan

4.26% (3M LIBOR + 3.25%)

10/17/2024

6,154

6,075

(i)

Trident TPI Holdings, Inc.

1st Lien Delayed Draw Term Loan

4.50% (1M LIBOR + 4.00%)

9/15/2028

1,090

668

(h)

96,820

4.26

%

Media & Entertainment

Aventine Intermediate LLC & Aventine Holdings II LLC

1st Lien Term Loan

6.93% (3M LIBOR + 6.00%)

6/18/2027

2,049

2,029

(e)(f)

Aventine Intermediate LLC & Aventine Holdings II LLC

1st Lien Delayed Draw Term Loan

6.93% (3M LIBOR + 6.00%)

6/18/2027

815

635

(e)(h)

AVSC Holding Corp.

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

10/15/2026

2,026

1,924

CC Globe Holding II A/S

Denmark

1st Lien Term Loan

7.19% (3M CIBOR + 7.19%)

3/31/2028

DKK

19,091

2,841

(e)(f)

CC Globe Holding II A/S

Denmark

1st Lien Delayed Draw Term Loan

6.75%

3/31/2028

DKK

10,909

649

(e)(h)(i)

Diamond Sports Group, LLC

1st Lien Term Loan

9.00% (SOFR + 8.00%)

5/25/2026

158

159

Diamond Sports Group, LLC

2nd Lien Term Loan

3.56% (SOFR + 3.25%)

8/24/2026

1,102

372

Global Music Rights, LLC

1st Lien Revolver

8/27/2027

473

—

(e)(h)

Global Music Rights, LLC

1st Lien Term Loan

6.50% (3M LIBOR + 5.75%)

8/28/2028

5,005

5,005

(e)

Gray Television Inc

1st Lien Term Loan

3.46% (1M LIBOR + 3.00%)

12/1/2028

4,585

4,557

IU Finance Management GmbH

Germany

1st Lien Term Loan

5.00% (3M EURIBOR + 5.00%)

12/8/2028

€

10,000

10,993

Production Resource Group, L.L.C. and PRG III, LLC

1st Lien Term Loan

10.54% (3M LIBOR + 9.50%)

8/21/2024

709

709

(e)

Production Resource Group, L.L.C. and PRG III, LLC

1st Lien Delayed Draw Term Loan

8.50% (3M LIBOR + 7.50%)

8/21/2024

298

298

(e)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Production Resource Group, L.L.C. and PRG III, LLC

1st Lien Delayed Draw Term Loan

8.51% (3M LIBOR + 7.50%)

8/21/2024

$

165

$

146

(e)(h)

Professional Fighters League, LLC and PFL MMA, Inc.

1st Lien Term Loan

10.00%

1/19/2026

564

507

(e)

Renaissance Holding Corp.

1st Lien Term Loan

3.71% (1M LIBOR + 3.25%)

5/30/2025

4,612

4,551

Rugby Australia Ltd

Australia

1st Lien Term Loan

7.75% (3M LIBOR + 7.00%)

3/31/2027

AUD

1,250

936

(e)

Rugby Australia Ltd

Australia

1st Lien Delayed Draw Term Loan

10.01% (1M LIBOR + 9.00%)

3/31/2027

AUD

1,250

234

(e)(h)

Storm Investment S.a.r.l.

Luxembourg

1st Lien Term Loan

3.75%

6/22/2029

€

9,193

10,177

(e)

Summer (BC) Bidco B LLC

1st Lien Term Loan

5.51% (3M LIBOR + 4.50%)

12/4/2026

4,975

4,940

The E.W. Scripps Company

1st Lien Term Loan

3.75% (1M LIBOR + 3.00%)

1/7/2028

1,971

1,956

Traviata BV

Germany

1st Lien Term Loan

4.75% (6M EURIBOR + 4.75%)

12/18/2026

€

3,550

3,919

(i)

Univision Communications Inc

1st Lien Term Loan

3.75% (1M LIBOR + 2.75%)

3/15/2024

1,700

1,694

59,231

2.61

%

Pharmaceuticals, Biotechnology & Life Sciences

Amryt Pharmaceuticals, Inc.

1st Lien Revolver

4.90% (SOFR + 4.00%)

2/18/2027

1

—

(e)(h)

Amryt Pharmaceuticals, Inc.

1st Lien Term Loan

7.80% (SOFR + 6.75%)

2/18/2027

5,334

5,280

(e)(f)

Aspire Bidco Limited

Jersey

1st Lien Term Loan

8.07% (SONIA + 7.51%)

9/4/2028

₤

3,559

4,675

(e)(f)

Aspire Bidco Limited

Jersey

1st Lien Delayed Draw Term Loan

9/4/2028

₤

1,941

—

(e)(h)

Cambrex Corporation

1st Lien Term Loan

4.25% (1M LIBOR + 3.50%)

12/4/2026

4,418

4,376

Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc.

1st Lien Revolver

6.00% (1M LIBOR + 5.25%)

10/1/2027

895

191

(e)(h)

Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc.

1st Lien Term Loan

6.00% (1M LIBOR + 5.25%)

10/2/2028

7,408

7,334

(e)

Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc.

1st Lien Delayed Draw Term Loan

10/2/2028

2,476

(25)

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Covaris Intermediate 3, LLC & Covaris Parent, LLC

1st Lien Revolver

1/21/2028

$

1,755

$

(35)

(e)(h)

Covaris Intermediate 3, LLC & Covaris Parent, LLC

1st Lien Term Loan

6.00% (3M LIBOR + 5.25%)

1/21/2028

9,378

9,284

(e)(f)

Covaris Intermediate 3, LLC & Covaris Parent, LLC

1st Lien Delayed Draw Term Loan

1/21/2028

7,034

(70)

(e)(h)

Da Vinci Purchaser Corp.

1st Lien Term Loan

5.01% (3M LIBOR + 4.00%)

1/8/2027

6,827

6,790

(i)

Icon Public Limited Company

Ireland

1st Lien Term Loan

3.31% (3M LIBOR + 2.25%)

7/3/2028

1,907

1,896

NMC Skincare Intermediate Holdings II, LLC

1st Lien Revolver

6.00% (3M LIBOR + 5.00%)

10/31/2024

333

267

(e)(h)

NMC Skincare Intermediate Holdings II, LLC

1st Lien Term Loan

6.00% (3M LIBOR + 5.00%)

10/31/2024

1,935

1,935

(e)(f)

NMC Skincare Intermediate Holdings II, LLC

1st Lien Delayed Draw Term Loan

6.00% (3M LIBOR + 5.00%)

10/31/2024

652

652

(e)

North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P.

1st Lien Revolver

5.25% (SOFR + 4.50%)

3/15/2027

1

1

(e)(h)

North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P.

1st Lien Term Loan

6.50% (SOFR + 5.75%)

9/15/2027

4,137

4,137

(e)

North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P.

1st Lien Term Loan

6.50% (SOFR + 5.75%)

9/15/2027

7,035

7,035

(e)(f)

North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P.

1st Lien Delayed Draw Term Loan

6.52% (SOFR + 5.75%)

9/15/2027

916

732

(e)(h)

North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P.

1st Lien Delayed Draw Term Loan

6.50% (SOFR + 5.75%)

9/15/2027

1,004

1,004

(e)

Organon & Co.

1st Lien Term Loan

3.56% (3M LIBOR + 3.00%)

6/2/2028

4,993

4,962

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

PROTON JVCO S.A R.L.

Luxembourg

1st Lien Term Loan

7.50% (6M EURIBOR + 7.25%)

11/10/2026

€

1,667

$

1,845

(e)(f)

PROTON JVCO S.A R.L.

Luxembourg

1st Lien Term Loan

11/10/2026

€

833

—

(e)(h)

TerSera Therapeutics LLC

1st Lien Term Loan

6.60% (3M LIBOR + 5.60%)

3/30/2025

48

48

(e)(f)

62,314

2.74

%

Retailing

Atlas Intermediate III, L.L.C.

1st Lien Revolver

6.50% (3M LIBOR + 5.50%)

4/29/2025

264

76

(e)(h)

Atlas Intermediate III, L.L.C.

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

4/29/2025

504

504

(e)(f)

Atlas Intermediate III, L.L.C.

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

4/29/2025

1,840

1,840

(e)(f)

Atlas Intermediate III, L.L.C.

1st Lien Delayed Draw Term Loan

6.50% (3M LIBOR + 5.50%)

4/29/2025

403

403

(e)

Autokiniton US Holdings, Inc.

1st Lien Term Loan

5.00% (12M LIBOR + 4.50%)

4/6/2028

3,094

3,044

Bamboo Purchaser, Inc.

1st Lien Revolver

3.00% (3M LIBOR + 2.50%)

11/5/2026

1

1

(e)(h)

Bamboo Purchaser, Inc.

1st Lien Term Loan

6.75% (3M LIBOR + 6.00%)

11/5/2027

3,545

3,510

(e)(f)

Bamboo Purchaser, Inc.

1st Lien Delayed Draw Term Loan

6.75% (3M LIBOR + 6.00%)

11/5/2027

835

409

(e)(h)

Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc.

1st Lien Revolver

3/13/2024

381

—

(e)(h)

Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc.

1st Lien Term Loan

6.65% (1M LIBOR + 5.65%)

3/13/2025

7,129

7,129

(e)(f)

Hunter Douglas Holding B.V.

Netherlands

1st Lien Term Loan

4.00% (SOFR + 3.50%)

2/26/2029

10,680

10,453

Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC

1st Lien Term Loan

6.51% (3M LIBOR + 5.50%)

6/23/2028

2,493

2,493

(e)(f)

Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

6/23/2028

8,378

8,378

(e)(f)

Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC

1st Lien Delayed Draw Term Loan

6.51% (3M LIBOR + 5.50%)

6/23/2028

3,583

2,915

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Moon Valley Nursery of Arizona Retail, LLC, Moon Valley Nursery Farm Holdings, LLC, Moon Valley Nursery RE Holdings LLC, and Stonecourt IV Partners, LP

1st Lien Revolver

7.50% (PRIME + 3.50%)

10/8/2026

$

1

$

—

(e)(h)

Moon Valley Nursery of Arizona Retail, LLC, Moon Valley Nursery Farm Holdings, LLC, Moon Valley Nursery RE Holdings LLC, and Stonecourt IV Partners, LP

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

10/8/2027

8,387

8,303

(e)

Moon Valley Nursery of Arizona Retail, LLC, Moon Valley Nursery Farm Holdings, LLC, Moon Valley Nursery RE Holdings LLC, and Stonecourt IV Partners, LP

1st Lien Delayed Draw Term Loan

6.75% (3M LIBOR + 5.75%)

10/8/2027

2,001

300

(e)(h)

Pug LLC

1st Lien Term Loan

4.75% (1M LIBOR + 4.25%)

2/12/2027

2,043

2,028

(e)

Reddy Ice LLC

1st Lien Revolver

7/1/2024

955

—

(e)(h)

Reddy Ice LLC

1st Lien Term Loan

7.50% (3M LIBOR + 6.50%)

7/1/2025

7,245

7,245

(e)(f)

Reddy Ice LLC

1st Lien Delayed Draw Term Loan

7.50% (3M LIBOR + 6.50%)

7/1/2025

1,234

1,234

(e)

Reddy Ice LLC

1st Lien Delayed Draw Term Loan

7.50% (3M LIBOR + 6.50%)

7/1/2025

1,458

1,458

(e)

SCIH Salt Holdings Inc.

1st Lien Term Loan

4.75% (3M LIBOR + 4.00%)

3/16/2027

5,477

5,376

Sweetwater Borrower, LLC

1st Lien Term Loan

5.50% (1M LIBOR + 4.75%)

8/7/2028

6,124

6,047

(e)

US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P.

1st Lien Revolver

7/20/2026

679

(14)

(e)(h)

US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P.

1st Lien Term Loan

6.25% (3M LIBOR + 5.50%)

7/19/2028

6,012

5,952

(e)(f)

79,084

3.48

%

Software & Services

2U, Inc.

1st Lien Term Loan

6.50% (3M LIBOR + 5.75%)

12/30/2024

7,713

7,713

(e)(f)

AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC

1st Lien Revolver

3/2/2026

766

—

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC

1st Lien Term Loan

6.25% (3M LIBOR + 5.00%)

3/2/2026

$

9,766

$

9,766

(e)(f)

Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua

1st Lien Revolver

10/10/2025

231

—

(e)(h)

Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua

1st Lien Term Loan

6.51% (3M LIBOR + 5.50%)

4/10/2026

1,795

1,795

(e)(f)

Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua

1st Lien Term Loan

7.00% (6M LIBOR + 5.25%)

4/10/2026

1,991

1,991

(e)(f)

Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua

1st Lien Term Loan

6.25% (6M EURIBOR + 5.50%)

4/10/2026

€

663

734

(e)

Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua

1st Lien Delayed Draw Term Loan

6.50% (6M LIBOR + 5.50%)

4/10/2026

523

87

(e)(h)

APG Intermediate Holdings Corporation and APG Holdings, LLC

1st Lien Revolver

6.75% (3M LIBOR + 5.25%)

1/3/2025

1

—

(e)(h)

APG Intermediate Holdings Corporation and APG Holdings, LLC

1st Lien Term Loan

6.75% (3M LIBOR + 5.25%)

1/3/2025

995

995

(e)

APG Intermediate Holdings Corporation and APG Holdings, LLC

1st Lien Delayed Draw Term Loan

6.75% (3M LIBOR + 5.25%)

1/3/2025

59

59

(e)

Applied Systems, Inc.

1st Lien Term Loan

4.00% (3M LIBOR + 3.00%)

9/19/2024

11,565

11,475

Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc.

1st Lien Revolver

5/6/2027

212

—

(e)(h)

Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc.

1st Lien Term Loan

8.25% (3M LIBOR + 7.25%)

5/6/2027

2,912

2,912

(e)

Apttus Corporation

1st Lien Term Loan

5.00% (3M LIBOR + 4.25%)

5/8/2028

4,636

4,616

Asurion, LLC

1st Lien Term Loan

3.46% (1M LIBOR + 3.00%)

11/3/2024

7,200

7,100

Asurion, LLC

1st Lien Term Loan

3.71% (1M LIBOR + 3.25%)

12/23/2026

1,020

997

Asurion, LLC

1st Lien Term Loan

3.71% (1M LIBOR + 3.25%)

7/31/2027

2,119

2,073

Asurion, LLC

2nd Lien Term Loan

5.71% (1M LIBOR + 5.25%)

1/31/2028

570

558

Asurion, LLC

2nd Lien Term Loan

5.71% (1M LIBOR + 5.25%)

1/20/2029

7,000

6,834

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Atlanta Bidco Limited

United Kingdom

1st Lien Term Loan

7.75% (6M EURIBOR + 7.00%)

8/23/2024

€

900

$

976

(e)(f)

Avast Software B.V.

Netherlands

1st Lien Term Loan

2.76% (3M LIBOR + 1.75%)

3/22/2028

5,254

5,205

(i)

Banyan Software Holdings, LLC and Banyan Software, LP

1st Lien Revolver

7.75% (3M LIBOR + 6.75%)

10/30/2025

471

154

(e)(h)

Banyan Software Holdings, LLC and Banyan Software, LP

1st Lien Term Loan

7.75% (3M LIBOR + 6.75%)

10/30/2026

3,547

3,547

(e)(f)

Banyan Software Holdings, LLC and Banyan Software, LP

1st Lien Delayed Draw Term Loan

10/30/2026

3,602

—

(e)(h)

Banyan Software Holdings, LLC and Banyan Software, LP

1st Lien Delayed Draw Term Loan

7.76% (3M LIBOR + 6.75%)

10/30/2026

1,523

1,477

(e)(h)

Bock Capital Bidco B.V.

1st Lien Term Loan

3.50% (3M EURIBOR + 3.50%)

6/29/2028

€

7,000

7,619

Businessolver.com, Inc.

1st Lien Term Loan

6.50% (3M LIBOR + 5.75%)

12/1/2027

4,445

4,400

(e)(f)

Businessolver.com, Inc.

1st Lien Delayed Draw Term Loan

12/1/2027

1,197

(12)

(e)(h)

BYJU's Alpha, Inc.

1st Lien Term Loan

6.25% (3M LIBOR + 5.50%)

11/24/2026

7,984

7,879

Capnor Connery Bidco A/S

Denmark

1st Lien Term Loan

7.63% (1M EURIBOR + 7.63%)

4/30/2026

€

2,954

3,270

(e)(f)

Capnor Connery Bidco A/S

Denmark

1st Lien Term Loan

7.63% (1M STIBOR + 7.63%)

4/30/2026

SEK

4,210

448

(e)(f)

Capnor Connery Bidco A/S

Denmark

1st Lien Term Loan

8.73% (1M NIBOR + 7.63%)

4/30/2026

NOK

2,551

290

(e)(f)

Capnor Connery Bidco A/S

Denmark

1st Lien Delayed Draw Term Loan

7.63% (1M CIBOR + 7.63%)

4/30/2026

DKK

22,065

3,284

(e)(f)

Capnor Connery Bidco A/S

Denmark

1st Lien Delayed Draw Term Loan

7.63% (1M CIBOR + 7.63%)

4/30/2026

DKK

45,968

935

(e)(h)

Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc.

1st Lien Revolver

6.75% (PRIME + 3.75%)

11/12/2025

1

—

(e)(h)

Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc.

2nd Lien Term Loan

8.50% (3M LIBOR + 7.75%)

11/13/2028

8,634

8,634

(e)(f)

Cast & Crew Payroll, LLC

1st Lien Term Loan

3.96% (1M LIBOR + 3.50%)

2/9/2026

2,937

2,914

Cast & Crew Payroll, LLC

1st Lien Term Loan

4.25% (SOFR + 3.75%)

12/29/2028

5,117

5,077

CCC Intelligent Solutions Inc.

1st Lien Term Loan

3.26% (3M LIBOR + 2.25%)

9/21/2028

2,015

1,993

Confirmasoft AB

Sweden

1st Lien Delayed Draw Term Loan

6.75% (3M EURIBOR + 6.75%)

6/3/2027

€

1,995

2,208

(e)(f)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Confirmasoft AB

Sweden

1st Lien Delayed Draw Term Loan

6.81% (3M CIBOR + 6.75%)

6/3/2027

€

1,505

$

609

(e)(h)

Consilio Midco Limited and Consilio Investment Holdings, L.P.

United Kingdom

1st Lien Revolver

5/26/2028

123

—

(e)(h)

Consilio Midco Limited and Consilio Investment Holdings, L.P.

United Kingdom

1st Lien Term Loan

6.25% (3M EURIBOR + 6.25%)

5/26/2028

€

2,019

2,235

(e)

Consilio Midco Limited and Consilio Investment Holdings, L.P.

United Kingdom

1st Lien Term Loan

6.76% (3M LIBOR + 5.75%)

5/26/2028

6,841

6,841

(e)(f)

Consilio Midco Limited and Consilio Investment Holdings, L.P.

United Kingdom

1st Lien Delayed Draw Term Loan

5/26/2028

€

386

—

(e)(h)

Consilio Midco Limited and Consilio Investment Holdings, L.P.

United Kingdom

1st Lien Delayed Draw Term Loan

6.76% (3M LIBOR + 5.75%)

5/26/2028

2,563

1,715

(e)(h)

Cority Software Inc., IQS, Inc. and Cority Parent, Inc.

Canada

1st Lien Revolver

7/2/2025

231

—

(e)(h)

Cority Software Inc., IQS, Inc. and Cority Parent, Inc.

Canada

1st Lien Term Loan

6.00% (3M LIBOR + 5.00%)

7/2/2026

129

129

(e)

Cority Software Inc., IQS, Inc. and Cority Parent, Inc.

Canada

1st Lien Term Loan

6.00% (3M LIBOR + 5.00%)

7/2/2026

1,733

1,733

(e)(f)

Cority Software Inc., IQS, Inc. and Cority Parent, Inc.

1st Lien Term Loan

6.00% (3M LIBOR + 5.00%)

7/2/2026

1,630

1,630

(e)(f)

Cority Software Inc., IQS, Inc. and Cority Parent, Inc.

1st Lien Term Loan

8.00% (3M LIBOR + 7.00%)

7/2/2026

139

139

(e)(f)

Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc.

1st Lien Revolver

10/15/2026

100

(2)

(e)(h)

Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc.

2nd Lien Term Loan

7.00% (1M LIBOR + 6.50%)

10/15/2029

17,522

17,259

(e)

Datix Bidco Limited

United Kingdom

1st Lien Term Loan

4.68% (6M LIBOR + 4.50%)

4/28/2025

2,851

2,851

(e)(f)

Denali Holdco LLC and Denali Apexco LP

1st Lien Revolver

9/15/2027

592

—

(e)(h)

Denali Holdco LLC and Denali Apexco LP

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

9/15/2027

4,107

4,107

(e)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Diligent Corporation and Diligent Preferred Issuer, Inc.

1st Lien Revolver

8/4/2025

$

513

$

—

(e)(h)

Diligent Corporation and Diligent Preferred Issuer, Inc.

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

8/4/2025

2,250

2,250

(e)(f)

Diligent Corporation and Diligent Preferred Issuer, Inc.

1st Lien Term Loan

7.25% (3M LIBOR + 6.25%)

8/4/2025

188

188

(e)

Diligent Corporation and Diligent Preferred Issuer, Inc.

1st Lien Term Loan

7.25% (3M LIBOR + 6.25%)

8/4/2025

3,043

3,043

(e)(f)

Diligent Corporation and Diligent Preferred Issuer, Inc.

1st Lien Term Loan

7.26% (3M LIBOR + 6.25%)

8/4/2025

298

298

(e)

Doxim Inc.

1st Lien Term Loan

7.00% (1M LIBOR + 6.00%)

2/28/2024

710

710

(e)(f)

Doxim Inc.

1st Lien Term Loan

7.75% (1M LIBOR + 6.75%)

2/28/2024

3,413

3,413

(e)(f)

Doxim Inc.

1st Lien Term Loan

8.00% (1M LIBOR + 7.00%)

2/28/2024

826

826

(e)(f)

Doxim Inc.

1st Lien Term Loan

9.00% (1M LIBOR + 8.00%)

2/28/2024

6,282

6,282

(e)(f)

Doxim Inc.

1st Lien Delayed Draw Term Loan

7.00% (1M LIBOR + 6.00%)

2/28/2024

325

325

(e)

Drilling Info Holdings, Inc. and Titan DI Preferred Holdings, Inc.

2nd Lien Term Loan

8.71% (1M LIBOR + 8.25%)

7/30/2026

8,077

7,996

(e)(f)

DS Admiral Bidco, LLC

1st Lien Revolver

3/16/2026

358

—

(e)(h)

DS Admiral Bidco, LLC

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

3/16/2028

2,420

2,420

(e)(f)

Dye & Durham Corporation

Canada

1st Lien Revolver

12/3/2026

CAD

1,659

—

(e)(h)

Dye & Durham Corporation

Canada

1st Lien Term Loan

6.50% (3M CDOR + 5.75%)

12/3/2027

CAD

7,102

5,689

(e)(f)

Dye & Durham Corporation

Canada

1st Lien Delayed Draw Term Loan

12/3/2027

CAD

1,569

—

(e)(h)

Elemica Parent, Inc. & EZ Elemica Holdings, Inc.

1st Lien Revolver

6.50% (1M LIBOR + 5.50%)

9/18/2025

479

196

(e)(h)

Elemica Parent, Inc. & EZ Elemica Holdings, Inc.

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

9/18/2025

2,829

2,829

(e)

Elemica Parent, Inc. & EZ Elemica Holdings, Inc.

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

9/18/2025

870

870

(e)(f)

Elemica Parent, Inc. & EZ Elemica Holdings, Inc.

1st Lien Delayed Draw Term Loan

6.50% (3M LIBOR + 5.50%)

9/18/2025

2,810

2,810

(e)

Enigma Acquisition B.V.

Netherlands

1st Lien Delayed Draw Term Loan

7.50% (6M EURIBOR + 7.50%)

1/26/2028

€

4,132

4,574

(e)(f)(g)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Epicor Software Corporation

1st Lien Term Loan

4.00% (3M LIBOR + 3.25%)

7/30/2027

$

5,422

$

5,372

(i)

eResearch Technology, Inc. and Astorg VII Co-Invest ERT

1st Lien Term Loan

5.50% (1M LIBOR + 4.50%)

2/4/2027

2,034

2,024

eResearch Technology, Inc. and Astorg VII Co-Invest ERT

2nd Lien Term Loan

8.50% (1M LIBOR + 8.00%)

2/4/2028

9,193

9,193

(e)(f)

eResearch Technology, Inc. and Astorg VII Co-Invest ERT

2nd Lien Delayed Draw Term Loan

8.50% (1M LIBOR + 8.00%)

2/4/2028

1,343

672

(e)(h)

Evercommerce Solutions Inc

1st Lien Term Loan

3.75% (1M LIBOR + 3.25%)

7/6/2028

3,219

3,179

(e)

ExtraHop Networks, Inc.

1st Lien Term Loan

8.50% (3M LIBOR + 7.50%)

7/22/2027

1,620

1,620

(e)

ExtraHop Networks, Inc.

1st Lien Delayed Draw Term Loan

8.50% (3M LIBOR + 7.50%)

7/22/2027

933

163

(e)(h)

Frontline Technologies Group Holding LLC, Frontline Technologies Blocker Buyer, Inc., Frontline Technologies Holdings, LLC and Frontline Technologies Parent, LLC

1st Lien Term Loan

6.25% (3M LIBOR + 5.25%)

9/18/2023

4,296

4,296

(e)(f)

Frontline Technologies Group Holding LLC, Frontline Technologies Blocker Buyer, Inc., Frontline Technologies Holdings, LLC and Frontline Technologies Parent, LLC

1st Lien Delayed Draw Term Loan

6.25% (3M LIBOR + 5.25%)

9/18/2023

56

56

(e)

Gainwell Acquisition Corp.

1st Lien Term Loan

5.01% (3M LIBOR + 4.00%)

10/1/2027

7,079

7,061

Gilfoyle Bidco AB

Sweden

1st Lien Term Loan

6.25% (6M STIBOR + 6.25%)

9/4/2028

SEK

80,000

7,090

(e)(h)

Grab Holdings, Inc.

Singapore

1st Lien Term Loan

5.50% (3M LIBOR + 4.50%)

1/29/2026

7,483

7,296

GraphPAD Software, LLC

1st Lien Revolver

4/27/2027

2

—

(e)(h)

GraphPAD Software, LLC

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

4/27/2027

1,994

1,994

(e)

GraphPAD Software, LLC

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

4/27/2027

4,712

4,712

(e)(f)

GraphPAD Software, LLC

1st Lien Delayed Draw Term Loan

4/27/2027

436

—

(e)(h)

Heavy Construction Systems Specialists, LLC

1st Lien Revolver

11/16/2027

410

(8)

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Heavy Construction Systems Specialists, LLC

1st Lien Term Loan

6.50% (1M LIBOR + 5.75%)

11/16/2028

$

4,157

$

4,116

(e)(f)

Idera Inc

1st Lien Term Loan

4.50% (1M LIBOR + 3.75%)

3/2/2028

4,064

3,985

Idera Inc

2nd Lien Term Loan

7.50% (1M LIBOR + 6.75%)

3/2/2029

3,567

3,505

(e)

ION Trading Finance Limited

Ireland

1st Lien Term Loan

5.21% (1M LIBOR + 4.75%)

4/1/2028

4,010

3,973

Ishtar Bidco Norway AS

United Kingdom

1st Lien Delayed Draw Term Loan

8.22% (SONIA + 7.25%)

11/26/2025

₤

1,000

1,313

(e)(f)

Ivanti Software, Inc.

1st Lien Revolver

12/1/2025

460

(37)

(e)(h)

Ivanti Software, Inc.

1st Lien Term Loan

5.00% (3M LIBOR + 4.25%)

12/1/2027

5,921

5,829

Ivanti Software, Inc.

1st Lien Term Loan

4.75% (1M LIBOR + 4.00%)

12/1/2027

88

87

Ivanti Software, Inc.

2nd Lien Term Loan

7.77% (3M LIBOR + 7.25%)

12/1/2028

5,000

4,925

MA Financeco., LLC

1st Lien Term Loan

5.25% (3M LIBOR + 4.25%)

6/5/2025

2,532

2,506

Majesco and Magic Topco, L.P.

1st Lien Revolver

9/21/2026

624

—

(e)(h)

Majesco and Magic Topco, L.P.

1st Lien Term Loan

8.25% (3M LIBOR + 7.25%)

9/21/2027

7,972

7,972

(e)(f)

Maltese Bidco 1 Limited

United Kingdom

1st Lien Revolver

8/11/2028

₤

700

—

(e)(h)

Maltese Bidco 1 Limited

United Kingdom

1st Lien Term Loan

7.00% (6M EURIBOR + 7.00%)

2/11/2029

€

3,600

3,985

(e)(f)

McAfee Corp.

1st Lien Term Loan

4.50% (SOFR + 4.00%)

3/1/2029

10,470

10,378

MeridianLink, Inc.

1st Lien Term Loan

4.01% (3M LIBOR + 3.00%)

11/10/2028

6,000

5,869

MH Sub I, LLC (Micro Holding Corp.)

1st Lien Term Loan

3.96% (1M LIBOR + 3.50%)

9/13/2024

5,450

5,377

MH Sub I, LLC (Micro Holding Corp.)

1st Lien Term Loan

4.75% (1M LIBOR + 3.75%)

9/13/2024

3,113

3,075

MH Sub I, LLC (WebMD Health Corp.)

2nd Lien Term Loan

6.71% (1M LIBOR + 6.25%)

2/23/2029

3,000

2,966

(i)

Mitchell International, Inc.

1st Lien Term Loan

4.25% (1M LIBOR + 3.75%)

10/15/2028

3,517

3,455

Mitchell International, Inc.

2nd Lien Term Loan

7.00% (3M LIBOR + 6.50%)

10/15/2029

11,352

11,217

MMIT Holdings, LLC

1st Lien Revolver

9/15/2027

651

—

(e)(h)

MMIT Holdings, LLC

1st Lien Term Loan

7.25% (3M LIBOR + 6.25%)

9/15/2027

7,610

7,610

(e)(f)

MRI Software LLC

1st Lien Revolver

2/10/2026

508

—

(e)(h)

MRI Software LLC

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

2/10/2026

1,088

1,088

(e)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

MRI Software LLC

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

2/10/2026

$

6,668

$

6,668

(e)(f)

MRI Software LLC

1st Lien Delayed Draw Term Loan

2/10/2026

1,649

—

(e)(h)

Nortonlifelock Inc.

1st Lien Term Loan

2.50% (SOFR + 2.00%)

1/28/2029

5,360

5,288

(i)

Oakley Ekomid Limited

United Kingdom

1st Lien Term Loan

7.00% (3M EURIBOR + 6.75%)

6/23/2025

€

2,363

2,615

(e)

Oakley Ekomid Limited

United Kingdom

1st Lien Delayed Draw Term Loan

7.00% (3M EURIBOR + 6.75%)

6/23/2025

€

563

623

(e)

OpenMarket Inc.

1st Lien Term Loan

7.00% (3M LIBOR + 6.25%)

9/17/2026

7,011

6,871

(e)(f)

PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC

1st Lien Revolver

10/24/2024

205

—

(e)(h)

PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC

1st Lien Term Loan

5.50% (3M LIBOR + 4.50%)

10/24/2024

2,359

2,359

(e)(f)

PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC

2nd Lien Term Loan

9.50% (3M LIBOR + 8.50%)

10/24/2025

1,107

1,107

(e)

PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC

2nd Lien Term Loan

9.50% (3M LIBOR + 8.50%)

10/24/2025

245

245

(e)(f)

PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC

2nd Lien Delayed Draw Term Loan

9.50% (3M LIBOR + 8.50%)

10/24/2025

138

138

(e)

Perforce Software, Inc.

1st Lien Term Loan

4.21% (1M LIBOR + 3.75%)

7/1/2026

1,195

1,179

Pluralsight, Inc.

1st Lien Revolver

4/6/2027

1,204

—

(e)(h)

Pluralsight, Inc.

1st Lien Term Loan

9.00% (3M LIBOR + 8.00%)

4/6/2027

16,506

16,506

(e)

ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P.

1st Lien Revolver

3/5/2027

608

—

(e)(h)

ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P.

1st Lien Term Loan

6.25% (1M LIBOR + 5.25%)

3/5/2027

3,795

3,795

(e)(f)

ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P.

1st Lien Delayed Draw Term Loan

6.25% (1M LIBOR + 5.25%)

3/5/2027

2,553

529

(e)(h)

Project Boost Purchaser, LLC

1st Lien Term Loan

3.96% (1M LIBOR + 3.50%)

6/1/2026

2,474

2,444

Project Essential Bidco, Inc. and Project Essential Super Parent, Inc.

1st Lien Revolver

4/20/2027

121

(2)

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Project Essential Bidco, Inc. and Project Essential Super Parent, Inc.

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

4/20/2028

$

4,088

$

4,006

(e)(f)

Proofpoint, Inc.

1st Lien Revolver

8/31/2026

240

—

(e)(h)

Proofpoint, Inc.

1st Lien Term Loan

3.75% (3M LIBOR + 3.25%)

8/31/2028

7,062

6,979

Proofpoint, Inc.

2nd Lien Term Loan

6.75% (3M LIBOR + 6.25%)

8/31/2029

5,431

5,431

(e)

QF Holdings, Inc.

1st Lien Revolver

12/15/2027

317

—

(e)(h)

QF Holdings, Inc.

1st Lien Term Loan

7.25% (3M LIBOR + 6.25%)

12/15/2027

2,500

2,500

(e)(f)

QF Holdings, Inc.

1st Lien Term Loan

7.54% (3M LIBOR + 6.25%)

12/15/2027

1,313

1,313

(e)

QF Holdings, Inc.

1st Lien Delayed Draw Term Loan

12/15/2027

263

—

(e)(h)

QF Holdings, Inc.

1st Lien Delayed Draw Term Loan

7.54% (3M LIBOR + 6.25%)

12/15/2027

263

263

(e)

Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC

1st Lien Revolver

10/5/2027

498

(9)

(e)(h)

Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

10/5/2028

3,199

3,167

(e)(f)

RealPage, Inc.

2nd Lien Term Loan

7.25% (1M LIBOR + 6.50%)

4/23/2029

9,423

9,423

(e)(f)

Relativity ODA LLC

1st Lien Revolver

5/12/2027

1

—

(e)(h)

Relativity ODA LLC

1st Lien Term Loan

7.50% (1M LIBOR + 6.50%)

5/12/2027

6,892

6,892

(e)

RMS Holdco II, LLC & RMS Group Holdings, Inc.

1st Lien Revolver

12/16/2027

883

(18)

(e)(h)

RMS Holdco II, LLC & RMS Group Holdings, Inc.

1st Lien Term Loan

6.50% (3M LIBOR + 5.75%)

12/16/2027

7,211

7,139

(e)(f)

Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.)

1st Lien Term Loan

3.71% (1M LIBOR + 3.25%)

12/31/2025

5,347

5,287

Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.)

1st Lien Term Loan

4.21% (1M LIBOR + 3.75%)

9/3/2026

352

350

Smarsh Inc. and Skywalker TopCo, LLC

1st Lien Revolver

2/16/2029

227

(5)

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Smarsh Inc. and Skywalker TopCo, LLC

1st Lien Term Loan

7.25% (SOFR + 6.50%)

2/16/2029

$

3,561

$

3,525

(e)(f)

Smarsh Inc. and Skywalker TopCo, LLC

1st Lien Delayed Draw Term Loan

2/16/2029

890

(9)

(e)(h)

Sophia, L.P.

1st Lien Term Loan

10/7/2027

1,951

1,932

(i)

Sophia, L.P.

1st Lien Term Loan

4.26% (3M LIBOR + 3.25%)

10/7/2027

13,226

13,080

Sophia, L.P.

2nd Lien Term Loan

9.00% (3M LIBOR + 8.00%)

10/9/2028

10,498

10,498

(e)(f)

Storable, Inc. and EQT IX Co-Investment (E) SCSP

2nd Lien Term Loan

7.50% (SOFR + 6.75%)

4/16/2029

9,527

9,527

(e)(f)

Sundance Group Holdings, Inc.

1st Lien Revolver

7.75% (3M LIBOR + 6.50%)

7/2/2027

1

—

(e)(h)

Sundance Group Holdings, Inc.

1st Lien Term Loan

7.75% (3M LIBOR + 6.50%)

7/2/2027

1,510

1,510

(e)(f)

Sundance Group Holdings, Inc.

1st Lien Delayed Draw Term Loan

7/2/2027

453

—

(e)(h)

TCP Hawker Intermediate LLC

1st Lien Revolver

6.50% (3M LIBOR + 5.50%)

8/29/2025

458

321

(e)(h)

TCP Hawker Intermediate LLC

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

8/28/2026

439

439

(e)(f)

TCP Hawker Intermediate LLC

1st Lien Term Loan

7.00% (3M LIBOR + 5.50%)

8/28/2026

2,317

2,317

(e)(f)

TCP Hawker Intermediate LLC

1st Lien Delayed Draw Term Loan

6.50% (3M LIBOR + 5.50%)

8/28/2026

983

983

(e)

TCP Hawker Intermediate LLC

1st Lien Delayed Draw Term Loan

7.00% (3M LIBOR + 5.50%)

8/31/2026

920

405

(e)(h)

The Ultimate Software Group, Inc. and H&F Unite Partners, L.P.

1st Lien Revolver

4.21% (1M LIBOR + 3.75%)

5/3/2024

1

—

(e)(h)

ThoughtWorks, Inc.

1st Lien Term Loan

3.25% (1M LIBOR + 2.75%)

3/24/2028

1,808

1,780

Tibco Software Inc

1st Lien Term Loan

4.21% (1M LIBOR + 3.75%)

6/30/2026

3,280

3,259

(i)

Tibco Software Inc

2nd Lien Term Loan

7.71% (1M LIBOR + 7.25%)

3/3/2028

5,005

4,987

TIGER UK BIDCO LIMITED

United Kingdom

1st Lien Delayed Draw Term Loan

6.90% (SONIA + 6.42%)

6/30/2028

₤

1,464

1,923

(e)

TIGER UK BIDCO LIMITED

United Kingdom

1st Lien Delayed Draw Term Loan

6.90% (SONIA + 6.42%)

6/30/2028

₤

5,529

7,262

(e)(f)

WebPT, Inc.

1st Lien Revolver

1/18/2028

216

—

(e)(h)

WebPT, Inc.

1st Lien Term Loan

7.75% (3M LIBOR + 6.75%)

1/18/2028

2,042

2,042

(e)

Wellness AcquisitionCo, Inc.

1st Lien Revolver

1/20/2027

504

—

(e)(h)

Wellness AcquisitionCo, Inc.

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

1/20/2027

3,087

3,087

(e)(f)

Wellness AcquisitionCo, Inc.

1st Lien Delayed Draw Term Loan

1/20/2027

609

—

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

WorkWave Intermediate II, LLC

1st Lien Revolver

6/29/2027

$

460

$

—

(e)(h)

WorkWave Intermediate II, LLC

1st Lien Term Loan

8.00% (SOFR + 7.25%)

6/29/2027

4,162

4,162

(e)

WorkWave Intermediate II, LLC

1st Lien Delayed Draw Term Loan

6/29/2027

1,524

—

(e)(h)

WorkWave Intermediate II, LLC

1st Lien Delayed Draw Term Loan

8.00% (SOFR + 7.25%)

6/29/2027

1,359

1,359

(e)

529,354

23.32

%

Technology Hardware & Equipment

Chariot Buyer LLC

1st Lien Revolver

3.96% (1M LIBOR + 3.50%)

11/3/2026

100

27

(e)(h)

Chariot Buyer LLC

2nd Lien Term Loan

7.76% (3M LIBOR + 6.75%)

11/5/2029

13,662

13,526

(e)(f)

FL Hawk Intermediate Holdings, Inc.

1st Lien Revolver

2/22/2027

1,312

—

(e)(h)

FL Hawk Intermediate Holdings, Inc.

1st Lien Term Loan

5.75% (3M LIBOR + 4.75%)

2/22/2028

7,382

7,382

(e)(f)

FL Hawk Intermediate Holdings, Inc.

1st Lien Delayed Draw Term Loan

2/22/2028

1,017

—

(e)(h)

Helicopter 2021 BidCo ApS and Helicopter 2021 HoldCo ApSMWG BidCo ApS

Denmark

1st Lien Term Loan

6.90% (3M CIBOR + 6.90%)

2/29/2028

DKK

20,066

2,986

(e)

Helicopter 2021 BidCo ApS and Helicopter 2021 HoldCo ApSMWG BidCo ApS

Denmark

1st Lien Term Loan

2/29/2028

DKK

4,934

—

(e)(h)

Micromeritics Instrument Corp.

1st Lien Revolver

12/18/2025

331

—

(e)(h)

Micromeritics Instrument Corp.

1st Lien Term Loan

6.00% (3M LIBOR + 5.00%)

12/18/2025

2,392

2,392

(e)(f)

Repairify, Inc. and Repairify Holdings, LLC

1st Lien Revolver

6/14/2027

766

—

(e)(h)

Repairify, Inc. and Repairify Holdings, LLC

1st Lien Term Loan

6.00% (3M LIBOR + 5.00%)

6/14/2027

3,553

3,553

(e)(f)

Sorenson Communications, LLC

1st Lien Term Loan

6.51% (3M LIBOR + 5.50%)

3/17/2026

267

265

TGG TS Acquisition Company

1st Lien Term Loan

6.96% (1M LIBOR + 6.50%)

12/14/2025

1,465

1,455

ViaSat, Inc.

1st Lien Term Loan

5.00% (SOFR + 4.50%)

3/2/2029

4,687

4,658

Wildcat BuyerCo, Inc. and Wildcat Parent, LP

1st Lien Revolver

2/27/2026

255

—

(e)(h)

Wildcat BuyerCo, Inc. and Wildcat Parent, LP

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

2/27/2026

3,212

3,212

(e)(f)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Wildcat BuyerCo, Inc. and Wildcat Parent, LP

1st Lien Delayed Draw Term Loan

6.75% (3M LIBOR + 5.75%)

2/27/2026

$

421

$

92

(e)(h)

Wildcat BuyerCo, Inc. and Wildcat Parent, LP

1st Lien Delayed Draw Term Loan

6.76% (3M LIBOR + 5.75%)

2/27/2026

1,069

1,069

(e)

40,617

1.79

%

Telecommunication Services

CB-SDG LIMITED MIDCO LIMITED

United Kingdom

1st Lien Delayed Draw Term Loan

4/3/2026

₤

317

(83)

(e)(h)(j)

CB-SDG LIMITED MIDCO LIMITED

United Kingdom

1st Lien Delayed Draw Term Loan

4/3/2026

₤

2,937

3,087

(e)(f)(g)(j)

CenturyLink Inc

1st Lien Term Loan

2.71% (1M LIBOR + 2.25%)

3/15/2027

3,084

2,998

(i)

Commify Limited

United Kingdom

1st Lien Delayed Draw Term Loan

6.50% (6M EURIBOR + 6.25%)

9/14/2026

€

761

839

(e)

Commify Limited

United Kingdom

1st Lien Delayed Draw Term Loan

6.75% (1M EURIBOR + 6.50%)

9/14/2026

€

973

277

(e)(h)

Commify Limited

United Kingdom

1st Lien Delayed Draw Term Loan

7.75% (6M EURIBOR + 7.50%)

9/14/2026

€

2,771

3,133

(e)(f)

Delta Topco, Inc.

1st Lien Term Loan

4.50% (3M LIBOR + 3.75%)

12/1/2027

1,461

1,435

Delta Topco, Inc.

2nd Lien Term Loan

8.00% (3M LIBOR + 7.25%)

12/1/2028

4,129

4,039

Iridium Satellite LLC

1st Lien Term Loan

3.25% (1M LIBOR + 2.50%)

11/4/2026

4,751

4,708

(i)

Zayo Group Holdings, Inc

1st Lien Term Loan

3.46% (1M LIBOR + 3.00%)

3/9/2027

2,631

2,558

22,991

1.01

%

Transportation

Commercial Trailer Leasing, Inc.

1st Lien Revolver

1/19/2026

741

—

(e)(h)

Commercial Trailer Leasing, Inc.

1st Lien Term Loan

7.25% (SOFR + 6.25%)

1/19/2026

12,196

12,196

(e)(f)

Commercial Trailer Leasing, Inc.

1st Lien Delayed Draw Term Loan

7.25% (SOFR + 6.25%)

1/19/2026

1,458

1,161

(e)(h)

Commercial Trailer Leasing, Inc.

2nd Lien Term Loan

13.00%

1/19/2027

2,222

2,222

(e)(f)

First Student Bidco Inc.

1st Lien Term Loan

3.50% (3M LIBOR + 3.00%)

7/21/2028

10,621

10,524

(i)

Neovia Logistics Holdings, LP

1st Lien Term Loan

7.54% (3M LIBOR + 6.50%)

5/8/2024

689

650

(e)

Neovia Logistics Holdings, LP

2nd Lien Term Loan

11/8/2024

1,408

1,202

(e)(j)

PODS, LLC

1st Lien Term Loan

3.75% (3M LIBOR + 3.00%)

3/31/2028

6,434

6,358

Shur-Co Acquisition, Inc. and Shur-Co HoldCo, Inc.

1st Lien Revolver

7.00% (3M LIBOR + 6.00%)

6/30/2027

441

206

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)		Fair Value (a)			Percentage of Net Assets
Shur-Co Acquisition, Inc. and Shur-Co HoldCo, Inc.		1st Lien Term Loan	7.00% (3M LIBOR + 6.00%)	6/30/2027			$	2,372	$	2,372	(e)(f)
									36,891			1.62	%
Utilities
Scholt Energy BV	Netherlands	1st Lien Term Loan	7.00% (3M EURIBOR + 7.00%)	8/20/2028			€	9,500	9,990		(e)(f)
WIN Waste Innovations Holdings Inc.		1st Lien Term Loan	3.76% (3M LIBOR + 2.75%)	3/24/2028				5,970	5,914
									15,904			0.70	%
TOTAL SENIOR LOANS (Cost $2,378,012)									2,379,265			104.77	%
SUBORDINATED LOANS(b)(c)(d)(e)
Commercial & Professional Services
Visual Edge Technology, Inc.		Subordinated Term Loan		9/3/2024				243	214		(j)
									214			0.01	%
Consumer Services
KeyStone Sub-Debt HoldCo, LLC		Subordinated Term Loan	10.00%	1/20/2027				9,369	9,369
									9,369			0.41	%
Diversified Financials
eCapital Finance Corp.	Canada	Subordinated Term Loan	7.75% (1M LIBOR + 7.25%)	1/31/2025				11,231	11,231
eCapital Finance Corp.	Canada	Subordinated Delayed Draw Term Loan	7.75% (1M LIBOR + 7.25%)	1/31/2025				2,803	2,803
									14,034			0.62	%
TOTAL SUBORDINATED LOANS (Cost $22,838)									23,617			1.04	%
CORPORATE BONDS(b)(c)
Capital Goods
American Builders & Contractors Supply Co., Inc.			3.88%	11/15/2029				392	366		(d)
American Builders & Contractors Supply Co., Inc.			4.00%	1/15/2028				3,000	2,895		(d)
Cargo Aircraft Management			4.75%	2/1/2028				2,647	2,584		(d)
LBM Acquisition LLC			6.25%	1/15/2029				8,174	7,656		(d)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)		Fair Value (a)			Percentage of Net Assets
Pike Corporation			5.50%	9/1/2028			$	1,000	$	943	(d)
PowerTeam Services, LLC			9.03%	12/4/2025				12,790	12,795		(d)
Redwood Star Merger Sub Inc			8.75%	4/1/2030				500	479		(d)(i)
Specialty Building Products Holdings, LLC			6.38%	9/30/2026				4,620	4,698		(d)
SRS Distribution Inc.			6.00%	12/1/2029				5,000	4,625		(d)
Tutor Perini Corporation			6.88%	5/1/2025				7,988	7,597		(d)
									44,638			1.96	%
Commercial & Professional Services
GFL Environmental Inc.	Canada		4.38%	8/15/2029				1,475	1,366		(d)
Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1			3.58%	4/30/2051				25	23		(d)(e)
									1,389			0.06	%
Consumer Durables & Apparel
Ashton Woods USA LLC			4.63%	8/1/2029				1,600	1,411		(d)
Ashton Woods USA LLC			4.63%	4/1/2030				520	452		(d)
									1,863			0.08	%
Consumer Services
1011778 BC ULC	Canada		4.00%	10/15/2030				2,001	1,816		(d)
1011778 BC ULC	Canada		4.38%	1/15/2028				1,961	1,883		(d)
AUTHB 2021-1			3.73%	7/30/2051				25	23		(d)(e)
Gamenet Group SpA	Italy		5.13%	7/15/2025			€	2,000	2,184
Peninsula Pacific Entertainment, LLC			8.50%	11/15/2027				3,085	3,413		(d)
SERV 2020-1			3.34%	1/30/2051				25	22		(d)(e)
Stonegate Pub Co Financing 2019 PLC	United Kingdom		8.00%	7/13/2025			₤	2,000	2,667
									12,008			0.53	%
Diversified Financials
BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC			9.30%	9/15/2026				625	625		(e)
BCP V Modular Services Finance II PLC	United Kingdom		6.13%	11/30/2028			₤	1,280	1,594
BCP V Modular Services Finance II PLC	United Kingdom		6.13%	11/30/2028			₤	1,000	1,245		(d)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)		Fair Value (a)			Percentage of Net Assets
Cerved Group SPA	Italy		5.25% (3M EURIBOR + 5.25%)	2/15/2029			€	4,684	$	5,156	(d)
Coinbase Global Inc			3.63%	10/1/2031				1,575	1,343		(d)
Shiba Bidco SpA	Italy		4.50%	10/31/2028			€	2,000	2,125
WAX 2022-1			5.50%	3/15/2052				19,000	18,419		(d)(e)(i)
									30,507			1.34	%
Energy
Ascent Rescources LLC			9.00%	11/1/2027				688	943		(d)
Blue Racer Midstream LLC			7.63%	12/15/2025				1,652	1,726		(d)
Cheniere Energy Partners LP			4.00%	3/1/2031				300	291
CITGO Holding Inc			9.25%	8/1/2024				4,000	4,040		(d)
Exterran Energy Solutions, L.P.			8.13%	5/1/2025				3,100	3,126
ITT Holdings LLC			6.50%	8/1/2029				7,137	6,593		(d)
Laredo Petroleum Inc			9.50%	1/15/2025				451	470
New Fortress Energy Inc			6.50%	9/30/2026				8,000	7,900		(d)
Summit Midstream Partners LP			5.75%	4/15/2025				596	487
									25,576			1.13	%
Food & Staples Retailing
BUNDT 2021-1			2.99%	7/30/2051				25	23		(d)(e)
									23			0.00	%
Food & Beverage
Simmons Foods, Inc.			4.63%	3/1/2029				3,500	3,281		(d)
Triton Water Holdings, Inc.			6.25%	4/1/2029				100	86		(d)
									3,367			0.15	%
Healthcare Equipment & Services
Air Methods Corporation			8.00%	5/15/2025				8,017	6,935		(d)
Lifepoint Health Inc			4.38%	2/15/2027				1,613	1,561		(d)
Mozart Debt Merger Sub Inc.			3.88%	4/1/2029				3,500	3,233		(d)
Team Health Holdings, Inc.			6.38%	2/1/2025				5,898	5,293		(d)
									17,022			0.75	%
Insurance
Ardonagh Midco 2 plc and Ardonagh Midco 3 plc	United Kingdom		11.50%	1/15/2027				39	41		(d)
NFP Corp.			6.88%	8/15/2028				2,624	2,499		(d)
									2,540			0.11	%
Materials

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)		Fair Value (a)			Percentage of Net Assets
Chemours Company, The			4.63%	11/15/2029			$	3,003	$	2,754	(d)
CONSTELLIUM SE	France		5.63%	6/15/2028				1,000	1,004		(d)
Freeport-McMorman Copper & Gold, Inc.			4.63%	8/1/2030				2,597	2,655
Freeport-McMorman Copper & Gold, Inc.			5.40%	11/14/2034				807	896
Kobe US Midco 2 Inc			9.25%	11/1/2026				666	646		(d)
Mauser Packaging Solutions Holding Company			7.25%	4/15/2025				8,968	8,888		(d)
Venator Materials PLC	Luxembourg		5.75%	7/15/2025				4,245	3,438		(d)
Venator Materials PLC	Luxembourg		9.50%	7/1/2025				287	300		(d)
									20,581			0.91	%
Media & Entertainment
Altice Financing S.A.	Luxembourg		5.00%	1/15/2028				7,000	6,304		(d)
Aventine Intermediate LLC & Aventine Holdings II LLC			10.25%	12/23/2030				10,965	10,855		(e)
CCO Holdings LLC			4.25%	2/1/2031				969	879		(d)
CSC Holdings LLC			3.38%	2/15/2031				4,000	3,370		(d)
CSC Holdings LLC			4.50%	11/15/2031				870	779		(d)
CSC Holdings LLC			4.63%	12/1/2030				2,000	1,673		(d)
Dolya Holdco 18 DAC	Ireland		5.00%	7/15/2028				3,000	2,880		(d)
Telenet Finance Luxembourg Notes Sarl	Luxembourg		5.50%	3/1/2028				400	389		(d)
									27,129			1.18	%
Real Estate
Brookfield Property REIT Inc			5.75%	5/15/2026				4,183	4,145		(d)
HAT Holdings I LLC			3.75%	9/15/2030				4,880	4,392		(d)
Iron Mountain Inc			4.88%	9/15/2029				1,049	999		(d)
Iron Mountain Inc			5.25%	7/15/2030				4,089	4,007		(d)
									13,543			0.60	%
Retailing
Carvana Co			4.88%	9/1/2029				750	626		(d)
HSE Finance S.a.r.l	Luxembourg		5.75% (3M EURIBOR + 5.75%)	10/15/2026			€	4,034	4,374
SCIH Salt Holdings Inc.			4.88%	5/1/2028				3,009	2,846		(d)
									7,846			0.35	%
Software & Services

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)		Fair Value (a)			Percentage of Net Assets
AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC			12.75%	2/28/2028			$	3,162	$	3,162	(e)
Castle US Holding Corporation			9.50%	2/15/2028				594	589		(d)
CommScope Technologies LLC			6.00%	6/15/2025				373	356		(d)
Condor Merger Sub Inc			7.38%	2/15/2030				1,000	958		(d)
Insightful Science Intermediate I, LLC			10.50%	4/28/2032				1,408	1,408		(e)
MicroStrategy Inc			0.00%	2/15/2027				1,000	714
									7,187			0.32	%
Technology Hardware & Equipment
Avaya Holdings Corp			6.13%	9/15/2028				1,302	1,284		(d)
CommScope Inc			8.25%	3/1/2027				6,553	6,383		(d)
ViaSat, Inc.			6.50%	7/15/2028				2,790	2,678		(d)
									10,345			0.46	%
Telecommunication Services
Telesat Canada / Telesat LLC	Canada		5.63%	12/6/2026				5,420	4,133		(d)
Telesat Canada / Telesat LLC	Canada		6.50%	10/15/2027				2,509	1,232		(d)
									5,365			0.24	%
Transportation
Promontoria Holding 264 BV	Netherlands		6.13% (3M EURIBOR + 6.13%)	3/1/2027			€	5,298	5,865		(d)
									5,865			0.26	%
Utilities
Calpine Corporation			4.50%	2/15/2028				1,750	1,707		(d)
Vistra Energy Corp			7.00%	6/15/2170				7,500	7,303		(d)
									9,010			0.40	%
TOTAL CORPORATE BONDS (Cost $256,640)									245,804			10.83	%
COLLATERALIZED LOAN OBLIGATIONS - DEBT(b)(c)(d)(e)
AIMCO 2021-15	Cayman Islands		6.19% (3M LIBOR + 5.95%)	10/17/2034				750	728
AMMC 2012-11	Cayman Islands		6.10% (3M LIBOR + 5.80%)	4/30/2031				1,500	1,352

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

AMMC 2017-21A

Cayman Islands

6.81% (3M LIBOR + 6.50%)

11/2/2030

$

100

$

94

AMMC 2018-22

Cayman Islands

5.76% (3M LIBOR + 5.50%)

4/25/2031

750

700

APID 2015-20

Cayman Islands

8.94% (3M LIBOR + 8.70%)

7/16/2031

250

227

ATCLO 2016-7

Cayman Islands

8.56% (3M LIBOR + 8.05%)

11/27/2031

1,750

1,402

ATRM 9

Cayman Islands

6.96% (3M LIBOR + 6.45%)

5/28/2030

1,000

967

ATRM 13

Cayman Islands

6.31% (3M LIBOR + 6.05%)

11/21/2030

900

869

BCC 2019-2

Cayman Islands

6.56% (3M LIBOR + 6.32%)

10/17/2032

1,250

1,202

BCC 2019-4

Cayman Islands

8.33% (SOFR + 7.99%)

4/23/2035

6,000

5,922

BCC 2021-3

Cayman Islands

6.76% (3M LIBOR + 6.50%)

7/24/2034

500

485

BCC 2022-2

Jersey

4/22/2035

8,000

7,920

(i)(l)

CANYC 2018-1

Cayman Islands

5.99% (3M LIBOR + 5.75%)

7/15/2031

850

795

CANYC 2020-1

Cayman Islands

6.59% (3M LIBOR + 6.35%)

7/15/2034

1,452

1,375

CIFC 2014-3

Cayman Islands

6.36% (3M LIBOR + 6.10%)

10/22/2031

522

497

DEN12 2016-1

Cayman Islands

6.14% (3M LIBOR + 5.90%)

4/15/2031

750

668

DEN14 2016-1

Cayman Islands

8.36% (3M LIBOR + 8.10%)

10/23/2031

250

196

DEN14 2016-1

Cayman Islands

6.61% (3M LIBOR + 6.35%)

10/23/2031

750

667

DEN16 2018-1

Cayman Islands

2.85% (3M LIBOR + 2.60%)

1/20/2030

1,500

1,404

DRSLF 2013-28

Cayman Islands

8.26% (3M LIBOR + 7.75%)

8/15/2030

500

473

DRSLF 2018-55

Cayman Islands

5.64% (3M LIBOR + 5.40%)

4/15/2031

375

358

DRSLF 2018-57

Cayman Islands

5.71% (3M LIBOR + 5.20%)

5/15/2031

500

460

DRSLF 2018-58

Cayman Islands

5.59% (3M LIBOR + 5.35%)

7/17/2031

1,000

950

DRSLF 2018-70

Cayman Islands

6.29% (3M LIBOR + 6.05%)

1/16/2032

250

242

ELMW8 2021-1

Cayman Islands

8.25% (3M LIBOR + 8.00%)

1/20/2034

750

735

GLD10 2015-10

Cayman Islands

5.90% (3M LIBOR + 5.65%)

7/20/2031

750

720

ICG 2018-1

Cayman Islands

5.41% (3M LIBOR + 5.15%)

4/21/2031

500

446

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

INGIM 2013-3

Cayman Islands

6.14% (3M LIBOR + 5.90%)

10/18/2031

$

1,250

$

1,145

KKR 34

Cayman Islands

7.09% (3M LIBOR + 6.85%)

7/15/2034

600

586

KKR 2022-41

Cayman Islands

7.39% (SOFR + 6.70%)

4/15/2035

1,500

1,481

MDPK 2014-14

Cayman Islands

8.03% (3M LIBOR + 7.77%)

10/22/2030

1,000

877

MDPK 2016-22

Cayman Islands

6.94% (3M LIBOR + 6.70%)

1/15/2033

550

538

MDPK 2018-27

Cayman Islands

5.25% (3M LIBOR + 5.00%)

4/20/2030

650

612

MDPK 2018-28

Cayman Islands

7.84% (3M LIBOR + 7.60%)

7/15/2030

500

474

MDPK 2020-46

Cayman Islands

6.49% (3M LIBOR + 6.25%)

10/15/2034

250

241

OCT35 2018-1

Cayman Islands

5.45% (3M LIBOR + 5.20%)

1/20/2031

1,500

1,379

OHALF 2015-1

Cayman Islands

6.86% (3M LIBOR + 6.65%)

1/19/2037

860

841

OHALF 2016-1

Cayman Islands

6.60% (3M LIBOR + 6.35%)

1/20/2033

4,000

3,881

PIPK 2021-7

Cayman Islands

7.25% (3M LIBOR + 6.75%)

2/25/2034

1,000

964

RRAM 2019-6

Cayman Islands

6.09% (3M LIBOR + 5.85%)

4/15/2036

2,700

2,644

RSRVA 2016-3

Cayman Islands

6.74% (3M LIBOR + 6.50%)

1/18/2034

500

486

VENTR 2019-36

Cayman Islands

7.17% (3M LIBOR + 6.92%)

4/20/2032

300

273

VENTR 2019-37

Cayman Islands

7.19% (3M LIBOR + 6.95%)

7/15/2032

3,000

2,839

VOYA 2019-4

Cayman Islands

6.95% (3M LIBOR + 6.71%)

1/15/2035

500

484

WELF 2017-3

Cayman Islands

5.79% (3M LIBOR + 5.55%)

1/17/2031

1,000

925

WELF 2018-3

Cayman Islands

6.50% (3M LIBOR + 6.25%)

1/20/2032

250

236

WOODS 2018-12

Cayman Islands

6.61% (3M LIBOR + 5.79%)

6/15/2031

750

666

TOTAL COLLATERALIZED LOAN OBLIGATIONS - DEBT (Cost $54,904)

53,426

2.35

%

COLLATERALIZED LOAN OBLIGATIONS - EQUITY(d)(e)

AIMCO 2020-11

Cayman Islands

21.11%

10/17/2034

7,258

7,176

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)		Fair Value (a)		Percentage of Net Assets
AIMCO 2021-16	Cayman Islands		16.63%	1/17/2035			$	5,600	$	5,473
ALLEG 2018-2	Cayman Islands		14.67%	7/15/2031				2,150	1,146
ANCHC 2021-20	Cayman Islands		0.00%	1/20/2035				4,650	4,020
ANCHF 2016-3	Cayman Islands		11.10%	1/28/2039				520	442
ATRM 15	Cayman Islands		13.55%	1/23/2031				4,080	2,632
AVERY 2015-6	Cayman Islands		104.61%	8/5/2027				314	43
BABSN 2021-2	Cayman Islands		14.35%	7/15/2034				5,000	4,693
BCC 2017-2	Cayman Islands		16.24%	7/25/2034				3,461	3,127
BCC 2018-1	Cayman Islands		31.07%	4/23/2031				1,420	918
BCC 2019-1	Cayman Islands		21.10%	4/18/2032				1,400	1,058
BCC 2019-2	Cayman Islands		23.98%	10/17/2032				810	666
BCC 2020-1	Cayman Islands		28.35%	4/18/2033				1,250	1,111
BCC 2020-2	Cayman Islands		37.11%	7/19/2034				800	637
BCC 2021-2	Cayman Islands		14.98%	7/16/2034				1,000	769
BCC 2022-1	Cayman Islands		16.63%	4/18/2035				6,750	5,969
CANYC 2019-1	Cayman Islands		18.42%	4/15/2032				2,798	2,004
CEDF 2016-5	Cayman Islands		24.34%	7/17/2031				2,000	1,674
CEDF 2017-8	Cayman Islands		15.15%	10/17/2034				365	215
CGMS 2013-1	Cayman Islands		20.32%	8/14/2030				500	196
CGMS 2018-3	Cayman Islands		13.31%	10/15/2030				750	393
CGMS 2018-4	Cayman Islands		16.97%	1/20/2031				2,310	1,555
CGMS 2019-3	Cayman Islands		19.29%	10/20/2032				3,875	3,109
CIFC 2015-4	Cayman Islands		12.89%	4/20/2034				2,252	1,062
CIFC 2018-5	Cayman Islands		18.81%	1/15/2032				625	431
CIFC 2019-1	Cayman Islands		22.21%	4/20/2032				1,500	1,095
CIFC 2019-FAL	Cayman Islands		11.17%	1/20/2033				2,175	1,806
CIFC 2020-3	Cayman Islands		19.46%	10/20/2034				1,000	927
CIFC 2021-5	Cayman Islands		14.68%	7/15/2034				5,200	4,633
DRSLF 2013-28	Cayman Islands		24.05%	8/15/2030				1,406	426
DRSLF 2016-43	Cayman Islands		24.72%	4/20/2034				1,610	1,053
DRSLF 2018-58	Cayman Islands		20.88%	7/17/2031				3,125	2,077
DRSLF 2020-78	Cayman Islands		12.97%	4/17/2033				10,625	9,288
DRSLF 2022-98	Cayman Islands		16.63%	4/20/2035				5,000	4,565
Eastland Investors Corp	Cayman Islands		0.00%	5/1/2022				—	132

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)		Fair Value (a)		Percentage of Net Assets
ELM11 2021-4	Cayman Islands		0.00%	10/20/2034			$	4,050	$	3,930
ELMW5 2020-2	Cayman Islands		27.49%	7/24/2031				2,500	2,437
HRPK 2020-1	Cayman Islands		0.00%	4/20/2034				3,500	3,075
ICG 2018-2	Cayman Islands		21.62%	7/22/2031				1,650	983
ICG 2020-1	Cayman Islands		0.00%	1/20/2035				500	369
ICG 2021-1	Cayman Islands		14.94%	4/17/2034				2,600	2,027
INVCO 2021-3	Cayman Islands		0.00%	10/22/2034				4,022	2,992
IVZ 2021-2	Cayman Islands		0.00%	7/15/2034				44	11
IVZ 2021-2	Cayman Islands		15.20%	7/15/2034				440	340
MAGNE 2012-6	Cayman Islands		0.00%	9/15/2023				1,241	—
MAGNE 2020-28	Cayman Islands		18.50%	1/20/2035				5,250	4,673
MDPK 2016-22	Cayman Islands		11.68%	1/15/2033				7,400	5,066
MDPK 2018-28	Cayman Islands		15.84%	7/15/2030				3,000	2,016
MDPK 2018-31	Cayman Islands		16.39%	1/23/2048				4,250	3,209
MDPK 2018-32	Cayman Islands		28.54%	1/22/2048				1,250	961
MDPK 2019-37	Cayman Islands		22.35%	7/15/2049				7,500	7,146
MDPK 2021-50	Cayman Islands		11.45%	4/19/2034				2,500	2,322
MDPK 2021-59	Cayman Islands		16.63%	1/18/2034				6,000	6,275
MDPK 2022-53	Cayman Islands		16.63%	4/21/2035				6,000	5,400
NBCLO 2017-1	Cayman Islands		57.88%	7/25/2030				250	143
NEUB 2016-23	Cayman Islands		0.00%	10/17/2027				29	1
OAKC 2012-7	Cayman Islands		32.84%	2/20/2034				500	298
OAKC 2014-10R	Cayman Islands		9.79%	4/20/2034				1,493	721
OAKC 2014-10R	Cayman Islands		10.68%	4/20/2034				750	362
OAKC 2017-15	Cayman Islands		18.00%	1/20/2030				1,360	912
OAKC 2021-16	Cayman Islands		0.00%	10/18/2034				4,575	4,395
OAKCL 2018-1	Cayman Islands		14.89%	10/20/2030				2,850	1,444
OAKCL 2019-2	Cayman Islands		21.71%	4/15/2031				3,860	2,324
OAKCL 2019-3	Cayman Islands		17.41%	10/20/2034				6,229	4,242
OHALF 2013-1	Cayman Islands		14.93%	7/23/2031				876	392
OHALF 2016-1	Cayman Islands		15.81%	1/20/2033				8,800	6,799
RESPK 2020-1	Cayman Islands		0.00%	10/15/2034				703	—
RESPK 2020-1	Cayman Islands		19.06%	10/15/2034				703	500
ROCKP 2021-1	Cayman Islands		24.63%	4/20/2034				2,100	52

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)		Fair Value (a)			Percentage of Net Assets
ROCKP 2021-1	Cayman Islands		32.64%	4/20/2034			$	2,100	$	66
ROCKP 2021-1	Cayman Islands		12.05%	4/20/2034				2,100	1,618
RRAM 2017-2	Cayman Islands		11.19%	10/15/2117				500	378
RRAM 2019-6	Cayman Islands		12.37%	4/15/2036				1,000	1,011
RRAM 2020-8	Cayman Islands		12.41%	4/15/2120				550	467
RRAM 2021-14	Cayman Islands		11.90%	4/15/2121				750	635
RRAM 2021-17	Cayman Islands		0.00%	7/15/2034				1,000	853
RRAM 2021-19	Cayman Islands		12.05%	10/15/2035				1,166	1,006
SPEAK 2018-5	Cayman Islands		16.80%	4/25/2031				2,500	1,538
SPEAK 2020-8	Cayman Islands		14.79%	4/20/2033				6,350	5,302
STCR 2017-1	Cayman Islands		14.86%	10/15/2030				250	114
SYMPHONY CLO XI LTD	Cayman Islands		16.63%	1/17/2025				1	—
WELF 2017-3	Cayman Islands		19.44%	1/17/2031				250	132
WELF 2018-3	Cayman Islands		20.33%	1/20/2032				2,400	1,471
WELF 2020-1	Cayman Islands		17.19%	4/15/2033				5,955	4,287
WLLMN 2021-1	Cayman Islands		0.00%	7/15/2034				2,550	—
WLLMN 2021-1	Cayman Islands		12.72%	7/15/2034				2,550	2,108
WLLMN 2021-1	Cayman Islands		6.86%	7/15/2034				2,550	—
YCLO 2019-2	Cayman Islands		19.11%	1/22/2033				4,000	3,415
TOTAL COLLATERALIZED LOAN OBLIGATIONS - EQUITY (Cost $164,779)									176,739			7.78	%
COMMON STOCKS(d)
Automobiles & Components
Automotive Keys Group, LLC and Automotive Keys Investor, LLC		Class A			11/6/2020	37,749			—		(e)(k)
Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC					11/4/2020	500			30		(e)(k)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP

5/4/2021

50

$

59

(e)(k)

Sun Acquirer Corp. and Sun TopCo, LP

Class A

9/8/2021

1,000

130

(e)(k)

219

0.01

%

Capital Goods

Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP

12/30/2020

50,000

49

(e)(k)

Kene Acquisition, Inc. and Kene Holdings, L.P.

Class A

8/8/2019

50,000

63

(e)(k)

Tutor Perini Corporation

5/19/2021

12,650

136

(k)

248

0.01

%

Commercial & Professional Services

Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP

Class A

11/12/2020

50

71

(e)(k)

HH-Stella, Inc. and Bedrock Parent Holdings, LP

Class A

4/22/2021

500

47

(e)(k)

IRI Holdings, Inc., IRI Group Holdings, Inc. and IRI Parent, L.P.

Class A-1

11/29/2018

250

83

(e)(k)

Laboratories Bidco LLC and Laboratories Topco LLC

Class A

7/23/2021

33,333

48

(e)(k)

Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1

9/28/2021

50,000

52

(e)(k)

North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC

5/19/2021

68,175

178

(e)(k)

RC V Tecmo Investor LLC

8/14/2020

50,000

104

(e)(k)

Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P.

Class A

8/26/2021

50,000

54

(e)(k)

Schill Landscaping and Lawn Care Services LLC and Landscape Parallel Partners, L.P.

Class D

12/16/2021

13

32

(e)(k)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP

Class A-1

6/30/2020

25

$

6

(e)(k)

SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP

Class A-2

6/30/2020

25

6

(e)(k)

Tiger Parent Inc. (IPS)

11/22/2021

268

3,574

(e)(k)

4,255

0.19

%

Consumer Durables & Apparel

Centric Brands LLC and Centric Brands GP LLC

10/9/2020

9,495

392

(e)(k)

DRS Holdings III, Inc. and DRS Holdings I, Inc.

11/1/2019

50

75

(e)(k)

467

0.02

%

Consumer Services

Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC

Class A

11/16/2020

16

82

(e)(k)

LSP Holdco, LLC and ZBS Mechanical Group Co-Invest Fund 2, LLC

10/7/2021

50,000

133

(e)(k)

SV-Burton Holdings, LLC & LBC Breeze Holdings LLC

Class A

12/6/2021

50

50

(e)(k)

265

0.01

%

Diversified Financials

Apollo Tactical Income Fund Inc

1/12/2021

811

12

BCC Blueprint Holdings I, LLC and BCC Blueprint Investments, LLC

9/15/2021

578,523

510

(e)(k)

Blackstone Strategic Credit Fund

10/28/2020

3,073

40

Blackstone/GSO Long-Short Credit Income Fund

1/14/2021

70

1

LaRousseCo Limited and SaintMichelCo Limited

Jersey

Class A

9/24/2021

6,784

653

(e)(k)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)	Fair Value (a)			Percentage of Net Assets
Owl Rock Capital Corp					8/18/2020	2,500		$	37
Sera 2021 LLC		Class A			3/30/2021	3		—		(e)(k)
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC					3/31/2022	50		—		(e)(k)
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP		Class A			2/1/2019	—		—		(e)(k)
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP		Class B			2/1/2019	1,791		—		(e)(k)
								1,253			0.06	%
Energy
Antero Resources Corp					7/28/2021	16,111		492		(k)
Summit Midstream Partners LP					2/25/2022	20,000		297		(k)
Sundance Energy Inc.					4/23/2018	2,602		1,060		(e)(k)
								1,849			0.08	%
Food & Staples Retailing
DecoPac, Inc. and KCAKE Holdings Inc.					5/14/2021	50		52		(e)(k)
ZB Holdco LLC & ZB Parent LLC					2/9/2022	50		50		(e)(k)
								102			0.00	%
Food & Beverage
CHG PPC Parent LLC & PPC CHG Blocker LLC					12/10/2021	1		51		(e)(k)
Sanderson Farms Inc					9/9/2021	2,821		529
								580			0.03	%
Healthcare Equipment & Services
Athenahealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP		Class A			2/15/2022	45,000		45		(e)(k)
Bearcat Buyer, Inc. and Bearcat Parent, Inc.					7/9/2019	51		138		(e)(k)
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC		Class A			3/8/2022	4		43		(e)(k)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC

3/8/2022

1

$

7

(e)(k)

CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC

Class A

10/31/2019

169

86

(e)(k)

Olympia Acquisition, Inc., Olympia TopCo, L.P. and Asclepius Holdings LLC

Class A

9/24/2019

50,000

—

(e)(k)

Olympia Acquisition, Inc., Olympia TopCo, L.P. and Asclepius Holdings LLC

2/28/2022

448

—

(e)(f)(k)

Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP

Class A

7/10/2018

25

45

(e)(k)

SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC

3/26/2018

3,703

4

(e)(k)

VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P.

12/1/2021

50

47

(e)(k)

415

0.02

%

Household & Personal Products

CDI Holdings III Corp. and CDI Holdings I Corp.

12/22/2021

50

50

(e)(k)

Premier Specialties, Inc. and RMCF V CIV XLIV, L.P.

8/20/2021

50,000

35

(e)(k)

85

0.00

%

Insurance

High Street Buyer, Inc. and High Street Holdco LLC

Series A

10.00%

4/16/2021

50,000

80

(e)(g)

High Street Buyer, Inc. and High Street Holdco LLC

Series C

10.00%

4/16/2021

437,659

698

(e)(g)

SageSure Holdings, LLC & Insight Catastrophe Group, LLC

Series A

2/18/2022

2

50

(e)(k)

828

0.04

%

Materials

ASP-r-pac Acquisition Co LLC and ASP-r-pac Holdings LP

Class A

12/29/2021

500

50

(e)(k)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Berry Global Group Inc

6/11/2020

4,487

$

260

(k)

Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V.

Class A

7/2/2019

100,000

94

(e)(k)

Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C.

Class C

12/1/2020

50

—

(e)(k)

Plaskolite PPC Intermediate II LLC and Plaskolite PPC Blocker LLC

12/14/2018

10

2

(e)(k)

406

0.02

%

Media & Entertainment

Storm Investment S.a.r.l.

Luxembourg

Class A

6/24/2021

491,621

249

(e)(k)

Storm Investment S.a.r.l.

Luxembourg

Class B

6/24/2021

491,621

249

(e)(k)

Storm Investment S.a.r.l.

Luxembourg

Class C

6/24/2021

491,621

249

(e)(k)

Storm Investment S.a.r.l.

Luxembourg

Class D

6/24/2021

491,621

249

(e)(k)

Storm Investment S.a.r.l.

Luxembourg

Class E

6/24/2021

491,621

249

(e)(k)

Storm Investment S.a.r.l.

Luxembourg

Class F

6/24/2021

491,621

249

(e)(k)

Storm Investment S.a.r.l.

Luxembourg

Class G

6/24/2021

491,621

249

(e)(k)

Storm Investment S.a.r.l.

Luxembourg

Class H

6/24/2021

491,621

249

(e)(k)

Storm Investment S.a.r.l.

Luxembourg

Class I

6/24/2021

491,621

249

(e)(k)

Storm Investment S.a.r.l.

Luxembourg

6/24/2021

590

1

(e)(k)

2,242

0.10

%

Pharmaceuticals, Biotechnology & Life Sciences

Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc.

Class A

10/1/2021

500

50

(e)(k)

Coherus Biosciences, Inc.

11/2/2018

2,456

32

(k)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Covaris Intermediate 3, LLC & Covaris Parent, LLC

Class A-2

1/21/2022

50

$

50

(e)(k)

132

0.01

%

Real Estate

Illinois Investment S.a.r.l.

Luxembourg

Class A

9/15/2021

3,400,700

26

(e)(k)

Illinois Investment S.a.r.l.

Luxembourg

Class B

9/15/2021

3,400,700

26

(e)(k)

Illinois Investment S.a.r.l.

Luxembourg

Class C

9/15/2021

3,400,700

26

(e)(k)

Illinois Investment S.a.r.l.

Luxembourg

Class D

9/15/2021

3,400,700

26

(e)(k)

Illinois Investment S.a.r.l.

Luxembourg

Class E

9/15/2021

3,400,700

26

(e)(k)

Illinois Investment S.a.r.l.

Luxembourg

Class F

9/15/2021

3,400,700

26

(e)(k)

Illinois Investment S.a.r.l.

Luxembourg

Class G

9/15/2021

3,400,700

26

(e)(k)

Illinois Investment S.a.r.l.

Luxembourg

Class H

9/15/2021

3,400,700

26

(e)(k)

Illinois Investment S.a.r.l.

Luxembourg

Class I

9/15/2021

3,400,700

26

(e)(k)

Illinois Investment S.a.r.l.

Luxembourg

9/15/2021

4,081

—

(e)(k)

234

0.01

%

Retailing

Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc.

3/13/2019

50

87

(e)(k)

GPM Investments, LLC and ARKO Corp.

12/22/2020

106

1

(e)(k)

Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC

Class A

6/23/2021

92

168

(e)(k)

Moon Valley Nursery of Arizona Retail, LLC, Moon Valley Nursery Farm Holdings, LLC, Moon Valley Nursery RE Holdings LLC, and Stonecourt IV Partners, LP

10/8/2021

2,423,676

2,424

(e)(k)

US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P.

7/19/2021

43,500

38

(e)(k)

2,718

0.12

%

Software & Services

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)	Fair Value (a)			Percentage of Net Assets
APG Intermediate Holdings Corporation and APG Holdings, LLC		Class A			1/3/2020	50,000		$	57	(e)(k)
Consilio Midco Limited and Consilio Investment Holdings, L.P.					5/28/2021	50,000		64		(e)(k)
Cority Software Inc., IQS, Inc. and Cority Parent, Inc.	Canada	Class B-1			7/2/2019	47,536		1		(e)(k)
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc.		Class A-1			10/15/2021	5,000		47		(e)(k)
DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P.					5/27/2021	3,076		50		(e)(k)
Denali Holdco LLC and Denali Apexco LP		Class A			9/15/2021	50,000		50		(e)(k)
eResearch Technology, Inc. and Astorg VII Co-Invest ERT	Luxembourg				1/31/2020	1,208,500		1,339		(e)(k)
Frontline Technologies Group Holding LLC, Frontline Technologies Blocker Buyer, Inc., Frontline Technologies Holdings, LLC and Frontline Technologies Parent, LLC		Class B			9/18/2017	2,728		38		(e)(k)
Majesco and Magic Topco, L.P.		Class B			9/21/2020	12,975		—		(e)(k)
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC		Class A			3/19/2019	26,548		44		(e)(k)
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P.					3/5/2021	50,000		50		(e)(k)
Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC		Class A			12/17/2018	74,502		139		(e)(k)
RMS Holdco II, LLC & RMS Group Holdings, Inc.					12/16/2021	5		50		(e)(k)
Smarsh Inc. and Skywalker TopCo, LLC					11/20/2020	25,407		128		(e)(k)
Storable, Inc. and EQT IX Co-Investment (E) SCSP					4/16/2021	5,000		61		(e)(k)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)	Fair Value (a)			Percentage of Net Assets
The Ultimate Software Group, Inc. and H&F Unite Partners, L.P.					5/1/2019	50,032		$	57	(e)(k)
								2,175			0.10	%
Technology Hardware & Equipment
Repairify, Inc. and Repairify Holdings, LLC		Class A			6/14/2021	1,655		50		(e)(k)
Wildcat BuyerCo, Inc. and Wildcat Parent, LP					2/27/2020	535		104		(e)(k)
								154			0.01	%
Transportation
Shur-Co Acquisition, Inc. and Shur-Co HoldCo, Inc.					6/30/2021	50,000		61		(e)(k)
								61			0.00	%
Utilities
Apex Clean Energy TopCo, LLC		Class A			11/17/2021	149,776		8,871		(e)(k)
								8,871			0.38	%
TOTAL COMMON STOCKS (Cost $24,310)								27,559			1.22	%
PREFERRED STOCK(b)(c)(d)(e)
Automobiles & Components
Automotive Keys Group, LLC and Automotive Keys Investor, LLC			9.00%		11/6/2020	37,749		30		(g)
Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP		Class A	7.00%		5/4/2021	7,959		8,464		(g)
McLaren Group Limited	United Kingdom		12.50%		8/2/2021	63,529		8,779		(g)
								17,273			0.76	%
Commercial & Professional Services
IRI Holdings, Inc., IRI Group Holdings, Inc. and IRI Parent, L.P.		Series A-1	11.50% (6M LIBOR + 10.50%)		11/29/2018	25		37		(g)
Marmic Purchaser, LLC and Marmic Topco, L.P.			8.00%		3/5/2021	57,624		77		(g)
								114			0.01	%
Consumer Services

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)	Fair Value (a)			Percentage of Net Assets
American Residential Services L.L.C. and Aragorn Parent Holdings LP		Series A	10.00%		10/15/2020	50,000		$	80	(g)
Redwood Services, LLC and Redwood Services Holdco, LLC		Series D	8.00%		12/31/2020	47,075		61		(g)
								141			0.01	%
Diversified Financials
LaRousseCo Limited and SaintMichelCo Limited	Jersey	Class A			9/24/2021	297,963		391		(k)
LaRousseCo Limited and SaintMichelCo Limited	Jersey				9/24/2021	21,247		29		(k)
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC		Series A			3/31/2022	50		50		(k)
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP		Class A			2/1/2019	1		1		(k)
								471			0.02	%
Energy
Ferrellgas, L.P.			8.96%		3/30/2021	8,734		8,734		(g)
								8,734			0.38	%
Food & Beverage
Watermill Express, LLC and Watermill Express Holdings, LLC		Class A	8.00%		4/20/2021	5,000		44		(g)
								44			0.00	%
Healthcare Equipment & Services
Athenahealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP		Series A	10.75%		2/15/2022	21,262		21,541		(g)
Olympia Acquisition, Inc., Olympia TopCo, L.P. and Asclepius Holdings LLC			15.00%		7/28/2021	2,184		—		(g)
Olympia Acquisition, Inc., Olympia TopCo, L.P. and Asclepius Holdings LLC			12.00% (SOFR + 11.00%)		2/28/2022	472		182		(f)
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc.		Series C-1	11.00%		12/22/2020	50		58		(g)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)	Fair Value (a)			Percentage of Net Assets
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc.		Series C-2	11.00%		6/18/2021	5,980		$	6,519	(g)
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc.		Series C-3	11.00%		10/12/2021	789		830		(g)
Teligent, Inc					12/11/2018	1,797		—		(k)
								29,130			1.28	%
Insurance
High Street Buyer, Inc. and High Street Holdco LLC		Series A-1	10.00%		1/1/2022	3,898,354		4,285		(g)
High Street Buyer, Inc. and High Street Holdco LLC		Series A-2	10.00%		1/1/2022	789,494		856		(g)
High Street Buyer, Inc. and High Street Holdco LLC		Series A-3	10.00%		1/1/2022	389,813		420		(g)
High Street Buyer, Inc. and High Street Holdco LLC		Series A-4	10.00%		1/1/2022	1,480,301		1,580		(g)
High Street Buyer, Inc. and High Street Holdco LLC		Series A-5	10.00%		1/1/2022	347,693		368		(g)
High Street Buyer, Inc. and High Street Holdco LLC		Series A-6	10.00%		1/1/2022	660,617		694		(g)
High Street Buyer, Inc. and High Street Holdco LLC		Series A-7	10.00%		1/1/2022	938,771		970		(g)
								9,173			0.40	%
Materials
Novipax Buyer, L.L.C. and Novipax Parent Holding Company, L.L.C.		Class A	10.00%		12/1/2020	50		70		(g)
								70			0.00	%
Media & Entertainment
Production Resource Group, L.L.C. and PRG III, LLC		Class A			10/6/2020	2,250		51		(k)
								51			0.00	%
Pharmaceuticals, Biotechnology & Life Sciences
Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc.		Series A	10.75% (3M LIBOR + 10.00%)		10/1/2021	8,582		9,045		(g)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc.

8.00%

10/1/2021

50

$

5

(g)

North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P.

Class A

8.00%

9/15/2020

83

210

(g)

9,260

0.41

%

Software & Services

Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc.

Series A

11.00%

5/6/2021

3,657

4,037

(g)

Banyan Software Holdings, LLC and Banyan Software, LP

1/7/2022

16,323

546

(k)

Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc.

Series A

11.97% (3M LIBOR + 11.00%)

11/12/2020

50

58

(g)

Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc.

Series A-2

11.97% (3M LIBOR + 11.00%)

12/23/2020

18

21

(g)

Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc.

Series A-3

11.00%

11/24/2021

24

27

(g)

Cority Software Inc., IQS, Inc. and Cority Parent, Inc.

Canada

Class A-1

9.00%

7/2/2019

50

146

(g)

Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc.

Series A

10.50%

10/15/2021

15,929

16,282

(g)

DCert Preferred Holdings, Inc. and Destiny Digital Holdings, L.P.

Series A

10.50%

5/25/2021

22,284

23,706

(g)

Diligent Corporation and Diligent Preferred Issuer, Inc.

10.50%

4/6/2021

1,476

1,634

(g)

Drilling Info Holdings, Inc. and Titan DI Preferred Holdings, Inc.

13.50%

2/11/2020

—

66

(g)

Elemica Parent, Inc. & EZ Elemica Holdings, Inc.

9/18/2019

50

77

(k)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Frontline Technologies Group Holding LLC, Frontline Technologies Blocker Buyer, Inc., Frontline Technologies Holdings, LLC and Frontline Technologies Parent, LLC

Class A

9.00%

9/18/2017

25

$

38

(g)

Insightful Science Holdings, LLC

14.00%

4/28/2021

62,340

1,721

(g)

Majesco and Magic Topco, L.P.

Class A

9.00%

9/21/2020

58

83

(g)

PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC

Series A

13.25%

3/19/2019

25

37

(g)

PracticeTek Purchaser, LLC and GSV PracticeTek Holdings, LLC

Class A

8.00%

3/31/2021

216,667

151

Project Essential Bidco, Inc. and Project Essential Super Parent, Inc.

10.50% (3M LIBOR + 9.50%)

4/20/2021

2,963

3,273

(g)

51,903

2.29

%

TOTAL PREFERRED STOCK (Cost $121,342)

126,364

5.56

%

PRIVATE ASSET-BACKED DEBT(b)(c)(d)(e)

Consumer Services

CFG Investments WH Limited, P.A. CFG de la Transaccion Ares

1st Lien Revolver

7.00% (SOFR + 6.00%)

2/15/2025

5,000

3,764

(h)

3,764

0.17

%

Diversified Financials

ADONIS FINANCIAL FUNDING, LLC

1st Lien Revolver

7.67% (SOFR + 7.25%)

3/2/2028

1,000

701

(h)

Affirm Operational Loans VI Trust

1st Lien Revolver

10.36% (1M LIBOR + 9.76%)

12/17/2026

500

84

(g)(h)

ARM FUNDING 2019-1 LLC

1st Lien Revolver

8.95% (1M LIBOR + 7.95%)

2/29/2024

2,500

1,151

(h)

BFS Receivables I LLC

1st Lien Revolver

3/14/2025

1,250

—

(h)

DFC Global Facility Borrower III LLC

1st Lien Revolver

8.50% (1M CDOR + 8.00%)

6/28/2026

CAD

8,582

4,861

(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

DFC Global Facility Borrower III LLC

1st Lien Revolver

8.50% (1M CDOR + 7.50%)

6/28/2026

CAD

8,582

$

4,861

(o)(p)

Finance Ireland Loan and Treasury DAC

Ireland

1st Lien Term Loan

9.25% (3M EURIBOR + 9.25%)

6/29/2026

€

2,500

1,000

(h)

Hg Saturn 2 SumoCo Limited

Guernsey

1st Lien Term Loan

8.29% (3M LIBOR + 7.25%)

1/19/2027

14,000

13,790

(g)

NSF Funding 2020 Limited

United Kingdom

1st Lien Revolver

6/10/2026

₤

11,500

—

(h)

Reliant SPV, LLC

1st Lien Revolver

7.00% (1M LIBOR + 6.00%)

5/28/2024

500

424

(h)

SAVOYSPECIAL LLC

1st Lien Revolver

8.25% (1M LIBOR + 7.50%)

7/1/2024

750

257

(h)

Sera 2021 LLC

1st Lien Delayed Draw Term Loan

6.25% (3M LIBOR + 5.75%)

3/30/2026

1,500

1,243

(h)

Spring Oaks Capital SPV, LLC

1st Lien Revolver

9.50% (1M LIBOR + 8.50%)

11/12/2025

9,000

4,246

(h)

Woodchester Funding Limited

United Kingdom

1st Lien Revolver

7.01% (1M GBP LIBOR + 6.55%)

3/15/2026

₤

2,182

773

(h)(m)

33,391

1.46

%

Real Estate

Illinois Investment S.a.r.l.

Luxembourg

1st Lien Term Loan

5.17%

12/31/2026

SEK

14,277

1,520

1,520

0.07

%

Retailing

Tricolor Funding SPV 3 LLC

1st Lien Revolver

8.50% (SOFR + 7.50%)

8/6/2027

2,273

1,360

(h)(n)

1,360

0.06

%

TOTAL PRIVATE ASSET-BACKED DEBT (Cost $39,858)

40,035

1.76

%

WARRANTS(d)(e)(k)

Automobiles & Components

McLaren Group Limited

United Kingdom

Common

8/2/2021

19,998

1,939

1,939

0.09

%

Commercial & Professional Services

Visual Edge Technology, Inc.

Common

3/22/2018

27,334

—

—

0.00

%

Consumer Services

KeyStone Sub-Debt HoldCo, LLC

Common

1/20/2021

4

795

LGDN Bidco Limited

United Kingdom

Common

6/22/2021

25

17

812

0.04

%

Diversified Financials

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)	Fair Value (a)		Percentage of Net Assets
BFS Receivables I LLC		Common			8/16/2021	34,662		$	—
SAVOYSPECIAL LLC		Common			7/14/2021	345,508		2
								2		0.00	%
Healthcare Equipment & Services
Global Medical Response, Inc. and GMR Buyer Corp.		Common			3/14/2018	122		3
Global Medical Response, Inc. and GMR Buyer Corp.		Common			12/17/2021	1,927		49
Teligent, Inc		Common			4/6/2020	11,342		—
Teligent, Inc		Common			7/20/2020	2,834		—
								52		0.00	%
Media & Entertainment
Professional Fighters League, LLC and PFL MMA, Inc.		Common			1/19/2021	115,111		63
								63		0.00	%
Retailing
ADONIS AUTO, LLC		Common			3/2/2022	—		—
GPM Investments, LLC and ARKO Corp.		Common			12/22/2020	55		—
								—		0.00	%
Transportation
Neovia Logistics Holdings, LP		Common			4/26/2019	194,454		—
								—		0.00	%
TOTAL WARRANTS (Cost $2,917)								2,868		0.13	%
Total Investments (Cost $3,065,600)								3,075,677		135.44	%
Liabilities in Excess of Other Assets								(804,818)		-35.44	%
Net Assets								2,270,859		100.00	%

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

____________________________________________________

(a)Investment holdings in foreign currencies are converted to U.S. Dollars using period end spot rates. Investments are in United States enterprises and all principal balances shown are in U.S. Dollars unless otherwise noted.

(b)Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR”) or an alternate base rate such as the Bank Bill Swap Bid Rate (“BBSY”), Canadian Dollar Offered Rate (“CDOR”), Copenhagen Interbank Offered Rate (“CIBOR”), Euro Interbank Offered Rate (“EURIBOR”), Norwegian Interbank Offered Rate (“NIBOR”), Prime Rate (“PRIME”), Secured Overnight Financing Rate (“SOFR”) Sterling Overnight Index Average (“SONIA”), Stockholm Interbank Offered Rate (“STIBOR”), or Warsaw Interbank Offered Rate (“WIBOR”), at the borrower’s option. Stated interest rates in this schedule represents the “all-in” rate as of March 31, 2022.

(c)Variable rate coupon rate shown as of March 31, 2022.

(d)These investments, which as of March 31, 2022 represented 133.78% of the Fund's net assets or 90.86% of the Fund's total assets, may be subject to legal restrictions on sales. Acquisition dates are included above for equity securities that may be subject to legal restrictions on sales.

(e)Investments whose values were determined using significant unobservable inputs (Level 3) (See Note 4 of the Notes to Consolidated Financial Statements).

(f)These assets are held at CADEX Credit Financing, LLC, a wholly owned special purpose financing vehicle, and are pledged as collateral for a secured revolving credit facility (see Note 6 of the Notes to Consolidated Financial Statements).

(g)Includes a payment-in-kind provision.

(h)As of March 31, 2022, the Fund had entered into the following commitments to fund various revolving and delayed draw senior secured and subordinated loans. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied.

Company	Investment Type	Total revolving and delayed draw loan commitments		Less: funded commitments		Total unfunded commitments
A.U.L. Corp.	1st Lien Revolver	$	1	$	—	$	1
ADONIS FINANCIAL FUNDING, LLC	1st Lien Revolver	1,000		(715)		285
AffiniPay Midco, LLC and AffiniPay Intermediate Holdings, LLC	1st Lien Revolver	766		—		766
Affirm Operational Loans VI Trust	1st Lien Revolver	500		(84)		416
American Residential Services L.L.C. and Aragorn Parent Holdings LP	1st Lien Revolver	1		—		1
Amryt Pharmaceuticals, Inc.	1st Lien Revolver	1		(1)		—
Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua	1st Lien Revolver	231		—		231
Anaqua Parent Holdings, Inc. & Astorg VII Co-Invest Anaqua	1st Lien Delayed Draw Term Loan	523		(87)		436
APG Intermediate Holdings Corporation and APG Holdings, LLC	1st Lien Revolver	1		—		1
Appriss Health, LLC and Appriss Health Intermediate Holdings, Inc.	1st Lien Revolver	212		—		212
AQ Sunshine, Inc.	1st Lien Revolver	1,096		(198)		898
AQ Sunshine, Inc.	1st Lien Delayed Draw Term Loan	8,332		(2,413)		5,919
Ardonagh Midco 2 plc and Ardonagh Midco 3 plc	1st Lien Delayed Draw Term Loan	1		—		1
Argenbright Holdings V, LLC	1st Lien Delayed Draw Term Loan	178		—		178
ARM FUNDING 2019-1 LLC	1st Lien Revolver	2,500		(1,151)		1,349

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company	Investment Type	Total revolving and delayed draw loan commitments		Less: funded commitments		Total unfunded commitments
Aspire Bidco Limited	1st Lien Delayed Draw Term Loan	$	2,550	$	—	$	2,550
ASP-r-pac Acquisition Co LLC and ASP-r-pac Holdings LP	1st Lien Revolver	839		—		839
Athenahealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP	1st Lien Revolver	2,100		—		2,100
Athenahealth Group Inc., Minerva Holdco, Inc. and BCPE Co-Invest (A), LP	1st Lien Delayed Draw Term Loan	2,049		—		2,049
Atlas Intermediate III, L.L.C.	1st Lien Revolver	264		(76)		188
Auxadi Midco S.L.U.	1st Lien Term Loan	403		—		403
Auxadi Midco S.L.U.	1st Lien Delayed Draw Term Loan	1,006		—		1,006
Aventine Intermediate LLC & Aventine Holdings II LLC	1st Lien Delayed Draw Term Loan	815		(643)		172
Bamboo Purchaser, Inc.	1st Lien Revolver	1		(1)		—
Bamboo Purchaser, Inc.	1st Lien Delayed Draw Term Loan	835		(417)		418
Banyan Software Holdings, LLC and Banyan Software, LP	1st Lien Revolver	471		(154)		317
Banyan Software Holdings, LLC and Banyan Software, LP	1st Lien Delayed Draw Term Loan	5,125		(1,477)		3,648
Beacon Pointe Harmony, LLC	1st Lien Revolver	909		—		909
Beacon Pointe Harmony, LLC	1st Lien Delayed Draw Term Loan	3,175		—		3,175
Bearcat Buyer, Inc. and Bearcat Parent, Inc.	1st Lien Revolver	580		—		580
Bearcat Buyer, Inc. and Bearcat Parent, Inc.	1st Lien Delayed Draw Term Loan	1		(1)		—
Bearcat Buyer, Inc. and Bearcat Parent, Inc.	2nd Lien Delayed Draw Term Loan	726		—		726
Benefytt Technologies, Inc.	1st Lien Delayed Draw Term Loan	911		—		911
Berner Food & Beverage, LLC	1st Lien Revolver	262		(120)		142
BFS Receivables I LLC	1st Lien Revolver	1,250		—		1,250
Blackwood Bidco Limited	1st Lien Delayed Draw Term Loan	3,046		(1,855)		1,191
BLAUWTRUST HOLDING B.V	1st Lien Delayed Draw Term Loan	676		—		676
Brokers Alliance S.L.	1st Lien Delayed Draw Term Loan	1,707		—		1,707
Businessolver.com, Inc.	1st Lien Delayed Draw Term Loan	1,197		—		1,197
Canopy Bidco Limited	1st Lien Delayed Draw Term Loan	660		(172)		488
Capnor Connery Bidco A/S	1st Lien Delayed Draw Term Loan	6,841		(938)		5,903
Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP	1st Lien Revolver	1,150		—		1,150
Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP	1st Lien Delayed Draw Term Loan	1,678		(641)		1,037
Capstone Acquisition Holdings, Inc. and Capstone Parent Holdings, LP	2nd Lien Delayed Draw Term Loan	531		—		531
Cardinal Parent, Inc. and Packers Software Intermediate Holdings, Inc.	1st Lien Revolver	1		—		1
CB-SDG LIMITED MIDCO LIMITED	1st Lien Delayed Draw Term Loan	417		—		417
CC Fly Holding II A/S	1st Lien Delayed Draw Term Loan	445		(413)		32
CC Globe Holding II A/S	1st Lien Delayed Draw Term Loan	1,623		(649)		974
CDI Holdings III Corp. and CDI Holdings I Corp.	1st Lien Revolver	410		—		410
Centric Brands LLC and Centric Brands GP LLC	1st Lien Revolver	269		(152)		117
CFG Investments WH Limited, P.A. CFG de la Transaccion Ares	1st Lien Revolver	5,000		(3,814)		1,186
Chariot Buyer LLC	1st Lien Revolver	100		(28)		72
Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc.	1st Lien Revolver	895		(209)		686
Cobalt Buyer Sub, Inc., Cobalt Holdings I, LP, and Cobalt Intermediate I, Inc.	1st Lien Delayed Draw Term Loan	2,476		—		2,476
Commercial Trailer Leasing, Inc.	1st Lien Revolver	741		—		741
Commercial Trailer Leasing, Inc.	1st Lien Delayed Draw Term Loan	1,458		(1,161)		297

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company	Investment Type	Total revolving and delayed draw loan commitments		Less: funded commitments		Total unfunded commitments
Commify Limited	1st Lien Delayed Draw Term Loan	$	1,077	$	(279)	$	798
Comprehensive EyeCare Partners, LLC	1st Lien Revolver	1		—		1
Comprehensive EyeCare Partners, LLC	1st Lien Delayed Draw Term Loan	73		—		73
Confirmasoft AB	1st Lien Delayed Draw Term Loan	1,666		(616)		1,050
Consilio Midco Limited and Consilio Investment Holdings, L.P.	1st Lien Revolver	123		—		123
Consilio Midco Limited and Consilio Investment Holdings, L.P.	1st Lien Delayed Draw Term Loan	2,991		(1,715)		1,276
Continental Acquisition Holdings, Inc.	1st Lien Revolver	1		(1)		—
Continental Cafe, LLC and Infinity Ovation Yacht Charters, LLC	1st Lien Revolver	786		—		786
Continental Cafe, LLC and Infinity Ovation Yacht Charters, LLC	1st Lien Delayed Draw Term Loan	2,788		—		2,788
Convera International Holdings Limited and Convera International Financial S.a r.l.	1st Lien Revolver	1,777		—		1,777
Cority Software Inc., IQS, Inc. and Cority Parent, Inc.	1st Lien Revolver	231		—		231
Cornerstone OnDemand, Inc. and Sunshine Software Holdings, Inc.	1st Lien Revolver	100		—		100
Covaris Intermediate 3, LLC & Covaris Parent, LLC	1st Lien Revolver	1,755		—		1,755
Covaris Intermediate 3, LLC & Covaris Parent, LLC	1st Lien Delayed Draw Term Loan	7,034		—		7,034
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC	1st Lien Revolver	903		—		903
Crown CT Parent Inc., Crown CT HoldCo Inc. and Crown CT Management LLC	1st Lien Delayed Draw Term Loan	1,040		—		1,040
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC	1st Lien Revolver	3,005		—		3,005
CVP Holdco, Inc. and OMERS Wildcats Investment Holdings LLC	1st Lien Delayed Draw Term Loan	27,376		(6,336)		21,040
DecoPac, Inc. and KCAKE Holdings Inc.	1st Lien Revolver	2,382		(749)		1,633
Denali Holdco LLC and Denali Apexco LP	1st Lien Revolver	592		—		592
DFC Global Facility Borrower III LLC	1st Lien Revolver	13,750		(9,721)		4,029
Diligent Corporation and Diligent Preferred Issuer, Inc.	1st Lien Revolver	513		—		513
Display Holding Company, Inc., Saldon Holdings, Inc. and Fastsigns Holdings Inc.	1st Lien Revolver	381		—		381
DRS Holdings III, Inc. and DRS Holdings I, Inc.	1st Lien Revolver	173		—		173
DS Admiral Bidco, LLC	1st Lien Revolver	358		—		358
Dye & Durham Corporation	1st Lien Revolver	1,329		—		1,329
Dye & Durham Corporation	1st Lien Delayed Draw Term Loan	1,257		—		1,257
Dynamic NC Aerospace Holdings, LLC and Dynamic NC Investment Holdings, LP	1st Lien Revolver	1,296		—		1,296
Eleda BidCo AB (fka EISG BidCo AB)	1st Lien Delayed Draw Term Loan	852		—		852
Elemica Parent, Inc. & EZ Elemica Holdings, Inc.	1st Lien Revolver	479		(196)		283
Elevation Services Parent Holdings, LLC	1st Lien Revolver	386		(296)		90
EPS NASS Parent, Inc.	1st Lien Revolver	158		(111)		47
EPS NASS Parent, Inc.	1st Lien Delayed Draw Term Loan	585		—		585
eResearch Technology, Inc. and Astorg VII Co-Invest ERT	2nd Lien Delayed Draw Term Loan	1,343		(672)		671
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC	1st Lien Revolver	1,560		—		1,560
Essential Services Holding Corporation and OMERS Mahomes Investment Holdings LLC	1st Lien Delayed Draw Term Loan	8,146		(292)		7,854
EUCALYPTUS BIDCO PTY LTD	1st Lien Term Loan	1,001		—		1,001

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company	Investment Type	Total revolving and delayed draw loan commitments		Less: funded commitments		Total unfunded commitments
EuroParcs Topholding B.V.	1st Lien Delayed Draw Term Loan	$	904	$	(903)	$	1
ExtraHop Networks, Inc.	1st Lien Delayed Draw Term Loan	933		(163)		770
FC Sun Intressenter AB	1st Lien Delayed Draw Term Loan	12,076		(3,456)		8,620
Finance Ireland Loan and Treasury DAC	1st Lien Term Loan	2,767		(1,000)		1,767
FL Hawk Intermediate Holdings, Inc.	1st Lien Revolver	1,312		—		1,312
FL Hawk Intermediate Holdings, Inc.	1st Lien Delayed Draw Term Loan	1,017		—		1,017
Floss Bidco Limited	1st Lien Delayed Draw Term Loan	1,593		(541)		1,052
Foundation Consumer Brands, LLC	1st Lien Revolver	389		—		389
Foundation Risk Partners, Corp.	1st Lien Revolver	2,627		—		2,627
Foundation Risk Partners, Corp.	1st Lien Delayed Draw Term Loan	3,495		(2,867)		628
Galway Borrower LLC	1st Lien Revolver	969		—		969
Galway Borrower LLC	1st Lien Delayed Draw Term Loan	1,600		(144)		1,456
Gilfoyle Bidco AB	1st Lien Term Loan	2,065		(637)		1,428
Global Music Rights, LLC	1st Lien Revolver	473		—		473
GraphPAD Software, LLC	1st Lien Revolver	2		—		2
GraphPAD Software, LLC	1st Lien Delayed Draw Term Loan	436		—		436
Halcon Holdings, LLC	1st Lien Delayed Draw Term Loan	2,103		—		2,103
Hammersmith Bidco Limited	1st Lien Term Loan	2,756		(1,399)		1,357
Heavy Construction Systems Specialists, LLC	1st Lien Revolver	410		—		410
Helicopter 2021 BidCo ApS and Helicopter 2021 HoldCo ApSMWG BidCo ApS	1st Lien Term Loan	734		—		734
HH-Stella, Inc. and Bedrock Parent Holdings, LP	1st Lien Revolver	444		(228)		216
HH-Stella, Inc. and Bedrock Parent Holdings, LP	1st Lien Delayed Draw Term Loan	1,978		(405)		1,573
High Street Buyer, Inc. and High Street Holdco LLC	1st Lien Revolver	688		—		688
High Street Buyer, Inc. and High Street Holdco LLC	1st Lien Delayed Draw Term Loan	11,734		(751)		10,983
Highline Aftermarket Acquisition, LLC, Highline Aftermarket SC Acquisition, Inc. and Highline PPC Blocker LLC	1st Lien Revolver	1		(1)		—
Hometown Food Company	1st Lien Revolver	1		—		1
Horizon Bidco S.A.S	1st Lien Term Loan	3,411		—		3,411
IntraPac International LLC and IntraPac Canada Corporation	1st Lien Revolver	415		(135)		280
Ivanti Software, Inc.	1st Lien Revolver	460		—		460
Jewel Bidco Limited	1st Lien Term Loan	4,988		(1,563)		3,425
Jim N Nicks Management, LLC	1st Lien Revolver	1		—		1
JMG Group Investments Limited	1st Lien Delayed Draw Term Loan	1,564		—		1,564
Kedleston Schools Limited	1st Lien Term Loan	320		(128)		192
Kene Acquisition, Inc. and Kene Holdings, L.P.	1st Lien Revolver	676		(389)		287
Laboratories Bidco LLC and Laboratories Topco LLC	1st Lien Revolver	1,562		(130)		1,432
Laboratories Bidco LLC and Laboratories Topco LLC	1st Lien Delayed Draw Term Loan	2,201		—		2,201
Lavatio Midco Sarl	1st Lien Delayed Draw Term Loan	1,096		(687)		409
LGDN Bidco Limited	1st Lien Revolver	131		—		131
LGDN Bidco Limited	1st Lien Term Loan	1,684		(741)		943
Lowe P27 Bidco Limited	1st Lien Delayed Draw Term Loan	427		(85)		342
Lower ACS, Inc.	1st Lien Revolver	2,356		—		2,356
Lower ACS, Inc.	1st Lien Delayed Draw Term Loan	8,173		—		8,173
LSP Holdco, LLC and ZBS Mechanical Group Co-Invest Fund 2, LLC	1st Lien Revolver	127		—		127

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company	Investment Type	Total revolving and delayed draw loan commitments		Less: funded commitments		Total unfunded commitments
LSP Holdco, LLC and ZBS Mechanical Group Co-Invest Fund 2, LLC	1st Lien Delayed Draw Term Loan	$	1,990	$	(1,664)	$	326
Majesco and Magic Topco, L.P.	1st Lien Revolver	624		—		624
Maltese Bidco 1 Limited	1st Lien Revolver	919		—		919
Marcone Yellowstone Buyer Inc. and Marcone Yellowstone Holdings, LLC	1st Lien Delayed Draw Term Loan	800		(132)		668
Marmic Purchaser, LLC and Marmic Topco, L.P.	1st Lien Revolver	287		(129)		158
Marmic Purchaser, LLC and Marmic Topco, L.P.	1st Lien Delayed Draw Term Loan	2,543		—		2,543
Maverick Acquisition, Inc.	1st Lien Delayed Draw Term Loan	3,170		(1,216)		1,954
Mavis Tire Express Services Topco Corp., Metis HoldCo, Inc., and Metis TopCo, LP	1st Lien Revolver	1		(1)		—
MC Plato Bidco Limited and MC Plato Midco Limited	1st Lien Delayed Draw Term Loan	1,560		—		1,560
Mercury Borrower, Inc.	1st Lien Revolver	470		—		470
Micromeritics Instrument Corp.	1st Lien Revolver	331		—		331
MMIT Holdings, LLC	1st Lien Revolver	651		—		651
Monica Holdco (US) Inc.	1st Lien Revolver	1,009		—		1,009
Moon Valley Nursery of Arizona Retail, LLC, Moon Valley Nursery Farm Holdings, LLC, Moon Valley Nursery RE Holdings LLC, and Stonecourt IV Partners, LP	1st Lien Revolver	1		—		1
Moon Valley Nursery of Arizona Retail, LLC, Moon Valley Nursery Farm Holdings, LLC, Moon Valley Nursery RE Holdings LLC, and Stonecourt IV Partners, LP	1st Lien Delayed Draw Term Loan	2,001		(320)		1,681
MRI Software LLC	1st Lien Revolver	508		—		508
MRI Software LLC	1st Lien Delayed Draw Term Loan	1,649		—		1,649
Nelipak Holding Company, Nelipak European Holdings Cooperatief U.A., KNPAK Holdings, LP and PAKNK Netherlands Treasury B.V.	1st Lien Revolver	1,249		(253)		996
Nest Topco Borrower Inc., KKR Nest Co-Invest L.P., and NBLY 2021-1	1st Lien Delayed Draw Term Loan	13,162		—		13,162
NMC Skincare Intermediate Holdings II, LLC	1st Lien Revolver	333		(267)		66
North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC	1st Lien Revolver	411		—		411
North American Fire Holdings, LLC and North American Fire Ultimate Holdings, LLC	1st Lien Delayed Draw Term Loan	5,927		(2,195)		3,732
North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P.	1st Lien Revolver	1		(1)		—
North American Science Associates, LLC, Cardinal Purchaser LLC and Cardinal Topco Holdings, L.P.	1st Lien Delayed Draw Term Loan	916		(732)		184
North Haven Stack Buyer, LLC	1st Lien Revolver	259		(26)		233
North Haven Stack Buyer, LLC	1st Lien Delayed Draw Term Loan	1,016		(105)		911
NSF Funding 2020 Limited	1st Lien Revolver	15,105		—		15,105
NueHealth Performance, LLC	1st Lien Delayed Draw Term Loan	1,169		(590)		579
Olympia Acquisition, Inc., Olympia TopCo, L.P. and Asclepius Holdings LLC	1st Lien Delayed Draw Term Loan	472		(33)		439
OMH-HealthEdge Holdings, LLC	1st Lien Revolver	1		—		1
Optio Group Limited	1st Lien Delayed Draw Term Loan	785		(367)		418
Patriot Growth Insurance Services, LLC	1st Lien Revolver	250		—		250
Patriot Growth Insurance Services, LLC	1st Lien Delayed Draw Term Loan	456		—		456
PDI TA Holdings, Inc., Peachtree Parent, Inc. and Insight PDI Holdings, LLC	1st Lien Revolver	205		—		205
Pegasus (Bidco) Limited	1st Lien Term Loan	5,418		27		5,445

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company	Investment Type	Total revolving and delayed draw loan commitments		Less: funded commitments		Total unfunded commitments
Pegasus (Bidco) Limited	1st Lien Delayed Draw Term Loan	$	1,079	$	—	$	1,079
People Corporation	1st Lien Revolver	719		(312)		407
People Corporation	1st Lien Delayed Draw Term Loan	3,297		(187)		3,110
Petroleum Service Group LLC	1st Lien Revolver	2,106		(772)		1,334
Petroleum Service Group LLC	1st Lien Delayed Draw Term Loan	1,607		(1,409)		198
Pluralsight, Inc.	1st Lien Revolver	1,204		—		1,204
Premier Specialties, Inc. and RMCF V CIV XLIV, L.P.	1st Lien Revolver	385		(39)		346
Premier Specialties, Inc. and RMCF V CIV XLIV, L.P.	1st Lien Delayed Draw Term Loan	829		—		829
Premise Health Holding Corp. and OMERS Bluejay Investment Holdings LP	1st Lien Revolver	1		—		1
Production Resource Group, L.L.C. and PRG III, LLC	1st Lien Delayed Draw Term Loan	148		(129)		19
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P.	1st Lien Revolver	608		—		608
ProfitSolv Purchaser, Inc. and PS Co-Invest, L.P.	1st Lien Delayed Draw Term Loan	2,553		(529)		2,024
Project Essential Bidco, Inc. and Project Essential Super Parent, Inc.	1st Lien Revolver	121		—		121
PROJECT HAMMOND BIDCO LIMITED	1st Lien Delayed Draw Term Loan	2,299		—		2,299
Proofpoint, Inc.	1st Lien Revolver	240		—		240
ProService Finteco Sp. z o.o.	1st Lien Delayed Draw Term Loan	499		—		499
PROTON JVCO S.A R.L.	1st Lien Term Loan	922		—		922
PX HoldCo3 Limited	1st Lien Delayed Draw Term Loan	726		(290)		436
QF Holdings, Inc.	1st Lien Revolver	317		—		317
QF Holdings, Inc.	1st Lien Delayed Draw Term Loan	263		—		263
Radius Aerospace, Inc. and Radius Aerospace Europe Limited	1st Lien Revolver	673		(100)		573
Raptor Technologies, LLC, Sycamore Bidco LTD and Rocket Parent, LLC	1st Lien Revolver	498		—		498
Rawlings Sporting Goods Company, Inc. and Easton Diamond Sports, LLC	1st Lien Revolver	1		(1)		—
Reddy Ice LLC	1st Lien Revolver	955		—		955
Redwood Services, LLC and Redwood Services Holdco, LLC	1st Lien Revolver	158		—		158
Redwood Services, LLC and Redwood Services Holdco, LLC	1st Lien Delayed Draw Term Loan	1,729		(315)		1,414
Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P.	1st Lien Revolver	764		—		764
Registrar Intermediate, LLC and PSP Registrar Co-Investment Fund, L.P.	1st Lien Delayed Draw Term Loan	2,327		—		2,327
Relativity ODA LLC	1st Lien Revolver	1		—		1
Reliant SPV, LLC	1st Lien Revolver	500		(424)		76
Repairify, Inc. and Repairify Holdings, LLC	1st Lien Revolver	766		—		766
RMS Holdco II, LLC & RMS Group Holdings, Inc.	1st Lien Revolver	883		—		883
Rodeo AcquisitionCo LLC	1st Lien Revolver	311		(75)		236
Rodeo AcquisitionCo LLC	1st Lien Delayed Draw Term Loan	460		—		460
RSC Acquisition, Inc. and RSC Insurance Brokerage, Inc.	1st Lien Revolver	1		—		1
RSK Group Limited	1st Lien Term Loan	4,303		(3,181)		1,122
Rubicone Bidco Limited	1st Lien Delayed Draw Term Loan	2,190		—		2,190
Rugby Australia Ltd	1st Lien Delayed Draw Term Loan	936		(234)		702

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company	Investment Type	Total revolving and delayed draw loan commitments		Less: funded commitments		Total unfunded commitments
Safe Home Security, Inc., Security Systems Inc., Safe Home Monitoring, Inc., National Protective Services, Inc., Bright Integrations LLC and Medguard Alert, Inc.	1st Lien Delayed Draw Term Loan	$	287	$	(102)	$	185
SageSure Holdings, LLC & Insight Catastrophe Group, LLC	1st Lien Revolver	815		(381)		434
SageSure Holdings, LLC & Insight Catastrophe Group, LLC	1st Lien Delayed Draw Term Loan	1,536		—		1,536
SAVOYSPECIAL LLC	1st Lien Revolver	750		(257)		493
Schill Landscaping and Lawn Care Services LLC and Landscape Parallel Partners, L.P.	1st Lien Revolver	720		—		720
Schill Landscaping and Lawn Care Services LLC and Landscape Parallel Partners, L.P.	1st Lien Delayed Draw Term Loan	1,542		—		1,542
SCM Insurance Services Inc.	1st Lien Revolver	1		—		1
Sera 2021 LLC	1st Lien Delayed Draw Term Loan	1,500		(1,244)		256
Service Logic Acquisition, Inc.	1st Lien Revolver	1,007		(151)		856
Service Logic Acquisition, Inc.	1st Lien Delayed Draw Term Loan	498		—		498
SFE Intermediate Holdco LLC	1st Lien Revolver	2		—		2
Shur-Co Acquisition, Inc. and Shur-Co HoldCo, Inc.	1st Lien Revolver	441		(206)		235
SiroMed Physician Services, Inc. and SiroMed Equity Holdings, LLC	1st Lien Revolver	1		—		1
SLR BD Limited	1st Lien Delayed Draw Term Loan	1,618		(481)		1,137
Smarsh Inc. and Skywalker TopCo, LLC	1st Lien Revolver	227		—		227
Smarsh Inc. and Skywalker TopCo, LLC	1st Lien Delayed Draw Term Loan	890		—		890
Spring Insurance Solutions, LLC	1st Lien Delayed Draw Term Loan	1,151		(127)		1,024
Spring Oaks Capital SPV, LLC	1st Lien Revolver	9,000		(4,246)		4,754
SSE Buyer, Inc., Supply Source Enterprises, Inc., Impact Products LLC, The Safety Zone, LLC and SSE Parent, LP	1st Lien Revolver	3		(1)		2
Stealth Holding LLC and UCIT Online Security Inc.	1st Lien Delayed Draw Term Loan	1,787		(179)		1,608
Sun Acquirer Corp. and Sun TopCo, LP	1st Lien Revolver	1,059		—		1,059
Sun Acquirer Corp. and Sun TopCo, LP	1st Lien Delayed Draw Term Loan	4,864		(2,599)		2,265
Sundance Group Holdings, Inc.	1st Lien Revolver	1		—		1
Sundance Group Holdings, Inc.	1st Lien Delayed Draw Term Loan	453		—		453
Sunk Rock Foundry Partners LP, Hatteras Electrical Manufacturing Holding Company and Sigma Electric Manufacturing Corporation, Diecast Beacon	1st Lien Revolver	1		—		1
SV-Burton Holdings, LLC & LBC Breeze Holdings LLC	1st Lien Revolver	416		—		416
SV-Burton Holdings, LLC & LBC Breeze Holdings LLC	1st Lien Delayed Draw Term Loan	1,370		(120)		1,250
Symbol Bidco I Limited	1st Lien Delayed Draw Term Loan	563		(333)		230
Symplr Software Inc. and Symplr Software Intermediate Holdings, Inc.	1st Lien Revolver	1		—		1
TA/WEG Holdings, LLC	1st Lien Revolver	914		(226)		688
TA/WEG Holdings, LLC	1st Lien Delayed Draw Term Loan	1,714		(1,063)		651
Tandarts Today Holding B.V.	1st Lien Delayed Draw Term Loan	3,726		—		3,726
TCP Hawker Intermediate LLC	1st Lien Revolver	458		(321)		137
TCP Hawker Intermediate LLC	1st Lien Delayed Draw Term Loan	920		(405)		515
TGP Holdings III LLC	1st Lien Delayed Draw Term Loan	964		—		964
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC	1st Lien Revolver	750		—		750
The Mather Group, LLC, TVG-TMG Topco, Inc., and TVG-TMG Holdings, LLC	1st Lien Delayed Draw Term Loan	2,500		—		2,500

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Company	Investment Type	Total revolving and delayed draw loan commitments		Less: funded commitments		Total unfunded commitments
The Ultimate Software Group, Inc. and H&F Unite Partners, L.P.	1st Lien Revolver	$	1	$	—	$	1
The Ultimus Group Midco, LLC, The Ultimus Group, LLC, and The Ultimus Group Aggregator, LP	1st Lien Revolver	396		—		396
Therapy Brands Holdings LLC	2nd Lien Delayed Draw Term Loan	1,284		—		1,284
Thermostat Purchaser III, Inc.	1st Lien Revolver	100		—		100
Thermostat Purchaser III, Inc.	2nd Lien Delayed Draw Term Loan	612		—		612
Tricolor Funding SPV 3 LLC	1st Lien Revolver	2,273		(1,360)		913
Trident TPI Holdings, Inc.	1st Lien Delayed Draw Term Loan	1,090		(684)		406
Turbo Acquisitions 10 Bidco Limited	1st Lien Delayed Draw Term Loan	3,536		(2,482)		1,054
United Digestive MSO Parent, LLC	1st Lien Revolver	511		—		511
United Digestive MSO Parent, LLC	1st Lien Delayed Draw Term Loan	4,320		—		4,320
US Salt Investors, LLC and Emerald Lake Pearl Acquisition-A, L.P.	1st Lien Revolver	679		—		679
VLS Environmental Solutions, LLC	1st Lien Revolver	622		(53)		569
VLS Environmental Solutions, LLC	1st Lien Delayed Draw Term Loan	1,385		—		1,385
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P.	1st Lien Revolver	315		—		315
VPP Intermediate Holdings, LLC and VPP Group Holdings, L.P.	1st Lien Delayed Draw Term Loan	472		(9)		463
WA Asset Management, LLC	1st Lien Revolver	375		—		375
WA Asset Management, LLC	1st Lien Delayed Draw Term Loan	1,500		—		1,500
Watermill Express, LLC and Watermill Express Holdings, LLC	1st Lien Revolver	275		(19)		256
Watermill Express, LLC and Watermill Express Holdings, LLC	1st Lien Delayed Draw Term Loan	219		—		219
WebPT, Inc.	1st Lien Revolver	216		—		216
Wellness AcquisitionCo, Inc.	1st Lien Revolver	504		—		504
Wellness AcquisitionCo, Inc.	1st Lien Delayed Draw Term Loan	609		—		609
Wildcat BuyerCo, Inc. and Wildcat Parent, LP	1st Lien Revolver	255		—		255
Wildcat BuyerCo, Inc. and Wildcat Parent, LP	1st Lien Delayed Draw Term Loan	421		(92)		329
Woodchester Funding Limited	1st Lien Revolver	2,866		(773)		2,093
WorkWave Intermediate II, LLC	1st Lien Revolver	460		—		460
WorkWave Intermediate II, LLC	1st Lien Delayed Draw Term Loan	1,524		—		1,524
WSHP FC Acquisition LLC	1st Lien Revolver	106		(50)		56
WSHP FC Acquisition LLC	1st Lien Delayed Draw Term Loan	349		(183)		166
YE Brands Holdings, LLC	1st Lien Revolver	165		—		165
ZB Holdco LLC & ZB Parent LLC	1st Lien Revolver	637		—		637
ZB Holdco LLC & ZB Parent LLC	1st Lien Delayed Draw Term Loan	801		—		801
Total		$	419,659	$	(89,055)	$	330,604

____________________________________________________

(i)This loan or a portion of this loan represents an unsettled loan purchase. The interest rate will be determined at the time of settlement and will be based upon a spread plus the applicable reference rate determined at the time of purchase.

(j)Loan or bond was on non-accrual status as of March 31, 2022.

(k)Non-income producing security as of March 31, 2022.

(l)When-Issued or delayed delivery security based on typical market settlement convention for such security.

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

(m)The Fund sold a participating interest of £1,200 in aggregate principal amount outstanding of the portfolio company’s first lien senior secured revolver. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Fund recorded a corresponding secured borrowing of $427 at fair value. As of March 31, 2022, the interest rate in effect for the secured borrowing was 4.75%.

(n)The Fund sold a participating interest of $1,023 in aggregate principal amount outstanding of the portfolio company’s first lien senior secured revolver. As the transaction did not qualify as a “true sale” in accordance with GAAP, the Fund recorded a corresponding secured borrowing of $612 at fair value. As of March 31, 2022, the interest rate in effect for the secured borrowing was 8.50%.

(o)The Fund sold a participating interest of CAD 3,862 in aggregate principal amount outstanding of the portfolio company’s first lien senior secured revolver. As the transaction did not qualify as a “true sale” in accordance with GAAP, the Fund recorded a corresponding secured borrowing of $2,150 at fair value. As of March 31, 2022, the interest rate in effect for the secured borrowing was 4.25%.

(p)The Fund sold a participating interest of CAD 4,720 in aggregate principal amount outstanding of the portfolio company’s first lien senior secured revolver. As the transaction did not qualify as a “true sale” in accordance with GAAP, the Fund recorded a corresponding secured borrowing of $2,628 at fair value. As of March 31, 2022, the interest rate in effect for the secured borrowing was 4.25%.

    As of March 31, 2022, the aggregate cost of securities for Federal income tax purposes was $3,066,846. Unrealized appreciation and depreciation on investments for Federal income tax purposes are as follows:

Gross unrealized appreciation	$	49,473
Gross unrealized depreciation	(40,642)
Net unrealized appreciation	$	8,831

Securities sold short as of March 31, 2022 were as follows:

Corporate Bonds Sold Short

Company	Industry	Interest Rate	Maturity Date	Principal Amount		Value		Percentage of Net Assets
At Home Group Inc.	Retailing	7.13%	7/15/2029	$	(946)	$	(824)
CoreCivic, Inc	Commercial & Professional Services	8.25%	4/15/2026	(275)		(286)
Mozart Debt Merger Sub Inc.	Health Care Equipment & Services	5.25%	10/1/2029	(1,000)		(937)
Weight Watchers International, Inc.	Consumer Services	4.50%	4/15/2029	(769)		(626)
Total Corporate Bonds Sold Short (Cost $(2,892))						$	(2,673)	(0.12)%

Common Stocks Sold Short

Company	Industry	Shares	Value		Percentage of Net Assets
Eagle Point Credit Co Inc	Diversified Financials	(5,875)	$	(77)
Oxford Lane Capital Corp	Diversified Financials	(49,075)	(355)
Total Common Stocks Sold Short (Cost $(424))			$	(432)	(0.02)%

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Forward currency contracts as of March 31, 2022 were as follows:

Description	Notional Amount to be Purchased		Notional Amount to be Sold		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
Forward currency contract	$	(1,184)	€	(1,209)	Goldman Sachs	April 5, 2022	$	25	$	—
Forward currency contract	$	(853)	£	(847)	Goldman Sachs	April 19, 2022	—		(6)
Forward currency contract	$	(10,938)	CAD	(10,739)	Goldman Sachs	April 19, 2022	—		(199)
Forward currency contract	$	(329)	£	(330)	Goldman Sachs	April 27, 2022	1		—
Forward currency contract	$	(445)	£	(442)	Goldman Sachs	April 27, 2022	—		(3)
Forward currency contract	$	(1,218)	£	(1,217)	Goldman Sachs	April 27, 2022	—		(1)
Forward currency contract	$	(1,378)	£	(1,425)	Goldman Sachs	April 27, 2022	47		—
Forward currency contract	$	(2,154)	£	(2,220)	Goldman Sachs	April 27, 2022	66		—
Forward currency contract	$	(2,407)	£	(2,416)	Goldman Sachs	April 27, 2022	10		—
Forward currency contract	$	(4,489)	£	(4,506)	Goldman Sachs	April 27, 2022	17		—
Forward currency contract	$	(52,130)	£	(54,043)	Goldman Sachs	April 27, 2022	1,913		—
Forward currency contract	$	(129)	€	(132)	Goldman Sachs	April 27, 2022	3		—
Forward currency contract	$	(599)	€	(595)	Goldman Sachs	April 27, 2022	—		(4)
Forward currency contract	$	(1,243)	€	(1,274)	Goldman Sachs	April 27, 2022	31		—
Forward currency contract	$	(5,327)	€	(5,460)	Goldman Sachs	April 27, 2022	133		—
Forward currency contract	$	(10,904)	€	(11,199)	Goldman Sachs	April 27, 2022	296		—
Forward currency contract	$	(27,675)	€	(28,430)	Goldman Sachs	April 27, 2022	755		—
Forward currency contract	$	(38,168)	€	(39,182)	Goldman Sachs	April 27, 2022	1,014		—
Forward currency contract	$	(8,340)	AUD	(8,051)	Goldman Sachs	April 27, 2022	—		(289)
Forward currency contract	$	(6,364)	CAD	(6,363)	Goldman Sachs	April 27, 2022	—		(1)
Forward currency contract	$	(870)	DKK	(864)	Goldman Sachs	April 27, 2022	—		(6)
Forward currency contract	$	(3,340)	DKK	(3,426)	Goldman Sachs	April 27, 2022	86		—
Forward currency contract	$	(508)	NOK	(510)	Goldman Sachs	April 27, 2022	2		—
Forward currency contract	$	(3,568)	PLN	(3,742)	Goldman Sachs	April 27, 2022	174		—
Forward currency contract	$	(292)	SEK	(285)	Goldman Sachs	April 27, 2022	—		(7)
Forward currency contract	$	(3,366)	SEK	(3,354)	Goldman Sachs	April 27, 2022	—		(12)
Forward currency contract	$	(12,921)	SEK	(13,366)	Goldman Sachs	April 27, 2022	444		—
Forward currency contract	$	(1,375)	SEK	(1,493)	Goldman Sachs	September 16, 2022	119		—
Forward currency contract	$	(1,818)	SEK	(1,948)	Goldman Sachs	September 16, 2022	130		—
Total							$	5,266	$	(528)

Purchased options outstanding as of March 31, 2022 were as follows:

Options on Equity Indices — Buy Protection

Description	Exercise Price		Expiration Date	Counterparty	Notional Amount	Premium		Fair Value
Call-Chicago Board Options Exchange-VIX US	$	60	April 20, 2022	Citigroup Global Markets Inc.	185	$	18	$	1
SPDR S&P 500 ETF Trust-SPY US	$	375	May 20, 2022	Citigroup Global Markets Inc.	22,582	214		58
CDXHY S37 5Y P97 Payor Swaption May 2022	$	97	May 16, 2022	Citigroup Global Markets Inc.	4,875	29		6
Total Purchased Options						$	261	$	65

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Written options outstanding as of March 31, 2022 were as follows:

Options on Equity Indices — Sell Protection

Description	Exercise Price		Expiration Date	Counterparty	Notional Amount	Premium		Fair Value
Call-Chicago Board Options Exchange-VIX US	$	70	April 20, 2022	Citigroup Global Markets Inc.	(185)	$	(13)	$	(1)
Total Written Options						$	(13)	$	(1)

Swap Agreements outstanding as of March 31, 2022 were as follows:

Swap Agreements: Centrally Cleared or Exchange Traded

Credit Default Swaps on Credit Indices - Buy Protection (1)

Description	Payment Frequency	Fixed Deal Pay Rate	Expiration Date	Exchange	Notional Amount (2)		Value (3)		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
AXL CDS USD SR 5Y	Q	5.00%	June 20, 2025	ICE	$	250	$	(14)	$	(2)	$	(12)
BHCCN CDS USD SR 5Y	Q	5.00%	December 20, 2026	ICE	2,000		141		170		(29)
CDX.NA.HY S35 5Y	Q	5.00%	December 20, 2025	ICE	4,249		(267)		(417)		150
CDX.NA.HY S37 SR 5Y	Q	5.00%	December 20, 2026	ICE	2,750		(175)		(135)		(40)
Total Swap Agreements - Buy Protection: Centrally Cleared or Exchange Traded							$	(315)	$	(384)	$	69

Credit Default Swaps on Credit Indices - Sell Protection (4)

Description	Payment Frequency	Fixed Deal Pay Rate	Expiration Date	Exchange	Notional Amount (2)		Value (3)		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
TSLA CDS USD SR 5Y	Q	1.00%	June 20, 2026	ICE	$	275	$	(2)	$	7	$	(9)
Total Swap Agreements - Sell Protection: Centrally Cleared or Exchange Traded							$	(2)	$	7	$	(9)

Swap Agreements: Over the Counter

Credit Default Swaps on Credit Indices - Buy Protection (1)

Description	Payment Frequency	Fixed Deal Pay Rate	Expiration Date	Counterparty	Notional Amount (2)		Value (3)		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
CDX.NA.HY S33 5Y Tranche 25-35	Q	5.00%	December 20, 2024	Goldman Sachs	$	1,814	$	(159)	$	(210)	$	51
CDX.NA.HY S35 5Y Tranche 15-25	Q	5.00%	December 20, 2025	Goldman Sachs	3,105		(172)		(209)		37
CMBX.NA.BBB- S9	M	3.00%	September 17, 2058	Goldman Sachs	1,030		105		246		(141)
Total Swap Agreements - Buy Protection:Over the Counter							$	(226)	$	(173)	$	(53)

____________________________________________________

(1)If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index.

(2)The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(3)The quoted market prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the expected amount paid or received for the credit derivative had the notional amount of the swap agreement been closed/sold as of year-end. Increasing values (buy protection) or decreasing values (sell protection), when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

(4)If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except shares, percentages and as otherwise noted)

Abbreviations:

144A Certain conditions for public sale may exist. Unless otherwise noted, these securities are deemed to be liquid.

CLO Collateralized Loan Obligation

Currencies:

€ Euro Currency

£ British Pounds

$ U.S. Dollars

AUD Australian Dollars

CAD Canadian Dollars

DKK Danish Krone

GBP British Pound

NOK Norwegian Krone

PLN Polish Zloty

SEK Swedish Krone

USD U.S. Dollars

CION Ares Diversified Credit Fund

Notes to Consolidated Schedule of Investments

March 31, 2022 (Unaudited)

(in thousands, except per share data, percentages and as otherwise noted)

1.     ORGANIZATION

CION Ares Diversified Credit Fund (the “Fund”) is a closed-end, diversified management investment company that is registered under the Investment Company Act of 1940, as amended (together with the rules and regulations promulgated thereunder, the “Investment Company Act”). The Fund is structured as an interval fund and continuously offers its shares. The Fund was organized as a Delaware statutory trust on June 21, 2016.

The Fund’s investment objective is to provide superior risk-adjusted returns across various market cycles by investing in a diversified portfolio of liquid and illiquid asset classes. The Fund seeks to capitalize on market inefficiencies and relative value opportunities throughout the entire global credit spectrum.

The Fund is externally managed by CION Ares Management, LLC (the “Adviser”) pursuant to an investment advisory and management agreement. The Adviser was registered as an investment adviser with the Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940 (the “Advisers Act”) on January 4, 2017. The Adviser is a joint venture between affiliates of Ares Management Corporation (“Ares Management”), a publicly traded, leading global alternative investment manager, and CION Investment Group, LLC (“CION”) and is controlled by Ares Management. The Adviser oversees the management of the Fund's activities and is responsible for making investment decisions for the Fund's portfolio. Ares Operations LLC (“Ares Operations”),a subsidiary of Ares Management, provides certain administrative and other services necessary for the Fund to operate.

2.     SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying schedule of investments have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”), and include the accounts of the Fund and its consolidated subsidiaries. The Fund is an investment company following accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies.

Cash and Cash Equivalents

Cash and cash equivalents include funds from time to time deposited with financial institutions. Cash and cash equivalents are carried at cost, which approximates fair value.

Concentration of Credit Risk

The Fund places its cash and cash equivalents with financial institutions and, at times, cash held in money market accounts may exceed the Federal Deposit Insurance Corporation insured limit.

Investment Transactions

Investment transactions are recorded on the trade date. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. Unrealized gains or losses primarily reflect the change in investment values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.

Investments for which market quotations are readily available are typically valued at such market quotations. In order to validate market quotations, the Fund looks at a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available are valued at fair value as determined in good faith by the Board in accordance with the Fund's valuation policy (the “Valuation Policy”). The Valuation Policy is reviewed and approved at least annually by the Board. The Adviser has been authorized by the Board to utilize independent third-party pricing and valuation services to assist

CION Ares Diversified Credit Fund

Notes to Consolidated Schedule of Investments (continued)

March 31, 2022 (Unaudited)

(in thousands, except per share data, percentages and as otherwise noted)

in the valuation of each portfolio investment without a readily available market quotation in accordance with the Valuation Policy and a consistently applied valuation process.

As part of the valuation process for investments that do not have readily available market prices, the Adviser may take into account the following types of factors, if relevant, in determining the fair value of the Fund's investments: the enterprise value of a portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company's securities to any similar publicly traded securities, changes in the interest rate environment and the credit markets, which may affect the price at which similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Adviser considers the pricing indicated by the external event to corroborate its valuation.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund's investments may fluctuate from period to period. Additionally, the fair value of the Fund's investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Fund may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Fund was required to liquidate a portfolio investment in a forced or liquidation sale, the Fund could realize significantly less than the value at which the Fund has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. All investments in securities are recorded at their fair value. See Note 4 for more information on the Fund's valuation process.

Interest Income Recognition

Interest income is recorded on an accrual basis and includes the accretion of discounts, amortization of premiums and payment-in-kind (“PIK”) interest. Discounts from and premiums to par value on investments purchased are accreted/amortized into interest income over the life of the respective security using the effective yield method. To the extent loans contain PIK provisions, PIK interest, computed at the contractual rate specified in each applicable agreement, is accrued and recorded as interest income and added to the principal balance of the loan. PIK interest income added to the principal balance is generally collected upon repayment of the outstanding principal. The amortized cost of investments represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest.

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon the Fund’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest are paid or there is no longer any reasonable doubt that such principal or interest will be collected in full and, in the Fund's judgment, are likely to remain current. The Fund may make exceptions to this policy if the loan has sufficient collateral value (i.e., typically measured as enterprise value of the portfolio company) or is in the process of collection.

Collateralized loan obligation (“CLO”) equity investments recognize investment income by utilizing an effective interest methodology based upon an effective yield to maturity utilizing projected cash flows, as required by ASC 325-40, Beneficial Interest in Securitized Financial Assets.

CION Ares Diversified Credit Fund

Notes to Consolidated Schedule of Investments (continued)

March 31, 2022 (Unaudited)

(in thousands, except per share data, percentages and as otherwise noted)

Dividend Income Recognition

Dividend income on preferred equity securities is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. To the extent preferred equity securities contain PIK provisions, PIK dividends, computed at the contractual rate specified in each applicable agreement, are accrued and recorded as dividend income and added to the principal balance of the preferred equity security. PIK dividends added to the principal balance are generally collected upon redemption of the equity security.

Foreign Currency Transactions and Forward Currency Contracts

The Fund’s books and records are maintained in U.S. dollars. Any foreign currency amounts are translated into U.S. dollars on the following basis: (i) fair value of investment securities, other assets and liabilities at the exchange rates prevailing at the end of the period; and (ii) purchases and sales of investment securities, income and expense at the exchange rates prevailing on the respective dates of such transactions, income or expenses.

The Fund does not isolate that portion of the results of operations resulting from the changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included within the net realized and unrealized gain (loss) on investments in the consolidated statement of operations.

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates of securities transactions, and the difference between the amounts of income and expense items recorded on the Fund's books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency gains and losses arise from the changes in fair values of assets and liabilities, other than investments in securities at period end, resulting from changes in exchange rates.

Investments in foreign companies and securities of foreign governments may involve special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. government. These risks include, among other things, revaluation of currencies, less reliable information about issuers, different transaction clearance and settlement practices, and potential future adverse political and economic developments. Moreover, investments in foreign companies and securities of foreign governments and their markets may be less liquid and their prices more volatile than those of comparable U.S. companies and the U.S. government.

The Fund may enter into forward currency contracts for operational purposes and to protect against adverse exchange rate fluctuations. A forward currency contract is an agreement between the Fund and a counterparty to buy or sell a foreign currency at a specific exchange rate on a future date. The Fund may also enter into these contracts for purposes of increasing exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one currency to another. The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Fund and the resulting unrealized appreciation or depreciation are determined using foreign currency exchange rates from an independent pricing service. The Fund is subject to the credit risk that the other party will not complete the obligations of the contract. The fair values of the forward currency contracts are obtained from an independent pricing source.

Derivative Instruments

The Fund values its derivatives at fair value with the unrealized gains or losses recorded in “net realized and unrealized gains (losses) on investments, from forward currency and derivative contracts” in the consolidated statement of operations.

Commitments and Contingencies

In the normal course of business, the Fund's investment activities involve executions, settlement and financing of various transactions resulting in receivables from, and payables to, brokers, dealers and the Fund's custodian. These activities may expose the Fund to risk in the event that such parties are unable to fulfill contractual obligations. Management does not anticipate any material losses from counterparties with whom it conducts business. Consistent with standard business practice,

CION Ares Diversified Credit Fund

Notes to Consolidated Schedule of Investments (continued)

March 31, 2022 (Unaudited)

(in thousands, except per share data, percentages and as otherwise noted)

the Fund enters into contracts that contain a variety of indemnifications, and is engaged from time to time in various legal actions. The maximum exposure of the Fund under these arrangements and activities is unknown. However, the Fund expects

the risk of material loss to be remote.

Commitments to extend credit include loan proceeds the Fund is obligated to advance, such as delayed draws or revolving credit arrangements. Commitments generally have fixed expiration dates or other termination clauses. Unrealized gains or losses associated with unfunded commitments are recorded in the consolidated financial statements and reflected as an adjustment to the fair value of the related security in the Consolidated Schedule of Investments. The par amount of the unfunded commitments is not recognized by the Fund until it becomes funded.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with GAAP requires the Adviser to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results could differ from those estimates and such differences may be material.

3.     FAIR VALUE OF FINANCIAL INSTRUMENTS

    The Fund follows the provisions of ASC 820-10, Fair Value Measurements and Disclosures ("ASC 820-10"), which among other matters, requires enhanced disclosures about investments that are measured and reported at fair value. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Fund to assume that the portfolio investment is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, the Fund has considered its principal market as the market in which the Fund exits its portfolio investments with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below:

•Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

•Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

•Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

    In addition to using the above inputs in investment valuations, the Fund continues to employ a Valuation Policy that is approved by the Board that is consistent with the provisions of ASC 820-10 (See Note 2 for more information). Consistent with the Fund's Valuation Policy, it evaluates the source of inputs, including any markets in which the Fund's investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. The Fund's Valuation Policy considers the fact that because there may not be a readily available market value for the investments in the Fund's portfolio, therefore, the fair value of the investments may be determined using unobservable inputs.

The assets and liabilities classified as Level 1 or Level 2 are typically valued based on quoted market prices, forward foreign exchange rates, dealer quotations or alternative pricing sources supported by observable inputs. The Adviser obtains prices from independent pricing services which generally utilize broker quotes and may use various other pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. The Adviser is responsible for all inputs and assumptions related to the pricing of securities. The Adviser has internal controls in place that support its reliance on information received from third-party pricing sources. As part of its internal controls, the Adviser obtains, reviews, and tests information to corroborate prices received from third-party pricing sources. For any security, if market or dealer quotations are not readily available, or if the Adviser determines that a quotation

CION Ares Diversified Credit Fund

Notes to Consolidated Schedule of Investments (continued)

March 31, 2022 (Unaudited)

(in thousands, except per share data, percentages and as otherwise noted)

of a security does not represent a fair value, then the security is valued at a fair value as determined in good faith by the Adviser and will be classified as Level 3. In such instances, the Adviser will use valuation techniques consistent with the market or income approach to measure fair value and will give consideration to all factors which might reasonably affect the fair value.

The investments classified as Level 3 (other than as described below in the following paragraph) are typically valued using two different valuation techniques. The first valuation technique is an analysis of the enterprise value (“EV”) of the portfolio company. Enterprise value means the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time. The primary method for determining EV uses a multiple analysis whereby appropriate multiples are applied to the portfolio company's EBITDA (generally defined as net income before net interest expense, income tax expense, depreciation and amortization). EBITDA multiples are typically determined based upon review of market comparable transactions and publicly traded comparable companies, if any. The Fund may also employ other valuation multiples to determine EV, such as revenues. The Fund may also use industry specific valuation analyses to determine enterprise value, such as capitalization rate analysis used in the real estate industry. The second method for determining EV uses a discounted cash flow analysis whereby future expected cash flows of the portfolio company are discounted to determine a present value using estimated discount rates (typically a weighted average cost of capital based on costs of debt and equity consistent with current market conditions). The EV analysis is performed to determine the value of equity investments, the value of debt investments in portfolio companies where the Fund has control or could gain control through an option or warrant security, and to determine if there is credit impairment for debt investments. If debt investments are credit impaired, an EV analysis may be used to value such debt investments; however, in addition to the methods outlined above, other methods such as a liquidation or wind down analysis may be utilized to estimate enterprise value. The second valuation technique is a yield analysis, which is typically performed for non-credit impaired debt investments in portfolio companies where the Fund does not own a controlling equity position. To determine fair value using a yield analysis, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk. In the yield analysis, the Fund considers the current contractual interest rate, the maturity and other terms of the investment relative to risk of the company and the specific investment. A key determinant of risk, among other things, is the leverage through the investment relative to the enterprise value of the portfolio company. As debt investments held by the Fund are substantially illiquid with no active transaction market, the Fund depends on primary market data, including newly funded transactions, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.

The fair value of CLOs is estimated based on various valuation models from third-party pricing services. The provided prices are checked using internally developed models. The valuation models generally utilize discounted cash flows and take into consideration prepayment and loss assumptions, based on historical experience and projected performance, economic factors, the characteristics and condition of the underlying collateral, comparable yields for similar securities and recent trading activity. These securities are classified as Level 3.

Private asset-backed securities classified as Level 3 are typically valued using two different valuation techniques. The first valuation technique is an analysis of the forecasted cash flows of the security. The forecasted cash flows take into consideration prepayment and loss assumptions, based on historical experience and projected performance, economic factors, and the characteristics and condition of the underlying collateral. For equity securities, the projected cash flows are present valued using a market discount rate to determine the fair value. For debt securities, the analysis is used to determine if the borrower has the ability to repay its obligations. If it is determined that the borrower does have the ability to repay its obligations, the second valuation technique that is utilized is a yield analysis. To determine fair value using a yield analysis, a current price is imputed for the investment based upon an assessment of the expected market yield for a similarly structured investment with a similar level of risk. In the yield analysis, the Fund considers the current contractual interest rate, the maturity and other terms of the investment relative to risk of the borrower and the specific investment. As the debt investments are substantially illiquid with no active transaction market, the Fund depends on primary market data, including newly funded transactions, as inputs in determining the appropriate market yield, as applicable.

CION Ares Diversified Credit Fund

Notes to Consolidated Schedule of Investments (continued)

March 31, 2022 (Unaudited)

(in thousands, except per share data, percentages and as otherwise noted)

    The following is a summary of the inputs used as of March 31, 2022, in valuing the Fund’s investments carried at fair value:

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Senior Loans	$	—	$	893,047	$	1,486,218	$	2,379,265
Subordinated Loans	—		—		23,617		23,617
Corporate Bonds	—		211,244		34,560		245,804
Collateralized Loan Obligations	—		—		230,165		230,165
Common Stocks	1,836		—		25,723		27,559
Preferred Stocks	—		—		126,364		126,364
Private Asset-Backed Debt	—		—		40,035		40,035
Warrants	—		—		2,868		2,868
Total Investments	$	1,836	$	1,104,291	$	1,969,550	$	3,075,677
Derivative assets:
Forward Currency Contracts	$	—	$	5,266	$	—	$	5,266
Purchased Equity Options	59		6		—		65
Credit Default Swaps	—		246		—		246
Derivative liabilities:
Common Stocks Sold Short	$	(432)	$	—	$	—	$	(432)
Corporate Bonds Sold Short	—		(2,673)		—		(2,673)
Forward Currency Contracts	—		(528)		—		(528)
Written Equity Options	(1)		—		—		(1)
Credit Default Swaps	—		(789)		—		(789)

CION Ares Diversified Credit Fund

Notes to Consolidated Schedule of Investments (continued)

March 31, 2022 (Unaudited)

(in thousands, except per share data, percentages and as otherwise noted)

    The following is a reconciliation of the Fund’s investments in which significant unobservable inputs (Level 3) were used in determining fair value for the three months ended March 31, 2022:

	Senior Loans		Subordinated Loans		Corporate Bonds		Collateralized Loan Obligations		Common Stocks		Preferred Stocks		Private Asset Backed Debt		Real Estate Debt		Warrants		Total
Balance as of December 31, 2021	$	1,390,028	$	15,827	$	12,890	$	202,700	$	24,558	$	102,455	$	19,843	$	3,431	$	2,821	$	1,774,553
Purchases	182,486		10,304		21,502		40,264		304		32,385		21,211		37		—		308,493
Sales and principal redemptions	(65,827)		(2,967)		—		(12,001)		(120)		(8,721)		(1,073)		(3,508)		—		(94,217)
Net realized and unrealized gains (losses)	(8,711)		410		161		(823)		981		245		43		66		47		(7,581)
Accrued discounts (premiums)	718		43		7		25		—		—		11		(26)		—		778
Transfers in to Level 3(a)	9,971		—		—		—		—		—		—		—		—		9,971
Transfers out of Level 3(a)	(22,447)		—		—		—		—		—		—		—		—		(22,447)
Balance as of March 31, 2022	$	1,486,218	$	23,617	$	34,560	$	230,165	$	25,723	$	126,364	$	40,035	$	—	$	2,868	$	1,969,550
Net change in unrealized gains (losses) from investments held at December 31, 2021	$	(8,364)	$	232	$	(2)	$	(608)	$	821	$	(1)	$	(143)	$	—	$	46	$	(8,019)

 ________________________________________

(a)Investments were transferred into and out of Level 3 during the three months ended March 31, 2022. Transfers between Levels 2 and 3 were as a result of changes in the observability of significant inputs or available market data for certain portfolio companies.

CION Ares Diversified Credit Fund

Notes to Consolidated Schedule of Investments (continued)

March 31, 2022 (Unaudited)

(in thousands, except per share data, percentages and as otherwise noted)

    The following table summarizes the quantitative inputs and assumptions used for investments in securities at fair value categorized as Level 3 in the fair value hierarchy as of March 31, 2022.

	Fair Value		Primary Valuation Techniques	Inputs	Estimated Range	Weighted Average(a)
Assets  Investment in securities
Senior Loans	$	1,436,918	Yield Analysis	Market Yield	4.0% - 25.0%	7.4%
Senior Loans	41,667		Broker Quotes	N/A	N/A	N/A
Senior Loans	7,633		Other	Recent Transaction Price	98 - 99	99
Subordinated Loans	23,617		Yield Analysis	Market Yield	8.2% - 21.5%	9.0%
Corporate Bonds	16,142		Yield Analysis	Market Yield	5.4% - 12.8%	11.0%
Corporate Bonds	18,418		Broker Quotes	N/A	N/A	N/A
Collateralized Loan Obligations	209,669		Broker Quotes	N/A	N/A	N/A
Collateralized Loan Obligations	20,496		Other	Recent Transaction Price	90 - 99	97
Common Stocks	25,723		EV Market Multiple Analysis	EBITDA Multiple	1.0x - 40.1x	13.9x
Preferred Stocks	126,364		EV Market Multiple Analysis	EBITDA Multiple	1.0x - 55.8x	16.1x
Private Asset-Backed Debt	21,780		Income (Other)	Constant Default Rate, Constant Prepayment Rate, Recovery Rate, Collection Rate	1.0% - 44.2% 0.0% - 41.5% 0.0% - 80.0% 48.0% - 96.8%	21.9% 22.6% 16.0% 82.3%
Private Asset-Backed Debt	18,255		Other	Recent Transaction Price	99	99
Warrants	2,868		EV Market Multiple Analysis	EBITDA Multiple	2.9x - 25.1x	5.2x
Total Level 3 Investments	$	1,969,550

 ________________________________________

(a)Weighted averages are calculated based on fair value of investments.

Changes in market yields, discount rates or EBITDA multiples, each in isolation, may change the fair value of certain of the Fund’s investments. Generally, an increase in market yields or discount rates or decrease in EBITDA multiples may result in a decrease in the fair value of certain of the Fund’s investments.

    Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the investments may fluctuate from period to period. Additionally, the fair value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Fund may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Fund was required to liquidate a portfolio investment in a forced or liquidation sale, it could realize significantly less than the value at which the Fund has recorded it.

    In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned.