Document
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
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| 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 | | | | 1st Lien Term Loan | | 11.30% (SOFR + 6.25%) | | 11/6/2025 | | | | | | $ | 1,719 | | | $ | 1,719 | | (e)(f) | |
| Automotive Keys Group, LLC | | | | 1st Lien Term Loan | | 11.43% (SOFR + 6.25%) | | 11/6/2025 | | | | | | | 247 | | | 247 | | (e) | |
| Clarios Global LP | | | | 1st Lien Term Loan | | 8.09% (1M LIBOR + 3.25%) | | 4/30/2026 | | | | | | | 4,925 | | | 4,888 | | | |
| Continental Acquisition Holdings, Inc. | | | | 1st Lien Revolving Loan | | 8.17% (SOFR + 3.50%) | | 1/20/2026 | | | | | | | 1 | | | 1 | | (e)(h) | |
| Continental Acquisition Holdings, Inc. | | | | 1st Lien Term Loan | | 11.55% (SOFR + 6.50%) | | 1/20/2027 | | | | | | | 5,944 | | | 5,469 | | (e)(f) | |
| Continental Acquisition Holdings, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 11.40% (SOFR + 6.50%) | | 1/20/2027 | | | | | | | 1,443 | | | 1,327 | | (e)(f) | |
| Highline Aftermarket Acquisition, LLC | | | | 1st Lien Revolving Loan | | | | 11/10/2025 | | | | | | | 1 | | | — | | (e)(h) | |
| Highline Aftermarket Acquisition, LLC | | | | 1st Lien Term Loan | | 9.34% (1M LIBOR + 4.50%) | | 11/9/2027 | | | | | | | 3,640 | | | 3,464 | | (f) | |
| Highline Aftermarket Acquisition, LLC | | | | 2nd Lien Term Loan | | 13.03% (3M LIBOR + 8.00%) | | 11/9/2028 | | | | | | | 5,942 | | | 5,526 | | (e)(f) | |
| Highline Aftermarket Acquisition, LLC | | | | 2nd Lien Delayed Draw Term Loan | | 13.03% (3M LIBOR + 8.00%) | | 11/9/2028 | | | | | | | 4,209 | | | 3,914 | | (e) | |
| RealTruck Group, Inc. | | | | 1st Lien Term Loan | | 8.59% (1M LIBOR + 3.75%) | | 1/31/2028 | | | | | | | 6,054 | | | 5,361 | | | |
| Sun Acquirer Corp. | | | | 1st Lien Revolving Loan | | 12.75% (PRIME + 4.75%) | | 9/8/2027 | | | | | | | 1,059 | | | 117 | | (e)(h) | |
| Sun Acquirer Corp. | | | | 1st Lien Term Loan | | 10.59% (1M LIBOR + 5.75%) | | 9/8/2028 | | | | | | | 6,532 | | | 6,336 | | (e) | |
| Sun Acquirer Corp. | | | | 1st Lien Term Loan | | 10.59% (1M LIBOR + 5.75%) | | 9/8/2028 | | | | | | | 1,748 | | | 1,696 | | (e)(f) | |
| Sun Acquirer Corp. | | | | 1st Lien Delayed Draw Term Loan | | 10.59% (1M LIBOR + 5.75%) | | 9/8/2028 | | | | | | | 4,824 | | | 4,471 | | (e)(h) | |
| Sun Acquirer Corp. | | | | 1st Lien Delayed Draw Term Loan | | | | 9/8/2028 | | | | | | | 1,370 | | | (41) | | (e)(h) | |
| Wand Newco 3, Inc. | | | | 1st Lien Term Loan | | 7.59% (1M LIBOR + 2.75%) | | 2/5/2026 | | | | | | | 13,068 | | | 12,799 | | (i) | |
| Wand Newco 3, Inc. | | | | 2nd Lien Term Loan | | 12.09% (1M LIBOR + 7.25%) | | 2/5/2027 | | | | | | | 3,039 | | | 3,039 | | (e)(f) | |
| | | | | | | | | | | | | | | | | 60,333 | | | 2.36 | % |
| Capital Goods | | | | | | | | | | | | | | | | | | | |
| AIM Acquisition, LLC | | | | 1st Lien Revolving Loan | | | | 12/2/2025 | | | | | | | 457 | | | — | | (e)(h) | |
| AIM Acquisition, LLC | | | | 1st Lien Term Loan | | 10.46% (3M LIBOR + 5.25%) | | 12/2/2025 | | | | | | | 212 | | | 212 | | (e)(f) | |
| AllClear Military Inc. | | | | 1st Lien Term Loan | | | | 8/10/2025 | | | | | | | 2,042 | | | 1,021 | | (e)(j) | |
| Alliance Laundry Systems LLC | | | | 1st Lien Term Loan | | 8.31% (SOFR + 3.50%) | | 10/8/2027 | | | | | | | 7,869 | | | 7,787 | | | |
| Artera Services, LLC | | | | 1st Lien Term Loan | | 8.66% (3M LIBOR + 3.50%) | | 3/6/2025 | | | | | | | 867 | | | 732 | | | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| BlueHalo Global Holdings, LLC | | | | 1st Lien Revolving Loan | | 11.62% (3M LIBOR + 6.50%) | | 10/31/2025 | | | | | | $ | 759 | | | $ | 94 | | (e)(h) | |
| BlueHalo Global Holdings, LLC | | | | 1st Lien Term Loan | | 11.59% (3M LIBOR + 6.50%) | | 10/31/2025 | | | | | | | 4,089 | | | 4,049 | | (e)(f) | |
| Box Bidco Limited | | United Kingdom | | 1st Lien Term Loan | | 10.01% (6M EURIBOR + 7.67%) | | 11/24/2028 | | | | | | € | 878 | | | 953 | | (e)(f) | |
| Box Bidco Limited | | United Kingdom | | 1st Lien Term Loan | | 11.16% (6M LIBOR + 6.00%) | | 11/24/2028 | | | | | | | 1,691 | | | 1,691 | | (e)(f) | |
| Brookfield WEC Holdings Inc. | | | | 1st Lien Term Loan | | 7.59% (1M LIBOR + 2.75%) | | 8/1/2025 | | | | | | | 6,350 | | | 6,309 | | | |
| Chart Industries, Inc. | | | | 1st Lien Term Loan | | | | 12/8/2029 | | | | | | | 5,981 | | | 5,958 | | (i) | |
| CP Atlas Buyer Inc | | | | 1st Lien Term Loan | | 8.41% (SOFR + 3.50%) | | 11/23/2027 | | | | | | | 6,488 | | | 5,735 | | | |
| Dynamic NC Aerospace Holdings, LLC | | | | 1st Lien Revolving Loan | | 12.05% (SOFR + 7.00%) | | 12/30/2025 | | | | | | | 1,296 | | | 173 | | (e)(h) | |
| Dynamic NC Aerospace Holdings, LLC | | | | 1st Lien Term Loan | | 11.65% (SOFR + 7.00%) | | 12/30/2026 | | | | | | | 2,970 | | | 2,970 | | (e)(f) | |
| Dynasty Acquisition Co., Inc. | | | | 1st Lien Term Loan | | 8.41% (SOFR + 3.50%) | | 4/6/2026 | | | | | | | 5,065 | | | 4,939 | | | |
| Electro Rent Corporation | | | | 2nd Lien Term Loan | | 13.81% (3M LIBOR + 9.00%) | | 1/31/2025 | | | | | | | 3,690 | | | 3,653 | | (e)(f) | |
| Electro Rent Corporation | | | | 2nd Lien Term Loan | | 13.95% (3M LIBOR + 9.00%) | | 1/31/2025 | | | | | | | 5,535 | | | 5,480 | | (e)(f) | |
| Eleda BidCo AB (fka EISG BidCo AB) | | Sweden | | 1st Lien Term Loan | | 10.35% (3M STIBOR + 7.00%) | | 6/30/2026 | | | | | | SEK | 45,107 | | | 4,346 | | (e)(f) | |
| Eleda BidCo AB (fka EISG BidCo AB) | | Sweden | | 1st Lien Term Loan | | 13.34% (3M STIBOR + 10.00%) | | 6/29/2026 | | | | | | SEK | 13,450 | | | 1,296 | | (e) | |
| Eleda BidCo AB (fka EISG BidCo AB) | | Sweden | | 1st Lien Delayed Draw Term Loan | | 10.35% (3M STIBOR + 7.00%) | | 6/30/2026 | | | | | | SEK | 9,070 | | | 874 | | (e)(f) | |
| Eleda BidCo AB (fka EISG BidCo AB) | | Sweden | | 1st Lien Delayed Draw Term Loan | | | | 6/30/2026 | | | | | | SEK | 4,000 | | | — | | (e)(h)(i) | |
| Eleda BidCo AB (fka EISG BidCo AB) | | Sweden | | 1st Lien Delayed Draw Term Loan | | 10.29% (3M LIBOR + 7.00%) | | 6/30/2026 | | | | | | | 385 | | | 203 | | (e)(h)(m) | |
| EPS NASS Parent, Inc. | | | | 1st Lien Revolving Loan | | 10.91% (3M LIBOR + 5.75%) | | 4/17/2026 | | | | | | | 158 | | | 100 | | (e)(h) | |
| EPS NASS Parent, Inc. | | | | 1st Lien Term Loan | | 10.91% (3M LIBOR + 5.75%) | | 4/19/2028 | | | | | | | 5,759 | | | 5,471 | | (e)(f) | |
| EPS NASS Parent, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 10.91% (3M LIBOR + 5.75%) | | 4/19/2028 | | | | | | | 581 | | | 295 | | (e)(h) | |
| Kene Acquisition, Inc. | | | | 1st Lien Revolving Loan | | | | 8/8/2024 | | | | | | | 676 | | | (7) | | (e)(h) | |
| Kene Acquisition, Inc. | | | | 1st Lien Term Loan | | 9.41% (3M LIBOR + 4.25%) | | 8/10/2026 | | | | | | | 2,812 | | | 2,783 | | (e)(f) | |
| Kene Acquisition, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 9.41% (3M LIBOR + 4.25%) | | 8/10/2026 | | | | | | | 470 | | | 466 | | (e)(f) | |
| Kodiak BP, LLC | | | | 1st Lien Term Loan | | 8.41% (SOFR + 3.25%) | | 3/12/2028 | | | | | | | 6,613 | | | 6,332 | | | |
| LBM Acquisition LLC | | | | 1st Lien Term Loan | | 8.59% (1M LIBOR + 3.75%) | | 12/17/2027 | | | | | | | 8,327 | | | 7,821 | | | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Lower ACS, Inc. | | | | 1st Lien Revolving Loan | | | | 1/7/2028 | | | | | | $ | 2,356 | | | $ | — | | (e)(h) | |
| Lower ACS, Inc. | | | | 1st Lien Term Loan | | 10.34% (1M LIBOR + 5.50%) | | 1/7/2028 | | | | | | | 9,685 | | | 9,685 | | (e)(f) | |
| Lower ACS, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 10.34% (1M LIBOR + 5.50%) | | 1/7/2028 | | | | | | | 8,172 | | | 286 | | (e)(h) | |
| Madison IAQ LLC | | | | 1st Lien Term Loan | | 8.30% (6M LIBOR + 3.25%) | | 6/21/2028 | | | | | | | 7,414 | | | 7,043 | | | |
| Maverick Acquisition, Inc. | | | | 1st Lien Term Loan | | 11.41% (3M LIBOR + 6.25%) | | 6/1/2027 | | | | | | | 5,280 | | | 4,700 | | (e)(f) | |
| Maverick Acquisition, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 11.41% (3M LIBOR + 6.25%) | | 6/1/2027 | | | | | | | 1,207 | | | 1,074 | | (e) | |
| Noble Aerospace, LLC | | | | 1st Lien Revolving Loan | | | | 9/14/2023 | | | | | | | 1,400 | | | — | | (e)(h) | |
| Noble Aerospace, LLC | | | | 1st Lien Term Loan | | 9.34% (1M LIBOR + 4.50%) | | 9/14/2023 | | | | | | | 1,529 | | | 1,529 | | (e)(f) | |
| Osmose Utilities Services, Inc. | | | | 2nd Lien Term Loan | | 11.59% (1M LIBOR + 6.75%) | | 6/25/2029 | | | | | | | 8,237 | | | 7,743 | | (e) | |
| Osmosis Buyer Limited | | | | 1st Lien Term Loan | | 8.48% (SOFR + 3.75%) | | 7/31/2028 | | | | | | | 12,463 | | | 11,988 | | | |
| Prime Buyer, L.L.C. | | | | 1st Lien Revolving Loan | | 10.16% (SOFR + 5.25%) | | 12/22/2026 | | | | | | | 3,985 | | | (33) | | (e)(h) | |
| Prime Buyer, L.L.C. | | | | 1st Lien Term Loan | | 10.16% (SOFR + 5.25%) | | 12/22/2026 | | | | | | | 13,688 | | | 13,003 | | (e)(f) | |
| Radius Aerospace Europe Limited | | United Kingdom | | 1st Lien Revolving Loan | | 9.93% (SONIA + 5.75%) | | 3/29/2025 | | | | | | ₤ | 186 | | | 71 | | (e)(h) | |
| Radius Aerospace Europe Limited | | United Kingdom | | 1st Lien Term Loan | | 10.80% (SOFR + 5.75%) | | 3/29/2025 | | | | | | | 1,574 | | | 1,526 | | (e)(f) | |
| Radius Aerospace, Inc. | | | | 1st Lien Revolving Loan | | 10.70% (SOFR + 5.75%) | | 3/29/2025 | | | | | | | 429 | | | 59 | | (e)(h) | |
| Radius Aerospace, Inc. | | | | 1st Lien Term Loan | | 10.80% (SOFR + 5.75%) | | 3/29/2025 | | | | | | | 2,259 | | | 2,191 | | (e)(f) | |
| Sigma Electric Manufacturing Corporation | | | | 1st Lien Revolving Loan | | | | 10/31/2024 | | | | | | | 1 | | | — | | (e)(h) | |
| Sigma Electric Manufacturing Corporation | | | | 1st Lien Term Loan | | 10.80% (SOFR + 5.75%) | | 10/31/2024 | | | | | | | 402 | | | 402 | | (e)(f) | |
| Specialty Building Products Holdings, LLC | | | | 1st Lien Term Loan | | 8.10% (1M LIBOR + 3.25%) | | 10/15/2028 | | | | | | | 5,443 | | | 5,090 | | | |
| SRS Distribution Inc. | | | | 1st Lien Term Loan | | 8.16% (SOFR + 3.25%) | | 6/2/2028 | | | | | | | 3,336 | | | 3,210 | | | |
| SRS Distribution Inc. | | | | 1st Lien Term Loan | | 8.34% (1M LIBOR + 3.50%) | | 6/2/2028 | | | | | | | 4,046 | | | 3,900 | | | |
| Star US Bidco LLC | | | | 1st Lien Term Loan | | 9.09% (1M LIBOR + 4.25%) | | 3/17/2027 | | | | | | | 1,540 | | | 1,489 | | | |
| Sunk Rock Foundry Partners LP | | | | 1st Lien Term Loan | | 10.80% (SOFR + 5.75%) | | 10/31/2024 | | | | | | | 199 | | | 199 | | (e)(f) | |
| TransDigm Group Incorporated | | | | 1st Lien Term Loan | | 8.15% (SOFR + 3.25%) | | 8/24/2028 | | | | | | | 5,172 | | | 5,153 | | | |
| Traverse Midstream Partners LLC | | | | 1st Lien Term Loan | | 8.73% (SOFR + 3.75%) | | 2/16/2028 | | | | | | | 3,277 | | | 3,217 | | | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Turbo Acquisitions 10 Bidco Limited | | United Kingdom | | 1st Lien Term Loan | | 11.80% (SONIA + 7.50%) | | 2/26/2027 | | | | | | ₤ | 2,357 | | | $ | 2,908 | | (e)(f) | |
| Turbo Acquisitions 10 Bidco Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 11.80% (SONIA + 7.50%) | | 2/26/2027 | | | | | | ₤ | 2,692 | | | 2,680 | | (e)(h) | |
| Turbo Acquisitions 10 Bidco Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 11.80% (SONIA + 7.50%) | | 2/26/2027 | | | | | | ₤ | 2,649 | | | 3,268 | | (e)(f) | |
| Turbo Acquisitions 10 Bidco Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | | | 2/26/2027 | | | | | | ₤ | 337 | | | — | | (e)(h)(i) | |
| Two Six Labs, LLC | | | | 1st Lien Revolving Loan | | | | 8/20/2027 | | | | | | | 2,561 | | | — | | (e)(h) | |
| Two Six Labs, LLC | | | | 1st Lien Term Loan | | 10.40% (SOFR + 5.50%) | | 8/20/2027 | | | | | | | 7,355 | | | 7,355 | | (e)(f) | |
| Two Six Labs, LLC | | | | 1st Lien Delayed Draw Term Loan | | 10.40% (SOFR + 5.50%) | | 8/20/2027 | | | | | | | 2,842 | | | 1,414 | | (e)(h) | |
| VC GB Holdings I Corp | | | | 2nd Lien Term Loan | | 11.59% (1M LIBOR + 6.75%) | | 7/23/2029 | | | | | | | 3,200 | | | 2,499 | | | |
| Victory Buyer LLC | | | | 1st Lien Term Loan | | 8.53% (1M LIBOR + 3.75%) | | 11/19/2028 | | | | | | | 6,338 | | | 5,419 | | | |
| Wilsonart LLC | | | | 1st Lien Term Loan | | 8.46% (6M LIBOR + 3.25%) | | 12/31/2026 | | | | | | | 9,327 | | | 8,960 | | | |
| WP CPP Holdings, LLC | | | | 1st Lien Term Loan | | 8.58% (3M LIBOR + 3.75%) | | 4/30/2025 | | | | | | | 6,095 | | | 5,533 | | (f) | |
| WP CPP Holdings, LLC | | | | 2nd Lien Term Loan | | 12.58% (3M LIBOR + 7.75%) | | 4/30/2026 | | | | | | | 1,004 | | | 818 | | | |
| WP CPP Holdings, LLC | | | | 2nd Lien Term Loan | | 12.58% (3M LIBOR + 7.75%) | | 4/30/2026 | | | | | | | 808 | | | 656 | | (f)(i) | |
| | | | | | | | | | | | | | | | | 206,771 | | | 8.10 | % |
| Commercial & Professional Services | | | | | | | | | | | | | | | |
| Aero Operating LLC | | | | 1st Lien Term Loan | | 13.74% (SOFR + 9.00%) | | 2/9/2026 | | | | | | | 2,928 | | | 2,753 | | (e)(f) | |
| Aero Operating LLC | | | | 1st Lien Delayed Draw Term Loan | | 14.04% (SOFR + 9.00%) | | 2/9/2026 | | | | | | | 814 | | | 765 | | (e)(f) | |
| Applied Technical Services, LLC | | | | 1st Lien Revolving Loan | | 12.75% (PRIME + 4.75%) | | 12/29/2026 | | | | | | | 909 | | | 650 | | (e)(h) | |
| Applied Technical Services, LLC | | | | 1st Lien Term Loan | | 10.91% (3M LIBOR + 5.75%) | | 12/29/2026 | | | | | | | 4,247 | | | 4,205 | | (e)(f) | |
| Applied Technical Services, LLC | | | | 1st Lien Delayed Draw Term Loan | | 10.91% (3M LIBOR + 5.75%) | | 12/29/2026 | | | | | | | 4,978 | | | 3,937 | | (e)(h) | |
| Applied Technical Services, LLC | | | | 1st Lien Delayed Draw Term Loan | | 10.91% (3M LIBOR + 5.75%) | | 12/29/2026 | | | | | | | 1,428 | | | 1,413 | | (e)(f) | |
| Argenbright Holdings V, LLC | | | | 1st Lien Term Loan | | 12.08% (SOFR + 7.25%) | | 11/30/2026 | | | | | | | 2,813 | | | 2,813 | | (e)(f) | |
| Argenbright Holdings V, LLC | | | | 1st Lien Delayed Draw Term Loan | | | | 11/30/2026 | | | | | | | 178 | | | — | | (e)(h) | |
| Armorica Lux S.a.r.l. | | Luxembourg | | 1st Lien Term Loan | | 7.49% (3M EURIBOR + 5.00%) | | 7/28/2028 | | | | | | € | 4,000 | | | 3,152 | | | |
| Auxadi Midco S.L.U. | | Spain | | 1st Lien Term Loan | | 7.09% (3M EURIBOR + 4.75%) | | 7/17/2028 | | | | | | € | 837 | | | 907 | | (e) | |
| Auxadi Midco S.L.U. | | Spain | | 1st Lien Delayed Draw Term Loan | | | | 7/17/2028 | | | | | | € | 909 | | | (1) | | (e)(h) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Capstone Acquisition Holdings, Inc. | | | | 1st Lien Revolving Loan | | | | 11/12/2025 | | | | | | $ | 1,150 | | | $ | — | | (e)(h) | |
| Capstone Acquisition Holdings, Inc. | | | | 1st Lien Term Loan | | 9.66% (SOFR + 4.75%) | | 11/12/2027 | | | | | | | 10,842 | | | 10,842 | | (e)(f) | |
| Capstone Acquisition Holdings, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 9.66% (SOFR + 4.75%) | | 11/12/2027 | | | | | | | 636 | | | 636 | | (e) | |
| Capstone Acquisition Holdings, Inc. | | | | 2nd Lien Term Loan | | 13.66% (SOFR + 8.75%) | | 11/13/2028 | | | | | | | 3,008 | | | 3,008 | | (e)(f) | |
| Compex Legal Services, Inc. | | | | 1st Lien Revolving Loan | | 10.45% (3M LIBOR + 5.45%) | | 2/7/2025 | | | | | | | 900 | | | 540 | | (e)(h) | |
| Compex Legal Services, Inc. | | | | 1st Lien Term Loan | | 10.75% (3M LIBOR + 5.75%) | | 2/7/2026 | | | | | | | 1,284 | | | 1,284 | | (e)(f) | |
| Dispatch Acquisition Holdings, LLC | | | | 1st Lien Term Loan | | 9.30% (3M LIBOR + 4.25%) | | 3/27/2028 | | | | | | | 14,907 | | | 13,379 | | (f) | |
| Dun & Bradstreet Corporation, The | | | | 1st Lien Term Loan | | 8.04% (SOFR + 3.25%) | | 1/18/2029 | | | | | | | 1,859 | | | 1,844 | | | |
| Dun & Bradstreet Corporation, The | | | | 1st Lien Term Loan | | 8.10% (1M LIBOR + 3.25%) | | 2/6/2026 | | | | | | | 7,518 | | | 7,496 | | (i) | |
| Elevation Services Parent Holdings, LLC | | | | 1st Lien Revolving Loan | | 11.40% (3M LIBOR + 6.25%) | | 12/18/2026 | | | | | | | 631 | | | 221 | | (e)(h) | |
| Elevation Services Parent Holdings, LLC | | | | 1st Lien Term Loan | | 11.39% (3M LIBOR + 6.25%) | | 12/18/2026 | | | | | | | 628 | | | 596 | | (e)(f) | |
| Elevation Services Parent Holdings, LLC | | | | 1st Lien Term Loan | | 11.40% (3M LIBOR + 6.25%) | | 12/18/2026 | | | | | | | 1,320 | | | 1,254 | | (e)(f) | |
| Elevation Services Parent Holdings, LLC | | | | 1st Lien Delayed Draw Term Loan | | 11.17% (3M LIBOR + 6.25%) | | 12/18/2026 | | | | | | | 986 | | | (28) | | (e)(h) | |
| Elevation Services Parent Holdings, LLC | | | | 1st Lien Delayed Draw Term Loan | | 11.35% (3M LIBOR + 6.25%) | | 12/18/2026 | | | | | | | 1,769 | | | 1,680 | | (e)(f) | |
| Erasmus Acquisition Holding B.V. | | Netherlands | | 1st Lien Revolving Loan | | 9.91% (1M EURIBOR + 7.00%) | | 8/22/2029 | | | | | | € | 643 | | | 697 | | (e)(g) | |
| Erasmus Acquisition Holding B.V. | | Netherlands | | 1st Lien Term Loan | | 10.02% (3M EURIBOR + 7.00%) | | 3/13/2030 | | | | | | € | 3,316 | | | 3,596 | | (e)(g) | |
| Erasmus Acquisition Holding B.V. | | Netherlands | | 1st Lien Delayed Draw Term Loan | | | | 3/13/2030 | | | | | | € | 1,184 | | | (1) | | (e)(g)(h)(i) | |
| HH-Stella, Inc. | | | | 1st Lien Revolving Loan | | 10.38% (1M LIBOR + 5.50%) | | 4/22/2027 | | | | | | | 444 | | | 261 | | (e)(h) | |
| HH-Stella, Inc. | | | | 1st Lien Term Loan | | 10.69% (3M LIBOR + 5.50%) | | 4/24/2028 | | | | | | | 6,077 | | | 5,834 | | (e)(f) | |
| HH-Stella, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 10.63% (3M LIBOR + 5.50%) | | 4/24/2028 | | | | | | | 1,974 | | | 1,010 | | (e)(h) | |
| Integrated Power Services Holdings, Inc. | | | | 2nd Lien Term Loan | | 12.34% (1M LIBOR + 7.50%) | | 11/22/2029 | | | | | | | 4,983 | | | 4,784 | | (e) | |
| Ishtar Bidco Norway AS | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 12.95% (SONIA + 8.75%) | | 11/26/2025 | | | | | | ₤ | 1,008 | | | 1,156 | | (e)(f) | |
| Kellermeyer Bergensons Services, LLC | | | | 1st Lien Term Loan | | 10.83% (3M LIBOR + 6.00%) | | 11/7/2026 | | | | | | | 7,764 | | | 6,754 | | (e)(f) | |
| Kellermeyer Bergensons Services, LLC | | | | 1st Lien Delayed Draw Term Loan | | 10.83% (3M LIBOR + 6.00%) | | 11/7/2026 | | | | | | | 4,886 | | | 4,251 | | (e)(f) | |
| Laboratories Bidco LLC | | | | 1st Lien Revolving Loan | | 10.59% (1M LIBOR + 5.75%) | | 7/23/2027 | | | | | | | 1,562 | | | 989 | | (e)(h) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Laboratories Bidco LLC | | | | 1st Lien Term Loan | | 10.71% (3M CDOR + 5.75%) | | 7/23/2027 | | | | | | CAD | 1,757 | | | $ | 1,235 | | (e)(f) | |
| Laboratories Bidco LLC | | | | 1st Lien Term Loan | | 10.89% (3M LIBOR + 5.75%) | | 7/23/2027 | | | | | | | 5,767 | | | 5,479 | | (e)(f) | |
| Laboratories Bidco LLC | | | | 1st Lien Term Loan | | 10.98% (3M LIBOR + 5.75%) | | 7/23/2027 | | | | | | | 3,956 | | | 3,758 | | (e) | |
| Laboratories Bidco LLC | | | | 1st Lien Delayed Draw Term Loan | | 10.85% (3M LIBOR + 5.75%) | | 7/23/2027 | | | | | | | 2,199 | | | 178 | | (e)(h) | |
| Lavatio Midco Sarl | | Luxembourg | | 1st Lien Delayed Draw Term Loan | | 8.23% (6M EURIBOR + 7.25%) | | 11/30/2026 | | | | | | € | 823 | | | 866 | | (e)(f) | |
| Lavatio Midco Sarl | | Luxembourg | | 1st Lien Delayed Draw Term Loan | | 8.98% (3M EURIBOR + 7.25%) | | 11/30/2026 | | | | | | € | 997 | | | 648 | | (e)(h) | |
| Lowe P27 Bidco Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 10.21% (SONIA + 6.75%) | | 7/31/2026 | | | | | | ₤ | 325 | | | 321 | | (e)(h) | |
| Lowe P27 Bidco Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 10.45% (SONIA + 6.75%) | | 7/31/2026 | | | | | | ₤ | 1,706 | | | 2,104 | | (e) | |
| Lowe P27 Bidco Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | | | 7/31/2026 | | | | | | ₤ | 325 | | | — | | (e)(h) | |
| Lowe P27 Bidco Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 11.48% (SOFR + 6.75%) | | 7/31/2026 | | | | | | | 610 | | | 610 | | (e) | |
| Marmic Purchaser, LLC | | | | 1st Lien Revolving Loan | | 10.92% (SOFR + 6.00%) | | 3/5/2027 | | | | | | | 287 | | | 98 | | (e)(h) | |
| Marmic Purchaser, LLC | | | | 1st Lien Term Loan | | 11.04% (SOFR + 6.00%) | | 3/5/2027 | | | | | | | 2,021 | | | 2,001 | | (e)(f) | |
| Marmic Purchaser, LLC | | | | 1st Lien Delayed Draw Term Loan | | 11.04% (SOFR + 6.00%) | | 3/5/2027 | | | | | | | 1,183 | | | 1,172 | | (e) | |
| Marmic Purchaser, LLC | | | | 1st Lien Delayed Draw Term Loan | | 11.08% (SOFR + 6.00%) | | 3/5/2027 | | | | | | | 2,542 | | | 368 | | (e)(h) | |
| MPLC Debtco Limited | | Jersey | | 1st Lien Term Loan | | 9.95% (SONIA + 6.75%) | | 1/7/2027 | | | | | | ₤ | 208 | | | 256 | | (e)(f) | |
| MPLC Debtco Limited | | Jersey | | 1st Lien Delayed Draw Term Loan | | 9.95% (SONIA + 6.75%) | | 1/7/2027 | | | | | | ₤ | 1,052 | | | 1,297 | | (e)(f) | |
| MPLC Debtco Limited | | Jersey | | 1st Lien Delayed Draw Term Loan | | 11.92% (6M LIBOR + 6.75%) | | 1/7/2027 | | | | | | | 2,100 | | | 2,100 | | (e)(f) | |
| National Intergovernmental Purchasing Alliance Company | | | | 1st Lien Term Loan | | 8.40% (SOFR + 3.50%) | | 5/23/2025 | | | | | | | 2,303 | | | 2,266 | | (f) | |
| National Intergovernmental Purchasing Alliance Company | | | | 2nd Lien Term Loan | | 12.40% (SOFR + 7.50%) | | 5/23/2026 | | | | | | | 19,151 | | | 18,959 | | (e)(f) | |
| Neptune BidCo US Inc. | | | | 1st Lien Revolving Loan | | | | 10/11/2027 | | | | | | | 2,988 | | | (448) | | (e)(h) | |
| Neptune BidCo US Inc. | | | | 1st Lien Term Loan | | 7.27% (3M EURIBOR + 5.00%) | | 4/11/2029 | | | | | | € | 2,344 | | | 2,157 | | (e) | |
| Neptune BidCo US Inc. | | | | 1st Lien Term Loan | | 9.49% (SOFR + 4.75%) | | 10/11/2028 | | | | | | | 11,480 | | | 9,988 | | (e) | |
| Neptune BidCo US Inc. | | | | 1st Lien Term Loan | | 9.74% (SOFR + 5.00%) | | 4/11/2029 | | | | | | | 15,398 | | | 13,820 | | (e) | |
| Neptune BidCo US Inc. | | | | 2nd Lien Term Loan | | 14.49% (SOFR + 9.75%) | | 10/11/2029 | | | | | | | 9,882 | | | 8,993 | | (e) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Nest Topco Borrower Inc. | | | | 1st Lien Term Loan | | 13.46% (3M LIBOR + 8.50%) | | 8/31/2029 | | | | | | $ | 13,162 | | | $ | 13,030 | | (e)(g) | |
| Nielsen Consumer Inc. | | | | 1st Lien Term Loan | | 11.06% (SOFR + 6.25%) | | 3/6/2028 | | | | | | | 1,201 | | | 1,041 | | | |
| Nielsen Consumer Inc. | | | | 1st Lien Term Loan | | | | 3/6/2028 | | | | | | | 2,479 | | | 2,147 | | (i) | |
| North American Fire Holdings, LLC | | | | 1st Lien Revolving Loan | | | | 5/19/2027 | | | | | | | 411 | | | — | | (e)(h) | |
| North American Fire Holdings, LLC | | | | 1st Lien Term Loan | | 10.55% (SOFR + 5.50%) | | 5/19/2027 | | | | | | | 2,298 | | | 2,298 | | (e)(f) | |
| North American Fire Holdings, LLC | | | | 1st Lien Delayed Draw Term Loan | | 10.55% (SOFR + 5.50%) | | 5/19/2027 | | | | | | | 3,461 | | | 1,192 | | (e)(h) | |
| North American Fire Holdings, LLC | | | | 1st Lien Delayed Draw Term Loan | | 10.55% (SOFR + 5.50%) | | 5/19/2027 | | | | | | | 2,173 | | | 2,173 | | (e)(f) | |
| North Haven Fairway Buyer, LLC | | | | 1st Lien Revolving Loan | | | | 5/17/2028 | | | | | | | 13 | | | — | | (e)(h) | |
| North Haven Fairway Buyer, LLC | | | | 1st Lien Term Loan | | 11.38% (SOFR + 6.50%) | | 5/17/2028 | | | | | | | 45 | | | 44 | | (e) | |
| North Haven Fairway Buyer, LLC | | | | 1st Lien Delayed Draw Term Loan | | 11.30% (SOFR + 6.50%) | | 5/17/2028 | | | | | | | 147 | | | 101 | | (e)(h) | |
| North Haven Fairway Buyer, LLC | | | | 1st Lien Delayed Draw Term Loan | | | | 5/17/2028 | | | | | | | 73 | | | (2) | | (e)(h) | |
| North Haven Stack Buyer, LLC | | | | 1st Lien Revolving Loan | | 10.37% (SOFR + 5.50%) | | 7/16/2027 | | | | | | | 259 | | | 122 | | (e)(h) | |
| North Haven Stack Buyer, LLC | | | | 1st Lien Term Loan | | 10.33% (SOFR + 5.50%) | | 7/16/2027 | | | | | | | 1,316 | | | 1,277 | | (e)(f) | |
| North Haven Stack Buyer, LLC | | | | 1st Lien Delayed Draw Term Loan | | 10.33% (SOFR + 5.50%) | | 7/16/2027 | | | | | | | 659 | | | 639 | | (e) | |
| North Haven Stack Buyer, LLC | | | | 1st Lien Delayed Draw Term Loan | | 10.45% (SOFR + 5.50%) | | 7/16/2027 | | | | | | | 422 | | | 134 | | (e)(h) | |
| Orbit Private Holdings I Ltd | | United Kingdom | | 1st Lien Term Loan | | 9.93% (SONIA + 5.75%) | | 12/11/2028 | | | | | | ₤ | 4,915 | | | 5,608 | | (e) | |
| Petroleum Service Group LLC | | | | 1st Lien Revolving Loan | | 11.06% (3M LIBOR + 6.00%) | | 7/23/2025 | | | | | | | 2,106 | | | 246 | | (e)(h) | |
| Petroleum Service Group LLC | | | | 1st Lien Term Loan | | 10.83% (3M LIBOR + 6.00%) | | 7/23/2025 | | | | | | | 5,272 | | | 5,272 | | (e)(f) | |
| Petroleum Service Group LLC | | | | 1st Lien Term Loan | | 10.99% (3M LIBOR + 6.00%) | | 7/23/2025 | | | | | | | 3,547 | | | 3,547 | | (e)(f) | |
| Petroleum Service Group LLC | | | | 1st Lien Delayed Draw Term Loan | | 11.00% (3M LIBOR + 6.00%) | | 7/23/2025 | | | | | | | 1,592 | | | 1,592 | | (e)(f) | |
| Petroleum Service Group LLC | | | | 1st Lien Delayed Draw Term Loan | | 11.16% (3M LIBOR + 6.00%) | | 7/23/2025 | | | | | | | 105 | | | 105 | | (e)(f) | |
| Petroleum Service Group LLC | | | | 1st Lien Delayed Draw Term Loan | | | | 7/23/2025 | | | | | | | 1,589 | | | — | | (e)(h) | |
| Registrar Intermediate, LLC | | | | 1st Lien Revolving Loan | | | | 8/26/2027 | | | | | | | 764 | | | — | | (e)(h) | |
| Registrar Intermediate, LLC | | | | 1st Lien Term Loan | | 9.84% (1M LIBOR + 5.00%) | | 8/26/2027 | | | | | | | 4,136 | | | 4,136 | | (e)(f) | |
| Registrar Intermediate, LLC | | | | 1st Lien Delayed Draw Term Loan | | | | 8/26/2027 | | | | | | | 2,327 | | | — | | (e)(h) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Research Now Group, Inc. | | | | 2nd Lien Term Loan | | 14.31% (3M LIBOR + 9.50%) | | 12/20/2025 | | | | | | $ | 893 | | | $ | 697 | | (e)(f) | |
| Research Now Group, LLC | | | | 1st Lien Term Loan | | 10.31% (3M LIBOR + 5.50%) | | 12/20/2024 | | | | | | | 3,501 | | | 2,654 | | (f) | |
| Rodeo AcquisitionCo LLC | | | | 1st Lien Revolving Loan | | 10.94% (3M LIBOR + 6.00%) | | 7/26/2027 | | | | | | | 311 | | | 189 | | (e)(h) | |
| Rodeo AcquisitionCo LLC | | | | 1st Lien Term Loan | | 10.95% (3M LIBOR + 6.00%) | | 7/26/2027 | | | | | | | 2,092 | | | 1,987 | | (e) | |
| Rodeo AcquisitionCo LLC | | | | 1st Lien Delayed Draw Term Loan | | | | 7/26/2027 | | | | | | | 460 | | | (23) | | (e)(h) | |
| RSK Group Limited | | United Kingdom | | 1st Lien Term Loan | | 7.89% (3M EURIBOR + 4.88%) | | 8/7/2028 | | | | | | € | 1,006 | | | 1,091 | | (e)(f) | |
| RSK Group Limited | | United Kingdom | | 1st Lien Term Loan | | 9.17% (SONIA + 4.88%) | | 8/7/2028 | | | | | | ₤ | 8,040 | | | 9,918 | | (e)(f) | |
| RSK Group Limited | | United Kingdom | | 1st Lien Term Loan | | 8.99% (3M LIBOR + 4.88%) | | 8/7/2028 | | | | | | | 4,094 | | | 4,094 | | (e)(f)(m) | |
| RSK Group Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 9.10% (3M LIBOR + 4.88%) | | 8/7/2028 | | | | | | | 16,129 | | | 13,805 | | (e)(h)(m) | |
| Schill Landscaping and Lawn Care Services, LLC | | | | 1st Lien Revolving Loan | | 10.59% (1M LIBOR + 5.75%) | | 12/16/2027 | | | | | | | 720 | | | 216 | | (e)(h) | |
| Schill Landscaping and Lawn Care Services, LLC | | | | 1st Lien Term Loan | | 10.59% (1M LIBOR + 5.75%) | | 12/16/2027 | | | | | | | 2,564 | | | 2,564 | | (e)(f) | |
| Schill Landscaping and Lawn Care Services, LLC | | | | 1st Lien Delayed Draw Term Loan | | 10.59% (1M LIBOR + 5.75%) | | 12/16/2027 | | | | | | | 1,540 | | | 800 | | (e)(h) | |
| Shermco Intermediate Holdings, Inc. | | | | 1st Lien Revolving Loan | | 11.31% (SOFR + 6.50%) | | 6/5/2024 | | | | | | | 1,000 | | | 400 | | (e)(h) | |
| Shermco Intermediate Holdings, Inc. | | | | 1st Lien Term Loan | | 10.95% (SOFR + 6.50%) | | 6/5/2024 | | | | | | | 30,263 | | | 30,263 | | (e)(f)(g) | |
| SSE Buyer, Inc. | | | | 1st Lien Revolving Loan | | 6.77% (1M LIBOR + 2.00%) | | 6/30/2025 | | | | | | | 1 | | | 1 | | (e)(h) | |
| SSE Buyer, Inc. | | | | 2nd Lien Term Loan | | | | 6/30/2026 | | | | | | | 628 | | | 314 | | (e)(f)(j) | |
| Stealth Holding LLC | | | | 1st Lien Term Loan | | 11.49% (SOFR + 6.75%) | | 3/2/2026 | | | | | | | 2,448 | | | 2,424 | | (e)(f) | |
| Stealth Holding LLC | | | | 1st Lien Delayed Draw Term Loan | | 11.59% (SOFR + 6.75%) | | 3/2/2026 | | | | | | | 1,777 | | | 1,759 | | (e) | |
| Stealth Holding LLC | | | | 1st Lien Delayed Draw Term Loan | | 13.75% (PRIME + 5.75%) | | 3/2/2026 | | | | | | | 976 | | | 967 | | (e) | |
| Steer Automotive Group Ltd | | United Kingdom | | 1st Lien Revolving Loan | | 6.80% (SONIA + 3.25%) | | 10/19/2028 | | | | | | ₤ | 597 | | | 736 | | (e) | |
| Steer Automotive Group Ltd | | United Kingdom | | 1st Lien Term Loan | | 10.55% (SONIA + 6.25%) | | 4/19/2029 | | | | | | ₤ | 2,449 | | | 3,021 | | (e)(f) | |
| Steer Automotive Group Ltd | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 10.55% (SONIA + 6.25%) | | 4/19/2029 | | | | | | ₤ | 1,633 | | | 2,014 | | (e) | |
| Survitec Group Holdco Limited | | United Kingdom | | 1st Lien Term Loan | | 12.45% (SONIA + 8.25%) | | 4/6/2027 | | | | | | ₤ | 9,228 | | | 11,042 | | (e)(f) | |
| Systems Planning and Analysis, Inc. | | | | 1st Lien Revolving Loan | | 11.10% (SOFR + 5.75%) | | 8/16/2027 | | | | | | | 1,004 | | | 277 | | (e)(h) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Systems Planning and Analysis, Inc. | | | | 1st Lien Term Loan | | 10.76% (SOFR + 5.75%) | | 8/16/2027 | | | | | | $ | 4,478 | | | $ | 4,433 | | (e)(f) | |
| The NPD Group, L.P. | | | | 1st Lien Revolving Loan | | 10.49% (SOFR + 5.75%) | | 12/1/2027 | | | | | | | 1,305 | | | 157 | | (e)(h) | |
| The NPD Group, L.P. | | | | 1st Lien Term Loan | | 10.95% (SOFR + 6.25%) | | 12/1/2028 | | | | | | | 24,581 | | | 24,089 | | (e)(f)(g) | |
| Thermostat Purchaser III, Inc. | | | | 1st Lien Revolving Loan | | | | 8/31/2026 | | | | | | | 100 | | | (3) | | (e)(h) | |
| Thermostat Purchaser III, Inc. | | | | 2nd Lien Term Loan | | 12.20% (3M LIBOR + 7.25%) | | 8/31/2029 | | | | | | | 3,575 | | | 3,432 | | (e) | |
| Thermostat Purchaser III, Inc. | | | | 2nd Lien Delayed Draw Term Loan | | | | 8/31/2029 | | | | | | | 612 | | | (24) | | (e)(h) | |
| Trans Union LLC | | | | 1st Lien Term Loan | | 7.09% (1M LIBOR + 2.25%) | | 12/1/2028 | | | | | | | 7,594 | | | 7,524 | | | |
| UCIT Online Security Inc. | | Canada | | 1st Lien Term Loan | | 11.49% (SOFR + 6.75%) | | 3/2/2026 | | | | | | | 1,632 | | | 1,616 | | (e)(f) | |
| Visual Edge Technology, Inc. | | | | 1st Lien Term Loan | | 11.96% (3M LIBOR + 7.00%) | | 8/31/2022 | | | | | | | 162 | | | 145 | | (e)(f)(g) | |
| Visual Edge Technology, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 11.96% (3M LIBOR + 7.00%) | | 8/31/2022 | | | | | | | 1,982 | | | 1,784 | | (e)(f)(g) | |
| VRC Companies, LLC | | | | 1st Lien Revolving Loan | | | | 6/29/2027 | | | | | | | 1,342 | | | (40) | | (e)(h) | |
| VRC Companies, LLC | | | | 1st Lien Term Loan | | 10.97% (SOFR + 5.75%) | | 6/29/2027 | | | | | | | 16,659 | | | 16,159 | | (e)(f) | |
| Waste Services Finco Pty Ltd | | Australia | | 1st Lien Term Loan | | 9.68% (BBSY + 6.00%) | | 12/23/2027 | | | | | | AUD | 11,142 | | | 7,448 | | (e)(f) | |
| Waste Services Finco Pty Ltd | | Australia | | 1st Lien Delayed Draw Term Loan | | 9.72% (BBSY + 6.00%) | | 12/23/2027 | | | | | | AUD | 1,337 | | | 179 | | (e)(h) | |
| | | | | | | | | | | | | | | | | 373,714 | | | 14.64 | % |
| Consumer Discretionary Distribution & Retail | | | | | | | | | | | | | | | |
| Atlas Intermediate III, L.L.C. | | | | 1st Lien Revolving Loan | | 10.53% (1M LIBOR + 5.75%) | | 4/29/2025 | | | | | | | 411 | | | 109 | | (e)(h) | |
| Atlas Intermediate III, L.L.C. | | | | 1st Lien Term Loan | | 10.74% (3M LIBOR + 5.75%) | | 4/29/2025 | | | | | | | 2,749 | | | 2,693 | | (e)(f) | |
| Atlas Intermediate III, L.L.C. | | | | 1st Lien Delayed Draw Term Loan | | 10.74% (3M LIBOR + 5.75%) | | 4/29/2025 | | | | | | | 399 | | | 391 | | (e)(f) | |
| Bamboo Purchaser, Inc. | | | | 1st Lien Revolving Loan | | 7.76% (SOFR + 2.75%) | | 11/5/2026 | | | | | | | 1 | | | 1 | | (e)(h) | |
| Bamboo Purchaser, Inc. | | | | 1st Lien Term Loan | | 12.05% (SOFR + 7.00%) | | 11/5/2027 | | | | | | | 3,519 | | | 3,343 | | (e)(f) | |
| Bamboo Purchaser, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 12.05% (SOFR + 7.00%) | | 11/5/2027 | | | | | | | 828 | | | 787 | | (e) | |
| Marcone Yellowstone Buyer Inc. | | | | 1st Lien Term Loan | | 11.29% (SOFR + 6.25%) | | 6/23/2028 | | | | | | | 10,761 | | | 10,654 | | (e)(f) | |
| Marcone Yellowstone Buyer Inc. | | | | 1st Lien Delayed Draw Term Loan | | 11.16% (SOFR + 6.25%) | | 6/23/2028 | | | | | | | 2,756 | | | 2,728 | | (e) | |
| Marcone Yellowstone Buyer Inc. | | | | 1st Lien Delayed Draw Term Loan | | 11.28% (SOFR + 6.25%) | | 6/23/2028 | | | | | | | 795 | | | 787 | | (e) | |
| Mavis Tire Express Services Topco Corp. | | | | 1st Lien Revolving Loan | | 8.65% (1M LIBOR + 3.75%) | | 5/4/2026 | | | | | | | 1 | | | — | | (e)(h) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Reddy Ice LLC | | | | 1st Lien Revolving Loan | | 11.16% (3M LIBOR + 6.00%) | | 7/1/2024 | | | | | | $ | 955 | | | $ | 357 | | (e)(h) | |
| Reddy Ice LLC | | | | 1st Lien Term Loan | | 10.79% (3M LIBOR + 6.00%) | | 7/1/2025 | | | | | | | 7,189 | | | 7,045 | | (e)(f) | |
| Reddy Ice LLC | | | | 1st Lien Delayed Draw Term Loan | | 10.79% (3M LIBOR + 6.00%) | | 7/1/2025 | | | | | | | 2,664 | | | 2,611 | | (e) | |
| Saldon Holdings, Inc. | | | | 1st Lien Revolving Loan | | | | 3/13/2024 | | | | | | | 381 | | | — | | (e)(h) | |
| Saldon Holdings, Inc. | | | | 1st Lien Term Loan | | 10.56% (1M LIBOR + 5.65%) | | 3/13/2025 | | | | | | | 7,056 | | | 7,056 | | (e)(f) | |
| SCIH Salt Holdings Inc. | | | | 1st Lien Term Loan | | 8.83% (3M LIBOR + 4.00%) | | 3/16/2027 | | | | | | | 6,307 | | | 6,140 | | | |
| Sweetwater Borrower, LLC | | | | 1st Lien Term Loan | | 9.13% (1M LIBOR + 4.25%) | | 8/7/2028 | | | | | | | 3,947 | | | 3,730 | | (e) | |
| Trader Corporation | | Canada | | 1st Lien Revolving Loan | | | | 12/22/2028 | | | | | | CAD | 17 | | | — | | (e)(h) | |
| Trader Corporation | | Canada | | 1st Lien Term Loan | | 11.68% (1M CDOR + 6.75%) | | 12/21/2029 | | | | | | CAD | 233 | | | 168 | | (e) | |
| US Salt Investors, LLC | | | | 1st Lien Revolving Loan | | | | 7/20/2026 | | | | | | | 679 | | | (34) | | (e)(h) | |
| US Salt Investors, LLC | | | | 1st Lien Term Loan | | 10.34% (1M LIBOR + 5.50%) | | 7/19/2028 | | | | | | | 5,967 | | | 5,669 | | (e)(f) | |
| | | | | | | | | | | | | | | | | 54,235 | | | 2.12 | % |
| Consumer Durables & Apparel | | | | | | | | | | | | | | | |
| Centric Brands LLC | | | | 1st Lien Revolving Loan | | 10.39% (SOFR + 5.75%) | | 10/9/2024 | | | | | | | 293 | | | 171 | | (e)(h) | |
| Centric Brands LLC | | | | 1st Lien Term Loan | | 13.81% (SOFR + 9.00%) | | 10/9/2025 | | | | | | | 2,605 | | | 2,345 | | (e)(g) | |
| DRS Holdings III, Inc. | | | | 1st Lien Revolving Loan | | | | 11/1/2025 | | | | | | | 173 | | | (10) | | (e)(h) | |
| DRS Holdings III, Inc. | | | | 1st Lien Term Loan | | 10.90% (3M LIBOR + 5.75%) | | 11/1/2025 | | | | | | | 14,681 | | | 13,801 | | (e)(f) | |
| LHS Borrower, LLC | | | | 1st Lien Term Loan | | 9.66% (SOFR + 4.75%) | | 2/16/2029 | | | | | | | 4,958 | | | 4,021 | | | |
| New Era Cap, LLC | | | | 1st Lien Term Loan | | 10.82% (3M LIBOR + 6.00%) | | 7/13/2027 | | | | | | | 12,171 | | | 12,171 | | (e)(f) | |
| Rawlings Sporting Goods Company, Inc. | | | | 1st Lien Revolving Loan | | 8.53% (1M LIBOR + 3.75%) | | 12/31/2025 | | | | | | | 1 | | | 1 | | (e)(h) | |
| Rawlings Sporting Goods Company, Inc. | | | | 1st Lien Term Loan | | 11.91% (3M LIBOR + 6.75%) | | 12/31/2026 | | | | | | | 6,644 | | | 6,644 | | (e)(f) | |
| | | | | | | | | | | | | | | | | 39,144 | | | 1.53 | % |
| Consumer Services | | | | | | | | | | | | | | | |
| Aimbridge Acquisition Co., Inc. | | | | 2nd Lien Term Loan | | 12.16% (1M LIBOR + 7.50%) | | 2/1/2027 | | | | | | | 4,788 | | | 4,644 | | (e)(f) | |
| American Residential Services L.L.C. | | | | 1st Lien Revolving Loan | | 10.25% (PRIME + 2.00%) | | 10/15/2025 | | | | | | | 1 | | | — | | (e)(h) | |
| American Residential Services L.L.C. | | | | 2nd Lien Term Loan | | 13.66% (3M LIBOR + 8.50%) | | 10/16/2028 | | | | | | | 8,314 | | | 8,314 | | (e) | |
| Apex Service Partners, LLC | | | | 1st Lien Term Loan | | 10.25% (SOFR + 5.50%) | | 7/31/2025 | | | | | | | 242 | | | 227 | | (e) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Apex Service Partners, LLC | | | | 1st Lien Delayed Draw Term Loan | | 10.28% (SOFR + 5.50%) | | 7/31/2025 | | | | | | $ | 242 | | | $ | 104 | | (e)(h) | |
| Apollo Finco BV | | Belgium | | 1st Lien Term Loan | | 7.60% (6M EURIBOR + 4.85%) | | 10/2/2028 | | | | | | € | 5,000 | | | 3,687 | | (e) | |
| ASP Dream Acquisition Co LLC | | | | 1st Lien Term Loan | | 9.16% (SOFR + 4.25%) | | 12/15/2028 | | | | | | | 6,087 | | | 5,965 | | (e)(f) | |
| Aspris Bidco Limited | | United Kingdom | | 1st Lien Term Loan | | 10.71% (SONIA + 6.50%) | | 8/23/2028 | | | | | | ₤ | 3,234 | | | 3,990 | | (e)(f) | |
| Aspris Bidco Limited | | United Kingdom | | 1st Lien Term Loan | | 11.05% (SONIA + 7.00%) | | 8/23/2028 | | | | | | ₤ | 779 | | | 436 | | (e)(h) | |
| Aspris Bidco Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 10.71% (SONIA + 6.50%) | | 8/23/2028 | | | | | | ₤ | 1,406 | | | 1,735 | | (e) | |
| CC Fly Holding II A/S | | Denmark | | 1st Lien Term Loan | | 11.18% (3M CIBOR + 7.50%) | | 5/9/2025 | | | | | | DKK | 641 | | | 93 | | (e)(f) | |
| CC Fly Holding II A/S | | Denmark | | 1st Lien Delayed Draw Term Loan | | 10.62% (3M CIBOR + 7.50%) | | 5/9/2025 | | | | | | DKK | 4,908 | | | 715 | | (e)(f) | |
| CC Fly Holding II A/S | | Denmark | | 1st Lien Delayed Draw Term Loan | | 11.18% (3M LIBOR + 7.50%) | | 5/9/2025 | | | | | | | 441 | | | 407 | | (e)(f)(h)(m) | |
| ClubCorp Holdings, Inc. | | | | 1st Lien Term Loan | | 7.59% (1M LIBOR + 2.75%) | | 9/18/2024 | | | | | | | 4,480 | | | 4,267 | | | |
| CMG HoldCo, LLC | | | | 1st Lien Revolving Loan | | 10.05% (SOFR + 5.00%) | | 5/19/2028 | | | | | | | 318 | | | 51 | | (e)(h) | |
| CMG HoldCo, LLC | | | | 1st Lien Term Loan | | 9.80% (SOFR + 5.00%) | | 5/19/2028 | | | | | | | 720 | | | 706 | | (e)(f) | |
| CMG HoldCo, LLC | | | | 1st Lien Delayed Draw Term Loan | | 9.80% (SOFR + 5.00%) | | 5/19/2028 | | | | | | | 1,491 | | | 1,057 | | (e)(h) | |
| CST Holding Company | | | | 1st Lien Revolving Loan | | 11.66% (SOFR + 6.75%) | | 11/1/2028 | | | | | | | 79 | | | 6 | | (e)(h) | |
| CST Holding Company | | | | 1st Lien Term Loan | | 11.66% (SOFR + 6.75%) | | 11/1/2028 | | | | | | | 1,077 | | | 1,044 | | (e) | |
| ECG Bidco S.A.S. | | France | | 1st Lien Term Loan | | 8.20% (3M EURIBOR + 6.00%) | | 10/2/2028 | | | | | | € | 6,010 | | | 6,518 | | (e)(f) | |
| ECG Bidco S.A.S. | | France | | 1st Lien Term Loan | | 10.30% (SONIA + 6.00%) | | 10/2/2028 | | | | | | ₤ | 9,567 | | | 11,802 | | (e)(f) | |
| ECG Bidco S.A.S. | | France | | 1st Lien Delayed Draw Term Loan | | 9.91% (3M EURIBOR + 7.00%) | | 2/1/2030 | | | | | | € | 17,736 | | | 19,235 | | (e) | |
| ECG Bidco S.A.S. | | France | | 1st Lien Delayed Draw Term Loan | | | | 10/2/2028 | | | | | | € | 3,082 | | | (4) | | (e)(f)(h) | |
| ECG Bidco S.A.S. | | France | | 1st Lien Delayed Draw Term Loan | | | | 2/1/2030 | | | | | | € | 2,264 | | | (3) | | (e)(h)(i) | |
| Equinox Holdings Inc. | | | | 1st Lien Term Loan | | 8.16% (3M LIBOR + 3.00%) | | 3/8/2024 | | | | | | | 2,539 | | | 2,294 | | | |
| Equinox Holdings Inc. | | | | 2nd Lien Term Loan | | 12.16% (3M LIBOR + 7.00%) | | 9/6/2024 | | | | | | | 5,736 | | | 4,037 | | | |
| Essential Services Holding Corporation | | | | 1st Lien Revolving Loan | | 10.59% (3M LIBOR + 5.75%) | | 11/17/2025 | | | | | | | 1,560 | | | 125 | | (e)(h) | |
| Essential Services Holding Corporation | | | | 1st Lien Term Loan | | 10.50% (3M LIBOR + 5.75%) | | 11/16/2026 | | | | | | | 9,595 | | | 9,403 | | (e)(f) | |
| Essential Services Holding Corporation | | | | 1st Lien Delayed Draw Term Loan | | 10.50% (3M LIBOR + 5.75%) | | 11/16/2026 | | | | | | | 8,104 | | | 7,942 | | (e) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 | | | | 1st Lien Delayed Draw Term Loan | | 10.50% (3M LIBOR + 5.75%) | | 11/16/2026 | | | | | | $ | 11,494 | | | $ | 11,264 | | (e)(f) | |
| Essential Services Holding Corporation | | | | 1st Lien Delayed Draw Term Loan | | 10.93% (3M LIBOR + 5.75%) | | 11/16/2026 | | | | | | | 10,376 | | | 10,168 | | (e)(f) | |
| EuroParcs Topholding B.V. | | Netherlands | | 1st Lien Term Loan | | 10.27% (3M EURIBOR + 7.25%) | | 7/3/2026 | | | | | | € | 2,188 | | | 2,372 | | (e) | |
| EuroParcs Topholding B.V. | | Netherlands | | 1st Lien Term Loan | | 9.93% (3M EURIBOR + 7.25%) | | 7/3/2026 | | | | | | € | 465 | | | 504 | | (e) | |
| EuroParcs Topholding B.V. | | Netherlands | | 1st Lien Delayed Draw Term Loan | | 10.27% (3M EURIBOR + 7.25%) | | 7/3/2026 | | | | | | € | 313 | | | 339 | | (e) | |
| EuroParcs Topholding B.V. | | Netherlands | | 1st Lien Delayed Draw Term Loan | | 10.52% (3M EURIBOR + 7.50%) | | 7/3/2026 | | | | | | € | 2,830 | | | 3,068 | | (e)(h) | |
| EuroParcs Topholding B.V. | | Netherlands | | 1st Lien Delayed Draw Term Loan | | 9.97% (3M EURIBOR + 7.25%) | | 7/3/2026 | | | | | | € | 1,549 | | | 1,679 | | (e) | |
| Goldcup 16786 AB | | Sweden | | 1st Lien Delayed Draw Term Loan | | 9.15% (6M STIBOR + 6.50%) | | 8/18/2025 | | | | | | SEK | 9,368 | | | 903 | | (e)(f) | |
| Groundworks, LLC | | | | 1st Lien Revolving Loan | | | | 3/14/2029 | | | | | | | 1 | | | — | | (e)(h) | |
| Groundworks, LLC | | | | 1st Lien Term Loan | | 11.36% (SOFR + 6.50%) | | 3/14/2030 | | | | | | | 428 | | | 415 | | (e) | |
| Groundworks, LLC | | | | 1st Lien Delayed Draw Term Loan | | | | 3/14/2030 | | | | | | | 71 | | | (2) | | (e)(h) | |
| Infinity Home Services HoldCo, Inc. | | | | 1st Lien Revolving Loan | | 13.75% (PRIME + 5.75%) | | 12/28/2028 | | | | | | | 455 | | | 20 | | (e)(h) | |
| Infinity Home Services HoldCo, Inc. | | | | 1st Lien Term Loan | | 11.73% (SOFR + 6.75%) | | 12/28/2028 | | | | | | | 3,401 | | | 3,299 | | (e) | |
| Infinity Home Services HoldCo, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 11.73% (SOFR + 6.75%) | | 12/28/2028 | | | | | | | 1,136 | | | 148 | | (e)(h) | |
| IRB Holding Corp. | | | | 1st Lien Term Loan | | 7.77% (SOFR + 3.00%) | | 12/15/2027 | | | | | | | 14,011 | | | 13,754 | | | |
| Learning Care Group (US) No. 2 Inc. | | | | 1st Lien Term Loan | | 8.06% (3M LIBOR + 3.25%) | | 3/13/2025 | | | | | | | 5,693 | | | 5,569 | | | |
| Leviathan Intermediate Holdco, LLC | | | | 1st Lien Revolving Loan | | 12.54% (SOFR + 7.50%) | | 12/27/2027 | | | | | | | 13 | | | 1 | | (e)(h) | |
| Leviathan Intermediate Holdco, LLC | | | | 1st Lien Term Loan | | 12.54% (SOFR + 7.50%) | | 12/27/2027 | | | | | | | 236 | | | 229 | | (e) | |
| LGDN Bidco Limited | | United Kingdom | | 1st Lien Term Loan | | 11.55% (SONIA + 7.25%) | | 12/9/2027 | | | | | | ₤ | 2,066 | | | 2,549 | | (e)(f) | |
| Mister Car Wash Holdings, Inc. | | | | 1st Lien Term Loan | | 7.99% (SOFR + 3.00%) | | 5/14/2026 | | | | | | | 7,132 | | | 7,079 | | (i) | |
| Movati Athletic (Group) Inc. | | Canada | | 1st Lien Term Loan | | 10.91% (3M CDOR + 6.00%) | | 10/5/2024 | | | | | | CAD | 236 | | | 175 | | (e)(f)(g) | |
| Movati Athletic (Group) Inc. | | Canada | | 1st Lien Delayed Draw Term Loan | | 10.91% (3M CDOR + 6.00%) | | 10/5/2024 | | | | | | CAD | 171 | | | 127 | | (e)(g) | |
| PestCo, LLC | | | | 1st Lien Revolving Loan | | | | 2/17/2028 | | | | | | | 1 | | | — | | (e)(h) | |
| PestCo, LLC | | | | 1st Lien Term Loan | | 11.86% (SOFR + 6.75%) | | 2/17/2028 | | | | | | | 400 | | | 388 | | (e) | |
| PestCo, LLC | | | | 1st Lien Delayed Draw Term Loan | | | | 2/17/2028 | | | | | | | 100 | | | (3) | | (e)(h) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Redwood Services, LLC | | | | 1st Lien Revolving Loan | | | | 12/31/2025 | | | | | | $ | 194 | | | $ | — | | (e)(h) | |
| Redwood Services, LLC | | | | 1st Lien Term Loan | | 11.66% (SOFR + 6.75%) | | 12/31/2025 | | | | | | | 783 | | | 783 | | (e) | |
| Redwood Services, LLC | | | | 1st Lien Delayed Draw Term Loan | | 11.66% (SOFR + 6.75%) | | 12/31/2025 | | | | | | | 3,233 | | | 2,892 | | (e)(g)(h) | |
| Safe Home Security, Inc. | | | | 1st Lien Term Loan | | 12.09% (1M LIBOR + 7.25%) | | 8/5/2024 | | | | | | | 1,284 | | | 1,284 | | (e)(f) | |
| Safe Home Security, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 12.09% (1M LIBOR + 7.25%) | | 8/5/2024 | | | | | | | 101 | | | 101 | | (e) | |
| Service Logic Acquisition, Inc. | | | | 1st Lien Revolving Loan | | | | 10/30/2025 | | | | | | | 1,007 | | | (27) | | (e)(h) | |
| Service Logic Acquisition, Inc. | | | | 1st Lien Term Loan | | 10.18% (SOFR + 5.50%) | | 10/29/2027 | | | | | | | 1,290 | | | 1,290 | | (e) | |
| Service Logic Acquisition, Inc. | | | | 1st Lien Term Loan | | 8.83% (3M LIBOR + 4.00%) | | 10/29/2027 | | | | | | | 6,427 | | | 6,306 | | | |
| Station Casinos LLC | | | | 1st Lien Term Loan | | 7.10% (1M LIBOR + 2.25%) | | 2/8/2027 | | | | | | | 1,496 | | | 1,482 | | (i) | |
| SV-Burton Holdings, LLC | | | | 1st Lien Revolving Loan | | 11.38% (1M LIBOR + 6.50%) | | 12/6/2027 | | | | | | | 416 | | | 129 | | (e)(h) | |
| SV-Burton Holdings, LLC | | | | 1st Lien Term Loan | | 11.33% (1M LIBOR + 6.50%) | | 12/6/2027 | | | | | | | 2,368 | | | 2,368 | | (e)(f) | |
| SV-Burton Holdings, LLC | | | | 1st Lien Delayed Draw Term Loan | | 11.33% (1M LIBOR + 6.50%) | | 12/6/2027 | | | | | | | 1,366 | | | 1,344 | | (e)(h) | |
| SV-Burton Holdings, LLC | | | | 1st Lien Delayed Draw Term Loan | | 11.78% (SOFR + 6.75%) | | 12/6/2027 | | | | | | | 500 | | | 65 | | (e)(h) | |
| United PF Holdings, LLC | | | | 1st Lien Term Loan | | 13.66% (3M LIBOR + 8.50%) | | 12/30/2026 | | | | | | | 1,324 | | | 1,138 | | (e) | |
| United PF Holdings, LLC | | | | 1st Lien Term Loan | | 9.16% (3M LIBOR + 4.00%) | | 12/30/2026 | | | | | | | 7,130 | | | 5,784 | | | |
| Whatabrands LLC | | | | 1st Lien Term Loan | | 8.09% (1M LIBOR + 3.25%) | | 8/3/2028 | | | | | | | 6,492 | | | 6,415 | | | |
| Witherslack Bidco Limited | | United Kingdom | | 1st Lien Term Loan | | 10.89% (SONIA + 6.84%) | | 8/17/2028 | | | | | | ₤ | 5,702 | | | 7,034 | | (e)(f) | |
| Witherslack Bidco Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | | | 8/17/2028 | | | | | | ₤ | 412 | | | — | | (e)(h) | |
| YE Brands Holdings, LLC | | | | 1st Lien Revolving Loan | | | | 10/18/2027 | | | | | | | 254 | | | — | | (e)(h) | |
| YE Brands Holdings, LLC | | | | 1st Lien Term Loan | | 10.00% (SOFR + 5.00%) | | 10/18/2027 | | | | | | | 1,068 | | | 1,068 | | (e)(f) | |
| YE Brands Holdings, LLC | | | | 1st Lien Term Loan | | 10.25% (SOFR + 5.25%) | | 10/18/2027 | | | | | | | 725 | | | 725 | | (e)(f) | |
| | | | | | | | | | | | | | | | | 203,023 | | | 7.95 | % |
| Consumer Staples Distribution & Retail | | | | | | | | | | | | | | | |
| Continental Cafe, LLC | | | | 1st Lien Revolving Loan | | 14.00% (PRIME + 6.00%) | | 11/30/2027 | | | | | | | 786 | | | 393 | | (e)(h) | |
| Continental Cafe, LLC | | | | 1st Lien Term Loan | | 11.90% (3M LIBOR + 7.00%) | | 11/30/2027 | | | | | | | 6,882 | | | 6,882 | | (e)(f) | |
| Continental Cafe, LLC | | | | 1st Lien Delayed Draw Term Loan | | | | 11/30/2027 | | | | | | | 2,788 | | | — | | (e)(h) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| DecoPac, Inc. | | | | 1st Lien Revolving Loan | | 10.79% (3M LIBOR + 6.00%) | | 5/14/2026 | | | | | | $ | 2,382 | | | $ | 633 | | (e)(h) | |
| DecoPac, Inc. | | | | 1st Lien Term Loan | | 11.05% (3M LIBOR + 6.00%) | | 5/15/2028 | | | | | | | 21,956 | | | 21,517 | | (e)(f)(g) | |
| LJ Perimeter Buyer, Inc. | | | | 1st Lien Term Loan | | 11.33% (SOFR + 6.50%) | | 10/31/2028 | | | | | | | 3,274 | | | 3,241 | | (e) | |
| LJ Perimeter Buyer, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 11.54% (SOFR + 6.50%) | | 10/31/2028 | | | | | | | 932 | | | 37 | | (e)(h) | |
| SFE Intermediate HoldCo LLC | | | | 1st Lien Revolving Loan | | 10.30% (SOFR + 5.25%) | | 7/31/2025 | | | | | | | 2 | | | 1 | | (e)(h) | |
| SFE Intermediate HoldCo LLC | | | | 1st Lien Term Loan | | 10.30% (SOFR + 5.25%) | | 7/31/2026 | | | | | | | 2,080 | | | 2,017 | | (e)(f) | |
| Worldwide Produce Acquisition, LLC | | | | 1st Lien Revolving Loan | | 10.94% (SOFR + 6.25%) | | 1/18/2029 | | | | | | | 21 | | | 7 | | (e)(h) | |
| Worldwide Produce Acquisition, LLC | | | | 1st Lien Term Loan | | 10.88% (SOFR + 6.25%) | | 1/18/2029 | | | | | | | 144 | | | 140 | | (e) | |
| Worldwide Produce Acquisition, LLC | | | | 1st Lien Delayed Draw Term Loan | | 11.15% (SOFR + 6.25%) | | 1/18/2029 | | | | | | | 56 | | | 30 | | (e)(h) | |
| Worldwide Produce Acquisition, LLC | | | | 1st Lien Delayed Draw Term Loan | | | | 1/18/2029 | | | | | | | 28 | | | (1) | | (e)(h) | |
| ZB Holdco LLC | | | | 1st Lien Revolving Loan | | | | 2/9/2028 | | | | | | | 637 | | | — | | (e)(h) | |
| ZB Holdco LLC | | | | 1st Lien Term Loan | | 9.91% (3M LIBOR + 4.75%) | | 2/9/2028 | | | | | | | 1,586 | | | 1,586 | | (e)(f) | |
| ZB Holdco LLC | | | | 1st Lien Delayed Draw Term Loan | | 9.85% (3M LIBOR + 4.75%) | | 2/9/2028 | | | | | | | 801 | | | 801 | | (e) | |
| | | | | | | | | | | | | | | | | 37,284 | | | 1.46 | % |
| Energy | | | | | | | | | | | | | | | | | | | |
| CD&R Firefly Bidco Limited | | United Kingdom | | 1st Lien Term Loan | | 7.78% (SONIA + 4.25%) | | 6/23/2025 | | | | | | ₤ | 3,500 | | | 4,152 | | | |
| Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC | | | | 1st Lien Term Loan | | 14.00% (SOFR + 9.00%) | | 11/16/2026 | | | | | | | 6,076 | | | 6,076 | | (e) | |
| Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC | | | | 1st Lien Delayed Draw Term Loan | | | | 11/16/2026 | | | | | | | 1,168 | | | — | | (e)(h) | |
| GNZ Energy Bidco Limited | | New Zealand | | 1st Lien Delayed Draw Term Loan | | 11.69% (BBSY + 6.75%) | | 7/26/2027 | | | | | | NZD | 19,293 | | | 12,064 | | (e)(f) | |
| GNZ Energy Bidco Limited | | New Zealand | | 1st Lien Delayed Draw Term Loan | | | | 7/26/2027 | | | | | | NZD | 1,962 | | | — | | (e)(h) | |
| Halcon Holdings, LLC | | | | 1st Lien Term Loan | | 12.55% (SOFR + 7.50%) | | 11/24/2025 | | | | | | | 12,016 | | | 12,016 | | (e) | |
| Halcon Holdings, LLC | | | | 1st Lien Delayed Draw Term Loan | | 12.55% (SOFR + 7.50%) | | 11/24/2025 | | | | | | | 2,103 | | | 2,103 | | (e) | |
| Offen, Inc. | | | | 1st Lien Term Loan | | 9.92% (1M LIBOR + 5.00%) | | 6/22/2026 | | | | | | | 2,643 | | | 2,643 | | (e)(f) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Offen, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 9.92% (1M LIBOR + 5.00%) | | 6/22/2026 | | | | | | $ | 12,572 | | | $ | 12,572 | | (e) | |
| Offen, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 9.92% (1M LIBOR + 5.00%) | | 6/22/2026 | | | | | | | 1,019 | | | 1,019 | | (e)(f) | |
| PX HoldCo3 Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 11.05% (SONIA + 7.00%) | | 4/27/2027 | | | | | | ₤ | 553 | | | 252 | | (e)(h) | |
| PX HoldCo3 Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 11.05% (SONIA + 7.00%) | | 4/27/2027 | | | | | | ₤ | 2,947 | | | 3,527 | | (e)(f) | |
| | | | | | | | | | | | | | | | | 56,424 | | | 2.21 | % |
| Financial Services | | | | | | | | | | | | | | | | | |
| Alpha Luxco 2 Sarl | | Luxembourg | | 1st Lien Delayed Draw Term Loan | | 8.50% (6M EURIBOR + 5.75%) | | 1/9/2025 | | | | | | € | 1,005 | | | 1,090 | | (e)(f)(g) | |
| AQ Sage Buyer, LLC | | | | 1st Lien Revolving Loan | | | | 1/26/2026 | | | | | | | 50 | | | (2) | | (e)(h) | |
| AQ Sage Buyer, LLC | | | | 1st Lien Delayed Draw Term Loan | | 11.38% (SOFR + 6.00%) | | 1/25/2027 | | | | | | | 535 | | | 116 | | (e)(h) | |
| BCC Blueprint Holdings I, LLC | | | | 1st Lien Term Loan | | 11.12% (3M LIBOR + 6.25%) | | 9/15/2027 | | | | | | | 7,377 | | | 7,156 | | (e) | |
| Beacon Pointe Harmony, LLC | | | | 1st Lien Revolving Loan | | | | 12/29/2027 | | | | | | | 909 | | | (18) | | (e)(h) | |
| Beacon Pointe Harmony, LLC | | | | 1st Lien Term Loan | | 9.91% (SOFR + 5.25%) | | 12/29/2028 | | | | | | | 6,078 | | | 6,017 | | (e)(f) | |
| Beacon Pointe Harmony, LLC | | | | 1st Lien Delayed Draw Term Loan | | 9.95% (SOFR + 5.25%) | | 12/29/2028 | | | | | | | 3,165 | | | 1,846 | | (e)(h) | |
| BlauwTrust Holding B.V. | | Netherlands | | 1st Lien Delayed Draw Term Loan | | 10.77% (3M EURIBOR + 7.75%) | | 1/8/2029 | | | | | | € | 615 | | | 551 | | (e)(g)(h) | |
| BlauwTrust Holding B.V. | | Netherlands | | 1st Lien Delayed Draw Term Loan | | 10.77% (3M EURIBOR + 7.75%) | | 1/8/2029 | | | | | | € | 5,491 | | | 5,955 | | (e)(f) | |
| Convera International Financial S.a r.l. | | Luxembourg | | 1st Lien Term Loan | | 10.65% (SOFR + 5.75%) | | 3/1/2028 | | | | | | | 21,105 | | | 21,105 | | (e)(f) | |
| Convera International Holdings Limited | | Jersey | | 1st Lien Revolving Loan | | | | 3/1/2027 | | | | | | | 1,777 | | | — | | (e)(h) | |
| Edelman Financial Center, LLC | | | | 2nd Lien Term Loan | | | | 7/20/2026 | | | | | | | 563 | | | 522 | | (e)(i) | |
| Edelman Financial Engines Center, LLC | | | | 1st Lien Term Loan | | 8.59% (1M LIBOR + 3.75%) | | 4/7/2028 | | | | | | | 113 | | | 108 | | (e)(i) | |
| Mercury Borrower, Inc. | | | | 1st Lien Revolving Loan | | 8.38% (1M LIBOR + 3.50%) | | 7/31/2026 | | | | | | | 470 | | | 71 | | (e)(h) | |
| Mercury Borrower, Inc. | | | | 1st Lien Term Loan | | 8.38% (1M LIBOR + 3.50%) | | 8/2/2028 | | | | | | | 4,022 | | | 3,897 | | | |
| Mercury Borrower, Inc. | | | | 2nd Lien Term Loan | | 11.38% (1M LIBOR + 6.50%) | | 8/2/2029 | | | | | | | 713 | | | 637 | | | |
| Monica Holdco (US), Inc. | | | | 1st Lien Revolving Loan | | 11.69% (3M LIBOR + 6.75%) | | 1/8/2026 | | | | | | | 1,009 | | | 962 | | (e)(h) | |
| Monica Holdco (US), Inc. | | | | 1st Lien Term Loan | | 11.91% (3M LIBOR + 6.75%) | | 1/7/2028 | | | | | | | 8,076 | | | 7,753 | | (e)(f) | |
| Pegasus (Bidco) Limited | | Jersey | | 1st Lien Term Loan | | 11.30% (SONIA + 7.00%) | | 4/4/2029 | | | | | | ₤ | 4,125 | | | 4,834 | | (e)(f) | |
| Pegasus (Bidco) Limited | | Jersey | | 1st Lien Term Loan | | | | 4/4/2029 | | | | | | ₤ | 2,750 | | | (169) | | (e)(f)(h)(i) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Pegasus (Bidco) Limited | | Jersey | | 1st Lien Delayed Draw Term Loan | | 11.30% (SONIA + 7.00%) | | 4/4/2029 | | | | | | ₤ | 822 | | | $ | 963 | | (e) | |
| Platinum Credit Bidco Limited | | Jersey | | 1st Lien Revolving Loan | | | | 5/9/2029 | | | | | | ₤ | 3,490 | | | — | | (e)(h)(i) | |
| Platinum Credit Bidco Limited | | Jersey | | 1st Lien Term Loan | | 9.93% (SONIA + 7.25%) | | 11/9/2029 | | | | | | ₤ | 27,960 | | | 34,492 | | (e)(f) | |
| Plutus Bidco Limited | | Jersey | | 1st Lien Term Loan | | 10.68% (SONIA + 6.75%) | | 9/21/2028 | | | | | | ₤ | 5,250 | | | 6,476 | | (e) | |
| Plutus Bidco Limited | | Jersey | | 1st Lien Delayed Draw Term Loan | | | | 9/21/2028 | | | | | | ₤ | 1,750 | | | — | | (e)(h) | |
| ProFund S.a r.l. | | Poland | | 1st Lien Term Loan | | 9.50% (6M EURIBOR + 6.75%) | | 12/3/2027 | | | | | | € | 2,164 | | | 2,347 | | (e)(f) | |
| ProFund S.a r.l. | | Poland | | 1st Lien Term Loan | | 13.80% (6M WIBOR + 6.75%) | | 12/3/2027 | | | | | | PLN | 15,023 | | | 3,480 | | (e) | |
| ProFund S.a r.l. | | Poland | | 1st Lien Delayed Draw Term Loan | | 9.50% (6M EURIBOR + 6.75%) | | 12/3/2027 | | | | | | € | 451 | | | 97 | | (e)(h) | |
| Project Accelerate Parent LLC | | | | 1st Lien Term Loan | | 9.09% (1M LIBOR + 4.25%) | | 1/2/2025 | | | | | | | 4,845 | | | 4,669 | | (i) | |
| Symbol Bidco I Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 10.55% (SONIA + 6.50%) | | 12/21/2026 | | | | | | ₤ | 429 | | | 529 | | (e) | |
| Symbol Bidco I Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 10.55% (SONIA + 6.50%) | | 12/21/2026 | | | | | | ₤ | 571 | | | 705 | | (e)(f) | |
| TA/WEG Holdings, LLC | | | | 1st Lien Revolving Loan | | | | 10/4/2027 | | | | | | | 914 | | | — | | (e)(h) | |
| TA/WEG Holdings, LLC | | | | 1st Lien Term Loan | | 11.00% (SOFR + 6.25%) | | 10/4/2027 | | | | | | | 3,440 | | | 3,440 | | (e)(f) | |
| TA/WEG Holdings, LLC | | | | 1st Lien Delayed Draw Term Loan | | 10.81% (SOFR + 6.00%) | | 10/4/2027 | | | | | | | 8,277 | | | 8,277 | | (e)(f) | |
| TA/WEG Holdings, LLC | | | | 1st Lien Delayed Draw Term Loan | | 11.00% (SOFR + 6.25%) | | 10/4/2027 | | | | | | | 2,137 | | | 2,137 | | (e)(f) | |
| TA/WEG Holdings, LLC | | | | 1st Lien Delayed Draw Term Loan | | 11.23% (SOFR + 6.00%) | | 10/4/2027 | | | | | | | 1,700 | | | 1,700 | | (e) | |
| TA/WEG Holdings, LLC | | | | 1st Lien Delayed Draw Term Loan | | 11.26% (SOFR + 6.25%) | | 10/4/2027 | | | | | | | 2,466 | | | 2,466 | | (e) | |
| The Mather Group, LLC | | | | 1st Lien Revolving Loan | | | | 3/31/2028 | | | | | | | 750 | | | (15) | | (e)(h) | |
| The Mather Group, LLC | | | | 1st Lien Term Loan | | 10.54% (SOFR + 5.50%) | | 3/31/2028 | | | | | | | 4,963 | | | 4,863 | | (e)(f) | |
| The Mather Group, LLC | | | | 1st Lien Delayed Draw Term Loan | | 10.51% (SOFR + 5.50%) | | 3/31/2028 | | | | | | | 2,497 | | | 1,571 | | (e)(h) | |
| The Ultimus Group Midco, LLC | | | | 1st Lien Revolving Loan | | | | 2/1/2026 | | | | | | | 396 | | | (8) | | (e)(h) | |
| The Ultimus Group Midco, LLC | | | | 1st Lien Term Loan | | 9.75% (SOFR + 4.75%) | | 2/1/2026 | | | | | | | 3,093 | | | 3,031 | | (e)(f) | |
| The Ultimus Group Midco, LLC | | | | 1st Lien Term Loan | | 9.75% (SOFR + 4.75%) | | 2/1/2026 | | | | | | | 3,901 | | | 3,823 | | (e)(f) | |
| TK Elevator Midco GmbH | | Germany | | 1st Lien Term Loan | | 8.60% (6M LIBOR + 3.50%) | | 7/30/2027 | | | | | | | 6,132 | | | 5,966 | | | |
| Toscafund Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 11.95% (SONIA + 7.50%) | | 4/2/2025 | | | | | | ₤ | 4,150 | | | 5,119 | | (e)(f) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Trustly AB | | Sweden | | 1st Lien Term Loan | | 11.10% (3M STIBOR + 7.75%) | | 6/30/2025 | | | | | | SEK | 5,500 | | | $ | 514 | | (e) | |
| Trustly AB | | Sweden | | 1st Lien Delayed Draw Term Loan | | 11.10% (3M STIBOR + 7.75%) | | 6/30/2025 | | | | | | SEK | 2,700 | | | 252 | | (e) | |
| Waverly Advisors, LLC | | | | 1st Lien Revolving Loan | | 10.46% (SOFR + 5.50%) | | 3/1/2028 | | | | | | | 375 | | | 81 | | (e)(h) | |
| Waverly Advisors, LLC | | | | 1st Lien Term Loan | | 10.80% (SOFR + 5.75%) | | 3/1/2028 | | | | | | | 2,052 | | | 2,031 | | (e)(f) | |
| Waverly Advisors, LLC | | | | 1st Lien Delayed Draw Term Loan | | 10.80% (SOFR + 5.75%) | | 3/1/2028 | | | | | | | 1,497 | | | 1,219 | | (e)(h) | |
| | | | | | | | | | | | | | | | | 162,656 | | | 6.37 | % |
| Food & Beverage | | | | | | | | | | | | | | | | | |
| Berner Food & Beverage, LLC | | | | 1st Lien Revolving Loan | | 12.50% (PRIME + 4.50%) | | 7/30/2026 | | | | | | | 262 | | | 144 | | (e)(h) | |
| Berner Food & Beverage, LLC | | | | 1st Lien Term Loan | | 10.33% (3M LIBOR + 5.50%) | | 7/30/2027 | | | | | | | 2,600 | | | 2,600 | | (e)(f) | |
| CHG PPC Parent LLC | | | | 2nd Lien Term Loan | | 11.59% (1M LIBOR + 6.75%) | | 12/10/2029 | | | | | | | 3,000 | | | 2,910 | | (e)(f) | |
| Florida Food Products, LLC | | | | 1st Lien Term Loan | | 9.84% (1M LIBOR + 5.00%) | | 10/18/2028 | | | | | | | 37 | | | 35 | | (e) | |
| Florida Food Products, LLC | | | | 2nd Lien Term Loan | | 12.84% (1M LIBOR + 8.00%) | | 10/18/2029 | | | | | | | 7,299 | | | 6,861 | | (e) | |
| Gotham Greens Holdings, PBC | | | | 1st Lien Term Loan | | 12.28% (SOFR + 7.38%) | | 12/29/2026 | | | | | | | 6,646 | | | 6,314 | | (e)(f) | |
| Gotham Greens Holdings, PBC | | | | 1st Lien Delayed Draw Term Loan | | 12.13% (SOFR + 7.38%) | | 12/29/2026 | | | | | | | 13,767 | | | 3,901 | | (e)(h) | |
| Hometown Food Company | | | | 1st Lien Revolving Loan | | | | 8/31/2023 | | | | | | | 1 | | | — | | (e)(h) | |
| Hometown Food Company | | | | 1st Lien Term Loan | | 9.85% (1M LIBOR + 5.00%) | | 8/31/2023 | | | | | | | 844 | | | 844 | | (e)(f) | |
| KNPC Holdco, LLC | | | | 1st Lien Term Loan | | 11.42% (SOFR + 7.00%) | | 10/20/2028 | | | | | | | 495 | | | 495 | | (e) | |
| KNPC Holdco, LLC | | | | 1st Lien Term Loan | | 9.92% (SOFR + 5.50%) | | 10/22/2028 | | | | | | | 2,070 | | | 2,028 | | (e)(f) | |
| Quirch Foods Holdings, LLC | | | | 1st Lien Term Loan | | 9.68% (SOFR + 4.75%) | | 10/27/2027 | | | | | | | 7,302 | | | 6,709 | | (e) | |
| RB Holdings Interco, LLC | | | | 1st Lien Revolving Loan | | 9.92% (SOFR + 5.00%) | | 5/4/2028 | | | | | | | 698 | | | 574 | | (e)(h) | |
| RB Holdings Interco, LLC | | | | 1st Lien Term Loan | | 9.85% (SOFR + 5.00%) | | 5/4/2028 | | | | | | | 3,760 | | | 3,723 | | (e)(f) | |
| RB Holdings Interco, LLC | | | | 1st Lien Delayed Draw Term Loan | | | | 5/4/2028 | | | | | | | 1,134 | | | (11) | | (e)(h) | |
| Watermill Express, LLC | | | | 1st Lien Revolving Loan | | 10.69% (1M LIBOR + 5.50%) | | 4/20/2027 | | | | | | | 275 | | | 55 | | (e)(h) | |
| Watermill Express, LLC | | | | 1st Lien Term Loan | | 10.41% (3M LIBOR + 5.25%) | | 4/20/2027 | | | | | | | 2,256 | | | 2,256 | | (e)(f) | |
| Watermill Express, LLC | | | | 1st Lien Delayed Draw Term Loan | | 10.41% (3M LIBOR + 5.25%) | | 4/20/2027 | | | | | | | 218 | | | 218 | | (e) | |
| Winebow Holdings, Inc. | | | | 1st Lien Term Loan | | 11.09% (1M LIBOR + 6.25%) | | 7/1/2025 | | | | | | | 3,405 | | | 3,337 | | (e)(f) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| | | | | | | | | | | | | | | | | $ | 42,993 | | | 1.68 | % |
| Health Care Equipment & Services | | | | | | | | | | | | | | | |
| Air Medical Group Holdings Inc | | | | 1st Lien Term Loan | | 9.20% (3M LIBOR + 4.25%) | | 3/14/2025 | | | | | | $ | 4,216 | | | $ | 2,941 | | | |
| athenahealth Group Inc. | | | | 1st Lien Revolving Loan | | | | 2/15/2027 | | | | | | | 2,100 | | | (149) | | (e)(h) | |
| athenahealth Group Inc. | | | | 1st Lien Term Loan | | 8.26% (SOFR + 3.50%) | | 2/15/2029 | | | | | | | 8,087 | | | 7,561 | | | |
| athenahealth Group Inc. | | | | 1st Lien Delayed Draw Term Loan | | | | 2/15/2029 | | | | | | | 993 | | | (65) | | (h) | |
| CEP V I 5 UK Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 11.92% (3M LIBOR + 7.00%) | | 2/18/2027 | | | | | | | 26,654 | | | 23,988 | | (e)(f) | |
| Color Intermediate, LLC | | | | 1st Lien Term Loan | | 10.50% (SOFR + 5.50%) | | 10/4/2029 | | | | | | | 1,864 | | | 1,827 | | (e)(f) | |
| Comprehensive EyeCare Partners, LLC | | | | 1st Lien Revolving Loan | | 11.44% (SOFR + 6.50%) | | 2/14/2024 | | | | | | | 1 | | | 1 | | (e) | |
| Comprehensive EyeCare Partners, LLC | | | | 1st Lien Term Loan | | 11.66% (SOFR + 6.50%) | | 2/14/2024 | | | | | | | 970 | | | 921 | | (e)(f) | |
| Comprehensive EyeCare Partners, LLC | | | | 1st Lien Delayed Draw Term Loan | | 11.66% (SOFR + 6.50%) | | 2/14/2024 | | | | | | | 680 | | | 646 | | (e)(f) | |
| Comprehensive EyeCare Partners, LLC | | | | 1st Lien Delayed Draw Term Loan | | | | 2/14/2024 | | | | | | | 73 | | | (4) | | (e)(h) | |
| Convey Health Solutions, Inc. | | | | 1st Lien Term Loan | | 10.25% (3M LIBOR + 5.25%) | | 9/4/2026 | | | | | | | 2,685 | | | 2,577 | | (e)(f) | |
| Crown CT Parent Inc. | | | | 1st Lien Revolving Loan | | 12.50% (PRIME + 4.50%) | | 3/8/2028 | | | | | | | 903 | | | 382 | | (e)(h) | |
| Crown CT Parent Inc. | | | | 1st Lien Term Loan | | 10.59% (SOFR + 5.50%) | | 3/8/2029 | | | | | | | 8,235 | | | 8,153 | | (e)(f) | |
| Crown CT Parent Inc. | | | | 1st Lien Delayed Draw Term Loan | | | | 3/8/2029 | | | | | | | 1,040 | | | (10) | | (e)(h) | |
| CVP Holdco, Inc. | | | | 1st Lien Revolving Loan | | | | 10/31/2024 | | | | | | | 3,005 | | | — | | (e)(h) | |
| CVP Holdco, Inc. | | | | 1st Lien Term Loan | | 11.24% (1M LIBOR + 6.40%) | | 10/31/2025 | | | | | | | 3,376 | | | 3,376 | | (e)(f) | |
| CVP Holdco, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 11.08% (1M LIBOR + 6.25%) | | 10/31/2025 | | | | | | | 1,837 | | | 450 | | (e)(h) | |
| CVP Holdco, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 11.24% (1M LIBOR + 6.40%) | | 10/31/2025 | | | | | | | 27,175 | | | 27,175 | | (e) | |
| CVP Holdco, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 11.24% (1M LIBOR + 6.40%) | | 10/31/2025 | | | | | | | 2,597 | | | 2,597 | | (e)(f) | |
| Electron Bidco Inc. | | | | 1st Lien Term Loan | | 7.84% (1M LIBOR + 3.00%) | | 11/1/2028 | | | | | | | 7,895 | | | 7,768 | | (i) | |
| Ensemble RCM LLC | | | | 1st Lien Term Loan | | 9.78% (SOFR + 5.00%) | | 8/3/2026 | | | | | | | 938 | | | 938 | | (e)(f) | |
| Evolent Health LLC | | | | 1st Lien Revolving Loan | | 8.74% (SOFR + 4.00%) | | 1/22/2029 | | | | | | | 2 | | | 1 | | (e)(h) | |
| Evolent Health LLC | | | | 1st Lien Term Loan | | 10.79% (SOFR + 6.00%) | | 1/22/2029 | | | | | | | 1,492 | | | 1,447 | | (e) | |
| Evolent Health LLC | | | | 1st Lien Term Loan | | 11.04% (SOFR + 6.00%) | | 1/22/2029 | | | | | | | 3,186 | | | 3,090 | | (e)(f) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Floss Bidco Limited | | United Kingdom | | 1st Lien Term Loan | | 11.55% (SONIA + 6.50%) | | 9/7/2026 | | | | | | ₤ | 410 | | | $ | 455 | | (e)(f) | |
| Floss Bidco Limited | | United Kingdom | | 1st Lien Term Loan | | 11.55% (SONIA + 8.00%) | | 9/7/2026 | | | | | | ₤ | 299 | | | 331 | | (e)(f) | |
| Global Medical Response, Inc. | | | | 1st Lien Term Loan | | 9.24% (3M LIBOR + 4.25%) | | 10/2/2025 | | | | | | | 11,955 | | | 8,329 | | (i) | |
| Global Medical Response, Inc. | | | | 2nd Lien Term Loan | | 11.59% (1M LIBOR + 6.75%) | | 12/17/2029 | | | | | | | 29,366 | | | 22,906 | | (e) | |
| JDC Healthcare Management, LLC | | | | 1st Lien Term Loan | | | | 4/10/2024 | | | | | | | 132 | | | 63 | | (e)(g)(j) | |
| Kedleston Schools Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 12.05% (SONIA + 8.00%) | | 5/31/2024 | | | | | | ₤ | 1,244 | | | 1,535 | | (e)(f) | |
| LifeScan Global Corporation | | | | 1st Lien Term Loan | | 10.75% (3M LIBOR + 6.00%) | | 10/1/2024 | | | | | | | 3,984 | | | 2,975 | | | |
| LifeScan Global Corporation | | | | 2nd Lien Term Loan | | 14.25% (3M LIBOR + 9.50%) | | 10/1/2025 | | | | | | | 5,692 | | | 3,593 | | | |
| MED ParentCo, LP | | | | 1st Lien Term Loan | | 9.09% (1M LIBOR + 4.25%) | | 8/31/2026 | | | | | | | 5,133 | | | 4,487 | | | |
| Medline Borrower, LP | | | | 1st Lien Term Loan | | 8.09% (1M LIBOR + 3.25%) | | 10/23/2028 | | | | | | | 3,225 | | | 3,141 | | (i) | |
| Medmark Services Inc | | | | 1st Lien Term Loan | | 10.16% (3M LIBOR + 5.00%) | | 6/11/2027 | | | | | | | 1,795 | | | 1,777 | | (e)(f) | |
| Medmark Services Inc | | | | 1st Lien Delayed Draw Term Loan | | 10.16% (3M LIBOR + 5.00%) | | 6/11/2027 | | | | | | | 1,536 | | | 1,520 | | (e)(f) | |
| Medmark Services Inc | | | | 2nd Lien Term Loan | | 13.66% (3M LIBOR + 8.50%) | | 6/11/2028 | | | | | | | 9,139 | | | 9,048 | | (e) | |
| Medmark Services Inc | | | | 2nd Lien Delayed Draw Term Loan | | 13.63% (1M LIBOR + 8.50%) | | 6/11/2028 | | | | | | | 4,897 | | | 4,848 | | (e) | |
| Network Bidco B.V. | | Netherlands | | 1st Lien Term Loan | | | | 5/14/2029 | | | | | | € | 5,778 | | | 6,266 | | (e)(i) | |
| Network Bidco B.V. | | Netherlands | | 1st Lien Delayed Draw Term Loan | | | | 5/14/2029 | | | | | | € | 2,222 | | | (3) | | (e)(h) | |
| NextCare, Inc. | | | | 1st Lien Term Loan | | 10.66% (3M LIBOR + 5.50%) | | 6/30/2024 | | | | | | | 8,832 | | | 7,949 | | (e)(f) | |
| NextCare, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 10.66% (3M LIBOR + 5.50%) | | 6/30/2024 | | | | | | | 155 | | | 140 | | (e)(f) | |
| NextCare, Inc. | | | | 2nd Lien Term Loan | | 14.55% (SOFR + 9.50%) | | 12/31/2024 | | | | | | | 6,427 | | | 3,856 | | (e)(f) | |
| Olympia Acquisition, Inc. | | | | 1st Lien Term Loan | | | | 2/26/2027 | | | | | | | 3,220 | | | 1,932 | | (e)(j) | |
| Olympia Acquisition, Inc. | | | | 1st Lien Delayed Draw Term Loan | | | | 2/26/2027 | | | | | | | 236 | | | — | | (e)(h) | |
| Olympia Acquisition, Inc. | | | | 1st Lien Delayed Draw Term Loan | | | | 2/26/2027 | | | | | | | 492 | | | 268 | | (e)(h)(j) | |
| OMH-HealthEdge Holdings, LLC | | | | 1st Lien Revolving Loan | | | | 10/24/2024 | | | | | | | 1 | | | — | | (e)(h) | |
| OMH-HealthEdge Holdings, LLC | | | | 1st Lien Term Loan | | 10.02% (SOFR + 5.25%) | | 10/24/2025 | | | | | | | 820 | | | 820 | | (e)(f) | |
| OMH-HealthEdge Holdings, LLC | | | | 1st Lien Term Loan | | 10.03% (SOFR + 5.25%) | | 10/24/2025 | | | | | | | 394 | | | 394 | | (e)(f) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| OMH-HealthEdge Holdings, LLC | | | | 1st Lien Term Loan | | 11.05% (SOFR + 6.00%) | | 10/24/2025 | | | | | | $ | 1,391 | | | $ | 1,391 | | (e)(f) | |
| Pluto Acquisition I, Inc. | | | | 1st Lien Term Loan | | 8.95% (3M LIBOR + 4.00%) | | 6/22/2026 | | | | | | | 21,580 | | | 15,178 | | (f) | |
| Premise Health Holding Corp | | | | 1st Lien Revolving Loan | | | | 4/10/2025 | | | | | | | 1 | | | — | | (e)(h) | |
| Premise Health Holding Corp | | | | 1st Lien Term Loan | | 8.91% (3M LIBOR + 3.75%) | | 7/10/2025 | | | | | | | 11 | | | 10 | | (e)(f) | |
| Premise Health Holding Corp | | | | 2nd Lien Term Loan | | 12.66% (3M LIBOR + 7.50%) | | 7/10/2026 | | | | | | | 2,000 | | | 1,900 | | (e)(f) | |
| Prime Dental Alliance B.V. | | Netherlands | | 1st Lien Revolving Loan | | | | 12/21/2026 | | | | | | € | 570 | | | (1) | | (e)(h) | |
| Prime Dental Alliance B.V. | | Netherlands | | 1st Lien Term Loan | | 10.52% (3M EURIBOR + 7.50%) | | 6/21/2027 | | | | | | € | 2,200 | | | 2,386 | | (e)(f) | |
| Prime Dental Alliance B.V. | | Netherlands | | 1st Lien Term Loan | | 10.74% (3M EURIBOR + 7.75%) | | 6/21/2027 | | | | | | € | 953 | | | 993 | | (e)(h) | |
| Prime Dental Alliance B.V. | | Netherlands | | 1st Lien Delayed Draw Term Loan | | 10.52% (3M EURIBOR + 7.50%) | | 6/21/2027 | | | | | | € | 1,654 | | | 1,794 | | (e) | |
| RegionalCare Hospital Partners Holdings, Inc. | | | | 1st Lien Term Loan | | 8.58% (3M LIBOR + 3.75%) | | 11/16/2025 | | | | | | | 4,580 | | | 4,354 | | | |
| Rubicone Bidco Limited | | United Kingdom | | 1st Lien Term Loan | | 11.30% (SONIA + 7.25%) | | 12/1/2028 | | | | | | ₤ | 3,861 | | | 4,763 | | (e)(f) | |
| Rubicone Bidco Limited | | United Kingdom | | 1st Lien Term Loan | | 15.05% (SONIA + 11.00%) | | 5/10/2023 | | | | | | ₤ | 1,487 | | | 1,834 | | (e)(f) | |
| Rubicone Bidco Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 11.30% (SONIA + 7.25%) | | 12/1/2028 | | | | | | ₤ | 1,667 | | | 2,056 | | (e) | |
| SiroMed Physician Services, Inc. | | | | 1st Lien Revolving Loan | | | | 3/26/2024 | | | | | | | 1 | | | — | | (e)(h) | |
| SiroMed Physician Services, Inc. | | | | 1st Lien Term Loan | | 9.91% (3M LIBOR + 4.75%) | | 3/26/2024 | | | | | | | 523 | | | 523 | | (e)(f) | |
| Sotera Health Holdings, LLC | | | | 1st Lien Term Loan | | 7.58% (3M LIBOR + 2.75%) | | 12/11/2026 | | | | | | | 9,959 | | | 9,573 | | (i) | |
| Symplr Software Inc. | | | | 1st Lien Revolving Loan | | | | 12/22/2025 | | | | | | | 1 | | | — | | (e)(h) | |
| Symplr Software Inc. | | | | 1st Lien Term Loan | | 9.28% (SOFR + 4.50%) | | 12/22/2027 | | | | | | | 2 | | | 2 | | (f) | |
| Symplr Software Inc. | | | | 2nd Lien Term Loan | | 12.65% (SOFR + 7.88%) | | 12/22/2028 | | | | | | | 12,343 | | | 11,108 | | (e)(f) | |
| Tandarts Today Holding B.V. | | Netherlands | | 1st Lien Term Loan | | 11.02% (3M EURIBOR + 8.00%) | | 2/24/2028 | | | | | | € | 637 | | | 670 | | (e)(f) | |
| Tandarts Today Holding B.V. | | Netherlands | | 1st Lien Delayed Draw Term Loan | | 11.02% (3M EURIBOR + 8.00%) | | 2/24/2028 | | | | | | € | 3,373 | | | 971 | | (e)(h) | |
| Therapy Brands Holdings LLC | | | | 2nd Lien Term Loan | | 11.53% (1M LIBOR + 6.75%) | | 5/18/2029 | | | | | | | 4,334 | | | 4,161 | | (e)(f) | |
| United Digestive MSO Parent, LLC | | | | 1st Lien Revolving Loan | | | | 12/14/2023 | | | | | | | 511 | | | 496 | | (e)(i) | |
| United Digestive MSO Parent, LLC | | | | 1st Lien Revolving Loan | | | | 3/30/2029 | | | | | | | 130 | | | (4) | | (e)(h) | |
| United Digestive MSO Parent, LLC | | | | 1st Lien Term Loan | | 11.64% (SOFR + 6.75%) | | 3/30/2029 | | | | | | | 3,169 | | | 3,074 | | (e) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| United Digestive MSO Parent, LLC | | | | 1st Lien Delayed Draw Term Loan | | | | 12/16/2024 | | | | | | $ | 396 | | | $ | 396 | | (e)(i) | |
| United Digestive MSO Parent, LLC | | | | 1st Lien Delayed Draw Term Loan | | | | 3/30/2029 | | | | | | | 834 | | | (25) | | (e)(h) | |
| Viant Medical Holdings, Inc. | | | | 1st Lien Term Loan | | 11.09% (1M LIBOR + 6.25%) | | 7/2/2025 | | | | | | | 533 | | | 518 | | (e)(f) | |
| Viant Medical Holdings, Inc. | | | | 1st Lien Term Loan | | 8.59% (1M LIBOR + 3.75%) | | 7/2/2025 | | | | | | | 1,025 | | | 952 | | (f)(i) | |
| Viant Medical Holdings, Inc. | | | | 2nd Lien Term Loan | | 12.59% (1M LIBOR + 7.75%) | | 7/2/2026 | | | | | | | 937 | | | 793 | | (f) | |
| VPP Intermediate Holdings, LLC | | | | 1st Lien Revolving Loan | | 13.25% (PRIME + 5.25%) | | 12/1/2027 | | | | | | | 315 | | | 19 | | (e)(h) | |
| VPP Intermediate Holdings, LLC | | | | 1st Lien Term Loan | | 11.09% (1M LIBOR + 6.25%) | | 12/1/2027 | | | | | | | 1,561 | | | 1,530 | | (e)(f) | |
| VPP Intermediate Holdings, LLC | | | | 1st Lien Delayed Draw Term Loan | | 11.04% (1M LIBOR + 6.25%) | | 12/1/2027 | | | | | | | 469 | | | 460 | | (e) | |
| WSHP FC Acquisition LLC | | | | 1st Lien Revolving Loan | | 11.28% (SOFR + 6.25%) | | 3/30/2028 | | | | | | | 2,945 | | | 2,224 | | (e)(h) | |
| WSHP FC Acquisition LLC | | | | 1st Lien Term Loan | | 11.30% (SOFR + 6.25%) | | 3/30/2028 | | | | | | | 19,462 | | | 19,073 | | (e)(f) | |
| WSHP FC Acquisition LLC | | | | 1st Lien Delayed Draw Term Loan | | 11.26% (SOFR + 6.25%) | | 3/30/2028 | | | | | | | 348 | | | 281 | | (e)(h) | |
| WSHP FC Acquisition LLC | | | | 1st Lien Delayed Draw Term Loan | | 11.30% (SOFR + 6.25%) | | 3/30/2028 | | | | | | | 1,240 | | | 1,214 | | (e)(f) | |
| WSHP FC Acquisition LLC | | | | 1st Lien Delayed Draw Term Loan | | | | 3/30/2028 | | | | | | | 5,406 | | | (108) | | (e)(h) | |
| | | | | | | | | | | | | | | | | 276,800 | | | 10.84 | % |
| Household & Personal Products | | | | | | | | | | | | | | | |
| CDI Holdings III Corp. | | | | 1st Lien Revolving Loan | | | | 12/22/2027 | | | | | | | 410 | | | (8) | | (e)(h) | |
| CDI Holdings III Corp. | | | | 1st Lien Term Loan | | 10.59% (1M LIBOR + 5.75%) | | 12/22/2027 | | | | | | | 1,666 | | | 1,633 | | (e)(f) | |
| Foundation Consumer Brands, LLC | | | | 1st Lien Revolving Loan | | | | 10/1/2026 | | | | | | | 389 | | | — | | (e)(h) | |
| Foundation Consumer Brands, LLC | | | | 1st Lien Term Loan | | 10.38% (3M LIBOR + 5.50%) | | 2/12/2027 | | | | | | | 4,258 | | | 4,258 | | (e)(f)(i) | |
| Premier Specialties, Inc. | | | | 1st Lien Revolving Loan | | 10.84% (1M LIBOR + 6.00%) | | 8/20/2027 | | | | | | | 385 | | | 227 | | (e)(h) | |
| Premier Specialties, Inc. | | | | 1st Lien Term Loan | | 10.84% (1M LIBOR + 6.00%) | | 8/20/2027 | | | | | | | 3,005 | | | 2,794 | | (e)(f) | |
| Premier Specialties, Inc. | | | | 1st Lien Delayed Draw Term Loan | | | | 8/20/2027 | | | | | | | 829 | | | (58) | | (e)(h) | |
| | | | | | | | | | | | | | | | | 8,846 | | | 0.35 | % |
| Insurance | | | | | | | | | | | | | | | | | | | |
| Alfred AcquiCo B.V. | | Netherlands | | 1st Lien Term Loan | | 10.38% (6M EURIBOR + 7.00%) | | 9/17/2029 | | | | | | € | 2,000 | | | 2,169 | | (e)(f) | |
| AQ Sunshine, Inc. | | | | 1st Lien Revolving Loan | | 11.22% (3M LIBOR + 6.25%) | | 4/15/2024 | | | | | | | 1,096 | | | 947 | | (e)(h) | |
| AQ Sunshine, Inc. | | | | 1st Lien Term Loan | | 11.41% (3M LIBOR + 6.25%) | | 4/15/2025 | | | | | | | 1,714 | | | 1,645 | | (e) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| AQ Sunshine, Inc. | | | | 1st Lien Term Loan | | 11.41% (3M LIBOR + 6.25%) | | 4/15/2025 | | | | | | $ | 5,007 | | | $ | 4,807 | | (e)(f) | |
| AQ Sunshine, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 11.41% (3M LIBOR + 6.25%) | | 4/15/2025 | | | | | | | 8,998 | | | 7,990 | | (e)(h) | |
| Ardonagh Midco 3 PLC | | United Kingdom | | 1st Lien Term Loan | | 10.07% (6M EURIBOR + 7.25%) | | 7/14/2026 | | | | | | € | 190 | | | 206 | | (e)(f) | |
| Ardonagh Midco 3 PLC | | United Kingdom | | 1st Lien Term Loan | | 11.74% (SONIA + 7.25%) | | 7/14/2026 | | | | | | ₤ | 1,491 | | | 1,839 | | (e)(f) | |
| Ardonagh Midco 3 PLC | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 11.76% (SONIA + 7.25%) | | 7/14/2026 | | | | | | ₤ | 312 | | | 384 | | (e) | |
| Ardonagh Midco 3 PLC | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 11.25% (SOFR + 6.00%) | | 7/14/2026 | | | | | | | 16,452 | | | 16,287 | | (e)(f) | |
| Ardonagh Midco 3 PLC | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 12.22% (SOFR + 7.00%) | | 7/14/2026 | | | | | | | 457 | | | 229 | | (e)(h) | |
| Ardonagh Midco 3 PLC | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 8.82% (6M LIBOR + 6.00%) | | 7/14/2026 | | | | | | | 1 | | | 1 | | (e)(m) | |
| Benefytt Technologies, Inc. | | | | 1st Lien Term Loan | | | | 8/12/2027 | | | | | | | 3,798 | | | 1,899 | | (e)(g)(j) | |
| Benefytt Technologies, Inc. | | | | 1st Lien Delayed Draw Term Loan | | | | 8/12/2027 | | | | | | | 949 | | | 338 | | (e)(h)(j) | |
| Blackwood Bidco Limited | | United Kingdom | | 1st Lien Term Loan | | 12.78% (SOFR + 7.80%) | | 10/8/2026 | | | | | | | 3,436 | | | 3,436 | | (e)(f) | |
| Blackwood Bidco Limited | | United Kingdom | | 1st Lien Term Loan | | | | 10/8/2026 | | | | | | | 2,193 | | | — | | (e)(h)(i) | |
| Blackwood Bidco Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 10.78% (BBSY + 7.05%) | | 10/8/2026 | | | | | | AUD | 1,113 | | | 744 | | (e)(f) | |
| Blackwood Bidco Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 11.50% (SONIA + 7.05%) | | 10/8/2026 | | | | | | ₤ | 464 | | | 572 | | (e)(f) | |
| Blackwood Bidco Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 11.50% (SONIA + 7.30%) | | 10/8/2026 | | | | | | ₤ | 2,750 | | | 3,392 | | (e)(f) | |
| Blackwood Bidco Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 12.23% (6M LIBOR + 7.05%) | | 10/8/2026 | | | | | | | 2,861 | | | 2,672 | | (e)(f)(h)(m) | |
| Blackwood Bidco Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 12.37% (6M LIBOR + 7.05%) | | 10/8/2026 | | | | | | | 1,569 | | | 1,184 | | (e)(f)(h)(m) | |
| Brokers Alliance S.L. | | Spain | | 1st Lien Term Loan | | 9.52% (3M EURIBOR + 6.50%) | | 4/9/2029 | | | | | | € | 958 | | | 1,039 | | (e)(f) | |
| Brokers Alliance S.L. | | Spain | | 1st Lien Delayed Draw Term Loan | | 9.52% (3M EURIBOR + 6.50%) | | 4/9/2029 | | | | | | € | 1,542 | | | 89 | | (e)(h) | |
| Captive Resources Midco, LLC | | | | 1st Lien Revolving Loan | | | | 7/3/2028 | | | | | | | 102 | | | (2) | | (e)(h) | |
| Captive Resources Midco, LLC | | | | 1st Lien Term Loan | | 7.43% (SOFR + 2.63%) | | 7/1/2029 | | | | | | | 1,269 | | | 1,243 | | (e)(f)(g) | |
| Foundation Risk Partners, Corp. | | | | 1st Lien Revolving Loan | | | | 10/29/2027 | | | | | | | 2,627 | | | (53) | | (e)(h) | |
| Foundation Risk Partners, Corp. | | | | 1st Lien Term Loan | | 11.00% (SOFR + 6.00%) | | 10/30/2028 | | | | | | | 19,247 | | | 18,862 | | (e)(f) | |
| Foundation Risk Partners, Corp. | | | | 1st Lien Delayed Draw Term Loan | | 11.00% (SOFR + 6.00%) | | 10/30/2028 | | | | | | | 16,875 | | | 11,116 | | (e)(h) | |
| Galway Borrower LLC | | | | 1st Lien Revolving Loan | | 10.41% (3M LIBOR + 5.25%) | | 9/30/2027 | | | | | | | 969 | | | 179 | | (e)(h) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Galway Borrower LLC | | | | 1st Lien Term Loan | | 10.15% (3M LIBOR + 5.25%) | | 9/29/2028 | | | | | | $ | 11,977 | | | $ | 11,618 | | (e)(f) | |
| Galway Borrower LLC | | | | 1st Lien Delayed Draw Term Loan | | | | 9/29/2028 | | | | | | | 110 | | | (3) | | (e)(h) | |
| High Street Buyer, Inc. | | | | 1st Lien Revolving Loan | | | | 4/16/2027 | | | | | | | 688 | | | (7) | | (e)(h) | |
| High Street Buyer, Inc. | | | | 1st Lien Term Loan | | 11.05% (3M LIBOR + 6.00%) | | 4/14/2028 | | | | | | | 4,723 | | | 4,676 | | (e)(f) | |
| High Street Buyer, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 10.80% (3M LIBOR + 5.75%) | | 4/14/2028 | | | | | | | 11,724 | | | 4,816 | | (e)(h) | |
| High Street Buyer, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 11.05% (3M LIBOR + 6.00%) | | 4/14/2028 | | | | | | | 17,687 | | | 17,511 | | (e)(f) | |
| Hub International Limited | | | | 1st Lien Term Loan | | 7.82% (3M LIBOR + 3.00%) | | 4/25/2025 | | | | | | | 8,647 | | | 8,611 | | (i) | |
| Hub International Limited | | | | 1st Lien Term Loan | | 8.06% (3M LIBOR + 3.25%) | | 4/25/2025 | | | | | | | 8,694 | | | 8,664 | | (i) | |
| Hub International Limited | | | | 1st Lien Term Loan | | 8.73% (SOFR + 4.00%) | | 11/10/2029 | | | | | | | 2,530 | | | 2,520 | | | |
| Inszone Mid, LLC | | | | 1st Lien Revolving Loan | | | | 11/8/2028 | | | | | | | 34 | | | (1) | | (e)(h) | |
| Inszone Mid, LLC | | | | 1st Lien Term Loan | | 11.91% (SOFR + 7.00%) | | 11/8/2028 | | | | | | | 287 | | | 278 | | (e) | |
| Inszone Mid, LLC | | | | 1st Lien Delayed Draw Term Loan | | 11.89% (SOFR + 7.00%) | | 11/8/2028 | | | | | | | 195 | | | 25 | | (e)(h) | |
| Jewel Bidco Limited | | United Kingdom | | 1st Lien Term Loan | | 10.95% (SONIA + 6.75%) | | 7/24/2028 | | | | | | ₤ | 6,203 | | | 7,269 | | (e)(f) | |
| Jewel Bidco Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 10.80% (SONIA + 6.75%) | | 7/24/2028 | | | | | | ₤ | 3,797 | | | 1,996 | | (e)(h) | |
| JMG Group Investments Limited | | United Kingdom | | 1st Lien Term Loan | | 9.80% (SONIA + 5.75%) | | 12/11/2028 | | | | | | ₤ | 310 | | | 382 | | (e)(f) | |
| JMG Group Investments Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 10.05% (SONIA + 6.00%) | | 12/11/2028 | | | | | | ₤ | 3,378 | | | 1,654 | | (e)(h) | |
| JMG Group Investments Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 9.45% (SONIA + 5.75%) | | 12/11/2028 | | | | | | ₤ | 2,678 | | | 3,305 | | (e) | |
| Lucida Broking Holdings Limited | | United Kingdom | | 1st Lien Term Loan | | 11.45% (SONIA + 7.25%) | | 6/6/2024 | | | | | | ₤ | 1,000 | | | 1,234 | | (e)(f) | |
| Lucida Broking Holdings Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 10.95% (SONIA + 7.25%) | | 6/6/2024 | | | | | | ₤ | 667 | | | 822 | | (e)(f) | |
| Optio Group Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 11.45% (SONIA + 7.00%) | | 3/16/2026 | | | | | | ₤ | 500 | | | 617 | | (e)(f) | |
| Optio Group Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 9.92% (6M LIBOR + 7.00%) | | 3/16/2026 | | | | | | | 737 | | | 345 | | (e)(h)(m) | |
| Patriot Growth Insurance Services, LLC | | | | 1st Lien Revolving Loan | | | | 10/16/2028 | | | | | | | 250 | | | (10) | | (e)(h) | |
| Patriot Growth Insurance Services, LLC | | | | 1st Lien Term Loan | | 10.35% (3M LIBOR + 5.50%) | | 10/16/2028 | | | | | | | 1,792 | | | 1,721 | | (e)(f) | |
| People Corporation | | Canada | | 1st Lien Revolving Loan | | 11.28% (3M CDOR + 6.25%) | | 2/18/2027 | | | | | | CAD | 898 | | | 145 | | (e)(h) | |
| People Corporation | | Canada | | 1st Lien Term Loan | | 11.24% (3M CDOR + 6.25%) | | 2/18/2028 | | | | | | CAD | 7,076 | | | 5,236 | | (e)(f) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| People Corporation | | Canada | | 1st Lien Delayed Draw Term Loan | | 10.49% (3M CDOR + 5.50%) | | 2/18/2028 | | | | | | CAD | 4,105 | | | $ | 1,091 | | (e)(h) | |
| People Corporation | | Canada | | 1st Lien Delayed Draw Term Loan | | 11.24% (3M CDOR + 6.25%) | | 2/18/2028 | | | | | | CAD | 2,309 | | | 1,708 | | (e) | |
| Project Hammond Bidco Limited | | United Kingdom | | 1st Lien Term Loan | | 9.55% (SONIA + 5.50%) | | 12/4/2028 | | | | | | ₤ | 1,750 | | | 2,159 | | (e)(f) | |
| Project Hammond Bidco Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 9.55% (SONIA + 5.50%) | | 12/4/2028 | | | | | | ₤ | 1,750 | | | 540 | | (e)(h) | |
| RSC Acquisition, Inc. | | | | 1st Lien Revolving Loan | | 10.68% (SOFR + 5.50%) | | 10/30/2026 | | | | | | | 1 | | | 1 | | (e)(h) | |
| RSC Acquisition, Inc. | | | | 1st Lien Term Loan | | 10.35% (SOFR + 5.50%) | | 10/30/2026 | | | | | | | 3,137 | | | 3,043 | | (e)(f) | |
| SageSure Holdings, LLC | | | | 1st Lien Term Loan | | | | 1/28/2028 | | | | | | | 5,589 | | | 5,589 | | (e)(g)(i) | |
| SageSure Holdings, LLC | | | | 2nd Lien Delayed Draw Term Loan | | 10.67% (SOFR + 5.75%) | | 1/28/2028 | | | | | | | 1,535 | | | 242 | | (e)(g)(h) | |
| SCM Insurance Services Inc. | | Canada | | 1st Lien Revolving Loan | | | | 8/29/2023 | | | | | | CAD | 1 | | | — | | (e)(h) | |
| SCM Insurance Services Inc. | | Canada | | 1st Lien Term Loan | | 11.27% (3M CDOR + 6.25%) | | 8/29/2024 | | | | | | CAD | 157 | | | 116 | | (e)(f) | |
| SelectQuote, Inc. | | | | 1st Lien Term Loan | | 12.91% (SOFR + 8.00%) | | 11/5/2024 | | | | | | | 7,175 | | | 6,314 | | (e)(g) | |
| Seventeen Group Limited | | United Kingdom | | 1st Lien Term Loan | | 9.80% (SONIA + 6.25%) | | 7/26/2028 | | | | | | ₤ | 455 | | | 561 | | (e)(f) | |
| Seventeen Group Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | | | 7/26/2028 | | | | | | ₤ | 545 | | | — | | (e)(h)(i) | |
| SG Acquisition, Inc. | | | | 1st Lien Term Loan | | 9.84% (1M LIBOR + 5.00%) | | 1/27/2027 | | | | | | | 2,730 | | | 2,703 | | (e)(f) | |
| Spring Insurance Solutions, LLC | | | | 1st Lien Term Loan | | 11.66% (3M LIBOR + 6.50%) | | 11/24/2025 | | | | | | | 3,419 | | | 3,009 | | (e)(f) | |
| Spring Insurance Solutions, LLC | | | | 1st Lien Delayed Draw Term Loan | | 11.66% (3M LIBOR + 6.50%) | | 11/24/2025 | | | | | | | 582 | | | 513 | | (e) | |
| Staysure Bidco Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 11.55% (SONIA + 7.25%) | | 7/1/2025 | | | | | | ₤ | 1,000 | | | 1,234 | | (e) | |
| USI, Inc. | | | | 1st Lien Term Loan | | 8.65% (SOFR + 3.75%) | | 11/22/2029 | | | | | | | 3,083 | | | 3,068 | | (i) | |
| | | | | | | | | | | | | | | | | 198,529 | | | 7.78 | % |
| Materials | | | | | | | | | | | | | | | | | | | |
| ASP-r-pac Acquisition Co LLC | | | | 1st Lien Revolving Loan | | | | 12/29/2027 | | | | | | | 839 | | | (8) | | (e)(h) | |
| ASP-r-pac Acquisition Co LLC | | | | 1st Lien Term Loan | | 10.83% (3M LIBOR + 6.00%) | | 12/29/2027 | | | | | | | 6,182 | | | 6,120 | | (e)(f) | |
| Coyote Buyer, LLC | | | | 1st Lien Revolving Loan | | | | 2/6/2025 | | | | | | | 2,067 | | | (83) | | (e)(h) | |
| Coyote Buyer, LLC | | | | 1st Lien Term Loan | | 11.10% (3M LIBOR + 6.00%) | | 2/6/2026 | | | | | | | 20,219 | | | 19,410 | | (e)(f) | |
| Coyote Buyer, LLC | | | | 1st Lien Term Loan | | 12.84% (1M LIBOR + 8.00%) | | 8/6/2026 | | | | | | | 4,930 | | | 4,880 | | (e)(f) | |
| DCG Acquisition Corp. | | | | 1st Lien Term Loan | | 9.41% (SOFR + 4.50%) | | 9/30/2026 | | | | | | | 3,930 | | | 3,802 | | (e) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Mauser Packaging Solutions Holding Company | | | | 1st Lien Term Loan | | 8.80% (SOFR + 4.00%) | | 8/14/2026 | | | | | | $ | 5,725 | | | $ | 5,670 | | | |
| Nelipak European Holdings Cooperatief U.A. | | Netherlands | | 1st Lien Revolving Loan | | 7.14% (1M EURIBOR + 4.50%) | | 7/2/2024 | | | | | | € | 582 | | | 134 | | (e)(h) | |
| Nelipak European Holdings Cooperatief U.A. | | Netherlands | | 1st Lien Term Loan | | 6.99% (3M EURIBOR + 4.50%) | | 7/2/2026 | | | | | | € | 796 | | | 837 | | (e)(f) | |
| Nelipak Holding Company | | | | 1st Lien Revolving Loan | | 9.09% (1M LIBOR + 4.25%) | | 7/2/2024 | | | | | | | 605 | | | 197 | | (e)(h) | |
| Nelipak Holding Company | | | | 1st Lien Term Loan | | 9.08% (3M LIBOR + 4.25%) | | 7/2/2026 | | | | | | | 2,931 | | | 2,872 | | (e)(f) | |
| Novipax Buyer, L.L.C. | | | | 1st Lien Term Loan | | 11.66% (SOFR + 6.75%) | | 12/1/2026 | | | | | | | 249 | | | 249 | | (e) | |
| Novipax Buyer, L.L.C. | | | | 1st Lien Term Loan | | 11.66% (SOFR + 6.75%) | | 12/1/2026 | | | | | | | 4,147 | | | 4,147 | | (e)(f) | |
| PAKNK Netherlands Treasury B.V. | | Netherlands | | 1st Lien Term Loan | | 6.99% (3M EURIBOR + 4.50%) | | 7/2/2026 | | | | | | € | 5,186 | | | 5,456 | | (e)(f) | |
| Plaskolite PPC Intermediate II LLC | | | | 1st Lien Term Loan | | 8.83% (3M LIBOR + 4.00%) | | 12/15/2025 | | | | | | | 8,331 | | | 7,363 | | (f) | |
| Plaskolite PPC Intermediate II LLC | | | | 2nd Lien Term Loan | | 12.11% (3M LIBOR + 7.25%) | | 12/14/2026 | | | | | | | 2,960 | | | 2,634 | | (e)(f) | |
| Polymer Solutions Group, LLC | | | | 1st Lien Term Loan | | 9.61% (6M LIBOR + 4.75%) | | 11/26/2026 | | | | | | | 650 | | | 637 | | (e)(f) | |
| Precision Concepts Canada Corporation | | Canada | | 1st Lien Term Loan | | 10.50% (SOFR + 5.50%) | | 1/11/2026 | | | | | | | 784 | | | 784 | | (e)(f) | |
| Precision Concepts International LLC | | | | 1st Lien Revolving Loan | | 10.48% (SOFR + 5.50%) | | 1/11/2025 | | | | | | | 415 | | | 177 | | (e)(h) | |
| Precision Concepts International LLC | | | | 1st Lien Term Loan | | 10.50% (SOFR + 5.50%) | | 1/11/2026 | | | | | | | 4,263 | | | 4,263 | | (e)(f) | |
| Precision Concepts International LLC | | | | 1st Lien Term Loan | | 10.75% (SOFR + 5.75%) | | 1/11/2026 | | | | | | | 1,830 | | | 1,830 | | (e)(f) | |
| Pregis TopCo LLC | | | | 1st Lien Term Loan | | 8.59% (1M LIBOR + 3.75%) | | 7/31/2026 | | | | | | | 1,276 | | | 1,238 | | | |
| Pregis TopCo LLC | | | | 1st Lien Term Loan | | 8.67% (SOFR + 3.75%) | | 7/31/2026 | | | | | | | 4,764 | | | 4,638 | | | |
| Pretium PKG Holdings, Inc. | | | | 1st Lien Term Loan | | 9.22% (3M LIBOR + 4.00%) | | 10/2/2028 | | | | | | | 8,411 | | | 6,686 | | | |
| Pretium PKG Holdings, Inc. | | | | 2nd Lien Term Loan | | 11.97% (3M LIBOR + 6.75%) | | 10/1/2029 | | | | | | | 1,025 | | | 635 | | | |
| Trident TPI Holdings, Inc. | | | | 1st Lien Term Loan | | 9.16% (3M LIBOR + 4.00%) | | 9/15/2028 | | | | | | | 8,672 | | | 8,363 | | | |
| | | | | | | | | | | | | | | | | 92,931 | | | 3.64 | % |
| Media & Entertainment | | | | | | | | | | | | | | | |
| Aventine Intermediate LLC | | | | 1st Lien Term Loan | | 10.84% (1M LIBOR + 6.00%) | | 6/18/2027 | | | | | | | 2,161 | | | 2,161 | | (e)(f)(g) | |
| Aventine Intermediate LLC | | | | 1st Lien Delayed Draw Term Loan | | 10.84% (1M LIBOR + 6.00%) | | 6/18/2027 | | | | | | | 846 | | | 781 | | (e)(g)(h) | |
| AVSC Holding Corp. | | | | 1st Lien Term Loan | | 15.00% | | 10/15/2026 | | | | | | | 535 | | | 557 | | (g) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| AVSC Holding Corp. | | | | 1st Lien Term Loan | | 8.06% (3M LIBOR + 3.25%) | | 3/3/2025 | | | | | | $ | 4,000 | | | $ | 3,831 | | | |
| Camelot U.S. Acquisition 1 Co. | | | | 1st Lien Term Loan | | 7.84% (1M LIBOR + 3.00%) | | 10/30/2026 | | | | | | | 5,327 | | | 5,312 | | | |
| CC Globe Holding II A/S | | Denmark | | 1st Lien Term Loan | | 10.62% (3M CIBOR + 7.50%) | | 3/31/2028 | | | | | | DKK | 19,420 | | | 2,827 | | (e)(f) | |
| CC Globe Holding II A/S | | Denmark | | 1st Lien Delayed Draw Term Loan | | 10.62% (3M CIBOR + 7.50%) | | 3/31/2028 | | | | | | DKK | 10,984 | | | 1,043 | | (e)(h) | |
| Diamond Sports Group, LLC | | | | 2nd Lien Term Loan | | | | 8/24/2026 | | | | | | | 1,093 | | | 58 | | (j) | |
| Global Music Rights, LLC | | | | 1st Lien Revolving Loan | | | | 8/27/2027 | | | | | | | 473 | | | — | | (e)(h) | |
| Global Music Rights, LLC | | | | 1st Lien Term Loan | | 10.66% (3M LIBOR + 5.50%) | | 8/28/2028 | | | | | | | 4,955 | | | 4,955 | | (e)(f) | |
| MailSouth, Inc. | | | | 1st Lien Term Loan | | | | 4/23/2024 | | | | | | | 2,482 | | | 995 | | (e)(j) | |
| Production Resource Group, LLC | | | | 1st Lien Term Loan | | 13.36% (1M LIBOR + 8.50%) | | 8/21/2024 | | | | | | | 795 | | | 795 | | (e)(g) | |
| Production Resource Group, LLC | | | | 1st Lien Delayed Draw Term Loan | | 12.36% (1M LIBOR + 7.50%) | | 8/21/2024 | | | | | | | 307 | | | 307 | | (e)(g) | |
| Production Resource Group, LLC | | | | 1st Lien Delayed Draw Term Loan | | 12.41% (1M LIBOR + 7.50%) | | 8/21/2024 | | | | | | | 169 | | | 169 | | (e)(g) | |
| Professional Fighters League, LLC | | | | 1st Lien Term Loan | | 12.00% | | 1/20/2026 | | | | | | | 630 | | | 630 | | (e)(g) | |
| Professional Fighters League, LLC | | | | 2nd Lien Delayed Draw Term Loan | | 14.00% | | 1/20/2026 | | | | | | | 9 | | | 5 | | (e)(g)(h) | |
| Renaissance Holding Corp. | | | | 1st Lien Term Loan | | 7.63% (1M LIBOR + 3.25%) | | 5/30/2025 | | | | | | | 4,576 | | | 4,433 | | (i) | |
| Renaissance Holding Corp. | | | | 1st Lien Term Loan | | 8.09% (1M LIBOR + 3.25%) | | 5/30/2025 | | | | | | | 4,564 | | | 4,432 | | (i) | |
| Rugby Australia Ltd | | Australia | | 1st Lien Term Loan | | 11.00% (BBSY + 7.25%) | | 3/31/2027 | | | | | | AUD | 1,250 | | | 836 | | (e) | |
| Rugby Australia Ltd | | Australia | | 1st Lien Delayed Draw Term Loan | | 11.00% (BBSY + 7.25%) | | 3/31/2027 | | | | | | AUD | 1,250 | | | 209 | | (e)(h) | |
| Storm Investment S.a.r.l. | | Luxembourg | | 1st Lien Term Loan | | 3.75% | | 6/22/2029 | | | | | | € | 9,193 | | | 9,970 | | (e) | |
| Summer (BC) Bidco B LLC | | | | 1st Lien Term Loan | | 9.66% (3M LIBOR + 4.50%) | | 12/4/2026 | | | | | | | 4,306 | | | 4,053 | | | |
| William Morris Endeavor Entertainment, LLC (IMG Worldwide Holdings, LLC) | | | | 1st Lien Term Loan | | 7.60% (1M LIBOR + 2.75%) | | 5/18/2025 | | | | | | | 8,849 | | | 8,764 | | | |
| | | | | | | | | | | | | | | | | 57,123 | | | 2.24 | % |
| Pharmaceuticals, Biotechnology & Life Sciences | | | | | | | | | | | | | | | |
| Alcami Corporation | | | | 1st Lien Revolving Loan | | | | 12/21/2028 | | | | | | | 27 | | | (2) | | (e)(h) | |
| Alcami Corporation | | | | 1st Lien Term Loan | | 11.91% (SOFR + 7.00%) | | 12/21/2028 | | | | | | | 205 | | | 198 | | (e) | |
| Alcami Corporation | | | | 1st Lien Delayed Draw Term Loan | | | | 12/21/2028 | | | | | | | 17 | | | (1) | | (e)(h) | |
| Amryt Pharmaceuticals Inc. | | | | 1st Lien Revolving Loan | | 8.74% (SOFR + 4.00%) | | 2/18/2027 | | | | | | | 1 | | | 1 | | (e)(h) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Amryt Pharmaceuticals Inc. | | | | 1st Lien Term Loan | | 11.49% (SOFR + 6.75%) | | 2/18/2027 | | | | | | $ | 5,334 | | | $ | 5,608 | | (e)(f) | |
| Aspire Bidco Limited | | Jersey | | 1st Lien Term Loan | | 11.56% (SONIA + 7.51%) | | 9/4/2028 | | | | | | ₤ | 7,777 | | | 9,594 | | (e)(f) | |
| Aspire Bidco Limited | | Jersey | | 1st Lien Delayed Draw Term Loan | | 11.56% (SONIA + 7.51%) | | 9/4/2028 | | | | | | ₤ | 1,941 | | | 798 | | (e)(h) | |
| Cambrex Corporation | | | | 1st Lien Term Loan | | 8.41% (SOFR + 3.50%) | | 12/4/2026 | | | | | | | 3,479 | | | 3,432 | | | |
| Cobalt Buyer Sub, Inc. | | | | 1st Lien Revolving Loan | | 10.17% (1M LIBOR + 5.25%) | | 10/1/2027 | | | | | | | 895 | | | 313 | | (e)(h) | |
| Cobalt Buyer Sub, Inc. | | | | 1st Lien Term Loan | | 10.17% (1M LIBOR + 5.25%) | | 10/2/2028 | | | | | | | 7,334 | | | 6,967 | | (e)(f) | |
| Cobalt Buyer Sub, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 10.17% (1M LIBOR + 5.25%) | | 10/2/2028 | | | | | | | 2,459 | | | 2,113 | | (e)(h) | |
| Covaris Intermediate 3, LLC | | | | 1st Lien Revolving Loan | | 9.91% (3M LIBOR + 4.75%) | | 1/21/2028 | | | | | | | 1,755 | | | 585 | | (e)(h) | |
| Covaris Intermediate 3, LLC | | | | 1st Lien Term Loan | | 9.91% (3M LIBOR + 4.75%) | | 1/21/2028 | | | | | | | 9,331 | | | 9,331 | | (e)(f) | |
| Covaris Intermediate 3, LLC | | | | 1st Lien Delayed Draw Term Loan | | | | 1/21/2028 | | | | | | | 7,034 | | | — | | (e)(h) | |
| Da Vinci Purchaser Corp. | | | | 1st Lien Term Loan | | 8.95% (3M LIBOR + 4.00%) | | 1/8/2027 | | | | | | | 3,790 | | | 3,574 | | | |
| NMC Skincare Intermediate Holdings II, LLC | | | | 1st Lien Revolving Loan | | | | 10/31/2024 | | | | | | | 465 | | | (28) | | (e)(h) | |
| NMC Skincare Intermediate Holdings II, LLC | | | | 1st Lien Term Loan | | 9.66% (1M LIBOR + 5.00%) | | 10/31/2024 | | | | | | | 2,298 | | | 2,160 | | (e)(f) | |
| NMC Skincare Intermediate Holdings II, LLC | | | | 1st Lien Delayed Draw Term Loan | | 9.66% (1M LIBOR + 5.00%) | | 10/31/2024 | | | | | | | 647 | | | 608 | | (e) | |
| North American Science Associates, LLC | | | | 1st Lien Revolving Loan | | 9.00% (SOFR + 4.50%) | | 3/15/2027 | | | | | | | 1 | | | 1 | | (e) | |
| North American Science Associates, LLC | | | | 1st Lien Term Loan | | 10.68% (SOFR + 5.50%) | | 9/15/2027 | | | | | | | 11,058 | | | 11,058 | | (e)(f) | |
| North American Science Associates, LLC | | | | 1st Lien Delayed Draw Term Loan | | 10.68% (SOFR + 5.50%) | | 9/15/2027 | | | | | | | 908 | | | 908 | | (e) | |
| North American Science Associates, LLC | | | | 1st Lien Delayed Draw Term Loan | | 10.68% (SOFR + 5.50%) | | 9/15/2027 | | | | | | | 994 | | | 994 | | (e)(f) | |
| TerSera Therapeutics LLC | | | | 1st Lien Term Loan | | 10.44% (1M LIBOR + 5.60%) | | 3/30/2025 | | | | | | | 47 | | | 47 | | (e)(f) | |
| Verista, Inc. | | | | 1st Lien Revolving Loan | | 10.75% (1M LIBOR + 6.00%) | | 2/16/2027 | | | | | | | 2,000 | | | 580 | | (e)(h) | |
| Verista, Inc. | | | | 1st Lien Term Loan | | 10.87% (3M LIBOR + 6.00%) | | 2/16/2027 | | | | | | | 9,015 | | | 8,925 | | (e)(f) | |
| Verista, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 10.95% (3M LIBOR + 6.00%) | | 2/16/2027 | | | | | | | 4,242 | | | 1,803 | | (e)(h) | |
| | | | | | | | | | | | | | | | | 69,567 | | | 2.72 | % |
| Real Estate Management & Development | | | | | | | | | | | | | | | |
| 285 Mezz LLC | | | | 1st Lien Delayed Draw Term Loan | | 13.65% (SOFR + 8.95%) | | 10/5/2023 | | | | | | | 4,972 | | | 4,827 | | (e)(h) | |
| 285 Schermerhorn LLC | | | | 1st Lien Delayed Draw Term Loan | | 15.11% (SOFR + 8.95%) | | 10/5/2023 | | | | | | | 3,919 | | | 2,401 | | (e)(h) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Odevo AB | | Sweden | | 1st Lien Term Loan | | 9.68% (3M LIBOR + 6.63%) | | 12/21/2028 | | | | | | $ | 7,535 | | | $ | 7,535 | | (e)(f)(m) | |
| Odevo AB | | Sweden | | 1st Lien Delayed Draw Term Loan | | 9.95% (6M LIBOR + 6.63%) | | 12/21/2028 | | | | | | | 11,154 | | | 11,154 | | (e)(m) | |
| | | | | | | | | | | | | | | | | 25,917 | | | 1.02 | % |
| Software & Services | | | | | | | | | | | | | | | |
| 2U, Inc. | | | | 1st Lien Term Loan | | 11.32% (SOFR + 6.50%) | | 12/28/2026 | | | | | | | 2,659 | | | 2,526 | | (e)(f) | |
| AffiniPay Midco, LLC | | | | 1st Lien Revolving Loan | | | | 6/9/2028 | | | | | | | 1,517 | | | (76) | | (e)(h) | |
| AffiniPay Midco, LLC | | | | 1st Lien Term Loan | | 10.45% (SOFR + 5.75%) | | 6/9/2028 | | | | | | | 9,666 | | | 9,183 | | (e)(f) | |
| AffiniPay Midco, LLC | | | | 1st Lien Term Loan | | 10.64% (SOFR + 5.75%) | | 6/9/2028 | | | | | | | 9,483 | | | 9,009 | | (e)(f) | |
| AffiniPay Midco, LLC | | | | 1st Lien Delayed Draw Term Loan | | | | 6/9/2028 | | | | | | | 1,334 | | | (67) | | (e)(h) | |
| Anaplan, Inc. | | | | 1st Lien Revolving Loan | | | | 6/21/2028 | | | | | | | 381 | | | (11) | | (e)(h) | |
| Anaplan, Inc. | | | | 1st Lien Term Loan | | 11.31% (SOFR + 6.50%) | | 6/21/2029 | | | | | | | 5,991 | | | 5,812 | | (e)(f) | |
| Anaqua Parent Holdings, Inc. | | | | 1st Lien Revolving Loan | | 10.19% (3M LIBOR + 5.25%) | | 10/10/2025 | | | | | | | 231 | | | 154 | | (e)(h) | |
| Anaqua Parent Holdings, Inc. | | | | 1st Lien Term Loan | | 7.58% (6M EURIBOR + 5.50%) | | 4/10/2026 | | | | | | € | 658 | | | 714 | | (e) | |
| Anaqua Parent Holdings, Inc. | | | | 1st Lien Term Loan | | 9.70% (6M LIBOR + 5.25%) | | 4/10/2026 | | | | | | | 3,753 | | | 3,753 | | (e)(f) | |
| Anaqua Parent Holdings, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 10.25% (6M LIBOR + 5.25%) | | 4/10/2026 | | | | | | | 522 | | | 108 | | (e)(h) | |
| APG Intermediate Holdings Corporation | | | | 1st Lien Revolving Loan | | 10.40% (3M LIBOR + 5.25%) | | 1/3/2025 | | | | | | | 1 | | | — | | (e)(h) | |
| APG Intermediate Holdings Corporation | | | | 1st Lien Term Loan | | 10.40% (3M LIBOR + 5.25%) | | 1/3/2025 | | | | | | | 985 | | | 985 | | (e) | |
| APG Intermediate Holdings Corporation | | | | 1st Lien Delayed Draw Term Loan | | 10.27% (3M LIBOR + 5.25%) | | 1/3/2025 | | | | | | | 59 | | | 59 | | (e) | |
| Applied Systems, Inc. | | | | 1st Lien Term Loan | | | | 9/19/2024 | | | | | | | 3,059 | | | 3,054 | | (i) | |
| Appriss Health, LLC | | | | 1st Lien Revolving Loan | | 11.93% (1M LIBOR + 7.25%) | | 5/6/2027 | | | | | | | 212 | | | 106 | | (e)(h) | |
| Appriss Health, LLC | | | | 1st Lien Term Loan | | 11.96% (1M LIBOR + 7.25%) | | 5/6/2027 | | | | | | | 2,902 | | | 2,902 | | (e) | |
| Aptean Acquiror Inc. | | | | 1st Lien Term Loan | | 9.16% (1M LIBOR + 4.25%) | | 4/23/2026 | | | | | | | 11,200 | | | 10,713 | | (f) | |
| Aptean Acquiror Inc. | | | | 2nd Lien Term Loan | | 11.91% (1M LIBOR + 7.00%) | | 4/23/2027 | | | | | | | 3,570 | | | 3,283 | | (f) | |
| Apttus Corporation | | | | 1st Lien Term Loan | | 9.08% (3M LIBOR + 4.25%) | | 5/8/2028 | | | | | | | 4,589 | | | 4,440 | | | |
| Asurion, LLC | | | | 1st Lien Term Loan | | 8.09% (1M LIBOR + 3.25%) | | 12/23/2026 | | | | | | | 1,010 | | | 935 | | | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Asurion, LLC | | | | 1st Lien Term Loan | | 8.09% (1M LIBOR + 3.25%) | | 7/31/2027 | | | | | | $ | 2,097 | | | $ | 1,919 | | | |
| Asurion, LLC | | | | 1st Lien Term Loan | | 9.16% (SOFR + 4.25%) | | 8/19/2028 | | | | | | | 3,276 | | | 3,029 | | | |
| Asurion, LLC | | | | 2nd Lien Term Loan | | 10.09% (1M LIBOR + 5.25%) | | 1/31/2028 | | | | | | | 570 | | | 473 | | | |
| Asurion, LLC | | | | 2nd Lien Term Loan | | 10.09% (1M LIBOR + 5.25%) | | 1/20/2029 | | | | | | | 5,000 | | | 4,110 | | | |
| Banyan Software Holdings, LLC | | | | 1st Lien Revolving Loan | | 10.32% (SOFR + 5.50%) | | 10/30/2025 | | | | | | | 1 | | | 1 | | (e)(h) | |
| Banyan Software Holdings, LLC | | | | 1st Lien Term Loan | | 11.91% (SOFR + 7.00%) | | 10/30/2026 | | | | | | | 2,622 | | | 2,622 | | (e)(f) | |
| Banyan Software Holdings, LLC | | | | 1st Lien Term Loan | | 11.91% (SOFR + 7.00%) | | 10/30/2026 | | | | | | | 889 | | | 889 | | (e)(f) | |
| Banyan Software Holdings, LLC | | | | 1st Lien Delayed Draw Term Loan | | 11.91% (SOFR + 7.00%) | | 10/30/2026 | | | | | | | 3,582 | | | 2,981 | | (e)(h) | |
| Banyan Software Holdings, LLC | | | | 1st Lien Delayed Draw Term Loan | | 11.91% (SOFR + 7.00%) | | 10/30/2026 | | | | | | | 1,507 | | | 1,507 | | (e)(f) | |
| Banyan Software Holdings, LLC | | | | 1st Lien Delayed Draw Term Loan | | | | 10/30/2026 | | | | | | | 249 | | | — | | (e)(h) | |
| Bottomline Technologies, Inc. and Legal Spend Holdings, LLC | | | | 1st Lien Revolving Loan | | | | 5/15/2028 | | | | | | | 1,811 | | | (36) | | (e)(h) | |
| Bottomline Technologies, Inc. and Legal Spend Holdings, LLC | | | | 1st Lien Term Loan | | 10.26% (SOFR + 5.50%) | | 5/14/2029 | | | | | | | 18,121 | | | 17,758 | | (e)(f) | |
| Businessolver.com, Inc. | | | | 1st Lien Term Loan | | 10.66% (3M LIBOR + 5.50%) | | 12/1/2027 | | | | | | | 4,400 | | | 4,356 | | (e)(f) | |
| Businessolver.com, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 9.88% (3M LIBOR + 5.50%) | | 12/1/2027 | | | | | | | 1,196 | | | 90 | | (e)(h) | |
| BYJU's Alpha, Inc. | | | | 1st Lien Term Loan | | 12.93% (3M LIBOR + 8.00%) | | 11/24/2026 | | | | | | | 3,616 | | | 2,930 | | | |
| Capnor Connery Bidco A/S | | Denmark | | 1st Lien Term Loan | | 10.03% (1M EURIBOR + 7.13%) | | 4/30/2026 | | | | | | € | 2,954 | | | 3,204 | | (e)(f) | |
| Capnor Connery Bidco A/S | | Denmark | | 1st Lien Term Loan | | 10.53% (1M NIBOR + 7.13%) | | 4/30/2026 | | | | | | NOK | 2,551 | | | 244 | | (e)(f) | |
| Capnor Connery Bidco A/S | | Denmark | | 1st Lien Term Loan | | 10.14% (1M STIBOR + 7.13%) | | 4/30/2026 | | | | | | SEK | 4,210 | | | 406 | | (e)(f) | |
| Capnor Connery Bidco A/S | | Denmark | | 1st Lien Delayed Draw Term Loan | | 10.08% (1M CIBOR + 7.13%) | | 4/30/2026 | | | | | | DKK | 22,065 | | | 3,212 | | (e)(f) | |
| Capnor Connery Bidco A/S | | Denmark | | 1st Lien Delayed Draw Term Loan | | 10.07% (1M LIBOR + 7.13%) | | 4/30/2026 | | | | | | | 6,692 | | | 1,179 | | (e)(h)(m) | |
| Cardinal Parent, Inc. | | | | 1st Lien Revolving Loan | | 11.50% (PRIME + 3.50%) | | 11/12/2025 | | | | | | | 1 | | | 1 | | (e) | |
| Cardinal Parent, Inc. | | | | 2nd Lien Term Loan | | 12.90% (3M LIBOR + 7.75%) | | 11/13/2028 | | | | | | | 9,269 | | | 8,805 | | (e)(f) | |
| Compusoft US LLC | | | | 1st Lien Term Loan | | 10.80% (SOFR + 5.75%) | | 5/26/2028 | | | | | | | 842 | | | 817 | | (e) | |
| Compusoft US LLC | | | | 1st Lien Term Loan | | 10.80% (SOFR + 5.75%) | | 5/26/2028 | | | | | | | 1,732 | | | 1,680 | | (e)(f) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 | | 9.60% (3M EURIBOR + 6.75%) | | 6/3/2027 | | | | | | € | 1,995 | | | $ | 2,163 | | (e)(f) | |
| Confirmasoft AB | | Sweden | | 1st Lien Delayed Draw Term Loan | | | | 6/3/2027 | | | | | | € | 1,635 | | | (2) | | (e)(h)(i) | |
| Confirmasoft AB | | Sweden | | 1st Lien Delayed Draw Term Loan | | 9.55% (3M LIBOR + 6.75%) | | 6/3/2027 | | | | | | | 1,633 | | | 849 | | (e)(h)(m) | |
| Conservice Midco, LLC | | | | 2nd Lien Term Loan | | 12.66% (1M LIBOR + 7.75%) | | 5/15/2028 | | | | | | | 35,225 | | | 34,873 | | (e)(f) | |
| Consilio Midco Limited | | United Kingdom | | 1st Lien Revolving Loan | | 10.39% (3M LIBOR + 5.75%) | | 5/26/2028 | | | | | | | 122 | | | 71 | | (e)(h)(m) | |
| Consilio Midco Limited | | United Kingdom | | 1st Lien Revolving Loan | | | | 5/26/2028 | | | | | | | 1 | | | — | | (e)(h) | |
| Consilio Midco Limited | | United Kingdom | | 1st Lien Term Loan | | 9.24% (3M EURIBOR + 6.25%) | | 5/26/2028 | | | | | | € | 137 | | | 144 | | (e) | |
| Consilio Midco Limited | | United Kingdom | | 1st Lien Term Loan | | 9.24% (3M EURIBOR + 6.25%) | | 5/26/2028 | | | | | | € | 1,999 | | | 2,103 | | (e)(f) | |
| Consilio Midco Limited | | United Kingdom | | 1st Lien Term Loan | | 10.75% (SOFR + 5.75%) | | 5/26/2028 | | | | | | | 1,270 | | | 1,232 | | (e) | |
| Consilio Midco Limited | | United Kingdom | | 1st Lien Term Loan | | 10.80% (SOFR + 5.75%) | | 5/26/2028 | | | | | | | 432 | | | 419 | | (e) | |
| Consilio Midco Limited | | United Kingdom | | 1st Lien Term Loan | | 10.80% (SOFR + 5.75%) | | 5/26/2028 | | | | | | | 6,772 | | | 6,569 | | (e)(f) | |
| Consilio Midco Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | | | 5/26/2028 | | | | | | € | 249 | | | (8) | | (e)(h) | |
| Cority Software (USA) Inc. | | | | 1st Lien Term Loan | | 10.09% (SOFR + 5.50%) | | 7/2/2026 | | | | | | | 534 | | | 528 | | (e)(f) | |
| Cority Software (USA) Inc. | | | | 1st Lien Term Loan | | 10.39% (SOFR + 5.75%) | | 7/2/2026 | | | | | | | 1,080 | | | 1,069 | | (e)(f) | |
| Cority Software (USA) Inc. | | | | 1st Lien Term Loan | | 12.09% (SOFR + 7.50%) | | 7/2/2026 | | | | | | | 137 | | | 137 | | (e)(f) | |
| Cority Software Inc. | | Canada | | 1st Lien Revolving Loan | | | | 7/2/2025 | | | | | | | 231 | | | (2) | | (e)(h) | |
| Cority Software Inc. | | Canada | | 1st Lien Term Loan | | 10.09% (SOFR + 5.50%) | | 7/2/2026 | | | | | | | 1,715 | | | 1,698 | | (e)(f) | |
| Cority Software Inc. | | Canada | | 1st Lien Term Loan | | 10.39% (SOFR + 5.50%) | | 7/2/2026 | | | | | | | 128 | | | 127 | | (e)(f) | |
| Cornerstone OnDemand, Inc. | | | | 1st Lien Revolving Loan | | 7.96% (1M LIBOR + 3.25%) | | 10/15/2026 | | | | | | | 100 | | | 53 | | (e)(h) | |
| Cornerstone OnDemand, Inc. | | | | 2nd Lien Term Loan | | 11.34% (1M LIBOR + 6.50%) | | 10/15/2029 | | | | | | | 17,522 | | | 16,295 | | (e) | |
| Coupa Holdings, LLC | | | | 1st Lien Revolving Loan | | | | 2/27/2029 | | | | | | | 1 | | | — | | (e)(h) | |
| Coupa Holdings, LLC | | | | 1st Lien Term Loan | | 12.29% (SOFR + 7.50%) | | 2/27/2030 | | | | | | | 229 | | | 229 | | (e) | |
| Coupa Holdings, LLC | | | | 1st Lien Delayed Draw Term Loan | | | | 2/27/2030 | | | | | | | 20 | | | — | | (e)(h) | |
| Datix Bidco Limited | | United Kingdom | | 1st Lien Term Loan | | 8.95% (SOFR + 4.50%) | | 4/28/2025 | | | | | | | 1,143 | | | 1,120 | | (e)(f) | |
| Datix Bidco Limited | | United Kingdom | | 1st Lien Term Loan | | 9.43% (SOFR + 4.50%) | | 4/28/2025 | | | | | | | 1,866 | | | 1,829 | | (e)(f) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Datix Bidco Limited | | United Kingdom | | 2nd Lien Term Loan | | 12.68% (SOFR + 7.75%) | | 4/27/2026 | | | | | | $ | 1,884 | | | $ | 1,846 | | (e) | |
| DCert Buyer, Inc. | | | | 1st Lien Term Loan | | 8.70% (SOFR + 4.00%) | | 10/16/2026 | | | | | | | 10,901 | | | 10,652 | | (f) | |
| DCert Buyer, Inc. | | | | 2nd Lien Term Loan | | 11.70% (SOFR + 7.00%) | | 2/16/2029 | | | | | | | 5,691 | | | 5,577 | | (e)(f) | |
| Denali Holdco LLC | | | | 1st Lien Revolving Loan | | 12.50% (PRIME + 4.50%) | | 9/15/2027 | | | | | | | 592 | | | 434 | | (e)(h) | |
| Denali Holdco LLC | | | | 1st Lien Term Loan | | 10.62% (3M LIBOR + 5.75%) | | 9/15/2027 | | | | | | | 4,174 | | | 4,174 | | (e)(f) | |
| Denali Holdco LLC | | | | 1st Lien Delayed Draw Term Loan | | | | 9/15/2027 | | | | | | | 542 | | | — | | (e)(h) | |
| Diligent Corporation | | | | 1st Lien Revolving Loan | | 11.08% (1M LIBOR + 6.25%) | | 8/4/2025 | | | | | | | 513 | | | 144 | | (e)(h) | |
| Diligent Corporation | | | | 1st Lien Term Loan | | 10.59% (1M LIBOR + 5.75%) | | 8/4/2025 | | | | | | | 2,228 | | | 2,161 | | (e)(f) | |
| Diligent Corporation | | | | 1st Lien Term Loan | | 11.09% (1M LIBOR + 6.25%) | | 8/4/2025 | | | | | | | 481 | | | 471 | | (e) | |
| Diligent Corporation | | | | 1st Lien Term Loan | | 11.09% (1M LIBOR + 6.25%) | | 8/4/2025 | | | | | | | 3,012 | | | 2,952 | | (e)(f) | |
| Doxim Inc. | | | | 1st Lien Term Loan | | 11.24% (SOFR + 6.40%) | | 8/31/2024 | | | | | | | 710 | | | 696 | | (e)(f) | |
| Doxim Inc. | | | | 1st Lien Term Loan | | 11.59% (SOFR + 6.75%) | | 8/31/2024 | | | | | | | 3,379 | | | 3,312 | | (e)(f) | |
| Doxim Inc. | | | | 1st Lien Term Loan | | 11.84% (SOFR + 7.00%) | | 8/31/2024 | | | | | | | 817 | | | 801 | | (e)(f) | |
| Doxim Inc. | | | | 1st Lien Term Loan | | 12.84% (SOFR + 8.00%) | | 8/31/2024 | | | | | | | 6,218 | | | 6,218 | | (e)(f) | |
| Doxim Inc. | | | | 1st Lien Delayed Draw Term Loan | | 11.24% (SOFR + 6.40%) | | 8/31/2024 | | | | | | | 325 | | | 319 | | (e) | |
| Drilling Info Holdings, Inc. | | | | 2nd Lien Term Loan | | 13.09% (1M LIBOR + 8.25%) | | 7/30/2026 | | | | | | | 8,077 | | | 7,996 | | (e)(f) | |
| DS Admiral Bidco, LLC | | | | 1st Lien Revolving Loan | | | | 3/16/2026 | | | | | | | 358 | | | (4) | | (e)(h) | |
| DS Admiral Bidco, LLC | | | | 1st Lien Term Loan | | 11.40% (3M LIBOR + 6.50%) | | 3/16/2028 | | | | | | | 2,395 | | | 2,371 | | (e)(f) | |
| Dye & Durham Corporation | | Canada | | 1st Lien Revolving Loan | | 10.78% (3M CDOR + 5.75%) | | 12/3/2026 | | | | | | CAD | 1,659 | | | 656 | | (e)(h) | |
| Dye & Durham Corporation | | Canada | | 1st Lien Term Loan | | 10.78% (3M CDOR + 5.75%) | | 12/3/2027 | | | | | | CAD | 7,102 | | | 5,255 | | (e)(f) | |
| Dye & Durham Corporation | | Canada | | 1st Lien Delayed Draw Term Loan | | 10.78% (3M CDOR + 5.75%) | | 12/3/2027 | | | | | | CAD | 1,569 | | | 409 | | (e)(h) | |
| Elemica Parent, Inc. | | | | 1st Lien Revolving Loan | | 10.86% (SOFR + 6.00%) | | 9/18/2025 | | | | | | | 479 | | | 385 | | (e)(h) | |
| Elemica Parent, Inc. | | | | 1st Lien Term Loan | | 11.00% (SOFR + 6.00%) | | 9/18/2025 | | | | | | | 2,800 | | | 2,744 | | (e)(f) | |
| Elemica Parent, Inc. | | | | 1st Lien Term Loan | | 11.18% (SOFR + 6.00%) | | 9/18/2025 | | | | | | | 861 | | | 844 | | (e)(f) | |
| Elemica Parent, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 11.08% (SOFR + 6.00%) | | 9/18/2025 | | | | | | | 2,238 | | | 2,193 | | (e)(f) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Elemica Parent, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 11.18% (SOFR + 6.00%) | | 9/18/2025 | | | | | | $ | 550 | | | $ | 539 | | (e)(f) | |
| Enigma Acquisition B.V. | | Netherlands | | 1st Lien Delayed Draw Term Loan | | 11.04% (6M EURIBOR + 7.75%) | | 1/26/2028 | | | | | | € | 4,307 | | | 4,671 | | (e)(f) | |
| Ensono, Inc. | | | | 1st Lien Term Loan | | 9.15% (3M LIBOR + 3.75%) | | 5/26/2028 | | | | | | | 1,248 | | | 1,142 | | | |
| Epicor Software Corporation | | | | 1st Lien Term Loan | | 8.09% (1M LIBOR + 3.25%) | | 7/30/2027 | | | | | | | 7,090 | | | 6,951 | | (i) | |
| eResearch Technology, Inc. | | | | 2nd Lien Term Loan | | 12.84% (1M LIBOR + 8.00%) | | 2/4/2028 | | | | | | | 9,192 | | | 8,642 | | (e)(f) | |
| eResearch Technology, Inc. | | | | 2nd Lien Delayed Draw Term Loan | | 12.84% (1M LIBOR + 8.00%) | | 2/4/2028 | | | | | | | 1,343 | | | 591 | | (e)(h) | |
| ESHA Research, LLC | | | | 1st Lien Revolving Loan | | | | 6/8/2028 | | | | | | | 75 | | | (1) | | (e)(h) | |
| ESHA Research, LLC | | | | 1st Lien Term Loan | | 10.99% (SOFR + 6.25%) | | 6/8/2028 | | | | | | | 482 | | | 477 | | (e)(f) | |
| ExtraHop Networks, Inc. | | | | 1st Lien Term Loan | | 12.41% (SOFR + 7.50%) | | 7/22/2027 | | | | | | | 1,618 | | | 1,618 | | (e) | |
| ExtraHop Networks, Inc. | | | | 1st Lien Term Loan | | 12.41% (SOFR + 7.50%) | | 7/22/2027 | | | | | | | 380 | | | 371 | | (e) | |
| ExtraHop Networks, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 12.41% (SOFR + 7.50%) | | 7/22/2027 | | | | | | | 933 | | | 418 | | (e)(h) | |
| ExtraHop Networks, Inc. | | | | 1st Lien Delayed Draw Term Loan | | | | 7/22/2027 | | | | | | | 761 | | | (19) | | (e)(h) | |
| Gainwell Acquisition Corp. | | | | 1st Lien Term Loan | | 8.90% (SOFR + 4.00%) | | 10/1/2027 | | | | | | | 7,007 | | | 6,674 | | | |
| Gen Digital Inc. | | | | 1st Lien Term Loan | | 6.91% (SOFR + 2.00%) | | 9/12/2029 | | | | | | | 4,983 | | | 4,927 | | | |
| Gilfoyle Bidco AB | | Sweden | | 1st Lien Term Loan | | 10.11% (6M STIBOR + 6.50%) | | 9/4/2028 | | | | | | SEK | 60,606 | | | 5,839 | | (e) | |
| Gilfoyle Bidco AB | | Sweden | | 1st Lien Delayed Draw Term Loan | | 10.11% (6M STIBOR + 6.50%) | | 9/4/2028 | | | | | | SEK | 19,394 | | | 896 | | (e)(h) | |
| GraphPAD Software, LLC | | | | 1st Lien Revolving Loan | | | | 4/27/2027 | | | | | | | 2 | | | — | | (e)(h) | |
| GraphPAD Software, LLC | | | | 1st Lien Term Loan | | 10.43% (3M LIBOR + 5.50%) | | 4/27/2027 | | | | | | | 1 | | | 1 | | (e)(f) | |
| GraphPAD Software, LLC | | | | 1st Lien Term Loan | | 10.71% (3M LIBOR + 5.50%) | | 4/27/2027 | | | | | | | 1,972 | | | 1,913 | | (e)(f) | |
| GraphPAD Software, LLC | | | | 1st Lien Term Loan | | 11.21% (3M LIBOR + 6.00%) | | 4/27/2027 | | | | | | | 4,663 | | | 4,570 | | (e)(f) | |
| GraphPAD Software, LLC | | | | 1st Lien Delayed Draw Term Loan | | | | 4/27/2027 | | | | | | | 436 | | | (13) | | (e)(h) | |
| Heavy Construction Systems Specialists, LLC | | | | 1st Lien Revolving Loan | | | | 11/16/2027 | | | | | | | 410 | | | — | | (e)(h) | |
| Heavy Construction Systems Specialists, LLC | | | | 1st Lien Term Loan | | 10.34% (1M LIBOR + 5.50%) | | 11/16/2028 | | | | | | | 4,147 | | | 4,147 | | (e)(f) | |
| Help/Systems Holdings, Inc. | | | | 1st Lien Term Loan | | 8.78% (SOFR + 4.00%) | | 11/19/2026 | | | | | | | 15,852 | | | 14,037 | | (f) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Help/Systems Holdings, Inc. | | | | 2nd Lien Term Loan | | 11.66% (SOFR + 6.75%) | | 11/19/2027 | | | | | | $ | 2,360 | | | $ | 1,916 | | (f) | |
| Idera, Inc. | | | | 1st Lien Term Loan | | 8.51% (1M LIBOR + 3.75%) | | 3/2/2028 | | | | | | | 8,767 | | | 8,337 | | (f) | |
| Idera, Inc. | | | | 2nd Lien Term Loan | | 11.51% (3M LIBOR + 6.75%) | | 3/2/2029 | | | | | | | 3,567 | | | 3,032 | | (e) | |
| Imperva, Inc. | | | | 1st Lien Term Loan | | 8.86% (3M LIBOR + 4.00%) | | 1/12/2026 | | | | | | | 2,190 | | | 1,910 | | (f) | |
| Imperva, Inc. | | | | 2nd Lien Term Loan | | 12.65% (3M LIBOR + 7.75%) | | 1/10/2027 | | | | | | | 4,502 | | | 3,295 | | (f) | |
| Imprivata, Inc. | | | | 2nd Lien Term Loan | | 11.06% (SOFR + 6.25%) | | 12/1/2028 | | | | | | | 6,384 | | | 5,937 | | (e)(f) | |
| IQN Holding Corp. | | | | 1st Lien Revolving Loan | | | | 5/2/2028 | | | | | | | 628 | | | (6) | | (e)(h) | |
| IQN Holding Corp. | | | | 1st Lien Term Loan | | 10.38% (SOFR + 5.25%) | | 5/2/2029 | | | | | | | 6,570 | | | 6,504 | | (e)(f) | |
| IQN Holding Corp. | | | | 1st Lien Delayed Draw Term Loan | | | | 5/2/2029 | | | | | | | 1,241 | | | (12) | | (e)(h) | |
| Ivanti Software, Inc. | | | | 1st Lien Revolving Loan | | 10.75% (PRIME + 2.75%) | | 12/1/2025 | | | | | | | 460 | | | (71) | | (e)(h) | |
| Ivanti Software, Inc. | | | | 1st Lien Term Loan | | 8.98% (3M LIBOR + 4.00%) | | 12/1/2027 | | | | | | | 54 | | | 43 | | | |
| Ivanti Software, Inc. | | | | 1st Lien Term Loan | | 9.21% (3M LIBOR + 4.25%) | | 12/1/2027 | | | | | | | 5,549 | | | 4,533 | | | |
| Ivanti Software, Inc. | | | | 2nd Lien Term Loan | | 12.21% (3M LIBOR + 7.25%) | | 12/1/2028 | | | | | | | 5,000 | | | 3,000 | | (e) | |
| Kaseya Inc. | | | | 1st Lien Revolving Loan | | | | 6/25/2029 | | | | | | | 2,365 | | | (71) | | (e)(h) | |
| Kaseya Inc. | | | | 1st Lien Term Loan | | 10.65% (SOFR + 5.75%) | | 6/25/2029 | | | | | | | 39,056 | | | 37,884 | | (e)(f) | |
| Kaseya Inc. | | | | 1st Lien Delayed Draw Term Loan | | | | 6/25/2029 | | | | | | | 2,365 | | | (71) | | (e)(h) | |
| LeanTaaS Holdings, Inc. | | | | 1st Lien Term Loan | | 12.40% (SOFR + 7.50%) | | 7/12/2028 | | | | | | | 2,635 | | | 2,635 | | (e) | |
| LeanTaaS Holdings, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 12.40% (SOFR + 7.50%) | | 7/12/2028 | | | | | | | 5,006 | | | 678 | | (e)(h) | |
| Majesco | | | | 1st Lien Revolving Loan | | | | 9/21/2026 | | | | | | | 624 | | | — | | (e)(h) | |
| Majesco | | | | 1st Lien Term Loan | | 12.41% (3M LIBOR + 7.25%) | | 9/21/2027 | | | | | | | 7,891 | | | 7,891 | | (e)(f) | |
| Maltese Bidco 1 Limited | | United Kingdom | | 1st Lien Term Loan | | 9.66% (3M EURIBOR + 7.00%) | | 2/14/2029 | | | | | | € | 3,600 | | | 3,904 | | (e)(f) | |
| McAfee Corp. | | | | 1st Lien Term Loan | | 8.65% (SOFR + 3.75%) | | 3/1/2029 | | | | | | | 5,169 | | | 4,846 | | | |
| MH Sub I, LLC (Micro Holding Corp.) | | | | 1st Lien Term Loan | | 8.59% (1M LIBOR + 3.75%) | | 9/13/2024 | | | | | | | 10,063 | | | 9,878 | | | |
| Mimecast Borrowerco, Inc. | | | | 1st Lien Term Loan | | 9.93% (SONIA + 5.75%) | | 5/18/2029 | | | | | | ₤ | 7,018 | | | 8,397 | | (e)(f) | |
| Mimecast Borrowerco, Inc. | | | | 1st Lien Term Loan | | 10.66% (SOFR + 5.75%) | | 5/18/2029 | | | | | | | 38,376 | | | 37,224 | | (e)(f) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Mimecast Borrowerco, Inc. | | | | 1st Lien Delayed Draw Term Loan | | | | 5/18/2029 | | | | | | $ | 3,831 | | | $ | (115) | | (e)(h) | |
| Mitchell International, Inc. | | | | 2nd Lien Term Loan | | 11.34% (1M LIBOR + 6.50%) | | 10/15/2029 | | | | | | | 12,252 | | | 10,598 | | | |
| MRI Software LLC | | | | 1st Lien Revolving Loan | | | | 2/10/2026 | | | | | | | 508 | | | (15) | | (e)(h) | |
| MRI Software LLC | | | | 1st Lien Term Loan | | 10.66% (3M LIBOR + 5.50%) | | 2/10/2026 | | | | | | | 2,236 | | | 2,168 | | (e)(g) | |
| MRI Software LLC | | | | 1st Lien Term Loan | | 10.66% (3M LIBOR + 5.50%) | | 2/10/2026 | | | | | | | 6,600 | | | 6,402 | | (e)(f) | |
| MRI Software LLC | | | | 1st Lien Delayed Draw Term Loan | | | | 2/10/2026 | | | | | | | 484 | | | (15) | | (e)(h) | |
| Open Text Corp | | Canada | | 1st Lien Term Loan | | 8.16% (SOFR + 3.25%) | | 1/31/2030 | | | | | | | 12,343 | | | 12,294 | | (i) | |
| OpenMarket Inc. | | | | 1st Lien Term Loan | | 11.41% (3M LIBOR + 6.25%) | | 9/17/2026 | | | | | | | 6,941 | | | 6,871 | | (e)(f) | |
| Park Place Technologies, LLC | | | | 1st Lien Term Loan | | 9.91% (SOFR + 5.00%) | | 11/10/2027 | | | | | | | 1,748 | | | 1,673 | | (f) | |
| Park Place Technologies, LLC | | | | 2nd Lien Term Loan | | 13.91% (SOFR + 9.00%) | | 11/10/2028 | | | | | | | 9,474 | | | 9,284 | | (e)(f) | |
| PDDS Holdco, Inc. | | | | 1st Lien Revolving Loan | | | | 7/18/2028 | | | | | | | 58 | | | — | | (e)(h) | |
| PDDS Holdco, Inc. | | | | 1st Lien Term Loan | | 12.54% (SOFR + 7.50%) | | 7/18/2028 | | | | | | | 733 | | | 733 | | (e) | |
| PDDS Holdco, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 12.53% (SOFR + 7.50%) | | 7/18/2028 | | | | | | | 85 | | | 39 | | (e)(h) | |
| PDDS Holdco, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 12.54% (SOFR + 7.50%) | | 7/18/2028 | | | | | | | 70 | | | 70 | | (e) | |
| PDDS Holdco, Inc. | | | | 1st Lien Delayed Draw Term Loan | | | | 7/18/2028 | | | | | | | 85 | | | — | | (e)(h) | |
| PDI TA Holdings, Inc. | | | | 1st Lien Revolving Loan | | 9.29% (3M LIBOR + 4.50%) | | 10/24/2024 | | | | | | | 205 | | | 100 | | (e)(h) | |
| PDI TA Holdings, Inc. | | | | 1st Lien Term Loan | | 9.30% (3M LIBOR + 4.50%) | | 10/24/2024 | | | | | | | 2,335 | | | 2,311 | | (e)(f) | |
| PDI TA Holdings, Inc. | | | | 2nd Lien Term Loan | | 13.41% (3M LIBOR + 8.50%) | | 10/24/2025 | | | | | | | 1,107 | | | 1,096 | | (e) | |
| PDI TA Holdings, Inc. | | | | 2nd Lien Term Loan | | 13.41% (3M LIBOR + 8.50%) | | 10/24/2025 | | | | | | | 245 | | | 242 | | (e)(f) | |
| PDI TA Holdings, Inc. | | | | 2nd Lien Delayed Draw Term Loan | | 13.41% (3M LIBOR + 8.50%) | | 10/24/2025 | | | | | | | 138 | | | 136 | | (e) | |
| Pluralsight, Inc. | | | | 1st Lien Revolving Loan | | 12.78% (3M LIBOR + 8.00%) | | 4/6/2027 | | | | | | | 1,204 | | | 578 | | (e)(h) | |
| Pluralsight, Inc. | | | | 1st Lien Term Loan | | 12.78% (3M LIBOR + 8.00%) | | 4/6/2027 | | | | | | | 16,506 | | | 16,176 | | (e) | |
| Precisely Software Incorporated | | | | 1st Lien Term Loan | | 8.82% (3M LIBOR + 4.00%) | | 4/24/2028 | | | | | | | 13,400 | | | 11,892 | | (f) | |
| ProfitSolv Purchaser, Inc. | | | | 1st Lien Revolving Loan | | | | 3/5/2027 | | | | | | | 608 | | | (18) | | (e)(h) | |
| ProfitSolv Purchaser, Inc. | | | | 1st Lien Term Loan | | 10.34% (1M LIBOR + 5.50%) | | 3/5/2027 | | | | | | | 3,766 | | | 3,653 | | (e)(f) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| ProfitSolv Purchaser, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 10.33% (1M LIBOR + 5.50%) | | 3/5/2027 | | | | | | $ | 1,343 | | | $ | 1,302 | | (e) | |
| Project Essential Bidco, Inc. | | | | 1st Lien Revolving Loan | | | | 4/20/2027 | | | | | | | 121 | | | (4) | | (e)(h) | |
| Project Essential Bidco, Inc. | | | | 1st Lien Term Loan | | 10.56% (3M LIBOR + 5.75%) | | 4/20/2028 | | | | | | | 4,046 | | | 3,925 | | (e)(f) | |
| Proofpoint, Inc. | | | | 1st Lien Revolving Loan | | | | 8/31/2026 | | | | | | | 240 | | | — | | (e)(h) | |
| Proofpoint, Inc. | | | | 1st Lien Term Loan | | 8.09% (1M LIBOR + 3.25%) | | 8/31/2028 | | | | | | | 6,432 | | | 6,277 | | | |
| Proofpoint, Inc. | | | | 2nd Lien Term Loan | | 11.09% (1M LIBOR + 6.25%) | | 8/31/2029 | | | | | | | 5,156 | | | 5,156 | | (e) | |
| QF Holdings, Inc. | | | | 1st Lien Revolving Loan | | 11.06% (SOFR + 6.25%) | | 12/15/2027 | | | | | | | 317 | | | 53 | | (e)(h) | |
| QF Holdings, Inc. | | | | 1st Lien Term Loan | | 11.16% (SOFR + 6.25%) | | 12/15/2027 | | | | | | | 1,313 | | | 1,313 | | (e) | |
| QF Holdings, Inc. | | | | 1st Lien Term Loan | | 11.16% (SOFR + 6.25%) | | 12/15/2027 | | | | | | | 2,500 | | | 2,500 | | (e)(f) | |
| QF Holdings, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 11.16% (SOFR + 6.25%) | | 12/15/2027 | | | | | | | 526 | | | 526 | | (e) | |
| Quest Software US Holdings Inc. | | | | 1st Lien Term Loan | | 9.08% (SOFR + 4.25%) | | 2/1/2029 | | | | | | | 4,596 | | | 3,733 | | | |
| Quest Software US Holdings Inc. | | | | 2nd Lien Term Loan | | 12.33% (SOFR + 7.50%) | | 2/1/2030 | | | | | | | 4,879 | | | 3,464 | | | |
| Raptor Technologies, LLC (Sycamore Bidco Ltd) | | | | 1st Lien Revolving Loan | | | | 10/5/2027 | | | | | | | 498 | | | (10) | | (e)(h) | |
| Raptor Technologies, LLC (Sycamore Bidco Ltd) | | | | 1st Lien Term Loan | | 10.66% (3M LIBOR + 5.50%) | | 10/5/2028 | | | | | | | 3,199 | | | 3,135 | | (e)(f) | |
| RealPage, Inc. | | | | 2nd Lien Term Loan | | 11.34% (1M LIBOR + 6.50%) | | 4/23/2029 | | | | | | | 9,423 | | | 8,951 | | (e)(f) | |
| Relativity ODA LLC | | | | 1st Lien Revolving Loan | | | | 5/12/2027 | | | | | | | 1 | | | — | | (e)(h) | |
| Relativity ODA LLC | | | | 1st Lien Term Loan | | 12.35% (1M LIBOR + 7.50%) | | 5/12/2027 | | | | | | | 7,380 | | | 7,380 | | (e)(g) | |
| Revalize, Inc. | | | | 1st Lien Revolving Loan | | | | 4/15/2027 | | | | | | | 227 | | | (14) | | (e)(h) | |
| Revalize, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 10.66% (SOFR + 5.75%) | | 4/15/2027 | | | | | | | 2,939 | | | 2,762 | | (e) | |
| RMS Holdco II, LLC | | | | 1st Lien Revolving Loan | | | | 12/16/2027 | | | | | | | 883 | | | (9) | | (e)(h) | |
| RMS Holdco II, LLC | | | | 1st Lien Term Loan | | 10.91% (3M LIBOR + 5.75%) | | 12/16/2027 | | | | | | | 7,139 | | | 7,068 | | (e)(f) | |
| Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.) | | | | 1st Lien Term Loan | | 8.56% (SOFR + 3.75%) | | 2/24/2028 | | | | | | | 7,277 | | | 7,175 | | (i) | |
| Smarsh Inc. | | | | 1st Lien Revolving Loan | | 11.40% (SOFR + 6.50%) | | 2/16/2029 | | | | | | | 227 | | | 45 | | (e)(h) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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. | | | | 1st Lien Term Loan | | 11.29% (SOFR + 6.50%) | | 2/16/2029 | | | | | | $ | 3,561 | | | $ | 3,561 | | (e)(f) | |
| Smarsh Inc. | | | | 1st Lien Delayed Draw Term Loan | | 11.29% (SOFR + 6.50%) | | 2/16/2029 | | | | | | | 890 | | | 445 | | (e)(h) | |
| Sophia, L.P. | | | | 1st Lien Term Loan | | 8.66% (3M LIBOR + 3.50%) | | 10/7/2027 | | | | | | | 10,583 | | | 10,444 | | | |
| Sophia, L.P. | | | | 2nd Lien Term Loan | | 13.16% (3M LIBOR + 8.00%) | | 10/9/2028 | | | | | | | 10,498 | | | 10,183 | | (e)(f) | |
| Storable, Inc. | | | | 2nd Lien Term Loan | | 11.54% (SOFR + 6.75%) | | 4/16/2029 | | | | | | | 9,527 | | | 9,242 | | (e)(f) | |
| Sundance Group Holdings, Inc. | | | | 1st Lien Revolving Loan | | 11.18% (SOFR + 6.25%) | | 7/2/2027 | | | | | | | 1 | | | — | | (e)(h) | |
| Sundance Group Holdings, Inc. | | | | 1st Lien Term Loan | | 10.95% (SOFR + 6.25%) | | 7/2/2027 | | | | | | | 1,510 | | | 1,495 | | (e)(f) | |
| Sundance Group Holdings, Inc. | | | | 1st Lien Term Loan | | 11.16% (SOFR + 6.25%) | | 7/2/2027 | | | | | | | 81 | | | 80 | | (e) | |
| Sundance Group Holdings, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 11.09% (SOFR + 6.25%) | | 7/2/2027 | | | | | | | 453 | | | 448 | | (e) | |
| TCP Hawker Intermediate LLC | | | | 1st Lien Revolving Loan | | | | 8/29/2025 | | | | | | | 458 | | | — | | (e)(h) | |
| TCP Hawker Intermediate LLC | | | | 1st Lien Term Loan | | 10.41% (3M LIBOR + 5.25%) | | 8/28/2026 | | | | | | | 2,729 | | | 2,729 | | (e)(f) | |
| TCP Hawker Intermediate LLC | | | | 1st Lien Delayed Draw Term Loan | | 10.38% (3M LIBOR + 5.25%) | | 8/31/2026 | | | | | | | 916 | | | 521 | | (e)(h) | |
| TCP Hawker Intermediate LLC | | | | 1st Lien Delayed Draw Term Loan | | 10.41% (3M LIBOR + 5.25%) | | 8/28/2026 | | | | | | | 484 | | | 484 | | (e)(f) | |
| TCP Hawker Intermediate LLC | | | | 1st Lien Delayed Draw Term Loan | | 6.25% (3M LIBOR + 5.25%) | | 8/28/2026 | | | | | | | 489 | | | 489 | | (e)(f) | |
| TIBCO Software Inc | | | | 1st Lien Revolving Loan | | | | 9/30/2027 | | | | | | | 2,574 | | | (309) | | (e)(h) | |
| TIBCO Software Inc | | | | 1st Lien Term Loan | | 9.50% (SOFR + 4.50%) | | 3/30/2029 | | | | | | | 19,000 | | | 17,227 | | | |
| TIBCO Software Inc | | | | 2nd Lien Term Loan | | 9.00% (SOFR + 4.00%) | | 9/28/2029 | | | | | | | 2 | | | 2 | | (e) | |
| Tiger UK Bidco Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 10.47% (SONIA + 6.42%) | | 6/30/2028 | | | | | | ₤ | 1,464 | | | 1,806 | | (e) | |
| Tiger UK Bidco Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 10.47% (SONIA + 6.42%) | | 6/30/2028 | | | | | | ₤ | 5,529 | | | 6,820 | | (e)(f) | |
| UKG Inc. | | | | 1st Lien Revolving Loan | | 8.56% (1M LIBOR + 3.75%) | | 2/1/2026 | | | | | | | 3 | | | 1 | | (e)(h) | |
| UserZoom Technologies, Inc. | | | | 1st Lien Term Loan | | 11.63% (SOFR + 7.00%) | | 4/5/2029 | | | | | | | 250 | | | 243 | | (e) | |
| WebPT, Inc. | | | | 1st Lien Revolving Loan | | 13.75% (PRIME + 5.75%) | | 1/18/2028 | | | | | | | 216 | | | 142 | | (e)(h) | |
| WebPT, Inc. | | | | 1st Lien Term Loan | | 11.74% (3M LIBOR + 6.75%) | | 1/18/2028 | | | | | | | 2,042 | | | 2,042 | | (e) | |
| Wellness AcquisitionCo, Inc. | | | | 1st Lien Revolving Loan | | | | 1/20/2027 | | | | | | | 504 | | | — | | (e)(h) | |
| Wellness AcquisitionCo, Inc. | | | | 1st Lien Term Loan | | 10.49% (3M LIBOR + 5.50%) | | 1/20/2027 | | | | | | | 3,056 | | | 3,056 | | (e)(f) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Wellness AcquisitionCo, Inc. | | | | 1st Lien Delayed Draw Term Loan | | | | 1/20/2027 | | | | | | $ | 609 | | | $ | — | | (e)(h) | |
| WorkWave Intermediate II, LLC | | | | 1st Lien Revolving Loan | | | | 6/29/2027 | | | | | | | 460 | | | — | | (e)(h) | |
| WorkWave Intermediate II, LLC | | | | 1st Lien Term Loan | | 12.25% (SOFR + 7.25%) | | 6/29/2027 | | | | | | | 4,603 | | | 4,603 | | (e)(g) | |
| WorkWave Intermediate II, LLC | | | | 1st Lien Delayed Draw Term Loan | | 12.25% (SOFR + 7.25%) | | 6/29/2027 | | | | | | | 1,600 | | | 1,600 | | (e) | |
| WorkWave Intermediate II, LLC | | | | 1st Lien Delayed Draw Term Loan | | 12.25% (SOFR + 7.25%) | | 6/29/2027 | | | | | | | 1,503 | | | 1,503 | | (e)(g) | |
| WSBidCo Limited | | Jersey | | 1st Lien Term Loan | | 11.05% (SONIA + 7.00%) | | 6/16/2028 | | | | | | ₤ | 2,679 | | | 3,304 | | (e)(f) | |
| WSBidCo Limited | | Jersey | | 1st Lien Delayed Draw Term Loan | | 11.05% (SONIA + 7.00%) | | 6/16/2028 | | | | | | ₤ | 2,679 | | | 3,304 | | (e) | |
| | | | | | | | | | | | | | | | | 710,211 | | | 27.82 | % |
| Technology Hardware & Equipment | | | | | | | | | | | | | | | |
| Avaya Inc. | | | | 1st Lien Term Loan | | 12.83% (SOFR + 8.00%) | | 8/15/2023 | | | | | | | 250 | | | 256 | | (e) | |
| Chariot Buyer LLC | | | | 1st Lien Revolving Loan | | 7.84% (1M LIBOR + 3.00%) | | 11/3/2026 | | | | | | | 100 | | | 19 | | (e)(h) | |
| Chariot Buyer LLC | | | | 2nd Lien Term Loan | | 11.91% (3M LIBOR + 6.75%) | | 11/5/2029 | | | | | | | 13,662 | | | 12,979 | | (e)(f) | |
| FL Hawk Intermediate Holdings, Inc. | | | | 1st Lien Revolving Loan | | | | 2/22/2027 | | | | | | | 1,312 | | | (13) | | (e)(h) | |
| FL Hawk Intermediate Holdings, Inc. | | | | 1st Lien Term Loan | | 9.91% (3M LIBOR + 4.75%) | | 2/22/2028 | | | | | | | 7,308 | | | 7,235 | | (e)(f) | |
| Flexential Topco Corporation | | | | 1st Lien Revolving Loan | | 12.00% | | 8/25/2027 | | | | | | | 3,000 | | | 1,470 | | (e)(h) | |
| Micromeritics Instrument Corp. | | | | 1st Lien Revolving Loan | | | | 12/18/2025 | | | | | | | 331 | | | — | | (e)(h) | |
| Micromeritics Instrument Corp. | | | | 1st Lien Term Loan | | 9.65% (3M LIBOR + 4.50%) | | 12/18/2025 | | | | | | | 1,594 | | | 1,594 | | (e)(f) | |
| MWG BidCo ApS | | Denmark | | 1st Lien Term Loan | | 9.70% (3M CIBOR + 6.75%) | | 2/29/2028 | | | | | | DKK | 20,066 | | | 2,921 | | (e) | |
| MWG BidCo ApS | | Denmark | | 1st Lien Delayed Draw Term Loan | | | | 2/29/2028 | | | | | | DKK | 4,934 | | | (1) | | (e)(h) | |
| Repairify, Inc. | | | | 1st Lien Revolving Loan | | 10.03% (SOFR + 5.00%) | | 6/14/2027 | | | | | | | 766 | | | 89 | | (e)(h) | |
| Repairify, Inc. | | | | 1st Lien Term Loan | | 10.04% (SOFR + 5.00%) | | 6/14/2027 | | | | | | | 3,517 | | | 3,341 | | (e)(f) | |
| Stellant Midco, LLC | | | | 1st Lien Term Loan | | 10.54% (SOFR + 5.50%) | | 10/2/2028 | | | | | | | 1,602 | | | 1,586 | | (e)(f) | |
| ViaSat, Inc. | | | | 1st Lien Term Loan | | 9.42% (SOFR + 4.50%) | | 3/2/2029 | | | | | | | 1,022 | | | 989 | | | |
| Wildcat BuyerCo, Inc. | | | | 1st Lien Revolving Loan | | 12.75% (PRIME + 4.75%) | | 2/27/2026 | | | | | | | 255 | | | 38 | | (e)(h) | |
| Wildcat BuyerCo, Inc. | | | | 1st Lien Term Loan | | 10.80% (SOFR + 5.75%) | | 2/27/2026 | | | | | | | 3,179 | | | 3,147 | | (e)(f) | |
| Wildcat BuyerCo, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 10.80% (SOFR + 5.75%) | | 2/27/2026 | | | | | | | 1,347 | | | 1,333 | | (e) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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. | | | | 1st Lien Delayed Draw Term Loan | | 10.80% (SOFR + 5.75%) | | 2/27/2026 | | | | | | $ | 1,059 | | | $ | 1,048 | | (e)(f) | |
| | | | | | | | | | | | | | | | | 38,031 | | | 1.49 | % |
| Telecommunication Services | | | | | | | | | | | | | | | |
| Aventiv Technologies, LLC | | | | 1st Lien Term Loan | | 9.66% (3M LIBOR + 4.50%) | | 11/1/2024 | | | | | | | 2,598 | | | 1,840 | | | |
| Aventiv Technologies, LLC | | | | 2nd Lien Term Loan | | 13.08% (3M LIBOR + 8.25%) | | 11/1/2025 | | | | | | | 5,692 | | | 3,984 | | (e) | |
| CB-SDG Limited | | United Kingdom | | 1st Lien Term Loan | | | | 4/2/2026 | | | | | | ₤ | 3,344 | | | 2,640 | | (e)(f)(g)(j) | |
| Commify Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 10.94% (6M LIBOR + 6.75%) | | 9/14/2026 | | | | | | | 1,055 | | | 694 | | (e)(h)(m) | |
| Commify Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 11.61% (6M LIBOR + 8.00%) | | 9/14/2026 | | | | | | | 3,092 | | | 3,092 | | (e)(f)(m) | |
| Commify Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | 11.15% (6M LIBOR + 6.50%) | | 9/14/2026 | | | | | | | 825 | | | 800 | | (e)(m) | |
| Delta Topco, Inc. | | | | 2nd Lien Term Loan | | 12.16% (SOFR + 7.25%) | | 12/1/2028 | | | | | | | 3,964 | | | 3,360 | | | |
| Panther NewCo | | France | | 1st Lien Term Loan | | 8.77% (3M EURIBOR + 5.75%) | | 5/24/2029 | | | | | | € | 8,250 | | | 8,947 | | (e) | |
| Panther NewCo | | France | | 1st Lien Delayed Draw Term Loan | | | | 5/24/2029 | | | | | | € | 3,498 | | | (4) | | (e)(h) | |
| UPC Financing Partnership | | | | 1st Lien Term Loan | | 7.61% (1M LIBOR + 2.93%) | | 1/31/2029 | | | | | | | 3,000 | | | 2,933 | | | |
| Zayo Group Holdings, Inc. | | | | 1st Lien Term Loan | | 7.84% (1M LIBOR + 3.00%) | | 3/9/2027 | | | | | | | 2,191 | | | 1,774 | | | |
| | | | | | | | | | | | | | | | | 30,060 | | | 1.18 | % |
| Transportation | | | | | | | | | | | | | | | | | | | |
| Commercial Trailer Leasing, Inc. | | | | 1st Lien Revolving Loan | | | | 1/19/2026 | | | | | | | 741 | | | — | | (e)(h) | |
| Commercial Trailer Leasing, Inc. | | | | 1st Lien Term Loan | | 11.04% (SOFR + 6.25%) | | 1/19/2026 | | | | | | | 11,738 | | | 11,738 | | (e)(f) | |
| Commercial Trailer Leasing, Inc. | | | | 1st Lien Delayed Draw Term Loan | | 11.04% (SOFR + 6.25%) | | 1/19/2026 | | | | | | | 1,421 | | | 1,421 | | (e) | |
| Commercial Trailer Leasing, Inc. | | | | 2nd Lien Term Loan | | 13.00% | | 1/19/2027 | | | | | | | 2,222 | | | 2,177 | | (e)(f) | |
| Draken Bidco Limited | | United Kingdom | | 1st Lien Term Loan | | 11.89% (SOFR + 7.00%) | | 7/20/2029 | | | | | | | 10,560 | | | 10,560 | | (e)(f) | |
| Draken Bidco Limited | | United Kingdom | | 1st Lien Delayed Draw Term Loan | | | | 7/20/2029 | | | | | | | 1,440 | | | — | | (e)(h)(i) | |
| Neovia Logistics, LP | | | | 1st Lien Term Loan | | 13.78% (SOFR + 9.00%) | | 11/1/2027 | | | | | | | 414 | | | 304 | | (e)(h) | |
| Shur-Co Acquisition, Inc. | | | | 1st Lien Revolving Loan | | | | 6/30/2027 | | | | | | | 441 | | | — | | (e)(h) | |
| Shur-Co Acquisition, Inc. | | | | 1st Lien Term Loan | | 10.90% (SOFR + 6.00%) | | 6/30/2027 | | | | | | | 2,604 | | | 2,604 | | (e)(f) | |
| | | | | | | | | | | | | | | | | 28,804 | | | 1.13 | % |
| Utilities | | | | | | | | | | | | | | | | | | | |
| Scholt Energy B.V. | | Netherlands | | 1st Lien Term Loan | | 9.52% (3M EURIBOR + 6.50%) | | 8/10/2028 | | | | | | € | 9,500 | | | 10,303 | | (e)(f) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| WIN Waste Innovations Holdings Inc. | | | | 1st Lien Term Loan | | 7.67% (1M LIBOR + 2.75%) | | 3/24/2028 | | | | | | $ | 4,116 | | | $ | 3,890 | | | |
| | | | | | | | | | | | | | | | | 14,193 | | | 0.56 | % |
| | | | | | | | | | | | | | | | | | | |
| TOTAL SENIOR LOANS (Cost $2,898,424) | | | | | | | | | | | | | 2,787,589 | | | 109.19 | % |
| | | | | | | | | | | | | | | | | | | |
| SUBORDINATED LOANS(b)(c)(d)(e) | | | | | | | | | | | | | | | |
| Commercial & Professional Services | | | | | | | | | | | | | | | |
| Visual Edge Technology, Inc. | | | | Subordinated Term Loan | | | | 9/3/2024 | | | | | | | 285 | | | 128 | | (j) | |
| | | | | | | | | | | | | | | | | 128 | | | 0.01 | % |
| Consumer Services | | | | | | | | | | | | | | | |
| KeyStone Sub-Debt HoldCo, LLC | | | | Subordinated Term Loan | | | | 1/20/2027 | | | | | | | 10,103 | | | 10,103 | | (i) | |
| | | | | | | | | | | | | | | | | 10,103 | | | 0.40 | % |
| Financial Services | | | | | | | | | | | | | | | | | | | |
| eCapital Finance Corp. | | Canada | | Subordinated Term Loan | | 12.52% (SOFR + 7.75%) | | 12/31/2025 | | | | | | | 31,852 | | | 31,533 | | | |
| eCapital Finance Corp. | | Canada | | Subordinated Delayed Draw Term Loan | | 12.52% (SOFR + 7.75%) | | 12/31/2025 | | | | | | | 2,804 | | | 2,775 | | | |
| TVG-TMG Topco, Inc. | | | | Subordinated Term Loan | | 12.00% | | 3/30/2029 | | | | | | | 3,100 | | | 2,945 | | (g) | |
| | | | | | | | | | | | | | | | | 37,253 | | | 1.45 | % |
| Pharmaceuticals, Biotechnology & Life Sciences | | | | | | | | | | | | | | | |
| Cardinal Topco Holdings, L.P. | | | | Subordinated Term Loan | | 11.25% | | 3/17/2025 | | | | | | | 8 | | | 8 | | (g) | |
| | | | | | | | | | | | | | | | | 8 | | | — | % |
| | | | | | | | | | | | | | | | | | | |
| TOTAL SUBORDINATED LOANS (Cost $46,954) | | | | | | | | | | | | | 47,492 | | | 1.86 | % |
| | | | | | | | | | | | | | | | | | | |
| CORPORATE BONDS(b)(c) | | | | | | | | | | | | | | | |
| Automobiles & Components | | | | | | | | | | | | | | | |
| Nissan Motor Co Ltd | | Japan | | | | 4.35% | | 9/17/2027 | | | | | | | 3,571 | | | 3,355 | | (d) | |
| | | | | | | | | | | | | | | | | 3,355 | | | 0.13 | % |
| Capital Goods | | | | | | | | | | | | | | | | | | | |
| Artera Services, LLC | | | | | | 9.03% | | 12/4/2025 | | | | | | | 505 | | | 434 | | (d) | |
| LBM Acquisition LLC | | | | | | 6.25% | | 1/15/2029 | | | | | | | 5,345 | | | 4,136 | | (d) | |
| Specialty Building Products Holdings LLC | | | | | | 6.38% | | 9/30/2026 | | | | | | | 4,984 | | | 4,560 | | (d) | |
| SRS Distribution Inc. | | | | | | 6.00% | | 12/1/2029 | | | | | | | 5,000 | | | 4,128 | | (d) | |
| Tutor Perini Corporation | | | | | | 6.88% | | 5/1/2025 | | | | | | | 8,970 | | | 6,324 | | (d) | |
| | | | | | | | | | | | | | | | | 19,582 | | | 0.77 | % |
| Commercial & Professional Services | | | | | | | | | | | | | | | |
| NBLY 2021-1 | | | | | | 3.58% | | 4/30/2051 | | | | | | | 25 | | | 21 | | (d)(e) | |
| Neptune BidCo US Inc. | | | | | | 9.29% | | 4/15/2029 | | | | | | | 8,991 | | | 8,336 | | (d) | |
| VRC Companies, LLC | | | | | | 12.00% | | 6/29/2028 | | | | | | | 25 | | | 24 | | (e)(g) | |
| | | | | | | | | | | | | | | | | 8,381 | | | 0.33 | % |
| Consumer Discretionary Distribution & Retail | | | | | | | | | | | | | | | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Carvana Co | | | | | | 4.88% | | 9/1/2029 | | | | | | $ | 750 | | | $ | 304 | | (d) | |
| HSE Finance Sarl | | Luxembourg | | | | 8.40% (3M EURIBOR + 5.75%) | | 10/15/2026 | | | | | | € | 4,034 | | | 2,292 | | | |
| SCIH Salt Holdings Inc. | | | | | | 4.88% | | 5/1/2028 | | | | | | | 3,009 | | | 2,683 | | (d) | |
| | | | | | | | | | | | | | | | | 5,279 | | | 0.21 | % |
| Consumer Durables & Apparel | | | | | | | | | | | | | | | |
| Ashton Woods USA LLC | | | | | | 4.63% | | 8/1/2029 | | | | | | | 1,600 | | | 1,296 | | (d) | |
| Ashton Woods USA LLC | | | | | | 4.63% | | 4/1/2030 | | | | | | | 520 | | | 428 | | (d) | |
| | | | | | | | | | | | | | | | | 1,724 | | | 0.07 | % |
| Consumer Services | | | | | | | | | | | | | | | |
| 1011778 BC ULC | | Canada | | | | 4.38% | | 1/15/2028 | | | | | | | 1,190 | | | 1,099 | | (d) | |
| AUTHB 2021-1 | | | | | | 3.73% | | 7/30/2051 | | | | | | | 25 | | | 20 | | (d)(e) | |
| Hilton Domestic Operating Company Inc. | | | | | | 3.75% | | 5/1/2029 | | | | | | | 5,273 | | | 4,706 | | (d) | |
| SERV 2020-1 | | | | | | 3.34% | | 1/30/2051 | | | | | | | 25 | | | 19 | | (d)(e) | |
| VICI Properties | | | | | | 3.75% | | 2/15/2027 | | | | | | | 2,846 | | | 2,627 | | (d) | |
| | | | | | | | | | | | | | | | | 8,471 | | | 0.33 | % |
| Consumer Staples Distribution & Retail | | | | | | | | | | | | | | | |
| BUNDT 2021-1 | | | | | | 2.99% | | 7/30/2051 | | | | | | | 25 | | | 21 | | (d)(e) | |
| | | | | | | | | | | | | | | | | 21 | | | — | % |
| Energy | | | | | | | | | | | | | | | | | | | |
| Apache Corporation | | | | | | 5.10% | | 9/1/2040 | | | | | | | 3,000 | | | 2,543 | | | |
| Ascent Resources - Utica LLC | | | | | | 9.00% | | 11/1/2027 | | | | | | | 500 | | | 607 | | (d) | |
| Blue Racer Midstream LLC | | | | | | 7.63% | | 12/15/2025 | | | | | | | 1,652 | | | 1,635 | | (d) | |
| Cheniere Energy Partners LP | | | | | | 4.00% | | 3/1/2031 | | | | | | | 300 | | | 267 | | | |
| CITGO Holding Inc | | | | | | 9.25% | | 8/1/2024 | | | | | | | 3,000 | | | 3,006 | | (d) | |
| Enviva Partners LP | | | | | | 6.50% | | 1/15/2026 | | | | | | | 4,120 | | | 3,749 | | (d) | |
| ITT Holdings LLC | | | | | | 6.50% | | 8/1/2029 | | | | | | | 7,137 | | | 6,026 | | (d) | |
| Summit Midstream Holdings LLC | | | | | | 5.75% | | 4/15/2025 | | | | | | | 596 | | | 496 | | | |
| Western Midstream Operating LP | | | | | | 5.50% | | 2/1/2050 | | | | | | | 3,000 | | | 2,565 | | | |
| | | | | | | | | | | | | | | | | 20,894 | | | 0.82 | % |
| Equity Real Estate Investment Trusts (REITs) | | | | | | | | | | | | | | | |
| Brookfield Property REIT Inc | | | | | | 4.50% | | 4/1/2027 | | | | | | | 5,208 | | | 4,184 | | (d) | |
| Brookfield Property REIT Inc | | | | | | 5.75% | | 5/15/2026 | | | | | | | 2,667 | | | 2,385 | | (d) | |
| HAT Holdings I LLC | | | | | | 3.75% | | 9/15/2030 | | | | | | | 3,694 | | | 2,789 | | (d) | |
| Iron Mountain Inc | | | | | | 4.88% | | 9/15/2027 | | | | | | | 714 | | | 675 | | (d) | |
| Iron Mountain Inc | | | | | | 4.88% | | 9/15/2029 | | | | | | | 3,154 | | | 2,829 | | (d) | |
| Iron Mountain Inc | | | | | | 5.25% | | 7/15/2030 | | | | | | | 4,089 | | | 3,705 | | (d) | |
| | | | | | | | | | | | | | | | | 16,567 | | | 0.65 | % |
| Financial Services | | | | | | | | | | | | | | | | | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| BCC Blueprint Investments, LLC | | | | | | 9.30% | | 9/15/2026 | | | | | | $ | 599 | | | $ | 599 | | (e)(g) | |
| Blackstone Private Credit Fund | | | | | | 2.35% | | 11/22/2024 | | | | | | | 8,500 | | | 7,890 | | | |
| Blackstone Private Credit Fund | | | | | | 2.63% | | 12/15/2026 | | | | | | | 5,000 | | | 4,197 | | | |
| Castor S.p.A. | | Italy | | | | 6.00% | | 2/15/2029 | | | | | | € | 3,977 | | | 3,820 | | (d) | |
| Ford Motor Credit Co. LLC | | | | | | 4.13% | | 8/17/2027 | | | | | | | 3,081 | | | 2,821 | | | |
| Ford Motor Credit Co. LLC | | | | | | 6.95% | | 3/6/2026 | | | | | | | 3,000 | | | 3,049 | | | |
| HighTower Holding, LLC | | | | | | 6.75% | | 4/15/2029 | | | | | | | 3,280 | | | 2,777 | | (d) | |
| Ladder Capital Finance Holding | | | | | | 4.25% | | 2/1/2027 | | | | | | | 3,016 | | | 2,383 | | (d) | |
| Rocket Mortgage LLC | | | | | | 3.63% | | 3/1/2029 | | | | | | | 3,757 | | | 3,226 | | (d) | |
| Shiba Bidco SpA | | Italy | | | | 4.50% | | 10/31/2028 | | | | | | € | 1,033 | | | 903 | | | |
| SoFi Technologies Inc | | | | | | | | 10/15/2026 | | | | | | | 7,605 | | | 5,371 | | | |
| WAX 2022-1 | | | | | | 5.50% | | 3/15/2052 | | | | | | | 18,905 | | | 17,143 | | (d)(e) | |
| | | | | | | | | | | | | | | | | 54,179 | | | 2.12 | % |
| Food & Beverage | | | | | | | | | | | | | | | | | | | |
| Chobani LLC | | | | | | 7.50% | | 4/15/2025 | | | | | | | 3,668 | | | 3,576 | | (d) | |
| Simmons Foods Inc | | | | | | 4.63% | | 3/1/2029 | | | | | | | 3,051 | | | 2,479 | | (d) | |
| Triton Water Holdings, Inc. | | | | | | 6.25% | | 4/1/2029 | | | | | | | 100 | | | 79 | | (d) | |
| | | | | | | | | | | | | | | | | 6,134 | | | 0.24 | % |
| Health Care Equipment & Services | | | | | | | | | | | | | | | |
| Air Methods Corporation | | | | | | 8.00% | | 5/15/2025 | | | | | | | 6,349 | | | 381 | | (d) | |
| HCA Inc | | | | | | 3.50% | | 9/1/2030 | | | | | | | 4,000 | | | 3,561 | | | |
| Legacy LifePoint Health LLC | | | | | | 4.38% | | 2/15/2027 | | | | | | | 1,613 | | | 1,321 | | (d) | |
| Team Health Holdings, Inc. | | | | | | 6.38% | | 2/1/2025 | | | | | | | 6,188 | | | 3,723 | | (d) | |
| | | | | | | | | | | | | | | | | 8,986 | | | 0.35 | % |
| Insurance | | | | | | | | | | | | | | | | | | | |
| Alliant Holdings Intermediate LLC | | | | | | 4.25% | | 10/15/2027 | | | | | | | 1,556 | | | 1,394 | | (d) | |
| Alliant Holdings Intermediate LLC | | | | | | 6.75% | | 10/15/2027 | | | | | | | 3,000 | | | 2,788 | | (d) | |
| Ardonagh Midco 2 PLC | | United Kingdom | | | | 11.50% | | 1/15/2027 | | | | | | | 34 | | | 31 | | (d) | |
| NFP Corp. | | | | | | 6.88% | | 8/15/2028 | | | | | | | 2,624 | | | 2,271 | | (d) | |
| | | | | | | | | | | | | | | | | 6,484 | | | 0.25 | % |
| Materials | | | | | | | | | | | | | | | | | | | |
| Ball Corp | | | | | | 2.88% | | 8/15/2030 | | | | | | | 7,000 | | | 5,854 | | | |
| CF Industries Inc. | | | | | | 5.15% | | 3/15/2034 | | | | | | | 1,800 | | | 1,724 | | | |
| Chemours Company, The | | | | | | 4.63% | | 11/15/2029 | | | | | | | 3,003 | | | 2,476 | | (d) | |
| Constellium SE | | France | | | | 5.63% | | 6/15/2028 | | | | | | | 1,000 | | | 944 | | (d) | |
| Freeport-Mcmoran Inc. | | | | | | 5.40% | | 11/14/2034 | | | | | | | 1,500 | | | 1,463 | | | |
| Kobe US Midco 2 Inc | | | | | | 9.25% | | 11/1/2026 | | | | | | | 666 | | | 480 | | (d)(g) | |
| Martin Marietta Materials Inc | | | | | | 2.40% | | 7/15/2031 | | | | | | | 4,000 | | | 3,273 | | | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Mauser Packaging Solutions Holding Company | | | | | | 9.25% | | 4/15/2027 | | | | | | $ | 2,644 | | | $ | 2,443 | | (d) | |
| OI European Group BV | | Netherlands | | | | 4.75% | | 2/15/2030 | | | | | | | 4,000 | | | 3,634 | | (d) | |
| | | | | | | | | | | | | | | | | 22,291 | | | 0.87 | % |
| Media & Entertainment | | | | | | | | | | | | | | | |
| Altice Financing S.A. | | Luxembourg | | | | 5.00% | | 1/15/2028 | | | | | | | 7,000 | | | 5,688 | | (d) | |
| Aventine Holdings II LLC | | | | | | 10.25% | | 12/23/2030 | | | | | | | 10,965 | | | 10,197 | | (e)(g) | |
| CCO Holdings LLC | | | | | | 4.25% | | 2/1/2031 | | | | | | | 969 | | | 804 | | | |
| CSC Holdings LLC | | | | | | 3.38% | | 2/15/2031 | | | | | | | 4,000 | | | 2,767 | | (d) | |
| CSC Holdings LLC | | | | | | 4.50% | | 11/15/2031 | | | | | | | 870 | | | 627 | | (d) | |
| CSC Holdings LLC | | | | | | 4.63% | | 12/1/2030 | | | | | | | 2,000 | | | 986 | | (d) | |
| CSC Holdings LLC | | | | | | 5.25% | | 6/1/2024 | | | | | | | 1,000 | | | 966 | | | |
| Eagle Football Holdings BidCo Limited | | United Kingdom | | | | 12.83% | | 12/13/2028 | | | | | | | 1,232 | | | 1,195 | | (e) | |
| Eagle Football Holdings BidCo Limited | | United Kingdom | | | | 15.00% | | 12/13/2028 | | | | | | | 673 | | | 632 | | (e)(g) | |
| Telenet Finance Luxembourg Notes Sarl | | Luxembourg | | | | 5.50% | | 3/1/2028 | | | | | | | 400 | | | 372 | | (d)(e) | |
| Virgin Media Vendor Financing Notes IV DAC | | Ireland | | | | 5.00% | | 7/15/2028 | | | | | | | 3,000 | | | 2,666 | | (d) | |
| | | | | | | | | | | | | | | | | 26,900 | | | 1.06 | % |
| Software & Services | | | | | | | | | | | | | | | |
| AffiniPay Intermediate Holdings, LLC | | | | | | 14.83% | | 6/9/2030 | | | | | | | 5,304 | | | 5,038 | | (e)(g) | |
| Insightful Science Intermediate I, LLC | | | | | | 10.50% | | 4/28/2032 | | | | | | | 1,279 | | | 1,164 | | (e)(g) | |
| | | | | | | | | | | | | | | | | 6,202 | | | 0.24 | % |
| Technology Hardware & Equipment | | | | | | | | | | | | | | | |
| Avaya Inc. | | | | | | | | 9/15/2028 | | | | | | | 1,302 | | | 124 | | (d)(j) | |
| ViaSat, Inc. | | | | | | 6.50% | | 7/15/2028 | | | | | | | 2,790 | | | 2,061 | | (d) | |
| | | | | | | | | | | | | | | | | 2,185 | | | 0.09 | % |
| Telecommunication Services | | | | | | | | | | | | | | | |
| Telesat Canada | | Canada | | | | 5.63% | | 12/6/2026 | | | | | | | 4,420 | | | 2,323 | | (d) | |
| Telesat Canada | | Canada | | | | 6.50% | | 10/15/2027 | | | | | | | 1,925 | | | 597 | | (d) | |
| | | | | | | | | | | | | | | | | 2,920 | | | 0.11 | % |
| Utilities | | | | | | | | | | | | | | | | | | | |
| New Fortress Energy Inc | | | | | | 6.50% | | 9/30/2026 | | | | | | | 8,500 | | | 7,820 | | (d) | |
| | | | | | | | | | | | | | | | | 7,820 | | | 0.31 | % |
| | | | | | | | | | | | | | | | | | | |
| TOTAL CORPORATE BONDS (Cost $261,412) | | | | | | | | | | | | | 228,375 | | | 8.95 | % |
| | | | | | | | | | | | | | | | | | | |
| COLLATERALIZED LOAN OBLIGATIONS - DEBT(b)(c)(d)(e) | | | | | | | | | | | | | | | |
| AIMCO 2021-15 | | Cayman Islands | | | | 10.74% (3M LIBOR + 5.95%) | | 10/17/2034 | | | | | | | 750 | | | 681 | | | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 2012-11 | | Cayman Islands | | | | 10.60% (3M LIBOR + 5.80%) | | 4/30/2031 | | | | | | $ | 1,500 | | | $ | 1,284 | | | |
| AMMC 2018-22 | | Cayman Islands | | | | 10.32% (3M LIBOR + 5.50%) | | 4/25/2031 | | | | | | | 750 | | | 638 | | | |
| ATCLO 2016-7 | | Cayman Islands | | | | 13.01% (3M LIBOR + 8.05%) | | 11/27/2031 | | | | | | | 875 | | | 502 | | | |
| ATRM 13 | | Cayman Islands | | | | 10.87% (3M LIBOR + 6.05%) | | 11/21/2030 | | | | | | | 1,350 | | | 1,212 | | | |
| ATRM 9 | | Cayman Islands | | | | 11.40% (3M LIBOR + 6.45%) | | 5/28/2030 | | | | | | | 2,000 | | | 1,786 | | | |
| BABSN 2015-2 | | Cayman Islands | | | | 6.00% (3M LIBOR + 1.19%) | | 10/20/2030 | | | | | | | 3,116 | | | 3,090 | | | |
| BCC 2019-2 | | Cayman Islands | | | | 11.11% (3M LIBOR + 6.32%) | | 10/17/2032 | | | | | | | 1,250 | | | 1,085 | | | |
| BCC 2019-4 | | Cayman Islands | | | | 12.66% (SOFR + 7.99%) | | 4/23/2035 | | | | | | | 6,000 | | | 5,388 | | | |
| BCC 2021-3 | | Cayman Islands | | | | 11.32% (3M LIBOR + 6.50%) | | 7/24/2034 | | | | | | | 500 | | | 450 | | | |
| BCC 2022-2 | | Jersey | | | | 12.49% (SOFR + 7.84%) | | 4/22/2035 | | | | | | | 8,000 | | | 7,470 | | | |
| BCHPK 2019-1 | | Cayman Islands | | | | 11.16% (SOFR + 6.50%) | | 1/17/2035 | | | | | | | 500 | | | 441 | | | |
| CANYC 2018-1 | | Cayman Islands | | | | 10.54% (3M LIBOR + 5.75%) | | 7/15/2031 | | | | | | | 850 | | | 685 | | | |
| CANYC 2020-1 | | Cayman Islands | | | | 11.14% (3M LIBOR + 6.35%) | | 7/15/2034 | | | | | | | 1,952 | | | 1,742 | | | |
| CEDF 2018-9 | | Cayman Islands | | | | 10.16% (3M LIBOR + 5.35%) | | 4/20/2031 | | | | | | | 250 | | | 213 | | | |
| CIFC 2014-3 | | Cayman Islands | | | | 10.92% (3M LIBOR + 6.10%) | | 10/22/2031 | | | | | | | 997 | | | 823 | | | |
| CIFC 2015-1A | | Cayman Islands | | | | 5.93% (3M LIBOR + 1.11%) | | 1/22/2031 | | | | | | | 4,000 | | | 3,962 | | | |
| CIFC 2017-2 | | Cayman Islands | | | | 10.76% (3M LIBOR + 5.95%) | | 4/20/2030 | | | | | | | 250 | | | 216 | | | |
| CRBN 2017-1 | | Cayman Islands | | | | 5.95% (3M LIBOR + 1.14%) | | 1/20/2031 | | | | | | | 5,750 | | | 5,703 | | | |
| DEN12 2016-1 | | Cayman Islands | | | | 10.69% (3M LIBOR + 5.90%) | | 4/15/2031 | | | | | | | 750 | | | 544 | | | |
| DEN14 2016-1 | | Cayman Islands | | | | 11.17% (3M LIBOR + 6.35%) | | 10/23/2031 | | | | | | | 750 | | | 545 | | | |
| DEN16 2018-1 | | Cayman Islands | | | | 7.41% (3M LIBOR + 2.60%) | | 1/20/2030 | | | | | | | 1,500 | | | 1,320 | | | |
| DRSLF 2013-28 | | Cayman Islands | | | | 12.61% (3M LIBOR + 7.75%) | | 8/15/2030 | | | | | | | 500 | | | 393 | | | |
| DRSLF 2018-55 | | Cayman Islands | | | | 10.19% (3M LIBOR + 5.40%) | | 4/15/2031 | | | | | | | 375 | | | 316 | | | |
| DRSLF 2018-57 | | Cayman Islands | | | | 10.06% (3M LIBOR + 5.20%) | | 5/15/2031 | | | | | | | 500 | | | 407 | | | |
| DRSLF 2018-58 | | Cayman Islands | | | | 10.14% (3M LIBOR + 5.35%) | | 7/17/2031 | | | | | | | 1,000 | | | 857 | | | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| DRSLF 2018-70 | | Cayman Islands | | | | 10.88% (3M LIBOR + 6.05%) | | 1/16/2032 | | | | | | $ | 250 | | | $ | 222 | | | |
| DRSLF 2020-86 | | Cayman Islands | | | | 11.29% (3M LIBOR + 6.50%) | | 7/17/2034 | | | | | | | 250 | | | 221 | | | |
| ELMW8 2021-1 | | Cayman Islands | | | | 12.81% (3M LIBOR + 8.00%) | | 1/20/2034 | | | | | | | 750 | | | 638 | | | |
| FILPK 2018-1 | | Cayman Islands | | | | 10.19% (3M LIBOR + 5.40%) | | 7/15/2030 | | | | | | | 288 | | | 250 | | | |
| FLAT 2021-1 | | Cayman Islands | | | | 10.80% (3M LIBOR + 6.00%) | | 7/19/2034 | | | | | | | 250 | | | 226 | | | |
| GLD10 2015-10 | | Cayman Islands | | | | 10.46% (3M LIBOR + 5.65%) | | 7/20/2031 | | | | | | | 750 | | | 691 | | | |
| ICG 2018-1 | | Cayman Islands | | | | 9.97% (3M LIBOR + 5.15%) | | 4/21/2031 | | | | | | | 500 | | | 365 | | | |
| INGIM 2013-3 | | Cayman Islands | | | | 10.79% (SOFR + 6.16%) | | 10/18/2031 | | | | | | | 1,250 | | | 1,059 | | | |
| KKR 2022-41 | | Cayman Islands | | | | 11.33% (SOFR + 6.70%) | | 4/15/2035 | | | | | | | 1,500 | | | 1,298 | | | |
| KKR 34 | | Cayman Islands | | | | 11.64% (3M LIBOR + 6.85%) | | 7/15/2034 | | | | | | | 600 | | | 545 | | | |
| MAGNE 2015-15 | | Cayman Islands | | | | 10.12% (SOFR + 5.46%) | | 7/25/2031 | | | | | | | 500 | | | 444 | | | |
| MDPK 2014-14 | | Cayman Islands | | | | 12.59% (3M LIBOR + 7.77%) | | 10/22/2030 | | | | | | | 1,000 | | | 771 | | | |
| MDPK 2016-22 | | Cayman Islands | | | | 11.49% (3M LIBOR + 6.70%) | | 1/15/2033 | | | | | | | 550 | | | 503 | | | |
| MDPK 2018-27 | | Cayman Islands | | | | 9.81% (3M LIBOR + 5.00%) | | 4/20/2030 | | | | | | | 650 | | | 571 | | | |
| MDPK 2018-28 | | Cayman Islands | | | | 12.39% (3M LIBOR + 7.60%) | | 7/15/2030 | | | | | | | 500 | | | 406 | | | |
| MDPK 2020-46 | | Cayman Islands | | | | 11.04% (3M LIBOR + 6.25%) | | 10/15/2034 | | | | | | | 750 | | | 667 | | | |
| MDPK 2021-52 | | Cayman Islands | | | | 11.32% (3M LIBOR + 6.50%) | | 1/22/2035 | | | | | | | 450 | | | 401 | | | |
| MDPK 2021-59 | | Cayman Islands | | | | 5.93% (3M LIBOR + 1.14%) | | 1/18/2034 | | | | | | | 1,500 | | | 1,476 | | | |
| MDPK 2022-55 | | Cayman Islands | | | | 12.80% (SOFR + 8.17%) | | 7/18/2035 | | | | | | | 852 | | | 840 | | | |
| OAKC 2022-13 | | Bermuda | | | | 8.25% (SOFR + 5.19%) | | 7/20/2035 | | | | | | | 418 | | | 412 | | | |
| OCT35 2018-1 | | Cayman Islands | | | | 10.01% (3M LIBOR + 5.20%) | | 1/20/2031 | | | | | | | 1,500 | | | 1,170 | | | |
| OHALF 2015-1 | | Cayman Islands | | | | 11.45% (3M LIBOR + 6.65%) | | 1/19/2037 | | | | | | | 860 | | | 802 | | | |
| OHALF 2016-1 | | Cayman Islands | | | | 11.16% (3M LIBOR + 6.35%) | | 1/20/2033 | | | | | | | 4,000 | | | 3,691 | | | |
| PLMRS 2018-2 | | Cayman Islands | | | | 5.89% (3M LIBOR + 1.10%) | | 7/16/2031 | | | | | | | 6,250 | | | 6,197 | | | |
| RSRVA 2016-3 | | Cayman Islands | | | | 11.29% (3M LIBOR + 6.50%) | | 1/18/2034 | | | | | | | 500 | | | 442 | | | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| TFLAT 2018-1 | | Cayman Islands | | | | 10.95% (3M LIBOR + 6.15%) | | 1/29/2032 | | | | | | $ | 250 | | | $ | 224 | | | |
| VENTR 2019-36 | | Cayman Islands | | | | 11.73% (3M LIBOR + 6.92%) | | 4/20/2032 | | | | | | | 300 | | | 212 | | | |
| VENTR 2019-37 | | Cayman Islands | | | | 11.74% (3M LIBOR + 6.95%) | | 7/15/2032 | | | | | | | 3,000 | | | 2,335 | | | |
| VOYA 2019-4 | | Cayman Islands | | | | 11.50% (3M LIBOR + 6.71%) | | 1/15/2035 | | | | | | | 500 | | | 441 | | | |
| WELF 2017-3 | | Cayman Islands | | | | 10.34% (3M LIBOR + 5.55%) | | 1/17/2031 | | | | | | | 1,000 | | | 736 | | | |
| WELF 2018-3 | | Cayman Islands | | | | 11.06% (3M LIBOR + 6.25%) | | 1/20/2032 | | | | | | | 250 | | | 187 | | | |
| WOODS 2018-12 | | Cayman Islands | | | | 10.65% (3M LIBOR + 5.79%) | | 6/15/2031 | | | | | | | 750 | | | 549 | | | |
| TOTAL COLLATERALIZED LOAN OBLIGATIONS - DEBT (Cost $76,900) | | | | | | | | | | | | | 70,745 | | | 2.77 | % |
| | | | | | | | | | | | | | | | | | | |
| COLLATERALIZED LOAN OBLIGATIONS - EQUITY(d)(e) | | | | | | | | | | | | | | | |
| AIMCO 2019-10 | | Cayman Islands | | | | 31.95% | | 7/22/2032 | | | | | | | 5,500 | | | 3,462 | | | |
| AIMCO 2020-11 | | Cayman Islands | | | | 25.37% | | 10/17/2034 | | | | | | | 7,258 | | | 6,510 | | | |
| AIMCO 2021-14 | | Cayman Islands | | | | 19.08% | | 4/20/2034 | | | | | | | 1,000 | | | 778 | | | |
| AIMCO 2021-16 | | Cayman Islands | | | | 14.99% | | 1/17/2035 | | | | | | | 5,600 | | | 4,582 | | | |
| ANCHC 2019-13 | | Cayman Islands | | | | 14.67% | | 4/15/2034 | | | | | | | 250 | | | 170 | | | |
| ANCHC 2020-16 | | Cayman Islands | | | | 13.91% | | 1/19/2035 | | | | | | | 250 | | | 146 | | | |
| ANCHC 2021-20 | | Cayman Islands | | | | 4.83% | | 1/20/2035 | | | | | | | 4,650 | | | 3,019 | | | |
| ANCHF 2015-2 | | Cayman Islands | | | | 27.27% | | 4/25/2038 | | | | | | | 4,550 | | | 2,836 | | | |
| ANCHF 2016-3 | | Cayman Islands | | | | 15.99% | | 1/28/2039 | | | | | | | 520 | | | 355 | | | |
| ANCHF 2019-8 | | Cayman Islands | | | | 29.35% | | 7/25/2037 | | | | | | | 404 | | | 183 | | | |
| ANCHF 2019-9 | | Cayman Islands | | | | 28.86% | | 10/25/2037 | | | | | | | 250 | | | 166 | | | |
| ANCHF 2019-9 | | Cayman Islands | | | | 28.88% | | 10/25/2037 | | | | | | | 680 | | | 451 | | | |
| ANCHF 2020-10 | | Cayman Islands | | | | 26.46% | | 4/25/2038 | | | | | | | 1,731 | | | 922 | | | |
| ATRM 15 | | Cayman Islands | | | | 16.56% | | 1/23/2031 | | | | | | | 4,080 | | | 2,202 | | | |
| AVERY 2015-6 | | Cayman Islands | | | | 0.10% | | 8/5/2027 | | | | | | | 314 | | | — | | | |
| BARK 2021-1 | | Cayman Islands | | | | 17.68% | | 4/20/2034 | | | | | | | 250 | | | 168 | | | |
| BCC 2017-2 | | Cayman Islands | | | | 17.15% | | 7/25/2034 | | | | | | | 3,461 | | | 2,430 | | | |
| BCC 2018-1 | | Cayman Islands | | | | 16.68% | | 4/23/2031 | | | | | | | 1,420 | | | 595 | | | |
| BCC 2019-1 | | Cayman Islands | | | | 22.82% | | 4/18/2032 | | | | | | | 1,400 | | | 857 | | | |
| BCC 2019-2 | | Cayman Islands | | | | 22.61% | | 10/17/2032 | | | | | | | 810 | | | 439 | | | |
| BCC 2020-1 | | Cayman Islands | | | | 28.40% | | 4/18/2033 | | | | | | | 1,250 | | | 827 | | | |
| BCC 2020-2 | | Cayman Islands | | | | 44.60% | | 7/19/2034 | | | | | | | 800 | | | 530 | | | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| BCC 2021-2 | | Cayman Islands | | | | 14.71% | | 7/16/2034 | | | | | | $ | 1,000 | | | $ | 632 | | | |
| BCC 2022-1 | | Cayman Islands | | | | 17.53% | | 4/18/2035 | | | | | | | 6,750 | | | 4,168 | | | |
| CANYC 2019-1 | | Cayman Islands | | | | 21.06% | | 4/15/2032 | | | | | | | 2,798 | | | 1,442 | | | |
| CEDF 2016-5 | | Cayman Islands | | | | 17.47% | | 7/17/2031 | | | | | | | 2,000 | | | 1,263 | | | |
| CEDF 2017-8 | | Cayman Islands | | | | 13.71% | | 10/17/2034 | | | | | | | 365 | | | 168 | | | |
| CGMS 2018-3 | | Cayman Islands | | | | 13.02% | | 10/15/2030 | | | | | | | 750 | | | 308 | | | |
| CGMS 2018-4 | | Cayman Islands | | | | 17.56% | | 1/20/2031 | | | | | | | 2,310 | | | 1,122 | | | |
| CGMS 2019-3 | | Cayman Islands | | | | 21.62% | | 10/20/2032 | | | | | | | 3,875 | | | 2,526 | | | |
| CGMS 2021-8 | | Cayman Islands | | | | 19.28% | | 10/15/2034 | | | | | | | 1,000 | | | 692 | | | |
| CIFC 2015-4 | | Cayman Islands | | | | 14.16% | | 4/20/2034 | | | | | | | 2,252 | | | 845 | | | |
| CIFC 2018-5 | | Cayman Islands | | | | 18.66% | | 1/15/2032 | | | | | | | 625 | | | 300 | | | |
| CIFC 2019-1 | | Cayman Islands | | | | 25.59% | | 4/20/2032 | | | | | | | 1,500 | | | 737 | | | |
| CIFC 2019-FAL | | Cayman Islands | | | | 15.75% | | 1/20/2033 | | | | | | | 3,050 | | | 2,165 | | | |
| CIFC 2020-3 | | Cayman Islands | | | | 14.53% | | 10/20/2034 | | | | | | | 1,000 | | | 791 | | | |
| CIFC 2021-5 | | Cayman Islands | | | | 14.96% | | 7/15/2034 | | | | | | | 5,200 | | | 3,910 | | | |
| CIFC 2021-7 | | Cayman Islands | | | | 19.13% | | 1/23/2035 | | | | | | | 250 | | | 188 | | | |
| DAVIS 2022-1 | | Cayman Islands | | | | 15.31% | | 4/20/2035 | | | | | | | 7,250 | | | 5,206 | | | |
| DAVIS 2022-1 | | Cayman Islands | | | | | | 4/20/2035 | | | | | | | 14,500 | | | 337 | | | |
| DRSLF 2013-28 | | Cayman Islands | | | | 13.65% | | 8/15/2030 | | | | | | | 1,406 | | | 240 | | | |
| DRSLF 2018-58 | | Cayman Islands | | | | 16.86% | | 7/17/2031 | | | | | | | 3,125 | | | 1,589 | | | |
| DRSLF 2020-78 | | Cayman Islands | | | | 22.35% | | 4/17/2033 | | | | | | | 7,225 | | | 5,144 | | | |
| DRSLF 2022-108 | | Jersey | | | | 25.72% | | 7/18/2035 | | | | | | | 875 | | | 652 | | | |
| DRSLF 2022-98 | | Cayman Islands | | | | 20.22% | | 4/20/2035 | | | | | | | 4,000 | | | 3,057 | | | |
| DRSLF 2022-98 | | Cayman Islands | | | | 20.23% | | 4/20/2035 | | | | | | | 1,000 | | | 764 | | | |
| ELM11 2021-4 | | Cayman Islands | | | | 18.35% | | 10/20/2034 | | | | | | | 4,050 | | | 3,621 | | | |
| ELMW5 2020-2 | | Cayman Islands | | | | 31.19% | | 7/24/2031 | | | | | | | 2,500 | | | 2,414 | | | |
| ELMW8 2021-1 | | Cayman Islands | | | | 17.79% | | 1/20/2034 | | | | | | | 2,003 | | | 1,566 | | | |
| GNRT 2022-10 | | Cayman Islands | | | | 18.82% | | 7/22/2035 | | | | | | | 6,500 | | | 5,141 | | | |
| HRPK 2020-1 | | Cayman Islands | | | | 13.44% | | 4/20/2034 | | | | | | | 3,985 | | | 2,999 | | | |
| ICG 2021-1 | | Cayman Islands | | | | 15.55% | | 4/17/2034 | | | | | | | 600 | | | 373 | | | |
| ICG 2021-1 | | Cayman Islands | | | | 15.75% | | 4/17/2034 | | | | | | | 2,000 | | | 1,242 | | | |
| INVCO 2021-2 | | Cayman Islands | | | | 17.42% | | 7/15/2034 | | | | | | | 440 | | | 305 | | | |
| INVCO 2021-2 | | Cayman Islands | | | | | | 7/15/2034 | | | | | | | 44 | | | 13 | | | |
| INVCO 2021-3 | | Cayman Islands | | | | 15.21% | | 10/22/2034 | | | | | | | 3,657 | | | 2,468 | | | |
| INVCO 2021-3 | | Cayman Islands | | | | | | 10/22/2034 | | | | | | | 366 | | | 108 | | | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| MAGNE 2012-6 | | Cayman Islands | | | | | | 9/15/2023 | | | | | | $ | 1,241 | | | $ | — | | | |
| MAGNE 2020-28 | | Cayman Islands | | | | 20.65% | | 1/20/2035 | | | | | | | 5,250 | | | 4,346 | | | |
| MDPK 2016-22 | | Cayman Islands | | | | 22.22% | | 1/15/2033 | | | | | | | 7,400 | | | 4,482 | | | |
| MDPK 2018-28 | | Cayman Islands | | | | 21.00% | | 7/15/2030 | | | | | | | 3,000 | | | 1,774 | | | |
| MDPK 2018-31 | | Cayman Islands | | | | 17.91% | | 1/23/2048 | | | | | | | 4,250 | | | 2,800 | | | |
| MDPK 2018-32 | | Cayman Islands | | | | 24.17% | | 1/22/2048 | | | | | | | 1,250 | | | 739 | | | |
| MDPK 2019-34 | | Cayman Islands | | | | 25.53% | | 4/25/2032 | | | | | | | 780 | | | 477 | | | |
| MDPK 2019-37 | | Cayman Islands | | | | 27.56% | | 7/15/2049 | | | | | | | 7,500 | | | 5,640 | | | |
| MDPK 2021-50 | | Cayman Islands | | | | 14.44% | | 4/19/2034 | | | | | | | 2,500 | | | 1,985 | | | |
| MDPK 2021-59 | | Cayman Islands | | | | 15.20% | | 1/18/2034 | | | | | | | 6,000 | | | 4,784 | | | |
| MDPK 2022-53 | | Cayman Islands | | | | 18.18% | | 4/21/2035 | | | | | | | 6,000 | | | 5,075 | | | |
| MDPK 2022-55 | | Cayman Islands | | | | 16.39% | | 7/18/2035 | | | | | | | 3,025 | | | 2,662 | | | |
| MDPK 2023-63A | | Cayman Islands | | | | | | 4/21/2035 | | | | | | | 6,050 | | | 5,277 | | (l) | |
| NEUB 2016-23 | | Cayman Islands | | | | 0.10% | | 10/17/2027 | | | | | | | 29 | | | — | | | |
| OAKC 2012-7 | | Cayman Islands | | | | 13.73% | | 2/20/2034 | | | | | | | 500 | | | 243 | | | |
| OAKC 2014-10R | | Cayman Islands | | | | 12.06% | | 4/20/2034 | | | | | | | 1,493 | | | 623 | | | |
| OAKC 2014-10R | | Cayman Islands | | | | 14.02% | | 4/20/2034 | | | | | | | 1,000 | | | 418 | | | |
| OAKC 2017-15 | | Cayman Islands | | | | 17.26% | | 1/20/2030 | | | | | | | 1,360 | | | 639 | | | |
| OAKC 2021-16 | | Cayman Islands | | | | 16.71% | | 10/18/2034 | | | | | | | 4,575 | | | 3,494 | | | |
| OAKCL 2019-2 | | Cayman Islands | | | | 22.86% | | 4/15/2031 | | | | | | | 3,860 | | | 1,937 | | | |
| OAKCL 2019-3 | | Cayman Islands | | | | 17.11% | | 10/20/2034 | | | | | | | 6,229 | | | 3,998 | | | |
| OHALF 2013-1 | | Cayman Islands | | | | 13.50% | | 7/23/2031 | | | | | | | 876 | | | 290 | | | |
| OHALF 2016-1 | | Cayman Islands | | | | 20.13% | | 1/20/2033 | | | | | | | 8,800 | | | 5,738 | | | |
| RESPK 2020-1 | | Cayman Islands | | | | 14.69% | | 10/15/2034 | | | | | | | 2,953 | | | 1,659 | | | |
| RESPK 2020-1 | | Cayman Islands | | | | | | 10/15/2034 | | | | | | | 2,953 | | | 113 | | | |
| ROCKP 2021-1 | | Cayman Islands | | | | 11.47% | | 4/20/2034 | | | | | | | 2,100 | | | 1,348 | | | |
| ROCKP 2021-1 | | Cayman Islands | | | | | | 4/20/2034 | | | | | | | 4,200 | | | 58 | | | |
| RRAM 2017-2 | | Cayman Islands | | | | 14.32% | | 10/15/2117 | | | | | | | 500 | | | 326 | | | |
| RRAM 2019-6 | | Cayman Islands | | | | 16.40% | | 4/15/2036 | | | | | | | 1,000 | | | 812 | | | |
| RRAM 2020-8 | | Cayman Islands | | | | 16.67% | | 4/15/2120 | | | | | | | 550 | | | 362 | | | |
| RRAM 2021-14 | | Cayman Islands | | | | 15.15% | | 4/15/2121 | | | | | | | 750 | | | 514 | | | |
| RRAM 2021-17 | | Cayman Islands | | | | 15.94% | | 7/15/2034 | | | | | | | 1,000 | | | 680 | | | |
| RRAM 2021-19 | | Cayman Islands | | | | 15.49% | | 10/15/2035 | | | | | | | 1,166 | | | 860 | | | |
| SPEAK 2018-5 | | Cayman Islands | | | | 12.17% | | 4/25/2031 | | | | | | | 2,500 | | | 980 | | | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| SPEAK 2020-8 | | Cayman Islands | | | | 17.67% | | 4/20/2033 | | | | | | $ | 6,350 | | | $ | 4,522 | | | |
| Symphony CLO XI Ltd | | Cayman Islands | | | | | | 1/17/2025 | | | | | | | 1 | | | — | | | |
| TPRK 2021-1 | | Cayman Islands | | | | 16.24% | | 4/15/2034 | | | | | | | 1,500 | | | 1,173 | | | |
| WELF 2017-3 | | Cayman Islands | | | | 12.44% | | 1/17/2031 | | | | | | | 250 | | | 53 | | | |
| WELF 2018-3 | | Cayman Islands | | | | 10.49% | | 1/20/2032 | | | | | | | 2,400 | | | 662 | | | |
| WELF 2020-1 | | Cayman Islands | | | | 20.69% | | 4/15/2033 | | | | | | | 5,955 | | | 2,955 | | | |
| WLLMN 2021-1 | | Cayman Islands | | | | 13.92% | | 7/15/2034 | | | | | | | 2,550 | | | 1,780 | | | |
| WLLMN 2021-1 | | Cayman Islands | | | | | | 7/15/2034 | | | | | | | 5,100 | | | 106 | | | |
| YCLO 2019-2 | | Cayman Islands | | | | 28.60% | | 1/22/2033 | | | | | | | 4,000 | | | 3,259 | | | |
| TOTAL COLLATERALIZED LOAN OBLIGATIONS - EQUITY (Cost $180,968) | | | | | | | | | | | | | 169,767 | | | 6.65 | % |
| | | | | | | | | | | | | | | | | | | |
| COMMON STOCKS | | | | | | | | | | | | | | | |
| Automobiles & Components | | | | | | | | | | | | | | | |
| Automotive Keys Investor, LLC | | | | Class A | | | | | | 11/6/2020 | | 62,749 | | | | | | — | | (d)(e)(k) | |
| Highline PPC Blocker LLC | | | | | | | | | | 11/4/2020 | | 500 | | | | | | 32 | | (d)(e)(k) | |
| Sun TopCo, LP | | | | Class A | | | | | | 9/8/2021 | | 1,000 | | | | | | 112 | | (d)(e)(k) | |
| | | | | | | | | | | | | | | | | 144 | | | 0.01 | % |
| Capital Goods | | | | | | | | | | | | | | | | | | | |
| Dynamic NC Investment Holdings, LP | | | | | | | | | | 12/30/2020 | | 50,000 | | | | | | 36 | | (d)(e)(k) | |
| Kene Holdings, L.P. | | | | Class A | | | | | | 8/8/2019 | | 50,000 | | | | | | 85 | | (d)(e)(k) | |
| Tutor Perini Corporation | | | | | | | | | | 5/19/2021 | | 12,650 | | | | | | 78 | | (k) | |
| | | | | | | | | | | | | | | | | 199 | | | 0.01 | % |
| Commercial & Professional Services | | | | | | | | | | | | | | | |
| Bedrock Parent Holdings, LP | | | | Class A | | | | | | 4/22/2021 | | 500 | | | | | | 35 | | (d)(e)(k) | |
| Capstone Parent Holdings, LP | | | | Class A | | | | | | 11/12/2020 | | 50 | | | | | | 93 | | (d)(e)(k) | |
| Elliott Metron Co-Investor Aggregator L.P. | | | | | | | | | | 10/5/2022 | | 1,000,000 | | | | | | 1,002 | | (d)(e)(k) | |
| IRI-NPD Co-Invest Aggregator, L.P. | | | | | | | | | | 8/1/2022 | | 30 | | | | | | 42 | | (d)(e)(k) | |
| KKR Nest Co-Invest L.P. | | | | | | | | | | 9/28/2021 | | 50,000 | | | | | | 52 | | (d)(e)(k) | |
| Laboratories Topco LLC | | | | Class A | | | | | | 7/23/2021 | | 33,333 | | | | | | 47 | | (d)(e)(k) | |
| Landscape Parallel Partners, L.P. | | | | Class A | | | | | | 12/16/2021 | | 17 | | | | | | 61 | | (d)(e)(k) | |
| North American Fire Ultimate Holdings, LLC | | | | | | | | | | 5/19/2021 | | 68,175 | | | | | | 218 | | (d)(e)(k) | |
| PSP Registrar Co-Investment Fund, L.P. | | | | Class A | | | | | | 8/26/2021 | | 50,000 | | | | | | 62 | | (d)(e)(k) | |
| RC V Tecmo Investor LLC | | | | | | | | | | 8/14/2020 | | 50,000 | | | | | | 119 | | (d)(e)(k) | |
| SSE Parent, LP | | | | Class A-1 | | | | | | 6/30/2020 | | 25 | | | | | | — | | (d)(e)(k) | |
| SSE Parent, LP | | | | Class A-2 | | | | | | 6/30/2020 | | 25 | | | | | | — | | (d)(e)(k) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Tiger Parent Inc. (IPS) | | | | | | | | | | 11/22/2021 | | 226 | | | | | | $ | 5,768 | | (e)(k) | |
| | | | | | | | | | | | | | | | | 7,499 | | | 0.29 | % |
| Consumer Discretionary Distribution & Retail | | | | | | | | | | | | | | | |
| Arko Corp | | | | | | | | | | 12/22/2020 | | 106 | | | | | | 1 | | (d)(e)(k) | |
| Emerald Lake Pearl Acquisition-A, L.P. | | | | | | | | | | 7/19/2021 | | 43,500 | | | | | | 26 | | (d)(e)(k) | |
| Fastsigns Holdings Inc. | | | | | | | | | | 3/13/2019 | | 50 | | | | | | 107 | | (d)(e)(k) | |
| Marcone Yellowstone Holdings, LLC | | | | Class A | | | | | | 6/23/2021 | | 96 | | | | | | 166 | | (d)(e)(k) | |
| Metis Topco, LP | | | | | | | | | | 5/4/2021 | | 50 | | | | | | 69 | | (d)(e)(k) | |
| Stonecourt IV Partners LP | | | | | | | | | | 10/8/2021 | | 2,423,676 | | | | | | 3,858 | | (d)(e)(k) | |
| | | | | | | | | | | | | | | | | 4,227 | | | 0.17 | % |
| Consumer Durables & Apparel | | | | | | | | | | | | | | | |
| Centric Brands GP LLC | | | | | | | | | | 10/9/2020 | | 9,495 | | | | | | — | | (d)(e)(k) | |
| DRS Holdings I, Inc. | | | | | | | | | | 11/1/2019 | | 50 | | | | | | 42 | | (d)(e)(k) | |
| | | | | | | | | | | | | | | | | 42 | | | — | % |
| Consumer Services | | | | | | | | | | | | | | | |
| CMG Buyer Holdings, Inc. | | | | | | | | | | 5/19/2022 | | 5 | | | | | | 76 | | (d)(e)(k) | |
| IHS Parent Holdings, L.P. | | | | Class A | | | | | | 12/28/2022 | | 25,000 | | | | | | 25 | | (d)(e)(k) | |
| LBC Breeze Holdings LLC | | | | Class A | | | | | | 12/6/2021 | | 50 | | | | | | 87 | | (d)(e)(k) | |
| Leviathan Holdings, L.P. | | | | | | | | | | 12/27/2022 | | 25,000 | | | | | | 20 | | (d)(e)(k) | |
| OMERS Mahomes Investment Holdings LLC | | | | Class A | | | | | | 11/16/2020 | | 16 | | | | | | 111 | | (d)(e)(k) | |
| PestCo Holdings, LLC | | | | Class A | | | | | | 1/26/2023 | | 2 | | | | | | 25 | | (d)(e)(k) | |
| | | | | | | | | | | | | | | | | 344 | | | 0.01 | % |
| Consumer Staples Distribution & Retail | | | | | | | | | | | | | | | |
| KCAKE Holdings Inc. | | | | | | | | | | 5/14/2021 | | 50 | | | | | | 48 | | (d)(e)(k) | |
| LJ Perimeter Co-Invest, L.P. | | | | Class A | | | | | | 10/26/2022 | | 50,042 | | | | | | 54 | | (d)(e)(k) | |
| REP WWP Coinvest IV, L.P. | | | | | | | | | | 1/17/2023 | | 25,134 | | | | | | 25 | | (d)(e)(k) | |
| ZB Parent LLC | | | | | | | | | | 2/9/2022 | | 50 | | | | | | 71 | | (d)(e)(k) | |
| | | | | | | | | | | | | | | | | 198 | | | 0.01 | % |
| Energy | | | | | | | | | | | | | | | | | | | |
| Antero Resources Corp | | | | | | | | | | 7/28/2021 | | 16,111 | | | | | | 372 | | (k) | |
| Chesapeake Energy Corp | | | | | | | | | | 7/25/2022 | | 3,333 | | | | | | 253 | | | |
| Galileo Co-Investment Trust I | | New Zealand | | | | | | | | 7/7/2022 | | 50,000 | | | | | | 40 | | (d)(e)(k) | |
| SilverBow Resources, Inc. | | | | | | | | | | 6/30/2022 | | 16,722 | | | | | | 382 | | (d)(k) | |
| Summit Midstream Partners LP | | | | | | | | | | 2/25/2022 | | 20,000 | | | | | | 307 | | (k) | |
| | | | | | | | | | | | | | | | | 1,354 | | | 0.05 | % |
| Financial Services | | | | | | | | | | | | | | | | | | | |
| BCC Blueprint Investments, LLC | | | | | | | | | | 9/15/2021 | | 655,291 | | | | | | 579 | | (d)(e)(k) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Sera 2021 LLC | | | | Class A | | | | | | 3/30/2021 | | 3 | | | | | | $ | — | | (d)(e)(k) | |
| The Ultimus Group Aggregator, LP | | | | Class B | | | | | | 2/1/2019 | | 182 | | | | | | — | | (d)(e)(k) | |
| The Ultimus Group, LLC | | | | Class B | | | | | | 2/1/2019 | | 1,609 | | | | | | — | | (d)(e)(k) | |
| TVG-TMG Holdings, LLC | | | | | | | | | | 3/31/2022 | | 50 | | | | | | — | | (d)(e)(k) | |
| | | | | | | | | | | | | | | | | 579 | | | 0.02 | % |
| Food & Beverage | | | | | | | | | | | | | | | | | | | |
| PPC CHG Blocker LLC | | | | | | | | | | 12/10/2021 | | 1 | | | | | | 49 | | (d)(e)(k) | |
| | | | | | | | | | | | | | | | | 49 | | | — | % |
| Health Care Equipment & Services | | | | | | | | | | | | | | | |
| Asclepius Holdings LLC | | | | | | | | | | 2/28/2022 | | 448 | | | | | | — | | (d)(e)(k) | |
| BCPE Co-Invest (A), LP | | | | Class A | | | | | | 2/15/2022 | | 45,000 | | | | | | 41 | | (d)(e)(k) | |
| Crown CT HoldCo Inc. | | | | Class A | | | | | | 3/8/2022 | | 5 | | | | | | 52 | | (d)(e)(k) | |
| Heracles Investments S.a r.l. | | Spain | | | | | | | | 7/5/2022 | | 16,639 | | | | | | — | | (e)(k) | |
| KOLN Co-Invest Unblocked, LP | | | | Class A | | | | | | 3/29/2023 | | 50 | | | | | | 50 | | (d)(e)(k) | |
| Network Investco BV | | Netherlands | | | | | | | | 7/8/2022 | | 1,073,830 | | | | | | 1,165 | | (d)(e)(k) | |
| Olympia TopCo, L.P. | | | | Class A | | | | | | 9/24/2019 | | 50,000 | | | | | | — | | (d)(e)(k) | |
| OMERS Bluejay Investment Holdings LP | | | | Class A | | | | | | 7/10/2018 | | 25 | | | | | | 30 | | (d)(e)(k) | |
| OMERS Wildcats Investment Holdings LLC | | | | Class A | | | | | | 10/31/2019 | | 216 | | | | | | 128 | | (d)(e)(k) | |
| SiroMed Equity Holdings, LLC | | | | | | | | | | 3/26/2018 | | 3,703 | | | | | | 6 | | (d)(e)(k) | |
| VPP Group Holdings, L.P. | | | | Class A-2 | | | | | | 3/22/2023 | | — | | | | | | — | | (d)(e)(k) | |
| VPP Group Holdings, L.P. | | | | | | | | | | 12/1/2021 | | 50 | | | | | | 55 | | (d)(e)(k) | |
| WSHP FC Holdings LLC | | | | | | | | | | 7/1/2022 | | 352 | | | | | | 52 | | (d)(e)(k) | |
| | | | | | | | | | | | | | | | | 1,579 | | | 0.06 | % |
| Household & Personal Products | | | | | | | | | | | | | | | |
| CDI Holdings I Corp. | | | | | | | | | | 12/22/2021 | | 50 | | | | | | 42 | | (d)(e)(k) | |
| RMCF V CIV XLIV, L.P. | | | | | | | | | | 8/20/2021 | | 50,004 | | | | | | 32 | | (d)(e)(k) | |
| | | | | | | | | | | | | | | | | 74 | | | — | % |
| Insurance | | | | | | | | | | | | | | | | | | | |
| High Street HoldCo LLC | | | | Series A | | | | | | 4/16/2021 | | 50,000 | | | | | | 72 | | (d)(e)(k) | |
| High Street HoldCo LLC | | | | Series C | | | | | | 4/16/2021 | | 516,855 | | | | | | 746 | | (d)(e)(k) | |
| Insight Catastrophe Group, LLC | | | | Series A | | | | | | 2/18/2022 | | 2 | | | | | | 58 | | (d)(e)(k) | |
| INSZ Holdings, LLC | | | | | | | | | | 11/8/2022 | | 3,571 | | | | | | 26 | | (d)(e)(k) | |
| | | | | | | | | | | | | | | | | 902 | | | 0.04 | % |
| Materials | | | | | | | | | | | | | | | | | | | |
| ASP-r-pac Holdings LP | | | | Class A | | | | | | 12/29/2021 | | 500 | | | | | | 42 | | (d)(e)(k) | |
| KNPAK Holdings, LP | | | | Class A | | | | | | 7/2/2019 | | 100,000 | | | | | | 124 | | (d)(e)(k) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Novipax Parent Holding Company, L.L.C. | | | | Class C | | | | | | 12/1/2020 | | 50 | | | | | | $ | — | | (d)(e)(k) | |
| Plaskolite PPC Blocker LLC | | | | | | | | | | 12/14/2018 | | 10 | | | | | | 1 | | (d)(e)(k) | |
| | | | | | | | | | | | | | | | | 167 | | | 0.01 | % |
| Media & Entertainment | | | | | | | | | | | | | | | |
| Storm Investment S.a.r.l. | | Luxembourg | | Class A | | | | | | 6/24/2021 | | 491,621 | | | | | | 333 | | (d)(e)(k) | |
| Storm Investment S.a.r.l. | | Luxembourg | | Class B | | | | | | 6/24/2021 | | 491,621 | | | | | | 333 | | (d)(e)(k) | |
| Storm Investment S.a.r.l. | | Luxembourg | | Class C | | | | | | 6/24/2021 | | 491,621 | | | | | | 333 | | (d)(e)(k) | |
| Storm Investment S.a.r.l. | | Luxembourg | | Class D | | | | | | 6/24/2021 | | 491,621 | | | | | | 333 | | (d)(e)(k) | |
| Storm Investment S.a.r.l. | | Luxembourg | | Class E | | | | | | 6/24/2021 | | 491,621 | | | | | | 333 | | (d)(e)(k) | |
| Storm Investment S.a.r.l. | | Luxembourg | | Class F | | | | | | 6/24/2021 | | 491,621 | | | | | | 333 | | (d)(e)(k) | |
| Storm Investment S.a.r.l. | | Luxembourg | | Class G | | | | | | 6/24/2021 | | 491,621 | | | | | | 333 | | (d)(e)(k) | |
| Storm Investment S.a.r.l. | | Luxembourg | | Class H | | | | | | 6/24/2021 | | 491,621 | | | | | | 333 | | (d)(e)(k) | |
| Storm Investment S.a.r.l. | | Luxembourg | | Class I | | | | | | 6/24/2021 | | 491,621 | | | | | | 333 | | (d)(e)(k) | |
| Storm Investment S.a.r.l. | | Luxembourg | | | | | | | | 6/24/2021 | | 26,155 | | | | | | 46 | | (d)(e)(k) | |
| | | | | | | | | | | | | | | | | 3,043 | | | 0.12 | % |
| Pharmaceuticals, Biotechnology & Life Sciences | | | | | | | | | | | | | | | |
| Athyrium Buffalo LP | | | | | | | | | | 6/17/2022 | | 2,097,909 | | | | | | 2,066 | | (d)(e)(k) | |
| Bausch Health Companies Inc. | | Canada | | | | | | | | 9/1/2022 | | 108,571 | | | | | | 879 | | (k) | |
| Cobalt Holdings I, LP | | | | Class A | | | | | | 10/1/2021 | | 500 | | | | | | 63 | | (d)(e)(k) | |
| Covaris Parent, LLC | | | | Class A-2 | | | | | | 1/21/2022 | | 50 | | | | | | 53 | | (d)(e)(k) | |
| | | | | | | | | | | | | | | | | 3,061 | | | 0.12 | % |
| Real Estate Management & Development | | | | | | | | | | | | | | | |
| Illinois Investment S.a.r.l. | | Luxembourg | | Class A | | | | | | 9/15/2021 | | 3,400,700 | | | | | | 23 | | (d)(e)(k) | |
| Illinois Investment S.a.r.l. | | Luxembourg | | Class B | | | | | | 9/15/2021 | | 3,400,700 | | | | | | 23 | | (d)(e)(k) | |
| Illinois Investment S.a.r.l. | | Luxembourg | | Class C | | | | | | 9/15/2021 | | 3,400,700 | | | | | | 23 | | (d)(e)(k) | |
| Illinois Investment S.a.r.l. | | Luxembourg | | Class D | | | | | | 9/15/2021 | | 3,400,700 | | | | | | 23 | | (d)(e)(k) | |
| Illinois Investment S.a.r.l. | | Luxembourg | | Class E | | | | | | 9/15/2021 | | 3,400,700 | | | | | | 23 | | (d)(e)(k) | |
| Illinois Investment S.a.r.l. | | Luxembourg | | Class F | | | | | | 9/15/2021 | | 3,400,700 | | | | | | 23 | | (d)(e)(k) | |
| Illinois Investment S.a.r.l. | | Luxembourg | | Class G | | | | | | 9/15/2021 | | 3,400,700 | | | | | | 23 | | (d)(e)(k) | |
| Illinois Investment S.a.r.l. | | Luxembourg | | Class H | | | | | | 9/15/2021 | | 3,400,700 | | | | | | 23 | | (d)(e)(k) | |
| Illinois Investment S.a.r.l. | | Luxembourg | | Class I | | | | | | 9/15/2021 | | 3,400,700 | | | | | | 23 | | (d)(e)(k) | |
| Illinois Investment S.a.r.l. | | Luxembourg | | | | | | | | 9/15/2021 | | 110,373 | | | | | | 45 | | (d)(e)(k) | |
| | | | | | | | | | | | | | | | | 252 | | | 0.01 | % |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Software & Services | | | | | | | | | | | | | | | |
| APG Holdings, LLC | | | | Class A | | | | | | 1/3/2020 | | 50,000 | | | | | | $ | 54 | | (d)(e)(k) | |
| Astorg VII Co-Invest ERT | | Luxembourg | | | | | | | | 1/31/2020 | | 1,208,500 | | | | | | 1,267 | | (d)(e)(k) | |
| Consilio Investment Holdings, L.P. | | | | Series A | | | | | | 9/15/2022 | | 243 | | | | | | — | | (d)(e)(k) | |
| Consilio Investment Holdings, L.P. | | | | | | | | | | 5/28/2021 | | 50,000 | | | | | | 71 | | (d)(e)(k) | |
| Cority Parent, Inc. | | Canada | | Class B-1 | | | | | | 7/2/2019 | | 47,536 | | | | | | 2 | | (d)(e)(k) | |
| Denali Apexco LP | | | | Class A | | | | | | 9/15/2021 | | 50,000 | | | | | | 46 | | (d)(e)(k) | |
| Destiny Digital Holdings, L.P. | | | | | | | | | | 5/27/2021 | | 3,076 | | | | | | 46 | | (d)(e)(k) | |
| Elliott Alto Co-Investor Aggregator L.P. | | | | | | | | | | 9/28/2022 | | 500,000 | | | | | | 516 | | (d)(e)(k) | |
| EQT IX Co-Investment (E) SCSP | | | | | | | | | | 4/16/2021 | | 5,000 | | | | | | 66 | | (d)(e)(k) | |
| H&F Unite Partners, L.P. | | | | | | | | | | 5/1/2019 | | 50,032 | | | | | | 61 | | (d)(e)(k) | |
| Insight PDI Holdings, LLC | | | | Class A | | | | | | 3/19/2019 | | 26,548 | | | | | | 46 | | (d)(e)(k) | |
| Magic Topco, L.P. | | | | Class B | | | | | | 9/21/2020 | | 12,975 | | | | | | — | | (d)(e)(k) | |
| Magnesium Co- Invest SCSp | | Luxembourg | | | | | | | | 5/6/2022 | | 5 | | | | | | 50 | | (d)(e)(k) | |
| PS Co-Invest, L.P. | | | | | | | | | | 3/5/2021 | | 50,000 | | | | | | 47 | | (d)(e)(k) | |
| RMCF VI CIV XLVIII, L.P. | | | | | | | | | | 6/8/2022 | | 62,750 | | | | | | 67 | | (d)(e)(k) | |
| RMS Group Holdings, Inc. | | | | | | | | | | 12/16/2021 | | 5 | | | | | | 59 | | (d)(e)(k) | |
| Rocket Parent, LLC | | | | Class A | | | | | | 12/17/2018 | | 100,000 | | | | | | 233 | | (d)(e)(k) | |
| Skywalker TopCo, LLC | | | | | | | | | | 11/20/2020 | | 25,407 | | | | | | 143 | | (d)(e)(k) | |
| Sunshine Software Holdings, Inc. | | | | Class A-1 | | | | | | 10/15/2021 | | 5,000 | | | | | | 64 | | (d)(e)(k) | |
| | | | | | | | | | | | | | | | | 2,838 | | | 0.11 | % |
| Technology Hardware & Equipment | | | | | | | | | | | | | | | |
| Repairify Holdings, LLC | | | | Class A | | | | | | 6/14/2021 | | 1,655 | | | | | | 44 | | (d)(e)(k) | |
| Wildcat Parent, LP | | | | | | | | | | 2/27/2020 | | 535 | | | | | | 161 | | (d)(e)(k) | |
| | | | | | | | | | | | | | | | | 205 | | | 0.01 | % |
| Transportation | | | | | | | | | | | | | | | | | | | |
| Neovia Logistics Holdings Ltd. | | | | | | | | | | 11/1/2022 | | 6 | | | | | | 154 | | (e)(k) | |
| Shur-Co HoldCo, Inc. | | | | | | | | | | 6/30/2021 | | 500 | | | | | | 97 | | (d)(e)(k) | |
| | | | | | | | | | | | | | | | | 251 | | | 0.01 | % |
| Utilities | | | | | | | | | | | | | | | | | | | |
| Apex Clean Energy TopCo, LLC | | | | Class A | | | | | | 11/17/2021 | | 149,776 | | | | | | 16,888 | | (d)(e)(k) | |
| | | | | | | | | | | | | | | | | 16,888 | | | 0.66 | % |
| | | | | | | | | | | | | | | | | | | |
| TOTAL COMMON STOCKS (Cost $31,278) | | | | | | | | | | | | | 43,895 | | | 1.72 | % |
| | | | | | | | | | | | | | | | | | | |
| PREFERRED STOCK(b)(c)(d)(e) | | | | | | | | | | | | | | | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Automobiles & Components | | | | | | | | | | | | | | | |
| Automotive Keys Investor, LLC | | | | | | 15.00% | | | | 1/1/2023 | | 25,000 | | | | | | $ | 24 | | (g) | |
| Automotive Keys Investor, LLC | | | | | | 9.00% | | | | 12/22/2020 | | 37,749 | | | | | | 36 | | (g) | |
| McLaren Group Limited | | United Kingdom | | | | 12.50% | | | | 8/2/2021 | | 63,529 | | | | | | 9,053 | | (g) | |
| | | | | | | | | | | | | | | | | 9,113 | | | 0.36 | % |
| Commercial & Professional Services | | | | | | | | | | | | | | | |
| Marmic Topco, L.P. | | | | | | 8.00% | | | | 3/5/2021 | | 57,624 | | | | | | 91 | | (g) | |
| | | | | | | | | | | | | | | | | 91 | | | — | % |
| Consumer Discretionary Distribution & Retail | | | | | | | | | | | | | | | |
| Metis Holdco, Inc. | | | | Class A | | 7.00% | | | | 5/4/2021 | | 7,959 | | | | | | 9,085 | | (g) | |
| Monolith Brands Group, Inc. | | | | Series A | | | | | | 4/14/2022 | | 192,811 | | | | | | 4,259 | | (k) | |
| | | | | | | | | | | | | | | | | 13,344 | | | 0.52 | % |
| Consumer Services | | | | | | | | | | | | | | | |
| Aragorn Parent Holdings LP | | | | Series A | | 10.00% | | | | 10/15/2020 | | 50,000 | | | | | | 129 | | (g) | |
| Redwood Services Holdco, LLC | | | | Series D | | 8.00% | | | | 12/31/2020 | | 100,000 | | | | | | 215 | | (g) | |
| | | | | | | | | | | | | | | | | 344 | | | 0.01 | % |
| Energy | | | | | | | | | | | | | | | | | | | |
| Ferrellgas, L.P. | | | | | | 8.96% | | | | 3/30/2021 | | 8,734 | | | | | | 8,821 | | | |
| | | | | | | | | | | | | | | | | 8,821 | | | 0.35 | % |
| Financial Services | | | | | | | | | | | | | | | | | | | |
| Aquarian Peninsula Holdings LLC | | | | | | 15.66% (SOFR + 10.50%) | | | | 12/29/2022 | | 15,000,000 | | | | | | 14,490 | | | |
| The Ultimus Group, LLC | | | | Class A | | 8.00% | | | | 2/1/2019 | | 1 | | | | | | 2 | | (g) | |
| TVG-TMG Holdings, LLC | | | | Series A | | | | | | 3/31/2022 | | 50 | | | | | | 30 | | (k) | |
| | | | | | | | | | | | | | | | | 14,522 | | | 0.57 | % |
| Food & Beverage | | | | | | | | | | | | | | | | | | | |
| Gotham Greens Holdings, PBC | | | | Series E-1 | | 6.00% | | | | 6/29/2022 | | 67,601 | | | | | | 5,786 | | (g) | |
| Watermill Express Holdings, LLC | | | | Class A | | 8.00% | | | | 4/20/2021 | | 5,000 | | | | | | 63 | | (g) | |
| | | | | | | | | | | | | | | | | 5,849 | | | 0.23 | % |
| Health Care Equipment & Services | | | | | | | | | | | | | | | |
| Evolent Health, Inc. | | | | Series A | | 11.06% (SOFR + 6.00%) | | | | 1/20/2023 | | 64 | | | | | | 71 | | | |
| Minerva Holdco, Inc. | | | | Series A | | 10.75% | | | | 2/15/2022 | | 21,262 | | | | | | 21,588 | | (g) | |
| Olympia Acquisition, Inc. | | | | | | | | | | 2/28/2022 | | 472 | | | | | | — | | (k) | |
| Olympia TopCo, L.P. | | | | | | | | | | 7/28/2021 | | 2,184 | | | | | | — | | (k) | |
| Symplr Software Intermediate Holdings, Inc. | | | | Series C-1 | | 11.00% | | | | 12/22/2020 | | 50 | | | | | | 52 | | (g) | |
| Symplr Software Intermediate Holdings, Inc. | | | | Series C-2 | | 11.00% | | | | 6/18/2021 | | 5,980 | | | | | | 5,894 | | (g) | |
| Symplr Software Intermediate Holdings, Inc. | | | | Series C-3 | | 11.00% | | | | 10/12/2021 | | 789 | | | | | | 751 | | (g) | |
| Teligent, Inc. | | | | | | | | | | 12/11/2018 | | 1,797 | | | | | | — | | (k) | |
| | | | | | | | | | | | | | | | | 28,356 | | | 1.11 | % |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Insurance | | | | | | | | | | | | | | | | | | | |
| High Street HoldCo LLC | | | | Series A-1 | | 10.00% | | | | 1/1/2022 | | 3,898,354 | | | | | | $ | 4,304 | | (g) | |
| High Street HoldCo LLC | | | | Series A-2 | | 10.00% | | | | 1/1/2022 | | 789,494 | | | | | | 860 | | (g) | |
| High Street HoldCo LLC | | | | Series A-3 | | 10.00% | | | | 1/1/2022 | | 389,813 | | | | | | 422 | | (g) | |
| High Street HoldCo LLC | | | | Series A-4 | | 10.00% | | | | 1/1/2022 | | 1,480,301 | | | | | | 1,587 | | (g) | |
| High Street HoldCo LLC | | | | Series A-5 | | 10.00% | | | | 1/1/2022 | | 347,693 | | | | | | 370 | | (g) | |
| High Street HoldCo LLC | | | | Series A-6 | | 10.00% | | | | 1/1/2022 | | 660,617 | | | | | | 697 | | (g) | |
| High Street HoldCo LLC | | | | Series A-7 | | 10.00% | | | | 1/1/2022 | | 938,771 | | | | | | 974 | | (g) | |
| High Street HoldCo LLC | | | | Series A-8 | | 10.00% | | | | 11/1/2022 | | 409,637 | | | | | | 388 | | (g) | |
| High Street HoldCo LLC | | | | Series A-9 | | 10.00% | | | | 11/8/2022 | | 97,533 | | | | | | 92 | | (g) | |
| High Street HoldCo LLC | | | | Series A-10 | | 10.00% | | | | 12/12/2022 | | 253,585 | | | | | | 238 | | (g) | |
| High Street HoldCo LLC | | | | Series A-11 | | 10.00% | | | | 12/30/2022 | | 331,611 | | | | | | 309 | | (g) | |
| High Street HoldCo LLC | | | | Series A-12 | | 10.00% | | | | 2/1/2023 | | 702,235 | | | | | | 649 | | (g) | |
| | | | | | | | | | | | | | | | | 10,890 | | | 0.43 | % |
| Materials | | | | | | | | | | | | | | | | | | | |
| Novipax Parent Holding Company, L.L.C. | | | | Class A | | 10.00% | | | | 12/1/2020 | | 50 | | | | | | 93 | | (g) | |
| | | | | | | | | | | | | | | | | 93 | | | — | % |
| Media & Entertainment | | | | | | | | | | | | | | | |
| PFL MMA, Inc. | | | | Series E | | | | | | 4/26/2022 | | 7,823 | | | | | | 22 | | (k) | |
| PRG III, LLC | | | | Class A | | | | | | 10/6/2020 | | 2,250 | | | | | | 896 | | (k) | |
| | | | | | | | | | | | | | | | | 918 | | | 0.04 | % |
| Pharmaceuticals, Biotechnology & Life Sciences | | | | | | | | | | | | | | | |
| Cardinal Topco Holdings, L.P. | | | | Class A | | 8.00% | | | | 9/15/2020 | | 100 | | | | | | 287 | | (g) | |
| Cobalt Holdings I, LP | | | | | | 8.00% | | | | 10/1/2021 | | 50 | | | | | | 6 | | (g) | |
| Cobalt Intermediate I, Inc. | | | | Series A | | 15.19% (3M LIBOR + 10.00%) | | | | 10/1/2021 | | 8,582 | | | | | | 10,283 | | (g) | |
| | | | | | | | | | | | | | | | | 10,576 | | | 0.41 | % |
| Software & Services | | | | | | | | | | | | | | | |
| Appriss Health Intermediate Holdings, Inc. | | | | Series A | | 11.00% | | | | 5/6/2021 | | 3,657 | | | | | | 4,101 | | (g) | |
| Banyan Software, LP | | | | | | | | | | 1/7/2022 | | 16,323 | | | | | | 1,058 | | (k) | |
| Cority Parent, Inc. | | Canada | | Class A-1 | | 9.00% | | | | 7/2/2019 | | 50 | | | | | | 184 | | (g) | |
| DCert Preferred Holdings, Inc. | | | | Series A | | 10.50% | | | | 5/25/2021 | | 22,284 | | | | | | 23,635 | | (g) | |
| Diligent Preferred Issuer, Inc. | | | | | | 10.50% | | | | 4/6/2021 | | 1,476 | | | | | | 1,632 | | (g) | |
| EZ Elemica Holdings, Inc. | | | | | | | | | | 9/18/2019 | | 50 | | | | | | 68 | | (k) | |
| GSV PracticeTek Holdings, LLC | | | | Class A | | 8.00% | | | | 3/31/2021 | | 223,568 | | | | | | 156 | | (g) | |
| Insightful Science Holdings, LLC | | | | | | 14.00% | | | | 4/28/2021 | | 62,340 | | | | | | 1,961 | | (g) | |
| Knockout Intermediate Holdings I Inc. | | | | | | 11.75% | | | | 6/22/2022 | | 7,299 | | | | | | 7,517 | | (g) | |
| Magic Topco, L.P. | | | | Class A | | 9.00% | | | | 9/21/2020 | | 58 | | | | | | 99 | | (g) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Packers Software Intermediate Holdings, Inc. | | | | Series A | | 16.19% (3M LIBOR + 11.00%) | | | | 11/12/2020 | | 50 | | | | | | $ | 58 | | (g) | |
| Packers Software Intermediate Holdings, Inc. | | | | Series A-2 | | 16.19% (3M LIBOR + 11.00%) | | | | 12/23/2020 | | 18 | | | | | | 21 | | (g) | |
| Packers Software Intermediate Holdings, Inc. | | | | Series A-3 | | 11.00% | | | | 11/24/2021 | | 24 | | | | | | 24 | | (g) | |
| Peachtree Parent, Inc. | | | | Series A | | 13.25% | | | | 3/19/2019 | | 25 | | | | | | 43 | | (g) | |
| Picard Holdco, Inc. | | | | Series A | | 16.91% (SOFR + 12.00%) | | | | 9/29/2022 | | 500 | | | | | | 542 | | (g) | |
| Project Essential Super Parent, Inc. | | | | | | 14.69% (3M LIBOR + 9.50%) | | | | 4/20/2021 | | 2,963 | | | | | | 3,520 | | (g) | |
| Sunshine Software Holdings, Inc. | | | | Series A | | 10.50% | | | | 10/15/2021 | | 15,929 | | | | | | 15,331 | | (g) | |
| Titan DI Preferred Holdings, Inc. | | | | | | 13.50% | | | | 2/11/2020 | | — | | | | | | 72 | | (g) | |
| | | | | | | | | | | | | | | | | 60,022 | | | 2.35 | % |
| Transportation | | | | | | | | | | | | | | | | | | | |
| Neovia Logistics Holdings Ltd. | | | | Class B | | 18.90% (SOFR + 14.00%) | | | | 11/1/2022 | | 718 | | | | | | 766 | | | |
| | | | | | | | | | | | | | | | | 766 | | | 0.03 | % |
| | | | | | | | | | | | | | | | | | | |
| TOTAL PREFERRED STOCK (Cost $169,647) | | | | | | | | | | | | | 163,705 | | | 6.41 | % |
| | | | | | | | | | | | | | | | | | | |
| PRIVATE ASSET-BACKED DEBT(b)(c)(d)(e) | | | | | | | | | | | | | | | |
| Consumer Discretionary Distribution & Retail | | | | | | | | | | | | | | | |
| Tricolor Funding SPV 3 LLC | | | | 1st Lien Revolving Loan | | 12.42% (SOFR + 7.50%) | | 8/6/2027 | | | | | | | 2,273 | | | 1,969 | | (h)(n) | |
| | | | | | | | | | | | | | | | | 1,969 | | | 0.08 | % |
| Consumer Services | | | | | | | | | | | | | | | |
| CFG Investments WH Limited | | | | 1st Lien Revolving Loan | | 10.92% (SOFR + 6.00%) | | 2/17/2025 | | | | | | | 5,000 | | | 3,254 | | (h) | |
| | | | | | | | | | | | | | | | | 3,254 | | | 0.13 | % |
| Financial Services | | | | | | | | | | | | | | | | | | | |
| Adonis Financial Funding, LLC | | | | 1st Lien Revolving Loan | | 11.00% | | 3/2/2026 | | | | | | | 715 | | | 701 | | | |
| Affirm Operational Loans VI Trust | | | | 1st Lien Revolving Loan | | 14.61% (1M LIBOR + 9.76%) | | 12/17/2026 | | | | | | | 500 | | | 100 | | (g)(h) | |
| DFC Global Facility Borrower III LLC | | | | 1st Lien Revolving Loan | | 12.16% (1M CDOR + 7.50%) | | 6/28/2026 | | | | | | CAD | 17,164 | | | 10,637 | | (h)(o) | |
| Finance Ireland Loan and Treasury DAC | | Ireland | | 1st Lien Delayed Draw Term Loan | | 12.30% (3M EURIBOR + 9.25%) | | 6/29/2026 | | | | | | € | 2,500 | | | 2,711 | | | |
| Hg Saturn 2 SumoCo Limited | | Guernsey | | 1st Lien Term Loan | | 12.05% (3M LIBOR + 7.25%) | | 1/19/2027 | | | | | | | 14,455 | | | 14,455 | | (g) | |
| Kali II Funding LLC | | | | 1st Lien Term Loan | | 7.00% | | 10/21/2024 | | | | | | | 23,000 | | | 23,620 | | | |
| Reliant SPV, LLC | | | | 1st Lien Revolving Loan | | 11.65% (SOFR + 6.75%) | | 3/4/2024 | | | | | | | 1,173 | | | 1,173 | | | |
| Sera 2021 LLC | | | | 1st Lien Delayed Draw Term Loan | | 10.56% (3M LIBOR + 5.75%) | | 3/30/2026 | | | | | | | 977 | | | 977 | | | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Spring Oaks Capital SPV, LLC | | | | 1st Lien Revolving Loan | | 13.35% (1M LIBOR + 8.50%) | | 11/12/2025 | | | | | | | 9,000 | | | $ | 5,359 | | (h) | |
| Woodchester Funding Limited | | United Kingdom | | 1st Lien Revolving Loan | | | | 3/15/2026 | | | | | | ₤ | 1,200 | | | 1,480 | | (i) | |
| | | | | | | | | | | | | | | | | 61,213 | | | 2.39 | % |
| Real Estate Management & Development | | | | | | | | | | | | | | | |
| Illinois Investment S.a.r.l. | | Luxembourg | | 1st Lien Term Loan | | 5.17% | | 12/31/2026 | | | | | | SEK | 31,362 | | | 3,022 | | | |
| | | | | | | | | | | | | | | | | 3,022 | | | 0.12 | % |
| | | | | | | | | | | | | | | | | | | |
| TOTAL PRIVATE ASSET-BACKED DEBT (Cost $70,325) | | | | | | | | | | | | | 69,458 | | | 2.72 | % |
| | | | | | | | | | | | | | | | | | | |
| WARRANTS(d)(e)(k) | | | | | | | | | | | | | | | |
| Automobiles & Components | | | | | | | | | | | | | | | |
| McLaren Group Limited | | United Kingdom | | Common | | | | | | 8/2/2021 | | 19,998 | | | | | | 1,050 | | | |
| | | | | | | | | | | | | | | | | 1,050 | | | 0.04 | % |
| Commercial & Professional Services | | | | | | | | | | | | | | | |
| Visual Edge Technology, Inc. | | | | Common | | | | | | 3/22/2018 | | 27,334 | | | | | | — | | | |
| | | | | | | | | | | | | | | | | — | | | — | % |
| Consumer Discretionary Distribution & Retail | | | | | | | | | | | | | | | |
| Arko Corp | | | | Common | | | | | | 12/22/2020 | | 55 | | | | | | — | | | |
| | | | | | | | | | | | | | | | | — | | | — | % |
| Consumer Services | | | | | | | | | | | | | | | |
| KeyStone Sub-Debt HoldCo, LLC | | | | Common | | | | | | 1/20/2021 | | 4 | | | | | | 1,429 | | | |
| LGDN Bidco Limited | | United Kingdom | | Common | | | | | | 6/22/2021 | | 25 | | | | | | 16 | | | |
| | | | | | | | | | | | | | | | | 1,445 | | | 0.06 | % |
| Financial Services | | | | | | | | | | | | | | | | | | | |
| BFS Receivables I LLC | | | | Common | | | | | | 8/16/2021 | | 34,662 | | | | | | — | | | |
| Savoyspecial LLC | | | | Common | | | | | | 7/14/2021 | | 345,508 | | | | | | — | | | |
| | | | | | | | | | | | | | | | | — | | | — | % |
| Food & Beverage | | | | | | | | | | | | | | | | | | | |
| Gotham Greens Holdings, PBC | | | | Common | | | | | | 6/29/2022 | | 17,568 | | | | | | — | | (f) | |
| | | | | | | | | | | | | | | | | — | | | — | % |
| Health Care Equipment & Services | | | | | | | | | | | | | | | |
| Air Medical Buyer Corp | | | | Common | | | | | | 3/14/2018 | | 122 | | | | | | 2 | | | |
| GMR Buyer Corp. | | | | Common | | | | | | 12/17/2021 | | 1,927 | | | | | | 30 | | | |
| Teligent, Inc. | | | | Common | | | | | | 4/6/2020 | | 14,176 | | | | | | — | | | |
| | | | | | | | | | | | | | | | | 32 | | | — | % |
| Media & Entertainment | | | | | | | | | | | | | | | |
| PFL MMA, Inc. | | | | Common | | | | | | 1/19/2021 | | 117,158 | | | | | | 491 | | | |
| | | | | | | | | | | | | | | | | 491 | | | 0.02 | % |
| | | | | | | | | | | | | | | | | | | |
| TOTAL WARRANTS (Cost $2,922) | | | | | | | | | | | | | 3,018 | | | 0.12 | % |
| | | | | | | | | | | | | | | | | | | |
| TOTAL INVESTMENTS (Cost $3,738,830) | | | | | | | | | | | | | 3,584,044 | | | 140.39 | % |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| | | | | | | | | | | | | | | | | | | |
| LIABILITIES IN EXCESS OF OTHER ASSETS | | | | | | | | | | | | | $ | (1,031,037) | | | -40.39 | % |
| | | | | | | | | | | | | | | | | | | |
| NET ASSETS | | | | | | | | | | | | | | | | | 2,553,007 | | | 100.00 | % |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 the London Interbank Offered Rate (“LIBOR”), Secured Overnight Financing Rate (“SOFR”) or an alternate base rate such as the Bank Bill Swap Bid Rate (“BBSY”), Bank Bill Benchmark Rate (“BKBM”), Canadian Dollar Offered Rate (“CDOR”), Copenhagen Interbank Offered Rate (“CIBOR”), Euro Interbank Offered Rate (“EURIBOR”), Norwegian Interbank Offered Rate (“NIBOR”), Prime Rate (“PRIME”), Sterling Overnight Index Average (“SONIA”), Stockholm Interbank Offered Rate (“STIBOR”) or Warsaw Interbank Offered Rate (“WIBOR”), at the borrower’s option. SOFR based contracts may include a credit spread adjustment that is charged in addition to the base rate and the stated spread. Stated interest rates in this schedule represents the “all-in” rate as of March 31, 2023.
(c)Variable rate coupon rate shown as of March 31, 2023.
(d)These investments, which as of March 31, 2023 represented 137.38% of the Fund's net assets or 91.13% 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 3 of the Notes to Consolidated Schedule of Investments).
(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.
(g)Includes a payment-in-kind provision.
(h)As of March 31, 2023, 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 |
| 285 Mezz LLC | | 1st Lien Delayed Draw Term Loan | | $ | 4,972 | | | $ | (4,876) | | | $ | 96 | |
| 285 Schermerhorn LLC | | 1st Lien Delayed Draw Term Loan | | 3,919 | | | (2,440) | | | 1,479 | |
| AffiniPay Midco, LLC | | 1st Lien Revolving Loan | | 1,517 | | | — | | | 1,517 | |
| AffiniPay Midco, LLC | | 1st Lien Delayed Draw Term Loan | | 1,334 | | | — | | | 1,334 | |
| Affirm Operational Loans VI Trust | | 1st Lien Revolving Loan | | 500 | | | (100) | | | 400 | |
| AIM Acquisition, LLC | | 1st Lien Revolving Loan | | 457 | | | — | | | 457 | |
| Alcami Corporation | | 1st Lien Revolving Loan | | 27 | | | — | | | 27 | |
| Alcami Corporation | | 1st Lien Delayed Draw Term Loan | | 17 | | | — | | | 17 | |
| American Residential Services L.L.C. | | 1st Lien Revolving Loan | | 1 | | | — | | | 1 | |
| Amryt Pharmaceuticals Inc. | | 1st Lien Revolving Loan | | 1 | | | — | | | 1 | |
| Anaplan, Inc. | | 1st Lien Revolving Loan | | 381 | | | — | | | 381 | |
| Anaqua Parent Holdings, Inc. | | 1st Lien Revolving Loan | | 231 | | | (154) | | | 77 | |
| Anaqua Parent Holdings, Inc. | | 1st Lien Delayed Draw Term Loan | | 522 | | | (108) | | | 414 | |
| Apex Service Partners, LLC | | 1st Lien Delayed Draw Term Loan | | 242 | | | (118) | | | 124 | |
| APG Intermediate Holdings Corporation | | 1st Lien Revolving Loan | | 1 | | | — | | | 1 | |
| Applied Technical Services, LLC | | 1st Lien Revolving Loan | | 909 | | | (659) | | | 250 | |
| Applied Technical Services, LLC | | 1st Lien Delayed Draw Term Loan | | 2,516 | | | (1,524) | | | 992 | |
| Appriss Health, LLC | | 1st Lien Revolving Loan | | 212 | | | (106) | | | 106 | |
| AQ Sage Buyer, LLC | | 1st Lien Revolving Loan | | 50 | | | — | | | 50 | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| AQ Sage Buyer, LLC | | 1st Lien Delayed Draw Term Loan | | $ | 535 | | | $ | (132) | | | $ | 403 | |
| AQ Sunshine, Inc. | | 1st Lien Revolving Loan | | 1,096 | | | (991) | | | 105 | |
| AQ Sunshine, Inc. | | 1st Lien Delayed Draw Term Loan | | 720 | | | (72) | | | 648 | |
| Ardonagh Midco 3 PLC | | 1st Lien Delayed Draw Term Loan | | 457 | | | (228) | | | 229 | |
| Argenbright Holdings V, LLC | | 1st Lien Delayed Draw Term Loan | | 178 | | | — | | | 178 | |
| Aspire Bidco Limited | | 1st Lien Delayed Draw Term Loan | | 2,394 | | | (798) | | | 1,596 | |
| Aspris Bidco Limited | | 1st Lien Term Loan | | 961 | | | (437) | | | 524 | |
| ASP-r-pac Acquisition Co LLC | | 1st Lien Revolving Loan | | 839 | | | — | | | 839 | |
| athenahealth Group Inc. | | 1st Lien Revolving Loan | | 2,100 | | | — | | | 2,100 | |
| athenahealth Group Inc. | | 1st Lien Delayed Draw Term Loan | | 993 | | | — | | | 993 | |
| Atlas Intermediate III, L.L.C. | | 1st Lien Revolving Loan | | 411 | | | (118) | | | 293 | |
| Auxadi Midco S.L.U. | | 1st Lien Delayed Draw Term Loan | | 986 | | | 1 | | | 987 | |
| Aventine Intermediate LLC | | 1st Lien Delayed Draw Term Loan | | 846 | | | (781) | | | 65 | |
| Bamboo Purchaser, Inc. | | 1st Lien Revolving Loan | | 1 | | | (1) | | | — | |
| Banyan Software Holdings, LLC | | 1st Lien Revolving Loan | | 1 | | | — | | | 1 | |
| Banyan Software Holdings, LLC | | 1st Lien Delayed Draw Term Loan | | 3,831 | | | (2,980) | | | 851 | |
| Beacon Pointe Harmony, LLC | | 1st Lien Revolving Loan | | 909 | | | — | | | 909 | |
| Beacon Pointe Harmony, LLC | | 1st Lien Delayed Draw Term Loan | | 3,165 | | | (1,878) | | | 1,287 | |
| Benefytt Technologies, Inc. | | 1st Lien Delayed Draw Term Loan | | 137 | | | — | | | 137 | |
| Berner Food & Beverage, LLC | | 1st Lien Revolving Loan | | 262 | | | (144) | | | 118 | |
| Blackwood Bidco Limited | | 1st Lien Term Loan | | 2,193 | | | — | | | 2,193 | |
| Blackwood Bidco Limited | | 1st Lien Delayed Draw Term Loan | | 4,430 | | | (3,856) | | | 574 | |
| BlauwTrust Holding B.V. | | 1st Lien Delayed Draw Term Loan | | 667 | | | (551) | | | 116 | |
| BlueHalo Global Holdings, LLC | | 1st Lien Revolving Loan | | 759 | | | (101) | | | 658 | |
| Bottomline Technologies, Inc. and Legal Spend Holdings, LLC | | 1st Lien Revolving Loan | | 1,811 | | | — | | | 1,811 | |
| Brokers Alliance S.L. | | 1st Lien Delayed Draw Term Loan | | 1,672 | | | (89) | | | 1,583 | |
| Businessolver.com, Inc. | | 1st Lien Delayed Draw Term Loan | | 1,196 | | | (102) | | | 1,094 | |
| Capnor Connery Bidco A/S | | 1st Lien Delayed Draw Term Loan | | 6,692 | | | (1,180) | | | 5,512 | |
| Capstone Acquisition Holdings, Inc. | | 1st Lien Revolving Loan | | 1,150 | | | — | | | 1,150 | |
| Captive Resources Midco, LLC | | 1st Lien Revolving Loan | | 102 | | | — | | | 102 | |
| CC Fly Holding II A/S | | 1st Lien Delayed Draw Term Loan | | 441 | | | (408) | | | 33 | |
| CC Globe Holding II A/S | | 1st Lien Delayed Draw Term Loan | | 1,599 | | | (1,043) | | | 556 | |
| CDI Holdings III Corp. | | 1st Lien Revolving Loan | | 410 | | | — | | | 410 | |
| Centric Brands LLC | | 1st Lien Revolving Loan | | 293 | | | (185) | | | 108 | |
| CFG Investments WH Limited | | 1st Lien Revolving Loan | | 5,000 | | | (3,254) | | | 1,746 | |
| Chariot Buyer LLC | | 1st Lien Revolving Loan | | 100 | | | (26) | | | 74 | |
| Cheyenne Petroleum Company Limited Partnership, CPC 2001 LLC and Mill Shoals LLC | | 1st Lien Delayed Draw Term Loan | | 1,168 | | | — | | | 1,168 | |
| CMG HoldCo, LLC | | 1st Lien Revolving Loan | | 318 | | | (58) | | | 260 | |
| CMG HoldCo, LLC | | 1st Lien Delayed Draw Term Loan | | 1,066 | | | (662) | | | 404 | |
| Cobalt Buyer Sub, Inc. | | 1st Lien Revolving Loan | | 895 | | | (358) | | | 537 | |
| Cobalt Buyer Sub, Inc. | | 1st Lien Delayed Draw Term Loan | | 2,459 | | | (2,236) | | | 223 | |
| Commercial Trailer Leasing, Inc. | | 1st Lien Revolving Loan | | 741 | | | — | | | 741 | |
| Commify Limited | | 1st Lien Delayed Draw Term Loan | | 1,055 | | | (725) | | | 330 | |
| Compex Legal Services, Inc. | | 1st Lien Revolving Loan | | 900 | | | (540) | | | 360 | |
| Comprehensive EyeCare Partners, LLC | | 1st Lien Delayed Draw Term Loan | | 73 | | | — | | | 73 | |
| Confirmasoft AB | | 1st Lien Delayed Draw Term Loan | | 3,406 | | | (848) | | | 2,558 | |
| Consilio Midco Limited | | 1st Lien Revolving Loan | | 123 | | | (74) | | | 49 | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Consilio Midco Limited | | 1st Lien Delayed Draw Term Loan | | $ | 270 | | | $ | — | | | $ | 270 | |
| Continental Acquisition Holdings, Inc. | | 1st Lien Revolving Loan | | 1 | | | (1) | | | — | |
| Continental Cafe, LLC | | 1st Lien Revolving Loan | | 786 | | | (393) | | | 393 | |
| Continental Cafe, LLC | | 1st Lien Delayed Draw Term Loan | | 2,788 | | | — | | | 2,788 | |
| Convera International Holdings Limited | | 1st Lien Revolving Loan | | 1,777 | | | — | | | 1,777 | |
| Cority Software Inc. | | 1st Lien Revolving Loan | | 231 | | | — | | | 231 | |
| Cornerstone OnDemand, Inc. | | 1st Lien Revolving Loan | | 100 | | | (62) | | | 38 | |
| Coupa Holdings, LLC | | 1st Lien Revolving Loan | | 1 | | | — | | | 1 | |
| Coupa Holdings, LLC | | 1st Lien Delayed Draw Term Loan | | 20 | | | — | | | 20 | |
| Covaris Intermediate 3, LLC | | 1st Lien Revolving Loan | | 1,755 | | | (585) | | | 1,170 | |
| Covaris Intermediate 3, LLC | | 1st Lien Delayed Draw Term Loan | | 7,034 | | | — | | | 7,034 | |
| Coyote Buyer, LLC | | 1st Lien Revolving Loan | | 2,067 | | | — | | | 2,067 | |
| Crown CT Parent Inc. | | 1st Lien Revolving Loan | | 903 | | | (391) | | | 512 | |
| Crown CT Parent Inc. | | 1st Lien Delayed Draw Term Loan | | 1,040 | | | — | | | 1,040 | |
| CST Holding Company | | 1st Lien Revolving Loan | | 79 | | | (8) | | | 71 | |
| CVP Holdco, Inc. | | 1st Lien Revolving Loan | | 3,005 | | | — | | | 3,005 | |
| CVP Holdco, Inc. | | 1st Lien Delayed Draw Term Loan | | 1,837 | | | (450) | | | 1,387 | |
| DecoPac, Inc. | | 1st Lien Revolving Loan | | 2,382 | | | (680) | | | 1,702 | |
| Denali Holdco LLC | | 1st Lien Revolving Loan | | 592 | | | (434) | | | 158 | |
| Denali Holdco LLC | | 1st Lien Delayed Draw Term Loan | | 542 | | | — | | | 542 | |
| DFC Global Facility Borrower III LLC | | 1st Lien Revolving Loan | | 12,700 | | | (10,638) | | | 2,062 | |
| Diligent Corporation | | 1st Lien Revolving Loan | | 513 | | | (154) | | | 359 | |
| Draken Bidco Limited | | 1st Lien Delayed Draw Term Loan | | 1,440 | | | — | | | 1,440 | |
| DRS Holdings III, Inc. | | 1st Lien Revolving Loan | | 173 | | | — | | | 173 | |
| DS Admiral Bidco, LLC | | 1st Lien Revolving Loan | | 358 | | | — | | | 358 | |
| Dye & Durham Corporation | | 1st Lien Revolving Loan | | 1,228 | | | (656) | | | 572 | |
| Dye & Durham Corporation | | 1st Lien Delayed Draw Term Loan | | 1,161 | | | (409) | | | 752 | |
| Dynamic NC Aerospace Holdings, LLC | | 1st Lien Revolving Loan | | 1,296 | | | (173) | | | 1,123 | |
| ECG Bidco S.A.S. | | 1st Lien Delayed Draw Term Loan | | 5,797 | | | 7 | | | 5,804 | |
| Eleda BidCo AB (fka EISG BidCo AB) | | 1st Lien Delayed Draw Term Loan | | 770 | | | (201) | | | 569 | |
| Elemica Parent, Inc. | | 1st Lien Revolving Loan | | 479 | | | (395) | | | 84 | |
| Elevation Services Parent Holdings, LLC | | 1st Lien Revolving Loan | | 631 | | | (253) | | | 378 | |
| Elevation Services Parent Holdings, LLC | | 1st Lien Delayed Draw Term Loan | | 986 | | | (21) | | | 965 | |
| EPS NASS Parent, Inc. | | 1st Lien Revolving Loan | | 158 | | | (108) | | | 50 | |
| EPS NASS Parent, Inc. | | 1st Lien Delayed Draw Term Loan | | 581 | | | (324) | | | 257 | |
| Erasmus Acquisition Holding B.V. | | 1st Lien Delayed Draw Term Loan | | 1,284 | | | 2 | | | 1,286 | |
| eResearch Technology, Inc. | | 2nd Lien Delayed Draw Term Loan | | 1,343 | | | (671) | | | 672 | |
| ESHA Research, LLC | | 1st Lien Revolving Loan | | 75 | | | — | | | 75 | |
| Essential Services Holding Corporation | | 1st Lien Revolving Loan | | 1,560 | | | (156) | | | 1,404 | |
| EuroParcs Topholding B.V. | | 1st Lien Delayed Draw Term Loan | | 886 | | | (885) | | | 1 | |
| Evolent Health LLC | | 1st Lien Revolving Loan | | 2 | | | (1) | | | 1 | |
| ExtraHop Networks, Inc. | | 1st Lien Delayed Draw Term Loan | | 1,694 | | | (418) | | | 1,276 | |
| FL Hawk Intermediate Holdings, Inc. | | 1st Lien Revolving Loan | | 1,312 | | | — | | | 1,312 | |
| Flexential Topco Corporation | | 1st Lien Revolving Loan | | 3,000 | | | (1,500) | | | 1,500 | |
| Foundation Consumer Brands, LLC | | 1st Lien Revolving Loan | | 389 | | | — | | | 389 | |
| Foundation Risk Partners, Corp. | | 1st Lien Revolving Loan | | 2,627 | | | — | | | 2,627 | |
| Foundation Risk Partners, Corp. | | 1st Lien Delayed Draw Term Loan | | 13,413 | | | (7,991) | | | 5,422 | |
| Galway Borrower LLC | | 1st Lien Revolving Loan | | 969 | | | (209) | | | 760 | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Galway Borrower LLC | | 1st Lien Delayed Draw Term Loan | | $ | 110 | | | $ | — | | | $ | 110 | |
| Gilfoyle Bidco AB | | 1st Lien Delayed Draw Term Loan | | 1,869 | | | (897) | | | 972 | |
| Global Music Rights, LLC | | 1st Lien Revolving Loan | | 473 | | | — | | | 473 | |
| GNZ Energy Bidco Limited | | 1st Lien Delayed Draw Term Loan | | 1,227 | | | (1) | | | 1,226 | |
| Gotham Greens Holdings, PBC | | 1st Lien Delayed Draw Term Loan | | 13,767 | | | (4,589) | | | 9,178 | |
| GraphPAD Software, LLC | | 1st Lien Revolving Loan | | 2 | | | — | | | 2 | |
| GraphPAD Software, LLC | | 1st Lien Delayed Draw Term Loan | | 436 | | | — | | | 436 | |
| Groundworks, LLC | | 1st Lien Revolving Loan | | 1 | | | — | | | 1 | |
| Groundworks, LLC | | 1st Lien Delayed Draw Term Loan | | 71 | | | — | | | 71 | |
| Heavy Construction Systems Specialists, LLC | | 1st Lien Revolving Loan | | 410 | | | — | | | 410 | |
| HH-Stella, Inc. | | 1st Lien Revolving Loan | | 444 | | | (279) | | | 165 | |
| HH-Stella, Inc. | | 1st Lien Delayed Draw Term Loan | | 1,974 | | | (1,088) | | | 886 | |
| High Street Buyer, Inc. | | 1st Lien Revolving Loan | | 688 | | | — | | | 688 | |
| High Street Buyer, Inc. | | 1st Lien Delayed Draw Term Loan | | 11,724 | | | (5,050) | | | 6,674 | |
| Highline Aftermarket Acquisition, LLC | | 1st Lien Revolving Loan | | 1 | | | — | | | 1 | |
| Hometown Food Company | | 1st Lien Revolving Loan | | 1 | | | — | | | 1 | |
| Infinity Home Services HoldCo, Inc. | | 1st Lien Revolving Loan | | 455 | | | (35) | | | 420 | |
| Infinity Home Services HoldCo, Inc. | | 1st Lien Delayed Draw Term Loan | | 1,136 | | | (181) | | | 955 | |
| Inszone Mid, LLC | | 1st Lien Revolving Loan | | 34 | | | — | | | 34 | |
| Inszone Mid, LLC | | 1st Lien Delayed Draw Term Loan | | 195 | | | (30) | | | 165 | |
| IQN Holding Corp. | | 1st Lien Revolving Loan | | 628 | | | — | | | 628 | |
| IQN Holding Corp. | | 1st Lien Delayed Draw Term Loan | | 1,241 | | | — | | | 1,241 | |
| Ivanti Software, Inc. | | 1st Lien Revolving Loan | | 460 | | | (26) | | | 434 | |
| Jewel Bidco Limited | | 1st Lien Delayed Draw Term Loan | | 4,684 | | | (2,229) | | | 2,455 | |
| JMG Group Investments Limited | | 1st Lien Delayed Draw Term Loan | | 4,167 | | | (1,653) | | | 2,514 | |
| Kaseya Inc. | | 1st Lien Revolving Loan | | 2,365 | | | — | | | 2,365 | |
| Kaseya Inc. | | 1st Lien Delayed Draw Term Loan | | 2,365 | | | — | | | 2,365 | |
| Kene Acquisition, Inc. | | 1st Lien Revolving Loan | | 676 | | | — | | | 676 | |
| Laboratories Bidco LLC | | 1st Lien Revolving Loan | | 1,562 | | | (1,067) | | | 495 | |
| Laboratories Bidco LLC | | 1st Lien Delayed Draw Term Loan | | 2,199 | | | (289) | | | 1,910 | |
| Lavatio Midco Sarl | | 1st Lien Delayed Draw Term Loan | | 1,081 | | | (680) | | | 401 | |
| LeanTaaS Holdings, Inc. | | 1st Lien Delayed Draw Term Loan | | 5,006 | | | (679) | | | 4,327 | |
| Leviathan Intermediate Holdco, LLC | | 1st Lien Revolving Loan | | 13 | | | (2) | | | 11 | |
| LJ Perimeter Buyer, Inc. | | 1st Lien Delayed Draw Term Loan | | 932 | | | (46) | | | 886 | |
| Lowe P27 Bidco Limited | | 1st Lien Delayed Draw Term Loan | | 802 | | | (321) | | | 481 | |
| Lower ACS, Inc. | | 1st Lien Revolving Loan | | 2,356 | | | — | | | 2,356 | |
| Lower ACS, Inc. | | 1st Lien Delayed Draw Term Loan | | 8,172 | | | (286) | | | 7,886 | |
| Majesco | | 1st Lien Revolving Loan | | 624 | | | — | | | 624 | |
| Marmic Purchaser, LLC | | 1st Lien Revolving Loan | | 287 | | | (101) | | | 186 | |
| Marmic Purchaser, LLC | | 1st Lien Delayed Draw Term Loan | | 2,542 | | | (393) | | | 2,149 | |
| Mavis Tire Express Services Topco Corp. | | 1st Lien Revolving Loan | | 1 | | | — | | | 1 | |
| Mercury Borrower, Inc. | | 1st Lien Revolving Loan | | 470 | | | (94) | | | 376 | |
| Micromeritics Instrument Corp. | | 1st Lien Revolving Loan | | 331 | | | — | | | 331 | |
| Mimecast Borrowerco, Inc. | | 1st Lien Delayed Draw Term Loan | | 3,831 | | | — | | | 3,831 | |
| Monica Holdco (US), Inc. | | 1st Lien Revolving Loan | | 1,009 | | | (1,002) | | | 7 | |
| MRI Software LLC | | 1st Lien Revolving Loan | | 508 | | | — | | | 508 | |
| MRI Software LLC | | 1st Lien Delayed Draw Term Loan | | 484 | | | — | | | 484 | |
| MWG BidCo ApS | | 1st Lien Delayed Draw Term Loan | | 718 | | | 1 | | | 719 | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Nelipak European Holdings Cooperatief U.A. | | 1st Lien Revolving Loan | | $ | 631 | | | $ | (153) | | | $ | 478 | |
| Nelipak Holding Company | | 1st Lien Revolving Loan | | 605 | | | (209) | | | 396 | |
| Neovia Logistics, LP | | 1st Lien Term Loan | | 414 | | | (329) | | | 85 | |
| Neptune BidCo US Inc. | | 1st Lien Revolving Loan | | 2,988 | | | — | | | 2,988 | |
| Network Bidco B.V. | | 1st Lien Delayed Draw Term Loan | | 2,410 | | | 3 | | | 2,413 | |
| NMC Skincare Intermediate Holdings II, LLC | | 1st Lien Revolving Loan | | 465 | | | — | | | 465 | |
| Noble Aerospace, LLC | | 1st Lien Revolving Loan | | 1,400 | | | — | | | 1,400 | |
| North American Fire Holdings, LLC | | 1st Lien Revolving Loan | | 411 | | | — | | | 411 | |
| North American Fire Holdings, LLC | | 1st Lien Delayed Draw Term Loan | | 3,461 | | | (1,193) | | | 2,268 | |
| North Haven Fairway Buyer, LLC | | 1st Lien Revolving Loan | | 13 | | | — | | | 13 | |
| North Haven Fairway Buyer, LLC | | 1st Lien Delayed Draw Term Loan | | 220 | | | (105) | | | 115 | |
| North Haven Stack Buyer, LLC | | 1st Lien Revolving Loan | | 259 | | | (129) | | | 130 | |
| North Haven Stack Buyer, LLC | | 1st Lien Delayed Draw Term Loan | | 422 | | | (147) | | | 275 | |
| Olympia Acquisition, Inc. | | 1st Lien Delayed Draw Term Loan | | 728 | | | (465) | | | 263 | |
| OMH-HealthEdge Holdings, LLC | | 1st Lien Revolving Loan | | 1 | | | — | | | 1 | |
| Optio Group Limited | | 1st Lien Delayed Draw Term Loan | | 737 | | | (345) | | | 392 | |
| Panther NewCo | | 1st Lien Delayed Draw Term Loan | | 3,794 | | | 4 | | | 3,798 | |
| Patriot Growth Insurance Services, LLC | | 1st Lien Revolving Loan | | 250 | | | — | | | 250 | |
| PDDS Holdco, Inc. | | 1st Lien Revolving Loan | | 58 | | | — | | | 58 | |
| PDDS Holdco, Inc. | | 1st Lien Delayed Draw Term Loan | | 170 | | | (40) | | | 130 | |
| PDI TA Holdings, Inc. | | 1st Lien Revolving Loan | | 205 | | | (102) | | | 103 | |
| Pegasus (Bidco) Limited | | 1st Lien Term Loan | | 3,392 | | | — | | | 3,392 | |
| People Corporation | | 1st Lien Revolving Loan | | 664 | | | (144) | | | 520 | |
| People Corporation | | 1st Lien Delayed Draw Term Loan | | 3,037 | | | (1,151) | | | 1,886 | |
| PestCo, LLC | | 1st Lien Revolving Loan | | 1 | | | — | | | 1 | |
| PestCo, LLC | | 1st Lien Delayed Draw Term Loan | | 100 | | | — | | | 100 | |
| Petroleum Service Group LLC | | 1st Lien Revolving Loan | | 2,106 | | | (246) | | | 1,860 | |
| Petroleum Service Group LLC | | 1st Lien Delayed Draw Term Loan | | 1,589 | | | — | | | 1,589 | |
| Platinum Credit Bidco Limited | | 1st Lien Revolving Loan | | 4,305 | | | — | | | 4,305 | |
| Pluralsight, Inc. | | 1st Lien Revolving Loan | | 1,204 | | | (602) | | | 602 | |
| Plutus Bidco Limited | | 1st Lien Delayed Draw Term Loan | | 2,159 | | | — | | | 2,159 | |
| Precision Concepts International LLC | | 1st Lien Revolving Loan | | 415 | | | (176) | | | 239 | |
| Premier Specialties, Inc. | | 1st Lien Revolving Loan | | 385 | | | (254) | | | 131 | |
| Premier Specialties, Inc. | | 1st Lien Delayed Draw Term Loan | | 829 | | | — | | | 829 | |
| Premise Health Holding Corp | | 1st Lien Revolving Loan | | 1 | | | — | | | 1 | |
| Prime Buyer, L.L.C. | | 1st Lien Revolving Loan | | 3,985 | | | (166) | | | 3,819 | |
| Prime Dental Alliance B.V. | | 1st Lien Revolving Loan | | 618 | | | — | | | 618 | |
| Prime Dental Alliance B.V. | | 1st Lien Term Loan | | 1,034 | | | (993) | | | 41 | |
| Professional Fighters League, LLC | | 2nd Lien Delayed Draw Term Loan | | 9 | | | (6) | | | 3 | |
| ProfitSolv Purchaser, Inc. | | 1st Lien Revolving Loan | | 608 | | | — | | | 608 | |
| ProFund S.a r.l. | | 1st Lien Delayed Draw Term Loan | | 489 | | | (97) | | | 392 | |
| Project Essential Bidco, Inc. | | 1st Lien Revolving Loan | | 121 | | | — | | | 121 | |
| Project Hammond Bidco Limited | | 1st Lien Delayed Draw Term Loan | | 2,159 | | | (540) | | | 1,619 | |
| Proofpoint, Inc. | | 1st Lien Revolving Loan | | 240 | | | — | | | 240 | |
| PX HoldCo3 Limited | | 1st Lien Delayed Draw Term Loan | | 682 | | | (273) | | | 409 | |
| QF Holdings, Inc. | | 1st Lien Revolving Loan | | 317 | | | (53) | | | 264 | |
| Radius Aerospace Europe Limited | | 1st Lien Revolving Loan | | 229 | | | (77) | | | 152 | |
| Radius Aerospace, Inc. | | 1st Lien Revolving Loan | | 429 | | | (72) | | | 357 | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 |
| Raptor Technologies, LLC (Sycamore Bidco Ltd) | | 1st Lien Revolving Loan | | $ | 498 | | | $ | — | | | $ | 498 | |
| Rawlings Sporting Goods Company, Inc. | | 1st Lien Revolving Loan | | 1 | | | (1) | | | — | |
| RB Holdings Interco, LLC | | 1st Lien Revolving Loan | | 698 | | | (582) | | | 116 | |
| RB Holdings Interco, LLC | | 1st Lien Delayed Draw Term Loan | | 1,134 | | | — | | | 1,134 | |
| Reddy Ice LLC | | 1st Lien Revolving Loan | | 955 | | | (376) | | | 579 | |
| Redwood Services, LLC | | 1st Lien Revolving Loan | | 194 | | | — | | | 194 | |
| Redwood Services, LLC | | 1st Lien Delayed Draw Term Loan | | 466 | | | (124) | | | 342 | |
| Registrar Intermediate, LLC | | 1st Lien Revolving Loan | | 764 | | | — | | | 764 | |
| Registrar Intermediate, LLC | | 1st Lien Delayed Draw Term Loan | | 2,327 | | | — | | | 2,327 | |
| Relativity ODA LLC | | 1st Lien Revolving Loan | | 1 | | | — | | | 1 | |
| Repairify, Inc. | | 1st Lien Revolving Loan | | 766 | | | (128) | | | 638 | |
| Revalize, Inc. | | 1st Lien Revolving Loan | | 227 | | | — | | | 227 | |
| RMS Holdco II, LLC | | 1st Lien Revolving Loan | | 883 | | | — | | | 883 | |
| Rodeo AcquisitionCo LLC | | 1st Lien Revolving Loan | | 311 | | | (204) | | | 107 | |
| Rodeo AcquisitionCo LLC | | 1st Lien Delayed Draw Term Loan | | 460 | | | — | | | 460 | |
| RSC Acquisition, Inc. | | 1st Lien Revolving Loan | | 1 | | | (1) | | | — | |
| RSK Group Limited | | 1st Lien Delayed Draw Term Loan | | 16,129 | | | (13,806) | | | 2,323 | |
| Rugby Australia Ltd | | 1st Lien Delayed Draw Term Loan | | 836 | | | (210) | | | 626 | |
| SageSure Holdings, LLC | | 2nd Lien Delayed Draw Term Loan | | 1,535 | | | (242) | | | 1,293 | |
| Saldon Holdings, Inc. | | 1st Lien Revolving Loan | | 381 | | | — | | | 381 | |
| Schill Landscaping and Lawn Care Services, LLC | | 1st Lien Revolving Loan | | 720 | | | (216) | | | 504 | |
| Schill Landscaping and Lawn Care Services, LLC | | 1st Lien Delayed Draw Term Loan | | 1,540 | | | (800) | | | 740 | |
| SCM Insurance Services Inc. | | 1st Lien Revolving Loan | | 1 | | | — | | | 1 | |
| Service Logic Acquisition, Inc. | | 1st Lien Revolving Loan | | 1,007 | | | — | | | 1,007 | |
| Seventeen Group Limited | | 1st Lien Delayed Draw Term Loan | | 672 | | | 1 | | | 673 | |
| SFE Intermediate HoldCo LLC | | 1st Lien Revolving Loan | | 2 | | | (1) | | | 1 | |
| Shermco Intermediate Holdings, Inc. | | 1st Lien Revolving Loan | | 1,000 | | | (400) | | | 600 | |
| Shur-Co Acquisition, Inc. | | 1st Lien Revolving Loan | | 441 | | | — | | | 441 | |
| Sigma Electric Manufacturing Corporation | | 1st Lien Revolving Loan | | 1 | | | — | | | 1 | |
| SiroMed Physician Services, Inc. | | 1st Lien Revolving Loan | | 1 | | | — | | | 1 | |
| Smarsh Inc. | | 1st Lien Revolving Loan | | 227 | | | (46) | | | 181 | |
| Smarsh Inc. | | 1st Lien Delayed Draw Term Loan | | 890 | | | (445) | | | 445 | |
| Spring Oaks Capital SPV, LLC | | 1st Lien Revolving Loan | | 9,000 | | | (5,359) | | | 3,641 | |
| SSE Buyer, Inc. | | 1st Lien Revolving Loan | | 1 | | | (1) | | | — | |
| Sun Acquirer Corp. | | 1st Lien Revolving Loan | | 1,059 | | | (148) | | | 911 | |
| Sun Acquirer Corp. | | 1st Lien Delayed Draw Term Loan | | 6,194 | | | (4,615) | | | 1,579 | |
| Sundance Group Holdings, Inc. | | 1st Lien Revolving Loan | | 1 | | | — | | | 1 | |
| SV-Burton Holdings, LLC | | 1st Lien Revolving Loan | | 416 | | | (133) | | | 283 | |
| SV-Burton Holdings, LLC | | 1st Lien Delayed Draw Term Loan | | 1,866 | | | (1,409) | | | 457 | |
| Symplr Software Inc. | | 1st Lien Revolving Loan | | 1 | | | — | | | 1 | |
| Systems Planning and Analysis, Inc. | | 1st Lien Revolving Loan | | 1,004 | | | (287) | | | 717 | |
| TA/WEG Holdings, LLC | | 1st Lien Revolving Loan | | 914 | | | — | | | 914 | |
| Tandarts Today Holding B.V. | | 1st Lien Delayed Draw Term Loan | | 3,658 | | | (1,080) | | | 2,578 | |
| TCP Hawker Intermediate LLC | | 1st Lien Revolving Loan | | 458 | | | — | | | 458 | |
| TCP Hawker Intermediate LLC | | 1st Lien Delayed Draw Term Loan | | 916 | | | (521) | | | 395 | |
| The Mather Group, LLC | | 1st Lien Revolving Loan | | 750 | | | — | | | 750 | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (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 Mather Group, LLC | | 1st Lien Delayed Draw Term Loan | | $ | 2,497 | | | $ | (1,621) | | | $ | 876 | |
| The NPD Group, L.P. | | 1st Lien Revolving Loan | | 1,305 | | | (183) | | | 1,122 | |
| The Ultimus Group Midco, LLC | | 1st Lien Revolving Loan | | 396 | | | — | | | 396 | |
| Thermostat Purchaser III, Inc. | | 1st Lien Revolving Loan | | 100 | | | — | | | 100 | |
| Thermostat Purchaser III, Inc. | | 2nd Lien Delayed Draw Term Loan | | 612 | | | — | | | 612 | |
| TIBCO Software Inc | | 1st Lien Revolving Loan | | 2,574 | | | — | | | 2,574 | |
| Trader Corporation | | 1st Lien Revolving Loan | | 13 | | | — | | | 13 | |
| Tricolor Funding SPV 3 LLC | | 1st Lien Revolving Loan | | 1,250 | | | (946) | | | 304 | |
| Turbo Acquisitions 10 Bidco Limited | | 1st Lien Delayed Draw Term Loan | | 3,737 | | | (2,681) | | | 1,056 | |
| Two Six Labs, LLC | | 1st Lien Revolving Loan | | 2,561 | | | — | | | 2,561 | |
| Two Six Labs, LLC | | 1st Lien Delayed Draw Term Loan | | 2,842 | | | (1,414) | | | 1,428 | |
| UKG Inc. | | 1st Lien Revolving Loan | | 3 | | | (2) | | | 1 | |
| United Digestive MSO Parent, LLC | | 1st Lien Revolving Loan | | 130 | | | — | | | 130 | |
| United Digestive MSO Parent, LLC | | 1st Lien Delayed Draw Term Loan | | 834 | | | — | | | 834 | |
| US Salt Investors, LLC | | 1st Lien Revolving Loan | | 679 | | | — | | | 679 | |
| Verista, Inc. | | 1st Lien Revolving Loan | | 2,000 | | | (600) | | | 1,400 | |
| Verista, Inc. | | 1st Lien Delayed Draw Term Loan | | 4,242 | | | (1,845) | | | 2,397 | |
| VPP Intermediate Holdings, LLC | | 1st Lien Revolving Loan | | 315 | | | (25) | | | 290 | |
| VRC Companies, LLC | | 1st Lien Revolving Loan | | 1,342 | | | — | | | 1,342 | |
| Waste Services Finco Pty Ltd | | 1st Lien Delayed Draw Term Loan | | 894 | | | (179) | | | 715 | |
| Watermill Express, LLC | | 1st Lien Revolving Loan | | 275 | | | (55) | | | 220 | |
| Waverly Advisors, LLC | | 1st Lien Revolving Loan | | 375 | | | (85) | | | 290 | |
| Waverly Advisors, LLC | | 1st Lien Delayed Draw Term Loan | | 1,497 | | | (1,235) | | | 262 | |
| WebPT, Inc. | | 1st Lien Revolving Loan | | 216 | | | (142) | | | 74 | |
| Wellness AcquisitionCo, Inc. | | 1st Lien Revolving Loan | | 504 | | | — | | | 504 | |
| Wellness AcquisitionCo, Inc. | | 1st Lien Delayed Draw Term Loan | | 609 | | | — | | | 609 | |
| Wildcat BuyerCo, Inc. | | 1st Lien Revolving Loan | | 255 | | | (41) | | | 214 | |
| Witherslack Bidco Limited | | 1st Lien Delayed Draw Term Loan | | 508 | | | — | | | 508 | |
| WorkWave Intermediate II, LLC | | 1st Lien Revolving Loan | | 460 | | | — | | | 460 | |
| Worldwide Produce Acquisition, LLC | | 1st Lien Revolving Loan | | 21 | | | (8) | | | 13 | |
| Worldwide Produce Acquisition, LLC | | 1st Lien Delayed Draw Term Loan | | 56 | | | (3) | | | 53 | |
| WSHP FC Acquisition LLC | | 1st Lien Revolving Loan | | 2,945 | | | (2,282) | | | 663 | |
| WSHP FC Acquisition LLC | | 1st Lien Delayed Draw Term Loan | | 5,754 | | | (288) | | | 5,466 | |
| YE Brands Holdings, LLC | | 1st Lien Revolving Loan | | 254 | | | — | | | 254 | |
| ZB Holdco LLC | | 1st Lien Revolving Loan | | 637 | | | — | | | 637 | |
| | | | $ | 402,665 | | | $ | (136,944) | | | $ | 265,721 | |
____________________________________________________
(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, 2023.
(k)Non-income producing security as of March 31, 2023.
(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, 2023 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
(m)Loan with exposure to multiple foreign currencies because this loan had outstanding interest contracts in multiple currencies as of March 31, 2023. The principal amount was translated to and reported in USD, and the reported coupon rate is the weighted average coupon rate of the outstanding interest contracts.
(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 $1,023 at fair value, included in “liabilities in excess of other assets” in the consolidated schedule of investments. As of March 31, 2023, the interest rate in effect for the secured borrowing was 12.42%.
(o)The Fund sold a participating interest of CAD 8,582 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 $5,319 at fair value, included in “liabilities in excess of other assets” in the consolidated schedule of investments. As of March 31, 2023 the interest rate in effect for the secured borrowing was 12.16%.
As of March 31, 2023, the aggregate cost of securities for Federal income tax purposes was $3,741,299. Unrealized appreciation and depreciation on investments for Federal income tax purposes are as follows:
| | | | | |
| Gross unrealized appreciation | $ | 45,141 | |
| Gross unrealized depreciation | (202,394) | |
| Net unrealized depreciation | $ | (157,253) | |
Securities sold short as of March 31, 2023 were as follows:
Corporate Bonds Sold Short
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Company | | Industry | | Interest Rate | | Maturity Date | | Principal Amount | | Value | | Percentage of Net Assets |
| Ambience Merger Home | | Real Estate Management and Development | | 7.13% | | 7/15/2029 | | $ | (1,000) | | | $ | (575) | | | |
| Vine Energy Holdings LLC | | Oil & Gas | | 6.75% | | 4/15/2029 | | (338) | | | (336) | | | |
| Total Corporate Bonds Sold Short (Cost $(964)) | | | | | | | | $ | (911) | | | (0.04)% |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
Forward currency contracts as of March 31, 2023 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Description | | Notional Amount to be Purchased | | Notional Amount to be Sold | | Counterparty | | Settlement Date | | Unrealized Appreciation | | Unrealized Depreciation |
| Foreign currency forward contract | | $ | (12,006) | | | CAD | (11,854) | | | Goldman Sachs | | April 19, 2023 | | $ | — | | | $ | (152) | |
| Foreign currency forward contract | | $ | (93,076) | | | £ | (93,520) | | | Goldman Sachs | | April 28, 2023 | | 444 | | | — | |
| Foreign currency forward contract | | $ | (68,424) | | | € | (69,089) | | | Goldman Sachs | | April 28, 2023 | | 665 | | | — | |
| Foreign currency forward contract | | $ | (18,646) | | | € | (18,401) | | | Goldman Sachs | | April 28, 2023 | | — | | | (245) | |
| Foreign currency forward contract | | $ | (18,513) | | | £ | (18,472) | | | Goldman Sachs | | April 28, 2023 | | — | | | (41) | |
| Foreign currency forward contract | | $ | (14,985) | | | SEK | (15,209) | | | Goldman Sachs | | April 28, 2023 | | 224 | | | — | |
| Foreign currency forward contract | | $ | (12,089) | | | NZD | (12,548) | | | Goldman Sachs | | April 28, 2023 | | 459 | | | — | |
| Foreign currency forward contract | | $ | (8,199) | | | AUD | (8,731) | | | Goldman Sachs | | April 28, 2023 | | 532 | | | — | |
| Foreign currency forward contract | | $ | (4,727) | | | DKK | (4,784) | | | Goldman Sachs | | April 28, 2023 | | 57 | | | — | |
| Foreign currency forward contract | | $ | (4,677) | | | CAD | (4,720) | | | Goldman Sachs | | April 28, 2023 | | 43 | | | — | |
| Foreign currency forward contract | | $ | (4,137) | | | € | (4,069) | | | Goldman Sachs | | April 28, 2023 | | — | | | (68) | |
| Foreign currency forward contract | | $ | (3,475) | | | PLN | (3,442) | | | Goldman Sachs | | April 28, 2023 | | — | | | (33) | |
| Foreign currency forward contract | | $ | (2,961) | | | CAD | (2,948) | | | Goldman Sachs | | April 28, 2023 | | — | | | (13) | |
| Foreign currency forward contract | | $ | (865) | | | £ | (868) | | | Goldman Sachs | | April 28, 2023 | | 3 | | | — | |
| Foreign currency forward contract | | $ | (731) | | | NOK | (776) | | | Goldman Sachs | | April 28, 2023 | | 45 | | | — | |
| Foreign currency forward contract | | $ | (4,101) | | | SEK | (4,013) | | | Goldman Sachs | | September 15, 2023 | | — | | | (88) | |
| Foreign currency forward contract | | $ | (1,900) | | | SEK | (1,782) | | | Goldman Sachs | | September 15, 2023 | | — | | | (118) | |
| Foreign currency forward contract | | $ | (2,270) | | | € | (2,117) | | | Goldman Sachs | | October 27, 2023 | | — | | | (153) | |
| Foreign currency forward contract | | $ | (770) | | | € | (757) | | | Goldman Sachs | | October 27, 2023 | | — | | | (13) | |
| Total | | | | | | | | | | | | $ | 2,472 | | | $ | (924) | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
Purchased options outstanding as of March 31, 2023 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 | | $ | 30 | | | April 19, 2023 | | Citigroup Global Markets Inc. | | $ | 1,075 | | | $ | 57 | | | $ | 20 | |
| Total Purchased Options on Equity Indices | | $ | 57 | | | $ | 20 | |
Written options outstanding as of March 31, 2023 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 | | $ | 40 | | | April 19, 2023 | | Citigroup Global Markets Inc. | | $ | (1,075) | | | $ | (27) | | | $ | (7) | |
| Total Written Options | | $ | (27) | | | $ | (7) | |
Swap Agreements outstanding as of March 31, 2023 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) |
| CDX.NA.HY S35 5Y | | Q | | 5.00% | | December 20, 2025 | | ICE | | $ | 4,249 | | | $ | (125) | | | $ | (417) | | | $ | 292 | |
| CDX.NA.HY S37 5Y | | Q | | 5.00% | | December 20, 2026 | | ICE | | 3,750 | | | (118) | | | (153) | | | 35 | |
| CDX.NA.HY S39 5Y | | Q | | 5.00% | | December 20, 2027 | | ICE | | 2,500 | | | (32) | | | (2) | | | (30) | |
| Total Swap Agreements - Buy Protection: Centrally Cleared or Exchange Traded | | | | $ | (275) | | | $ | (572) | | | $ | 297 | |
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) |
| RIGINC CDS USD SR 2Y | | Q | | 1.00% | | December 20, 2024 | | ICE | | $ | (500) | | | $ | (37) | | | $ | (53) | | | $ | 16 | |
| BHCCN CDS USD SR 5Y | | Q | | 5.00% | | December 20, 2026 | | ICE | | (1,000) | | | (141) | | | (360) | | | 219 | |
| Total Swap Agreements - Sell Protection: Centrally Cleared or Exchange Traded | | | | $ | (178) | | | $ | (413) | | | $ | 235 | |
CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2023 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
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 S35 5Y Tranche 15-25 | | Q | | 5.00% | | December 20, 2025 | | Goldman Sachs | | $ | 6,779 | | | $ | (333) | | | $ | (113) | | | $ | (220) | |
| CMBX.NA.BBB- S9 | | M | | 3.00% | | September 17, 2058 | | Goldman Sachs | | 1,030 | | | 259 | | | 246 | | | 13 | |
Total Swap Agreements - Buy Protection: Over the Counter | | | | $ | (74) | | | $ | 133 | | | $ | (207) | |
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) |
| UBER CDS USD SR 5Y | | Q | | 5.00% | | June 20, 2027 | | Goldman Sachs | | $ | (900) | | | $ | 98 | | | $ | 61 | | | $ | 37 | |
| Fortress BSL XIX WH Bespoke CDX 15-25 Aug 2025 | | Q | | 6.00% | | August 15, 2025 | | Goldman Sachs | | (5,583) | | | — | | | — | | | — | |
| Total Swap Agreements - Sell Protection: Over the Counter | | | | $ | 98 | | | $ | 61 | | | $ | 37 | |
____________________________________________________
(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 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, 2023 (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 Pounds
NOK Norwegian Krone
NZD New Zealand Dollars
PLN Polish Zloty
SEK Swedish Krone
USD U.S. Dollars
CION Ares Diversified Credit Fund
Notes to Consolidated Financial Statements
March 31, 2023 (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 under the Investment Advisers Act of 1940 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 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, 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 consolidated schedule of investments has been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”), and includes 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.
Pursuant to Rule 2a-5 under the Investment Company Act, the Adviser has been designated by the board of trustees (the "Board") as the Fund’s valuation designee to perform the fair value determinations for investments held by the Fund without readily available market quotations.
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
CION Ares Diversified Credit Fund
Notes to Consolidated Schedule of Investments (continued)
March 31, 2023 (Unaudited)
(in thousands, except per share data, percentages and as otherwise noted)
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 Adviser, as the valuation designee, subject to the oversight of the Board in accordance with the Adviser's valuation policy (the “Valuation Policy”). The Adviser may utilize independent third-party pricing and valuation services to assist 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 ("EV") 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 3 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.
Dividend Income Recognition
CION Ares Diversified Credit Fund
Notes to Consolidated Schedule of Investments (continued)
March 31, 2023 (Unaudited)
(in thousands, except per share data, percentages and as otherwise noted)
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, 2023 (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 Adviser continues to employ a Valuation Policy that is consistent with the provisions of ASC 820-10 (See Note 2 for more information). Consistent with the Valuation Policy, the Adviser 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 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
CION Ares Diversified Credit Fund
Notes to Consolidated Schedule of Investments (continued)
March 31, 2023 (Unaudited)
(in thousands, except per share data, percentages and as otherwise noted)
sources. For any security, if market or dealer quotations are not readily available, or if the Adviser determines that a quotation 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, as the valuation designee, 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 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 Adviser may also employ other valuation multiples to determine EV, such as revenues. The Adviser 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 Adviser 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 Adviser 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 Adviser 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 Adviser 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, 2023 (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, 2023, 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 | $ | — | | | $ | 646,146 | | | $ | 2,141,443 | | | $ | 2,787,589 | |
| Subordinated Loans | — | | | — | | | 47,492 | | | 47,492 | |
| Corporate Bonds | — | | | 191,930 | | | 36,445 | | | 228,375 | |
| Collateralized Loan Obligations | — | | | — | | | 240,512 | | | 240,512 | |
| Common Stocks | 2,271 | | | — | | | 41,624 | | | 43,895 | |
| Preferred Stocks | — | | | — | | | 163,705 | | | 163,705 | |
| Private Asset-Backed Debt | — | | | — | | | 69,458 | | | 69,458 | |
| Warrants | — | | | — | | | 3,018 | | | 3,018 | |
| Total Investments | $ | 2,271 | | | $ | 838,076 | | | $ | 2,743,697 | | | $ | 3,584,044 | |
| Derivative Assets: | | | | | | | |
| Forward Currency Contracts | $ | — | | | $ | 2,472 | | | $ | — | | | $ | 2,472 | |
| Purchased Equity Options | 20 | | | — | | | — | | | 20 | |
| Credit Default Swaps | — | | | 357 | | | — | | | 357 | |
| Derivative Liabilities: | | | | | | | |
| Corporate Bonds Sold Short | — | | | (911) | | | — | | | (911) | |
| Forward Currency Contracts | — | | | (924) | | | — | | | (924) | |
| Written Equity Options | (7) | | | — | | | — | | | (7) | |
| Credit Default Swaps | — | | | (786) | | | — | | | (786) | |
CION Ares Diversified Credit Fund
Notes to Consolidated Schedule of Investments (continued)
March 31, 2023 (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, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Senior Loans | | Subordinated Loans | | Corporate Bonds | | Collateralized Loan Obligations | | Common Stocks | | Preferred Stocks | | Private Asset Backed Debt | | Warrants | | Total |
| Balance as of December 31, 2022 | $ | 2,143,841 | | | $ | 37,778 | | | $ | 35,917 | | | $ | 208,266 | | | $ | 43,402 | | | $ | 158,819 | | | $ | 67,277 | | | $ | 2,444 | | | 2,697,744 | |
| Purchases | 134,513 | | | 421 | | | 236 | | | 33,480 | | | 136 | | | 925 | | | 2,722 | | | — | | | 172,433 | |
| Sales and principal redemptions | (91,896) | | | — | | | (50) | | | (878) | | | (143) | | | 2,521 | | | (1,497) | | | 1 | | | (91,942) | |
| Net realized and unrealized gains (losses) | 2,746 | | | 116 | | | (42) | | | (383) | | | (1,771) | | | 1,440 | | | 899 | | | 573 | | | 3,578 | |
| Accrued discounts (premiums) | 1,748 | | | 61 | | | 12 | | | 27 | | | — | | | — | | | 57 | | | — | | | 1,905 | |
Transfers in to Level 3(a) | 10,490 | | | 9,116 | | | 372 | | | — | | | — | | | — | | | — | | | — | | | 19,978 | |
Transfers out of Level 3(a) | (59,999) | | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (59,999) | |
Balance as of March 31, 2023 | $ | 2,141,443 | | | $ | 47,492 | | | $ | 36,445 | | | $ | 240,512 | | | $ | 41,624 | | | $ | 163,705 | | | $ | 69,458 | | | $ | 3,018 | | | $ | 2,743,697 | |
| Net change in unrealized gains (losses) from investments held at December 31, 2022 | $ | 953 | | | $ | 106 | | | $ | (23) | | | $ | (369) | | | $ | (1,630) | | | $ | 1,394 | | | $ | 886 | | | $ | 573 | | | $ | 1,890 | |
________________________________________
(a)Investments were transferred into and out of Level 3 during the three months ended March 31, 2023. 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, 2023 (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, 2023.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Fair Value | | Primary Valuation Techniques | | Inputs | | Estimated Range | | Weighted Average(a) |
Investment in securities
| | | | | | | | | | |
| Senior Loans | | $ | 2,095,469 | | | Yield Analysis | | Market Yield | | 6.0% - 46.1% | | 12.4% |
| Senior Loans | | 45,974 | | | Broker Quotes | | N/A | | N/A | | N/A |
| Subordinated Loans | | 47,492 | | | Yield Analysis | | Market Yield | | 10.8% - 14.1% | | 12.8% |
| Corporate Bonds | | 18,850 | | | Yield Analysis | | Market Yield | | 13.1% - 17.6% | | 14.6% |
| Corporate Bonds | | 17,595 | | | Broker Quotes | | N/A | | N/A | | N/A |
| Collateralized Loan Obligations | | 240,512 | | | Broker Quotes | | N/A | | N/A | | N/A |
| Common Stocks | | 41,624 | | | EV Market Multiple Analysis | | EBITDA Multiple | | 5.6x - 51.9x | | 13.2x |
| Preferred Stock | | 163,705 | | | EV Market Multiple Analysis | | EBITDA Multiple | | 5.7x - 40.0x | | 17.5x |
| Private Asset-Backed Debt | | 69,458 | | | Income (Other) | | Constant Default Rate,
Constant Prepayment Rate,
Recovery Rate,
Collection Rate | | 2.5% - 44.2%
0.0% - 42.0%
0.0% - 65.0%
48.0% - 95.1% | | 14.7%
31.6%
29.9%
79.3% |
| Warrants | | 3,018 | | | EV Market Multiple Analysis | | EBITDA Multiple | | 8.2x - 10.0x | | 10.0x |
| Total Level 3 Investments | | $ | 2,743,697 | | | | | | | | | |
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(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.