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

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

 ________________________________________

(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.