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CION Ares Diversified Credit Fund
Consolidated Schedule of Investments
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
SENIOR LOANS(b)(c)(d)
Automobiles and Components
Automotive Keys Group, LLC1st Lien Term Loan10.95%SOFR (Q)6.50%08/2026$1,722 $1,481 (e)(f)
Clarios Global LP1st Lien Term Loan6.82%SOFR (M)2.50%05/20307,798 7,681 (f)
Collision SP Subco, LLC1st Lien Revolving Loan9.79%SOFR (Q)5.50%01/203011 11 (e)(g)
Collision SP Subco, LLC1st Lien Term Loan9.80%SOFR (Q)5.50%01/2030741 740 (e)(f)
Collision SP Subco, LLC1st Lien Delay Draw Term Loan9.80%SOFR (S)5.50%01/2030335 335 (e)(g)
Continental Acquisition Holdings, Inc.1st Lien Revolving Loan8.19%SOFR (M)3.75%01/20261 1 (e)(g)
Continental Acquisition Holdings, Inc.1st Lien Term Loan01/20276,297 4,723 (e)(i)
Continental Acquisition Holdings, Inc.1st Lien Delay Draw Term Loan01/20271,529 1,147 (e)(i)
Highline Aftermarket Acquisition, LLC1st Lien Revolving Loan11/2028— — (e)(g)
Highline Aftermarket Acquisition, LLC1st Lien Term Loan7.82%SOFR (M)3.50%02/203016,625 16,563 (e)
New Churchill Holdco LLC1st Lien Revolving Loan11/2029— — (e)(g)
New Churchill Holdco LLC1st Lien Term Loan9.80%SOFR (Q)5.50%11/20291,197 1,197 (e)(f)
New Churchill Holdco LLC1st Lien Delay Draw Term Loan9.80%SOFR (Q)5.50%11/20291,372 1,372 (e)(g)
Sun Acquirer Corp.1st Lien Revolving Loan09/2027— — (e)(g)
Sun Acquirer Corp.1st Lien Term Loan9.32%SOFR (M)5.00%09/202814,890 14,890 (e)(f)
Sun Acquirer Corp.1st Lien Delay Draw Term Loan9.32%SOFR (M)5.00%09/20288,716 8,716 (e)(f)(g)
Sun Acquirer Corp.1st Lien Delay Draw Term Loan09/2028— — (e)(g)
Telle Tire & Auto Service, LLC1st Lien Revolving Loan03/2031— — (e)(g)
Telle Tire & Auto Service, LLC1st Lien Term Loan9.01%SOFR (S)4.75%03/2031134 133 (e)(f)
Telle Tire & Auto Service, LLC1st Lien Delay Draw Term Loan03/2031— — (e)(g)
Truck-Lite Co., LLC and Ecco Holdings Corp.1st Lien Revolving Loan10.05%SOFR (M)5.75%02/203089 89 (e)(g)
Truck-Lite Co., LLC and Ecco Holdings Corp.1st Lien Term Loan10.06%SOFR (Q)5.75%02/203111,251 11,251 (e)(f)
Truck-Lite Co., LLC and Ecco Holdings Corp.1st Lien Delay Draw Term Loan10.06%SOFR (Q)5.75%02/2031784 784 (e)(g)
Wand Newco 3, Inc.1st Lien Term Loan6.82%SOFR (M)2.50%01/203122,685 22,322 (f)
93,436 2.04%
Capital Goods
AI Aqua Merger Sub, Inc.1st Lien Term Loan7.32%SOFR (M)3.00%07/202830,069 29,760 (f)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Airx Climate Solutions, Inc.1st Lien Revolving Loan11/2029— — (e)(g)
Airx Climate Solutions, Inc.1st Lien Term Loan10.07%SOFR (Q)5.75%11/20291,494 1,494 (e)(f)
Airx Climate Solutions, Inc.1st Lien Term Loan9.32%SOFR (Q)5.00%11/20292,420 2,421 (e)(f)
Airx Climate Solutions, Inc.1st Lien Delay Draw Term Loan9.32%SOFR (Q)5.00%11/2029495 495 (e)(f)(g)
AllClear Military Inc.1st Lien Term Loan08/20251,880 752 (e)(i)
Artera Services, LLC1st Lien Term Loan8.80% (3.75% PIK)SOFR (Q)4.50%02/20316,492 6,142 (f)
BCPE Empire Holdings, Inc.1st Lien Term Loan7.57%SOFR (M)3.25%12/20303,470 3,416 
BGIF IV Fearless Utility Services, Inc.1st Lien Revolving Loan06/2030— — (e)(g)
BGIF IV Fearless Utility Services, Inc.1st Lien Term Loan9.32%SOFR (M)5.00%06/20312,227 2,227 (e)(f)
BGIF IV Fearless Utility Services, Inc.1st Lien Delay Draw Term Loan06/2031— — (e)(g)
BlueHalo Global Holdings, LLC (f/k/a Aegis Global Holdings, LLC)1st Lien Revolving Loan10.30%SOFR (Q)6.00%10/2025670 670 (e)(g)
BlueHalo Global Holdings, LLC (f/k/a Aegis Global Holdings, LLC)1st Lien Term Loan10.31%SOFR (Q)6.00%10/20258,862 8,862 (e)(f)
Box Bidco LimitedUnited Kingdom1st Lien Term Loan9.85%EURIBOR (S)7.17%11/2028€878 950 (e)(f)
Box Bidco LimitedUnited Kingdom1st Lien Term Loan10.30%SOFR (S)5.50%11/20281,691 1,690 (e)(f)
Box Bidco LimitedUnited Kingdom1st Lien Term Loan11.97%SOFR (S)7.17%11/2028536 536 (e)
Brown Group Holding, LLC1st Lien Term Loan6.82%SOFR (M)2.50%07/20315,028 4,995 (f)
Brown Group Holding, LLC1st Lien Term Loan6.82%SOFR (Q)2.50%07/20314,737 4,705 (f)
Burgess Point Purchaser Corporation1st Lien Term Loan9.65%SOFR (Q)5.25%07/20294,094 3,627 (f)
Chillaton Bidco LimitedUnited Kingdom1st Lien Term Loan11.03%SONIA (S)6.50%05/2031£1,491 1,926 (e)
Chillaton Bidco LimitedUnited Kingdom1st Lien Delay Draw Term Loan11.02%SONIA (Q)6.50%05/2031£544 702 (e)(g)
CP Atlas Buyer Inc1st Lien Term Loan8.17%SOFR (M)3.75%11/20278,080 7,456 (f)
CPIG Holdco Inc.1st Lien Revolving Loan9.16%SOFR (Q)4.75%04/20281 — (e)(g)
CPIG Holdco Inc.1st Lien Term Loan11.41%SOFR (Q)7.00%04/20283,815 3,815 (e)(f)
Dynamic NC Aerospace Holdings, LLC1st Lien Revolving Loan10.96%SOFR (Q)6.50%12/2027969 969 (e)(g)
Dynamic NC Aerospace Holdings, LLC1st Lien Term Loan10.96%SOFR (Q)6.50%12/20273,257 3,256 (e)(f)
EC Partners Spanish Bidco, S.L.U.Spain1st Lien Term Loan8.34%EURIBOR (S)5.75%01/2032€444 481 (e)
EC Partners Spanish Bidco, S.L.U.Spain1st Lien Delay Draw Term Loan01/2032€— — (e)(g)
Generator Buyer, Inc.Canada1st Lien Revolving Loan07/2030CAD— — (e)(g)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Generator Buyer, Inc.Canada1st Lien Term Loan7.91%CORRA (Q)5.25%07/2030CAD2,030 1,411 (e)(f)
Generator Buyer, Inc.Canada1st Lien Delay Draw Term Loan7.91%CORRA (Q)5.25%07/2030CAD285 198 (e)(g)
Generator US Buyer, INC.1st Lien Term Loan9.55%SOFR (Q)5.25%07/2030409 409 (e)(f)
GSV Purchaser, Inc.1st Lien Revolving Loan08/2030— — (e)(g)
GSV Purchaser, Inc.1st Lien Term Loan8.82%SOFR (M)4.50%08/20313,690 3,690 (e)(f)
GSV Purchaser, Inc.1st Lien Delay Draw Term Loan8.82%SOFR (Q)4.50%08/2031301 300 (e)(g)
Helix Acquisition Holdings, Inc.1st Lien Term Loan11.42%SOFR (M)7.00%03/2030473 473 (e)
Horizon CTS Buyer, LLC1st Lien Revolving Loan8.83%SOFR (M)4.50%03/2032111 110 (e)(g)
Horizon CTS Buyer, LLC1st Lien Term Loan8.83%SOFR (M)4.50%03/20325,460 5,432 (e)(f)
Horizon CTS Buyer, LLC1st Lien Delay Draw Term Loan03/2032— — (e)(g)
Kene Acquisition, Inc.1st Lien Revolving Loan02/2031— — (e)(g)
Kene Acquisition, Inc.1st Lien Term Loan9.54%SOFR (Q)5.25%02/20311,783 1,783 (e)(f)
Kene Acquisition, Inc.1st Lien Delay Draw Term Loan9.54%SOFR (Q)5.25%02/203183 83 (e)(g)
LBM Acquisition LLC1st Lien Term Loan8.17%SOFR (M)3.75%12/20273,706 3,619 
LBM Acquisition LLC1st Lien Term Loan8.17%SOFR (M)3.75%06/20316,524 6,004 (f)
Maverick Acquisition, Inc.1st Lien Term Loan06/20275,173 2,432 (e)(i)
Maverick Acquisition, Inc.1st Lien Delay Draw Term Loan10.69%SOFR (M)6.25%04/202587 87 (e)(g)
Maverick Acquisition, Inc.1st Lien Delay Draw Term Loan06/20271,179 554 (e)(i)
OPH NEP Investment, LLC1st Lien Term Loan10.00% (7.00% PIK)05/20321,225 1,213 (e)
Osmose Utilities Services, Inc.1st Lien Term Loan7.69%SOFR (M)3.25%06/20281,144 1,127 
Osmose Utilities Services, Inc.2nd Lien Term Loan11.19%SOFR (M)6.75%06/20298,237 8,155 (e)
Paris US Holdco, Inc. & 1001028292 Ontario Inc.1st Lien Revolving Loan11.50%PRIME4.00%12/203111 11 (e)(g)
Paris US Holdco, Inc. & 1001028292 Ontario Inc.1st Lien Term Loan9.32%SOFR (M)5.00%12/20315,873 5,814 (e)(f)
Paris US Holdco, Inc. & 1001028292 Ontario Inc.1st Lien Delay Draw Term Loan12/2031— — (e)(g)
Patriot Container Corp.1st Lien Term Loan13.00% (7.00% PIK)09/203025,779 25,779 (e)
Patriot Container Corp.1st Lien Delay Draw Term Loan09/2030— — (e)(g)
PumpTech, LLC1st Lien Revolving Loan01/2031— — (e)(g)
PumpTech, LLC1st Lien Term Loan9.05%SOFR (Q)4.75%01/20312,038 2,012 (e)(f)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
PumpTech, LLC1st Lien Delay Draw Term Loan01/2031— — (e)(g)
Radius Aerospace Europe LimitedUnited Kingdom1st Lien Revolving Loan10.46% (0.25% PIK)SONIA (M)6.00%03/2027£373 472 (e)(g)
Radius Aerospace Europe LimitedUnited Kingdom1st Lien Term Loan10.45% (0.25% PIK)SOFR (Q)6.00%03/20274,114 4,031 (e)(f)
Radius Aerospace, Inc.1st Lien Revolving Loan10.45% (0.25% PIK)SOFR (Q)6.00%03/2027344 337 (e)(g)
Radius Aerospace, Inc.1st Lien Revolving Loan10.45% (0.25% PIK)SOFR (S)6.00%03/2027— — (e)(g)
Radius Aerospace, Inc.1st Lien Term Loan10.45% (0.25% PIK)SOFR (Q)6.00%03/20274,702 4,608 (e)(f)
Sigma Electric Manufacturing Corporation1st Lien Revolving Loan12/2027— — (e)(g)
Sigma Electric Manufacturing Corporation1st Lien Term Loan10.17%SOFR (M)5.75%12/20272,744 2,745 (e)(f)
Specialty Building Products Holdings, LLC1st Lien Term Loan8.17%SOFR (M)3.75%10/20284,932 4,670 (f)
Spirit AeroSystems, Inc.1st Lien Bridge Loan9.08%03/202510,349 10,349 (e)
Sunk Rock Foundry Partners LP1st Lien Term Loan10.17%SOFR (M)5.75%12/2027218 217 (e)(f)
Sunvair Aerospace Group, Inc.1st Lien Revolving Loan05/2031— — (e)(g)
Sunvair Aerospace Group, Inc.1st Lien Term Loan9.30%SOFR (Q)5.00%05/20311,764 1,764 (e)(f)
Sunvair Aerospace Group, Inc.1st Lien Delay Draw Term Loan9.30%SOFR (Q)5.00%05/2031155 155 (e)(g)
Two Six Labs, LLC1st Lien Revolving Loan9.55%SOFR (Q)5.25%08/20271,229 1,229 (e)(g)
Two Six Labs, LLC1st Lien Term Loan9.55%SOFR (Q)5.25%08/20277,205 7,206 (e)(f)
Two Six Labs, LLC1st Lien Term Loan10.30%SOFR (Q)6.00%08/20271,321 1,321 (e)(f)
Two Six Labs, LLC1st Lien Delay Draw Term Loan9.55%SOFR (Q)5.25%08/20272,814 2,814 (e)(f)
Two Six Labs, LLC1st Lien Delay Draw Term Loan08/2027— — (e)(g)
Victory Buyer LLC1st Lien Term Loan8.19%SOFR (M)3.75%11/20288,508 8,241 
WEC US Holdings Ltd.1st Lien Term Loan6.57%SOFR (M)2.25%01/203121,761 21,543 (f)
233,745 5.10%
Commercial and Professional Services
Aero Operating LLC1st Lien Term Loan13.46% (2.00% PIK)SOFR (M)9.00%02/20262,839 2,584 (e)(f)
Aero Operating LLC1st Lien Term Loan13.45% (2.00% PIK)SOFR (M)9.00%02/202690 82 (e)(f)
Aero Operating LLC1st Lien Delay Draw Term Loan13.45% (2.00% PIK)SOFR (Q)9.00%02/2026815 741 (e)(f)
Aldinger Company1st Lien Revolving Loan07/2027— — (e)(g)
Aldinger Company1st Lien Term Loan9.55%SOFR (Q)5.25%07/20271,249 1,249 (e)(f)
Aldinger Company1st Lien Delay Draw Term Loan9.55%SOFR (Q)5.25%07/2027796 795 (e)(g)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
AMCP Clean Acquisition Company, LLC1st Lien Term Loan9.05%SOFR (Q)4.75%06/2028800 800 (e)(f)
AMCP Clean Acquisition Company, LLC1st Lien Delay Draw Term Loan9.05%SOFR (Q)4.75%06/2028644 644 (e)(g)
Andwis Group LimitedUnited Kingdom1st Lien Term Loan11.45%SONIA (Q)6.75%11/2031£2,074 2,679 (e)
Andwis Group LimitedUnited Kingdom1st Lien Delay Draw Term Loan11.21%SONIA (S)6.75%11/2031£1,021 1,319 (e)(g)
Antea Group Holding B.V.Netherlands1st Lien Term Loan03/2030€— — (e)(g)
Applied Technical Services, LLC1st Lien Revolving Loan12.25%PRIME4.75%12/2026910 910 (e)(g)
Applied Technical Services, LLC1st Lien Term Loan10.20%SOFR (Q)5.75%12/20264,478 4,478 (e)(f)
Applied Technical Services, LLC1st Lien Term Loan10.45%SOFR (Q)6.00%12/2026564 564 (e)(f)
Applied Technical Services, LLC1st Lien Delay Draw Term Loan10.20%SOFR (Q)5.75%12/20266,463 6,464 (e)(f)(g)
Applied Technical Services, LLC1st Lien Delay Draw Term Loan10.45%SOFR (Q)6.00%12/2026564 564 (e)(f)
Armorica Lux S.a.r.l.Luxembourg1st Lien Term Loan7.11%EURIBOR (Q)4.93%07/2028€6,500 6,768 
Auxadi Midco S.L.U.Spain1st Lien Term Loan6.99%EURIBOR (Q)4.75%07/2028€473 511 (e)
Bluejack Fire Acquisition, INC1st Lien Revolving Loan01/2031— — (e)(g)
Bluejack Fire Acquisition, INC1st Lien Term Loan9.05% (4.50% PIK)SOFR (Q)4.75%01/2031992 979 (e)(f)
Bluejack Fire Acquisition, INC1st Lien Delay Draw Term Loan01/2031— — (e)(g)
Capstone Acquisition Holdings, Inc.1st Lien Revolving Loan05/2029— — (e)(g)
Capstone Acquisition Holdings, Inc.1st Lien Term Loan8.92%SOFR (M)4.50%11/202918,009 18,009 (e)(f)
Capstone Acquisition Holdings, Inc.1st Lien Delay Draw Term Loan11/2029— — (e)(g)
Capstone Acquisition Holdings, Inc.2nd Lien Term Loan12.92%SOFR (M)8.50%11/20309,246 9,247 (e)(f)
Capstone Acquisition Holdings, Inc.2nd Lien Delay Draw Term Loan11/2030— — (e)(g)
Celnor Group LimitedUnited Kingdom1st Lien Term Loan10.38%SONIA (Q)5.92%08/2031£879 1,136 (e)
Celnor Group LimitedUnited Kingdom1st Lien Delay Draw Term Loan10.38%SONIA (Q)5.92%08/2031£2,304 2,976 (e)(g)
Compass Bidco Limited.United Kingdom1st Lien Term Loan11.24%SONIA (S)6.75%04/2031£12,356 15,961 (e)
Compass Bidco Limited.United Kingdom1st Lien Delay Draw Term Loan11.24%SONIA (S)6.75%04/2031£5,747 7,424 (e)
Compex Legal Services, Inc.1st Lien Revolving Loan9.80%SOFR (S)5.45%02/2026450 450 (e)(g)
Compex Legal Services, Inc.1st Lien Term Loan9.83%SOFR (S)5.45%02/20261,254 1,254 (e)(f)
Dorado Bidco, Inc.1st Lien Revolving Loan09/2031— — (e)(g)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Dorado Bidco, Inc.1st Lien Term Loan8.82%SOFR (M)4.50%09/20312,690 2,663 (e)(f)
Dorado Bidco, Inc.1st Lien Delay Draw Term Loan09/2031— — (e)(g)
DP Flores Holdings, LLC1st Lien Revolving Loan09/2030— — (e)(g)
DP Flores Holdings, LLC1st Lien Term Loan10.80% (3.25% PIK)SOFR (Q)6.50%09/20303,914 3,914 (e)(f)
DP Flores Holdings, LLC1st Lien Delay Draw Term Loan09/2030— — (e)(g)
Drogon Bidco Inc.1st Lien Revolving Loan08/2030— — (e)(g)
Drogon Bidco Inc.1st Lien Term Loan9.32%SOFR (M)5.00%08/20311,368 1,354 (e)(f)
Drogon Bidco Inc.1st Lien Delay Draw Term Loan9.32%SOFR (M)5.00%08/2031432 430 (e)(g)
Dun & Bradstreet Corporation, The1st Lien Term Loan6.57%SOFR (M)2.25%01/202917,935 17,887 (f)
DuraServ LLC1st Lien Revolving Loan06/2030— — (e)(g)
DuraServ LLC1st Lien Term Loan8.82%SOFR (M)4.50%06/2031591 591 (e)(f)
DuraServ LLC1st Lien Delay Draw Term Loan8.82%SOFR (M)4.50%06/2031228 228 (e)(g)
Eagle Parent Corp.1st Lien Term Loan8.55%SOFR (Q)4.25%04/20297,230 6,861 (f)
Elevation Services Parent Holdings, LLC1st Lien Revolving Loan10.71%SOFR (Q)6.25%12/2026404 375 (e)(g)
Elevation Services Parent Holdings, LLC1st Lien Term Loan10.71%SOFR (Q)6.25%12/20261,293 1,202 (e)(f)
Elevation Services Parent Holdings, LLC1st Lien Term Loan10.70%SOFR (Q)6.25%12/2026617 574 (e)(f)
Elevation Services Parent Holdings, LLC1st Lien Delay Draw Term Loan10.71%SOFR (Q)6.25%12/20261,728 1,607 (e)(f)
Elevation Services Parent Holdings, LLC1st Lien Delay Draw Term Loan10.70%SOFR (Q)6.25%12/2026369 344 (e)(f)
EMB Purchaser, Inc.1st Lien Revolving Loan03/2032— — (e)(g)
EMB Purchaser, Inc.1st Lien Term Loan8.80%SOFR (Q)4.50%03/203242,749 42,535 (e)(f)
EMB Purchaser, Inc.1st Lien Delay Draw Term Loan8.80%SOFR (Q)4.50%03/2032561 558 (e)(g)
Erasmus Acquisition Holding B.V.Netherlands1st Lien Term Loan9.58% (2.00% PIK)EURIBOR (S)7.00%03/2030€3,323 3,594 (e)
Erasmus Acquisition Holding B.V.Netherlands1st Lien Delay Draw Term Loan9.58% (2.00% PIK)EURIBOR (S)7.00%03/2030€222 240 (e)(g)
Firebird Acquisition Corp, Inc.1st Lien Revolving Loan02/2032— — (e)(g)
Firebird Acquisition Corp, Inc.1st Lien Term Loan9.29% (2.50% PIK)SOFR (Q)5.00%02/20322,727 2,713 (e)(f)
Firebird Acquisition Corp, Inc.1st Lien Delay Draw Term Loan02/2032— — (e)(g)
Flywheel Acquireco, Inc.1st Lien Revolving Loan10.82%SOFR (M)6.50%05/20281,110 1,110 (e)(g)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Flywheel Acquireco, Inc.1st Lien Term Loan10.82%SOFR (M)6.50%05/203013,610 13,610 (e)(f)
Frontline Road Safety Operations, LLC1st Lien Revolving Loan03/2032— — (e)(g)
Frontline Road Safety Operations, LLC1st Lien Term Loan9.07% (2.00% PIK)SOFR (M)4.75%03/203223,099 22,984 (e)(f)
Frontline Road Safety Operations, LLC1st Lien Delay Draw Term Loan9.07%SOFR (M)4.75%03/2032124 123 (e)(g)
GCM HVAC HOLDCO, LLC1st Lien Term Loan14.00% PIK09/20311,407 1,407 (e)
HH-Stella, Inc.1st Lien Revolving Loan9.95%SOFR (Q)5.50%04/2027127 127 (e)(g)
HH-Stella, Inc.1st Lien Term Loan9.95%SOFR (Q)5.50%04/20285,953 5,953 (e)(f)
HH-Stella, Inc.1st Lien Delay Draw Term Loan9.95%SOFR (Q)5.50%04/20283,545 3,545 (e)(f)(g)
HP RSS Buyer, Inc.1st Lien Term Loan9.30%SOFR (Q)5.00%12/20291,253 1,253 (e)(f)
HP RSS Buyer, Inc.1st Lien Delay Draw Term Loan9.30%SOFR (Q)5.00%12/20291,074 1,074 (e)(f)
HP RSS Buyer, Inc.1st Lien Delay Draw Term Loan9.05%SOFR (Q)4.75%12/2029248 247 (e)(g)
Indigo Acquisition B.V.Netherlands1st Lien Term Loan9.06%EURIBOR (Q)6.70%09/2031€1,250 1,351 (e)
Indigo Acquisition B.V.Netherlands1st Lien Term Loan11.00%SOFR (Q)6.70%09/2031€1,250 1,352 (e)
Indigo Acquisition B.V.Netherlands1st Lien Delay Draw Term Loan9.06%EURIBOR (Q)6.70%09/2031€357 386 (e)(g)
IRI Group Holdings, Inc.1st Lien Revolving Loan9.32%SOFR (M)5.00%12/2027146 146 (e)(g)
IRI Group Holdings, Inc.1st Lien Term Loan9.31%SOFR (Q)5.00%12/202825,002 25,002 (e)(f)
Ishtar Bidco Norway ASUnited Kingdom1st Lien Delay Draw Term Loan15.33% (1.67% PIK)SONIA (Q)10.75%11/2025£935 1,147 (e)(f)
Kellermeyer Bergensons Services, LLC1st Lien Term Loan12.44% PIKSOFR (Q)8.00%11/20283,188 3,188 (e)
Kellermeyer Bergensons Services, LLC1st Lien Term Loan9.69% PIKSOFR (Q)5.25%11/20287,090 7,089 (e)
Kings Buyer, LLC1st Lien Revolving Loan11.75%PRIME4.25%10/202759 59 (e)(g)
Kings Buyer, LLC1st Lien Term Loan9.65%SOFR (Q)5.25%10/20273,393 3,359 (e)(f)
KPS Global LLC1st Lien Revolving Loan09/2030— — (e)(g)
KPS Global LLC1st Lien Term Loan9.07%SOFR (M)4.75%09/20302,079 2,079 (e)(f)
LABL, Inc.1st Lien Term Loan9.42%SOFR (M)5.00%10/202820,572 16,989 (f)
Laboratories Bidco LLC1st Lien Revolving Loan8.25%PRIME0.75%07/20291,147 907 (e)(g)
Laboratories Bidco LLC1st Lien Term Loan6.20%SOFR (Q)1.75%07/20295,340 4,218 (e)(f)
Laboratories Bidco LLC1st Lien Term Loan4.56%CORRA (Q)1.75%07/2029CAD1,807 992 (e)(f)
Laboratories Bidco LLC1st Lien Term Loan10.20%SOFR (Q)5.75%07/2029592 467 (e)(f)
Laboratories Bidco LLC1st Lien Term Loan6.21%SOFR (Q)1.75%07/20294,068 3,213 (e)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Laboratories Bidco LLC1st Lien Delay Draw Term Loan6.21%SOFR (Q)1.75%07/2029296 234 (e)
LBC Woodlands Purchaser LLC1st Lien Revolving Loan07/2030— — (e)(g)
LBC Woodlands Purchaser LLC1st Lien Term Loan9.30%SOFR (Q)5.00%07/20311,308 1,308 (e)(f)
LBC Woodlands Purchaser LLC1st Lien Delay Draw Term Loan9.30%SOFR (Q)5.00%07/203193 93 (e)(g)
Lightbeam Bidco, Inc.1st Lien Revolving Loan9.30%SOFR (Q)5.00%05/2029— — (e)(g)
Lightbeam Bidco, Inc.1st Lien Term Loan9.30%SOFR (Q)5.00%05/20301,250 1,250 (e)(f)
Lightbeam Bidco, Inc.1st Lien Delay Draw Term Loan9.30%SOFR (Q)5.00%05/2030431 431 (e)(f)(g)
Lowe P27 Bidco LimitedUnited Kingdom1st Lien Term Loan9.10%EURIBOR (S)6.50%07/2026£1,400 1,809 (e)
Lowe P27 Bidco LimitedUnited Kingdom1st Lien Delay Draw Term Loan11.27%SOFR (S)6.50%07/2026610 610 (e)
Lowe P27 Bidco LimitedUnited Kingdom1st Lien Delay Draw Term Loan11.48%SONIA (S)6.50%07/2026£2,356 3,043 (e)
MPLC Debtco LimitedJersey1st Lien Term Loan10.74%SONIA (M)6.25%01/2027£148 192 (e)(f)
MPLC Debtco LimitedJersey1st Lien Delay Draw Term Loan11.04%SOFR (S)6.25%01/20272,100 2,100 (e)(f)
MPLC Debtco LimitedJersey1st Lien Delay Draw Term Loan11.00%SONIA (S)6.25%01/2027£1,052 1,358 (e)(f)
Msis Holdings, Inc.1st Lien Revolving Loan03/2031— — (e)(g)
Msis Holdings, Inc.1st Lien Term Loan9.29%SOFR (Q)5.00%03/20313,579 3,561 (e)(f)
Msis Holdings, Inc.1st Lien Delay Draw Term Loan03/2031— — (e)(g)
Neptune BidCo US Inc.1st Lien Revolving Loan10/2027— — (e)(g)
Neptune BidCo US Inc.1st Lien Term Loan9.14%SOFR (Q)4.75%10/202813,078 11,206 (f)
Neptune BidCo US Inc.1st Lien Term Loan9.39% (1.67% PIK)SOFR (Q)5.00%04/202915,129 12,997 (f)
Neptune BidCo US Inc.2nd Lien Term Loan14.14%SOFR (Q)9.75%10/20299,882 9,092 (e)(f)
North Haven Stack Buyer, LLC1st Lien Revolving Loan9.55%SOFR (Q)5.25%07/2027239 239 (e)(g)
North Haven Stack Buyer, LLC1st Lien Term Loan9.54%SOFR (Q)5.25%07/20271,290 1,290 (e)(f)
North Haven Stack Buyer, LLC1st Lien Term Loan9.30%SOFR (Q)5.00%07/2027284 284 (e)(f)
North Haven Stack Buyer, LLC1st Lien Delay Draw Term Loan9.54%SOFR (Q)5.25%07/2027993 992 (e)(f)
North Haven Stack Buyer, LLC1st Lien Delay Draw Term Loan9.55%SOFR (Q)5.25%07/2027400 400 (e)(f)
North Haven Stack Buyer, LLC1st Lien Delay Draw Term Loan9.56%SOFR (Q)5.25%07/2027218 219 (e)(f)
North Haven Stack Buyer, LLC1st Lien Delay Draw Term Loan9.30%SOFR (Q)5.00%07/2027223 223 (e)(g)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Orbit Private Holdings I LtdUnited Kingdom1st Lien Term Loan10.26%SONIA (S)5.75%12/2028£4,915 6,317 
PHM Group Holding OyjFinland1st Lien Term Loan02/2032€6,217 6,669 (h)
Priority Waste Holdings LLC1st Lien Revolving Loan12.00%PRIME4.50%08/20292 2 (e)(g)
Priority Waste Holdings LLC1st Lien Term Loan12.31% (2.00% PIK)SOFR (Q)8.00%08/20295,195 4,831 (e)(f)
Priority Waste Holdings LLC1st Lien Delay Draw Term Loan12.31% (2.00% PIK)SOFR (Q)8.00%08/20291,995 1,856 (e)(f)
PSC Parent, Inc.1st Lien Revolving Loan9.57%SOFR (M)5.25%04/2030741 741 (e)(g)
PSC Parent, Inc.1st Lien Term Loan9.57%SOFR (M)5.25%04/20314,415 4,415 (e)(f)
PSC Parent, Inc.1st Lien Delay Draw Term Loan9.57%SOFR (M)5.25%04/20311,147 1,147 (e)(g)
Pye-Barker Fire & Safety, LLC1st Lien Revolving Loan8.80%SOFR (Q)4.50%05/203086 86 (e)(g)
Pye-Barker Fire & Safety, LLC1st Lien Term Loan8.81%SOFR (Q)4.50%05/2031629 629 (e)(f)
Pye-Barker Fire & Safety, LLC1st Lien Delay Draw Term Loan8.81%SOFR (Q)4.50%05/20313,121 3,121 (e)(f)(g)
Pye-Barker Fire & Safety, LLC1st Lien Delay Draw Term Loan05/2031— — (e)(g)
Registrar Intermediate, LLC1st Lien Revolving Loan9.45%SOFR (Q)5.00%08/2027226 226 (e)(g)
Registrar Intermediate, LLC1st Lien Term Loan9.46%SOFR (Q)5.00%08/20274,155 4,154 (e)(f)
Registrar Intermediate, LLC1st Lien Term Loan9.20%SOFR (S)4.75%08/2029335 332 (e)(f)
Registrar Intermediate, LLC1st Lien Delay Draw Term Loan08/2029— — (e)(g)
Rodeo AcquisitionCo LLC1st Lien Revolving Loan9.96%SOFR (Q)5.50%07/2027147 148 (e)(g)
Rodeo AcquisitionCo LLC1st Lien Term Loan9.96%SOFR (Q)5.50%07/20272,049 2,049 (e)
RSK Group LimitedUnited Kingdom1st Lien Term Loan9.95%SONIA (Q)5.38%09/2030£3,497 4,518 (e)(f)
RSK Group LimitedUnited Kingdom1st Lien Delay Draw Term Loan9.95% (2.50% PIK)SONIA (Q)5.38%08/2028£1,272 1,644 (e)(f)
RSK Group LimitedUnited Kingdom1st Lien Delay Draw Term Loan7.70% (2.50% PIK)EURIBOR (Q)5.38%09/2030€1,061 1,147 (e)(f)
RSK Group LimitedUnited Kingdom1st Lien Delay Draw Term Loan9.95% (2.50% PIK)SONIA (Q)5.38%09/2030£13,676 17,666 (e)
RSK Group LimitedUnited Kingdom1st Lien Delay Draw Term Loan9.95% (1.50% PIK)SONIA (Q)5.38%09/2030£4,779 6,174 (e)
Saturn Purchaser Corp.1st Lien Revolving Loan07/2030— — (e)(g)
Saturn Purchaser Corp.1st Lien Term Loan9.17%SOFR (M)4.75%07/2030221 221 (e)
Saturn Purchaser Corp.1st Lien Delay Draw Term Loan07/2030— — (e)(g)
Schill Landscaping and Lawn Care Services, LLC1st Lien Revolving Loan10.17%SOFR (M)5.75%12/2027180 180 (e)(g)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Schill Landscaping and Lawn Care Services, LLC1st Lien Term Loan10.17%SOFR (M)5.75%12/20272,142 2,142 (e)(f)
Schill Landscaping and Lawn Care Services, LLC1st Lien Delay Draw Term Loan10.17%SOFR (M)5.75%12/20271,564 1,565 (e)(f)(g)
Shermco Intermediate Holdings, Inc.1st Lien Revolving Loan9.24%SOFR (S)5.00%12/20261,942 1,942 (e)(g)
Shermco Intermediate Holdings, Inc.1st Lien Term Loan9.22%SOFR (S)5.00%12/202630,532 30,531 (e)(f)
Shermco Intermediate Holdings, Inc.1st Lien Delay Draw Term Loan9.33%SOFR (S)5.00%12/2026188 188 (e)
Shermco Intermediate Holdings, Inc.1st Lien Delay Draw Term Loan12/2026— — (e)(g)
Survitec Group Holdco LimitedUnited Kingdom1st Lien Term Loan12.25% (2.50% PIK)SONIA (S)7.50%04/2027£10,488 13,547 (e)(f)
Survitec Group Holdco LimitedUnited Kingdom1st Lien Term Loan13.13% (2.50% PIK)SONIA (S)8.38%04/2027£514 664 (e)
SV Newco 2, Inc.1st Lien Revolving Loan06/2031— — (e)(g)
SV Newco 2, Inc.1st Lien Term Loan9.05%SOFR (Q)4.75%06/2031420 420 (e)(f)
SV Newco 2, Inc.1st Lien Term Loan9.05%SOFR (M)4.75%06/2031515 515 (e)(f)
SV Newco 2, Inc.1st Lien Delay Draw Term Loan11.25%PRIME3.75%06/2031231 231 (e)(g)
Systems Planning and Analysis, Inc.1st Lien Revolving Loan9.26%SOFR (S)5.00%08/202793 93 (e)(g)
Systems Planning and Analysis, Inc.1st Lien Term Loan9.28%SOFR (S)5.00%08/20274,387 4,387 (e)(f)
The Hiller Companies, LLC1st Lien Revolving Loan06/2030— — (e)(g)
The Hiller Companies, LLC1st Lien Term Loan9.30%SOFR (Q)5.00%06/20303,787 3,787 (e)(f)
The Hiller Companies, LLC1st Lien Delay Draw Term Loan9.30%SOFR (M)5.00%06/2030263 263 (e)(g)
Thermostat Purchaser III, Inc.1st Lien Revolving Loan7.80%SOFR (Q)3.50%08/202820 20 (e)(g)
Thermostat Purchaser III, Inc.2nd Lien Term Loan11.71%SOFR (Q)7.25%08/20293,575 3,575 (e)
TSS Buyer, LLC1st Lien Term Loan9.93%SOFR (Q)5.50%06/2029257 257 (e)(f)
TSS Buyer, LLC1st Lien Delay Draw Term Loan9.93%SOFR (M)5.50%06/2029204 204 (e)(g)
Unifi Aviation North America, LLC1st Lien Revolving Loan7.21%SOFR (Q)2.75%09/2028— — (e)(g)
Unifi Aviation North America, LLC1st Lien Term Loan9.70%SOFR (Q)5.25%09/20282,011 2,011 (e)
Unifi Aviation North America, LLC1st Lien Delay Draw Term Loan09/2028— — (e)(g)
Unity Purchaser, LLC1st Lien Revolving Loan01/2031— — (e)(g)
Unity Purchaser, LLC1st Lien Term Loan9.30%SOFR (S)5.00%01/20311,252 1,233 (e)(f)
Unity Purchaser, LLC1st Lien Delay Draw Term Loan01/2031— — (e)(g)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Unity Purchaser, LLC1st Lien Delay Draw Term Loan9.30%SOFR (Q)5.00%01/2031582 573 (e)
UP Intermediate II LLC1st Lien Revolving Loan03/2030— — (e)(g)
UP Intermediate II LLC1st Lien Term Loan9.55%SOFR (Q)5.25%03/2031370 370 (e)(f)
Villa Dutch Bidco B.V.Netherlands1st Lien Term Loan7.73%EURIBOR (M)5.25%11/2029€6,000 6,345 
Visual Edge Technology, Inc.1st Lien Term Loan11.48% (1.25% PIK)SOFR (Q)7.00%12/20252,210 2,210 (e)
Visual Edge Technology, Inc.1st Lien Delay Draw Term Loan12/2025— — (e)(g)
VRC Companies, LLC1st Lien Revolving Loan06/2027— — (e)(g)
VRC Companies, LLC1st Lien Term Loan10.05%SOFR (Q)5.50%06/202716,320 16,320 (e)(f)
W.S. Connelly & Co., LLC1st Lien Revolving Loan8.30%SOFR (Q)4.00%05/2030914 914 (e)(g)
W.S. Connelly & Co., LLC1st Lien Term Loan9.55%SOFR (Q)5.25%05/2030596 597 (e)(f)
W.S. Connelly & Co., LLC1st Lien Delay Draw Term Loan9.55%SOFR (Q)5.25%05/2030244 244 (e)(f)(g)
Zinc Buyer Corporation1st Lien Revolving Loan07/2031— — (e)(g)
Zinc Buyer Corporation1st Lien Term Loan9.05%SOFR (Q)4.75%07/20311,654 1,654 (e)(f)
Zinc Buyer Corporation1st Lien Delay Draw Term Loan07/2031— — (e)(g)
517,641 11.30%
Consumer Distribution and Retail
Bamboo Purchaser, Inc.1st Lien Revolving Loan7.21%SOFR (Q)2.75%11/202611(e)(g)
Bamboo Purchaser, Inc.1st Lien Term Loan10.95%SOFR (Q)6.50%11/20273,4392,923(e)(f)
Bamboo Purchaser, Inc.1st Lien Delay Draw Term Loan10.95%SOFR (Q)6.50%11/2027811689(e)
BGI Purchaser, Inc.1st Lien Revolving Loan8.31%SOFR (Q)4.00%05/20303,0123,012(e)(g)
BGI Purchaser, Inc.1st Lien Term Loan9.31%SOFR (Q)5.00%05/20313,6083,608(e)(f)
BGI Purchaser, Inc.1st Lien Delay Draw Term Loan05/2031——(e)(g)
BR PJK Produce, LLC1st Lien Term Loan10.71%SOFR (Q)6.25%11/20279595(e)(f)
BR PJK Produce, LLC1st Lien Delay Draw Term Loan10.71%SOFR (Q)6.25%11/2027563563(e)
BradyIFS Holdings, LLC1st Lien Delay Draw Term Loan9.29%SOFR (Q)5.00%10/2029123123(e)(g)
BradyPlus Holdings, LLC1st Lien Term Loan9.29%SOFR (Q)5.00%10/202919,43919,439(e)(f)
City Line Distributors LLC1st Lien Revolving Loan08/2028——(e)(g)
City Line Distributors LLC1st Lien Term Loan10.44%SOFR (M)6.00%08/2028310310(e)(f)
City Line Distributors LLC1st Lien Delay Draw Term Loan10.44%SOFR (M)6.00%08/2028125124(e)(f)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
DecoPac, Inc.1st Lien Revolving Loan9.80%SOFR (Q)5.50%05/20301,0381,039(e)(g)
DecoPac, Inc.1st Lien Term Loan9.80%SOFR (Q)5.50%05/203028,00028,000(e)(f)
Hills Distribution, Inc.1st Lien Revolving Loan8.82%SOFR (M)4.50%11/202911(e)(g)
Hills Distribution, Inc.1st Lien Term Loan10.32%SOFR (M)6.00%11/2029527527(e)(f)
Hills Distribution, Inc.1st Lien Delay Draw Term Loan10.32%SOFR (M)6.00%11/2029269270(e)(g)
LJ Perimeter Buyer, Inc.1st Lien Term Loan10.94%SOFR (Q)6.50%10/20283,2093,048(e)(f)
LJ Perimeter Buyer, Inc.1st Lien Delay Draw Term Loan10.94%SOFR (Q)6.50%10/2028413392(e)(f)
Marcone Yellowstone Buyer Inc.1st Lien Term Loan11.46% (3.25% PIK)SOFR (Q)7.00%06/202810,6869,831(e)(f)
Marcone Yellowstone Buyer Inc.1st Lien Delay Draw Term Loan11.46% (3.25% PIK)SOFR (Q)7.00%06/20283,5253,244(e)
Mavis Tire Express Services Topco, Corp.1st Lien Revolving Loan7.55%SOFR (Q)3.25%05/202611(e)(g)
Mavis Tire Express Services Topco, Corp.1st Lien Term Loan7.31%SOFR (Q)3.00%05/20284,7384,703
Mountaineer Merger Corporation1st Lien Revolving Loan9.33%SOFR (Q)5.00%10/20274,2374,168(e)(g)
Mr. Greens Intermediate, LLC1st Lien Revolving Loan10.64%SOFR (Q)6.25%05/20292928(e)(g)
Mr. Greens Intermediate, LLC1st Lien Term Loan10.67%SOFR (M)6.25%05/20292,2802,280(e)(f)
Mr. Greens Intermediate, LLC1st Lien Delay Draw Term Loan10.67%SOFR (Q)6.25%05/2029104104(e)(g)
Phoenix YW Buyer, Inc.1st Lien Revolving Loan05/2030——(e)(g)
Phoenix YW Buyer, Inc.1st Lien Term Loan9.32%SOFR (M)5.00%05/20305,5625,562(e)(f)
Reddy Ice LLC1st Lien Revolving Loan11.25%PRIME3.75%04/20291,7131,713(e)(g)
Reddy Ice LLC1st Lien Term Loan9.05%SOFR (Q)4.75%04/202933,23833,238(e)(f)
Reddy Ice LLC1st Lien Delay Draw Term Loan9.05%SOFR (Q)4.75%04/20297,8657,865(e)(f)
Royal Borrower, LLC1st Lien Revolving Loan07/2030——(e)(g)
Royal Borrower, LLC1st Lien Term Loan9.56%SOFR (M)5.25%07/20302,4102,410(e)(f)
Royal Borrower, LLC1st Lien Delay Draw Term Loan07/2030——(e)(g)
Saldon Holdings, Inc.1st Lien Revolving Loan10.42%SOFR (M)6.00%03/20265959(e)(g)
Saldon Holdings, Inc.1st Lien Term Loan10.42%SOFR (M)6.00%03/20267,9647,964(e)(f)
Saldon Holdings, Inc.1st Lien Delay Draw Term Loan03/2026——(e)(g)
SCIH Salt Holdings Inc.1st Lien Term Loan7.29%SOFR (Q)3.00%01/202924,77624,539(f)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
SFE Intermediate HoldCo LLC1st Lien Term Loan10.45%SOFR (Q)6.00%07/20262,0362,036(e)(f)
Shur-Co Acquisition, Inc.1st Lien Term Loan9.81%SOFR (Q)5.50%07/20305,8335,833(e)(f)
US Salt Investors, LLC1st Lien Revolving Loan07/2026——(e)(g)
US Salt Investors, LLC1st Lien Term Loan9.70%SOFR (Q)5.25%07/20285,7025,702(e)(f)
Worldwide Produce Acquisition, LLC1st Lien Revolving Loan01/2029——(e)(g)
Worldwide Produce Acquisition, LLC1st Lien Term Loan10.97%SOFR (S)6.75%01/2029141135(e)(f)
Worldwide Produce Acquisition, LLC1st Lien Delay Draw Term Loan10.97%SOFR (S)6.75%01/20295149(e)(f)
ZB Holdco LLC1st Lien Revolving Loan9.95%SOFR (Q)5.50%02/2028505505(e)(g)
ZB Holdco LLC1st Lien Term Loan9.95%SOFR (Q)5.50%02/20281,9321,932(e)(f)
ZB Holdco LLC1st Lien Delay Draw Term Loan9.95%SOFR (Q)5.50%02/20281,5071,507(e)(f)(g)
189,5724.14%
Consumer Durables and Apparel
760203 N.B. LTD.Canada1st Lien Revolving Loan12/2030CAD— — (e)(g)
760203 N.B. LTD.Canada1st Lien Term Loan8.22%CDOR (M)5.50%12/2030CAD9,563 6,479 (e)(f)
Centric Brands LLC1st Lien Term Loan9.80%SOFR (Q)5.50%08/2029964 964 (e)
DRS Holdings III, Inc.1st Lien Revolving Loan11/2028— — (e)(g)
DRS Holdings III, Inc.1st Lien Term Loan9.55%SOFR (M)5.25%11/20251,030 1,030 (e)(f)
DRS Holdings III, Inc.1st Lien Term Loan10.67%SOFR (M)6.25%11/202511,933 11,933 (e)(f)
DRS Holdings III, Inc.1st Lien Term Loan9.55%SOFR (Q)5.25%11/20281,432 1,404 (e)(f)
Rawlings Sporting Goods Company, Inc.1st Lien Revolving Loan8.17%SOFR (M)3.75%11/20292,437 2,436 (e)(g)
Rawlings Sporting Goods Company, Inc.1st Lien Term Loan9.20%SOFR (Q)4.75%11/20307,638 7,638 (e)(f)
ST Athena Global LLC1st Lien Revolving Loan9.55%SOFR (Q)5.25%06/2029232 230 (e)(g)
ST Athena Global LLC1st Lien Term Loan9.56%SOFR (Q)5.25%06/20304,164 4,122 (e)(f)
ST Athena Global LLC1st Lien Term Loan9.71%SONIA (M)5.25%06/2030£1,880 2,404 (e)(f)
ST Athena Global LLC1st Lien Delay Draw Term Loan06/2030— — (e)(g)
Varsity Brands, Inc.1st Lien Term Loan7.82%SOFR (Q)3.50%08/20316,440 6,301 
44,941 0.98%
Consumer Services
Apex Service Partners, LLC1st Lien Revolving Loan9.31%SOFR (Q)5.00%10/20291,805 1,805 (e)(g)
Apex Service Partners, LLC1st Lien Term Loan9.31%SOFR (Q)5.00%10/203024,042 24,042 (e)(f)
Apex Service Partners, LLC1st Lien Delay Draw Term Loan9.31%SOFR (Q)5.00%10/20309,659 9,659 (e)(f)(g)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
ASP Dream Acquisition Co LLC1st Lien Term Loan8.67%SOFR (M)4.25%12/20285,964 5,756 (e)(f)
Aspris Bidco LimitedUnited Kingdom1st Lien Term Loan11.36%SONIA (Q)6.75%08/2028£3,234 4,178 (e)(f)
Aspris Bidco LimitedUnited Kingdom1st Lien Delay Draw Term Loan11.34%SONIA (Q)6.75%08/2028£1,406 1,817 (e)
Aspris Bidco LimitedUnited Kingdom1st Lien Delay Draw Term Loan11.84%SONIA (Q)7.25%02/2030£571 738 (e)(g)
Bumble Bidco LimitedUnited Kingdom1st Lien Term Loan11.24%SONIA (Q)6.75%10/2030£3,542 4,575 (e)
Bumble Bidco LimitedUnited Kingdom1st Lien Delay Draw Term Loan10/2030£— — (e)(g)
CC Fly Holding II A/SDenmark1st Lien Term Loan12.31%NIBOR (Q)7.75%05/2026DKK804 108 (e)(f)
CC Fly Holding II A/SDenmark1st Lien Delay Draw Term Loan12.31%NIBOR (Q)7.75%05/2026DKK3,813 514 (e)(f)
CC Fly Holding II A/SDenmark1st Lien Delay Draw Term Loan10.06%CIBOR (Q)7.75%05/2026DKK6,065 818 (e)(f)
Clarion Home Services Group, LLC1st Lien Revolving Loan10.40%SOFR (Q)6.00%12/2027260 242 (e)(g)
Clarion Home Services Group, LLC1st Lien Term Loan12.40% (7.00% PIK)SOFR (Q)8.00%12/20272,491 2,341 (e)
Clarion Home Services Group, LLC1st Lien Delay Draw Term Loan12.40% (7.00% PIK)SOFR (Q)8.00%12/20271,414 1,329 (e)
Clarion Home Services Group, LLC1st Lien Delay Draw Term Loan12.65% (7.25% PIK)SOFR (Q)8.25%12/2027258 242 (e)
ClubCorp Holdings, Inc.1st Lien Term Loan9.56%SOFR (Q)5.00%09/202610,725 10,727 (f)
CMG HoldCo, LLC1st Lien Revolving Loan9.01%SOFR (S)4.75%05/2028378 379 (e)(g)
CMG HoldCo, LLC1st Lien Term Loan9.18%SOFR (S)4.75%05/2028706 706 (e)(f)
CMG HoldCo, LLC1st Lien Delay Draw Term Loan9.18%SOFR (S)4.75%05/20281,463 1,463 (e)(f)
CMG HoldCo, LLC1st Lien Delay Draw Term Loan9.13%SOFR (S)4.75%05/20281,464 1,464 (e)(g)
CMG HoldCo, LLC1st Lien Delay Draw Term Loan05/2028— — (e)(g)
CST Holding Company1st Lien Revolving Loan11/2028— — (e)(g)
CST Holding Company1st Lien Term Loan9.42%SOFR (M)5.00%11/20281,065 1,065 (e)(f)
Davidson Hotel Company LLC1st Lien Revolving Loan9.32%SOFR (M)5.00%10/2031170 167 (e)(g)
Davidson Hotel Company LLC1st Lien Term Loan9.32%SOFR (M)5.00%10/20313,306 3,257 (e)(f)
Davidson Hotel Company LLC1st Lien Delay Draw Term Loan10/2031— — (e)(g)
ECG Bidco S.A.S.France1st Lien Term Loan11.20%SONIA (S)6.75%10/2028£9,567 12,358 (e)(f)
ECG Bidco S.A.S.France1st Lien Term Loan9.50%EURIBOR (Q)7.00%10/2028€6,010 6,499 (e)(f)
ECG Bidco S.A.S.France1st Lien Delay Draw Term Loan9.50%EURIBOR (Q)7.00%10/2028€1,227 1,326 (e)(f)(g)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
ECG Bidco S.A.S.France1st Lien Delay Draw Term Loan10/2028€— — (e)(f)(g)
ECG Bidco S.A.S.France1st Lien Delay Draw Term Loan02/2030€— — (e)(g)
ECG Bidco S.A.S.France1st Lien Delay Draw Term Loan10.14%EURIBOR (Q)7.25%02/2030€17,736 19,178 (e)
Equinox Holdings, Inc.1st Lien Term Loan12.55% (4.13% PIK)SOFR (Q)8.25%03/202943,536 43,536 (e)(f)
Equinox Holdings, Inc.2nd Lien Term Loan16.00% PIK06/20273,954 3,953 (e)
Essential Services Holding Corporation1st Lien Revolving Loan9.30%SOFR (Q)5.00%06/2030418 413 (e)(g)
Essential Services Holding Corporation1st Lien Term Loan9.30%SOFR (Q)5.00%06/203121,311 21,098 (e)(f)
Essential Services Holding Corporation1st Lien Delay Draw Term Loan06/2031— — (e)(g)
Eternal Aus Bidco Pty LtdAustralia1st Lien Term Loan10.43%BBSY (Q)6.25%11/2029AUD1,834 1,146 (e)
Eternal Aus Bidco Pty LtdAustralia1st Lien Delay Draw Term Loan10.43%BBSY (Q)6.25%11/2029AUD76 48 (e)(g)
EuroParcs Topholding B.V.Netherlands1st Lien Term Loan10.75% PIKEURIBOR (Q)8.25%07/2029€1,887 2,041 (e)
EuroParcs Topholding B.V.Netherlands1st Lien Term Loan10.64% PIKEURIBOR (S)8.25%07/2029€218 235 (e)
EuroParcs Topholding B.V.Netherlands1st Lien Delay Draw Term Loan10.80% PIKEURIBOR (Q)8.25%07/2029€292 316 (e)(g)
Excel Fitness Holdings, Inc.1st Lien Term Loan9.80%SOFR (Q)5.50%04/2029754 754 (e)(f)
Excel Fitness Holdings, Inc.1st Lien Delay Draw Term Loan9.80%SOFR (Q)5.50%04/2029409 409 (e)(f)(g)
Family First Bidco LimitedUnited Kingdom1st Lien Term Loan12.50%12/2029£29 38 (e)
Fertitta Entertainment, LLC1st Lien Term Loan7.82%SOFR (M)3.50%01/20295,767 5,672 (f)
Fitness Ventures Holdings, Inc.1st Lien Revolving Loan8.32%SOFR (M)4.00%08/2030141 142 (e)(g)
Fitness Ventures Holdings, Inc.1st Lien Term Loan9.07%SOFR (M)4.75%08/20312,015 2,015 (e)(f)
Fitness Ventures Holdings, Inc.1st Lien Delay Draw Term Loan9.07%SOFR (M)4.75%08/2031222 222 (e)(g)
Flint Opco, LLC1st Lien Revolving Loan08/2029— — (e)(g)
Flint Opco, LLC1st Lien Term Loan9.05%SOFR (Q)4.75%08/20301,021 1,021 (e)(f)
Flint Opco, LLC1st Lien Delay Draw Term Loan9.05%SOFR (Q)4.75%08/2030781 780 (e)(f)(g)
Flint Opco, LLC1st Lien Delay Draw Term Loan9.05%SOFR (Q)4.75%08/2030350 349 (e)(g)
GS SEER Group Borrower LLC1st Lien Revolving Loan04/2029— — (e)(g)
GS SEER Group Borrower LLC1st Lien Term Loan11.05%SOFR (Q)6.75%04/2030320 320 (e)
GS SEER Group Borrower LLC1st Lien Delay Draw Term Loan11.05%SOFR (Q)6.75%04/203095 95 (e)(g)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Helios Service Partners, LLC & Astra Service Partners, LLC1st Lien Revolving Loan03/2027— — (e)(g)
Helios Service Partners, LLC & Astra Service Partners, LLC1st Lien Term Loan9.58%SOFR (Q)5.00%03/2027491 491 (e)(f)
Helios Service Partners, LLC & Astra Service Partners, LLC1st Lien Delay Draw Term Loan9.58%SOFR (Q)5.00%03/2027834 834 (e)(g)
Helios Service Partners, LLC & Astra Service Partners, LLC1st Lien Delay Draw Term Loan03/2027— — (e)(g)
IFH Franchisee Holdings, LLC1st Lien Revolving Loan8.33%SOFR (Q)4.00%12/20291,158 1,140 (e)(g)
IFH Franchisee Holdings, LLC1st Lien Term Loan10.08%SOFR (Q)5.75%12/20293,888 3,830 (e)(f)
IFH Franchisee Holdings, LLC1st Lien Delay Draw Term Loan12/2029— — (e)(g)
Infinity Home Services HoldCo, Inc.1st Lien Revolving Loan12.00%PRIME4.50%12/2028170 171 (e)(g)
Infinity Home Services HoldCo, Inc.1st Lien Revolving Loan12/2028CAD— — (e)(g)
Infinity Home Services HoldCo, Inc.1st Lien Term Loan9.81%SOFR (Q)5.50%12/20283,332 3,332 (e)(f)
Infinity Home Services HoldCo, Inc.1st Lien Delay Draw Term Loan9.81%SOFR (M)5.50%12/20281,032 1,032 (e)(f)
Infinity Home Services HoldCo, Inc.1st Lien Delay Draw Term Loan9.80%SOFR (Q)5.50%12/20281,167 1,167 (e)(g)
Infinity Home Services HoldCo, Inc.1st Lien Delay Draw Term Loan9.55%SOFR (Q)5.25%12/20281,697 1,697 (e)(g)
Infinity Home Services HoldCo, Inc.1st Lien Delay Draw Term Loan12/2028— — (e)(g)
IRB Holding Corp.1st Lien Term Loan6.82%SOFR (M)2.50%12/202712,547 12,460 (f)
Leviathan Intermediate Holdco, LLC1st Lien Revolving Loan10.32%SOFR (M)6.00%12/20273 4 (e)(g)
Leviathan Intermediate Holdco, LLC1st Lien Term Loan10.30%SOFR (Q)6.00%12/20271,363 1,363 (e)(f)
LGDN Bidco LimitedUnited Kingdom1st Lien Term Loan13.42% (3.00% PIK)SONIA (Q)8.84%12/2027£2,195 2,836 (e)(f)
LGDN Bidco LimitedUnited Kingdom1st Lien Delay Draw Term Loan12/2027£— — (e)(f)(g)
Mister Car Wash Holdings, Inc.1st Lien Term Loan6.79%SOFR (Q)2.50%03/20317,699 7,664 (f)
Mustang Prospects Purchaser, LLC1st Lien Revolving Loan9.55%SOFR (Q)5.25%06/203117 17 (e)(g)
Mustang Prospects Purchaser, LLC1st Lien Term Loan9.55%SOFR (Q)5.25%06/20311,505 1,506 (e)(f)
Mustang Prospects Purchaser, LLC1st Lien Delay Draw Term Loan9.55%SOFR (Q)5.25%06/2031392 392 (e)(g)
North Haven Fairway Buyer, LLC1st Lien Revolving Loan9.30%SOFR (Q)5.00%05/20283 3 (e)(g)
North Haven Fairway Buyer, LLC1st Lien Term Loan9.30%SOFR (Q)5.00%05/2028689 689 (e)(f)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
North Haven Fairway Buyer, LLC1st Lien Delay Draw Term Loan9.30%SOFR (Q)5.00%05/2028859 859 (e)(f)(g)
Northwinds Holding, Inc.1st Lien Revolving Loan9.45%SOFR (Q)5.00%05/2029442 442 (e)(g)
Northwinds Holding, Inc.1st Lien Term Loan9.44%SOFR (Q)5.00%05/20294,221 4,221 (e)(f)
Northwinds Holding, Inc.1st Lien Delay Draw Term Loan9.44%SOFR (Q)5.00%05/20292,856 2,856 (e)(f)
Northwinds Holding, Inc.1st Lien Delay Draw Term Loan05/2029— — (e)(g)
PestCo, LLC1st Lien Revolving Loan02/2028— — (e)(g)
PestCo, LLC1st Lien Term Loan10.68%SOFR (Q)6.25%02/2028392 392 (e)(f)
PestCo, LLC1st Lien Term Loan9.57%SOFR (M)5.25%02/2028155 155 (e)(f)
PestCo, LLC1st Lien Delay Draw Term Loan10.68%SOFR (Q)6.25%02/202899 99 (e)(f)
PestCo, LLC1st Lien Delay Draw Term Loan02/2028— — (e)(g)
Pinnacle MEP Intermediate Holdco LLC1st Lien Revolving Loan9.05%SOFR (Q)4.75%10/2030138 136 (e)(g)
Pinnacle MEP Intermediate Holdco LLC1st Lien Term Loan9.05%SOFR (Q)4.75%10/20301,388 1,368 (e)(f)
Pinnacle MEP Intermediate Holdco LLC1st Lien Delay Draw Term Loan9.05%SOFR (Q)4.75%10/2030199 198 (e)(g)
Premiere Buyer, LLC1st Lien Revolving Loan05/2030— — (e)(g)
Premiere Buyer, LLC1st Lien Term Loan9.04%SOFR (Q)4.75%05/20313,552 3,552 (e)(f)
Premiere Buyer, LLC1st Lien Delay Draw Term Loan05/2031— — (e)(g)
Quick Quack Car Wash Holdings, LLC1st Lien Revolving Loan06/2031— — (e)(g)
Quick Quack Car Wash Holdings, LLC1st Lien Term Loan9.07%SOFR (M)4.75%06/20312,066 2,066 (e)(f)
Quick Quack Car Wash Holdings, LLC1st Lien Delay Draw Term Loan9.07%SOFR (M)4.75%06/203165 64 (e)(g)
Radiant Intermediate Holding, LLC1st Lien Term Loan10.41% (3.00% PIK)SOFR (Q)6.00%11/2026501 436 (e)
Redwood Services, LLC1st Lien Revolving Loan10.95%SOFR (Q)6.50%12/2027106 106 (e)(g)
Redwood Services, LLC1st Lien Term Loan10.95%SOFR (Q)6.50%12/20271,215 1,215 (e)(f)
Redwood Services, LLC1st Lien Delay Draw Term Loan10.95%SOFR (Q)6.50%12/202711,167 11,167 (e)(f)(g)
Rust Investment SarlLuxembourg1st Lien Term Loan11/2034€4,191 3,041 (e)(i)
Safe Home Security, Inc.1st Lien Term Loan11.69%SOFR (M)7.25%03/20251,257 1,195 (e)(f)
Safe Home Security, Inc.1st Lien Delay Draw Term Loan11.69%SOFR (M)7.25%03/202599 94 (e)(f)
Service Logic Acquisition, Inc.1st Lien Revolving Loan10/2025— — (e)(g)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Service Logic Acquisition, Inc.1st Lien Term Loan7.32%SOFR (S)3.00%10/202715,826 15,766 (e)
Vertex Service Partners, LLC1st Lien Revolving Loan10.30%SOFR (Q)6.00%11/203074 74 (e)(g)
Vertex Service Partners, LLC1st Lien Term Loan10.30%SOFR (Q)6.00%11/20301,034 1,034 (e)(f)
Vertex Service Partners, LLC1st Lien Delay Draw Term Loan10.30%SOFR (Q)6.00%11/20301,972 1,971 (e)(f)
Vertex Service Partners, LLC1st Lien Delay Draw Term Loan9.55%SOFR (Q)5.25%11/20301,181 1,169 (e)(g)
Witherslack Bidco LimitedUnited Kingdom1st Lien Term Loan11.26%SONIA (Q)6.67%08/2028£5,702 7,365 (e)(f)
Witherslack Bidco LimitedUnited Kingdom1st Lien Delay Draw Term Loan08/2028£— — (e)(g)
Witherslack Bidco LimitedUnited Kingdom1st Lien Delay Draw Term Loan11.22%SONIA (Q)6.40%08/2028£6,164 7,962 (e)
Witherslack Bidco LimitedUnited Kingdom1st Lien Delay Draw Term Loan10.98%SONIA (Q)6.40%08/2028£704 910 (e)(g)
Wrench Group LLC1st Lien Term Loan8.56%SOFR (Q)4.00%10/202822,995 21,788 (f)
YE Brands Holdings, LLC1st Lien Revolving Loan10/2027— — (e)(g)
YE Brands Holdings, LLC1st Lien Term Loan9.05%SOFR (Q)4.75%10/20272,173 2,173 (e)(f)
YE Brands Holdings, LLC1st Lien Delay Draw Term Loan9.05%SOFR (Q)4.75%10/2027260 260 (e)(g)
335,769 7.33%
Energy
Enviva Inc.1st Lien Term Loan12.80%SOFR (Q)8.50%08/202936,838 37,360 
GNZ Energy Bidco LimitedNew Zealand1st Lien Delay Draw Term Loan10.06%BKBM (Q)6.00%07/2027NZD19,293 10,954 (e)(f)
GNZ Energy Bidco LimitedNew Zealand1st Lien Delay Draw Term Loan07/2027NZD— — (e)(g)
HighPeak Energy, Inc.1st Lien Term Loan11.95%SOFR (Q)7.50%09/202613,593 13,593 (e)
Offen, Inc.1st Lien Term Loan9.34%SOFR (M)5.00%06/20262,643 2,643 (e)(f)
Offen, Inc.1st Lien Delay Draw Term Loan9.34%SOFR (M)5.00%06/202613,568 13,567 (e)(f)
Prairie ECI Acquiror LP1st Lien Term Loan8.57%SOFR (M)4.25%08/20297,233 7,229 (f)
PX HoldCo3 LimitedUnited Kingdom1st Lien Delay Draw Term Loan10.84%SONIA (Q)6.25%04/2027£2,947 3,807 (e)(f)
PX HoldCo3 LimitedUnited Kingdom1st Lien Delay Draw Term Loan10.83%SONIA (Q)6.25%04/2027£221 286 (e)
TransMontaigne Operating Company L.P.1st Lien Term Loan7.57%SOFR (M)3.25%11/20286,928 6,917 (f)
96,356 2.10%
Equity Real Estate Investment Trusts (REITs)
Vantage Data Centers Europe S.a r.l.Luxembourg1st Lien Delay Draw Term Loan9.11%EURIBOR (M)6.75%05/2029€3,5653,855(e)(g)
3,855 0.08%
Financial Services
Aduro Advisors, LLC1st Lien Revolving Loan07/2030— — (e)(g)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Aduro Advisors, LLC1st Lien Term Loan9.32%SOFR (M)5.00%07/20302,503 2,503 (e)(f)
Aduro Advisors, LLC1st Lien Delay Draw Term Loan07/2030— — (e)(g)
Alpha Luxco 2 SarlLuxembourg1st Lien Delay Draw Term Loan9.91% (1.25% PIK)EURIBOR (S)7.31%01/2027€1,030 1,114 (e)(f)
Antenore Bidco SpAItaly1st Lien Delay Draw Term Loan11/2031€— — (e)(g)
AQ Sage Buyer, LLC1st Lien Revolving Loan10.42%SOFR (M)6.00%01/202733 33 (e)(g)
AQ Sage Buyer, LLC1st Lien Delay Draw Term Loan10.48%SOFR (Q)6.00%01/2027252 244 (e)
Arete Bidco LimitedJersey1st Lien Term Loan11.92% (2.00% PIK)SONIA (Q)6.93%05/2031£2,590 3,346 (e)
Arete Bidco LimitedJersey1st Lien Term Loan11.40% (2.00% PIK)SONIA (Q)6.93%05/2031£1,132 1,462 (e)(g)
BCC Blueprint Holdings I, LLC1st Lien Term Loan11.20%SOFR (Q)6.75%09/20277,377 7,377 (e)
Beacon Pointe Harmony, LLC1st Lien Revolving Loan12/2027— — (e)(g)
Beacon Pointe Harmony, LLC1st Lien Term Loan9.07%SOFR (M)4.75%12/20285,955 5,955 (e)(f)
Beacon Pointe Harmony, LLC1st Lien Delay Draw Term Loan9.07%SOFR (M)4.75%12/20284,297 4,296 (e)(f)
Beacon Pointe Harmony, LLC1st Lien Delay Draw Term Loan9.18%SOFR (M)4.75%12/20281,689 1,689 (e)(g)
BlauwTrust Holding B.V.Netherlands1st Lien Delay Draw Term Loan9.67%EURIBOR (Q)7.25%01/2029€5,591 6,046 (e)(f)
BlauwTrust Holding B.V.Netherlands1st Lien Delay Draw Term Loan9.67%EURIBOR (M)7.25%01/2029€523 565 (e)
Brokers Alliance S.L.Spain1st Lien Term Loan8.86%EURIBOR (Q)6.50%04/2029€2,834 3,065 (e)(f)
Brokers Alliance S.L.Spain1st Lien Delay Draw Term Loan8.86%EURIBOR (Q)6.50%04/2029€4,730 5,115 (e)
Cezanne BidcoFrance1st Lien Term Loan8.86%EURIBOR (Q)6.50%10/2031€5,762 6,230 (e)
Cezanne BidcoFrance1st Lien Delay Draw Term Loan8.86%EURIBOR (Q)6.50%10/2031€1,250 1,352 (e)(g)
Cezanne BidcoFrance1st Lien Delay Draw Term Loan10/2031€— — (e)(g)
Cliffwater LLC1st Lien Revolving Loan10/2030— — (e)(g)
Cliffwater LLC1st Lien Term Loan8.82%SOFR (M)4.50%10/2030678 678 (e)(f)
Convera International Financial S.a r.l.Luxembourg1st Lien Term Loan10.45%SOFR (Q)6.00%03/202823,432 23,432 (e)(f)
Convera International Holdings LimitedJersey1st Lien Revolving Loan03/2027— — (e)(g)
Convera International Holdings LimitedJersey1st Lien Term Loan10.45%SOFR (Q)6.00%03/20284,417 4,417 (e)(f)
Edelman Financial Engines Center, LLC, The1st Lien Term Loan7.32%SOFR (M)3.00%04/202811,454 11,411 (f)
Edelman Financial Engines Center, LLC, The2nd Lien Term Loan9.57%SOFR (M)5.25%10/202817,500 17,474 


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Endeavor Bidco LLC1st Lien Term Loan8.55%SOFR (Q)4.25%08/20291,067 1,067 (e)(f)
Gapco Aiv Interholdco (CP), L.P.1st Lien Term Loan11.05% PIKSOFR (Q)6.75%03/20332,471 2,372 (e)
Gapco Aiv Interholdco (CP), L.P.1st Lien Delay Draw Term Loan03/2033— — (e)(g)
GC Waves Holdings, Inc.1st Lien Revolving Loan10/2030— — (e)(g)
GC Waves Holdings, Inc.1st Lien Term Loan9.17%SOFR (M)4.75%10/20301,873 1,873 (e)(f)
GC Waves Holdings, Inc.1st Lien Delay Draw Term Loan9.17%SOFR (M)4.75%10/20302,927 2,927 (e)(g)
GTCR Everest Borrower, LLC1st Lien Revolving Loan09/2029— — (e)(g)
GTCR F Buyer Corp.1st Lien Revolving Loan09/2029— — (e)(g)
GTCR F Buyer Corp.1st Lien Term Loan9.30%SOFR (Q)5.00%09/2030888 888 (e)(f)
GTCR F Buyer Corp.1st Lien Delay Draw Term Loan9.30%SOFR (Q)5.00%09/2030230 230 (e)(g)
GTCR F Buyer Corp.1st Lien Delay Draw Term Loan09/2030— — (e)(g)
HighTower Holding, LLC1st Lien Term Loan7.29%SOFR (Q)3.00%02/20325,438 5,394 (f)
IVC Acquisition LtdCanada1st Lien Term Loan6.43%EURIBOR (Q)4.00%12/2028€6,022 6,511 
Jewel Bidco LimitedUnited Kingdom1st Lien Term Loan11.50%SONIA (S)6.75%07/2028£6,203 7,371 (e)(f)
Jewel Bidco LimitedUnited Kingdom1st Lien Delay Draw Term Loan11.48%SONIA (S)6.75%07/2028£3,797 4,513 (e)
Medlar Bidco LimitedJersey1st Lien Term Loan12/2031£— — (e)(f)(g)
Medlar Bidco LimitedJersey1st Lien Delay Draw Term Loan12/2031£— — (e)(g)
Monica Holdco (US), Inc.1st Lien Revolving Loan01/2026— — (e)(g)
Monica Holdco (US), Inc.1st Lien Term Loan10.20%SOFR (Q)5.75%01/20287,912 7,911 (e)(f)
Monica Holdco (US), Inc.1st Lien Term Loan10.05%SOFR (Q)5.75%01/20282,853 2,853 (e)(f)
Olifan Group PartnersFrance1st Lien Term Loan9.74%EURIBOR (S)7.25%03/2032€1,089 1,178 (e)
Olifan Group PartnersFrance1st Lien Delay Draw Term Loan03/2032€— — (e)(g)
Pathstone Family Office LLC1st Lien Revolving Loan05/2028— — (e)(g)
Pathstone Family Office LLC1st Lien Term Loan9.42%SOFR (M)5.00%05/20297,637 7,637 (e)(f)
Pathstone Family Office LLC1st Lien Delay Draw Term Loan9.42%SOFR (M)5.00%05/2029256 256 (e)(f)
Pathstone Family Office LLC1st Lien Delay Draw Term Loan05/2029— — (e)(g)
PCIA SPV-3, LLC1st Lien Revolving Loan08/2029— — (e)(g)
PCIA SPV-3, LLC1st Lien Term Loan9.65%SOFR (S)5.25%08/20291,497 1,497 (e)(f)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
PCIA SPV-3, LLC1st Lien Delay Draw Term Loan9.64%SOFR (Q)5.25%08/2029653 653 (e)(g)
PCS Midco, Inc.1st Lien Revolving Loan10.05%SOFR (Q)5.75%03/203013 13 (e)(g)
PCS Midco, Inc.1st Lien Term Loan10.05%SOFR (Q)5.75%03/20301,018 1,018 (e)(f)
PCS Midco, Inc.1st Lien Delay Draw Term Loan10.05%SOFR (Q)5.75%03/2030168 168 (e)(g)
Pegasus (Bidco) LimitedJersey1st Lien Term Loan12.07%SONIA (S)7.25%04/2029£4,125 5,329 (e)(f)
Pegasus (Bidco) LimitedJersey1st Lien Delay Draw Term Loan11.82%SONIA (S)7.00%04/2029£822 1,061 (e)
Perigon Wealth Management, LLC1st Lien Revolving Loan03/2031— — (e)(g)
Perigon Wealth Management, LLC1st Lien Term Loan9.82%SOFR (M)5.50%03/20312,011 2,011 (e)(f)
Perigon Wealth Management, LLC1st Lien Delay Draw Term Loan9.82%SOFR (M)5.50%03/2031685 685 (e)(g)
Plutus Bidco LimitedJersey1st Lien Term Loan10.51%SONIA (S)6.00%09/2028£5,250 6,782 (e)
Plutus Bidco LimitedJersey1st Lien Delay Draw Term Loan10.51%SONIA (S)6.00%09/2028£1,750 2,260 (e)
ProFund S.a r.l.Poland1st Lien Term Loan8.58%EURIBOR (S)6.00%12/2027€2,164 2,340 (e)(f)
ProFund S.a r.l.Poland1st Lien Delay Draw Term Loan8.58%EURIBOR (S)6.00%12/2027€90 97 (e)
ProFund S.a r.l.Poland1st Lien Delay Draw Term Loan11.80%WIBOR (S)6.00%12/2027PLN15,023 3,879 (e)
RFS Opco LLC1st Lien Term Loan9.05%SOFR (Q)4.75%04/20316,200 6,200 (e)(f)
RFS Opco LLC1st Lien Delay Draw Term Loan9.05%SOFR (Q)4.75%04/2031217 217 (e)(g)
RWA Wealth Partners, LLC1st Lien Revolving Loan11/2030— — (e)(g)
RWA Wealth Partners, LLC1st Lien Term Loan9.07%SOFR (Q)4.75%11/20303,129 3,098 (e)(f)
RWA Wealth Partners, LLC1st Lien Delay Draw Term Loan9.07%SOFR (Q)4.75%11/2030157 157 (e)(g)
Sabseg Group, S.L.Spain1st Lien Delay Draw Term Loan8.86%EURIBOR (Q)6.50%04/2029€3,426 3,704 (e)(g)
Stepstone Group MidCo 2 GmbH, The1st Lien Term Loan12/2031€6,000 6,444 (h)
Steward Partners Global Advisory, LLC1st Lien Term Loan9.05%SOFR (Q)4.75%10/2028384 384 (e)(f)
Steward Partners Global Advisory, LLC1st Lien Delay Draw Term Loan9.05%SOFR (Q)4.75%10/2028272 271 (e)(g)
The Mather Group, LLC1st Lien Revolving Loan12.25%PRIME4.75%03/2028325 325 (e)(g)
The Mather Group, LLC1st Lien Term Loan10.28%SOFR (S)5.75%03/20284,863 4,863 (e)(f)
The Mather Group, LLC1st Lien Delay Draw Term Loan10.28%SOFR (S)5.75%03/20281,956 1,956 (e)(f)
The Ultimus Group Midco, LLC1st Lien Revolving Loan03/2030— — (e)(g)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
The Ultimus Group Midco, LLC1st Lien Term Loan9.65%SOFR (Q)5.25%03/20312,979 2,979 (e)(f)
The Ultimus Group Midco, LLC1st Lien Delay Draw Term Loan03/2031— — (e)(g)
TK Elevator Midco GmbHGermany1st Lien Term Loan6.60%EURIBOR (S)4.00%04/2030€6,000 6,451 
TK Elevator Midco GmbHGermany1st Lien Term Loan04/2030€1,125 1,208 (h)
Toscafund LimitedUnited Kingdom1st Lien Delay Draw Term Loan12.82%SONIA (S)8.00%04/2026£902 1,166 (e)(f)
TPG IX Cardiff Debt HoldCo I, LLC1st Lien Term Loan10.81% PIKSOFR (Q)6.50%01/20334,459 4,325 (e)
Trustly ABSweden1st Lien Term Loan9.10%STIBOR (Q)6.75%06/2025SEK5,500 547 (e)
Trustly ABSweden1st Lien Delay Draw Term Loan9.10%STIBOR (Q)6.75%06/2025SEK2,700 269 (e)
Waverly Advisors, LLC1st Lien Revolving Loan10.20%SOFR (Q)5.75%03/2028189 189 (e)(g)
Waverly Advisors, LLC1st Lien Term Loan10.20%SOFR (Q)5.75%03/20282,005 2,005 (e)(f)
Waverly Advisors, LLC1st Lien Delay Draw Term Loan10.20%SOFR (Q)5.75%03/20281,466 1,466 (e)(f)
Waverly Advisors, LLC1st Lien Delay Draw Term Loan9.95%SOFR (Q)5.50%03/20283,209 3,209 (e)
Waverly Advisors, LLC1st Lien Delay Draw Term Loan9.32%SOFR (Q)5.00%03/2028911 911 (e)(g)
Wealth Enhancement Group, LLC1st Lien Revolving Loan10/2028— — (e)(g)
Wealth Enhancement Group, LLC1st Lien Term Loan9.29%SOFR (Q)5.00%10/20283,521 3,521 (e)(f)
Wealth Enhancement Group, LLC1st Lien Delay Draw Term Loan10/2028— — (e)(g)
Wealth Enhancement Group, LLC1st Lien Delay Draw Term Loan9.29%SOFR (Q)5.00%10/20282,347 2,347 (e)(f)
Wealth Enhancement Group, LLC1st Lien Delay Draw Term Loan9.32%SOFR (Q)5.00%10/20282,416 2,417 (e)(f)
Wealth Enhancement Group, LLC1st Lien Delay Draw Term Loan9.30%SOFR (Q)5.00%10/2028#REF!#REF!(e)(f)
Wealth Enhancement Group, LLC1st Lien Delay Draw Term Loan9.31%SOFR (Q)5.00%10/2028643 643 (e)(g)
Wellington-Altus Financial Inc.Canada1st Lien Revolving Loan08/2030CAD— — (e)(g)
Wellington-Altus Financial Inc.Canada1st Lien Term Loan8.17%CORRA (Q)5.00%08/2030CAD1,140 792 (e)(f)
Wellington-Altus Financial Inc.Canada1st Lien Delay Draw Term Loan08/2030CAD— — (e)(g)
Zelis Cost Management Buyer, Inc.1st Lien Term Loan7.07%SOFR (M)2.75%09/20291,960 1,946 (f)
Zelis Payments Buyer, Inc.1st Lien Term Loan7.57%SOFR (M)3.25%11/203115,960 15,905 (f)
279,089 6.09%
Food, Beverage and Tobacco
Badia Spices, LLC1st Lien Revolving Loan11/2030— — (e)(g)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Badia Spices, LLC1st Lien Term Loan8.79%SOFR (Q)4.50%11/20308,852 8,697 (e)(f)
Berner Food & Beverage, LLC1st Lien Revolving Loan12.00%PRIME4.50%07/202673 73 (e)(g)
Berner Food & Beverage, LLC1st Lien Term Loan9.94% (2.50% PIK)SOFR (Q)5.50%07/20272,764 2,764 (e)(f)
Chobani, LLC1st Lien Term Loan6.82%SOFR (M)2.50%10/20278,952 8,944 (f)
Demakes Borrower, LLC1st Lien Term Loan10.30%SOFR (Q)6.00%12/2029946 946 (e)(f)
Demakes Borrower, LLC1st Lien Delay Draw Term Loan12/2029— — (e)(g)
Florida Food Products, LLC1st Lien Term Loan9.56%SOFR (Q)5.00%10/202836 33 (e)
Florida Food Products, LLC2nd Lien Term Loan12.56%SOFR (Q)8.00%10/20297,299 6,204 (e)
Forward Keystone Holdings, LP1st Lien Delay Draw Term Loan03/2029— — (e)(g)
Gotham Greens Holdings, PBC1st Lien Term Loan13.72% (2.00% PIK)SOFR (S)9.25%12/20266,579 6,381 (e)
Gotham Greens Holdings, PBC1st Lien Delay Draw Term Loan13.72% (2.00% PIK)SOFR (S)9.25%12/20268,433 8,180 (e)
KNPC Holdco, LLC1st Lien Term Loan10.11%SOFR (S)5.75%10/20299,368 9,368 (e)(f)
KNPC Holdco, LLC1st Lien Term Loan11.36%SOFR (S)7.00%10/2029484 484 (e)(f)
KNPC Holdco, LLC1st Lien Term Loan10.61%SOFR (S)6.25%10/2029471 472 (e)(f)
Quirch Foods Holdings, LLC1st Lien Term Loan9.57%SOFR (Q)5.00%10/20277,153 6,824 
RB Holdings Interco, LLC1st Lien Revolving Loan9.45%SOFR (Q)5.00%05/2028337 331 (e)(g)
RB Holdings Interco, LLC1st Lien Term Loan9.45%SOFR (Q)5.00%05/20283,685 3,611 (e)(f)
Spindrift Beverage Co., Inc.1st Lien Revolving Loan9.56%SOFR (M)5.25%02/203225 25 (e)(g)
Spindrift Beverage Co., Inc.1st Lien Term Loan9.56%SOFR (M)5.25%02/20321,737 1,728 (e)(f)
Spindrift Beverage Co., Inc.1st Lien Delay Draw Term Loan02/2032— — (e)(g)
Sugar PPC Buyer LLC1st Lien Term Loan9.51%SOFR (S)5.25%10/20302,132 2,133 (e)(f)
Sugar PPC Buyer LLC1st Lien Delay Draw Term Loan9.51%SOFR (S)5.25%10/2030592 592 (e)(f)
Sugar PPC Buyer LLC1st Lien Delay Draw Term Loan10/2030— — (e)(g)
Supplying Demand, Inc.1st Lien Revolving Loan8.32%SOFR (Q)4.00%11/20271,514 1,501 (e)(g)
Watermill Express, LLC1st Lien Revolving Loan9.70%SOFR (Q)5.25%07/2029215 215 (e)(g)
Watermill Express, LLC1st Lien Term Loan9.70%SOFR (Q)5.25%07/20292,775 2,775 (e)(f)
Watermill Express, LLC1st Lien Delay Draw Term Loan9.70%SOFR (Q)5.25%07/2029422 422 (e)(f)
Watermill Express, LLC1st Lien Delay Draw Term Loan9.21%SOFR (Q)4.75%07/2029217 217 (e)(g)
72,920 1.59%
Health Care Equipment and Services


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Aerin Medical Inc.1st Lien Term Loan11.55% (3.88% PIK)SOFR (Q)7.25%12/20302,288 2,265 (e)
Aerin Medical Inc.1st Lien Delay Draw Term Loan12/2030— — (e)(g)
Agiliti Health, Inc.1st Lien Term Loan7.26%SOFR (Q)3.00%05/203010,912 10,267 
Amethyst Radiotherapy Group B.V.Netherlands1st Lien Term Loan7.83%EURIBOR (Q)5.25%04/2031€2,000 2,163 (e)
Artivion, Inc.1st Lien Revolving Loan8.31%SOFR (Q)4.00%01/2030168 167 (e)(g)
Artivion, Inc.1st Lien Term Loan10.81%SOFR (Q)6.50%01/20302,278 2,278 (e)(f)
Artivion, Inc.1st Lien Delay Draw Term Loan01/2030— — (e)(g)
athenahealth Group Inc.1st Lien Revolving Loan02/2027— — (e)(g)
athenahealth Group Inc.1st Lien Term Loan7.32%SOFR (M)3.00%02/202912,670 12,492 
Avalign Technologies, Inc.1st Lien Revolving Loan10.82%SOFR (M)6.50%12/202875 67 (e)(g)
Avalign Technologies, Inc.1st Lien Term Loan11.56% (3.63% PIK)SOFR (Q)7.25%12/20281,698 1,528 (e)(f)
AX VI INV3 Holding ABSweden1st Lien Term Loan8.56% (1.67% PIK)STIBOR (Q)6.25%08/2031SEK33,743 3,357 (e)
AX VI INV3 Holding ABSweden1st Lien Delay Draw Term Loan8.76% (1.67% PIK)EURIBOR (Q)6.25%08/2031SEK10,303 1,025 (e)(g)
Bracket Intermediate Holding Corp.1st Lien Term Loan8.55%SOFR (Q)4.25%05/202814,224 14,260 (f)
BrightStar Group Holdings, Inc.1st Lien Revolving Loan03/2032— — (e)(g)
BrightStar Group Holdings, Inc.1st Lien Term Loan9.25%SOFR (S)5.00%03/20324,327 4,305 (e)(f)
BVI Medical, Inc.1st Lien Revolving Loan03/2032— — (e)(g)
BVI Medical, Inc.1st Lien Term Loan10.57% (5.00% PIK)SOFR (M)6.25%03/203219,391 19,245 (e)
BVI Medical, Inc.1st Lien Delay Draw Term Loan03/2032— — (e)(g)
CEP V I 5 UK LimitedUnited Kingdom1st Lien Delay Draw Term Loan11.31% (1.00% PIK)SOFR (S)7.00%02/202727,131 23,213 (e)(f)
Charlotte Buyer, Inc.1st Lien Term Loan8.57%SOFR (M)4.25%02/20288,456 8,397 (f)
CHPPR Midco Inc.1st Lien Term Loan13.05%SOFR (Q)8.75%12/20294,010 4,010 (e)
CNT Holdings I Corp1st Lien Term Loan6.80%SOFR (S)2.50%11/20326,153 6,109 (f)
Color Intermediate, LLC1st Lien Term Loan9.15%SOFR (Q)4.75%10/20291,827 1,827 (e)(f)
Colosseum Dental Finance BVNetherlands1st Lien Term Loan03/2032€5,995 6,459 (h)
Comprehensive EyeCare Partners, LLC1st Lien Revolving Loan11.06% (2.50% PIK)SOFR (Q)6.50%06/20251 1 (e)(g)
Comprehensive EyeCare Partners, LLC1st Lien Revolving Loan13.00% (2.50% PIK)PRIME5.50%06/2025— — (e)(g)
Comprehensive EyeCare Partners, LLC1st Lien Term Loan11.06% (2.50% PIK)SOFR (Q)6.50%06/2025998 947 (e)(f)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Comprehensive EyeCare Partners, LLC1st Lien Delay Draw Term Loan11.06% (2.50% PIK)SOFR (M)6.50%06/2025672 639 (e)(f)
Comprehensive EyeCare Partners, LLC1st Lien Delay Draw Term Loan11.06% (2.50% PIK)SOFR (Q)6.50%06/202532 31 (e)
Convey Health Solutions, Inc.1st Lien Term Loan9.57% (4.25% PIK)SOFR (S)5.25%07/20291,855 1,595 (e)
Cradle Lux Bidco S.a r.lLuxembourg1st Lien Term Loan8.28%EURIBOR (S)5.50%11/2031€1,959 2,076 (e)(f)
Cradle Lux Bidco S.a r.lLuxembourg1st Lien Term Loan10.09%SOFR (S)5.50%11/2031721 706 (e)(f)
Cradle Lux Bidco S.a r.lLuxembourg1st Lien Delay Draw Term Loan11/2031— — (e)(g)
Crown CT Parent Inc.1st Lien Revolving Loan9.95%SOFR (Q)5.50%03/2028482 482 (e)(g)
Crown CT Parent Inc.1st Lien Term Loan9.95%SOFR (Q)5.50%03/20298,069 8,069 (e)(f)
CVP Holdco, Inc.1st Lien Revolving Loan06/2030— — (e)(g)
CVP Holdco, Inc.1st Lien Term Loan9.07%SOFR (M)4.75%06/203119,710 19,710 (e)(f)
CVP Holdco, Inc.1st Lien Delay Draw Term Loan9.07%SOFR (M)4.75%06/2031134 134 (e)(g)
Electron Bidco Inc.1st Lien Term Loan7.07%SOFR (M)2.75%11/202813,899 13,864 (f)
Empower Payments Investor, LLC1st Lien Revolving Loan03/2030— — (e)(g)
Empower Payments Investor, LLC1st Lien Term Loan8.82%SOFR (M)4.50%03/2031472 472 (e)(f)
Empower Payments Investor, LLC1st Lien Delay Draw Term Loan03/2031— — (e)(g)
Envisage Dental UK LimitedUnited Kingdom1st Lien Term Loan11.99% (2.50% PIK)SONIA (Q)7.50%04/2031£2,531 3,270 (e)
Envisage Dental UK LimitedUnited Kingdom1st Lien Delay Draw Term Loan11.99% (2.50% PIK)SONIA (Q)7.50%04/2031£1,815 2,345 (e)
Envisage Dental UK LimitedUnited Kingdom1st Lien Delay Draw Term Loan04/2031£— — (e)(g)
Evolent Health LLC1st Lien Revolving Loan8.46%SOFR (Q)4.00%12/20292 1 (e)(g)
Evolent Health LLC1st Lien Delay Draw Term Loan9.44%SOFR (Q)5.00%12/20298,373 8,206 (e)
Floss Bidco LimitedUnited Kingdom1st Lien Term Loan10.83%SONIA (S)6.25%09/2026£812 1,007 (e)(f)
Gainwell Acquisition Corp.1st Lien Term Loan8.40%SOFR (Q)4.00%10/20279,659 9,039 (f)
Global Medical Response, Inc.1st Lien Term Loan9.79% (0.75% PIK)SOFR (Q)5.50%10/202835,476 35,427 
Goldeneye Parent, LLC1st Lien Revolving Loan03/2032— — (e)(g)
Goldeneye Parent, LLC1st Lien Term Loan9.30%SOFR (Q)5.00%03/20322,473 2,461 (e)(f)
Hanger, Inc.1st Lien Term Loan7.82%SOFR (M)3.50%10/2031886 885 
Hanger, Inc.1st Lien Delay Draw Term Loan7.82%SOFR (M)3.50%10/203117 17 (g)
HuFriedy Group Acquisition LLC1st Lien Revolving Loan05/2030— — (e)(g)
HuFriedy Group Acquisition LLC1st Lien Term Loan9.81%SOFR (Q)5.50%05/203119,197 19,197 (e)(f)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
HuFriedy Group Acquisition LLC1st Lien Delay Draw Term Loan9.81%SOFR (Q)5.50%05/20313,482 3,482 (e)(g)
LifeScan Global Corporation1st Lien Term Loan12/20261,991 1,254 (i)
LifeScan Global Corporation2nd Lien Term Loan03/20275,692 — (e)(i)
LivTech Purchaser, Inc.1st Lien Revolving Loan11/2031— — (e)(g)
LivTech Purchaser, Inc.1st Lien Term Loan8.83%SOFR (Q)4.50%11/20311,290 1,277 (e)(f)
LivTech Purchaser, Inc.1st Lien Delay Draw Term Loan11/2031— — (e)(g)
Mamba Purchaser, Inc.1st Lien Term Loan7.32%SOFR (M)3.00%10/202813,786 13,752 (f)
Medline Borrower, LP1st Lien Term Loan6.57%SOFR (M)2.25%10/202812,174 12,147 (f)
Medmark Services Inc1st Lien Term Loan9.56%SOFR (Q)5.00%06/20271,759 1,548 (e)(f)
Medmark Services Inc1st Lien Delay Draw Term Loan9.56%SOFR (Q)5.00%06/20271,504 1,324 (e)(f)
Medmark Services Inc2nd Lien Term Loan06/20289,139 6,397 (e)(i)
Medmark Services Inc2nd Lien Delay Draw Term Loan06/20284,897 3,428 (e)(i)
Network Bidco B.V.Netherlands1st Lien Term Loan8.19%EURIBOR (Q)5.83%05/2029€5,778 6,247 (e)(f)
Network Bidco B.V.Netherlands1st Lien Delay Draw Term Loan7.81%EURIBOR (Q)5.25%05/2029€870 941 (e)(g)
Next Holdco, LLC1st Lien Revolving Loan11/2029— — (e)(g)
Next Holdco, LLC1st Lien Term Loan9.54%SOFR (Q)5.25%11/2030986 986 (e)(f)
Next Holdco, LLC1st Lien Delay Draw Term Loan11/2030— — (e)(g)
NextCare, Inc.2nd Lien Term Loan11.95% PIKSOFR (Q)7.50%12/20257,658 7,658 (e)
Nomi Health, Inc.1st Lien Term Loan12.56%SOFR (Q)8.25%07/20283,989 3,590 (e)
Olympia Acquisition, Inc.1st Lien Term Loan02/20274,116 1,523 (e)(i)
Olympia Acquisition, Inc.1st Lien Delay Draw Term Loan02/2027634 234 (e)(i)
Olympia Acquisition, Inc.1st Lien Delay Draw Term Loan13.95% PIKSOFR (Q)9.50%02/2027225 225 (e)(g)
OMH-HealthEdge Holdings, LLC1st Lien Revolving Loan10/2029— — (e)(g)
OMH-HealthEdge Holdings, LLC1st Lien Term Loan12.50% (3.00% PIK)PRIME5.00%10/20298,020 8,020 (e)(f)
Paragon 28, Inc.1st Lien Revolving Loan8.31%SOFR (Q)4.00%11/20281 — (e)(g)
Paragon 28, Inc.1st Lien Term Loan11.06%SOFR (Q)6.75%11/20283,652 3,725 (e)
Paragon 28, Inc.1st Lien Delay Draw Term Loan11/2028— — (e)(g)
Pluto Acquisition I, Inc.1st Lien Term Loan8.30%SOFR (Q)4.00%09/202821,148 18,398 (f)
PointClickCare Technologies Inc.Canada1st Lien Term Loan7.55%SOFR (Q)3.25%11/20312,494 2,486 


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Premise Health Holding Corp.1st Lien Revolving Loan03/2030— — (e)(g)
Premise Health Holding Corp.1st Lien Term Loan9.80%SOFR (Q)5.50%03/20312,654 2,654 (e)(f)
Prime Dental Alliance B.V.Netherlands1st Lien Term Loan9.86%EURIBOR (Q)7.50%06/2027€2,200 2,379 (e)(f)
Prime Dental Alliance B.V.Netherlands1st Lien Term Loan10.11%EURIBOR (Q)7.75%06/2027€953 1,031 (e)
Prime Dental Alliance B.V.Netherlands1st Lien Delay Draw Term Loan9.86%EURIBOR (Q)7.50%06/2027€1,654 1,789 (e)
Prime Dental Alliance B.V.Netherlands1st Lien Delay Draw Term Loan10.11%EURIBOR (Q)7.75%06/2027€3,183 3,441 (e)(g)
Radnet Management, Inc.1st Lien Term Loan6.57%SOFR (Q)2.25%04/20318,368 8,346 (f)
Raven Acquisition Holdings, LLC1st Lien Revolving Loan11/2029— — (e)(g)
Raven Acquisition Holdings, LLC1st Lien Term Loan7.57%SOFR (M)3.25%11/20317,611 7,513 
Raven Acquisition Holdings, LLC1st Lien Delay Draw Term Loan11/2031— — (g)
Resonetics, LLC1st Lien Term Loan7.55%SOFR (Q)3.25%06/20315,311 5,276 (f)
Revival Animal Health, LLC1st Lien Revolving Loan10.32%SOFR (Q)6.00%01/202831 30 (e)(g)
Revival Animal Health, LLC1st Lien Term Loan10.30%SOFR (Q)6.00%01/20283,201 3,169 (e)(f)
Revival Animal Health, LLC1st Lien Delay Draw Term Loan10.30%SOFR (Q)6.00%01/20281,475 1,461 (e)
Rubicone Bidco LimitedUnited Kingdom1st Lien Term Loan11.32%SONIA (Q)6.75%12/2028£2,773 3,582 (e)(f)
Rubicone Bidco LimitedUnited Kingdom1st Lien Term Loan11.34%SONIA (Q)6.75%12/2028£170 219 (e)(f)
Rubicone Bidco LimitedUnited Kingdom1st Lien Term Loan12.86% (8.25% PIK)SONIA (Q)8.25%12/2028£189 244 (e)(g)
Rubicone Bidco LimitedUnited Kingdom1st Lien Delay Draw Term Loan11.32%SONIA (Q)6.75%12/2028£1,698 2,194 (e)
Spruce Bidco II Inc.1st Lien Revolving Loan01/2032— — (e)(g)
Spruce Bidco II Inc.1st Lien Term Loan9.32%SOFR (M)5.00%01/203246,224 45,415 (e)(f)
Spruce Bidco II Inc.1st Lien Term Loan7.72%CDOR (S)5.00%01/2032CAD9,341 6,378 (e)(f)
Spruce Bidco II Inc.1st Lien Term Loan6.00%TONA (S)5.25%01/2032¥1,001,315 6,559 (e)
Symplr Software Inc.1st Lien Revolving Loan8.04%SOFR (Q)3.75%12/20271 — (e)(g)
Symplr Software Inc.1st Lien Term Loan8.89%SOFR (Q)4.50%12/20273,425 2,969 (f)
Symplr Software Inc.1st Lien Term Loan9.64%SOFR (Q)5.25%12/20271,833 1,631 (e)(f)
Symplr Software Inc.2nd Lien Term Loan12.27%SOFR (Q)7.88%12/202812,343 10,985 (e)(f)
Symplr Software Inc.2nd Lien Term Loan14.39% (4.00% PIK)SOFR (Q)10.00%12/20285,678 5,338 (e)(f)
Tandarts Today Holding B.V.Netherlands1st Lien Term Loan9.61%EURIBOR (Q)7.25%02/2028€643 695 (e)(f)
Tandarts Today Holding B.V.Netherlands1st Lien Delay Draw Term Loan9.61%EURIBOR (Q)7.25%02/2028€2,474 2,675 (e)(g)
Therapy Brands Holdings LLC2nd Lien Term Loan11.19%SOFR (M)6.75%05/20294,334 3,901 (e)(f)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
United Digestive MSO Parent, LLC1st Lien Revolving Loan10.05%SOFR (Q)5.75%03/202950 50 (e)(g)
United Digestive MSO Parent, LLC1st Lien Term Loan10.05%SOFR (Q)5.75%03/20293,106 3,106 (e)(f)
United Digestive MSO Parent, LLC1st Lien Delay Draw Term Loan10.05%SOFR (Q)5.75%03/202963 63 (e)(g)
United Digestive MSO Parent, LLC1st Lien Delay Draw Term Loan03/2029— — (e)(g)
Veonet Lense GmbHGermany1st Lien Term Loan5.88%EURIBOR (S)3.50%03/2029€6,111 6,569 
Viant Medical Holdings, Inc. (f/k/a MedPlast Holdings Inc.)1st Lien Term Loan8.32%SOFR (M)4.00%10/20318,602 8,593 (f)
VPP Intermediate Holdings, LLC1st Lien Revolving Loan12/2027— — (e)(g)
VPP Intermediate Holdings, LLC1st Lien Term Loan10.17%SOFR (M)5.75%12/20271,530 1,530 (e)(f)
VPP Intermediate Holdings, LLC1st Lien Delay Draw Term Loan10.17%SOFR (M)5.75%12/2027796 796 (e)(f)
VPP Intermediate Holdings, LLC1st Lien Delay Draw Term Loan10.07%SOFR (M)5.75%12/20272,570 2,570 (e)(f)
VPP Intermediate Holdings, LLC1st Lien Delay Draw Term Loan9.67%SOFR (M)5.25%12/2027254 254 (e)(g)
Waystar Technologies, Inc.1st Lien Term Loan6.57%SOFR (M)2.25%10/20294,227 4,204 (f)
WSHP FC Acquisition LLC1st Lien Revolving Loan11.95%SOFR (Q)7.50%03/20281,726 1,605 (e)(g)
WSHP FC Acquisition LLC1st Lien Term Loan11.95% (4.00% PIK)SOFR (Q)7.50%03/202819,774 18,391 (e)(f)
WSHP FC Acquisition LLC1st Lien Delay Draw Term Loan11.95% (4.00% PIK)SOFR (Q)7.50%03/20287,103 6,605 (e)(f)
536,867 11.72%
Household and Personal Products
Beacon Wellness Brands, Inc.1st Lien Revolving Loan12/2027— — (e)(g)
Beacon Wellness Brands, Inc.1st Lien Term Loan10.17%SOFR (M)5.75%12/20271,640 1,607 (e)(f)
Foundation Consumer Brands, LLC1st Lien Revolving Loan02/2029— — (e)(g)
Foundation Consumer Brands, LLC1st Lien Term Loan9.44%SOFR (Q)5.00%02/202914,463 14,463 (e)(f)
pH Beauty Holdings III, Inc.1st Lien Term Loan9.32%SOFR (Q)5.00%09/20273,626 3,608 (e)(f)
Premier Specialties, Inc.1st Lien Revolving Loan11.42%SOFR (M)7.00%08/2027193 181 (e)(g)
Premier Specialties, Inc.1st Lien Term Loan11.42%SOFR (M)7.00%08/20273,113 2,927 (e)(f)
Silk Holdings III Corp.1st Lien Revolving Loan8.32%SOFR (M)4.00%05/20296,687 6,687 (e)(g)
Silk Holdings III Corp.1st Lien Revolving Loan8.32%SOFR (Q)4.00%05/2029762 762 (e)(g)
Silk Holdings III Corp.1st Lien Term Loan9.82%SOFR (M)5.50%05/20294,763 4,763 (e)(f)
TCI Buyer LLC1st Lien Revolving Loan11/2030— — (e)(g)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
TCI Buyer LLC1st Lien Term Loan9.07%SOFR (M)4.75%11/203012,619 12,430 (e)(f)
TCI Buyer LLC1st Lien Delay Draw Term Loan11/2030— — (e)(g)
47,428 1.04%
Insurance
Accession Risk Management Group, Inc.1st Lien Revolving Loan11/2029— — (e)(g)
Accession Risk Management Group, Inc.1st Lien Term Loan9.04%SOFR (Q)4.75%11/20293,819 3,819 (e)(f)
Accession Risk Management Group, Inc.1st Lien Term Loan9.05%SOFR (Q)4.75%11/202944 44 (e)(f)
Accession Risk Management Group, Inc.1st Lien Delay Draw Term Loan9.05%SOFR (Q)4.75%11/2029979 979 (e)(f)
Accession Risk Management Group, Inc.1st Lien Delay Draw Term Loan9.04%SOFR (Q)4.75%11/2029247 248 (e)(g)
Acrisure, LLC1st Lien Term Loan7.07%SOFR (M)2.75%02/202713,537 13,474 (f)
Acrisure, LLC1st Lien Term Loan7.32%SOFR (M)3.00%11/20309,703 9,625 (f)
Alfred AcquiCo B.V.Netherlands1st Lien Term Loan9.12%EURIBOR (M)6.75%09/2029€1,988 2,149 (e)(f)
AQ Sunshine, Inc.1st Lien Revolving Loan9.55%SOFR (Q)5.25%07/2030529 529 (e)(g)
AQ Sunshine, Inc.1st Lien Term Loan9.55%SOFR (Q)5.25%07/203114,714 14,714 (e)(f)
AQ Sunshine, Inc.1st Lien Delay Draw Term Loan9.55%SOFR (Q)5.25%07/20311,510 1,510 (e)(g)
Ardonagh Midco 3 LimitedAustralia1st Lien Term Loan7.05%SOFR (S)2.75%02/203135,000 34,519 
AssuredPartners, Inc.1st Lien Term Loan7.82%SOFR (M)3.50%02/203116,965 16,976 (f)
Broadstreet Partners, Inc.1st Lien Term Loan7.32%SOFR (M)3.00%06/20319,832 9,738 (f)
Captive Resources Midco, LLC1st Lien Revolving Loan07/2028— — (e)(g)
Captive Resources Midco, LLC1st Lien Term Loan9.07% (5.79% PIK)SOFR (M)4.75%07/20292,387 2,387 (e)(f)
CFCo, LLC1st Lien Term Loan09/20383,231 — (e)(i)
Daylight Beta Parent LLC1st Lien Term Loan09/20332,108 383 (e)(i)
Diamond Mezzanine 24 LLC1st Lien Revolving Loan10/2030— — (e)(g)
Diamond Mezzanine 24 LLC1st Lien Term Loan9.29%SOFR (Q)5.00%10/20304,350 4,306 (e)(f)
Diamond Mezzanine 24 LLC1st Lien Delay Draw Term Loan10/2030— — (e)(g)
DOXA Insurance Holdings LLC1st Lien Revolving Loan9.55%SOFR (Q)5.25%12/202924 24 (e)(g)
DOXA Insurance Holdings LLC1st Lien Term Loan9.55%SOFR (Q)5.25%12/20301,243 1,243 (e)
DOXA Insurance Holdings LLC1st Lien Delay Draw Term Loan9.55%SOFR (Q)5.25%12/20301,142 1,142 (e)(g)
DOXA Insurance Holdings LLC1st Lien Delay Draw Term Loan12/2030— — (e)(g)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Forza Insurance Holdings, LLC1st Lien Term Loan9.80%SOFR (Q)5.50%02/20305,572 5,516 (e)(f)
Foundation Risk Partners, Corp.1st Lien Revolving Loan10/2029— — (e)(g)
Foundation Risk Partners, Corp.1st Lien Term Loan9.30%SOFR (Q)5.00%10/203018,858 18,859 (e)(f)
Foundation Risk Partners, Corp.1st Lien Delay Draw Term Loan9.30%SOFR (Q)5.00%10/203021,205 21,204 (e)(f)(g)
Galway Borrower LLC1st Lien Revolving Loan8.80%SOFR (Q)4.50%09/2028374 374 (e)(g)
Galway Borrower LLC1st Lien Term Loan8.80%SOFR (Q)4.50%09/202810,625 10,625 (e)(f)
Galway Borrower LLC1st Lien Delay Draw Term Loan8.80%SOFR (Q)4.50%09/202876 76 (e)(g)
Gestion ABS Bidco Inc./ABS Bidco Holdings Inc.Canada1st Lien Revolving Loan03/2031CAD— — (e)(g)
Gestion ABS Bidco Inc./ABS Bidco Holdings Inc.Canada1st Lien Term Loan8.74% (3.13% PIK)CORRA (Q)5.75%03/2031CAD646 449 (e)
Gestion ABS Bidco Inc./ABS Bidco Holdings Inc.Canada1st Lien Delay Draw Term Loan03/2031CAD— — (e)(g)
Higginbotham Insurance Agency, Inc.1st Lien Term Loan8.83%SOFR (M)4.50%11/2028591 591 (e)(f)
Higginbotham Insurance Agency, Inc.1st Lien Delay Draw Term Loan9.07%SOFR (M)4.75%11/2028261 261 (e)(g)
High Street Buyer, Inc.1st Lien Revolving Loan04/2027— — (e)(g)
High Street Buyer, Inc.1st Lien Term Loan9.55%SOFR (Q)5.25%04/20284,627 4,627 (e)(f)
High Street Buyer, Inc.1st Lien Delay Draw Term Loan9.55%SOFR (Q)5.25%04/2028#REF!#REF!(e)(f)
High Street Buyer, Inc.1st Lien Delay Draw Term Loan9.57%SOFR (M)5.25%04/2028358 358 (e)(g)
Hub International Limited1st Lien Term Loan6.79%SOFR (S)2.50%06/20309,975 9,926 (f)
Hyperion Refinance S.a r.l.Luxembourg1st Lien Term Loan7.32%SOFR (M)3.00%02/20319,975 9,893 
Inszone Mid, LLC1st Lien Revolving Loan11/2029— — (e)(g)
Inszone Mid, LLC1st Lien Term Loan9.55%SOFR (Q)5.25%11/20292,042 2,042 (e)
Inszone Mid, LLC1st Lien Delay Draw Term Loan10.04%SOFR (Q)5.75%11/20291,848 1,848 (e)(g)
Inszone Mid, LLC1st Lien Delay Draw Term Loan11/2029— — (e)(g)
JMG Group Investments LimitedUnited Kingdom1st Lien Term Loan11.83% (3.75% PIK)SONIA (Q)7.25%12/2028£321 415 (e)(f)
JMG Group Investments LimitedUnited Kingdom1st Lien Delay Draw Term Loan11.83% (3.75% PIK)SONIA (Q)7.25%12/2028£2,781 3,592 (e)
JMG Group Investments LimitedUnited Kingdom1st Lien Delay Draw Term Loan12.07% (3.75% PIK)SONIA (Q)7.50%12/2028£3,510 4,534 (e)
JMG Group Investments LimitedUnited Kingdom1st Lien Delay Draw Term Loan12.22% (3.75% PIK)SONIA (Q)7.64%12/2028£3,193 4,124 (e)(g)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
JMG Group Investments LimitedUnited Kingdom1st Lien Delay Draw Term Loan12/2028£— — (e)(g)
Keystone Agency Partners LLC1st Lien Revolving Loan05/2027— — (e)(g)
Keystone Agency Partners LLC1st Lien Term Loan9.05%SOFR (Q)4.75%05/20271,082 1,082 (e)(f)
Keystone Agency Partners LLC1st Lien Term Loan9.04%SOFR (Q)4.75%05/2027511 511 (e)(f)
Keystone Agency Partners LLC1st Lien Delay Draw Term Loan9.05%SOFR (Q)4.75%05/20272,301 2,301 (e)(f)
Keystone Agency Partners LLC1st Lien Delay Draw Term Loan05/2027— — (e)(g)
LJo Finco ABSweden1st Lien Revolving Loan8.52%EURIBOR (Q)6.00%06/2030SEK5,954 592 (e)(g)
LJo Finco ABSweden1st Lien Term Loan8.34%STIBOR (Q)6.00%09/2030SEK86,000 8,556 (e)
LJo Finco ABSweden1st Lien Delay Draw Term Loan8.35%STIBOR (Q)6.00%09/2030SEK3,433 342 (e)(g)
Lucida Broking Holdings LimitedUnited Kingdom1st Lien Term Loan13.98%SONIA (S)9.25%06/2026£1,132 1,433 (e)(f)
Lucida Broking Holdings LimitedUnited Kingdom1st Lien Delay Draw Term Loan14.20%SONIA (S)9.25%06/2026£727 921 (e)(f)
Oakbridge Insurance Agency LLC1st Lien Revolving Loan10.07%SOFR (M)5.75%11/202934 34 (e)(g)
Oakbridge Insurance Agency LLC1st Lien Term Loan10.06%SOFR (M)5.75%11/20291,277 1,277 (e)(f)
Oakbridge Insurance Agency LLC1st Lien Delay Draw Term Loan10.06%SOFR (M)5.75%11/2029264 264 (e)(g)
OneDigital Borrower LLC1st Lien Term Loan7.32%SOFR (M)3.00%07/203112,453 12,360 
Optio Group LimitedUnited Kingdom1st Lien Delay Draw Term Loan10.98%SONIA (S)6.25%03/2026£360 465 (e)(f)
Optio Group LimitedUnited Kingdom1st Lien Delay Draw Term Loan8.84%EURIBOR (S)6.25%03/2026£280 361 (e)
Optio Group LimitedUnited Kingdom1st Lien Delay Draw Term Loan10.87%SOFR (S)6.50%03/2026£195 252 (e)(g)
Patriot Growth Insurance Services, LLC1st Lien Revolving Loan9.42%SOFR (M)5.00%10/2028125 125 (e)(g)
Patriot Growth Insurance Services, LLC1st Lien Term Loan9.45%SOFR (Q)5.00%10/20281,752 1,752 (e)(f)
People CorporationCanada1st Lien Revolving Loan8.44%CORRA (Q)5.25%02/2027CAD482 335 (e)(g)
People CorporationCanada1st Lien Term Loan8.46%CORRA (Q)5.25%02/2028CAD7,263 5,047 (e)(f)
People CorporationCanada1st Lien Delay Draw Term Loan8.46%CORRA (Q)5.25%02/2028CAD6,677 4,640 (e)
People CorporationCanada1st Lien Delay Draw Term Loan8.14%CORRA (Q)5.25%02/2028CAD2,050 1,424 (e)(g)
People CorporationCanada1st Lien Delay Draw Term Loan02/2028CAD— — (e)(g)
Platinum Credit Bidco LimitedJersey1st Lien Term Loan10.97%SONIA (S)6.50%11/2029£27,960 36,118 (e)(f)
Platinum Credit Bidco LimitedJersey1st Lien Term Loan10.95%SONIA (S)6.50%11/2029£8,917 11,518 (e)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
SageSure Holdings, LLC1st Lien Term Loan9.44%SOFR (M)5.00%01/203027,652 27,652 (e)(f)
SageSure Holdings, LLC1st Lien Delay Draw Term Loan9.44%SOFR (M)5.00%01/20308,696 8,696 (e)(f)
SageSure Holdings, LLC1st Lien Delay Draw Term Loan01/2030— — (e)(g)
SCM Insurance Services Inc.Canada1st Lien Revolving Loan08/2026CAD— — (e)(g)
SCM Insurance Services Inc.Canada1st Lien Term Loan9.07%CORRA (M)6.25%08/2026CAD179 125 (e)(f)
SelectQuote, Inc.1st Lien Term Loan13.92% (3.00% PIK)SOFR (M)9.50%09/20273,019 3,019 (e)(f)
Seventeen Group LimitedUnited Kingdom1st Lien Term Loan11.61%SONIA (Q)7.00%07/2028£455 587 (e)(f)
Seventeen Group LimitedUnited Kingdom1st Lien Delay Draw Term Loan11.58%SONIA (Q)7.00%07/2028£481 622 (e)(g)
SG Acquisition, Inc.1st Lien Revolving Loan04/2030— — (e)(g)
SG Acquisition, Inc.1st Lien Term Loan9.06%SOFR (Q)4.75%04/20305,571 5,571 (e)(f)
SIG Parent Holdings, LLC1st Lien Revolving Loan08/2031— — (e)(g)
SIG Parent Holdings, LLC1st Lien Term Loan9.32%SOFR (M)5.00%08/20313,772 3,772 (e)(f)
SIG Parent Holdings, LLC1st Lien Delay Draw Term Loan9.32%SOFR (M)5.00%08/2031113 113 (e)(g)
Spitfire Bidco LimitedUnited Kingdom1st Lien Term Loan11.85%SOFR (S)7.25%09/202915,056 15,056 (e)(f)
Spitfire Bidco LimitedUnited Kingdom1st Lien Term Loan12.50%SOFR (S)7.75%09/2029£3,144 4,061 (e)
Spring Insurance Solutions, LLC1st Lien Term Loan10.95%SOFR (Q)6.50%11/20253,384 3,316 (e)(f)
Spring Insurance Solutions, LLC1st Lien Delay Draw Term Loan10.95%SOFR (Q)6.50%11/2025576 565 (e)
Truist Insurance Holdings, LLC1st Lien Revolving Loan7.85%SOFR (Q)3.25%05/202983 82 (e)(g)
Truist Insurance Holdings, LLC1st Lien Term Loan7.05%SOFR (Q)2.75%05/2031138 137 
USI, Inc.1st Lien Term Loan6.55%SOFR (Q)2.25%11/20297,025 6,952 (f)
USI, Inc.1st Lien Term Loan6.55%SOFR (Q)2.25%09/203015,378 15,215 (f)
World Insurance Associates, LLC1st Lien Revolving Loan04/2028— — (e)(g)
World Insurance Associates, LLC1st Lien Term Loan9.30%SOFR (Q)5.00%04/20301856.00 1,856 (e)
World Insurance Associates, LLC1st Lien Delay Draw Term Loan04/2030— — (e)(g)
435,117 9.50%
Materials
Adonis Acquisition Holdings LLC1st Lien Revolving Loan9.31%SOFR (M)5.00%08/20281 1 (e)(g)
Adonis Acquisition Holdings LLC1st Lien Term Loan9.90% PIKSOFR (Q)5.50%02/20302,644 2,643 (e)
Adonis Acquisition Holdings LLC1st Lien Delay Draw Term Loan9.90% PIKSOFR (Q)5.50%02/2030235 235 (e)(g)
Aruba Investments, Inc.2nd Lien Term Loan12.17%SOFR (M)7.75%11/20285,200 4,893 


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
ASP-r-pac Acquisition Co LLC1st Lien Revolving Loan10.44%SOFR (M)6.00%12/2027386 386 (e)(g)
ASP-r-pac Acquisition Co LLC1st Lien Term Loan10.55%SOFR (Q)6.00%12/20276,057 6,057 (e)(f)
ASP-r-pac Acquisition Co LLC1st Lien Term Loan10.29%SOFR (Q)6.00%12/2027472 472 (e)(f)
BW Holding, Inc.1st Lien Term Loan8.46%SOFR (Q)4.00%12/20286,905 5,712 
Flexsys Holdings, Inc.1st Lien Term Loan9.81%SOFR (Q)5.25%11/202811,157 6,732 
Meyer Laboratory, LLC1st Lien Revolving Loan12.00%PRIME4.50%02/203076 76 (e)(g)
Meyer Laboratory, LLC1st Lien Term Loan9.82%SOFR (M)5.50%02/2030658 658 (e)(f)
Meyer Laboratory, LLC1st Lien Delay Draw Term Loan9.82%SOFR (M)5.50%02/2030117 118 (e)(g)
NCP-MSI Buyer, Inc.1st Lien Revolving Loan8.05%SOFR (Q)3.75%03/2031266 263 (e)(g)
NCP-MSI Buyer, Inc.1st Lien Revolving Loan03/2031— — (e)(g)
NCP-MSI Buyer, Inc.1st Lien Term Loan8.05%SOFR (Q)3.75%03/20313,882 3,862 (e)(f)
NCP-MSI Buyer, Inc.1st Lien Delay Draw Term Loan03/2031— — (e)(g)
Nelipak Holding Company1st Lien Revolving Loan9.82%SOFR (M)5.50%03/2031162 158 (e)(g)
Nelipak Holding Company1st Lien Revolving Loan7.88%EURIBOR (M)5.50%03/2031€34 37 (e)(g)
Nelipak Holding Company1st Lien Term Loan9.80%SOFR (Q)5.50%03/2031979 960 (e)(f)
Nelipak Holding Company1st Lien Term Loan7.86%EURIBOR (Q)5.50%03/2031€1,881 1,993 (e)(f)
Nelipak Holding Company1st Lien Delay Draw Term Loan03/2031— — (e)(g)
Nelipak Holding Company1st Lien Delay Draw Term Loan03/2031€— — (e)(g)
Novipax Buyer, L.L.C.1st Lien Term Loan12.67% (1.00% PIK)SOFR (M)8.25%12/20264,279 4,108 (e)(f)
Plaskolite PPC Intermediate II LLC1st Lien Term Loan8.57%SOFR (Q)4.00%12/20258,161 7,951 (f)
Plaskolite PPC Intermediate II LLC2nd Lien Term Loan12.12%SOFR (S)7.25%12/20262,960 2,871 (e)(f)
Polymer Solutions Group, LLC1st Lien Term Loan8.82%SOFR (M)4.50%11/2026637 637 (e)(f)
Precision Concepts Canada CorporationCanada1st Lien Term Loan9.90%SOFR (Q)5.50%04/2026613 613 (e)(f)
Precision Concepts International LLC1st Lien Revolving Loan9.90%SOFR (Q)5.50%04/202691 91 (e)(g)
Precision Concepts International LLC1st Lien Term Loan9.90%SOFR (Q)5.50%04/20265,384 5,378 (e)(f)
Pregis TopCo LLC1st Lien Term Loan8.32%SOFR (M)4.00%07/202614,555 14,542 (f)
Pretium PKG Holdings, Inc.1st Lien Term Loan8.04% (1.25% PIK)SOFR (Q)3.75%10/20281,916 1,925 (f)
Pretium PKG Holdings, Inc.1st Lien Term Loan8.89%SOFR (Q)4.60%10/20289,787 5,546 


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Reagent Chemical & Research, LLC1st Lien Revolving Loan04/2030— — (e)(g)
Reagent Chemical & Research, LLC1st Lien Term Loan9.57%SOFR (M)5.25%04/20312,431 2,431 (e)(f)
Trident TPI Holdings, Inc.1st Lien Term Loan8.05%SOFR (Q)3.75%09/202818,283 17,636 (f)
98,985 2.16%
Pharmaceuticals, Biotechnology and Life Sciences
1261229 B.C. LTD.Canada1st Lien Term Loan09/203025,000 24,000 (h)
ADMA BIOLOGICS, INC.1st Lien Revolving Loan8.06%SOFR (Q)3.75%12/20271 1 (e)(g)
ADMA BIOLOGICS, INC.1st Lien Term Loan10.80%SOFR (Q)6.50%12/2027468 468 (e)(f)
Alcami Corporation1st Lien Revolving Loan11.42%SOFR (M)7.00%12/20282 2 (e)(g)
Alcami Corporation1st Lien Term Loan11.46%SOFR (Q)7.00%12/2028201 201 (e)
Alcami Corporation1st Lien Delay Draw Term Loan11.46%SOFR (M)7.00%12/202815 15 (e)
ASPIRE BIDCO LIMITEDJersey1st Lien Term Loan10.67% (2.00% PIK)SONIA (Q)6.09%09/2028£7,777 10,046 (e)(f)
ASPIRE BIDCO LIMITEDJersey1st Lien Delay Draw Term Loan10.67% (2.00% PIK)SONIA (Q)6.09%09/2028£647 836 (e)(g)
Bamboo US BidCo LLC1st Lien Revolving Loan10/2029— — (e)(g)
Bamboo US BidCo LLC1st Lien Term Loan9.54%SOFR (Q)5.25%09/20302,661 2,661 (e)
Bamboo US BidCo LLC1st Lien Term Loan7.86%EURIBOR (Q)5.25%09/2030€2,131 2,304 (e)
Bamboo US BidCo LLC1st Lien Delay Draw Term Loan09/2030— — (e)(g)
Bamboo US BidCo LLC1st Lien Delay Draw Term Loan9.54%SOFR (Q)5.25%09/2030407 407 (e)
Cambrex Corporation1st Lien Revolving Loan03/2032— — (e)(g)
Cambrex Corporation1st Lien Term Loan9.07%SOFR (M)4.75%03/203236,544 36,362 (e)(f)
Cambrex Corporation1st Lien Delay Draw Term Loan03/2032— — (e)(g)
Cobalt Buyer Sub, Inc.1st Lien Revolving Loan9.81%SOFR (Q)5.50%10/2027119 119 (e)(g)
Cobalt Buyer Sub, Inc.1st Lien Term Loan9.81%SOFR (Q)5.50%10/202810,747 10,747 (e)(f)
Cobalt Buyer Sub, Inc.1st Lien Delay Draw Term Loan9.81%SOFR (Q)5.50%10/20282,410 2,410 (e)(f)
Cobalt Buyer Sub, Inc.1st Lien Delay Draw Term Loan10/2028— — (e)(g)
Creek Parent, Inc.1st Lien Revolving Loan12/2031— — (e)(g)
Creek Parent, Inc.1st Lien Term Loan9.57%SOFR (M)5.25%12/203142,129 41,392 (e)(f)
Crossco (1469) LimitedUnited Kingdom1st Lien Term Loan10.87%SONIA (S)6.25%12/2030£1,935 2,500 (e)
Crossco (1469) LimitedUnited Kingdom1st Lien Delay Draw Term Loan12/2030£— — (e)(g)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Gula Buyer Inc.1st Lien Term Loan9.32%SOFR (M)5.00%10/20317,984 7,884 (e)(f)
IGEA BIDCO S.P.AItaly1st Lien Delay Draw Term Loan09/2030€— — (e)(g)
NMC Skincare Intermediate Holdings II, LLC1st Lien Revolving Loan10.44%SOFR (Q)6.00%11/2026306 279 (e)(g)
NMC Skincare Intermediate Holdings II, LLC1st Lien Revolving Loan10.42%SOFR (M)6.00%11/20265 4 (e)(g)
NMC Skincare Intermediate Holdings II, LLC1st Lien Term Loan10.45% (1.00% PIK)SOFR (Q)6.00%11/20262,188 1,991 (e)(f)
NMC Skincare Intermediate Holdings II, LLC1st Lien Delay Draw Term Loan10.45% (1.00% PIK)SOFR (Q)6.00%11/2026616 561 (e)(f)
North American Science Associates, LLC1st Lien Revolving Loan8.95%SOFR (Q)4.50%03/20272,499 2,399 (e)(g)
North American Science Associates, LLC1st Lien Term Loan10.45%SOFR (Q)6.00%09/202711,486 11,026 (e)(f)
North American Science Associates, LLC1st Lien Delay Draw Term Loan10.45%SOFR (Q)6.00%09/20271,863 1,788 (e)(f)
Solar Bidco LimitedUnited Kingdom1st Lien Delay Draw Term Loan8.36%EURIBOR (Q)6.00%11/2029£2,351 3,036 (e)(g)
Verista, Inc.1st Lien Revolving Loan10.56%SOFR (Q)6.00%02/2027167 157 (e)(g)
Verista, Inc.1st Lien Term Loan11.06% (0.50% PIK)SOFR (Q)6.50%02/20278,818 8,289 (e)(f)
Verista, Inc.1st Lien Delay Draw Term Loan11.06% (0.50% PIK)SOFR (Q)6.50%02/20271,816 1,707 (e)(f)
WCG Purchaser Corp.1st Lien Term Loan7.32%SOFR (M)3.00%02/20325000 4,944 
WCI-BXC Purchaser, LLC1st Lien Revolving Loan11/2029— — (e)(g)
WCI-BXC Purchaser, LLC1st Lien Term Loan10.55%SOFR (Q)6.25%11/2030758758 (e)
179,294 3.92%
Real Estate Management and Development
285 Mezz LLC1st Lien Delay Draw Term Loan12/20254,972 3,124 (e)(i)
285 Schermerhorn LLC1st Lien Delay Draw Term Loan12/20257,206 4,529 (e)(g)(i)
Odevo ABSweden1st Lien Term Loan8.05%EURIBOR (Q)5.50%12/2030€2,829 3,059 (e)
Odevo ABSweden1st Lien Term Loan9.96%SONIA (Q)5.50%12/2030£9,498 12,269 (e)
Odevo ABSweden1st Lien Term Loan7.84%STIBOR (Q)5.50%12/2030SEK78,160 7,776 (e)(f)
Odevo ABSweden1st Lien Term Loan9.80%SOFR (Q)5.50%12/20308,731 8,731 (e)
Odevo ABSweden1st Lien Term Loan12/2030€— — (e)(g)
39,488 0.86%
Software and Services
Access CIG, LLC1st Lien Term Loan8.54%SOFR (Q)4.25%08/202818,020 18,002 (f)
ACTFY Buyer, Inc.1st Lien Revolving Loan05/2030— — (e)(g)
ACTFY Buyer, Inc.1st Lien Term Loan9.32%SOFR (M)5.00%05/20311,502 1,503 (e)(f)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
ACTFY Buyer, Inc.1st Lien Delay Draw Term Loan05/2031— — (e)(g)
Activate holdings (US) Corp.1st Lien Revolving Loan07/2029— — (e)(g)
Activate holdings (US) Corp.1st Lien Term Loan9.80%SOFR (Q)5.50%07/203013,273 13,273 (e)(f)
Adonis Bidco, Inc.1st Lien Revolving Loan11/2031— — (e)(g)
Adonis Bidco, Inc.1st Lien Term Loan10.05% (3.00% PIK)SOFR (Q)5.75%02/203250,260 49,758 (e)(f)
Adonis Bidco, Inc.1st Lien Delay Draw Term Loan02/2032— — (e)(g)
AI Titan Parent, Inc.1st Lien Revolving Loan08/2031— — (e)(g)
AI Titan Parent, Inc.1st Lien Term Loan9.07%SOFR (M)4.75%08/20318,946 8,856 (e)(f)
AI Titan Parent, Inc.1st Lien Delay Draw Term Loan08/2031— — (e)(g)
Anaplan, Inc.1st Lien Revolving Loan06/2028— — (e)(g)
Anaplan, Inc.1st Lien Term Loan9.30%SOFR (Q)5.00%06/20297,110 7,110 (e)(f)
Aptean, Inc.1st Lien Revolving Loan01/2031— — (e)(g)
Aptean, Inc.1st Lien Term Loan9.56%SOFR (Q)5.25%01/20312,557 2,557 (e)(f)
Aptean, Inc.1st Lien Delay Draw Term Loan9.56%SOFR (Q)5.25%01/203150 50 (e)(g)
Aptean, Inc.1st Lien Delay Draw Term Loan01/2031— — (e)(f)(g)
Artifact Bidco, Inc.1st Lien Revolving Loan07/2030— — (e)(g)
Artifact Bidco, Inc.1st Lien Term Loan8.80%SOFR (Q)4.50%07/20311,154 1,154 (e)(f)
Artifact Bidco, Inc.1st Lien Delay Draw Term Loan07/2031— — (e)(g)
Asurion, LLC1st Lien Term Loan7.69%SOFR (M)3.25%12/20265,797 5,785 (f)
Asurion, LLC1st Lien Term Loan7.69%SOFR (M)3.25%07/20271,474 1,461 (f)
Avaya Inc.1st Lien Term Loan11.82% (7.00% PIK)SOFR (M)7.50%08/20287,824 6,169 
Bamboo Health Holdings, LLC1st Lien Revolving Loan05/2027— — (e)(g)
Bamboo Health Holdings, LLC1st Lien Term Loan11.48%SOFR (Q)7.00%05/20272,836 2,836 (e)
Banyan Software Holdings, LLC1st Lien Revolving Loan01/2031— — (e)(g)
Banyan Software Holdings, LLC1st Lien Term Loan9.58%SOFR (M)5.25%01/20314,767 4,720 (e)(f)
Banyan Software Holdings, LLC1st Lien Delay Draw Term Loan9.58%SOFR (M)5.25%01/2031992 985 (e)(g)
BCPE Pequod Buyer, Inc.1st Lien Revolving Loan11/2029— — (e)(g)
BCPE Pequod Buyer, Inc.1st Lien Term Loan7.79%SOFR (Q)3.50%11/20316,452 6,427 
BigHand UK Bidco LimitedUnited Kingdom1st Lien Term Loan10.62%SOFR (Q)6.31%06/20301,048 1,048 (e)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
BigHand UK Bidco LimitedUnited Kingdom1st Lien Term Loan10.77%SONIA (Q)6.31%06/2030£781 1,009 (e)
Bizzdesign Holding B.V.Netherlands1st Lien Term Loan8.86%EURIBOR (Q)6.50%10/2031€2,750 2,974 (e)
Bobcat Purchaser, LLC1st Lien Revolving Loan06/2030— — (e)(g)
Bobcat Purchaser, LLC1st Lien Term Loan9.05%SOFR (Q)4.75%06/20302,917 2,917 (e)(f)
Bobcat Purchaser, LLC1st Lien Delay Draw Term Loan9.05%SOFR (Q)4.75%06/2030989 989 (e)(f)
Boost Newco Borrower, LLC1st Lien Term Loan6.30%SOFR (Q)2.00%01/203115,461 15,341 (f)
Bottomline Technologies, Inc. and Legal Spend Holdings, LLC1st Lien Revolving Loan05/2028— — (e)(g)
Bottomline Technologies, Inc. and Legal Spend Holdings, LLC1st Lien Term Loan9.55%SOFR (Q)5.25%05/202917,756 17,757 (e)(f)
Bottomline Technologies, Inc. and Legal Spend Holdings, LLC1st Lien Term Loan10.05%SOFR (Q)5.75%05/2029724 724 (e)(f)
Businessolver.com, Inc.1st Lien Term Loan9.90%SOFR (Q)5.50%12/20274,174 4,174 (e)(f)
Businessolver.com, Inc.1st Lien Delay Draw Term Loan9.90%SOFR (Q)5.50%12/2027147 147 (e)(g)
Capnor Connery Bidco A/SDenmark1st Lien Term Loan8.86%EURIBOR (M)6.50%10/2030DKK74,083 10,737 (e)
Capnor Connery Bidco A/SDenmark1st Lien Delay Draw Term Loan8.86%EURIBOR (M)6.50%10/2030DKK70,637 10,238 (e)(g)
Cardinal Parent, Inc.1st Lien Revolving Loan08/2027— — (e)(g)
Cardinal Parent, Inc.1st Lien Term Loan8.95%SOFR (Q)4.50%11/20274,026 3,910 (f)
Cardinal Parent, Inc.2nd Lien Term Loan12.19%SOFR (Q)7.75%11/20289,269 8,991 (e)(f)
CBTS BORROWER, LLC1st Lien Term Loan14.50% PIKSOFR (Q)10.00%12/20307,775 7,386 (e)
CBTS BORROWER, LLC1st Lien Delay Draw Term Loan12/2030— — (e)(g)
CC Globe Holding II A/SDenmark1st Lien Term Loan03/2028DKK40,290 4,309 (e)(f)(g)(i)
CC Globe Holding II A/SDenmark1st Lien Delay Draw Term Loan03/2028DKK12,376 1,260 (e)(i)
Central Parent Inc.1st Lien Term Loan7.55%SOFR (Q)3.25%07/202911,207 9,591 
CentralSquare Technologies, LLC1st Lien Revolving Loan04/2030— — (e)(g)
CentralSquare Technologies, LLC1st Lien Term Loan10.57% (3.38% PIK)SOFR (M)6.25%04/203030,787 30,787 (e)(f)
Cloud Software Group, Inc.1st Lien Revolving Loan09/2029— — (e)(g)
Cloud Software Group, Inc.1st Lien Term Loan7.80%SOFR (Q)3.50%03/202943,606 43,160 (f)
Cloud Software Group, Inc.1st Lien Term Loan8.05%SOFR (Q)3.75%03/203125,532 25,258 (f)
Compusoft US LLC1st Lien Term Loan10.20%SOFR (Q)5.75%05/20282,523 2,523 (e)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Confirmasoft ABSweden1st Lien Delay Draw Term Loan9.10%STIBOR (Q)6.75%06/2027€1,505 1,628 (e)(g)
Confirmasoft ABSweden1st Lien Delay Draw Term Loan9.26%EURIBOR (Q)6.75%06/2027€1,995 2,157 (e)(f)
Confirmasoft ABSweden1st Lien Delay Draw Term Loan9.35%STIBOR (Q)7.00%06/2027€1,635 1,768 (e)
Conservice Midco, LLC1st Lien Term Loan7.32%SOFR (M)3.00%05/20305,542 5,508 (f)
Consilio Midco LimitedUnited Kingdom1st Lien Revolving Loan10.20%SOFR (Q)5.75%05/20281 1 (e)(g)
Consilio Midco LimitedUnited Kingdom1st Lien Revolving Loan8.62%EURIBOR (Q)6.25%05/202888 88 (e)(g)
Consilio Midco LimitedUnited Kingdom1st Lien Revolving Loan9.80%SOFR (Q)5.50%05/2028551 551 (e)(g)
Consilio Midco LimitedUnited Kingdom1st Lien Term Loan10.20%SOFR (Q)5.75%05/20286,634 6,634 (e)(f)
Consilio Midco LimitedUnited Kingdom1st Lien Term Loan8.62%EURIBOR (Q)6.25%05/2028€1,958 2,118 (e)(f)
Consilio Midco LimitedUnited Kingdom1st Lien Delay Draw Term Loan8.62%EURIBOR (Q)6.25%05/2028€309 334 (e)
Consilio Midco LimitedUnited Kingdom1st Lien Delay Draw Term Loan10.20%SOFR (Q)5.75%05/20281,663 1,663 (e)(f)
Consilio Midco LimitedUnited Kingdom1st Lien Delay Draw Term Loan9.80%SOFR (Q)5.50%05/2028864 863 (e)(g)
Cority Software (USA) Inc.1st Lien Term Loan9.06%SOFR (Q)4.75%07/20262,606 2,606 (e)(f)
Cority Software Inc.1st Lien Revolving Loan07/2026— — (e)(g)
Cority Software Inc.1st Lien Term Loan9.06%SOFR (Q)4.75%07/20262,208 2,207 (e)(f)
Cority Software Inc.1st Lien Term Loan9.04%SOFR (Q)4.75%07/2026875 875 (e)(f)
Cornerstone OnDemand, Inc.1st Lien Revolving Loan7.69%SOFR (M)3.25%10/202622 19 (e)(g)
Cornerstone OnDemand, Inc.1st Lien Term Loan8.19%SOFR (M)3.75%10/20282,419 2,089 
Cornerstone OnDemand, Inc.2nd Lien Term Loan10.94%SOFR (M)6.50%10/202917,522 15,419 (e)(f)
Coupa Holdings, LLC1st Lien Revolving Loan02/2029— — (e)(g)
Coupa Holdings, LLC1st Lien Term Loan9.54%SOFR (Q)5.25%02/2030227 227 (e)
Coupa Holdings, LLC1st Lien Delay Draw Term Loan02/2030— — (e)(g)
Databricks, Inc.1st Lien Term Loan8.82%SOFR (M)4.50%01/203183 84 (e)
Databricks, Inc.1st Lien Delay Draw Term Loan01/2031— — (e)(g)
Datix Bidco LimitedUnited Kingdom1st Lien Revolving Loan10/2030— — (e)(g)
Datix Bidco LimitedUnited Kingdom1st Lien Term Loan9.68%SOFR (S)5.25%04/20315,965 5,965 (e)
Datix Bidco LimitedUnited Kingdom1st Lien Term Loan9.78%SONIA (S)5.25%04/2031£3,289 4,249 (e)
Datix Bidco LimitedUnited Kingdom1st Lien Delay Draw Term Loan04/2031— — (e)(g)
DCert Buyer, Inc.1st Lien Term Loan8.32%SOFR (M)4.00%10/202617,363 16,860 (f)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
DCert Buyer, Inc.2nd Lien Term Loan11.32%SOFR (M)7.00%02/20297,288 5,852 (f)
Denali Holdco LLC1st Lien Revolving Loan09/2028— — (e)(g)
Denali Holdco LLC1st Lien Term Loan9.57%SOFR (M)5.25%09/20286,817 6,817 (e)(f)
Denali Holdco LLC1st Lien Delay Draw Term Loan09/2028— — (e)(g)
Diligent Corporation1st Lien Revolving Loan08/2030— — (e)(g)
Diligent Corporation1st Lien Term Loan9.31%SOFR (Q)5.00%08/20308,174 8,174 (e)(f)
Diligent Corporation1st Lien Delay Draw Term Loan08/2030— — (e)(g)
Doxim Inc.1st Lien Term Loan12.42%SOFR (M)8.00%05/20266,090 6,090 (e)(f)
Doxim Inc.1st Lien Term Loan11.42%SOFR (M)7.00%05/2026800 800 (e)(f)
Doxim Inc.1st Lien Term Loan11.17%SOFR (M)6.75%05/20263,311 3,311 (e)(f)
Doxim Inc.1st Lien Term Loan10.82%SOFR (M)6.40%05/2026707 707 (e)(f)
Doxim Inc.1st Lien Delay Draw Term Loan10.82%SOFR (M)6.40%05/2026325 326 (e)
Drivecentric Holdings, LLC1st Lien Revolving Loan08/2031— — (e)(g)
Drivecentric Holdings, LLC1st Lien Term Loan9.07% (2.88% PIK)SOFR (Q)4.75%08/20313,672 3,635 (e)(f)
Echo Purchaser, Inc.1st Lien Revolving Loan11/2029— — (e)(g)
Echo Purchaser, Inc.1st Lien Term Loan9.82%SOFR (M)5.50%11/20291,822 1,822 (e)(f)
Echo Purchaser, Inc.1st Lien Delay Draw Term Loan9.82%SOFR (M)5.50%11/2029156 156 (e)(g)
Eclipse Buyer, Inc.1st Lien Revolving Loan09/2031— — (e)(g)
Eclipse Buyer, Inc.1st Lien Term Loan9.06%SOFR (M)4.75%09/203145,019 45,019 (e)(f)
Eclipse Buyer, Inc.1st Lien Delay Draw Term Loan09/2031— — (e)(g)
Edmunds GovTech, Inc.1st Lien Revolving Loan8.30%SOFR (Q)4.00%02/203032 32 (e)(g)
Edmunds GovTech, Inc.1st Lien Revolving Loan02/2030— — (e)(g)
Edmunds GovTech, Inc.1st Lien Term Loan9.30%SOFR (Q)5.00%02/2031332 332 (e)(f)
Edmunds GovTech, Inc.1st Lien Delay Draw Term Loan9.30%SOFR (Q)5.00%02/203159 59 (e)(g)
Einstein Parent, Inc.1st Lien Revolving Loan01/2031— — (e)(g)
Einstein Parent, Inc.1st Lien Term Loan10.79%SOFR (Q)6.50%01/20315,031 4,931 (e)(f)
Elemica Parent, Inc.1st Lien Revolving Loan9.96%SOFR (Q)5.50%09/20261,267 1,267 (e)(g)
Elemica Parent, Inc.1st Lien Term Loan9.94%SOFR (Q)5.50%09/20262,734 2,734 (e)(f)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Elemica Parent, Inc.1st Lien Term Loan9.95%SOFR (Q)5.50%09/2026843 843 (e)(f)
Elemica Parent, Inc.1st Lien Term Loan9.97%SOFR (Q)5.50%09/20261,335 1,335 (e)(f)
Elemica Parent, Inc.1st Lien Delay Draw Term Loan9.94%SOFR (Q)5.50%09/2026536 536 (e)(f)
Elemica Parent, Inc.1st Lien Delay Draw Term Loan9.95%SOFR (Q)5.50%09/20262,186 2,186 (e)(f)
Ellucian Holdings Inc.1st Lien Term Loan7.32%SOFR (M)3.00%10/20299,852 9,826 (f)
Enigma Acquisition B.V.Netherlands1st Lien Delay Draw Term Loan9.57% (2.19% PIK)EURIBOR (S)7.19%01/2028€4,451 4,813 (e)(f)
Ensono, Inc.1st Lien Term Loan8.44%SOFR (M)4.00%05/202823,278 22,896 (f)
Enverus Holdings, Inc.1st Lien Revolving Loan12/2029— — (e)(g)
Enverus Holdings, Inc.1st Lien Term Loan9.82%SOFR (M)5.50%12/20298,946 8,946 (e)(f)
Enverus Holdings, Inc.1st Lien Delay Draw Term Loan12/2029— — (e)(g)
Epicor Software Corporation1st Lien Term Loan7.07%SOFR (M)2.75%05/203116,036 15,982 (f)
eResearchTechnology, Inc.1st Lien Revolving Loan10/2031— — (e)(g)
eResearchTechnology, Inc.1st Lien Term Loan9.07%SOFR (M)4.75%01/203224,124 23,883 (e)(f)
eResearchTechnology, Inc.1st Lien Delay Draw Term Loan9.07%SOFR (M)4.75%01/2032228 227 (e)(g)
eResearchTechnology, Inc.1st Lien Delay Draw Term Loan01/2032— — (e)(g)
ESHA Research, LLC1st Lien Revolving Loan10.01%SOFR (Q)5.50%06/202865 65 (e)(g)
ESHA Research, LLC1st Lien Term Loan10.05%SOFR (S)5.50%06/2028474 474 (e)(f)
ExtraHop Networks, Inc.1st Lien Revolving Loan07/2027— — (e)(g)
ExtraHop Networks, Inc.1st Lien Term Loan10.92%SOFR (M)6.50%07/20272,654 2,653 (e)
ExtraHop Networks, Inc.1st Lien Delay Draw Term Loan10.92%SOFR (M)6.50%07/2027993 993 (e)(g)
Finastra USA, Inc.1st Lien Revolving Loan09/2029— — (e)(g)
Finastra USA, Inc.1st Lien Term Loan11.43%SOFR (S)7.25%09/202918,719 18,719 (e)(f)
Flash Charm, Inc.1st Lien Term Loan7.79%SOFR (Q)3.50%03/20287,844 7,240 (f)
Flexential Topco Corporation1st Lien Revolving Loan12.00%08/20273,000 3,000 (e)(g)
Gilfoyle Bidco ABSweden1st Lien Term Loan09/2028SEK73,292 6,188 (e)(i)
Gilfoyle Bidco ABSweden1st Lien Delay Draw Term Loan09/2028SEK12,446 1,051 (e)(i)
Granite France Bidco SASFrance1st Lien Term Loan7.36%EURIBOR (Q)4.98%10/2028€4,637 4,996 
GraphPAD Software, LLC1st Lien Revolving Loan06/2031— — (e)(g)
GraphPAD Software, LLC1st Lien Term Loan9.05%SOFR (Q)4.75%06/203117,458 17,458 (e)(f)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
GraphPAD Software, LLC1st Lien Delay Draw Term Loan9.05%SOFR (Q)4.75%06/2031436 437 (e)(g)
Guidepoint Security Holdings, LLC1st Lien Revolving Loan10/2029— — (e)(g)
Guidepoint Security Holdings, LLC1st Lien Term Loan10.32%SOFR (M)6.00%10/20291,531 1,531 (e)(f)
Guidepoint Security Holdings, LLC1st Lien Delay Draw Term Loan10/2029— — (e)(g)
Hakken Bidco B.V.Netherlands1st Lien Term Loan9.84%EURIBOR (S)7.25%07/2030€3,060 3,242 (e)
Hakken Bidco B.V.Netherlands1st Lien Delay Draw Term Loan9.86%EURIBOR (S)7.25%07/2030€596 632 (e)(g)
Heavy Construction Systems Specialists, LLC1st Lien Revolving Loan11/2027— — (e)(g)
Heavy Construction Systems Specialists, LLC1st Lien Term Loan9.80%SOFR (Q)5.50%11/20284,064 4,064 (e)(f)
Heavy Construction Systems Specialists, LLC1st Lien Term Loan9.55%SOFR (Q)5.25%11/20282,917 2,917 (e)(f)
Help/Systems Holdings, Inc.1st Lien Term Loan8.39%SOFR (Q)4.00%11/202615,525 14,139 (f)
Hyland Software, Inc.1st Lien Revolving Loan09/2029— — (e)(g)
Hyland Software, Inc.1st Lien Term Loan9.32%SOFR (M)5.00%09/20309,561 9,561 (e)(f)
Icefall Parent, Inc.1st Lien Revolving Loan01/2030— — (e)(g)
Icefall Parent, Inc.1st Lien Term Loan10.79%SOFR (Q)6.50%01/20302,328 2,328 (e)(f)
ID.me, Inc.1st Lien Revolving Loan01/2031— — (e)(g)
ID.me, Inc.1st Lien Term Loan10.25%01/203118,469 16,438 (e)
ID.me, Inc.1st Lien Delay Draw Term Loan01/2031— — (e)(g)
Idemia Group S.A.S.France1st Lien Term Loan6.36%EURIBOR (Q)4.00%09/2028€7,000 7,580 
Infobip Inc.1st Lien Term Loan10.81%SOFR (Q)6.25%09/20266,989 6,989 (e)(f)
Internet Truckstop Group LLC1st Lien Revolving Loan04/2027— — (e)(g)
Internet Truckstop Group LLC1st Lien Term Loan9.95%SOFR (Q)5.50%04/20272,328 2,328 (e)(f)
IQN Holding Corp.1st Lien Revolving Loan9.56%SOFR (Q)5.25%05/2028356 356 (e)(g)
IQN Holding Corp.1st Lien Term Loan9.56%SOFR (Q)5.25%05/20296,703 6,703 (e)(f)
Ivanti Software, Inc.1st Lien Revolving Loan8.07%SOFR (M)3.75%12/2025184 131 (e)(g)
Kaseya Inc.1st Lien Term Loan7.57%SOFR (M)3.25%03/203225 25 (e)
Kaseya Inc.2nd Lien Term Loan9.32%SOFR (M)5.00%03/203344,975 44,750 (e)
LeanTaaS Holdings, Inc.1st Lien Term Loan11.80%SOFR (Q)7.50%07/20282,635 2,634 (e)(f)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
LeanTaaS Holdings, Inc.1st Lien Delay Draw Term Loan11.80%SOFR (Q)7.50%07/20283,292 3,292 (e)(f)(g)
LeanTaaS Holdings, Inc.1st Lien Delay Draw Term Loan07/2028— — (e)(g)
Leia Finco US LLC1st Lien Term Loan7.54%SOFR (Q)3.25%10/20315,700 5,636 (f)
Leia Finco US LLC2nd Lien Term Loan9.54%SOFR (Q)5.25%10/20327,508 7,372 
Magellan BidcoFrance1st Lien Term Loan9.14%EURIBOR (Q)6.25%10/2031€833 901 (e)
Magellan BidcoFrance1st Lien Delay Draw Term Loan10/2031€— — (e)(g)
Majesco1st Lien Revolving Loan09/2027— — (e)(g)
Majesco1st Lien Term Loan9.05%SOFR (Q)4.75%09/20289,550 9,550 (e)(f)
Maltese Bidco 1 LimitedUnited Kingdom1st Lien Term Loan9.27%EURIBOR (S)6.50%02/2029€3,600 3,893 (e)(f)
Maltese Bidco 1 LimitedUnited Kingdom1st Lien Term Loan9.27%EURIBOR (S)6.50%02/2029£1,543 1,993 (e)
Metatiedot Bidco OyLuxembourg1st Lien Revolving Loan11/2030— — (e)(g)
Metatiedot Bidco OyLuxembourg1st Lien Term Loan8.00%EURIBOR (Q)5.50%11/2031€2,757 2,937 (e)(f)
Metatiedot Bidco OyLuxembourg1st Lien Term Loan9.81%SOFR (Q)5.50%11/20312,065 2,034 (e)(f)
Metatiedot Bidco OyLuxembourg1st Lien Delay Draw Term Loan8.00%EURIBOR (Q)5.50%11/203122 24 (e)(g)
MH SUB I, LLC1st Lien Term Loan8.57%SOFR (M)4.25%12/203112,816 11,723 
Mimecast Borrowerco, Inc.1st Lien Term Loan9.57%SOFR (M)5.25%05/202937,604 37,604 (e)(f)
Mimecast Borrowerco, Inc.1st Lien Term Loan9.71%SONIA (Q)5.25%05/2029£6,877 8,883 (e)(f)
Mimecast Borrowerco, Inc.1st Lien Delay Draw Term Loan9.57%SOFR (M)5.25%05/20294,217 4,217 (e)(f)
Mitchell International, Inc.1st Lien Term Loan7.57%SOFR (M)3.25%06/20312,077 2,050 (f)
Mitchell International, Inc.2nd Lien Term Loan9.57%SOFR (M)5.25%06/203218,270 17,749 
MRI Software LLC1st Lien Revolving Loan9.05%SOFR (Q)4.75%02/202730 30 (e)(g)
MRI Software LLC1st Lien Term Loan9.05%SOFR (Q)4.75%02/202710,064 10,064 (e)(f)
Netsmart Technologies, Inc.1st Lien Revolving Loan08/2031— — (e)(g)
Netsmart Technologies, Inc.1st Lien Term Loan9.27% (2.70% PIK)SOFR (M)4.95%08/203134,007 34,007 (e)(f)
Netsmart Technologies, Inc.1st Lien Delay Draw Term Loan08/2031— — (e)(g)
North Star Acquisitionco, LLC and Toucan Bidco Limited1st Lien Revolving Loan05/2029— — (e)(g)
North Star Acquisitionco, LLC and Toucan Bidco Limited1st Lien Term Loan9.05% (4.50% PIK)SOFR (Q)4.75%05/20292,121 2,121 (e)
North Star Acquisitionco, LLC and Toucan Bidco Limited1st Lien Term Loan9.21%SONIA (Q)4.75%05/2029£239 309 (e)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
North Star Acquisitionco, LLC and Toucan Bidco Limited1st Lien Term Loan9.31%NIBOR (Q)4.75%05/2029NOK5,242 498 (e)
North Star Acquisitionco, LLC and Toucan Bidco Limited1st Lien Delay Draw Term Loan9.21%SONIA (Q)4.75%05/2029468 468 (e)(g)
ParentPay Group LimitedUnited Kingdom1st Lien Term Loan11.01%SONIA (Q)6.42%06/2028£5,529 7,141 (e)(f)
ParentPay Group LimitedUnited Kingdom1st Lien Delay Draw Term Loan11.01%SONIA (Q)6.42%06/2028£1,464 1,891 (e)
PCMI Parent, LLC1st Lien Revolving Loan03/2032— — (e)(g)
PCMI Parent, LLC1st Lien Term Loan9.79%SOFR (Q)5.50%03/20323,025 3,009 (e)(f)
PDDS Holdco, Inc.1st Lien Revolving Loan11.95%SOFR (Q)7.50%07/202817 18 (e)(g)
PDDS Holdco, Inc.1st Lien Term Loan11.95%SOFR (Q)7.50%07/2028733 733 (e)
PDDS Holdco, Inc.1st Lien Delay Draw Term Loan11.95%SOFR (Q)7.50%07/2028377 377 (e)(g)
PDI TA Holdings, Inc.1st Lien Revolving Loan9.79%SOFR (Q)5.50%02/203125 25 (e)(g)
PDI TA Holdings, Inc.1st Lien Term Loan9.79%SOFR (S)5.50%02/20312,356 2,355 (e)(f)
PDI TA Holdings, Inc.1st Lien Delay Draw Term Loan9.80%SOFR (Q)5.50%02/2031210 210 (e)
Pluralsight, LLC1st Lien Revolving Loan08/2029— — (e)(g)
Pluralsight, LLC1st Lien Term Loan8.83% (1.50% PIK)SOFR (Q)4.50%08/20293,197 3,197 (e)
Pluralsight, LLC1st Lien Term Loan11.83% PIKSOFR (Q)7.50%08/20293,377 3,377 (e)
Pluralsight, LLC1st Lien Delay Draw Term Loan08/2029— — (e)(g)
Polaris Newco, LLC1st Lien Term Loan8.30%SOFR (Q)3.75%06/20288,233 7,865 (f)
PracticeTek Purchaser, LLC1st Lien Revolving Loan8.79%SOFR (Q)4.50%08/20291 — (e)(g)
PracticeTek Purchaser, LLC1st Lien Term Loan10.04%SOFR (Q)5.75%08/20297,502 7,502 (e)(f)
PracticeTek Purchaser, LLC1st Lien Delay Draw Term Loan10.04%SOFR (Q)5.75%08/2029108 108 (e)(g)
Precisely Software Incorporated (f/k/a Syncsort Incorporated)1st Lien Term Loan8.55%SOFR (Q)4.00%04/202813,094 12,582 (f)
ProfitSolv Purchaser, Inc.1st Lien Revolving Loan9.82%SOFR (M)5.50%03/2027411 411 (e)(g)
ProfitSolv Purchaser, Inc.1st Lien Term Loan9.82%SOFR (M)5.50%03/20275,236 5,236 (e)(f)
ProfitSolv Purchaser, Inc.1st Lien Delay Draw Term Loan9.82%SOFR (M)5.50%03/20271,885 1,886 (e)(f)
ProfitSolv Purchaser, Inc.1st Lien Delay Draw Term Loan03/2027— — (e)(g)
Project Boost Purchaser, LLC1st Lien Term Loan7.30% (2.50% PIK)SOFR (Q)3.00%07/203128,001 27,822 (f)
Project Boost Purchaser, LLC2nd Lien Term Loan9.55%SOFR (Q)5.25%07/2032676 675 


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Project Essential Bidco, Inc.1st Lien Revolving Loan04/2027— — (e)(g)
Project Essential Bidco, Inc.1st Lien Term Loan10.71% (3.25% PIK)SOFR (Q)6.25%04/20284,274 4,018 (e)(f)
Proofpoint, Inc.1st Lien Revolving Loan08/2026— — (e)(g)
Proofpoint, Inc.1st Lien Term Loan7.32%SOFR (M)3.00%08/202835,563 35,418 (f)
QBS Parent, Inc.1st Lien Revolving Loan11/2031— — (e)(g)
QBS Parent, Inc.1st Lien Term Loan9.05%SOFR (Q)4.75%11/20314,800 4,776 (e)(f)
QF Holdings, Inc.1st Lien Revolving Loan9.41%SOFR (S)5.00%12/202795 95 (e)(g)
QF Holdings, Inc.1st Lien Term Loan9.29%SOFR (Q)5.00%12/20273,803 3,802 (e)(f)
QF Holdings, Inc.1st Lien Term Loan9.31%SOFR (Q)5.00%12/2027392 392 (e)(f)
QF Holdings, Inc.1st Lien Term Loan9.39%SOFR (S)5.00%12/2027372 372 (e)(f)
QF Holdings, Inc.1st Lien Delay Draw Term Loan9.29%SOFR (Q)5.00%12/2027524 524 (e)(f)
Quest Software US Holdings Inc.1st Lien Term Loan8.69%SOFR (Q)4.25%02/20298,481 4,919 
Raptor Technologies, LLC (Sycamore Bidco Ltd)1st Lien Revolving Loan10/2027— — (e)(g)
Raptor Technologies, LLC (Sycamore Bidco Ltd)1st Lien Term Loan9.05%SOFR (Q)4.75%10/202814,908 14,908 (e)(f)
Relativity ODA LLC1st Lien Revolving Loan05/2029— — (e)(g)
Relativity ODA LLC1st Lien Term Loan8.82%SOFR (M)4.50%05/20299,193 9,193 (e)(f)
Revalize, Inc.1st Lien Revolving Loan10.19%SOFR (Q)5.75%04/2027136 121 (e)(g)
Revalize, Inc.1st Lien Delay Draw Term Loan10.19%SOFR (Q)5.75%04/20272,879 2,562 (e)
RMS Holdco II, LLC1st Lien Revolving Loan12/2028— — (e)(g)
RMS Holdco II, LLC1st Lien Term Loan9.29%SOFR (Q)5.00%12/20285,782 5,435 (e)(f)
Runway Bidco, LLC1st Lien Revolving Loan12/2031— — (e)(g)
Runway Bidco, LLC1st Lien Term Loan9.30%SOFR (Q)5.00%12/20311,040 1,029 (e)(f)
Runway Bidco, LLC1st Lien Delay Draw Term Loan12/2031— — (e)(g)
Sapphire Software Buyer, Inc.1st Lien Revolving Loan09/2031— — (e)(g)
Sapphire Software Buyer, Inc.1st Lien Term Loan9.72% (3.00% PIK)SOFR (S)5.50%09/203110,350 10,246 (e)(f)
Sedgwick Claims Management Services, Inc. (Lightning Cayman Merger Sub, Ltd.)1st Lien Term Loan7.31%SOFR (Q)3.00%07/203123,546 23,458 (f)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Severin Acquisition, LLC1st Lien Revolving Loan9.07%SOFR (M)4.75%10/2031865 865 (e)(g)
Severin Acquisition, LLC1st Lien Term Loan9.32% (2.25% PIK)SOFR (M)5.00%10/203143,784 43,785 (e)(f)
Severin Acquisition, LLC1st Lien Delay Draw Term Loan9.32% (2.25% PIK)SOFR (M)5.00%10/2031620 620 (e)(g)
Smarsh Inc.1st Lien Revolving Loan9.08%SOFR (M)4.75%02/202991 91 (e)(g)
Smarsh Inc.1st Lien Term Loan9.05%SOFR (Q)4.75%02/20294,682 4,682 (e)(f)
Smarsh Inc.1st Lien Delay Draw Term Loan02/2029— — (e)(g)
Spaceship Purchaser, Inc.1st Lien Revolving Loan10/2031— — (e)(g)
Spaceship Purchaser, Inc.1st Lien Term Loan9.30%SOFR (Q)5.00%10/203121,725 21,507 (e)(f)
Spaceship Purchaser, Inc.1st Lien Delay Draw Term Loan10/2031— — (e)(g)
Spark Purchaser, Inc.1st Lien Revolving Loan04/2030— — (e)(g)
Spark Purchaser, Inc.1st Lien Term Loan9.80%SOFR (Q)5.50%04/20311,296 1,296 (e)
Sundance Group Holdings, Inc.1st Lien Revolving Loan9.05%SOFR (Q)4.75%07/20291 1 (e)(g)
Sundance Group Holdings, Inc.1st Lien Term Loan9.05% (2.50% PIK)SOFR (Q)4.75%07/20292,573 2,573 (e)(f)
Superman Holdings, LLC1st Lien Revolving Loan08/2031— — (e)(g)
Superman Holdings, LLC1st Lien Term Loan8.80%SOFR (Q)4.50%08/20318,713 8,714 (e)(f)
Superman Holdings, LLC1st Lien Delay Draw Term Loan8.80%SOFR (Q)4.50%08/20311,815 1,815 (e)(g)
Switch BBF, LLC1st Lien Term Loan11.91%SOFR (S)7.17%08/20271,705 1,705 (e)
TCP Hawker Intermediate LLC1st Lien Revolving Loan8.05%SOFR (Q)3.75%08/20293,384 3,384 (e)(g)
TCP Hawker Intermediate LLC1st Lien Revolving Loan08/2029— — (e)(g)
TCP Hawker Intermediate LLC1st Lien Term Loan9.30%SOFR (Q)5.00%08/20296,837 6,837 (e)(f)
TCP Hawker Intermediate LLC1st Lien Delay Draw Term Loan08/2029— — (e)(g)
Total Webhosting Solutions B.V.Netherlands1st Lien Term Loan6.86%EURIBOR (M)4.50%11/2031€6,000 6,480 
Transit Technologies LLC1st Lien Revolving Loan08/2030— — (e)(g)
Transit Technologies LLC1st Lien Term Loan9.15%SOFR (S)4.75%08/20313,790 3,790 (e)(f)
Transit Technologies LLC1st Lien Delay Draw Term Loan9.15%SOFR (S)4.75%08/2031424 424 (e)(g)
UserZoom Technologies, Inc.1st Lien Term Loan11.80%SOFR (Q)7.50%04/2029250 250 (e)(f)
Vamos Bidco, Inc.1st Lien Revolving Loan01/2032— — (e)(g)
Vamos Bidco, Inc.1st Lien Term Loan9.05%SOFR (Q)4.75%01/20322,599 2,573 (e)(f)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Vamos Bidco, Inc.1st Lien Delay Draw Term Loan01/2032— — (e)(g)
Victors Purchaser, LLC1st Lien Revolving Loan08/2031— — (e)(g)
Victors Purchaser, LLC1st Lien Term Loan9.05%SOFR (Q)4.75%08/203112,262 12,262 (e)(f)
Victors Purchaser, LLC1st Lien Delay Draw Term Loan9.05%SOFR (Q)4.75%08/2031634 634 (e)(g)
Viper Bidco, Inc.1st Lien Revolving Loan11/2031— — (e)(g)
Viper Bidco, Inc.1st Lien Term Loan9.30%SOFR (Q)5.00%11/20314,777 4,729 (e)(f)
Viper Bidco, Inc.1st Lien Term Loan9.46%SONIA (Q)5.00%11/2031£2,214 2,832 (e)(f)
Viper Bidco, Inc.1st Lien Delay Draw Term Loan11/2031— — (e)(g)
VS Buyer, LLC1st Lien Term Loan7.07%SOFR (M)2.75%04/20317,543 7,533 
WebPT, Inc.1st Lien Revolving Loan10.67%SOFR (Q)6.25%01/2028151 151 (e)(g)
WebPT, Inc.1st Lien Term Loan10.66%SOFR (Q)6.25%01/20282,042 2,042 (e)(f)
Wellington Bidco Inc.1st Lien Revolving Loan9.05%SOFR (Q)4.75%06/2030110 110 (e)(g)
Wellington Bidco Inc.1st Lien Term Loan9.05%SOFR (Q)4.75%06/20303,305 3,305 (e)(f)
Wellington Bidco Inc.1st Lien Delay Draw Term Loan06/2030— — (e)(g)
Wellness AcquisitionCo, Inc.1st Lien Revolving Loan01/2029— — (e)(g)
Wellness AcquisitionCo, Inc.1st Lien Term Loan9.05%SOFR (Q)4.75%01/20295,347 5,347 (e)(f)
Wellness AcquisitionCo, Inc.1st Lien Delay Draw Term Loan01/2029— — (e)(g)
WorkWave Intermediate II, LLC1st Lien Revolving Loan11.30%SOFR (Q)7.00%06/2027101 101 (e)(g)
WorkWave Intermediate II, LLC1st Lien Term Loan11.40% (3.50% PIK)SOFR (Q)7.00%06/20274,919 4,919 (e)
WorkWave Intermediate II, LLC1st Lien Delay Draw Term Loan11.40% (3.50% PIK)SOFR (Q)7.00%06/20273,786 3,786 (e)
WSBidCo LimitedJersey1st Lien Term Loan10.83%SONIA (Q)6.25%06/2028£2,679 3,460 (e)(f)
WSBidCo LimitedJersey1st Lien Delay Draw Term Loan10.83%SONIA (Q)6.25%06/2028£2,679 3,460 (e)
WSBidCo LimitedJersey1st Lien Delay Draw Term Loan11.08%SONIA (Q)6.50%06/2028£2,885 3,726 (e)
WSBidCo LimitedJersey1st Lien Delay Draw Term Loan06/2028£— — (e)(g)
ZocDoc, Inc.1st Lien Term Loan10.83%SOFR (Q)6.50%05/20292,730 2,730 (e)(f)
1,330,510 29.06%
Sports, Media and Entertainment
3 Step Sports LLC1st Lien Revolving Loan10/2028— — (e)(g)
3 Step Sports LLC1st Lien Term Loan12.30% (1.50% PIK)SOFR (Q)8.00%10/20291,943 1,827 (e)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
3 Step Sports LLC1st Lien Delay Draw Term Loan12.30% (1.50% PIK)SOFR (Q)8.00%10/2029220 207 (e)(g)
Aventine Intermediate LLC1st Lien Term Loan10.40% (3.00% PIK)SOFR (Q)6.00%06/20272,310 2,125 (e)(f)
Aventine Intermediate LLC1st Lien Delay Draw Term Loan10.40% (3.00% PIK)SOFR (Q)6.00%06/2027914 841 (e)
Creative Artists Agency, LLC1st Lien Term Loan7.07%SOFR (M)2.75%10/20317,871 7,841 (f)
Fever Labs, Inc.1st Lien Revolving Loan11/2028— — (e)(g)
Fever Labs, Inc.1st Lien Revolving Loan11.00%11/20281,307 1,307 (e)(g)
Fever Labs, Inc.1st Lien Term Loan11.00%11/20283,815 3,815 (e)
Fever Labs, Inc.1st Lien Delay Draw Term Loan11/2028— — (e)(g)
Global Music Rights, LLC1st Lien Revolving Loan12/2031— — (e)(g)
Global Music Rights, LLC1st Lien Term Loan9.05%SOFR (Q)4.75%12/203164,370 63,726 (e)(f)
Gray Television, Inc.1st Lien Term Loan7.44%SOFR (M)3.00%12/20283,991 3,648 (f)
League One Volleyball Clubs, LLC1st Lien Delay Draw Term Loan10.83%SOFR (Q)6.50%01/2030— — (e)(g)
Legends Hospitality Holding Company, LLC1st Lien Revolving Loan9.32%SOFR (M)5.00%08/2030279 273 (e)(g)
Legends Hospitality Holding Company, LLC1st Lien Term Loan9.83% (2.75% PIK)SOFR (Q)5.50%08/20316,096 5,975 (e)(f)
Legends Hospitality Holding Company, LLC1st Lien Delay Draw Term Loan08/2031— — (e)(g)
NEP Group, Inc.1st Lien Term Loan9.32%SOFR (Q)6.25%08/202618,179 16,875 
NEP Group, Inc.1st Lien Term Loan10.07%SOFR (Q)5.50%08/20267,294 6,754 
Production Resource Group, L.L.C.1st Lien Term Loan17.25% (14.25% PIK)SOFR (Q)8.50%08/20291,031 1,031 (e)
Production Resource Group, L.L.C.1st Lien Delay Draw Term Loan11.95% (8.95% PIK)SOFR (Q)7.50%08/2029904 903 (e)
Production Resource Group, L.L.C.1st Lien Delay Draw Term Loan11.95% (8.95% PIK)SOFR (S)7.50%08/2029161 161 (e)
Production Resource Group, L.L.C.1st Lien Delay Draw Term Loan11.95%SOFR (Q)7.50%08/202951 51 (e)
Professional Fighters League, LLC1st Lien Term Loan14.00% PIK01/2026819 819 (e)
Professional Fighters League, LLC2nd Lien Delay Draw Term Loan16.00% PIK01/20268 8 (e)
Storm Investment S.a.r.l.Luxembourg1st Lien Term Loan3.75% PIK06/2029€9,193 9,941 (e)
The E.W. Scripps Company1st Lien Term Loan7.00%SOFR (M)2.56%05/20262,491 2,475 (f)
Voldex Entertainment LimitedUnited Kingdom1st Lien Term Loan11.56%SOFR (Q)7.25%01/202925 25 (e)
WideOpenWest Finance, LLC1st Lien Term Loan11.55%SOFR (Q)7.00%12/20282,192 2,256 (f)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
WRE Sports Investments LLC1st Lien Term Loan11.00% (5.50% PIK)07/20317,150 7,150 (e)
WRE Sports Investments LLC1st Lien Delay Draw Term Loan11.00% (5.50% PIK)07/2031199 199 (e)(g)
140,233 3.06%
Technology Hardware and Equipment
Chariot Buyer LLC1st Lien Revolving Loan01/2029— — (e)(g)
Chariot Buyer LLC1st Lien Term Loan7.67%SOFR (M)3.25%11/20286,949 6,878 (f)
ConnectWise, LLC1st Lien Term Loan8.06%SOFR (Q)3.50%09/20285,571 5,561 (f)
Cotiviti Holdings, Inc.1st Lien Term Loan03/20328,000 7,810 (h)
Emerald Debt Merger Sub LLC1st Lien Term Loan6.93%SOFR (S)2.50%05/20306,448 6,379 (f)
Excelitas Technologies Corp.1st Lien Term Loan9.57%SOFR (M)5.25%08/20292,092 2,092 (e)(f)
Excelitas Technologies Corp.1st Lien Delay Draw Term Loan08/2029— — (e)(g)
FL Hawk Intermediate Holdings, Inc.1st Lien Revolving Loan02/2029— — (e)(g)
FL Hawk Intermediate Holdings, Inc.1st Lien Term Loan8.80%SOFR (Q)4.50%02/203010,900 10,900 (e)(f)
MWG BidCo ApSDenmark1st Lien Term Loan9.47%CIBOR (S)7.00%02/2028DKK20,066 2,908 (e)
MWG BidCo ApSDenmark1st Lien Delay Draw Term Loan9.38% (1.00% PIK)EURIBOR (S)7.00%02/2028DKK4,934 715 (e)
MWG BidCo ApSDenmark1st Lien Delay Draw Term Loan9.45%CIBOR (S)7.00%02/2028DKK1,712 248 (e)
Repairify, Inc.1st Lien Revolving Loan9.60%SOFR (S)5.00%06/2027766 766 (e)(g)
Repairify, Inc.1st Lien Term Loan9.53%SOFR (S)5.00%06/20273,445 3,445 (e)(f)
Stellant Midco, LLC1st Lien Term Loan9.92%SOFR (M)5.50%10/20281,570 1,570 (e)(f)
49,272 1.08%
Telecommunication Services
CB-SDG LimitedUnited Kingdom1st Lien Term Loan04/2028£1,841 1,903 (e)(i)
Delta Topco, Inc.1st Lien Term Loan7.07%SOFR (Q)2.75%11/20295,451 5,385 (f)
Hamsard 3713 LimitedUnited Kingdom1st Lien Term Loan9.22%EURIBOR (Q)6.86%11/2030€8,541 9,235 (e)
Hamsard 3713 LimitedUnited Kingdom1st Lien Delay Draw Term Loan11.43%SOFR (Q)6.86%11/2030€3,968 4,291 (e)
Panther NewCoFrance1st Lien Term Loan7.78%EURIBOR (Q)5.43%05/2029€8,250 8,921 (e)
Panther NewCoFrance1st Lien Delay Draw Term Loan7.78%EURIBOR (Q)5.43%05/2029€1,609 1,740 (e)(g)
Ristretto Bidco B.V.1st Lien Revolving Loan12/2030— — (e)(g)
Ristretto Bidco B.V.1st Lien Term Loan10.80% (3.50% PIK)SOFR (Q)6.50%12/203026,272 26,010 (e)(f)
Ristretto Bidco B.V.1st Lien Delay Draw Term Loan10.80% (3.50% PIK)SOFR (Q)6.50%12/20301,947 1,935 (e)(g)
Zayo Group Holdings, Inc.1st Lien Term Loan7.44%SOFR (M)3.00%03/202714,016 13,017 (f)
72,437 1.58%


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Transportation
Draken Bidco LimitedUnited Kingdom1st Lien Term Loan11.60%SOFR (Q)7.00%07/202910,560 10,560 (e)(f)
Draken Bidco LimitedUnited Kingdom1st Lien Delay Draw Term Loan07/2029— — (e)(g)
Neovia Logistics, LP1st Lien Term Loan13.39%SOFR (Q)9.00%11/2027465 465 (e)
11,025 0.24%
Utilities
Lackawanna Energy Center LLC1st Lien Term Loan8.57%SOFR (M)4.25%08/20294,975 4,969 
Semper Holding B.V.Netherlands1st Lien Term Loan8.13%EURIBOR (S)5.75%02/2031€7,500 8,110 (e)(f)
Semper Holding B.V.Netherlands1st Lien Term Loan8.17%EURIBOR (S)5.75%02/2031€22,353 24,170 (e)
Watt Holdco LimitedIreland1st Lien Term Loan8.00% (1.50% PIK)EURIBOR (Q)5.50%09/2031€3,000 3,244 (e)
Watt Holdco LimitedIreland1st Lien Term Loan09/2031€— — (e)(g)
40,493 0.88%
TOTAL SENIOR LOANS (Cost $4,896,334)4,848,473 105.88%
SUBORDINATED LOANS(b)(c)(d)(e)
Capital Goods
OPH NEP Investment, LLCSubordinated Term Loan10.00% (7.00% PIK)05/20329,0969,005
9,005 0.20%
Commercial and Professional Services
Argenbright Holdings V, LLCSubordinated Term Loan13.70% (6.94% PIK)SOFR (Q)9.25%11/20282,977 2,977 
Argenbright Holdings V, LLCSubordinated Delay Draw Term Loan13.70% (6.94% PIK)SOFR (Q)9.25%11/2028218218(g)
VRC Companies, LLCSenior Subordinated Term Loan12.00% (2.00% PIK)06/20282726(e)
3,221 0.07%
Consumer Durables and Apparel
Centric Brands TopCo, LLCSubordinated Term Loan10.80% (8.00% PIK)SOFR (Q)6.50%02/2031814 814 
Centric Brands TopCo, LLCSubordinated Term Loan12.30% PIKSOFR (Q)8.00%02/2031934 934 
1,7480.04%
Financial Services
BCC Blueprint Investments, LLCSenior Subordinated Term Loan9.30% PIK09/2026832832(d)(e)
eCapital Finance Corp.CanadaSubordinated Term Loan12.17%SOFR (M)7.75%12/202520,62120,621
eCapital Finance Corp.CanadaSubordinated Term Loan12.17%SOFR (M)7.75%12/202827,100 27,099 
eCapital Finance Corp.CanadaSubordinated Term Loan12.92%SOFR (M)8.50%12/20283,7933,793
eCapital Finance Corp.CanadaSubordinated Delay Draw Term Loan12.17%SOFR (M)7.75%12/20282,8032,803
eCapital Finance Corp.Canada3rd Lien Term Loan12.17%SOFR (M)7.75%12/20283,6423,642
TVG-TMG Topco, Inc.3rd Lien Term Loan12.00% PIK03/20293,9413,862
62,6521.37%


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Food, Beverage and Tobacco
Forward Keystone Holdings, LPSubordinated Term Loan15.00% (8.00% PIK)03/20293,6023,511
3,5110.08%
Health Care Equipment and Services
AmeriVet Partners Management, Inc.Subordinated Delay Draw Term Loan16.50% PIK12/20308,1717,354
AmeriVet Partners Management, Inc.Subordinated Delayed Draw Term Loan16.50% PIK12/20301,3111,179(g)
8,533 0.19%
Pharmaceuticals, Biotechnology and Life Sciences
Cardinal Topco Holdings, LPSubordinated Term Loan20.00% PIK02/20272827
Cardinal Topco Holdings, LPSubordinated Term Loan11.00% PIK03/20271010
Cardinal Topco Holdings, LPSubordinated Term Loan20.00% PIK03/202876
43—%
Software and Services
BCTO Ignition Purchaser, Inc.Subordinated Term Loan11.79%SOFR (Q)7.50%10/2030577577 
BCTO Ignition Purchaser, Inc.Subordinated Term Loan12.79% PIKSOFR (Q)8.50%10/20301,0121,012 
Insightful Science Intermediate I, LLCSenior Subordinated Term Loan10.50% PIK04/20321,9231,923(e)
Practicetek Midco, LLCSenior Subordinated Term Loan14.00% PIK08/203010,07810,078(e)
WPT Intermediate Holdco, Inc.Subordinated Term Loan13.25% PIK05/202920,33520,335 
33,9250.74%
Sports, Media and Entertainment
22 HoldCo LimitedUnited KingdomSubordinated Delay Draw Term Loan12.25% PIKSONIA (S)7.50%08/2033£2,0452,642
22 HoldCo LimitedUnited KingdomSubordinated Term Loan12.23% PIKSONIA (S)7.50%08/2033£3,3344,306
Eagle Football Holdings BidCo LimitedUnited KingdomSenior Subordinated Term Loan12.29% PIKSOFR (Q)8.00%12/20281,5911,543(e)
Eagle Football Holdings BidCo LimitedUnited KingdomSenior Subordinated Term Loan19.00% PIK12/2028772771(e)
9,2620.20%
Transportation
Nordic Ferry Infrastructure ASNorwaySubordinated Term Loan9.49%NIBOR (Q)5.00%11/2031NOK207,38519,318 
Nordic Ferry Infrastructure ASNorwaySubordinated Term Loan7.50%EURIBOR (Q)5.00%11/2031€17,459 18,500 
37,818 0.83%
Utilities
BNZ TopCo B.V.NetherlandsSubordinated Delay Draw Loan8.61% (1.00% PIK)EURIBOR (Q)6.25%10/2030€3,9804,217 (g)
4,217 0.09%
TOTAL SUBORDINATED LOANS (Cost $171,863)173,935 3.80%
CORPORATE BONDS(b)(c)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Capital Goods
CP Atlas Buyer Inc7.00%12/202813,12010,365(d)
LBM Acquisition LLC6.25%01/202910,2538,734(d)
VistaJet Malta Finance PLC / Vista Management Holding IncMalta9.50%06/20286,1056,040(d)
VistaJet Malta Finance PLC / Vista Management Holding IncMalta6.38%02/203014,41312,623(d)
Wilsonart LLC11.00%08/20328,1647,468(d)
45,2300.99%
Commercial and Professional Services
NBLY 2021-13.58%04/20512423(d)(e)
Neptune BidCo US Inc.9.29%04/20298,9917,792(d)
7,8150.17%
Consumer Distribution and Retail
BUNDT 2021-12.99%07/20512524(d)(e)
24—%
Consumer Services
AUTHB 2021-13.73%07/20512423(d)(e)
SERV 2020-13.34%01/20512420(d)(e)
43—%
Energy
Enviva Partners LP / Enviva Partners Finance Corp01/202617,217—(e)(i)
ITT Holdings LLC6.50%08/202913,76412,696(d)
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp6.00%12/203010,0939,561(d)
Transocean Inc.Cayman Islands6.80%03/20388,8566,752
29,0090.63%
Equity Real Estate Investment Trusts (REITs)
Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL4.50%04/202711,19310,723(d)
Iron Mountain Inc5.25%07/20304,0893,921(d)
14,6440.32%
Financial Services
Antenore Bidco SpAItaly10.06%10/2030€3,0003,244(e)
BCC Blueprint Investments, LLC9.30% PIK09/2026832832(d)(e)
HighTower Holding, LLC6.75%04/20293,2803,169(d)
Midcap Financial Issuer Trust6.50%05/202810,49810,120(d)
PROSE 2024-38.85%10/205425,00025,351(d)(e)
Trinity Capital Inc7.54%10/202720,30020,274(e)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
TriplePoint Venture Growth BDC Corp8.11%02/202817,10017,100(e)
WAX 2022-15.50%03/205218,47818,137(d)(e)
97,3952.13%
Food, Beverage and Tobacco
Primo Water Holdings Inc / Triton Water Holdings Inc6.25%04/2029100100(d)
100—%
Insurance
SQ ABS Issuer, LLC7.80%10/2039821821(e)
SQ ABS Issuer, LLC9.65%10/2039547547(e)
1,3680.03%
Materials
Ardagh Packaging Finance PLC / Ardagh Holdings USA IncIreland4.13%08/20268,0007,348(d)
Ardagh Packaging Finance PLC / Ardagh Holdings USA IncIreland5.25%08/202727,64512,652(d)
Chemours Company, The5.75%11/20282,8642,641(d)
Chemours Company, The4.63%11/20296,0795,188(d)
OI European Group BVNetherlands4.75%02/20304,0663,725(d)
Trident TPI Holdings, Inc.12.75%12/20286,1026,542(d)
38,0960.83%
Pharmaceuticals, Biotechnology and Life Sciences
1261229 B.C. LTD.Canada04/20327,5007,449(d)(k)
Grifols SASpain3.88%10/2028€1,9251,915
IGEA BIDCO S.P.AItaly9.69%09/2031€3,6513,947(e)
13,3110.29%
Software and Services
Cloud Software Group, Inc.9.00%09/202910099(d)
Cloud Software Group, Inc.8.25%06/20323,4003,456(d)
3,5550.08%
Sports, Media and Entertainment
ANGI Group LLC3.88%08/20285,7065,171(d)
Aventine Holdings II LLC10.25% PIK12/203014,80311,399(e)
Scripps Escrow II Inc3.88%01/202919,25814,989(d)
31,5590.69%
Telecommunication Services
Level 3 Financing Inc.11.00%11/20299,00010,035(d)
Zayo Group Holdings, Inc.4.00%03/202715,71914,317(d)
24,3520.53%
TOTAL CORPORATE BONDS (Cost $317,321)306,5016.69%


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
COLLATERALIZED LOAN OBLIGATIONS - CREDIT LINKED NOTES(e)
Investment Funds and Vehicles
BTCP 2023-110.84%SOFR (M)6.50%09/20308,9048,904
OKANAGAN 2024-113.01%SOFR (M)8.25%12/203218,50518,505
27,4090.60%
TOTAL COLLATERALIZED LOAN OBLIGATIONS - CREDIT LINKED NOTES (Cost $27,409)27,4090.60%
COLLATERALIZED LOAN OBLIGATIONS - DEBT(b)(c)(d)(e)
ABPCI 2022-11Cayman Islands11.42%SOFR (Q)7.00%01/20387,0006,936
ABPCI 2025-20A10.52%SOFR (Q)6.25%04/20371,4501,461
ANCHC 2019-13Cayman Islands10.83%SOFR (Q)6.50%04/20385,0005,014
ANCHF 2020-12Cayman Islands6.91%10/20381,000868
ATRM 14Cayman Islands10.81%SOFR (Q)6.50%10/20375,6005,615
ATRM 15Cayman Islands10.81%SOFR (Q)6.50%07/20373,3503,354
BABSN 2023-3Cayman Islands11.63%SOFR (Q)7.33%10/2036563574
BALLY 2023-24Jersey9.35%SOFR (Q)5.05%07/20362,0002,002
BALLY 2024-26Cayman Islands10.40%SOFR (Q)6.10%07/20371,8001,812
BCC 2020-1Cayman Islands11.44%SOFR (Q)7.15%04/20332,5002,495
BCC 2022-2Cayman Islands12.13%SOFR (Q)7.84%04/20355,0005,014
BCC 2023-3Jersey9.55%SOFR (Q)5.25%07/20363,0003,046
BSP 2016-9Cayman Islands10.52%SOFR (Q)5.90%10/20373,1253,139
BSP 2018-14Cayman Islands10.44%SOFR (Q)6.15%10/20375,5005,525
BSP 2022-28Cayman Islands9.69%SOFR (Q)5.40%10/2037500496
BSP 2023-30Jersey04/20382,0002,000(k)
BSP 2024-38ACayman Islands9.31%SOFR (Q)5.00%01/20383,7503,766
BSP 2025-39Cayman Islands8.76%SOFR (Q)4.50%04/20381,8251,833
CAVU 2021-1Cayman Islands11.29%SOFR (Q)7.00%07/20371,2501,196
CAVU 2022-2Cayman Islands8.34%03/20382,5752,585
CAVU 2022-2Cayman Islands10.73%SOFR (Q)6.45%03/20382,9502,958
CGMS 2019-2Cayman Islands11.30%SOFR (Q)7.00%10/20374,3884,442
CGMS 2020-1Cayman Islands9.25%SOFR (Q)4.95%01/20383,7503,769
CGMS 2022-2Cayman Islands11.24%SOFR (Q)6.95%01/20382,8502,877
CGMS 2022-5Cayman Islands11.40%SOFR (Q)7.10%10/20374,1904,203
CGMS 2023-2Cayman Islands9.29%SOFR (Q)5.00%07/20365,0005,063
CGMS 2024-1Cayman Islands11.22%SOFR (Q)6.92%04/20371,0961,101
CGMS 2024-3Cayman Islands10.70%SOFR (Q)6.40%07/20363,2503,262


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
CGMS 2024-5Cayman Islands10.20%SOFR (Q)5.65%10/20361,5001,505
CIFC 2018-1Cayman Islands9.60%SOFR (Q)5.25%01/2038830818
CIFC 2018-4Cayman Islands9.12%SOFR (Q)4.85%01/20381,6251,606
CIFC 2020-4Cayman Islands9.33%SOFR (Q)4.90%01/20405,5005,501
CIFC 2021-4Cayman Islands10.49%SOFR (Q)6.20%07/20371,0001,008
CIFC 2021-5Cayman Islands9.41%SOFR (Q)5.10%01/20383,5003,464
CIFC 2022-6Cayman Islands10.06%SOFR (Q)5.75%10/2038438438
CIFC 2022-7Cayman Islands9.64%SOFR (Q)5.35%01/2038688687
CIFC 2024-1Cayman Islands10.89%SOFR (Q)6.60%04/2037375380
CIFC 2024-5Cayman Islands9.48%SOFR (Q)5.15%01/20384,0004,020
CIFC 2025-1Cayman Islands8.75%SOFR (Q)4.50%04/20381,3751,381
CPTPK 2024-1Jersey10.29%SOFR (Q)6.00%07/20371,7501,760
DRSLF 2022-104Cayman Islands11.72%SOFR (Q)7.40%08/20345,7565,775
ELM12 2021-5Cayman Islands10.20%SOFR (Q)5.90%10/20371,4751,480
ELM24 2023-3Cayman Islands9.55%SOFR (Q)5.10%01/20382,0002,003
ELM30 2024-6Cayman Islands9.55%SOFR (Q)5.25%07/20371,2501,253
ELM37 2024-13Cayman Islands9.04%SOFR (Q)4.75%01/20383,0003,012
ELM38 2025-1Cayman Islands8.78%SOFR (Q)4.50%04/20381,5001,476
ELM40 2025-3Cayman Islands03/20381,7501,759(k)
ELMW4 2020-1Cayman Islands10.44%SOFR (Q)6.15%04/20372,7382,728
ELMW8 2021-1Cayman Islands10.54%SOFR (Q)6.25%04/20375,0285,052
GCBSL 2024-77Cayman Islands9.15%SOFR (Q)4.85%01/20381,5001,503
GCBSL 2025-79Cayman Islands8.90%SOFR (Q)4.65%04/20381,5001,506
GLM 2022-12Jersey9.99%SOFR (Q)5.70%07/20372,1002,111
GNRT 2022-10Cayman Islands9.22%SOFR (Q)4.90%01/20382,7502,708
GNRT 2023-11Cayman Islands11.59%SOFR (Q)7.30%10/20372,2582,220
GNRT 2Cayman Islands11.64%SOFR (Q)7.35%10/2037250246
GNRT 6Cayman Islands11.54%SOFR (Q)7.25%10/20371,8201,793
GNRT 9Cayman Islands10.64%SOFR (Q)6.35%01/20384,0154,024
HAMLN 2024-1Jersey9.96%SOFR (Q)5.40%10/20372,0182,027
KKR 2024-53Cayman Islands10.80%SOFR (Q)6.50%01/20382,2352,253
KKR 44Cayman Islands9.29%SOFR (Q)5.00%01/20363,8003,840
MAGNE 2022-33Cayman Islands9.84%SOFR (Q)5.55%10/20375,8755,874
MAGNE 2023-39Cayman Islands9.20%SOFR (Q)4.90%01/2037638635
MAGNE 2024-41Cayman Islands9.21%SOFR (Q)4.90%01/20382,3132,316
MAGNE 2024-42Cayman Islands9.31%SOFR (Q)5.00%01/20382,1252,112


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
MDPK 2014-14Cayman Islands12.32%SOFR (Q)8.03%10/20301,000867
MDPK 2016-20Cayman Islands10.70%SOFR (Q)6.40%10/20372,7282,737
MDPK 2018-30Cayman Islands8.50%07/2037750759
MDPK 2018-32Cayman Islands10.69%SOFR (Q)6.40%07/20376,0506,068
MDPK 2019-34Cayman Islands10.81%SOFR (Q)6.50%10/20371,7001,706
MDPK 2021-59Cayman Islands10.69%SOFR (Q)6.40%04/20372,5002,500
MDPK 2022-55Cayman Islands10.29%SOFR (Q)6.00%07/20372,1002,102
MDPK 2022-60Cayman Islands10.80%SOFR (Q)6.50%10/20375,6255,643
MDPK 2024-66Cayman Islands9.85%SOFR (Q)5.50%10/20372,5002,485
MDPK 2024-68Cayman Islands9.40%SOFR (Q)5.10%01/20382,3752,354
NMC CLO-2Cayman Islands10.06%SOFR (Q)5.70%01/2038938936
OAKC 2016-13Cayman Islands10.04%SOFR (Q)5.75%10/20371,2201,225
OAKC 2019-3Cayman Islands9.29%SOFR (Q)5.00%01/2038500497
OAKC 2019-4Cayman Islands9.24%SOFR (Q)4.95%01/20383,6403,621
OAKC 2020-6Cayman Islands9.54%SOFR (Q)5.25%10/20371,1001,100
OAKC 2021-9Cayman Islands9.79%SOFR (Q)5.50%10/20372,0502,055
OAKC 2022-12Bermuda9.29%SOFR (Q)5.00%07/20365,0005,064
OCP 2015-10Cayman Islands9.67%SOFR (Q)5.35%01/20381,000997
OCPA 2023-29Jersey9.29%SOFR (Q)5.00%01/20361,000998
OCPA 2025-41Cayman Islands04/20371,5001,506(k)
OHACP 2024-17Cayman Islands9.40%SOFR (Q)5.00%01/20383,0002,982
PIPK 2025-18Cayman Islands04/20381,2501,256(k)
PXLY 2024-1Cayman Islands9.30%SOFR (Q)5.00%01/20376,5506,570
RRAM 2025-37Cayman Islands8.96%SOFR (Q)4.65%04/20381,0631,044
RVRPK 2024-1Cayman Islands9.10%SOFR (Q)4.80%01/20386,5006,516
SIXST 2022-21Cayman Islands10.04%SOFR (Q)5.75%10/20372,0252,018
SIXST 2024-27Cayman Islands9.61%SOFR (Q)5.25%01/20381,7501,757
STKPK 2022-1Jersey10.45%SOFR (Q)6.15%10/20373,3753,385
SYMP 2022-33Jersey9.63%SOFR (Q)5.35%01/20382,5002,462
SYMP 2022-36Bermuda11.30%SOFR (Q)7.00%10/20371,1201,103
SYMP 2023-40Bermuda9.67%SOFR (Q)5.25%01/20381,5001,493
TCIFC 2024-2Cayman Islands9.65%SOFR (Q)5.25%01/20374,1004,123
VOYA 2021-3Cayman Islands04/20381,8751,882(k)
VOYA 2021-3Cayman Islands04/20382,5002,513(k)
VOYA 2024-1Cayman Islands10.95%SOFR (Q)6.65%04/20371,6821,700
WILDPK 2024-1Jersey10.17%SOFR (Q)5.75%10/20371,1181,119
255,8235.59%


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
TOTAL COLLATERALIZED LOAN OBLIGATIONS - DEBT (Cost $255,713)255,8235.59%
COLLATERALIZED LOAN OBLIGATIONS - EQUITY(d)(e)
AIMCO 2020-11Cayman Islands22.62%10/20347,9716,737
AIMCO 2021-16Cayman Islands16.06%07/20375,8824,253
AIMCO 2023-20Cayman Islands14.54%10/20361,5001,254
AIMCO 2024-22Jersey15.44%04/2037700575
AIMCO 2025-23Cayman Islands04/20388,8707,923
ANCHC 2021-20Cayman Islands18.27%01/20353,5001,583
ANCHC 2021-20Cayman Islands18.27%01/20351,150520
ANCHF 2015-1Cayman Islands07/20374,8603,499
ANCHF 2015-2Cayman Islands04/20384,5503,092
ANCHF 2016-3Cayman Islands01/20393,3602,176
ANCHF 2016-4Cayman Islands04/20394,8302,891
ANCHF 2018-5Cayman Islands04/20364,6822,984
ANCHF 2018-6Cayman Islands07/20361,800706
ANCHF 2019-7Cayman Islands04/20371,420801
ANCHF 2019-8Cayman Islands07/2037404199
ANCHF 2019-9Cayman Islands10/2037930583
ANCHF 2020-10Cayman Islands04/20381,731935
ATRM 14Cayman Islands15.37%10/203717,8399,608
ATRM 14Cayman Islands10/2037510275
ATRM 15Cayman Islands12.02%01/20314,0801,852
BALLY 2022-21Jersey16.99%10/20372,7302,387
BCC 2017-2Cayman Islands10.09%07/20375,0512,713
BCC 2018-1Cayman Islands04/20311,42022
BCC 2019-2Cayman Islands2.25%10/2032810248
BCC 2020-2Cayman Islands40.86%07/2034800396
BCC 2021-2Cayman Islands8.06%07/20341,000454
BCC 2022-1Cayman Islands11.22%04/203510,0164,302
BCC 2024-2Jersey16.69%07/20371,6201,353
BERRY 2024-1Jersey0.13%10/20373,580217
BERRY 2024-1Jersey12.52%10/20373,5802,874
BSP 2024-37Cayman Islands01/20386,6707,176
CEDF 2021-14Cayman Islands18.65%07/20331,450692
CGMS 2018-3Cayman Islands10/2030750203
CGMS 2018-4Cayman Islands9.78%01/20313,4871,490


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
CGMS 2019-3Cayman Islands14.33%04/20374,6002,579
CGMS 2021-2Cayman Islands14.48%04/20386,4573,600
CGMS 2021-4Cayman Islands16.31%04/20343,0601,731
CGMS 2021-5Cayman Islands16.34%07/2034500248
CGMS 2021-8Cayman Islands16.38%10/20341,000494
CGMS 2023-5Cayman Islands10.73%01/20363,0802,538
CGMS 2024-3Cayman Islands14.52%07/20363,7502,927
CGMS 2024-5Cayman Islands10/20362,5802,270
CIFC 2015-4Cayman Islands12.17%04/20342,252679
CIFC 2018-1Cayman Islands01/20383,9821,676
CIFC 2019-1Cayman Islands20.11%10/20373,0651,886
CIFC 2019-FALCayman Islands19.31%01/20333,0501,085
CIFC 2020-3Cayman Islands14.82%10/20341,141741
CIFC 2021-2Cayman Islands20.16%04/20343,0801,749
CIFC 2021-5Cayman Islands18.26%01/20386,9014,621
CIFC 2021-7Cayman Islands21.88%01/2035250161
CIFC 2022-2Cayman Islands17.45%04/20351,9001,469
CIFC 2024-3Cayman Islands14.20%07/2037680569
CIFC 2024-4Cayman Islands10/20373,5703,312
CIFC SPEAR II WH LTD.03/20991,5721,572
DAVIS 2022-104/20357,25058
DAVIS 2022-104/20357,250139
DAVIS 2022-114.54%04/20357,2505,010
DRSLF 2021-95Cayman Islands15.93%08/20341,500602
DRSLF 2022-98Cayman Islands13.06%04/20354,0001,956
DRSLF 2022-98Cayman Islands13.07%04/20351,000489
ELM11 2021-4Cayman Islands15.62%10/20344,3203,649
ELM15 2022-215.18%04/20353,0501,850
ELM17 2022-4Cayman Islands18.88%07/20372,8802,162
ELM24 2023-3Cayman Islands12/20331,5551,118
ELM26 2024-1Cayman Islands13.18%04/2037800572
ELM32 2024-8Cayman Islands10/20373,4502,884
ELM35 2024-11Cayman Islands10/20371,9901,709
ELMW5 2020-2Cayman Islands22.61%10/20372,5001,989
ELMW8 2021-1Cayman Islands5.47%01/20342,003900
ELMW8 2021-1Cayman Islands4.45%01/2034385173


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
GNRT 2022-10Cayman Islands20.12%01/20386,5005,204
GNRT 2024-18Cayman Islands01/20388,1607,524
GNRT 2024-20Cayman Islands01/203811,0509,632
YCLO 2019-2Cayman Islands15.57%04/20374,0002,256
GNRT 9Cayman Islands19.53%10/20341,000700
HPPK 2024-1Jersey10/20372,9002,631
HRPK 2020-1Cayman Islands21.57%04/20343,9852,596
INVCO 2021-2Cayman Islands13.95%07/2034440150
INVCO 2021-2Cayman Islands07/20344412
INVCO 2021-3Cayman Islands14.83%10/20342,7001,178
INVCO 2021-3Cayman Islands10/203427066
INVCO 2021-3Cayman Islands14.83%10/2034957417
INVCO 2021-3Cayman Islands10/20349623
INVCO 2023-1Jersey14.94%04/20372,6951,808
INVCO 2023-1Jersey0.10%04/2037270103
KKR 2024-50Cayman Islands11.23%04/20371,9481,341
KKR 2024-53Cayman Islands01/20387,0006,260
KKR 2024-56Cayman Islands10/20374,2403,250
MAGNE 2020-28Cayman Islands20.49%01/20355,8865,120
MAGNE 2024-38A10.41%04/2037362289
MAGNE 2024-4410/20374,6704,064
MDPK 2016-22Cayman Islands16.56%01/203310,1845,443
MDPK 2018-30Cayman Islands07/202712,9216,216
MDPK 2018-31Cayman Islands14.22%07/20376,2063,149
MDPK 2018-32Cayman Islands18.32%01/20483,5351,780
MDPK 2018-32Cayman Islands01/2048710358
MDPK 2019-34Cayman Islands18.22%04/2048870480
MDPK 2019-37Cayman Islands18.75%04/20378,8895,106
MDPK 2021-38Cayman Islands11.71%07/20341,290743
MDPK 2021-50Cayman Islands12.87%04/20342,5001,465
MDPK 2021-59Cayman Islands14.54%04/20375,8653,709
MDPK 2021-59Cayman Islands8.94%04/20371,500948
MDPK 2022-53Cayman Islands13.20%04/20356,0003,464
MDPK 2022-55Cayman Islands29.77%07/20373,0252,568
MDPK 2022-60Cayman Islands10/2037691544
MDPK 2023-63ACayman Islands8.55%04/20356,0504,389


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
MDPK 2024-66Cayman Islands10/20371,9101,738
MDPK 2024-67Cayman Islands12.14%04/2037265227
MDPK 2025-71Cayman Islands04/20383,0002,845
OAKC 2012-7Cayman Islands18.36%02/2038500278
OAKC 2014-10RCayman Islands15.34%04/20384,6581,781
OAKC 2014-10RCayman Islands14.16%04/20381,000382
OAKC 2015-11Cayman Islands11.39%04/2037500293
OAKC 2015-12Cayman Islands9.19%04/203712,0707,129
OAKC 2016-13Cayman Islands12.09%10/20372,3201,686
OAKC 2016-13Cayman Islands01/20301,100799
OAKC 2017-14Cayman Islands15.54%07/20373,0432,344
OAKC 2017-15Cayman Islands15.72%01/203010,1425,032
OAKC 2018-1Cayman Islands11.22%04/20371,9131,491
OAKC 2019-3Cayman Islands07/20323,1102,643
OAKC 2020-5Cayman Islands12.23%10/20373,3703,219
OAKC 2020-6Cayman Islands12.12%10/20373,2093,407
OAKC 2021-16Cayman Islands10.90%10/20345,9884,717
OAKC 2021-9Cayman Islands12.70%10/20371,1901,128
OCP 2023-30Jersey14.42%01/20373,8502,780
OCP 2024-3410/2037750630
OHACP 2024-17Cayman Islands01/20382,0701,936
OHALF 2013-1Cayman Islands12.09%04/20371,935748
OHALF 2016-1Cayman Islands22.21%07/20379,7826,163
RESPK 2020-1Cayman Islands01/20384,261202
RESPK 2020-1Cayman Islands17.04%01/20383,2781,877
ROCKP 2021-1Cayman Islands04/20341,00016
ROCKP 2021-1Cayman Islands04/20341,00025
ROCKP 2021-1Cayman Islands11.35% (4.50% PIK)04/20341,000511
ROCKP 2021-1Cayman Islands04/20341,10018
ROCKP 2021-1Cayman Islands04/20341,10027
ROCKP 2021-1Cayman Islands11.35%04/20341,100563
RRAM 2021-17Cayman Islands9.79% (4.50% PIK)07/20341,000422
RRAM 2021-19Cayman Islands10/21216045(k)
RRAM 2021-19Cayman Islands14.57%10/21211,166870
RRAM 2022-21Bermuda9.55%01/212313,0708,324
RRAM 2023-26Cayman Islands10.32%04/212314,48310,588


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
RRAM 2024-30Cayman Islands13.78%07/20366,0005,053
RRAM 2024-33Bermuda12.58%10/20393,8503,356
RRAM 2025-38Cayman Islands04/20402,2402,001
RRAMX 2022-7Cayman Islands9.88%07/21222,1751,111
SIXST 2021-17Cayman Islands13.99%04/21256,0003,755
SIXST 2022-21Cayman Islands10/20374,1612,826
SPEAK 2024-11Cayman Islands18.85%07/20373,3003,057
STKPK 2022-1Jersey10/203717,520523
STKPK 2022-1Jersey10/203717,52013,977
VOYA 2024-1Cayman Islands13.48%04/20373,1042,501
WLLMN 2021-1Cayman Islands07/20342,55060
WLLMN 2021-1Cayman Islands07/20343,640116
WLLMN 2021-1Cayman Islands15.15%07/20372,5501,741
350,0877.65%
TOTAL COLLATERALIZED LOAN OBLIGATIONS - EQUITY (Cost $367,065)350,0877.65%
MORTGAGE-BACKED SECURITY(d)(e)
Financial Services
CPFTR 2025-18.38%07/202623,29423,3810.51%
TOTAL MORTGAGE-BACKED SECURITY (Cost $23,294)23,3810.51%
PRIVATE ASSET-BACKED INVESTMENT(b)(c)(d)(e)
Consumer Services
CFG Investments WH Limited10.44%SOFR (M)6.00%03/20281,523 1,507 (g)
1,507 0.03%
Financial Services
Adonis Financial Funding, LLC12/2026420 180 (g)(i)
ASF COPPER, L.P.,8.68%EURIBOR (Q)6.00%08/2028€137 148 
ASF POLLOCK, L.P.,10.60%SOFR (Q)6.00%08/2028272 272 
ASF POLLOCK, L.P.,8.68%EURIBOR (Q)6.00%08/2028€72 78 
ASF VII WAGNER B L.P.,United Kingdom10.33%SOFR (Q)6.00%08/2028217 217 
ASF VII WAGNER B L.P.,United Kingdom8.68%EURIBOR (Q)6.00%08/2028€140 151 
ASF VII WAGNER L.P.,United Kingdom10.33%SOFR (Q)6.00%08/2028462 462 
ASF VII WAGNER L.P.,United Kingdom8.68%EURIBOR (Q)6.00%08/2028€299 324 
Cannon Bridge Designated Activity CompanyIreland10.59% PIKEURIBOR (S)7.50%10/2033€926 1,001 (g)
Cannon Bridge Designated Activity CompanyIreland5.74% PIKEURIBOR (S)2.65%10/2033€917 992 (g)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
DFC Global Facility Borrower III LLC13.07%SOFR (M)8.75%01/2028CAD2,535 1,749 (g)
DFC Global Facility Borrower III LLC7.18%CORRA (M)4.07%01/2028CAD28,500 19,674 (g)
Harbourvest Global Private Equity LimitedGuernsey7.81%SOFR (Q)3.50%06/20299,600 9,600 (g)
Hg Saturn 2 SumoCo LimitedGuernsey10.54% (7.25% PIK)SOFR (Q)6.25%01/202718,516 18,516 
Isthmus Capital LLC9.50%06/20303,859 3,859 
MCF CLO 12 LLC8.38%SOFR (Q)4.05%02/20345,200 5,200 (g)
Sera 2021 LLC10.04%SOFR (Q)5.75%03/2026199 199 
Sunbit Receivables Trust IV11.57%SOFR (M)7.25%12/20263,000 3,000 (g)
65,622 1.43%
Real Estate Management and Development
Illinois Investment S.a.r.l.Luxembourg5.17%12/2026SEK31,362 2,971 
Illinois Investment S.a.r.l.Luxembourg25.00%04/2029SEK10,050 1,000 
Invesco Vaf V Investments, LLC11.50%07/20283,333 3,333 
Invesco Vaf V Investments, LLC11.50%07/20281,667 1,667 
Pallas Funding Trust No.2Australia11.94%BBSY (M)7.85%02/2027AUD3,586 2,241 
Pallas Funding Trust No.2Australia7.24%BBSY (M)3.15%10/2027AUD2,049 1,280 
Pallas NZ Funding Trust No. 1New Zealand10.11%BBSY (M)6.15%07/2026NZD3,980 2,260 (g)
14,752 0.32%
Sports, Media and Entertainment
Orange Barrel Media, LLC/IKE Smart City, LLC10.07%SOFR (M)5.75%03/20274,7844,784
Orange Barrel Media, LLC/IKE Smart City, LLC03/2027— — (g)
Orange Barrel Media, LLC/IKE Smart City, LLC10.07%SOFR (M)5.75%10/20273,5043,504(g)0.18%
8,288
Telecommunication Services
Switch Master Holdco, LLC7.32%SOFR (M)3.00%12/20251,979 1,979 
Switch Master Holdco, LLC7.32%SOFR (S)3.00%12/20252,6082,608
4,5870.10%
TOTAL PRIVATE ASSET-BACKED INVESTMENT (Cost $94,722)94,756 2.07%
PREFERRED STOCK(b)(c)(d)(e)
Automobiles and Components
Automotive Keys Investor, LLC9.00% PIK12/202037,749 1 
Automotive Keys Investor, LLC15.00% PIK01/202325,000 — 
1 —%
Commercial and Professional Services


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
KBS Topco, LLC03/2024901,730 33 (f)(j)
Visual Edge Technology, Inc.10.00% PIK07/202313 112 
Visual Edge Technology, Inc.07/202317 — (j)
WSC Ultimate Holdings, LLCClass A10.00% PIK05/20241,020 111 
256 0.01%
Consumer Distribution and Retail
City Line Investments LLCClass A8.00% PIK08/202330,038 34 
GMP Hills, LP8.00% PIK11/2023611,000 602 
Metis Holdco, Inc.Class A7.00% PIK05/20217,959 10,437 
Monolith Brands Group, Inc.Series A04/2022192,811 — (j)
Phoenix YW Parent, Inc.Class B8.00% PIK05/2024248 474 
Royal Parent, LPClass A10.00% PIK07/2024293,000 256 
11,803 0.26%
Consumer Services
Aragorn Parent Holdings LPSeries A10.00% PIK10/202050,000 130 
Family First Bidco LimitedUnited Kingdom12.50%12/202220,838 1 
Mustang Prospects Holdco, LLCClass A09/202448 41 (j)
OMERS Mahomes Investment Holdings LLC15.00% PIK07/20232 21 
Redwood Services Holdco, LLCSeries D8.00% PIK12/2020100,000 518 
711 0.02%
Financial Services
Aquarian Peninsula Holdings LLC13.07% (15.06% PIK)SOFR (Q)10.50%12/202235,481,024 40,660 
ASE Royal Aggregator, LLCClass A07/20231,646,000 1,980 (j)
Corient Holdings, Inc.Series A05/20239,627 15,204 (j)
The Ultimus Group, LLCClass A8.00% PIK02/20191 2 
Tikehau Green Diamond II CFO Equity LP7.75%12/20242,126,841 2,240 
Tikehau Ruby CLO Equity LP12.61%EURIBOR (Q)10.00%04/20242,714,577 1,758 
Tikehau Topaz LP13.29%SOFR (Q)9.00%06/20242,473,140 2,017 
TVG-TMG Holdings, LLCSeries A03/202250 32 (j)
63,893 1.40%
Food, Beverage and Tobacco
Gotham Greens Holdings, PBCSeries E-16.00% PIK06/202276,779 — (f)
Watermill Express Holdings, LLCClass A8.00% PIK04/20215,000 109 
109 —%
Health Care Equipment and Services
Aerin Medical Inc.12/2024152,624 182 (j)
Evolent Health, Inc.Series A10.46%SOFR (Q)6.00%01/202364 66 


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
GMR Buyer Corp.15.00% PIK05/202438,889 44,243 
Minerva Holdco, Inc.Series A10.75% PIK02/202221,262 29,751 
Olympia Acquisition, Inc.15.59% PIK02/2022472 — 
Olympia TopCo, L.P.15.00% PIK07/20212,184 — 
OMERS Wildcats Investment Holdings LLCClass A15.00% PIK08/202319 10 
Symplr Software Intermediate Holdings, Inc.Series C-111.00% PIK12/202050 66 
Symplr Software Intermediate Holdings, Inc.Series C-211.00% PIK06/20215,980 7,437 
Symplr Software Intermediate Holdings, Inc.Series C-311.00% PIK10/2021789 947 
WSHP FC Holdings LLC11/20245 — (j)
82,702 1.81%
Insurance
HIG Intermediate, Inc.10.50% PIK12/20245,290 5,379 
High Street HoldCo LLCSeries A-110.00% PIK01/20223,898,354 5,762 
High Street HoldCo LLCSeries A-210.00% PIK01/2022789,494 1,152 
High Street HoldCo LLCSeries A-310.00% PIK01/2022389,813 565 
High Street HoldCo LLCSeries A-410.00% PIK01/20221,480,301 2,125 
High Street HoldCo LLCSeries A-510.00% PIK01/2022347,693 495 
High Street HoldCo LLCSeries A-610.00% PIK01/2022660,617 933 
High Street HoldCo LLCSeries A-710.00% PIK01/2022938,771 1,304 
High Street HoldCo LLCSeries A-810.00% PIK11/2022409,637 520 
High Street HoldCo LLCSeries A-910.00% PIK11/202297,533 124 
High Street HoldCo LLCSeries A-1010.00% PIK12/2022253,585 318 
High Street HoldCo LLCSeries A-1110.00% PIK12/2022331,611 414 
High Street HoldCo LLCSeries A-1210.00% PIK02/2023702,235 869 
High Street HoldCo LLCSeries A-1310.00% PIK04/2023214,572 261 
High Street HoldCo LLCSeries A-1410.00% PIK07/2023136,546 162 
High Street HoldCo LLCSeries A-1510.00% PIK07/2023711,315 841 
21,224 0.46%
Materials
Novipax Parent Holding Company, L.L.C.Class A10.00% PIK12/202050 37 
Plaskolite PPC Blocker LLC15.00% PIK10/20231 — 
37 —%
Pharmaceuticals, Biotechnology and Life Sciences
Cardinal Topco Holdings, LPClass A8.00% PIK09/202083 93 
Cobalt Holdings I, LP8.00% PIK10/202150 8 


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Cobalt Intermediate I, Inc.Series A13.75% PIK10/20218,582 13,863 
13,964 0.30%
Real Estate Management and Development
QUINTAIN INVESTMENTS HOLDINGS LIMITEDJersey11.00%08/202423,514,41034,275
34,2750.75%
Software and Services
Activate holdings (US) Corp.8.00% PIK10/202350,000 68 
Banyan Software Intermediate, Inc.14.00% PIK01/202517,849 17,998 
CBTS TopCo, L.P.12/20241,100,000 1,100 (j)
Cority Parent, Inc.CanadaClass A-19.00% PIK07/201950 270 
DCert Preferred Holdings, Inc.Series A10.50% PIK05/202122,284 24,491 
Diligent Preferred Issuer, Inc.10.50% PIK04/20211,476 2,187 
Eclipse Topco, Inc.12.50% PIK09/2024118 1,228 
EZ Elemica Holdings, Inc.09/201950 69 (j)
GSV PracticeTek Holdings, LLCClass A8.00% PIK03/2021269,272 309 
Insightful Science Holdings, LLC14.00% PIK04/202162,340 2,550 
Knockout Intermediate Holdings I Inc.15.03% PIKSOFR (S)10.75%06/20224,598 6,384 
Magic Topco, L.P.Class A9.00% PIK09/202058 157 
Packers Software Intermediate Holdings, Inc.Series A11.00% PIK11/202050 73 
Packers Software Intermediate Holdings, Inc.Series A-211.00% PIK12/202018 26 
Packers Software Intermediate Holdings, Inc.Series A-311.00% PIK11/202124 30 
PCMI Ultimate Holdings, LP9.00% PIK03/2025145 145 
Peachtree Parent, Inc.Series A13.25% PIK03/201925 56 
Project Essential Super Parent, Inc.13.96% PIKSOFR (Q)9.50%04/20212,963 4,769 
Sunshine Software Holdings, Inc.Series A10.50% PIK10/202115,929 17,928 
SuperMoose NewCo, Inc.15.00% PIK04/202417,961 20,694 
Titan DI Preferred Holdings, Inc.13.50% PIK02/2020— 99 
Wellington TopCo LPClass A-28.00% PIK06/2024143,000 176
100,807 2.20%
Sports, Media and Entertainment
CFC Funding LLC9.75% PIK07/20234,270 4,927 
Fever Labs, Inc.08/202459,428 338 (j)
League One Volleyball, Inc.Series B07/2023194 2 (j)
League One Volleyball, Inc.09/202467 1 (j)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
LiveBarn Inc.Canada08/2023648,925 3,001 (j)
PFL MMA, Inc.Series E04/20227,823 25 (j)
PRG III, LLCClass A10.24% PIK10/20202,250 — 
8,294 0.18%
Telecommunication Services
6DG TOPCO LIMITEDUnited Kingdom02/20241,371,829,990 — (j)
— —%
Transportation
Neovia Acquisition, LLCClass B18.42% PIK11/2022718 1,126 
1,126 0.02%
Utilities
Ferrellgas, L.P.8.96% (0.75% PIK)03/20218,898 9,521 
9,521 0.21%
TOTAL PREFERRED STOCK (Cost $356,954)348,723 7.62%
COMMON STOCK
Automobiles and Components
Automotive Keys Investor, LLCClass A11/202062,749 — (d)(e)(j)
Clarience Technologies, LLCClass A02/2024349 995 (d)(e)(j)
Highline PPC Blocker LLC11/2020500 94 (d)(e)(j)
Next Horizon Capital TireCo SPV, LP03/202548,000 48 (d)(e)(j)
Sun TopCo, LPClass A09/20211,000 139 (d)(e)(j)
Victory Topco, LPClass A-211/20232,510 502 (d)(e)(j)
1,778 0.04%
Capital Goods
Dynamic NC Investment Holdings, LP12/202050,000 73 (d)(e)(j)
GB Helios Holdings, L.P.Series A05/202459 91 (d)(e)(j)
HPCC Parent, Inc.09/2024148,775 1,411 (d)(e)(j)
IMPEL CV-B, LP03/2025130,381 130 (d)(e)(j)
Kene Holdings, L.P.Class A08/201950,000 96 (d)(e)(j)
OPH NEP Investment, LLCClass B05/20242 744(d)(e)(j)
2,545 0.06%
Commercial and Professional Services
Bedrock Parent Holdings, LPClass A04/2021644 65(d)(e)(j)
Bluejack Fire Holdings, LLC01/2025195 195(d)(e)(j)
Capstone Parent Holdings, LPClass A11/202050 76(d)(e)(j)
Drogon Aggregator LPClass A-208/2024186,000 198 (d)(e)(j)
Elliott Metron Co-Investor Aggregator L.P.10/20221,000,000 1,501 (d)(e)(j)
GCM HVAC TOPCO, LLCClass A09/2024743,243 1,107 (e)(j)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
KBS Topco, LLCClass A03/2024901,730 — (d)(e)(f)(j)
KKR Nest Co-Invest L.P.09/202150,000 68 (d)(e)(j)
Laboratories Topco LLCClass A07/202133,333 — (d)(e)(j)
Landscape Parallel Partners, L.P.Class A12/2021162 677 (d)(e)(j)
LBC Woodlands Holdings LPClass A-107/2024108,000 103 (d)(e)(j)
MS Precision Parent, LP03/2025179,000 179 (d)(e)(j)
New Insight Holdings, Inc.07/20241,788 30 (d)(e)(f)(j)
PSP Registrar Co-Investment Fund, L.P.Class A08/202150,000 50 (d)(e)(j)
RC V Tecmo Investor LLC08/202050,000 95 (d)(e)(j)
SSE Parent, LPClass A-106/202025 — (d)(e)(j)
SSE Parent, LPClass A-206/202025 — (d)(e)(j)
Unity Purchaser, LLC01/2025358,000 358 (d)(e)(j)
UPBW Blocker, LLC03/20244,700 510 (d)(e)(j)
UPBW Blocker, LLCClass Ares09/2024304 33 (e)(j)
WSC Ultimate Holdings, LLCClass A05/202495 12 (d)(e)(j)
5,257 0.11%
Consumer Distribution and Retail
Arko Corp12/2020106 — (d)(j)
Emerald Lake Pearl Acquisition-A, L.P.07/202143,500 68 (d)(e)(j)
Fastsigns Holdings Inc.03/201950 85 (d)(e)(j)
KCAKE Holdings Inc.05/202150 66 (d)(e)(j)
LJ Perimeter Co-Invest, L.P.Class A10/202250,052 21 (d)(e)(j)
Marcone Yellowstone Holdings, LLCClass A06/202196 12 (d)(e)(j)
Metis Topco, LP05/202150 75 (d)(e)(j)
REP WWP Coinvest IV, L.P.01/202325,000 2 (d)(e)(j)
Restaurant Produce and Services Blocker, LLCTranche B05/202350,000 45 (d)(e)(j)
Shur-Co HoldCo, Inc.06/2021500 129 (d)(e)(j)
Stonecourt IV Partners LP10/20212,423,676 1,720 (d)(e)(j)
ZB TopCo LLCClass A02/202250 70 (d)(e)(j)
2,293 0.05%
Consumer Durables and Apparel
Centric Brands L.P.Class A10/202021,364 416 (d)(e)(j)
DRS Holdings I, Inc.11/201950 48 (d)(e)(j)
SEP Diamond Fund, L.P.06/20242,314,010 2,314 (d)(e)(j)
2,778 0.06%
Consumer Services


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Aimbridge Topco, LLC03/202511,970 701 (d)(e)(j)
Apex Service Partners Holdings, LLCSeries B10/202344,263 1,726 (d)(e)(j)
BPCP Pinnacle Holdings, Inc.10/2024189 189 (d)(e)(j)
CMG Buyer Holdings, Inc.05/20225 189 (d)(e)(j)
Family First Bidco LimitedUnited Kingdom12/2022176 — (d)(e)(j)
GS SEER Group Holdings LLCClass A04/202325 20 (d)(e)(j)
IHS Parent Holdings, L.P.Class A12/202225,000 33 (d)(e)(j)
KKR Game Changer Co-Invest Feeder II L.P.06/2024467,000 503 (d)(e)(j)
LBC Breeze Holdings LLCClass A12/202150 29 (d)(e)(j)
Leviathan Holdings, L.P.12/202238,000 49 (d)(e)(j)
Meaningful Partners Fitness Ventures Co-Investment LP07/2024686,000 825 (d)(e)(j)
Mustang Prospects Holdco, LLCClass B09/202448,120 17 (d)(e)(j)
Northwinds Services Group LLC05/202360,684 97 (d)(e)(j)
OMERS Mahomes Investment Holdings LLCClass A11/202016 86 (d)(e)(j)
PestCo Holdings, LLCClass A01/20232 36 (d)(e)(j)
Rust Investment SarlLuxembourg11/20242,507,516 — (d)(e)(j)
Rust Investment SarlLuxembourg11/20242,507,516 — (d)(e)(j)
Rust Investment SarlLuxembourg11/20242,507,516 — (d)(e)(j)
Rust Investment SarlLuxembourg11/20242,507,516 — (d)(e)(j)
Rust Investment SarlLuxembourg11/20242,507,516 — (d)(e)(j)
Rust Investment SarlLuxembourg11/20242,507,516 — (d)(e)(j)
Rust Investment SarlLuxembourg11/20242,507,516 — (d)(e)(j)
Rust Investment SarlLuxembourg11/202433,892 — (d)(e)(j)
Rust Investment SarlLuxembourg11/20242,507,516 — (d)(e)(j)
Rust Investment SarlLuxembourg11/20242,507,516 — (d)(e)(j)
Vertex Service Partners Holdings, LLCClass B11/202333 65 (d)(e)(j)
ZBS Mechanical Group Co-Invest Fund 2, LLC10/202150,000 143 (d)(e)(j)
ZBS Mechanical Group Co-Invest II Fund 2, LLC02/20254,767 14 (d)(e)(j)
4,722 0.10%
Energy
Enviva Inc.12/20241,273,882 20,063 (j)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Galileo Co-Investment Trust INew Zealand07/202250,00025(d)(e)(j)
20,088 0.44%
Financial Services
BCC Blueprint Investments, LLC09/2021861,643 882 (d)(e)(j)
Constellation Wealth Capital Fund, L.P.01/2024487,285 422 (d)(e)(j)
CWC Fund I Co-Invest (AlTi) LP03/20243,276,000 3,617 (d)(e)(j)
CWC Fund I Co-Invest (Prism) LP03/20242,374,000 2,530 (d)(e)(j)
Endeavor TopCo, Inc.Class A08/2024323 317 (d)(e)(j)
GSM Rights Fund II LP03/2025224,189 224 (d)(e)(j)
GTCR (D) Investors LP09/202338,463 65 (d)(e)(j)
Isthmus Capital LLC06/202311 58 (d)(e)(j)
Kelso XI Tailwind Co-Investment, L.P.09/202348,023 63 (d)(e)(j)
Linden Structured Capital Fund II-A LP07/2024297,298 249 (d)(e)(j)
Mars Downstop Loan Purchaser TrustClass A11.00%02/20249,696,876 5,837 (d)(e)
MidOcean CLO Equity Fund I, LP9.00%10/20244,309,189 4,309 (d)(e)
PCS Parent, L.P.Class A03/202480,000 84 (d)(e)(j)
Sera 2021 LLCClass A03/20214 272 (d)(e)(j)
The Ultimus Group Aggregator, LPClass A02/2019— — (d)(e)(j)
The Ultimus Group Aggregator, LPClass B02/2019182 — (d)(e)(j)
The Ultimus Group, LLCClass B02/20191,609 3 (d)(e)(j)
TPG IX Cardiff CI II, L.P.12/20242,299,421 2,299 (d)(e)(j)
TVG-TMG Holdings, LLC03/202250 — (d)(e)(j)
WAAM Topco, LLCClass A06/202341,556 94 (e)(j)
Wellington-Altus Financial Inc.Canada08/202449,525 2,158 (d)(e)(j)
23,483 0.51%
Food, Beverage and Tobacco
Forward Keystone Holdings, LP03/2025588,000 588 (d)(e)(j)
PPC CHG Blocker LLC12/20211 78 (d)(e)(j)
SBC Aggregator LP02/20251,247 1,247 (d)(e)(j)
1,913 0.04%
Health Care Equipment and Services
Asclepius Holdings LLC02/2022448 — (d)(e)(j)
AVE Holdings LPClass A03/2024402 — (d)(e)(j)
AVE Holdings LPClass C11/2023983 — (d)(e)(j)
BCPE Co-Invest (A), LPClass A02/202245,000 58 (d)(e)(j)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
BVI Group Limited03/2025532 710 (d)(e)(j)
CHPPR Holdings Inc.12/20234,700 644 (e)(j)
Crown CT HoldCo Inc.Class A03/20225 58 (d)(e)(j)
Crown CT Management LLC03/20221 9 (d)(e)(j)
KOLN Co-Invest Unblocked, LPClass A03/202350 59 (d)(e)(j)
Network Investco BVNetherlands07/20221,073,830 2,787 (d)(e)(j)
Olympia TopCo, L.P.Class A09/201950,000 — (d)(e)(j)
OMERS Bluejay Investment Holdings LPClass A07/201825 47 (d)(e)(j)
OMERS Wildcats Investment Holdings LLCClass A10/2019216 117 (d)(e)(j)
SiroMed Equity Holdings, LLC03/20183,703 9 (d)(e)(j)
VPP Group Holdings, L.P.12/202150 81 (d)(e)(j)
VPP Group Holdings, L.P.Class A203/2023— — (d)(e)(j)
WSHP FC Holdings LLC07/2022374 30 (d)(e)(j)
4,609 0.10%
Household and Personal Products
CDI Holdings I Corp.12/202150 37 (d)(e)(j)
RMCF V CIV XLIV, L.P.08/202154 33 (d)(e)(j)
Silk Holdings I Corp.05/202350 115 (d)(e)(j)
TCI Holdings, LP11/20249,050 905 (d)(e)(j)
1,090 0.02%
Insurance
CFCo, LLCClass B09/20235,035,395 — (d)(e)(j)
High Street HoldCo LLCSeries A10.00% PIK04/202188,605 236 (d)(e)
High Street HoldCo LLCSeries C10.00% PIK04/2021563,740 1,503 (d)(e)
INSZ Holdings, LLC11/202231,139 46 (d)(e)(j)
INSZ Holdings, LLC11/20231,073,000 1,571 (d)(e)(j)
Maple Acquisition Holdings, LPClass A211/202313,871 280 (d)(e)(j)
Rocket Co-Invest, SLPLuxembourg03/2024188,027 263 (d)(e)(j)
SageSure LLCSeries A02/20223 259 (d)(e)(j)
4,158 0.09%
Materials
Adonis Acquisition Holdings Parent LLC02/202566,089 3,244 (d)(e)(j)
ASP-r-pac Holdings LPClass A12/2021514 57 (d)(e)(j)
KNPAK Holdings, LPClass A07/2019100,000 108 (d)(e)(j)
Meyer Parent, LLC02/202412,000 14 (d)(e)(j)
NCP MSI Co-Invest, LP03/2025130,000 130 (d)(e)(j)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Novipax Parent Holding Company, L.L.C.Class C12/202050 — (d)(e)(j)
Plaskolite PPC Blocker LLC12/201810 — (d)(e)(j)
3,553 0.08%
Pharmaceuticals, Biotechnology and Life Sciences
Cobalt Holdings I, LPClass A10/2021500 84 (d)(e)(j)
Creek Feeder, L.P.12/20241,447,000 1,578 (d)(e)(j)
WCI-BXC Investment Holdings, L.P.11/2023126,000 125 (d)(e)(j)
1,787 0.04%
Real Estate Management and Development
Illinois Investment S.a.r.l.LuxembourgClass A09/20213,400,700 — (d)(e)(j)
Illinois Investment S.a.r.l.LuxembourgClass B09/20213,400,700 — (d)(e)(j)
Illinois Investment S.a.r.l.LuxembourgClass C09/20213,400,700 — (d)(e)(j)
Illinois Investment S.a.r.l.LuxembourgClass D09/20213,400,700 — (d)(e)(j)
Illinois Investment S.a.r.l.LuxembourgClass E09/20213,400,700 — (d)(e)(j)
Illinois Investment S.a.r.l.LuxembourgClass F09/20213,400,700 — (d)(e)(j)
Illinois Investment S.a.r.l.LuxembourgClass G09/20213,400,700 — (d)(e)(j)
Illinois Investment S.a.r.l.LuxembourgClass H09/20213,400,700 — (d)(e)(j)
Illinois Investment S.a.r.l.LuxembourgClass I09/20213,400,700 — (d)(e)(j)
Illinois Investment S.a.r.l.Luxembourg09/20214,081 — (d)(e)(j)
Illinois Investment S.a.r.l.Luxembourg05/2022106,292 — (d)(e)(j)
QUINTAIN INVESTMENTS HOLDINGS LIMITEDJersey08/202440,631 — (d)(e)(j)
— —%
Software and Services
APG Holdings, LLCClass A01/202050,000 32 (d)(e)(j)
Astorg VII Co-Invest ERTLuxembourg01/20201,208,500 2,370 (d)(e)(j)
Avaya Holdings Corp.02,607 16(j)
Avaya Holdings Corp.076,384 484(j)
Bobcat Topco, L.P.Class A-106/202356,770 50 (d)(e)(j)
Consilio Investment Holdings, L.P.Series A09/2022243 5 (d)(e)(j)
Consilio Investment Holdings, L.P.05/20215,038 96 (d)(e)(j)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Cority Parent, Inc.CanadaClass B-107/201947,536 3 (d)(e)(j)
Denali Apexco LPClass A09/202150,000 89 (d)(e)(j)
Destiny Digital Holdings, L.P.05/20213,076 51 (d)(e)(j)
Eclipse Investor Parent, L.P.Class A09/2024102 107 (d)(e)(j)
Elliott Alto Co-Investor Aggregator L.P.09/2022500,000 1,442 (d)(e)(j)
EQT IX Co-Investment (E) SCSP04/20215,000 96 (d)(e)(j)
H&F Unite Partners, L.P.05/201950,032 115 (d)(e)(j)
Insight PDI Holdings, LLCClass A03/201926,548 63 (d)(e)(j)
Magic Topco, L.P.Class B09/202012,975 — (d)(e)(j)
Magnesium Co- Invest SCSpLuxembourg05/20225 55 (d)(e)(j)
Paradigmatic Holdco LLC08/20241,057,325 2,133 (d)(e)(j)
PCMI Ultimate Holdings, LP03/202534,526 — (d)(e)(j)
PS Co-Invest, L.P.03/202150,000 108 (d)(e)(j)
RMCF VI CIV XLVIII, L.P.06/202264,827 98 (d)(e)(j)
RMS Group Holdings, Inc.12/20216 35 (d)(e)(j)
Rocket Parent, LLCClass A10/202174,502 240 (d)(e)(j)
Skywalker TopCo, LLC11/202025,407 156 (d)(e)(j)
Sunshine Software Holdings, Inc.Class A-110/20215,000 59 (d)(e)(j)
WP Victors Co-Investment, L.P.08/2024461,000 502 (d)(e)(j)
8,405 0.18%
Sports, Media and Entertainment
County Line South Properties, LLC12/20248 1,660 (d)(e)(j)
Dolphin Center Properties, LLC12/20248 410 (d)(e)(j)
Dundee Eros, LP11/20241,483,000 1,483 (d)(e)(j)
Eagle Football Holdings LimitedUnited Kingdom09/202314 39 (d)(e)(j)
FinEquity Holdings, LLC12/20248 56,917 (d)(e)(j)
Sandlot Action Sports, LLC05/20243,384 25 (d)(e)(j)
South Florida Motorsports, LLC12/20248 1,724 (d)(e)(j)
Stadium Coinvest (B)-III, L.P.02/2025650,000 650 (d)(e)(j)
Storm Investment S.a.r.l.LuxembourgClass A06/2021491,621 696 (d)(e)(j)
Storm Investment S.a.r.l.LuxembourgClass B06/2021491,621 696 (d)(e)(j)
Storm Investment S.a.r.l.LuxembourgClass C06/2021491,621 696 (d)(e)(j)
Storm Investment S.a.r.l.LuxembourgClass D06/2021491,621 695 (d)(e)(j)
Storm Investment S.a.r.l.LuxembourgClass E06/2021491,621 695 (d)(e)(j)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
Storm Investment S.a.r.l.LuxembourgClass F06/2021491,621 695 (d)(e)(j)
Storm Investment S.a.r.l.LuxembourgClass G06/2021491,621 695 (d)(e)(j)
Storm Investment S.a.r.l.LuxembourgClass H06/2021491,621 695 (d)(e)(j)
Storm Investment S.a.r.l.LuxembourgClass I06/2021491,621 695 (d)(e)(j)
Storm Investment S.a.r.l.Luxembourg06/2021590 41 (d)(e)(j)
Storm Investment S.a.r.l.Luxembourg04/202225,565 — (d)(e)(j)
69,2071.51%
Technology Hardware and Equipment
PerkinElmer Topco GP, L.L.C.Class A-201/2022365 57 (d)(e)(j)
Repairify Holdings, LLCClass A06/20211,655 20 (d)(e)(j)
77 —%
Transportation
Neovia Acquisition, LLC11/20226 17 (e)(j)
17 —%
Utilities
Apex Clean Energy TopCo, LLCClass A11/2021149,776 25,030 (d)(e)(j)
25,030 0.55%
TOTAL COMMON STOCK (Cost $149,596)182,790 3.99%
WARRANTS(d)(j)
Commercial and Professional Services
New Insight Holdings, Inc.07/202407/20285,104 — (e)(f)
Priority Waste Super Holdings, LLC08/202308/20364,247 503 (e)
Priority Waste Super Holdings, LLC06/202406/20361,937 229 (e)(f)
Visual Edge Technology, Inc.03/201808/203027,334 — (e)
732 0.02%
Consumer Discretionary Distribution and Retail
Arko Corp12/202012/202555 — 
— —%
Food, Beverage and Tobacco
Gotham Greens Holdings, PBC06/202206/203231,842 — (e)(f)
— —%
Health Care Equipment and Services
Air Medical Buyer Corp03/201803/2028122 — (e)
CHPPR Holdings Inc.12/202306/202913,942 751 (e)
CHPPR Holdings Inc.12/202306/20296,604 256 (e)
CHPPR Holdings Inc.12/202306/20297,625 1,044 (e)
CHPPR Holdings Inc.12/202306/20293,054 418 (e)
GMR Buyer Corp.12/202112/20311,927 6 (e)


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyCountry (a)InvestmentCouponReferenceSpreadAcquisition DateMaturity DateSharesPrincipal Amount (a)Fair Value (a)% of Net Assets
GMR Buyer Corp.05/202405/2031959,055 3,146 (e)
Nomi Health, Inc.07/202307/20332,174 — (e)
Nomi Health, Inc.06/202406/20344,857 1 (e)
5,622 0.12%
Insurance
SelectQuote, Inc.10/202410/202857,965— (e)
— —%
Software and Services
ID.me, Inc.01/202501/20351,198,188 1,663 (e)
1,663 0.04%
Sports, Media and Entertainment
Eagle Football Holdings Limited12/202211/20285 50 (e)
Eagle Football Holdings Limited12/202211/20285 17 (e)
League One Volleyball, Inc.01/202501/20308 — (e)
PFL MMA, Inc.01/202101/2027115,111 — (e)
PFL MMA, Inc.11/202211/20292,457 — (e)
67 —%
TOTAL WARRANTS (Cost $2,641)8,084 0.18%
Total Investments - (Cost $6,662,910)6,619,962 144.57%
Other Assets in Excess of Liabilities(2,040,735)(44.57)%
NET ASSETS$4,579,227 100.00%



CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (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 to the Fund's portfolio companies bear interest at a rate that may be determined by reference to the 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, which reset semi-annually (S), quarterly (Q), bi-monthly (B), or monthly (M). 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, 2025.

(c)Variable rate coupon rate shown as of March 31, 2025.

(d)These investments, which as of March 31, 2025 represented 141.72% of the Fund's net assets or 98.03% 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 to the consolidated schedule of investments).

(f)These assets are pledged as collateral under the Fund or the Fund's consolidated subsidiaries' various revolving credit facilities.

(g)As of March 31, 2025, the Fund had 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.
CompanyInvestment TypeTotal revolving and delayed draw loan commitmentsLess: funded commitmentsTotal unfunded commitments
3 Step Sports LLC1st Lien Delay Draw Term Loan$1,498 $— $1,498 
3 Step Sports LLC1st Lien Revolving Loan124 — 124 
760203 N.B. LTD.1st Lien Revolving Loan1,394 — 1,394 
Accession Risk Management Group, Inc.1st Lien Delay Draw Term Loan388 — 388 
Accession Risk Management Group, Inc.1st Lien Revolving Loan136 — 136 
ACTFY Buyer, Inc.1st Lien Delay Draw Term Loan492 — 492 
ACTFY Buyer, Inc.1st Lien Revolving Loan476 — 476 
Activate holdings (US) Corp.1st Lien Revolving Loan579 — 579 
ADMA BIOLOGICS, INC.1st Lien Revolving Loan1 (1)— 
ADONIS ACQUISITION HOLDINGS LLC1st Lien Delay Draw Term Loan760 — 760 
ADONIS ACQUISITION HOLDINGS LLC1st Lien Revolving Loan1 (1)— 
Adonis Bidco, Inc.1st Lien Delay Draw Term Loan15,005 — 15,005 
Adonis Bidco, Inc.1st Lien Revolving Loan5,688 — 5,688 
Adonis Financial Funding, LLC1st Lien Revolving Loan420 (420)— 
Aduro Advisors, LLC1st Lien Delay Draw Term Loan1,006 — 1,006 
Aduro Advisors, LLC1st Lien Revolving Loan597 — 597 
Aerin Medical Inc.1st Lien Delay Draw Term Loan1,131 — 1,131 
AI Titan Parent, Inc.1st Lien Delay Draw Term Loan1,789 — 1,789 
AI Titan Parent, Inc.1st Lien Revolving Loan1,546 — 1,546 
Airx Climate Solutions, Inc.1st Lien Delay Draw Term Loan2,160 — 2,160 


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyInvestment TypeTotal revolving and delayed draw loan commitmentsLess: funded commitmentsTotal unfunded commitments
Airx Climate Solutions, Inc.1st Lien Revolving Loan463 — 463 
Alcami Corporation1st Lien Revolving Loan27 (2)25 
Aldinger Company1st Lien Delay Draw Term Loan510 — 510 
Aldinger Company1st Lien Revolving Loan304 — 304 
AMCP Clean Acquisition Company, LLC1st Lien Delay Draw Term Loan537 — 537 
AmeriVet Partners Management, Inc.Subordinated Delay Draw Term Loan867 — 867 
Anaplan, Inc.1st Lien Revolving Loan381 — 381 
Andwis Group Limited1st Lien Delay Draw Term Loan327 — 327 
Antea Group Holding B.V.1st Lien Delay Draw Term Loan2,704 — 2,704 
Antenore Bidco SpA1st Lien Delay Draw Term Loan1,082 — 1,082 
Apex Service Partners, LLC1st Lien Delay Draw Term Loan2,237 — 2,237 
Apex Service Partners, LLC1st Lien Revolving Loan2,132 (1,805)327 
Applied Technical Services, LLC1st Lien Delay Draw Term Loan417 — 417 
Applied Technical Services, LLC1st Lien Revolving Loan910 (910)— 
Aptean, Inc.1st Lien Delay Draw Term Loan2,353 — 2,353 
Aptean, Inc.1st Lien Revolving Loan373 — 373 
AQ Sage Buyer, LLC1st Lien Revolving Loan50 (33)17 
AQ Sunshine, Inc.1st Lien Delay Draw Term Loan4,691 — 4,691 
AQ Sunshine, Inc.1st Lien Revolving Loan1,653 (529)1,124 
Arete Bidco Limited1st Lien Delay Draw Term Loan1,833 — 1,833 
Argenbright Holdings V, LLCSubordinated Delay Draw Term Loan18 — 18 
Artifact Bidco, Inc.1st Lien Delay Draw Term Loan282 — 282 
Artifact Bidco, Inc.1st Lien Revolving Loan252 — 252 
Artivion, Inc.1st Lien Delay Draw Term Loan1,199 — 1,199 
Artivion, Inc.1st Lien Revolving Loan336 (168)168 
ASPIRE BIDCO LIMITED1st Lien Delay Draw Term Loan1,671 — 1,671 
Aspris Bidco Limited1st Lien Delay Draw Term Loan267 — 267 
ASP-r-pac Acquisition Co LLC1st Lien Revolving Loan839 (386)453 
athenahealth Group Inc.1st Lien Revolving Loan2,100 — 2,100 
Avalign Technologies, Inc.1st Lien Revolving Loan250 (75)175 
AX VI INV3 Holding AB1st Lien Delay Draw Term Loan1,784 — 1,784 
Badia Spices, LLC1st Lien Revolving Loan526 — 526 
Bamboo Health Holdings, LLC1st Lien Revolving Loan212 — 212 
Bamboo Purchaser, Inc.1st Lien Revolving Loan1 (1)— 
Bamboo US BidCo LLC1st Lien Delay Draw Term Loan1,964 — 1,964 
Bamboo US BidCo LLC1st Lien Revolving Loan1,413 — 1,413 
Banyan Software Holdings, LLC1st Lien Delay Draw Term Loan1,562 — 1,562 
Banyan Software Holdings, LLC1st Lien Revolving Loan509 — 509 
BCPE Pequod Buyer, Inc.1st Lien Revolving Loan3,003 — 3,003 
Beacon Pointe Harmony, LLC1st Lien Delay Draw Term Loan6,106 — 6,106 
Beacon Pointe Harmony, LLC1st Lien Revolving Loan909 — 909 
Beacon Wellness Brands, Inc.1st Lien Revolving Loan205 — 205 
Berner Food & Beverage, LLC1st Lien Revolving Loan262 (73)189 
BGI Purchaser, Inc.1st Lien Delay Draw Term Loan1,595 — 1,595 
BGI Purchaser, Inc.1st Lien Revolving Loan4,674 (3,012)1,662 
BGIF IV Fearless Utility Services, Inc.1st Lien Delay Draw Term Loan811 — 811 
BGIF IV Fearless Utility Services, Inc.1st Lien Revolving Loan709 — 709 
BlueHalo Global Holdings, LLC (f/k/a Aegis Global Holdings, LLC)1st Lien Revolving Loan759 (670)89 
Bluejack Fire Acquisition, INC1st Lien Delay Draw Term Loan1,416 — 1,416 
Bluejack Fire Acquisition, INC1st Lien Revolving Loan294 — 294 
BNZ TopCo B.V.Subordinated Delay Draw Term Loan7,283 — 7,283 


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyInvestment TypeTotal revolving and delayed draw loan commitmentsLess: funded commitmentsTotal unfunded commitments
Bobcat Purchaser, LLC1st Lien Revolving Loan306 — 306 
Bottomline Technologies, Inc. and Legal Spend Holdings, LLC1st Lien Revolving Loan1,811 — 1,811 
BradyIFS Holdings, LLC1st Lien Delay Draw Term Loan450 — 450 
BrightStar Group Holdings, Inc.1st Lien Revolving Loan569 — 569 
Bumble Bidco Limited1st Lien Delay Draw Term Loan2,152 — 2,152 
Businessolver.com, Inc.1st Lien Delay Draw Term Loan470 — 470 
BVI Medical, Inc.1st Lien Delay Draw Term Loan850 — 850 
BVI Medical, Inc.1st Lien Revolving Loan1,586 — 1,586 
Cambrex Corporation1st Lien Delay Draw Term Loan5,454 — 5,454 
Cambrex Corporation1st Lien Revolving Loan5,889 — 5,889 
Cannon Bridge Designated Activity Company1st Lien Revolving Loan8,465 (1,993)6,472 
Capnor Connery Bidco A/S1st Lien Delay Draw Term Loan680 — 680 
Capstone Acquisition Holdings, Inc.1st Lien Delay Draw Term Loan518 — 518 
Capstone Acquisition Holdings, Inc.1st Lien Revolving Loan3,135 — 3,135 
Capstone Acquisition Holdings, Inc.2nd Lien Delay Draw Term Loan1,668 — 1,668 
Captive Resources Midco, LLC1st Lien Revolving Loan185 — 185 
Cardinal Parent, Inc.1st Lien Revolving Loan1 — 1 
CBTS BORROWER, LLC1st Lien Delay Draw Term Loan1,900 — 1,900 
CC Globe Holding II A/S1st Lien Delay Draw Term Loan549 — 549 
Celnor Group Limited1st Lien Delay Draw Term Loan270 — 270 
CentralSquare Technologies, LLC1st Lien Revolving Loan3,402 — 3,402 
Cezanne Bidco1st Lien Delay Draw Term Loan3,973 — 3,973 
CFG Investments WH Limited1st Lien Revolving Loan5,100 (1,523)3,577 
Chariot Buyer LLC1st Lien Revolving Loan100 — 100 
Chillaton Bidco Limited1st Lien Delay Draw Term Loan1,315 — 1,315 
City Line Distributors LLC1st Lien Revolving Loan2 — 2 
Clarion Home Services Group, LLC1st Lien Revolving Loan416 (260)156 
Cliffwater LLC1st Lien Revolving Loan58 — 58 
Cloud Software Group, Inc.1st Lien Revolving Loan2,574 — 2,574 
CMG HoldCo, LLC1st Lien Delay Draw Term Loan1,690 — 1,690 
CMG HoldCo, LLC1st Lien Revolving Loan1,397 (378)1,019 
Cobalt Buyer Sub, Inc.1st Lien Delay Draw Term Loan2,156 — 2,156 
Cobalt Buyer Sub, Inc.1st Lien Revolving Loan1,194 (119)1,075 
Collision SP Subco, LLC1st Lien Delay Draw Term Loan97 — 97 
Collision SP Subco, LLC1st Lien Revolving Loan74 (11)63 
Compex Legal Services, Inc.1st Lien Revolving Loan900 (450)450 
Comprehensive EyeCare Partners, LLC1st Lien Revolving Loan1 (1)— 
Consilio Midco Limited1st Lien Delay Draw Term Loan298 — 298 
Consilio Midco Limited1st Lien Revolving Loan705 (640)65 
Continental Acquisition Holdings, Inc.1st Lien Revolving Loan1 (1)— 
Convera International Holdings Limited1st Lien Revolving Loan1,777 — 1,777 
Cority Software Inc.1st Lien Revolving Loan1,504 — 1,504 
Cornerstone OnDemand, Inc.1st Lien Revolving Loan100 (22)78 
Coupa Holdings, LLC1st Lien Delay Draw Term Loan20 — 20 
Coupa Holdings, LLC1st Lien Revolving Loan1 — 1 
CPIG Holdco Inc.1st Lien Revolving Loan2 (1)1 
Cradle Lux Bidco S.a r.l1st Lien Delay Draw Term Loan983 — 983 
Creek Parent, Inc.1st Lien Revolving Loan7,992 — 7,992 
Crossco (1469) Limited1st Lien Delay Draw Term Loan999 — 999 
Crown CT Parent Inc.1st Lien Revolving Loan904 (482)422 
CST Holding Company1st Lien Revolving Loan79 — 79 


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyInvestment TypeTotal revolving and delayed draw loan commitmentsLess: funded commitmentsTotal unfunded commitments
CVP Holdco, Inc.1st Lien Delay Draw Term Loan5,098 — 5,098 
CVP Holdco, Inc.1st Lien Revolving Loan3,539 — 3,539 
Databricks, Inc.1st Lien Delay Draw Term Loan17 — 17 
Datix Bidco Limited1st Lien Delay Draw Term Loan891 — 891 
Datix Bidco Limited1st Lien Revolving Loan1,423 — 1,423 
Davidson Hotel Company LLC1st Lien Delay Draw Term Loan1,084 — 1,084 
Davidson Hotel Company LLC1st Lien Revolving Loan567 (170)397 
DecoPac, Inc.1st Lien Revolving Loan3,737 (1,038)2,699 
Demakes Borrower, LLC1st Lien Delay Draw Term Loan270 — 270 
Denali Holdco LLC1st Lien Delay Draw Term Loan1,394 — 1,394 
Denali Holdco LLC1st Lien Revolving Loan1,108 — 1,108 
DFC Global Facility Borrower III LLC1st Lien Revolving Loan27,850 (21,566)6,261 
Diamond Mezzanine 24 LLC1st Lien Delay Draw Term Loan1,163 — 1,163 
Diamond Mezzanine 24 LLC1st Lien Revolving Loan321 — 321 
Diligent Corporation1st Lien Delay Draw Term Loan926 — 926 
Diligent Corporation1st Lien Revolving Loan669 — 669 
Dorado Bidco, Inc.1st Lien Delay Draw Term Loan2,626 — 2,626 
Dorado Bidco, Inc.1st Lien Revolving Loan698 — 698 
DOXA Insurance Holdings LLC1st Lien Delay Draw Term Loan2,358 — 2,358 
DOXA Insurance Holdings LLC1st Lien Revolving Loan200 (24)176 
DP Flores Holdings, LLC1st Lien Delay Draw Term Loan1,115 — 1,115 
DP Flores Holdings, LLC1st Lien Revolving Loan513 — 513 
Draken Bidco Limited1st Lien Delay Draw Term Loan1,440 — 1,440 
Drivecentric Holdings, LLC1st Lien Revolving Loan518 — 518 
Drogon Bidco Inc.1st Lien Delay Draw Term Loan722 — 722 
Drogon Bidco Inc.1st Lien Revolving Loan445 — 445 
DRS Holdings III, Inc.1st Lien Revolving Loan183 — 183 
DuraServ LLC1st Lien Delay Draw Term Loan220 — 220 
DuraServ LLC1st Lien Revolving Loan227 — 227 
Dynamic NC Aerospace Holdings, LLC1st Lien Revolving Loan1,608 (969)639 
EC Partners Spanish Bidco, S.L.U.1st Lien Delay Draw Term Loan601 — 601 
ECG Bidco S.A.S.1st Lien Delay Draw Term Loan4,456 — 4,456 
Echo Purchaser, Inc.1st Lien Delay Draw Term Loan179 — 179 
Echo Purchaser, Inc.1st Lien Revolving Loan213 — 213 
Eclipse Buyer, Inc.1st Lien Delay Draw Term Loan7,630 — 7,630 
Eclipse Buyer, Inc.1st Lien Revolving Loan4,351 — 4,351 
Edmunds GovTech, Inc.1st Lien Delay Draw Term Loan327 — 327 
Edmunds GovTech, Inc.1st Lien Revolving Loan64 (32)32 
Einstein Parent, Inc.1st Lien Revolving Loan537 — 537 
Elemica Parent, Inc.1st Lien Revolving Loan1,358 (1,267)91 
Elevation Services Parent Holdings, LLC1st Lien Revolving Loan631 (404)227 
EMB Purchaser, Inc.1st Lien Delay Draw Term Loan25,088 — 25,088 
EMB Purchaser, Inc.1st Lien Revolving Loan6,840 — 6,840 
Empower Payments Investor, LLC1st Lien Delay Draw Term Loan68 — 68 
Empower Payments Investor, LLC1st Lien Revolving Loan60 — 60 
Enverus Holdings, Inc.1st Lien Delay Draw Term Loan166 — 166 
Enverus Holdings, Inc.1st Lien Revolving Loan1,053 — 1,053 
Envisage Dental UK Limited1st Lien Delay Draw Term Loan3,587 — 3,587 
Erasmus Acquisition Holding B.V.1st Lien Delay Draw Term Loan1,044 — 1,044 
eResearchTechnology, Inc.1st Lien Delay Draw Term Loan8,330 — 8,330 
eResearchTechnology, Inc.1st Lien Revolving Loan2,724 — 2,724 


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyInvestment TypeTotal revolving and delayed draw loan commitmentsLess: funded commitmentsTotal unfunded commitments
ESHA Research, LLC1st Lien Revolving Loan76 (65)11 
Essential Services Holding Corporation1st Lien Delay Draw Term Loan4,179 — 4,179 
Essential Services Holding Corporation1st Lien Revolving Loan2,612 (418)2,194 
Eternal Aus Bidco Pty Ltd1st Lien Delay Draw Term Loan173 — 173 
EuroParcs Topholding B.V.1st Lien Delay Draw Term Loan295 — 295 
Evolent Health LLC1st Lien Revolving Loan4 (2)2 
Excel Fitness Holdings, Inc.1st Lien Delay Draw Term Loan122 — 122 
Excelitas Technologies Corp.1st Lien Delay Draw Term Loan2,092 — 2,092 
ExtraHop Networks, Inc.1st Lien Revolving Loan420 — 420 
Fever Labs, Inc.1st Lien Delay Draw Term Loan1,635 — 1,635 
Fever Labs, Inc.1st Lien Revolving Loan2,243 (1,307)936 
Finastra USA, Inc.1st Lien Revolving Loan2,178 — 2,178 
Firebird Acquisition Corp, Inc.1st Lien Delay Draw Term Loan1,511 — 1,511 
Firebird Acquisition Corp, Inc.1st Lien Revolving Loan473 — 473 
Fitness Ventures Holdings, Inc.1st Lien Delay Draw Term Loan1,043 — 1,043 
Fitness Ventures Holdings, Inc.1st Lien Revolving Loan140 (141)— 
FL Hawk Intermediate Holdings, Inc.1st Lien Revolving Loan1,658 — 1,658 
Flexential Topco Corporation1st Lien Revolving Loan3,000 (3,000)— 
Flint Opco, LLC1st Lien Delay Draw Term Loan510 — 510 
Flint Opco, LLC1st Lien Revolving Loan1 — 1 
Flywheel Acquireco, Inc.1st Lien Revolving Loan1,665 (1,110)555 
Forward Keystone Holdings, LP1st Lien Delay Draw Term Loan1,374 — 1,374 
Foundation Consumer Brands, LLC1st Lien Revolving Loan788 — 788 
Foundation Risk Partners, Corp.1st Lien Delay Draw Term Loan614 — 614 
Foundation Risk Partners, Corp.1st Lien Revolving Loan3,847 — 3,847 
Frontline Road Safety Operations, LLC1st Lien Delay Draw Term Loan6,670 — 6,670 
Frontline Road Safety Operations, LLC1st Lien Revolving Loan5,513 — 5,513 
Galway Borrower LLC1st Lien Delay Draw Term Loan1,270 — 1,270 
Galway Borrower LLC1st Lien Revolving Loan1,143 (374)769 
Gapco Aiv Interholdco (CP), L.P.1st Lien Delay Draw Term Loan4,200 — 4,200 
GC Waves Holdings, Inc.1st Lien Delay Draw Term Loan5,987 — 5,987 
GC Waves Holdings, Inc.1st Lien Revolving Loan173 — 173 
Generator Buyer, Inc.1st Lien Delay Draw Term Loan357 — 357 
Generator Buyer, Inc.1st Lien Revolving Loan206 — 206 
Gestion ABS Bidco Inc./ABS Bidco Holdings Inc.1st Lien Delay Draw Term Loan225 — 225 
Gestion ABS Bidco Inc./ABS Bidco Holdings Inc.1st Lien Revolving Loan69 — 69 
Global Music Rights, LLC1st Lien Revolving Loan6,442 — 6,442 
GNZ Energy Bidco Limited1st Lien Delay Draw Term Loan1,114 — 1,114 
Goldeneye Parent, LLC1st Lien Revolving Loan373 — 373 
GraphPAD Software, LLC1st Lien Delay Draw Term Loan3,948 — 3,948 
GraphPAD Software, LLC1st Lien Revolving Loan1,836 — 1,836 
GS SEER Group Borrower LLC1st Lien Delay Draw Term Loan42 — 42 
GS SEER Group Borrower LLC1st Lien Revolving Loan37 — 37 
GSV Purchaser, Inc.1st Lien Delay Draw Term Loan2,017 — 2,017 
GSV Purchaser, Inc.1st Lien Revolving Loan1,202 — 1,202 
GTCR Everest Borrower, LLC1st Lien Revolving Loan211 — 211 
GTCR F Buyer Corp.1st Lien Delay Draw Term Loan316 — 316 
GTCR F Buyer Corp.1st Lien Revolving Loan45 — 45 
Guidepoint Security Holdings, LLC1st Lien Delay Draw Term Loan295 — 295 
Guidepoint Security Holdings, LLC1st Lien Revolving Loan200 — 200 


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyInvestment TypeTotal revolving and delayed draw loan commitmentsLess: funded commitmentsTotal unfunded commitments
Hakken Bidco B.V.1st Lien Delay Draw Term Loan679 — 679 
Hanger, Inc.1st Lien Delay Draw Term Loan97 — 97 
Harbourvest Global Private Equity Limited1st Lien Revolving Loan24,000 (9,600)14,400 
Heavy Construction Systems Specialists, LLC1st Lien Revolving Loan410 — 410 
Helios Service Partners, LLC & Astra Service Partners, LLC1st Lien Delay Draw Term Loan779 — 779 
Helios Service Partners, LLC & Astra Service Partners, LLC1st Lien Revolving Loan2 — 2 
HH-Stella, Inc.1st Lien Delay Draw Term Loan989 — 989 
HH-Stella, Inc.1st Lien Revolving Loan444 (127)317 
Higginbotham Insurance Agency, Inc.1st Lien Delay Draw Term Loan368 — 368 
High Street Buyer, Inc.1st Lien Delay Draw Term Loan1,629 — 1,629 
High Street Buyer, Inc.1st Lien Revolving Loan688 — 688 
Highline Aftermarket Acquisition, LLC1st Lien Revolving Loan2 — 2 
Hills Distribution, Inc.1st Lien Delay Draw Term Loan44 — 44 
Hills Distribution, Inc.1st Lien Revolving Loan1 (1)— 
Horizon CTS Buyer, LLC1st Lien Delay Draw Term Loan1,030 — 1,030 
Horizon CTS Buyer, LLC1st Lien Revolving Loan1,385 (111)1,274 
HP RSS Buyer, Inc.1st Lien Delay Draw Term Loan557 — 557 
HuFriedy Group Acquisition LLC1st Lien Delay Draw Term Loan715 — 715 
HuFriedy Group Acquisition LLC1st Lien Revolving Loan2,102 — 2,102 
Hyland Software, Inc.1st Lien Revolving Loan594 — 594 
Icefall Parent, Inc.1st Lien Revolving Loan154 — 154 
ID.me, Inc.1st Lien Delay Draw Term Loan4,617 — 4,617 
ID.me, Inc.1st Lien Revolving Loan2,309 — 2,309 
IFH Franchisee Holdings, LLC1st Lien Delay Draw Term Loan880 — 880 
IFH Franchisee Holdings, LLC1st Lien Revolving Loan1,737 (1,158)579 
IGEA BIDCO S.P.A1st Lien Delay Draw Term Loan944 — 944 
Indigo Acquisition B.V.1st Lien Delay Draw Term Loan352 — 352 
Infinity Home Services HoldCo, Inc.1st Lien Delay Draw Term Loan4,015 — 4,015 
Infinity Home Services HoldCo, Inc.1st Lien Revolving Loan455 (170)285 
Inszone Mid, LLC1st Lien Delay Draw Term Loan9,622 — 9,622 
Inszone Mid, LLC1st Lien Revolving Loan1,215 — 1,215 
Internet Truckstop Group LLC1st Lien Revolving Loan302 — 302 
IQN Holding Corp.1st Lien Revolving Loan628 (356)272 
IRI Group Holdings, Inc.1st Lien Revolving Loan1,305 (146)1,159 
Ivanti Software, Inc.1st Lien Revolving Loan460 (184)276 
JMG Group Investments Limited1st Lien Delay Draw Term Loan5,442 — 5,442 
Kene Acquisition, Inc.1st Lien Delay Draw Term Loan713 — 713 
Kene Acquisition, Inc.1st Lien Revolving Loan265 — 265 
Keystone Agency Partners LLC1st Lien Delay Draw Term Loan949 — 949 
Keystone Agency Partners LLC1st Lien Revolving Loan20 — 20 
Kings Buyer, LLC1st Lien Revolving Loan187 (59)128 
KPS Global LLC1st Lien Revolving Loan1,359 — 1,359 
Laboratories Bidco LLC1st Lien Revolving Loan1,585 (1,147)429 
LBC Woodlands Purchaser LLC1st Lien Delay Draw Term Loan564 — 564 
LBC Woodlands Purchaser LLC1st Lien Revolving Loan611 — 611 
League One Volleyball Clubs, LLC1st Lien Delay Draw Term Loan3 — 3 
LeanTaaS Holdings, Inc.1st Lien Delay Draw Term Loan3,022 — 3,022 
Legends Hospitality Holding Company, LLC1st Lien Delay Draw Term Loan354 — 354 
Legends Hospitality Holding Company, LLC1st Lien Revolving Loan600 (279)321 
Leviathan Intermediate Holdco, LLC1st Lien Revolving Loan12 (3)9 


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyInvestment TypeTotal revolving and delayed draw loan commitmentsLess: funded commitmentsTotal unfunded commitments
LGDN Bidco Limited1st Lien Delay Draw Term Loan279 — 279 
Lightbeam Bidco, Inc.1st Lien Delay Draw Term Loan365 — 365 
Lightbeam Bidco, Inc.1st Lien Revolving Loan1 — 1 
LivTech Purchaser, Inc.1st Lien Delay Draw Term Loan1,474 — 1,474 
LivTech Purchaser, Inc.1st Lien Revolving Loan384 — 384 
LJo Finco AB1st Lien Delay Draw Term Loan4,787 — 4,787 
LJo Finco AB1st Lien Revolving Loan2,340 (592)1,747 
Magellan Bidco1st Lien Delay Draw Term Loan180 — 180 
Majesco1st Lien Revolving Loan624 — 624 
Maverick Acquisition, Inc.1st Lien Delay Draw Term Loan30 — 30 
Mavis Tire Express Services Topco, Corp.1st Lien Revolving Loan1 (1)— 
MCF CLO 12 LLC1st Lien Delay Draw Term Loan5,200 — 5,200 
MEDLAR BIDCO LIMITED1st Lien Delay Draw Term Loan12,420 — 12,420 
Metatiedot Bidco Oy1st Lien Delay Draw Term Loan917 — 917 
Metatiedot Bidco Oy1st Lien Revolving Loan608 — 608 
Meyer Laboratory, LLC1st Lien Delay Draw Term Loan107 — 107 
Meyer Laboratory, LLC1st Lien Revolving Loan190 (76)114 
Monica Holdco (US), Inc.1st Lien Revolving Loan1,009 — 1,009 
Mountaineer Merger Corporation1st Lien Revolving Loan5,375 (4,237)1,138 
Mr. Greens Intermediate, LLC1st Lien Delay Draw Term Loan862 — 862 
Mr. Greens Intermediate, LLC1st Lien Revolving Loan115 (29)86 
MRI Software LLC1st Lien Revolving Loan541 (30)511 
Msis Holdings, Inc.1st Lien Delay Draw Term Loan1,164 — 1,164 
Msis Holdings, Inc.1st Lien Revolving Loan830 — 830 
Mustang Prospects Purchaser, LLC1st Lien Delay Draw Term Loan328 — 328 
Mustang Prospects Purchaser, LLC1st Lien Revolving Loan284 (17)267 
NCP-MSI Buyer, Inc.1st Lien Delay Draw Term Loan998 — 998 
NCP-MSI Buyer, Inc.1st Lien Revolving Loan1,031 (266)765 
Nelipak Holding Company1st Lien Delay Draw Term Loan1,172 — 1,172 
Nelipak Holding Company1st Lien Revolving Loan537 (199)338 
Neptune BidCo US Inc.1st Lien Revolving Loan2,988 — 2,988 
Netsmart Technologies, Inc.1st Lien Delay Draw Term Loan4,473 — 4,473 
Netsmart Technologies, Inc.1st Lien Revolving Loan5,311 — 5,311 
Network Bidco B.V.1st Lien Delay Draw Term Loan1,463 — 1,463 
New Churchill Holdco LLC1st Lien Delay Draw Term Loan786 — 786 
New Churchill Holdco LLC1st Lien Revolving Loan151 — 151 
Next Holdco, LLC1st Lien Delay Draw Term Loan255 — 255 
Next Holdco, LLC1st Lien Revolving Loan37 — 37 
NMC Skincare Intermediate Holdings II, LLC1st Lien Revolving Loan470 (311)163 
North American Science Associates, LLC1st Lien Revolving Loan2,499 (2,499)— 
North Haven Fairway Buyer, LLC1st Lien Delay Draw Term Loan1,151 — 1,151 
North Haven Fairway Buyer, LLC1st Lien Revolving Loan13 (3)10 
North Haven Stack Buyer, LLC1st Lien Delay Draw Term Loan483 — 483 
North Haven Stack Buyer, LLC1st Lien Revolving Loan458 (239)219 
North Star Acquisitionco, LLC and Toucan Bidco Limited1st Lien Delay Draw Term Loan28 — 28 
North Star Acquisitionco, LLC and Toucan Bidco Limited1st Lien Revolving Loan621 — 621 
Northwinds Holding, Inc.1st Lien Delay Draw Term Loan1,872 — 1,872 
Northwinds Holding, Inc.1st Lien Revolving Loan884 (442)442 
Oakbridge Insurance Agency LLC1st Lien Delay Draw Term Loan361 — 361 
Oakbridge Insurance Agency LLC1st Lien Revolving Loan114 (34)80 


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyInvestment TypeTotal revolving and delayed draw loan commitmentsLess: funded commitmentsTotal unfunded commitments
Odevo AB1st Lien Delay Draw Term Loan539 — 539 
OLIFAN GROUP PARTNERS1st Lien Delay Draw Term Loan386 — 386 
Olympia Acquisition, Inc.1st Lien Delay Draw Term Loan54 — 54 
OMH-HealthEdge Holdings, LLC1st Lien Revolving Loan878 — 878 
Optio Group Limited1st Lien Delay Draw Term Loan1,555 — 1,555 
Orange Barrel Media, LLC/IKE Smart City, LLC1st Lien Delay Draw Term Loan3,032 — 3,032 
Orange Barrel Media, LLC/IKE Smart City, LLC1st Lien Revolving Loan2,080 — 2,080 
Pallas NZ Funding Trust No. 11st Lien Revolving Loan2,259 (2,260)— 
Panther NewCo1st Lien Delay Draw Term Loan1,286 — 1,286 
Paragon 28, Inc.1st Lien Delay Draw Term Loan1,217 — 1,217 
Paragon 28, Inc.1st Lien Revolving Loan2 (1)1 
Paris US Holdco, Inc. & 1001028292 Ontario Inc.1st Lien Delay Draw Term Loan1,516 — 1,516 
Paris US Holdco, Inc. & 1001028292 Ontario Inc.1st Lien Revolving Loan1,075 (11)1,064 
Pathstone Family Office LLC1st Lien Delay Draw Term Loan722 — 722 
Pathstone Family Office LLC1st Lien Revolving Loan629 — 629 
Patriot Container Corp.1st Lien Delay Draw Term Loan2,252 — 2,252 
Patriot Growth Insurance Services, LLC1st Lien Revolving Loan250 (125)125 
PCIA SPV-3, LLC1st Lien Delay Draw Term Loan227 — 227 
PCIA SPV-3, LLC1st Lien Revolving Loan321 — 321 
PCMI Parent, LLC1st Lien Revolving Loan600 — 600 
PCS Midco, Inc.1st Lien Delay Draw Term Loan173 — 173 
PCS Midco, Inc.1st Lien Revolving Loan74 (13)61 
PDDS Holdco, Inc.1st Lien Delay Draw Term Loan119 — 119 
PDDS Holdco, Inc.1st Lien Revolving Loan58 (17)41 
PDI TA Holdings, Inc.1st Lien Revolving Loan185 (25)160 
People Corporation1st Lien Delay Draw Term Loan4,856 — 4,856 
People Corporation1st Lien Revolving Loan625 (335)289 
Perigon Wealth Management, LLC1st Lien Delay Draw Term Loan1,062 — 1,062 
Perigon Wealth Management, LLC1st Lien Revolving Loan250 — 250 
PestCo, LLC1st Lien Delay Draw Term Loan99 — 99 
PestCo, LLC1st Lien Revolving Loan2 — 2 
Phoenix YW Buyer, Inc.1st Lien Revolving Loan979 — 979 
Pinnacle MEP Intermediate Holdco LLC1st Lien Delay Draw Term Loan1,462 — 1,462 
Pinnacle MEP Intermediate Holdco LLC1st Lien Revolving Loan518 (138)380 
Pluralsight, LLC1st Lien Delay Draw Term Loan1,322 — 1,322 
Pluralsight, LLC1st Lien Revolving Loan529 — 529 
PracticeTek Purchaser, LLC1st Lien Delay Draw Term Loan2,254 — 2,254 
PracticeTek Purchaser, LLC1st Lien Revolving Loan2 (1)1 
Precision Concepts International LLC1st Lien Revolving Loan312 (91)221 
Premier Specialties, Inc.1st Lien Revolving Loan386 (193)193 
Premiere Buyer, LLC1st Lien Delay Draw Term Loan511 — 511 
Premiere Buyer, LLC1st Lien Revolving Loan891 — 891 
Premise Health Holding Corp.1st Lien Revolving Loan387 — 387 
Prime Dental Alliance B.V.1st Lien Delay Draw Term Loan441 — 441 
Priority Waste Holdings LLC1st Lien Revolving Loan2 (2)— 
ProfitSolv Purchaser, Inc.1st Lien Delay Draw Term Loan390 — 390 
ProfitSolv Purchaser, Inc.1st Lien Revolving Loan808 (411)397 
Project Essential Bidco, Inc.1st Lien Revolving Loan121 — 121 


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyInvestment TypeTotal revolving and delayed draw loan commitmentsLess: funded commitmentsTotal unfunded commitments
Proofpoint, Inc.1st Lien Revolving Loan240 — 240 
PSC Parent, Inc.1st Lien Delay Draw Term Loan645 — 645 
PSC Parent, Inc.1st Lien Revolving Loan993 (741)252 
PumpTech, LLC1st Lien Delay Draw Term Loan1,456 — 1,456 
PumpTech, LLC1st Lien Revolving Loan454 — 454 
Pye-Barker Fire & Safety, LLC1st Lien Delay Draw Term Loan1,740 — 1,740 
Pye-Barker Fire & Safety, LLC1st Lien Revolving Loan689 (86)603 
QBS Parent, Inc.1st Lien Revolving Loan488 — 488 
QF Holdings, Inc.1st Lien Revolving Loan317 (95)222 
Quick Quack Car Wash Holdings, LLC1st Lien Delay Draw Term Loan222 — 222 
Quick Quack Car Wash Holdings, LLC1st Lien Revolving Loan366 — 366 
Radius Aerospace Europe Limited1st Lien Revolving Loan481 (482)— 
Radius Aerospace, Inc.1st Lien Revolving Loan860 (344)516 
Raptor Technologies, LLC (Sycamore Bidco Ltd)1st Lien Revolving Loan1,679 — 1,679 
Raven Acquisition Holdings, LLC1st Lien Delay Draw Term Loan544 — 544 
Raven Acquisition Holdings, LLC1st Lien Revolving Loan1,424 — 1,424 
Rawlings Sporting Goods Company, Inc.1st Lien Revolving Loan3,148 (2,437)711 
RB Holdings Interco, LLC1st Lien Revolving Loan697 (337)360 
Reagent Chemical & Research, LLC1st Lien Revolving Loan564 — 564 
Reddy Ice LLC1st Lien Revolving Loan6,036 (1,713)4,323 
Redwood Services, LLC1st Lien Delay Draw Term Loan1,154 — 1,154 
Redwood Services, LLC1st Lien Revolving Loan282 (106)176 
Registrar Intermediate, LLC1st Lien Delay Draw Term Loan558 — 558 
Registrar Intermediate, LLC1st Lien Revolving Loan782 (226)573 
Relativity ODA LLC1st Lien Revolving Loan2 — 2 
Repairify, Inc.1st Lien Revolving Loan766 (766)— 
Revalize, Inc.1st Lien Revolving Loan227 (136)91 
Revival Animal Health, LLC1st Lien Revolving Loan307 (31)276 
RFS Opco LLC1st Lien Delay Draw Term Loan1,086 — 1,086 
Ristretto Bidco B.V.1st Lien Delay Draw Term Loan3,887 — 3,887 
Ristretto Bidco B.V.1st Lien Revolving Loan3,531 — 3,531 
RMS Holdco II, LLC1st Lien Revolving Loan883 — 883 
Rodeo AcquisitionCo LLC1st Lien Revolving Loan311 (147)164 
Royal Borrower, LLC1st Lien Delay Draw Term Loan1,345 — 1,345 
Royal Borrower, LLC1st Lien Revolving Loan805 — 805 
Rubicone Bidco Limited1st Lien Delay Draw Term Loan481 — 481 
Runway Bidco, LLC1st Lien Delay Draw Term Loan258 — 258 
Runway Bidco, LLC1st Lien Revolving Loan116 — 116 
RWA Wealth Partners, LLC1st Lien Delay Draw Term Loan2,366 — 2,366 
RWA Wealth Partners, LLC1st Lien Revolving Loan744 — 744 
Sabseg Group, S.L.1st Lien Delay Draw Term Loan9,768 — 9,768 
SageSure Holdings, LLC1st Lien Delay Draw Term Loan7,492 — 7,492 
Saldon Holdings, Inc.1st Lien Delay Draw Term Loan235 — 235 
Saldon Holdings, Inc.1st Lien Revolving Loan470 (59)411 
Sapphire Software Buyer, Inc.1st Lien Revolving Loan1,491 — 1,491 
Saturn Purchaser Corp.1st Lien Delay Draw Term Loan52 — 52 
Saturn Purchaser Corp.1st Lien Revolving Loan14 — 14 
Schill Landscaping and Lawn Care Services, LLC1st Lien Delay Draw Term Loan662 — 662 
Schill Landscaping and Lawn Care Services, LLC1st Lien Revolving Loan720 (180)540 


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyInvestment TypeTotal revolving and delayed draw loan commitmentsLess: funded commitmentsTotal unfunded commitments
SCM Insurance Services Inc.1st Lien Revolving Loan1 — 1 
Service Logic Acquisition, Inc.1st Lien Revolving Loan1,007 — 1,007 
Seventeen Group Limited1st Lien Delay Draw Term Loan83 — 83 
Severin Acquisition, LLC1st Lien Delay Draw Term Loan8,536 — 8,536 
Severin Acquisition, LLC1st Lien Revolving Loan5,767 (865)4,902 
SG Acquisition, Inc.1st Lien Revolving Loan418 — 418 
Shermco Intermediate Holdings, Inc.1st Lien Delay Draw Term Loan4,601 — 4,601 
Shermco Intermediate Holdings, Inc.1st Lien Revolving Loan2,479 (1,942)537 
SIG Parent Holdings, LLC1st Lien Delay Draw Term Loan2,068 — 2,068 
SIG Parent Holdings, LLC1st Lien Revolving Loan667 — 667 
Sigma Electric Manufacturing Corporation1st Lien Revolving Loan82 — 82 
Silk Holdings III Corp.1st Lien Revolving Loan12,036 (7,449)4,587 
Smarsh Inc.1st Lien Delay Draw Term Loan896 — 896 
Smarsh Inc.1st Lien Revolving Loan680 (91)589 
Solar Bidco Limited1st Lien Delay Draw Term Loan806 — 806 
Spaceship Purchaser, Inc.1st Lien Delay Draw Term Loan4,397 — 4,397 
Spaceship Purchaser, Inc.1st Lien Revolving Loan1,411 — 1,411 
Spark Purchaser, Inc.1st Lien Revolving Loan281 — 281 
Spindrift Beverage Co., Inc.1st Lien Delay Draw Term Loan195 — 195 
Spindrift Beverage Co., Inc.1st Lien Revolving Loan351 (25)326 
Spruce Bidco II Inc.1st Lien Revolving Loan11,657 — 11,657 
ST Athena Global LLC1st Lien Delay Draw Term Loan174 — 174 
ST Athena Global LLC1st Lien Revolving Loan696 (232)464 
Steward Partners Global Advisory, LLC1st Lien Delay Draw Term Loan310 — 310 
Sugar PPC Buyer LLC1st Lien Delay Draw Term Loan1,172 — 1,172 
Sun Acquirer Corp.1st Lien Delay Draw Term Loan13,063 — 13,063 
Sun Acquirer Corp.1st Lien Revolving Loan1,638 — 1,638 
Sunbit Receivables Trust IV1st Lien Revolving Loan5,000 (3,000)2,000 
Sundance Group Holdings, Inc.1st Lien Revolving Loan2 (1)1 
Sunvair Aerospace Group, Inc.1st Lien Delay Draw Term Loan1,528 — 1,528 
Sunvair Aerospace Group, Inc.1st Lien Revolving Loan653 — 653 
Superman Holdings, LLC1st Lien Delay Draw Term Loan1,024 — 1,024 
Superman Holdings, LLC1st Lien Revolving Loan1,259 — 1,259 
Supplying Demand, Inc.1st Lien Revolving Loan6,256 (1,514)4,742 
SV Newco 2, Inc.1st Lien Delay Draw Term Loan357 — 357 
SV Newco 2, Inc.1st Lien Revolving Loan588 — 588 
Symplr Software Inc.1st Lien Revolving Loan2 (1)1 
Systems Planning and Analysis, Inc.1st Lien Revolving Loan1,004 (93)911 
Tandarts Today Holding B.V.1st Lien Delay Draw Term Loan980 — 980 
TCI Buyer LLC1st Lien Delay Draw Term Loan6,705 — 6,705 
TCI Buyer LLC1st Lien Revolving Loan3,017 — 3,017 
TCP Hawker Intermediate LLC1st Lien Delay Draw Term Loan2,683 — 2,683 
TCP Hawker Intermediate LLC1st Lien Revolving Loan5,995 (3,384)2,611 
Telle Tire & Auto Service, LLC1st Lien Delay Draw Term Loan402 — 402 
Telle Tire & Auto Service, LLC1st Lien Revolving Loan70 — 70 
The Hiller Companies, LLC1st Lien Delay Draw Term Loan784 — 784 
The Hiller Companies, LLC1st Lien Revolving Loan965 — 965 
The Mather Group, LLC1st Lien Revolving Loan750 (325)425 
The Ultimus Group Midco, LLC1st Lien Delay Draw Term Loan448 — 448 
The Ultimus Group Midco, LLC1st Lien Revolving Loan537 — 537 
Thermostat Purchaser III, Inc.1st Lien Revolving Loan100 (20)80 


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyInvestment TypeTotal revolving and delayed draw loan commitmentsLess: funded commitmentsTotal unfunded commitments
Transit Technologies LLC1st Lien Delay Draw Term Loan929 — 929 
Transit Technologies LLC1st Lien Revolving Loan839 — 839 
Truck-Lite Co., LLC and Ecco Holdings Corp.1st Lien Delay Draw Term Loan442 — 442 
Truck-Lite Co., LLC and Ecco Holdings Corp.1st Lien Revolving Loan1,333 (89)1,244 
Truist Insurance Holdings, LLC1st Lien Revolving Loan653 (83)570 
TSS Buyer, LLC1st Lien Delay Draw Term Loan79 — 79 
Two Six Labs, LLC1st Lien Delay Draw Term Loan3,768 — 3,768 
Two Six Labs, LLC1st Lien Revolving Loan2,561 (1,229)1,332 
Unifi Aviation North America, LLC1st Lien Delay Draw Term Loan565 — 565 
Unifi Aviation North America, LLC1st Lien Revolving Loan1 — 1 
United Digestive MSO Parent, LLC1st Lien Delay Draw Term Loan1,384 — 1,384 
United Digestive MSO Parent, LLC1st Lien Revolving Loan168 (50)118 
Unity Purchaser, LLC1st Lien Delay Draw Term Loan1,455 — 1,455 
Unity Purchaser, LLC1st Lien Revolving Loan424 — 424 
UP Intermediate II LLC1st Lien Revolving Loan326 — 326 
US Salt Investors, LLC1st Lien Revolving Loan679 — 679 
Vamos Bidco, Inc.1st Lien Delay Draw Term Loan1,083 — 1,083 
Vamos Bidco, Inc.1st Lien Revolving Loan334 — 334 
Vantage Data Centers Europe S.a r.l.1st Lien Delay Draw Term Loan3,207 — 3,207 
Verista, Inc.1st Lien Revolving Loan2,000 (167)1,833 
Vertex Service Partners, LLC1st Lien Delay Draw Term Loan4,842 — 4,842 
Vertex Service Partners, LLC1st Lien Revolving Loan210 (74)136 
Victors Purchaser, LLC1st Lien Delay Draw Term Loan2,291 — 2,291 
Victors Purchaser, LLC1st Lien Revolving Loan2,223 — 2,223 
Viper Bidco, Inc.1st Lien Delay Draw Term Loan748 — 748 
Viper Bidco, Inc.1st Lien Revolving Loan618 — 618 
Visual Edge Technology, Inc.1st Lien Delay Draw Term Loan50 — 50 
VPP Intermediate Holdings, LLC1st Lien Delay Draw Term Loan1,738 — 1,738 
VPP Intermediate Holdings, LLC1st Lien Revolving Loan315 — 315 
VRC Companies, LLC1st Lien Revolving Loan1,342 — 1,342 
W.S. Connelly & Co., LLC1st Lien Delay Draw Term Loan174 — 174 
W.S. Connelly & Co., LLC1st Lien Revolving Loan1,778 (914)864 
Watermill Express, LLC1st Lien Delay Draw Term Loan252 — 252 
Watermill Express, LLC1st Lien Revolving Loan506 (215)291 
Watt Holdco Limited1st Lien Delay Draw Term Loan476 — 476 
Waverly Advisors, LLC1st Lien Delay Draw Term Loan4,938 — 4,938 
Waverly Advisors, LLC1st Lien Revolving Loan945 (189)756 
WCI-BXC Purchaser, LLC1st Lien Revolving Loan34 — 34 
Wealth Enhancement Group, LLC1st Lien Delay Draw Term Loan5,935 — 5,935 
Wealth Enhancement Group, LLC1st Lien Revolving Loan1,378 — 1,378 
WebPT, Inc.1st Lien Revolving Loan216 (151)65 
Wellington Bidco Inc.1st Lien Delay Draw Term Loan653 — 653 
Wellington Bidco Inc.1st Lien Revolving Loan804 (110)694 
Wellington-Altus Financial Inc.1st Lien Delay Draw Term Loan797 — 797 
Wellington-Altus Financial Inc.1st Lien Revolving Loan319 — 319 
Wellness AcquisitionCo, Inc.1st Lien Delay Draw Term Loan1,376 — 1,376 
Wellness AcquisitionCo, Inc.1st Lien Revolving Loan1,500 — 1,500 
Witherslack Bidco Limited1st Lien Delay Draw Term Loan3,033 — 3,033 
WorkWave Intermediate II, LLC1st Lien Revolving Loan460 (101)359 
World Insurance Associates, LLC1st Lien Delay Draw Term Loan716 — 716 
World Insurance Associates, LLC1st Lien Revolving Loan60 — 60 


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
CompanyInvestment TypeTotal revolving and delayed draw loan commitmentsLess: funded commitmentsTotal unfunded commitments
Worldwide Produce Acquisition, LLC1st Lien Revolving Loan21 — 21 
WRE Sports Investments LLC1st Lien Delay Draw Term Loan1,742 — 1,742 
WSBidCo Limited1st Lien Delay Draw Term Loan4,415 — 4,415 
WSHP FC Acquisition LLC1st Lien Revolving Loan2,945 (1,726)1,219 
YE Brands Holdings, LLC1st Lien Delay Draw Term Loan142 — 142 
YE Brands Holdings, LLC1st Lien Revolving Loan297 — 297 
ZB Holdco LLC1st Lien Delay Draw Term Loan642 — 642 
ZB Holdco LLC1st Lien Revolving Loan884 (505)379 
Zinc Buyer Corporation1st Lien Delay Draw Term Loan418 — 418 
Zinc Buyer Corporation1st Lien Revolving Loan407 — 407 
$832,510 $(104,224)$728,276 
____________________________________________________

(h)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.

(i)Loan or bond was on non-accrual status as of March 31, 2025.

(j)Non-income producing security as of March 31, 2025.

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

(l)The Fund sold a participating interest of CAD $16,378 in aggregate principal amount outstanding of the portfolio company’s first lien senior secured revolver. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Fund recorded a corresponding secured borrowing of $16,282 at fair value, included in “accrued expenses and other payables” in the consolidated statement of assets and liabilities. As of March 31, 2025, the interest rate in effect for the secured borrowing was 13.07%.

    As of March 31, 2025, the aggregate cost of securities for federal income tax purposes was $6,678,648. Unrealized appreciation and depreciation on investments for federal income tax purposes are as follows:

Gross unrealized appreciation$122,614 
Gross unrealized depreciation(181,300)
Net unrealized depreciation$(58,686)

Forward currency contracts as of March 31, 2025 were as follows:


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
DescriptionNotional Amount to be PurchasedNotional Amount to be SoldCounterpartySettlement DateUnrealized Appreciation / (Depreciation)
Foreign currency forward contract$213,705 €197,360 Morgan Stanley Capital Services LLCApril 28, 2025$(7,294)
Foreign currency forward contract$125,049 £96,812 Morgan Stanley Capital Services LLCApril 28, 2025(5,928)
Foreign currency forward contract$118,141 £91,464 Goldman Sachs InternationalApril 28, 2025(5,450)
Foreign currency forward contract$81,098 €74,896 Goldman Sachs InternationalApril 28, 2025(2,538)
Foreign currency forward contract$31,144 SEK312,564 Goldman Sachs InternationalApril 28, 2025(2,618)
Foreign currency forward contract$23,111 CAD33,226 Goldman Sachs InternationalApril 22, 2025166 
Foreign currency forward contract$23,102 NOK243,045 Morgan Stanley Capital Services LLCApril 28, 2025(1,562)
Foreign currency forward contract€16,258 $17,604 Morgan Stanley Capital Services LLCApril 28, 2025(105)
Foreign currency forward contract$15,904 CAD22,858 Morgan Stanley Capital Services LLCApril 28, 202543 
Foreign currency forward contract$11,274 DKK77,663 Morgan Stanley Capital Services LLCApril 28, 2025(379)
Foreign currency forward contract$10,974 NZD19,317 Goldman Sachs InternationalApril 28, 2025(35)
Foreign currency forward contractCAD8,489 $5,899 Morgan Stanley Capital Services LLCApril 28, 2025(3)
Foreign currency forward contract$8,174 CAD11,748 Goldman Sachs InternationalApril 28, 202528 
Foreign currency forward contract$7,062 AUD11,300 Goldman Sachs InternationalApril 28, 202517 
Foreign currency forward contract$6,744 CAD9,651 Goldman Sachs InternationalJuly 25, 2025(3)
Foreign currency forward contract$5,078 DKK34,986 Goldman Sachs InternationalApril 28, 2025(160)
Foreign currency forward contract$4,341 £3,371 Goldman Sachs InternationalAugust 21, 2026(169)
Foreign currency forward contract$4,199 AUD6,719 Morgan Stanley Capital Services LLCApril 17, 2025(21)
Foreign currency forward contract$3,918 SEK39,321 Morgan Stanley Capital Services LLCApril 28, 2025(314)
Foreign currency forward contract$3,875 PLN15,023 Goldman Sachs InternationalApril 28, 2025(188)
Foreign currency forward contract$2,426 NZD4,272 Morgan Stanley Capital Services LLCApril 17, 2025(23)
Foreign currency forward contract$1,931 AUD3,089 Morgan Stanley Capital Services LLCApril 28, 20256 
Foreign currency forward contract$1,870 €1,728 Morgan Stanley Capital Services LLCApril 17, 2025(84)
Foreign currency forward contract$608 NOK6,400 Goldman Sachs InternationalApril 28, 2025(41)
Foreign currency forward contract$14 €13 Goldman Sachs InternationalApril 4, 2025(2)
Foreign currency forward contract$14 €13 Goldman Sachs InternationalJuly 7, 2025(2)
Total$(26,659)

Interest rate swaps as of March 31, 2025 were as follows:



CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
DescriptionMRPSFund ReceivesFund PaysCounterpartyMaturity DateNotional AmountFair Value Upfront Payments/Receipts Change in Unrealized Appreciation / (Depreciation)
Interest rate swap Series H MRPS6.250 %
SOFR +1.7420%
Goldman Sachs International06/07/2027$100,000 $1,565 $— $736 
Interest rate swapSeries I MRPS6.350 %
SOFR +2.0865%
Goldman Sachs International06/07/202950,000 1,028 — 760 
Interest rate swapSeries J MRPS6.350 %
SOFR +2.0895%
Goldman Sachs International07/03/202950,000 1,042 — 771 
Interest rate swapSeries K MRPS5.940 %
SOFR +1.9950%
Goldman Sachs International01/15/2030150,000 1,292 — 2,220 
Interest rate swapSeries L MRPS6.070 %
SOFR +2.1530%
Goldman Sachs International04/14/2032150,000 1,314 — 2,850 
Total$500,000 $6,241 $— $7,337 

Purchased options outstanding as of March 31, 2025 were as follows:

Options on Equity Indices — Buy Protection

DescriptionExercise PriceExpiration DateCounterpartyNotional AmountPremiumFair Value
Call-Chicago Board Options Exchange-VIX US$30 05/21/2025Goldman Sachs International$1,281 $46 $63 
Total Purchased Options on Equity Indices$46 $63 

Written options outstanding as of March 31, 2025 were as follows:

Options on Equity Indices — Sell Protection

DescriptionExercise PriceExpiration DateCounterpartyNotional AmountPremiumFair Value
Call-Chicago Board Options Exchange-VIX US$40 05/21/2025Goldman Sachs International$(1,281)$(25)$(35)
Total Written Options$(25)$(35)
Swaps outstanding as of March 31, 2025 were as follows:

Swaps: Centrally Cleared or Exchange Traded

Credit Default Swaps on Credit Indices - Buy Protection (1)
DescriptionPayment FrequencyFixed Deal Pay RateExpiration DateExchangeNotional Amount (2)Value (3)Upfront Premiums Paid (Received)Unrealized Appreciation (Depreciation)
CDX HY S41 5YQ5.00%12/20/2028ICE$10,395 $(622)$(618)$(4)
Total Swaps - Buy Protection: Centrally Cleared or Exchange Traded$(622)$(618)$(4)

Swaps: Over the Counter

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



CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
DescriptionPayment FrequencyFixed Deal Pay RateExpiration DateCounterpartyNotional Amount (2)Value (3)Upfront Premiums Paid (Received)Unrealized Appreciation (Depreciation)
CDX HY S39 Tranche 15-25Q5.00%12/20/2027Goldman Sachs International$7,418 $(495)$(426)$(69)
CMBX.NA.BBB- S9M3.00%09/17/2058Goldman Sachs International$1,030 183 246 (63)
Total Swaps - Buy Protection: Over the Counter
$(312)$(180)$(132)

Credit Default Swaps on Credit Indices - Sell Protection (4)
DescriptionPayment FrequencyFixed Deal Pay RateExpiration DateCounterpartyNotional Amount (2)Value (3)Upfront Premiums Paid (Received)Unrealized Appreciation (Depreciation)
SRT CDS Tranche 95.12-99.23M5.25%09/30/2031Goldman Sachs International$(9,937)$1 $— $1 
Total Swaps - Sell Protection: Over the Counter$1 $— $1 

____________________________________________________

(1)If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap, 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.

(3)The quoted market prices and resulting values for credit default swaps 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 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, 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.

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


CION Ares Diversified Credit Fund
Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except shares, percentages and as otherwise noted)
NZD New Zealand Dollars
PLN Polish Zloty
SEK Swedish Krone
USD U.S. Dollars

CION Ares Diversified Credit Fund
Notes to Consolidated Schedule of Investments
March 31, 2025 (Unaudited)
(in thousands, except 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 operates 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 U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940, as amended, 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 and short-term, liquid investments in a money market account. 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 depository or 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 Fund’s board of trustees (the “Board”) has designated the Adviser as the Fund’s “valuation designee” (the “Valuation Designee”) to perform fair value determinations for investments held by the Fund without readily available market quotations subject to the oversight of the Board. All investments are recorded at their fair value.

Investments for which market quotations are readily available are typically valued at such market quotations. In order to validate market quotations, the Valuation Designee looks at a number of factors to determine if the quotations are representative of fair value, including the source and nature of the quotations. Debt and equity securities that are not publicly

CION Ares Diversified Credit Fund
Notes to Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except percentages and as otherwise noted)
traded or whose market prices are not readily available are valued at fair value as determined in good faith by the Valuation Designee, subject to the oversight of the Board, in accordance with the Valuation Designee’s valuation policy. The Valuation Designee 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.

Investments in the Fund’s portfolio that do not have a readily available market are valued at fair value as determined in good faith by the Valuation Designee as described herein. As part of the valuation process for investments that do not have readily available market prices, the Valuation Designee may take into account the following types of factors, if relevant, in determining the fair value of the Fund's investments: the enterprise value of a portfolio company (the entire value of the portfolio company to a market participant, including the sum of the values of debt and equity securities used to capitalize the enterprise at a point in time), the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company's securities to any similar publicly traded securities, changes in the interest rate environment and the credit markets, which may affect the price at which similar investments would trade in their principal markets and other relevant factors. When an external event such as a purchase transaction, public offering or subsequent sale occurs, the Valuation Designee 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. 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. To maintain the Fund’s tax treatment as a regulated investment company under the Internal Revenue Code of 1986, as amended, this non-cash source of income must be paid out to shareholders in the form of dividends for the year the income was earned, even though the Fund has not yet collected the cash. 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.


CION Ares Diversified Credit Fund
Notes to Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except percentages and as otherwise noted)
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 

Dividend income on preferred equity 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 contains 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. PIK dividends added to the principal balance are generally collected upon redemption of the equity.

Foreign Currency Transactions and Foreign Currency Forward 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 in “net realized and unrealized gains or losses 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 foreign currency forward contracts for operational purposes and to protect against adverse exchange rate fluctuations. A foreign currency forward 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 foreign currency forward 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 or losses on derivative contracts” in the Fund’s 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, 2025 (Unaudited)
(in thousands, except 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 the Consolidated Financial Statements

The preparation of the consolidated financial statements in conformity with GAAP requires the Adviser to make estimates and assumptions that affect the reported amounts of actual and contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of income or loss and expenses during the reporting period. Actual results could differ from those estimates and such differences may be actual and contingent. Significant estimates include the valuation of investments.

3.     FAIR VALUE OF FINANCIAL INSTRUMENTS

    The Fund follows ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASC 825-10”), which provides companies the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect of the company’s choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the balance sheet. The Fund has not elected the ASC 825-10 option to report selected financial assets and liabilities at fair value. With the exception of the line items entitled “other assets”, “mandatory redeemable preferred shares” and “debt,” which are reported at amortized cost, the carrying value of all other assets and liabilities approximate fair value.

The Fund also follows 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 Valuation Designee continues to employ its net asset valuation policy and procedures that have been reviewed by the Fund's Board in connection with their designation of the Adviser as the Fund’s valuation designee and are consistent with the provisions of Rule 2a-5 under the Investment Company Act and ASC 820-10 (see Note 2 for more information). Consistent with its valuation policy and procedures, the Valuation Designee evaluates the source of inputs, including any markets in which the Fund’s investments are trading (or any markets in

CION Ares Diversified Credit Fund
Notes to Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except percentages and as otherwise noted)
which securities with similar attributes are trading), in determining fair value. Because there is not a readily available market value for most of the investments in the Fund's portfolio, the fair value of the investments must typically 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 Valuation Designee 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 Valuation Designee is responsible for all inputs and assumptions related to the pricing of securities. The Valuation Designee has internal controls in place that support its reliance on information received from third-party pricing sources. As part of its internal controls, the Valuation Designee obtains, reviews, and tests information to corroborate prices received from third-party pricing sources. For any security, if market or dealer quotations are not readily available, or if the Valuation Designee 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 Valuation Designee, subject to the oversight of the Board and will be classified as Level 3. In such instances, the Valuation Designee 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 Fund's portfolio investments classified as Level 3 (other than as described below in the following paragraph) are typically valued using two different valuation techniques. The first valuation technique is an analysis of the enterprise value (“EV”) of the portfolio company. EV 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 Valuation Designee may also employ other valuation multiples to determine EV, such as revenues. The Valuation Designee may also use industry specific valuation analyses to determine EV, 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 EV. 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 Valuation Designee 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 EV of the portfolio company. As debt investments held by the Fund are substantially illiquid with no active transaction market, the Valuation Designee 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

CION Ares Diversified Credit Fund
Notes to Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except percentages and as otherwise noted)
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 Valuation Designee 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 Valuation Designee depends on primary market data, including newly funded transactions, as inputs in determining the appropriate market yield, as applicable.

    The following table is a summary of the inputs used as of March 31, 2025, in valuing the Fund’s investments carried at fair value, derivative assets and derivative liabilities:    
Level 1 - Quoted PricesLevel 2 - Other Significant
Observable Inputs		Level 3 - Significant Unobservable InputsTotal
Senior loans$— $1,411,838 $3,436,635 $4,848,473 
Subordinated loans— — 173,935 173,935 
Corporate bonds— 205,591 100,910 306,501 
Collateralized loan obligations— — 633,319 633,319 
Mortgage-backed security— — 23,381 23,381 
Private asset-backed investments— — 94,756 94,756 
Preferred stock— — 348,723 348,723 
Common stock— 20,564 162,226 182,790 
Warrants— — 8,084 8,084 
Total investments$— $1,637,993 $4,981,969 $6,619,962 
Derivative assets:
Foreign currency forward contracts$— $260 $— $260 
Purchased equity options$63 $— $— $63 
Credit default swaps$— $184 $— $184 
Interest rate swaps$— $6,241 $— $6,241 
Derivative liabilities:
Foreign currency forward contracts$— $(26,919)$— $(26,919)
Written equity options$(35)$— $— $(35)
Credit default swaps$— $(495)$— $(495)


CION Ares Diversified Credit Fund
Notes to Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except percentages and as otherwise noted)
    The following table summarizes the significant unobservable inputs the Valuation Designee used to value the majority of the Fund’s investments categorized within Level 3 as of March 31, 2025. The table is not intended to be all-inclusive, but instead to capture the significant unobservable inputs relevant to the determination of fair values.

Asset CategoryFair ValuePrimary Valuation TechniquesInputsEstimated Range
Weighted Average(a)
Senior loans$3,299,365 Yield analysisMarket yield5.4% - 23.7%10.3%
Senior loans99,102 EV coverage analysisValuation multiple2.6x - 13.0x10.0x
Senior loans38,168 Broker quotesN/AN/AN/A
Subordinated loans173,935 Yield analysisMarket yield10.4% - 21.9%13.1%
Corporate bonds82,319 Broker quotesN/AN/AN/A
Corporate bonds18,591 Yield analysisMarket yield8.8% - 20.7%15.0%
Collateralized loan obligations633,319 Broker quotesN/AN/AN/A
Mortgage-backed security23,381 Broker quotesN/AN/AN/A
Private asset-backed investments94,756 Income (other)Market yield
Discount rate
Constant default rate
Constant prepayment rate
Recovery rate
Exit cap rate		 4.0% - 12.0%
16.0%
0.0% - 10.3%
0.0% - 19.0%
0.0% - 65.0%
4.5%		9.0%
16.0%
4.1%
7.7%
6.2%
4.5%
Preferred stock280,386 Yield analysisMarket yield7.0% - 21.6%14.5%
Preferred stock68,153 EV market multiple analysisValuation multiple1.0x - 25.0x 21.9x
Preferred stock184 DCF analysisDiscount rate14.5% - 18.5%16.5%
Common stock122,435 EV market multiple analysisValuation multiple2.2x - 35.0x 13.4x
Common stock31,137 DCF analysisDiscount rate14.5% - 20.0%19.0%
Common stock7,984 Yield analysisMarket yield0.1% - 9.8%9.6%
Common stock670 NAV analysisN/AN/AN/A
Warrants8,084 EV market multiple analysisValuation multiple3.2x - 11.4x 7.8x
Total Level 3 investments$4,981,969 

 ________________________________________

(a)Unobservable inputs were weighted by the relative 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 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, 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.

CION Ares Diversified Credit Fund
Notes to Consolidated Schedule of Investments (continued)
March 31, 2025 (Unaudited)
(in thousands, except percentages and as otherwise noted)

The following table 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, 2025:

Senior Loans
Subordinated
Loans
Corporate BondsCollateralized Loan ObligationsMortgage-Backed SecurityPrivate Asset- Backed Investments
Preferred Stock
Common Stock
WarrantsTotal
Balance as of December 31, 2024$3,099,652 $149,960 $107,014 $595,213$— $105,081 $334,559 $157,792 $6,366 $4,555,637 
Purchases788,612 23,710 2,809 92,06823,821 54,861 22,785 9,255 1,663 1,019,584 
Sales and principal redemptions(417,240)(3,084)(9,735)(40,432)(527)(66,753)(7,904)(4,161)— (549,836)
Net realized and unrealized gains (losses)22,497 2,047 796 (13,569)87 1,459 (717)(160)55 12,495 
Accrued discounts2,192 290 26 39— 108 — — — 2,655 
Transfers in to Level 3(a)
— 1,012 — —— — — — — 1,012 
Transfers out of Level 3(a)
(59,078)— — —— — — (500)— (59,578)
Balance as of March 31, 2025
$3,436,635 $173,935 $100,910 $633,319$23,381 $94,756 $348,723 $162,226 $8,084 $4,981,969 
Net change in unrealized gains (losses) from investments held at March 31, 2025
$27,242 $2,050 $856 $(12,647)$87 $1,381 $(226)$(235)$55 $18,563 
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(a)Investments were transferred into and out of Level 3 during the three months ended March 31, 2025. Transfers into and out of Level 3 were generally as a result of changes in the observability of significant inputs or available market data for certain portfolio companies.