CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

SENIOR LOANS (b)(c)(d)

Automobiles & Components

Automotive Keys Group, LLC

1st Lien Term Loan

6.00% (3M LIBOR + 5.00%)

11/6/2025

$

672

$

672

(e)(f)

Continental Acquisition Holdings, Inc.

1st Lien Revolver

4.50% (3M LIBOR + 3.50%)

1/20/2026

1

1

(e)(h)

Continental Acquisition Holdings, Inc.

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

1/20/2027

3,974

3,974

(e)(f)

Continental Acquisition Holdings, Inc.

1st Lien Delayed Draw Term Loan

1/20/2027

1,461

—

(e)(h)

Highline Aftermarket Acquisition, LLC

1st Lien Revolver

3.83% (1M LIBOR + 3.75%)

11/10/2025

1

—

(e)(h)

Highline Aftermarket Acquisition, LLC

2nd Lien Term Loan

8.75% (3M LIBOR + 8.00%)

11/9/2028

5,942

5,883

(e)(f)

Highline Aftermarket Acquisition, LLC

2nd Lien Delayed Draw Term Loan

8.75% (3M LIBOR + 8.00%)

11/9/2028

4,209

4,167

(e)

Mavis Tire Express Services Topco Corp.

1st Lien Revolver

5/4/2026

1

—

(e)(h)

Sun Acquirer Corp.

1st Lien Revolver

9/8/2027

1,059

(21)

(e)(h)

Sun Acquirer Corp.

1st Lien Term Loan

6.50% (3M LIBOR + 5.75%)

9/8/2028

6,615

6,549

(e)

Sun Acquirer Corp.

1st Lien Delayed Draw Term Loan

6.50% (3M LIBOR + 5.75%)

9/8/2028

4,869

640

(e)(h)

Truck Hero, Inc.

1st Lien Term Loan

4.00% (1M LIBOR + 3.25%)

1/31/2028

2,494

2,487

Wand Newco 3, Inc.

1st Lien Term Loan

3.08% (1M LIBOR + 3.00%)

2/5/2026

4,209

4,168

(i)

Wand Newco 3, Inc.

2nd Lien Term Loan

7.34% (1M LIBOR + 7.25%)

2/5/2027

3,000

3,000

(e)(f)

31,520

1.92%

Banks

Invictus U.S., LLC (SK Invictus Intermediate II, S.A.R.L.)

Luxembourg

2nd Lien Term Loan

6.83% (1M LIBOR + 6.75%)

3/30/2026

690

688

(i)

688

0.04%

Capital Goods

Alliance Laundry Systems LLC

1st Lien Term Loan

4.25% (3M LIBOR + 3.50%)

10/8/2027

2,945

2,948

Artera Services, LLC

1st Lien Term Loan

4.50% (3M LIBOR + 3.50%)

3/6/2025

4,347

4,323

(i)

Brookfield WEC Holdings Inc.

1st Lien Term Loan

3.25% (1M LIBOR + 2.75%)

8/1/2025

6,918

6,867

Clarios Global LP

Canada

1st Lien Term Loan

3.33% (1M LIBOR + 3.25%)

4/30/2026

951

946

Conair Holdings LLC

1st Lien Term Loan

4.25% (3M LIBOR + 3.75%)

5/17/2028

3,535

3,536

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

CP Atlas Buyer, Inc.

1st Lien Term Loan

4.25% (3M LIBOR + 3.75%)

11/23/2027

$

7,443

$

7,415

(i)

Creation Holdings Inc.

1st Lien Revolver

6.75% (3M LIBOR + 5.75%)

8/15/2024

545

454

(e)(h)

Creation Holdings Inc.

1st Lien Term Loan

6.75% (1M LIBOR + 5.75%)

8/15/2025

2,348

2,348

(e)(f)

Creation Holdings Inc.

1st Lien Delayed Draw Term Loan

6.75% (1M LIBOR + 5.75%)

8/15/2025

443

443

(e)

Crown Subsea Communications Holding, Inc.

1st Lien Term Loan

5.75% (1M LIBOR + 5.00%)

4/27/2027

1,212

1,219

Dynamic NC Aerospace Holdings, LLC

1st Lien Revolver

12/30/2025

1,296

(13)

(e)(h)

Dynamic NC Aerospace Holdings, LLC

1st Lien Term Loan

7.50% (3M LIBOR + 6.50%)

12/30/2026

3,293

3,260

(e)(f)

Eleda BidCo AB

Sweden

1st Lien Term Loan

6.50% (3M STIBOR + 6.50%)

6/30/2026

SEK

21,000

2,399

(e)(f)

Eleda BidCo AB

Sweden

1st Lien Delayed Draw Term Loan

6/30/2026

SEK

8,000

—

(e)(h)

Eleda BidCo AB

Sweden

1st Lien Delayed Draw Term Loan

6.50% (3M STIBOR + 6.50%)

6/30/2026

SEK

9,070

1,036

(e)(f)

EPS NASS Parent, Inc.

1st Lien Revolver

6.75% (1M LIBOR + 5.75%)

4/17/2026

158

17

(e)(h)

EPS NASS Parent, Inc.

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

4/19/2028

5,847

5,788

(e)(f)

EPS NASS Parent, Inc.

1st Lien Delayed Draw Term Loan

4/19/2028

585

(6)

(e)(h)

FCG Acquisitions, Inc.

1st Lien Term Loan

4.25% (3M LIBOR + 3.75%)

3/31/2028

1,676

1,672

FCG Acquisitions, Inc.

1st Lien Delayed Draw Term Loan

4.25% (3M LIBOR + 3.75%)

3/31/2028

320

306

(h)

Flow Control Solutions, Inc.

1st Lien Revolver

11/21/2024

373

—

(e)(h)

Flow Control Solutions, Inc.

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

11/21/2024

1,271

1,271

(e)(f)

Flow Control Solutions, Inc.

1st Lien Delayed Draw Term Loan

6.50% (3M LIBOR + 5.50%)

11/21/2024

1,595

1,121

(e)(h)

Kene Acquisition, Inc.

1st Lien Revolver

8/8/2024

676

—

(e)(h)

Kene Acquisition, Inc.

1st Lien Term Loan

5.25% (1M LIBOR + 4.25%)

8/10/2026

2,855

2,855

(e)(f)

Kene Acquisition, Inc.

1st Lien Delayed Draw Term Loan

5.25% (1M LIBOR + 4.25%)

8/10/2026

478

478

(e)

Kodiak BP, LLC

1st Lien Term Loan

4.00% (3M LIBOR + 3.25%)

3/12/2028

5,541

5,536

(i)

Madison IAQ LLC

1st Lien Term Loan

3.75% (6M LIBOR + 3.25%)

6/21/2028

2,969

2,964

Maverick Acquisition, Inc.

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

6/1/2027

5,361

5,307

(e)(f)

Maverick Acquisition, Inc.

1st Lien Delayed Draw Term Loan

6/1/2027

1,915

(19)

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Osmose Utilities Services, Inc.

2nd Lien Term Loan

7.25% (1M LIBOR + 6.75%)

6/25/2029

$

8,237

$

8,155

(e)

Osmosis Buyer, Ltd.

Great Britain

1st Lien Term Loan

4.50% (1M LIBOR + 4.00%)

7/31/2028

7,904

7,926

Osmosis Buyer, Ltd.

1st Lien Delayed Draw Term Loan

7/31/2028

988

991

(i)

Peraton Corp.

1st Lien Term Loan

4.50% (1M LIBOR + 3.75%)

2/1/2028

1,919

1,919

Radius Aerospace Europe Limited

Great Britain

1st Lien Revolver

3/29/2025

₤

186

(3)

(e)(h)

Radius Aerospace Europe Limited

Great Britain

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

3/29/2025

1,598

1,582

(e)(f)

Radius Aerospace, Inc.

1st Lien Revolver

3/29/2025

429

(4)

(e)(h)

Radius Aerospace, Inc.

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

3/29/2025

2,416

2,392

(e)(f)

Sigma Electric Manufacturing Corporation

1st Lien Revolver

10/31/2022

1

—

(e)(h)

Sigma Electric Manufacturing Corporation

1st Lien Term Loan

5.75% (3M LIBOR + 4.75%)

10/31/2023

434

434

(e)(f)

SRS Distribution Inc.

1st Lien Term Loan

4.25% (3M LIBOR + 3.75%)

6/2/2028

6,123

6,121

Star US Bidco LLC

1st Lien Term Loan

5.25% (1M LIBOR + 4.25%)

3/17/2027

3,585

3,591

Sunk Rock Foundry Partners LP

1st Lien Term Loan

5.75% (3M LIBOR + 4.75%)

10/31/2023

202

202

(e)(f)

Tank Holding Corp.

1st Lien Term Loan

3.58% (1M LIBOR + 3.50%)

3/26/2026

3,397

3,380

Tank Holding Corp.

1st Lien Term Loan

5.75% (3M LIBOR + 5.00%)

3/26/2026

2,876

2,878

(i)

Titan Acquisition, Ltd.

Canada

1st Lien Term Loan

3.17% (3M LIBOR + 3.00%)

3/28/2025

6,018

5,904

(i)

TransDigm Group Incorporated

1st Lien Term Loan

2.33% (1M LIBOR + 2.25%)

8/22/2024

424

420

TransDigm Group Incorporated

1st Lien Term Loan

2.33% (1M LIBOR + 2.25%)

12/9/2025

2,977

2,940

Turbo Acquisitions 10 Bidco Limited

Great Britain

1st Lien Term Loan

7.25% (3M GBP LIBOR + 7.25%)

2/26/2027

₤

2,516

3,390

(e)(f)

Turbo Acquisitions 10 Bidco Limited

Great Britain

1st Lien Delayed Draw Term Loan

7.25% (3M GBP LIBOR + 7.25%)

2/26/2027

₤

2,827

3,809

(e)(f)

Turbo Acquisitions 10 Bidco Limited

Great Britain

1st Lien Delayed Draw Term Loan

7.25% (SONIA + 7.25%)

2/26/2027

₤

1,346

181

(e)(h)

VC GB Holdings I Corp

1st Lien Term Loan

4.00% (3M LIBOR + 3.50%)

7/21/2028

735

734

VC GB Holdings I Corp

2nd Lien Term Loan

7.25% (3M LIBOR + 6.75%)

7/23/2029

1,200

1,203

Welbilt, Inc.

1st Lien Term Loan

2.58% (1M LIBOR + 2.50%)

10/23/2025

3,902

3,889

Wilsonart LLC

1st Lien Term Loan

4.50% (3M LIBOR + 3.50%)

12/31/2026

6,448

6,450

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Zurn Industries, LLC

1st Lien Term Loan

10/4/2028

$

3,000

$

2,999

(i)

135,954

8.30%

Commercial & Professional Services

Aero Operating LLC

1st Lien Term Loan

8.00% (1M LIBOR + 6.50%)

2/9/2026

2,874

2,874

(e)(f)

Aero Operating LLC

1st Lien Delayed Draw Term Loan

8.00% (1M LIBOR + 6.50%)

2/9/2026

825

825

(e)

AlixPartners, LLP

1st Lien Term Loan

3.25% (1M LIBOR + 2.75%)

2/4/2028

1,990

1,984

AMCP Clean Intermediate, LLC

1st Lien Revolver

10/1/2024

1

—

(e)(h)

AMCP Clean Intermediate, LLC

1st Lien Term Loan

7.00% (12M LIBOR + 6.00%)

10/1/2024

358

358

(e)

AMCP Clean Intermediate, LLC

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

10/1/2024

2,064

2,064

(e)(f)

AMCP Clean Intermediate, LLC

1st Lien Term Loan

7.00% (PRIME + 6.00%)

10/1/2024

699

699

(e)(f)

ASG Bidco Limited

Great Britain

1st Lien Delayed Draw Term Loan

4/27/2027

₤

553

—

(e)(h)

ASG Bidco Limited

Great Britain

1st Lien Delayed Draw Term Loan

7.00% (3M GBP LIBOR + 7.00%)

4/27/2027

₤

2,947

3,971

(e)(f)

Auxadi Midco S.L.U.

Spain

1st Lien Term Loan

7/17/2028

€

1,273

—

(e)(h)

Auxadi Midco S.L.U.

Spain

1st Lien Term Loan

4.75% (3M EURIBOR + 4.75%)

7/17/2028

€

836

969

(e)

Capstone Acquisition Holdings, Inc.

1st Lien Revolver

7.00% (PRIME + 3.75%)

11/12/2025

1,150

177

(e)(h)

Capstone Acquisition Holdings, Inc.

1st Lien Term Loan

5.75% (1M LIBOR + 4.75%)

11/12/2027

10,981

10,981

(e)(f)

Capstone Acquisition Holdings, Inc.

1st Lien Delayed Draw Term Loan

11/12/2027

1,681

—

(e)(h)

Capstone Acquisition Holdings, Inc.

2nd Lien Term Loan

9.75% (1M LIBOR + 8.75%)

11/13/2028

3,008

3,008

(e)(f)

Capstone Acquisition Holdings, Inc.

2nd Lien Delayed Draw Term Loan

11/13/2028

531

—

(e)(h)

CED France Holding

France

1st Lien Term Loan

6.00% (3M EURIBOR + 6.00%)

12/10/2025

€

1,095

1,268

(e)(f)

Deerfield Dakota Holding, LLC

2nd Lien Term Loan

7.50% (1M LIBOR + 6.75%)

4/7/2028

2,050

2,111

Dun & Bradstreet Corporation

1st Lien Term Loan

3.34% (1M LIBOR + 3.25%)

2/6/2026

6,806

6,798

Elevation Services Parent Holdings, LLC

1st Lien Revolver

6.50% (1M LIBOR + 5.50%)

12/18/2026

386

167

(e)(h)

Elevation Services Parent Holdings, LLC

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

12/18/2026

1,340

1,340

(e)(f)

Elevation Services Parent Holdings, LLC

1st Lien Delayed Draw Term Loan

6.50% (3M LIBOR + 5.50%)

12/18/2026

1,702

1,702

(e)

GFL Environmental Inc.

Canada

1st Lien Term Loan

3.50% (3M LIBOR + 3.00%)

5/30/2025

2,578

2,582

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

HH-Stella, Inc.

1st Lien Revolver

6.50% (1M LIBOR + 5.50%)

4/22/2027

$

444

$

40

(e)(h)

HH-Stella, Inc.

1st Lien Term Loan

6.50% (1M LIBOR + 5.50%)

4/24/2028

6,170

6,108

(e)(f)

HH-Stella, Inc.

1st Lien Delayed Draw Term Loan

6.50% (1M LIBOR + 5.50%)

4/24/2028

1,979

203

(e)(h)

IRI Holdings, Inc.

1st Lien Term Loan

4.33% (1M LIBOR + 4.25%)

12/1/2025

1,639

1,639

(e)(f)

IRI Holdings, Inc.

2nd Lien Term Loan

8.08% (1M LIBOR + 8.00%)

11/30/2026

1,472

1,472

(e)(f)

Kellermeyer Bergensons Services, LLC

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

11/7/2026

6,114

6,114

(e)

Kellermeyer Bergensons Services, LLC

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

11/7/2026

1,769

1,769

(e)(f)

Kellermeyer Bergensons Services, LLC

1st Lien Delayed Draw Term Loan

6.75% (3M LIBOR + 1.00%)

11/7/2026

4,569

1,244

(e)(h)

Kellermeyer Bergensons Services, LLC

1st Lien Delayed Draw Term Loan

6.75% (3M LIBOR + 5.75%)

11/7/2026

389

389

(e)

Laboratories Bidco LLC

1st Lien Revolver

7/23/2027

1,562

—

(e)(h)

Laboratories Bidco LLC

1st Lien Term Loan

6.75% (3M CDOR + 5.75%)

7/23/2027

CAD

1,780

1,405

(e)(f)

Laboratories Bidco LLC

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

7/23/2027

4,006

4,006

(e)

Laboratories Bidco LLC

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

7/23/2027

5,841

5,841

(e)(f)

Laboratories Bidco LLC

1st Lien Delayed Draw Term Loan

7/23/2027

2,201

—

(e)(h)

Lavatio Midco Sarl

Luxembourg

1st Lien Delayed Draw Term Loan

7.50% (6M EURIBOR + 7.25%)

11/30/2026

€

793

872

(e)(f)

Lavatio Midco Sarl

Luxembourg

1st Lien Delayed Draw Term Loan

7.50% (6M EURIBOR + 7.25%)

11/30/2026

€

982

652

(e)(h)

Marmic Purchaser, LLC

1st Lien Revolver

3/5/2027

287

—

(e)(h)

Marmic Purchaser, LLC

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

3/5/2027

2,052

2,052

(e)(f)

Marmic Purchaser, LLC

1st Lien Delayed Draw Term Loan

7.00% (2M LIBOR + 6.00%)

3/5/2027

1,196

342

(e)(h)

MPLC Debtco Limited

Jersey

1st Lien Delayed Draw Term Loan

7.75% (6M GBP LIBOR + 7.25%)

1/7/2027

₤

1,052

1,417

(e)(f)

MPLC Debtco Limited

Jersey

1st Lien Delayed Draw Term Loan

8.75% (6M LIBOR + 7.25%)

1/7/2027

2,100

2,100

(e)(f)

North American Fire Holdings, LLC

1st Lien Revolver

5/19/2027

411

(8)

(e)(h)

North American Fire Holdings, LLC

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

5/19/2027

2,333

2,310

(e)(f)

North American Fire Holdings, LLC

1st Lien Delayed Draw Term Loan

5/19/2027

2,462

(25)

(e)(h)

North Haven Stack Buyer, LLC

1st Lien Revolver

6.50% (3M LIBOR + 5.50%)

7/16/2027

259

18

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

North Haven Stack Buyer, LLC

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

7/16/2027

$

1,336

$

1,323

(e)

North Haven Stack Buyer, LLC

1st Lien Delayed Draw Term Loan

6.50% (3M LIBOR + 5.50%)

7/16/2027

1,016

29

(e)(h)

P27 BIDCO LIMITED

Great Britain

1st Lien Delayed Draw Term Loan

8.25% (6M GBP LIBOR + 7.50%)

7/31/2026

₤

2,031

2,139

(e)(h)

P27 BIDCO LIMITED

Great Britain

1st Lien Delayed Draw Term Loan

8.25% (6M LIBOR + 7.50%)

7/31/2026

610

555

(e)

Packers Holdings, LLC

1st Lien Term Loan

4.00% (3M LIBOR + 3.25%)

3/9/2028

5,213

5,186

(i)

Petroleum Service Group LLC

1st Lien Revolver

7/23/2025

2,106

—

(e)(h)

Petroleum Service Group LLC

1st Lien Term Loan

6.25% (3M LIBOR + 5.25%)

7/23/2025

5,353

5,353

(e)(f)

Petroleum Service Group LLC

1st Lien Delayed Draw Term Loan

6.25% (3M LIBOR + 5.25%)

7/23/2025

107

107

(e)

Registrar Intermediate, LLC

1st Lien Revolver

8/26/2027

764

(15)

(e)(h)

Registrar Intermediate, LLC

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

8/26/2027

4,188

4,146

(e)

Registrar Intermediate, LLC

1st Lien Delayed Draw Term Loan

8/26/2027

2,327

(23)

(e)(h)

Rodeo AcquisitionCo LLC

1st Lien Revolver

7.00% (3M LIBOR + 6.00%)

7/26/2027

311

58

(e)(h)

Rodeo AcquisitionCo LLC

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

7/26/2027

2,118

2,097

(e)

Rodeo AcquisitionCo LLC

1st Lien Delayed Draw Term Loan

7/26/2027

460

(5)

(e)(h)

RSK Group Limited

Great Britain

1st Lien Term Loan

5.25%

8/7/2028

€

986

1,142

(e)(f)

RSK Group Limited

Great Britain

1st Lien Term Loan

5.25% (SONIA + 5.00%)

8/7/2028

₤

7,881

10,619

(e)(f)

RSK Group Limited

Great Britain

1st Lien Term Loan

7.17% (SONIA + 7.00%)

8/7/2028

₤

3,276

1,563

(e)(h)

SLR BD Limited

Great Britain

1st Lien Revolver

3/22/2028

₤

1,000

—

(e)(h)(i)

SLR BD Limited

Great Britain

1st Lien Term Loan

3/22/2028

₤

700

—

(e)(h)

SLR BD Limited

Great Britain

1st Lien Term Loan

9/22/2028

₤

1,232

—

(e)(h)

SLR BD Limited

Great Britain

1st Lien Term Loan

3.15% (6M LIBOR + 3.00%)

3/22/2028

479

479

(e)(f)

SLR BD Limited

Great Britain

1st Lien Term Loan

3.28% (SONIA + 3.00%)

3/22/2028

₤

780

1,051

(e)(f)

SLR BD Limited

Great Britain

1st Lien Term Loan

7.15% (6M LIBOR + 7.00%)

9/22/2028

753

753

(e)(f)

SLR BD Limited

Great Britain

1st Lien Term Loan

7.33% (SONIA + 7.00%)

9/22/2028

₤

1,226

1,652

(e)(f)

SSE Buyer, Inc.

1st Lien Revolver

3.00% (1M LIBOR + 2.00%)

6/30/2025

3

1

(e)(h)

SSE Buyer, Inc.

1st Lien Term Loan

10.22% (3M LIBOR + 9.22%)

6/30/2026

625

587

(e)(f)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

SSE Buyer, Inc.

1st Lien Delayed Draw Term Loan

6/30/2026

$

189

$

(11)

(e)(h)

Stealth Holding LLC

1st Lien Term Loan

7.75% (3M LIBOR + 6.75%)

3/2/2026

2,480

2,480

(e)(f)

Stealth Holding LLC

1st Lien Delayed Draw Term Loan

7.75% (3M LIBOR + 6.75%)

3/2/2026

989

297

(e)(h)

Survitec Group Holdco Limited

Great Britain

1st Lien Term Loan

7.50% (1M GBP LIBOR + 7.50%)

4/6/2027

₤

9,000

12,127

(e)(f)

Tempo Acquisition, LLC

1st Lien Term Loan

5/1/2024

174

174

(i)

Tempo Acquisition, LLC

1st Lien Term Loan

3.75% (1M LIBOR + 3.25%)

11/2/2026

1,313

1,315

Thermostat Purchaser III, Inc.

1st Lien Revolver

8/31/2026

100

(2)

(e)(h)

Thermostat Purchaser III, Inc.

2nd Lien Term Loan

8.00% (3M LIBOR + 7.25%)

8/31/2029

3,575

3,540

(e)

Thermostat Purchaser III, Inc.

2nd Lien Delayed Draw Term Loan

8/31/2029

612

(6)

(e)(h)

UCIT Online Security Inc.

Canada

1st Lien Term Loan

7.75% (3M LIBOR + 6.75%)

3/2/2026

1,653

1,653

(e)(f)

Visual Edge Technology, Inc.

1st Lien Term Loan

8.50% (3M LIBOR + 7.00%)

8/31/2022

161

154

(e)(f)

Visual Edge Technology, Inc.

1st Lien Delayed Draw Term Loan

8.50% (3M LIBOR + 7.00%)

8/31/2022

1,974

1,895

(e)(f)

VLS Recovery Services, LLC

1st Lien Revolver

10/17/2024

622

—

(e)(h)

VLS Recovery Services, LLC

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

10/17/2024

3,912

3,912

(e)

VLS Recovery Services, LLC

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

10/17/2024

976

976

(e)(f)

VLS Recovery Services, LLC

1st Lien Delayed Draw Term Loan

10/17/2024

1,385

—

(e)(h)

VLS Recovery Services, LLC

1st Lien Delayed Draw Term Loan

6.50% (3M LIBOR + 5.50%)

10/17/2024

1,157

1,157

(e)

VLS Recovery Services, LLC

1st Lien Delayed Draw Term Loan

6.50% (3M LIBOR + 5.50%)

10/17/2024

43

43

(e)(f)

152,339

9.30%

Consumer Durables & Apparel

Centric Brands LLC

1st Lien Revolver

6.50% (3M LIBOR + 5.50%)

10/9/2024

269

192

(e)(h)

Centric Brands LLC

1st Lien Term Loan

11.00% (3M LIBOR + 10.00%)

10/9/2025

2,251

2,184

(e)

DRS Holdings III, Inc.

1st Lien Revolver

11/1/2025

173

—

(e)(h)

DRS Holdings III, Inc.

1st Lien Term Loan

7.25% (1M LIBOR + 6.25%)

11/1/2025

15,733

15,733

(e)(f)

MSG National Properties, LLC

1st Lien Term Loan

7.00% (3M LIBOR + 6.25%)

11/12/2025

744

761

(e)

Rawlings Sporting Goods Company, Inc

1st Lien Revolver

12/31/2025

1

—

(e)(h)

Rawlings Sporting Goods Company, Inc

1st Lien Term Loan

7.50% (3M LIBOR + 6.50%)

12/31/2026

5,632

5,632

(e)(f)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

TGP Holdings III LLC

1st Lien Term Loan

4.25% (3M LIBOR + 3.50%)

6/29/2028

$

533

$

533

TGP Holdings III LLC

1st Lien Delayed Draw Term Loan

6/29/2028

70

—

(h)

25,035

1.53%

Consumer Services

A.U.L. Corp.

1st Lien Revolver

6/5/2023

1

—

(e)(h)

A.U.L. Corp.

1st Lien Term Loan

5.50% (1M LIBOR + 4.50%)

6/5/2023

28

28

(e)(f)

Aimbridge Acquisition Co., Inc.

2nd Lien Term Loan

7.59% (1M LIBOR + 7.50%)

2/1/2027

4,788

4,501

(e)(f)

Alterra Mountain Company

1st Lien Term Loan

4.00% (1M LIBOR + 3.50%)

8/17/2028

2,893

2,882

American Residential Services L.L.C.

1st Lien Revolver

10/15/2025

1

—

(e)(h)

American Residential Services L.L.C.

2nd Lien Term Loan

9.50% (1M LIBOR + 8.50%)

10/16/2028

8,314

8,314

(e)

Anticimex International AB

Sweden

1st Lien Term Loan

7/21/2028

803

801

(i)

Aspris Bidco Limited

Great Britain

1st Lien Term Loan

8/23/2028

₤

1,406

—

(e)(h)

Aspris Bidco Limited

Great Britain

1st Lien Term Loan

6.25% (SONIA + 6.25%)

8/23/2028

₤

3,234

4,358

(e)(f)

Belron Finance 2019 LLC

1st Lien Term Loan

10/30/2026

1,288

1,279

(i)

Caesars Resort Collection, LLC

1st Lien Term Loan

3.58% (1M LIBOR + 3.50%)

7/21/2025

2,111

2,112

Canopy Bidco Limited

Great Britain

1st Lien Term Loan

7.75% (3M GBP LIBOR + 7.25%)

12/18/2024

₤

509

686

(e)(f)

Canopy Bidco Limited

Great Britain

1st Lien Delayed Draw Term Loan

7.75% (3M GBP LIBOR + 7.25%)

12/18/2024

₤

502

177

(e)(f)(h)

CC Fly Holding II A/S

Denmark

1st Lien Term Loan

9.50% (3M CIBOR + 9.00%)

5/9/2025

DKK

611

86

(e)(f)

CC Fly Holding II A/S

Denmark

1st Lien Delayed Draw Term Loan

9.50% (3M CIBOR + 9.00%)

5/9/2025

DKK

7,615

1,053

(e)(f)(h)

Concert Golf Partners Holdco LLC

1st Lien Revolver

8/20/2025

765

—

(e)(h)

Concert Golf Partners Holdco LLC

1st Lien Term Loan

5.25% (3M LIBOR + 4.25%)

8/20/2025

3,374

3,374

(e)(f)

Concert Golf Partners Holdco LLC

1st Lien Delayed Draw Term Loan

5.25% (3M LIBOR + 4.25%)

8/20/2025

269

269

(e)

Entain PLC

Isle of Man

1st Lien Term Loan

3/29/2027

4,988

4,978

(i)

Equinox Holdings Inc.

1st Lien Term Loan

4.00% (3M LIBOR + 3.00%)

3/8/2024

2,579

2,384

Equinox Holdings Inc.

2nd Lien Term Loan

8.00% (3M LIBOR + 7.00%)

9/6/2024

5,736

4,986

Essential Services Holding Corporation

1st Lien Revolver

11/17/2025

1,560

—

(e)(h)

Essential Services Holding Corporation

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

11/16/2026

9,742

9,742

(e)(f)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Essential Services Holding Corporation

1st Lien Delayed Draw Term Loan

6.75% (3M LIBOR + 5.75%)

11/16/2026

$

22,168

$

18,358

(e)(h)

EuroParcs Topholding B.V.

Netherlands

1st Lien Term Loan

5.75% (3M EURIBOR + 5.75%)

7/3/2026

€

2,188

2,534

(e)

EuroParcs Topholding B.V.

Netherlands

1st Lien Term Loan

6.00% (3M EURIBOR + 6.00%)

7/3/2026

€

465

538

(e)

EuroParcs Topholding B.V.

Netherlands

1st Lien Delayed Draw Term Loan

5.75% (3M EURIBOR + 5.75%)

7/3/2026

€

313

362

(e)

EuroParcs Topholding B.V.

Netherlands

1st Lien Delayed Draw Term Loan

6.25% (3M EURIBOR + 6.25%)

7/3/2026

€

2,830

3,277

(e)(h)

Flutter Entertainment plc

Netherlands

1st Lien Term Loan

2.38% (3M LIBOR + 2.25%)

7/21/2026

4,990

4,971

FWR Holding Corporation

1st Lien Revolver

8/21/2023

1

—

(e)(h)

FWR Holding Corporation

1st Lien Term Loan

6.75% (1M LIBOR + 5.50%)

8/21/2023

340

340

(e)(f)(g)

FWR Holding Corporation

1st Lien Delayed Draw Term Loan

8/21/2023

4

—

(e)(h)

FWR Holding Corporation

1st Lien Delayed Draw Term Loan

6.50% (1M LIBOR + 5.50%)

8/21/2023

—

—

(e)(f)(g)

FWR Holding Corporation

1st Lien Delayed Draw Term Loan

6.50% (1M LIBOR + 5.50%)

8/21/2023

219

219

(e)(g)

Goldcup 16786 AB

Sweden

1st Lien Delayed Draw Term Loan

7.25% (6M STIBOR + 6.75%)

8/18/2025

SEK

10,000

1,142

(e)(f)

Horizon Bidco S.A.S.

France

1st Lien Term Loan

10/2/2028

€

10,507

—

(e)(f)(h)

Horizon Bidco S.A.S.

France

1st Lien Term Loan

10/2/2028

₤

9,567

—

(e)(f)(h)

IRB Holding Corp.

1st Lien Term Loan

3.75% (6M LIBOR + 2.75%)

2/5/2025

1,525

1,522

IRB Holding Corp.

1st Lien Term Loan

4.25% (3M LIBOR + 3.25%)

12/15/2027

3,665

3,670

Jim N Nicks Management LLC

1st Lien Revolver

6.25% (3M LIBOR + 5.25%)

7/10/2023

1

1

(e)(h)

Jim N Nicks Management LLC

1st Lien Term Loan

6.25% (3M LIBOR + 5.25%)

7/10/2023

48

48

(e)(f)

Learning Care Group (US) No. 2 Inc.

1st Lien Term Loan

4.25% (1M LIBOR + 3.25%)

3/13/2025

216

213

Learning Care Group (US) No. 2 Inc.

1st Lien Term Loan

9.50% (3M LIBOR + 8.50%)

3/13/2025

988

988

LGDN Finco Limited

Great Britain

1st Lien Revolver

7/9/2027

₤

100

—

(e)(h)

LGDN Finco Limited

Great Britain

1st Lien Term Loan

7.28% (SONIA + 7.00%)

7/9/2027

₤

641

864

(e)

LGDN Finco Limited

Great Britain

1st Lien Term Loan

7.28% (SONIA + 7.00%)

9/6/2027

₤

1,282

345

(e)(h)

LGDN Finco Limited

Great Britain

1st Lien Delayed Draw Term Loan

7.17% (SONIA + 7.00%)

7/9/2027

₤

359

484

(e)(f)

MC Plato Bidco Limited

Great Britain

1st Lien Revolver

2/17/2028

₤

1,000

—

(e)(h)

MC Plato Bidco Limited

Great Britain

1st Lien Term Loan

8/17/2028

₤

1,552

—

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

MC Plato Bidco Limited

Great Britain

1st Lien Term Loan

6.33% (SONIA + 6.00%)

8/17/2028

₤

7,448

$

10,036

(e)(f)

Mister Car Wash Holdings, Inc.

1st Lien Term Loan

3.08% (1M LIBOR + 3.00%)

5/14/2026

2,691

2,679

Movati Athletic (Group) Inc.

Canada

1st Lien Term Loan

7.50% (3M CDOR + 6.00%)

10/5/2024

CAD

248

176

(e)(f)(g)

Movati Athletic (Group) Inc.

Canada

1st Lien Delayed Draw Term Loan

8.00% (3M CDOR + 6.50%)

10/5/2024

CAD

180

128

(e)(g)

Portillo's Holdings, LLC

2nd Lien Term Loan

10.75% (1M LIBOR + 9.50%)

12/6/2024

2,466

2,466

(e)

Redwood Services, LLC

1st Lien Revolver

12/31/2025

158

—

(e)(h)

Redwood Services, LLC

1st Lien Term Loan

8.00% (3M LIBOR + 7.00%)

12/31/2025

795

795

(e)

Redwood Services, LLC

1st Lien Delayed Draw Term Loan

8.00% (3M LIBOR + 7.00%)

12/31/2025

1,068

128

(e)(h)

Safe Home Security, Inc.

1st Lien Term Loan

8.25% (1M LIBOR + 7.25%)

8/4/2024

1,300

1,300

(e)(f)

Safe Home Security, Inc.

1st Lien Delayed Draw Term Loan

8/4/2024

287

—

(e)(h)

Service Logic Acquisition, Inc.

1st Lien Revolver

10/30/2025

1,007

(6)

(e)(h)

Service Logic Acquisition, Inc.

1st Lien Term Loan

4.75% (1M LIBOR + 4.00%)

10/29/2027

5,397

5,408

Service Logic Acquisition, Inc.

1st Lien Delayed Draw Term Loan

10/29/2027

1,124

41

(h)

Spectra Finance, LLC

1st Lien Revolver

6.75% (1M LIBOR + 5.75%)

4/3/2023

1

—

(e)(h)

Spectra Finance, LLC

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

4/2/2024

916

916

(e)(f)(g)

St. George's University Scholastic Services LLC

1st Lien Term Loan

7/17/2025

2,500

2,494

(i)

Sunshine Cadence HoldCo, LLC

1st Lien Term Loan

4.38% (3M LIBOR + 4.25%)

3/23/2027

1,068

961

Sunshine Cadence HoldCo, LLC

2nd Lien Term Loan

8.51% (3M LIBOR + 8.38%)

3/23/2028

383

330

(e)

Sunshine Sub, LLC

1st Lien Revolver

5/27/2024

144

—

(e)(h)

Sunshine Sub, LLC

1st Lien Term Loan

5.75% (1M LIBOR + 4.75%)

5/27/2024

694

694

(e)(f)

Sunshine Sub, LLC

1st Lien Delayed Draw Term Loan

5.75% (1M LIBOR + 4.75%)

5/27/2024

408

408

(e)

United PF Holdings, LLC

1st Lien Term Loan

4.13% (3M LIBOR + 4.00%)

12/30/2026

2,730

2,666

Whatabrands LLC

1st Lien Term Loan

3.75% (1M LIBOR + 3.25%)

8/3/2028

7,201

7,190

130,696

7.98%

Diversified Financials

Alchemy Copyrights, LLC

1st Lien Term Loan

3.50% (1M LIBOR + 3.00%)

3/10/2028

919

919

(e)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Alpha Luxco 2 Sarl

Luxembourg

1st Lien Delayed Draw Term Loan

6.25% (3M EURIBOR + 5.75%)

1/9/2025

€

1,005

$

1,164

(e)(f)(g)

BCC Blueprint Holdings I, LLC

1st Lien Term Loan

7.00% (3M LIBOR + 6.25%)

9/15/2027

7,377

7,303

(e)

CabinCo Limited

Jersey

1st Lien Term Loan

7.75% (1M GBP LIBOR + 7.25%)

9/9/2025

₤

900

1,213

(e)(g)

CabinCo Limited

Jersey

1st Lien Delayed Draw Term Loan

9/9/2025

₤

113

—

(e)(g)(h)

CCP Lux Holdings S.a. r.l.

Luxembourg

1st Lien Term Loan

4.25% (3M EURIBOR + 4.25%)

1/10/2025

€

2,000

2,319

Delta Topco, Inc.

1st Lien Term Loan

4.50% (3M LIBOR + 3.75%)

12/1/2027

1,468

1,469

Delta Topco, Inc.

2nd Lien Term Loan

8.00% (3M LIBOR + 7.25%)

12/1/2028

4,923

4,958

Eagle Bidco Limited

Great Britain

1st Lien Term Loan

4.80% (1M GBP LIBOR + 4.75%)

3/20/2028

₤

2,000

2,686

Edelman Financial Center, LLC

1st Lien Term Loan

4.25% (1M LIBOR + 3.50%)

4/7/2028

2,539

2,533

Financiere Labeyrie Fine Foods

France

1st Lien Term Loan

7/28/2026

€

3,500

4,051

(i)

HCRX Investments Holdco, L.P.

1st Lien Term Loan

7/14/2028

5,066

5,047

(i)

KREF Holdings X LLC

1st Lien Term Loan

5.75% (3M LIBOR + 4.75%)

9/1/2027

979

979

(e)

LBM Acquisition LLC

1st Lien Term Loan

12/17/2027

1,000

990

(i)

LBM Acquisition LLC

1st Lien Term Loan

4.50% (3M LIBOR + 3.75%)

12/17/2027

5,454

5,400

(i)

LBM Acquisition LLC

1st Lien Delayed Draw Term Loan

12/17/2027

500

495

(i)

Mercury Borrower, Inc.

1st Lien Revolver

3.63% (1M LIBOR + 3.50%)

7/31/2026

470

74

(e)(h)

Mercury Borrower, Inc.

1st Lien Term Loan

4.00% (3M LIBOR + 3.50%)

8/2/2028

969

965

Mercury Borrower, Inc.

2nd Lien Term Loan

7.00% (3M LIBOR + 6.50%)

8/2/2029

965

955

Monica Holdco (US), Inc.

1st Lien Revolver

1/8/2026

1,009

—

(e)(h)

Monica Holdco (US), Inc.

1st Lien Term Loan

7.25% (3M LIBOR + 6.25%)

1/7/2028

8,200

8,200

(e)(f)

Mozart Debt Merger Sub, Inc.

1st Lien Term Loan

9/30/2028

5,199

(13)

(e)(h)(i)

NxtGenPay Intressenter BidCo AB

Sweden

1st Lien Term Loan

6.75% (3M STIBOR + 6.75%)

6/30/2025

SEK

5,500

628

(e)

NxtGenPay Intressenter BidCo AB

Sweden

1st Lien Delayed Draw Term Loan

6.75% (3M STIBOR + 6.75%)

6/30/2025

SEK

2,700

308

(e)

Parexel International Corporation

1st Lien Term Loan

8/11/2028

3,000

3,000

(i)

Parexel International Corporation

1st Lien Term Loan

2.83% (1M LIBOR + 2.75%)

9/27/2024

5,000

4,996

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Paysafe Group Holdings II Limited

Great Britain

1st Lien Term Loan

3.25% (3M LIBOR + 2.75%)

6/28/2028

$

1,382

$

1,365

Redstone HoldCo 2 LP

1st Lien Term Loan

5.50% (3M LIBOR + 4.75%)

4/27/2028

1,310

1,287

SaintMichelCo Limited

Jersey

1st Lien Term Loan

8.25% (3M GBP LIBOR + 7.75%)

9/9/2025

₤

1,500

2,021

(e)

SaintMichelCo Limited

Jersey

1st Lien Delayed Draw Term Loan

8.25% (3M GBP LIBOR + 7.75%)

9/9/2025

₤

2,406

3,242

(e)

Summer (BC) Bidco B LLC

Luxembourg

1st Lien Term Loan

5.25% (3M LIBOR + 4.50%)

12/4/2026

5,000

4,997

(i)

Symbol Bidco I Limited

Great Britain

1st Lien Delayed Draw Term Loan

6.75% (3M GBP LIBOR + 6.25%)

12/21/2026

₤

571

770

(e)(f)

Symbol Bidco I Limited

Great Britain

1st Lien Delayed Draw Term Loan

6.75% (3M GBP LIBOR + 6.25%)

12/21/2026

₤

429

199

(e)(h)

TA/WEG Holdings, LLC

1st Lien Revolver

6.75% (2M LIBOR + 5.75%)

10/4/2027

914

685

(e)(h)

TA/WEG Holdings, LLC

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

10/4/2027

3,494

3,494

(e)(f)

TA/WEG Holdings, LLC

1st Lien Delayed Draw Term Loan

10/4/2027

1,714

—

(e)(h)

TA/WEG Holdings, LLC

1st Lien Delayed Draw Term Loan

6.75% (3M LIBOR + 5.75%)

10/4/2027

13,033

6,496

(e)(h)

The Ultimus Group Midco, LLC

1st Lien Revolver

4.63% (3M LIBOR + 4.50%)

2/1/2024

396

226

(e)(h)

The Ultimus Group Midco, LLC

1st Lien Term Loan

5.50% (3M LIBOR + 4.50%)

2/1/2026

3,141

3,141

(e)(f)

TK Elevator Midco GmbH

Germany

1st Lien Term Loan

4.00% (6M LIBOR + 3.50%)

7/30/2027

4,485

4,491

(i)

Toscafund Limited

Great Britain

1st Lien Delayed Draw Term Loan

7.75% (6M GBP LIBOR + 7.00%)

4/2/2025

₤

4,206

5,667

(e)(f)

True Potential LLP

Great Britain

1st Lien Delayed Draw Term Loan

7.00% (6M GBP LIBOR + 6.50%)

10/16/2026

₤

2,159

2,236

(e)(h)

True Potential LLP

Great Britain

1st Lien Delayed Draw Term Loan

7.14% (6M GBP LIBOR + 6.64%)

10/16/2026

₤

1,943

2,625

(e)

True Potential LLP

Great Britain

1st Lien Delayed Draw Term Loan

7.14% (6M GBP LIBOR + 6.64%)

10/16/2026

₤

8,113

10,958

(e)(f)

True Potential LLP

Great Britain

1st Lien Delayed Draw Term Loan

7.50% (6M GBP LIBOR + 7.00%)

10/16/2026

₤

2,159

2,967

(e)

UPC Financing Partnership

1st Lien Term Loan

3.08% (1M LIBOR + 3.00%)

1/31/2029

3,000

2,989

Zephyr Bidco Limited

Great Britain

1st Lien Term Loan

4.80% (1M GBP LIBOR + 4.75%)

7/23/2025

₤

3,000

4,020

124,515

7.60%

Energy

Birch Permian, LLC

2nd Lien Term Loan

9.50% (3M LIBOR + 8.00%)

4/12/2023

6,981

6,981

(e)

Cheyenne Petroleum Company Limited Partnership

2nd Lien Term Loan

10.00% (3M LIBOR + 9.00%)

1/10/2024

7,244

7,244

(e)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Gulf Finance, LLC

1st Lien Term Loan

6.25% (1M LIBOR + 5.25%)

8/25/2023

$

1,120

$

1,074

Penn Virginia Holdings, LLC

2nd Lien Term Loan

10.50% (3M LIBOR + 7.25%)

9/29/2024

360

367

(e)

15,666

0.96%

Food & Staples Retailing

DecoPac, Inc.

1st Lien Revolver

7.00% (1M LIBOR + 6.00%)

5/14/2026

2,382

281

(e)(h)

DecoPac, Inc.

1st Lien Term Loan

9.00% (3M LIBOR + 8.00%)

5/15/2028

21,948

21,729

(e)(f)

SFE Intermediate HoldCo LLC

1st Lien Revolver

7/31/2023

2

—

(e)(h)

SFE Intermediate HoldCo LLC

1st Lien Term Loan

5.75% (3M LIBOR + 4.75%)

7/31/2024

2,113

2,112

(e)(f)

24,122

1.47%

Food & Beverage

Berner Food & Beverage, LLC

1st Lien Revolver

7.50% (1M LIBOR + 6.50%)

7/30/2026

262

48

(e)(h)

Berner Food & Beverage, LLC

1st Lien Term Loan

7.50% (1M LIBOR + 6.50%)

7/30/2027

2,640

2,613

(e)

CHG PPC Parent LLC

2nd Lien Term Loan

7.08% (1M LIBOR + 7.00%)

3/30/2026

3,000

3,000

(e)(f)

Chobani, LLC

1st Lien Term Loan

4.50% (1M LIBOR + 3.50%)

10/25/2027

2,506

2,509

Hometown Food Company

1st Lien Revolver

6.25% (1M LIBOR + 5.00%)

8/31/2023

1

—

(e)(h)

Hometown Food Company

1st Lien Term Loan

6.25% (1M LIBOR + 5.00%)

8/31/2023

1,199

1,199

(e)(f)

Quirch Foods Holdings, LLC

1st Lien Term Loan

5.75% (1M LIBOR + 4.75%)

10/27/2027

3,108

3,118

Triton Water Holdings, Inc.

1st Lien Term Loan

4.00% (3M LIBOR + 3.50%)

3/31/2028

7,017

7,004

Watermill Express, LLC

1st Lien Revolver

4/20/2027

275

(6)

(e)(h)

Watermill Express, LLC

1st Lien Term Loan

6.25% (3M LIBOR + 5.25%)

4/20/2027

2,290

2,267

(e)(f)

Watermill Express, LLC

1st Lien Delayed Draw Term Loan

4/20/2027

219

(2)

(e)(h)

Winebow Holdings, Inc.

1st Lien Term Loan

7.25% (1M LIBOR + 6.25%)

7/1/2025

3,448

3,414

(e)(f)

Woof Holdings, Inc.

1st Lien Term Loan

4.50% (3M LIBOR + 3.75%)

12/21/2027

2,985

2,987

28,151

1.72%

Healthcare Equipment & Services

Air Methods Corporation

1st Lien Term Loan

4.50% (3M LIBOR + 3.50%)

4/22/2024

1,984

1,966

Athenahealth, Inc.

1st Lien Revolver

2/12/2024

232

—

(e)(h)

Auris Luxembourg III S.a r.l.

Luxembourg

1st Lien Term Loan

3.83% (1M LIBOR + 3.75%)

2/27/2026

2,494

2,470

Auris Luxembourg III S.a r.l.

Luxembourg

1st Lien Term Loan

4.00% (6M EURIBOR + 4.00%)

2/27/2026

€

4,000

4,620

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Aveanna Healthcare LLC

1st Lien Term Loan

4.25% (3M LIBOR + 3.75%)

7/17/2028

$

958

$

957

Aveanna Healthcare LLC

1st Lien Delayed Draw Term Loan

7/17/2028

223

223

(i)

Bearcat Buyer, Inc.

1st Lien Revolver

7/9/2024

580

—

(e)(h)

Bearcat Buyer, Inc.

1st Lien Term Loan

5.25% (3M LIBOR + 4.25%)

7/9/2026

5,468

5,468

(e)(f)

Bearcat Buyer, Inc.

1st Lien Term Loan

5.75% (3M LIBOR + 4.75%)

7/9/2026

1

1

(e)

Bearcat Buyer, Inc.

1st Lien Delayed Draw Term Loan

5.25% (3M LIBOR + 4.25%)

7/9/2026

970

970

(e)

Bearcat Buyer, Inc.

1st Lien Delayed Draw Term Loan

5.75% (3M LIBOR + 4.75%)

7/9/2026

1

1

(e)(h)

Bearcat Buyer, Inc.

2nd Lien Term Loan

9.25% (3M LIBOR + 8.25%)

7/9/2027

617

617

(e)

Bearcat Buyer, Inc.

2nd Lien Term Loan

9.25% (3M LIBOR + 8.25%)

7/9/2027

2,249

2,249

(e)(f)

Bearcat Buyer, Inc.

2nd Lien Delayed Draw Term Loan

7/9/2027

726

—

(e)(h)

Bearcat Buyer, Inc.

2nd Lien Delayed Draw Term Loan

9.25% (3M LIBOR + 8.25%)

7/9/2027

580

184

(e)(h)

CEP V I 5 UK Limited

Great Britain

1st Lien Delayed Draw Term Loan

2/18/2027

6,346

(190)

(e)(h)

CEP V I 5 UK Limited

Great Britain

1st Lien Delayed Draw Term Loan

7.12% (3M LIBOR + 7.00%)

2/18/2027

26,654

25,854

(e)(f)

Change Healthcare Holdings LLC

1st Lien Term Loan

3.50% (3M LIBOR + 2.50%)

3/1/2024

7,730

7,721

Comprehensive EyeCare Partners, LLC

1st Lien Revolver

7.00% (3M LIBOR + 5.75%)

2/14/2024

1

—

(e)(h)

Comprehensive EyeCare Partners, LLC

1st Lien Term Loan

7.00% (3M LIBOR + 5.75%)

2/14/2024

558

558

(e)(f)

Comprehensive EyeCare Partners, LLC

1st Lien Delayed Draw Term Loan

7.00% (3M LIBOR + 5.75%)

2/14/2024

687

594

(e)(h)

Convey Health Solutions, Inc.

1st Lien Term Loan

5.50% (3M LIBOR + 4.75%)

9/4/2026

2,698

2,698

(e)(f)

CVP Holdco, Inc.

1st Lien Revolver

10/31/2024

326

—

(e)(h)

CVP Holdco, Inc.

1st Lien Term Loan

6.25% (3M LIBOR + 5.25%)

10/31/2025

3,433

3,433

(e)(f)

CVP Holdco, Inc.

1st Lien Delayed Draw Term Loan

6.25% (1M LIBOR + 5.25%)

10/31/2025

7,744

501

(e)(h)

CVP Holdco, Inc.

1st Lien Delayed Draw Term Loan

6.25% (3M LIBOR + 5.25%)

10/31/2025

2,645

2,623

(e)(h)

Ensemble RCM LLC

1st Lien Term Loan

3.88% (3M LIBOR + 3.75%)

8/3/2026

2,207

2,211

ExamWorks Group, Inc.

1st Lien Term Loan

4.25% (1M LIBOR + 3.25%)

7/27/2023

4,987

4,986

Floss Bidco Limited

Great Britain

1st Lien Term Loan

7.75% (3M GBP LIBOR + 7.25%)

9/7/2026

₤

840

1,132

(e)(f)(g)

Floss Bidco Limited

Great Britain

1st Lien Delayed Draw Term Loan

7.75% (3M GBP LIBOR + 7.25%)

9/7/2026

₤

1,209

549

(e)(g)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Gentiva Health Services, Inc.

1st Lien Term Loan

2.88% (1M LIBOR + 2.75%)

7/2/2025

$

6,180

$

6,177

Global Medical Response Inc

1st Lien Term Loan

5.75% (3M LIBOR + 4.75%)

10/2/2025

7,012

7,033

Hanger, Inc.

1st Lien Term Loan

3.58% (1M LIBOR + 3.50%)

3/6/2025

2,954

2,948

JDC Healthcare Management, LLC

1st Lien Term Loan

9.00% (1M LIBOR + 8.00%)

4/10/2023

116

87

(e)(g)(j)

Kedleston Schools Limited

Great Britain

1st Lien Delayed Draw Term Loan

9.00% (3M GBP LIBOR + 8.00%)

5/31/2024

₤

1,000

1,347

(e)(f)

Kindred Healthcare, LLC

1st Lien Term Loan

4.63% (1M LIBOR + 4.50%)

7/2/2025

4,987

4,987

MED ParentCo, LP

1st Lien Term Loan

4.33% (1M LIBOR + 4.25%)

8/31/2026

11,625

11,591

Medline Industries, Inc.

1st Lien Term Loan

7/28/2022

3,636

3,636

(e)(i)

Medline Industries, Inc.

1st Lien Term Loan

7/29/2022

3,203

3,203

(e)(i)

NueHealth Performance, LLC

1st Lien Revolver

8.25% (1M LIBOR + 7.25%)

9/27/2023

1

1

(e)

NueHealth Performance, LLC

1st Lien Term Loan

8.25% (1M LIBOR + 7.25%)

9/27/2023

2,150

2,150

(e)(f)

NueHealth Performance, LLC

1st Lien Delayed Draw Term Loan

8.25% (1M LIBOR + 7.25%)

9/27/2023

286

286

(e)(f)

NueHealth Performance, LLC

1st Lien Delayed Draw Term Loan

8.25% (1M LIBOR + 7.25%)

9/27/2023

605

496

(e)(h)

Olympia Acquisition, Inc.

1st Lien Revolver

8.50% (3M LIBOR + 7.50%)

9/24/2024

650

529

(e)(h)

Olympia Acquisition, Inc.

1st Lien Term Loan

8.50% (1M LIBOR + 5.50%)

9/24/2026

2,496

2,196

(e)(f)(g)

Olympia Acquisition, Inc.

1st Lien Term Loan

8.50% (1M LIBOR + 7.50%)

9/24/2026

28

25

(e)(f)

OMH-HealthEdge Holdings, LLC

1st Lien Revolver

10/24/2024

1

—

(e)(h)

OMH-HealthEdge Holdings, LLC

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

10/24/2025

2,240

2,240

(e)(f)

Option Care Health Inc

1st Lien Term Loan

3.83% (1M LIBOR + 3.75%)

8/6/2026

7,472

7,468

Ortho-Clinical Diagnostics, Inc.

1st Lien Term Loan

3.08% (1M LIBOR + 3.00%)

6/30/2025

2,097

2,095

PetVet Care Centers, LLC

1st Lien Term Loan

4.25% (1M LIBOR + 3.50%)

2/14/2025

2,945

2,944

Pluto Acquisition I, Inc.

1st Lien Term Loan

6/22/2026

2,464

2,460

(i)

Premise Health Holding Corp.

1st Lien Revolver

3.37% (3M LIBOR + 3.25%)

7/10/2023

1

—

(e)(h)

Premise Health Holding Corp.

1st Lien Term Loan

3.63% (3M LIBOR + 3.50%)

7/10/2025

11

11

(e)(f)

Premise Health Holding Corp.

2nd Lien Term Loan

7.63% (3M LIBOR + 7.50%)

7/10/2026

2,000

2,000

(e)(f)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Radnet Management, Inc.

1st Lien Term Loan

4/23/2028

$

2,494

$

2,489

(i)

RegionalCare Hospital Partners Holdings, Inc.

1st Lien Term Loan

3.83% (1M LIBOR + 3.75%)

11/16/2025

2,480

2,475

SiroMed Physician Services, Inc.

1st Lien Revolver

3/26/2024

1

—

(e)(h)

SiroMed Physician Services, Inc.

1st Lien Term Loan

5.75% (1M LIBOR + 4.75%)

3/26/2024

729

605

(e)(f)

Sotera Health Holdings, LLC

1st Lien Term Loan

3.25% (1M LIBOR + 2.75%)

12/11/2026

7,459

7,434

Symplr Software Inc.

1st Lien Revolver

12/22/2025

1

—

(e)(h)

Symplr Software Inc.

1st Lien Term Loan

5.25% (6M LIBOR + 4.50%)

12/22/2027

1

1

(e)

Symplr Software Inc.

2nd Lien Term Loan

8.63% (3M LIBOR + 7.88%)

12/22/2028

10,160

10,160

(e)

Teligent, Inc.

1st Lien Revolver

7.00% (3M LIBOR + 5.50%)

6/13/2024

1

1

(e)(h)(j)

Teligent, Inc.

2nd Lien Term Loan

14.50% (3M LIBOR + 13.00%)

12/29/2022

1,160

491

(e)(j)

Teligent, Inc.

2nd Lien Delayed Draw Term Loan

14.50% (3M LIBOR + 13.00%)

12/29/2022

696

294

(e)(j)

Teligent, Inc.

2nd Lien Delayed Draw Term Loan

14.63% (3M LIBOR + 14.50%)

12/29/2022

65

(16)

(e)(h)(j)

Therapy Brands Holdings LLC

2nd Lien Term Loan

7.50% (3M LIBOR + 6.75%)

5/18/2029

3,050

3,019

(e)(f)

Therapy Brands Holdings LLC

2nd Lien Delayed Draw Term Loan

5/18/2029

1,284

(13)

(e)(h)

United Digestive MSO Parent, LLC

1st Lien Revolver

12/14/2023

511

—

(e)(h)

United Digestive MSO Parent, LLC

1st Lien Term Loan

5.00% (3M LIBOR + 4.00%)

12/16/2024

1,426

1,426

(e)(f)

United Digestive MSO Parent, LLC

1st Lien Delayed Draw Term Loan

5.00% (3M LIBOR + 4.00%)

12/16/2024

1,022

794

(e)(h)

Veterinary Practice Partners, LLC

1st Lien Revolver

1/20/2027

193

—

(e)(h)

Veterinary Practice Partners, LLC

1st Lien Term Loan

6.50% (1M LIBOR + 5.50%)

1/20/2027

3,648

3,648

(e)(f)

Veterinary Practice Partners, LLC

1st Lien Delayed Draw Term Loan

6.50% (1M LIBOR + 5.50%)

1/20/2027

2,265

1,787

(e)(h)

Waystar Technologies, Inc.

1st Lien Term Loan

4.08% (1M LIBOR + 4.00%)

10/22/2026

659

659

WSHP FC Acquisition LLC

1st Lien Revolver

7.25% (3M LIBOR + 6.25%)

3/28/2024

89

41

(e)(h)

WSHP FC Acquisition LLC

1st Lien Term Loan

7.25% (3M LIBOR + 6.25%)

3/28/2024

2,801

2,801

(e)(f)

WSHP FC Acquisition LLC

1st Lien Delayed Draw Term Loan

7.25% (3M LIBOR + 6.25%)

3/28/2024

1,439

1,273

(e)(h)

WSHP FC Acquisition LLC

1st Lien Delayed Draw Term Loan

7.25% (3M LIBOR + 6.25%)

3/28/2024

167

167

(e)(f)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

$

177,842

10.86%

Household & Personal Products

Foundation Consumer Brands, LLC

1st Lien Revolver

10/1/2026

389

—

(e)(h)

Foundation Consumer Brands, LLC

1st Lien Term Loan

7.38% (3M LIBOR + 6.38%)

10/1/2026

4,986

4,986

(e)(f)

Premier Specialties, Inc.

1st Lien Revolver

8/20/2027

385

(8)

(e)(h)

Premier Specialties, Inc.

1st Lien Term Loan

6.75% (1M LIBOR + 5.75%)

8/20/2027

3,050

3,020

(e)

Premier Specialties, Inc.

1st Lien Delayed Draw Term Loan

8/20/2027

829

(8)

(e)(h)

7,990

0.49%

Insurance

Acrisure, LLC

1st Lien Term Loan

3.63% (3M LIBOR + 3.50%)

2/15/2027

3,737

3,699

Alliant Holdings Intermediate, LLC

1st Lien Term Loan

4.25% (1M LIBOR + 3.75%)

11/5/2027

2,228

2,229

(i)

Amynta Agency Borrower Inc.

1st Lien Term Loan

4.58% (1M LIBOR + 4.50%)

2/28/2025

2,910

2,910

(e)(f)

AQ Sunshine, Inc.

1st Lien Revolver

7.00% (3M LIBOR + 6.00%)

4/15/2024

213

57

(e)(h)

AQ Sunshine, Inc.

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

4/15/2025

655

655

(e)

AQ Sunshine, Inc.

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

4/15/2025

1,506

1,506

(e)(f)

AQ Sunshine, Inc.

1st Lien Term Loan

7.00% (6M LIBOR + 6.00%)

4/15/2025

3,581

3,581

(e)(f)

AQ Sunshine, Inc.

1st Lien Delayed Draw Term Loan

4/15/2025

1,085

—

(e)(h)

Ardonagh Midco 3 PLC

Great Britain

1st Lien Term Loan

8.21% (6M GBP LIBOR + 7.46%)

7/14/2026

₤

1,491

2,009

(e)(f)

Ardonagh Midco 3 PLC

Great Britain

1st Lien Term Loan

8.46% (6M EURIBOR + 7.46%)

7/14/2026

€

190

220

(e)(f)

Ardonagh Midco 3 PLC

Great Britain

1st Lien Delayed Draw Term Loan

7/14/2026

₤

1

—

(e)(h)

Ardonagh Midco 3 PLC

Great Britain

1st Lien Delayed Draw Term Loan

7/14/2026

16,452

—

(e)(h)

Ardonagh Midco 3 PLC

Great Britain

1st Lien Delayed Draw Term Loan

8.28% (6M GBP LIBOR + 5.26%)

7/14/2026

₤

312

420

(e)

AssuredPartners, Inc.

1st Lien Term Loan

4.00% (1M LIBOR + 3.50%)

2/12/2027

1,400

1,398

Benefytt Technologies, Inc.

1st Lien Term Loan

6.75% (3M LIBOR + 6.00%)

8/12/2027

3,645

3,608

(e)

Benefytt Technologies, Inc.

1st Lien Delayed Draw Term Loan

8/12/2027

911

(9)

(e)(h)

Blackwood Bidco Limited

Great Britain

1st Lien Term Loan

9.05% (6M LIBOR + 5.55%)

10/8/2026

3,321

3,321

(e)(f)

Blackwood Bidco Limited

Great Britain

1st Lien Delayed Draw Term Loan

7.80% (6M GBP LIBOR + 7.30%)

10/8/2026

₤

464

625

(e)(f)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Blackwood Bidco Limited

Great Britain

1st Lien Delayed Draw Term Loan

8.05% (6M GBP LIBOR + 7.55%)

10/8/2026

₤

2,319

$

2,311

(e)(f)(h)

Blackwood Bidco Limited

Great Britain

1st Lien Delayed Draw Term Loan

8.13% (3M GBP LIBOR + 7.80%)

10/8/2026

₤

2,659

3,582

(e)(f)

Foundation Risk Partners, Corp.

1st Lien Revolver

11/10/2023

3

—

(e)(h)

Foundation Risk Partners, Corp.

1st Lien Term Loan

5.75% (3M LIBOR + 4.75%)

11/10/2023

1,231

1,231

(e)(f)

Foundation Risk Partners, Corp.

1st Lien Delayed Draw Term Loan

5.75% (3M LIBOR + 4.75%)

11/10/2023

6,364

5,834

(e)(h)

Foundation Risk Partners, Corp.

1st Lien Delayed Draw Term Loan

5.75% (3M LIBOR + 4.75%)

11/10/2023

138

138

(e)(f)

Foundation Risk Partners, Corp.

2nd Lien Term Loan

9.50% (3M LIBOR + 8.50%)

11/10/2024

487

487

(e)

Foundation Risk Partners, Corp.

2nd Lien Delayed Draw Term Loan

11/11/2024

766

—

(e)(h)

Foundation Risk Partners, Corp.

2nd Lien Delayed Draw Term Loan

9.50% (3M LIBOR + 8.50%)

11/10/2024

2,021

2,021

(e)

Galway Borrower LLC

1st Lien Revolver

9/30/2027

969

(10)

(e)(h)(i)

Galway Borrower LLC

1st Lien Term Loan

9/29/2028

9,943

9,744

(e)(i)

Galway Borrower LLC

1st Lien Delayed Draw Term Loan

9/29/2028

2,286

(46)

(e)(h)(i)

Hammersmith Bidco Limited

Great Britain

1st Lien Delayed Draw Term Loan

7.94% (1M GBP LIBOR + 7.44%)

9/2/2026

₤

6,924

7,723

(e)(h)

Hammersmith Bidco Limited

Great Britain

1st Lien Delayed Draw Term Loan

7.94% (1M GBP LIBOR + 7.44%)

9/2/2026

₤

4,112

5,541

(e)(f)

High Street Buyer, Inc.

1st Lien Revolver

4/16/2027

688

(14)

(e)(h)

High Street Buyer, Inc.

1st Lien Term Loan

6.75% (3M LIBOR + 6.00%)

4/14/2028

4,795

4,747

(e)(f)

High Street Buyer, Inc.

1st Lien Delayed Draw Term Loan

4/14/2028

8,819

(88)

(e)(h)

High Street Buyer, Inc.

1st Lien Delayed Draw Term Loan

6.75% (3M LIBOR + 6.00%)

4/14/2028

9,101

7,403

(e)(h)

Jewel Bidco Limited

Great Britain

1st Lien Revolver

3.62% (SONIA + 3.50%)

1/24/2028

₤

1,000

741

(e)(f)(h)

Jewel Bidco Limited

Great Britain

1st Lien Term Loan

7/24/2028

₤

3,797

—

(e)(h)

Jewel Bidco Limited

Great Britain

1st Lien Term Loan

6.67% (SONIA + 6.50%)

7/24/2028

₤

6,203

8,357

(e)(f)

OneDigital Borrower LLC

1st Lien Term Loan

5.25% (3M LIBOR + 4.50%)

11/16/2027

1,431

1,436

OneDigital Borrower LLC

1st Lien Delayed Draw Term Loan

11/16/2027

46

—

(h)

Optio Group Limited

Great Britain

1st Lien Delayed Draw Term Loan

7.75% (6M GBP LIBOR + 7.00%)

3/16/2026

₤

598

377

(e)(h)

Optio Group Limited

Great Britain

1st Lien Delayed Draw Term Loan

7.75% (6M GBP LIBOR + 7.00%)

3/30/2026

₤

500

674

(e)(f)

People Corporation

Canada

1st Lien Revolver

7.25% (3M CDOR + 6.25%)

2/18/2027

CAD

898

130

(e)(h)

People Corporation

Canada

1st Lien Term Loan

7.25% (3M CDOR + 6.25%)

2/18/2028

CAD

7,184

5,672

(e)(f)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

People Corporation

Canada

1st Lien Delayed Draw Term Loan

2/18/2028

CAD

4,116

$

—

(e)(h)

People Corporation

Canada

1st Lien Delayed Draw Term Loan

7.25% (3M CDOR + 6.25%)

2/18/2028

CAD

2,344

1,523

(e)(h)

Right Choice Holdings Limited

Great Britain

1st Lien Term Loan

7.75% (6M GBP LIBOR + 7.00%)

6/6/2024

₤

1,000

1,347

(e)(f)

Right Choice Holdings Limited

Great Britain

1st Lien Delayed Draw Term Loan

7.75% (6M GBP LIBOR + 7.00%)

6/6/2024

₤

667

898

(e)(f)

RSC Acquisition, Inc.

1st Lien Revolver

10/30/2026

1

—

(e)(h)

RSC Acquisition, Inc.

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

10/30/2026

3,186

3,186

(e)(f)

Ryan Specialty Group, LLC

1st Lien Term Loan

3.75% (1M LIBOR + 3.00%)

9/1/2027

990

989

SCM Insurance Services Inc.

Canada

1st Lien Revolver

8/29/2022

CAD

1

—

(e)(h)

SCM Insurance Services Inc.

Canada

1st Lien Term Loan

6.00% (1M CDOR + 5.00%)

8/29/2024

CAD

120

95

(e)(f)

SCM Insurance Services Inc.

Canada

2nd Lien Term Loan

10.00% (1M CDOR + 9.00%)

3/1/2025

CAD

125

99

(e)

SelectQuote, Inc.

1st Lien Term Loan

5.75% (1M LIBOR + 5.00%)

11/5/2024

4,853

4,853

(e)

SelectQuote, Inc.

1st Lien Delayed Draw Term Loan

11/5/2024

2,455

—

(e)(h)

SG Acquisition, Inc.

1st Lien Term Loan

5.50% (1M LIBOR + 5.00%)

1/27/2027

2,876

2,876

(e)(f)

Spring Insurance Solutions, LLC

1st Lien Term Loan

7.50% (3M LIBOR + 6.50%)

11/24/2025

3,454

3,384

(e)(f)

Spring Insurance Solutions, LLC

1st Lien Delayed Draw Term Loan

7.50% (2M LIBOR + 6.50%)

11/24/2025

1,151

104

(e)(h)

Staysure Bidco Limited

Great Britain

1st Lien Delayed Draw Term Loan

8.00% (3M GBP LIBOR + 7.25%)

7/1/2025

₤

1,000

1,266

(e)

USI, Inc.

1st Lien Term Loan

3.38% (3M LIBOR + 3.25%)

12/2/2026

6,504

6,457

121,297

7.40%

Materials

Anchor Packaging, LLC

1st Lien Term Loan

4.08% (1M LIBOR + 4.00%)

7/18/2026

3,140

3,135

Aruba Investments, Inc.

2nd Lien Term Loan

8.50% (3M LIBOR + 7.75%)

11/24/2028

3,000

3,008

Berlin Packaging L.L.C.

1st Lien Term Loan

3.75% (3M LIBOR + 3.25%)

3/11/2028

4,045

4,009

(i)

Berlin Packaging L.L.C.

1st Lien Term Loan

4.25% (1M LIBOR + 3.75%)

3/11/2028

3,949

3,944

DCG Acquisition Corp.

1st Lien Term Loan

4.59% (1M LIBOR + 4.50%)

9/30/2026

5,307

5,307

(e)

Groupe Solmax Inc.

Canada

1st Lien Term Loan

5.50% (3M LIBOR + 4.75%)

5/29/2028

1,306

1,303

IntraPac Canada Corporation

Canada

1st Lien Term Loan

6.25% (3M LIBOR + 5.50%)

1/11/2026

796

788

(e)(f)

IntraPac International LLC

1st Lien Revolver

6.25% (3M LIBOR + 5.50%)

1/11/2025

415

131

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

IntraPac International LLC

1st Lien Term Loan

6.25% (3M LIBOR + 5.50%)

1/11/2026

$

4,329

$

4,286

(e)(f)

Kleopatra Finco S.a r.l.

Luxembourg

1st Lien Term Loan

4.75% (6M EURIBOR + 4.75%)

2/12/2026

€

3,800

4,357

Mauser Packaging Solutions Holding Company

1st Lien Term Loan

3.33% (1M LIBOR + 3.25%)

4/3/2024

2,727

2,669

Nelipak European Holdings Cooperatief U.A.

Netherlands

1st Lien Revolver

7/2/2024

€

582

—

(e)(h)

Nelipak European Holdings Cooperatief U.A.

Netherlands

1st Lien Term Loan

4.50% (3M EURIBOR + 4.50%)

7/2/2026

€

808

936

(e)(f)

Nelipak Holding Company

1st Lien Revolver

5.25% (3M LIBOR + 4.25%)

7/2/2024

605

253

(e)(h)

Nelipak Holding Company

1st Lien Term Loan

5.25% (3M LIBOR + 4.25%)

7/2/2026

2,976

2,976

(e)(f)

Novipax Buyer, L.L.C.

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

12/1/2026

4,355

4,355

(e)(f)

PAKNK Netherlands Treasury B.V.

Netherlands

1st Lien Term Loan

4.50% (3M EURIBOR + 4.50%)

7/2/2026

€

5,267

6,101

(e)(f)

Plaskolite PPC Intermediate II LLC

2nd Lien Term Loan

8.00% (3M LIBOR + 7.00%)

12/14/2026

2,960

2,960

(e)(f)

Pregis Topco Llc

1st Lien Term Loan

4.08% (1M LIBOR + 4.00%)

7/31/2026

3,885

3,889

Pregis Topco Llc

1st Lien Term Loan

4.50% (1M LIBOR + 4.00%)

7/31/2026

1,295

1,295

Pretium PKG Holdings, Inc.

1st Lien Term Loan

10/2/2028

725

725

(i)

Pretium PKG Holdings, Inc.

1st Lien Term Loan

4.75% (3M LIBOR + 4.00%)

11/5/2027

1,577

1,576

Pretium PKG Holdings, Inc.

2nd Lien Term Loan

10/1/2029

1,025

3

(e)(h)(i)

Trident TPI Holdings, Inc.

1st Lien Term Loan

9/15/2028

2,232

2,235

(i)

Trident TPI Holdings, Inc.

1st Lien Term Loan

4.00% (3M LIBOR + 3.00%)

10/17/2024

3,028

3,024

(i)

Trident TPI Holdings, Inc.

1st Lien Delayed Draw Term Loan

9/15/2028

317

—

(h)(i)

TWH Infrastructure Industries, Inc.

1st Lien Revolver

5.64% (3M LIBOR + 5.50%)

4/9/2025

464

213

(e)(h)

TWH Infrastructure Industries, Inc.

1st Lien Term Loan

5.64% (3M LIBOR + 5.50%)

4/9/2025

1,342

1,288

(e)(f)

64,766

3.95%

Media & Entertainment

AVSC Holding Corp.

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

10/15/2026

2,031

1,866

(h)

Diamond Sports Group, LLC

1st Lien Term Loan

3.34% (1M LIBOR + 3.25%)

8/24/2026

557

346

Global Music Rights, LLC

1st Lien Revolver

8/27/2027

473

(9)

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Global Music Rights, LLC

1st Lien Term Loan

6.50% (3M LIBOR + 5.75%)

8/28/2028

$

5,018

$

4,967

(e)

MMax Investment Partners, Inc.

1st Lien Term Loan

10.00% (3M LIBOR + 10.00%)

1/19/2026

536

472

(e)(g)

Production Resource Group, LLC

1st Lien Term Loan

9.75% (3M LIBOR + 8.50%)

8/21/2024

674

674

(e)(g)

Production Resource Group, LLC

1st Lien Delayed Draw Term Loan

6.00% (3M LIBOR + 5.00%)

8/21/2024

147

49

(e)(h)

Production Resource Group, LLC

1st Lien Delayed Draw Term Loan

8.50% (3M LIBOR + 7.50%)

8/21/2024

311

311

(e)

Rugby Australia Ltd

Australia

1st Lien Term Loan

7.75% (3M BBSY + 7.00%)

3/31/2027

AUD

1,250

895

(e)

Rugby Australia Ltd

Australia

1st Lien Delayed Draw Term Loan

3/31/2027

AUD

1,250

(9)

(e)(h)

Storm Investment S.a.r.l.

Luxembourg

1st Lien Term Loan

3.75%

6/21/2030

€

9,193

10,649

(e)

The E.W. Scripps Company

1st Lien Term Loan

3.75% (1M LIBOR + 3.00%)

1/7/2028

2,057

2,060

UFC Holdings LLC

1st Lien Term Loan

3.50% (6M LIBOR + 2.75%)

4/29/2026

2,493

2,486

Univision Communications Inc

1st Lien Term Loan

3.75% (1M LIBOR + 2.75%)

3/15/2024

1,000

999

Wideopenwest Finance, LLC

1st Lien Term Loan

4.25% (1M LIBOR + 3.25%)

8/18/2023

763

763

26,519

1.62%

Pharmaceuticals, Biotechnology & Life Sciences

Aspire Bidco Limited

Jersey

1st Lien Revolver

3/3/2028

₤

500

—

(e)(h)

Aspire Bidco Limited

Jersey

1st Lien Term Loan

3/3/2028

₤

700

—

(e)(h)

Aspire Bidco Limited

Jersey

1st Lien Term Loan

9/4/2028

₤

1,941

—

(e)(h)

Aspire Bidco Limited

Jersey

1st Lien Term Loan

6.92% (SONIA + 6.87%)

3/3/2028

₤

1,200

1,617

(e)(f)

Aspire Bidco Limited

Jersey

1st Lien Term Loan

9.12% (SONIA + 9.00%)

9/4/2028

₤

3,559

4,795

(e)(f)

Cambrex Corporation

1st Lien Term Loan

4.25% (1M LIBOR + 3.50%)

12/4/2026

4,440

4,444

Da Vinci Purchaser Corp.

1st Lien Term Loan

5.00% (1M LIBOR + 4.00%)

1/8/2027

5,408

5,426

ICON Luxembourg S.A.R.L.

Luxembourg

1st Lien Term Loan

3.00% (3M LIBOR + 2.50%)

7/3/2028

1,786

1,792

Jazz Financing Lux S.a.r.l.

Luxembourg

1st Lien Term Loan

4.00% (1M LIBOR + 3.50%)

5/5/2028

2,494

2,497

NMC Skincare Intermediate Holdings II, LLC

1st Lien Revolver

6.00% (1M LIBOR + 5.00%)

10/31/2024

333

263

(e)(h)

NMC Skincare Intermediate Holdings II, LLC

1st Lien Term Loan

6.00% (1M LIBOR + 5.00%)

10/31/2024

1,945

1,926

(e)(f)

NMC Skincare Intermediate Holdings II, LLC

1st Lien Delayed Draw Term Loan

6.00% (1M LIBOR + 5.00%)

10/31/2024

655

649

(e)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

North American Science Associates, LLC

1st Lien Revolver

5.25% (3M LIBOR + 4.50%)

3/15/2027

$

1

$

1

(e)(h)

North American Science Associates, LLC

1st Lien Term Loan

6.50% (3M LIBOR + 5.75%)

9/15/2027

4,157

4,157

(e)

North American Science Associates, LLC

1st Lien Term Loan

6.50% (3M LIBOR + 5.75%)

9/15/2027

7,070

7,070

(e)(f)

North American Science Associates, LLC

1st Lien Delayed Draw Term Loan

9/15/2027

916

—

(e)(h)

North American Science Associates, LLC

1st Lien Delayed Draw Term Loan

6.50% (3M LIBOR + 5.75%)

9/15/2027

972

972

(e)

Organon & Co.

1st Lien Term Loan

3.50% (3M LIBOR + 3.00%)

6/2/2028

5,166

5,174

PPD, Inc.

1st Lien Term Loan

2.50% (1M LIBOR + 2.00%)

1/13/2028

6,977

6,963

PRA Health Sciences, Inc.

1st Lien Term Loan

3.00% (3M LIBOR + 2.50%)

7/3/2028

445

446

PROTON JVCO S.A R.L.

Luxembourg

1st Lien Term Loan

11/9/2026

€

833

—

(e)(h)

PROTON JVCO S.A R.L.

Luxembourg

1st Lien Term Loan

7.50% (6M EURIBOR + 7.25%)

11/9/2026

€

1,667

1,931

(e)(f)

TerSera Therapeutics LLC

1st Lien Term Loan

6.60% (3M LIBOR + 5.60%)

3/30/2025

48

48

(e)(f)

50,171

3.06%

Real Estate

Illinois Investment S.a.r.l.

Luxembourg

1st Lien Term Loan

8.00%

12/31/2026

SEK

6,071

693

(e)

693

0.04%

Retailing

Atlas Intermediate III L.L.C.

1st Lien Revolver

4/29/2025

201

(63)

(e)(h)

Atlas Intermediate III L.L.C.

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

4/29/2025

1,576

1,576

(e)(f)

Atlas Intermediate III L.L.C.

1st Lien Delayed Draw Term Loan

6.50% (3M LIBOR + 5.50%)

4/29/2025

405

320

(e)(h)

Autokiniton US Holdings, Inc.

1st Lien Term Loan

5.00% (12M LIBOR + 4.50%)

4/6/2028

3,115

3,114

(i)

GPM Investments, LLC

1st Lien Term Loan

5.50% (1M LIBOR + 4.50%)

3/1/2027

8,390

8,390

(e)(f)

GPM Investments, LLC

1st Lien Delayed Draw Term Loan

5.50% (1M LIBOR + 4.50%)

3/1/2027

3,288

3,288

(e)

Hoya Midco, LLC

1st Lien Term Loan

4.50% (1M LIBOR + 3.50%)

6/30/2024

1,596

1,586

Marcone Yellowstone Buyer Inc.

1st Lien Term Loan

6.25% (6M LIBOR + 5.50%)

6/23/2028

8,420

8,251

(e)(f)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Marcone Yellowstone Buyer Inc.

1st Lien Delayed Draw Term Loan

6/23/2028

$

2,790

$

(56)

(e)(h)

Pug LLC

1st Lien Term Loan

4.75% (1M LIBOR + 4.25%)

2/12/2027

2,054

2,051

(e)

Reddy Ice LLC

1st Lien Revolver

7/1/2024

955

—

(e)(h)

Reddy Ice LLC

1st Lien Term Loan

7.50% (3M LIBOR + 6.50%)

7/1/2025

7,282

7,282

(e)(f)

Reddy Ice LLC

1st Lien Delayed Draw Term Loan

7.50% (3M LIBOR + 6.50%)

7/1/2025

1,238

742

(e)(h)

Saldon Holdings, Inc.

1st Lien Revolver

3/13/2024

381

—

(e)(h)

Saldon Holdings, Inc.

1st Lien Term Loan

6.65% (1M LIBOR + 5.65%)

3/13/2025

7,165

7,165

(e)(f)

SCIH Salt Holdings Inc.

1st Lien Term Loan

4.75% (3M LIBOR + 4.00%)

3/16/2027

1,929

1,930

Sweetwater Borrower, LLC

1st Lien Term Loan

8/7/2028

385

383

(i)

US Salt Investors, LLC

1st Lien Revolver

7/20/2026

679

(14)

(e)(h)

US Salt Investors, LLC

1st Lien Term Loan

6.25% (3M LIBOR + 5.50%)

7/19/2028

6,012

5,952

(e)(f)

51,897

3.17%

Semiconductors & Semiconductor Equipment

Esdec Solar Group B.V.

Netherlands

1st Lien Term Loan

5.75% (6M LIBOR + 5.00%)

8/30/2028

292

292

(e)

292

0.02%

Software & Services

2U, Inc.

1st Lien Term Loan

6.50% (2M LIBOR + 5.75%)

12/30/2024

6,782

6,714

(e)(f)

AffiniPay Midco, LLC

1st Lien Revolver

3/2/2026

766

—

(e)(h)

AffiniPay Midco, LLC

1st Lien Term Loan

6.25% (3M LIBOR + 5.00%)

3/2/2026

9,809

9,809

(e)(f)

Anaqua Parent Holdings, Inc.

1st Lien Revolver

10/10/2025

231

—

(e)(h)

Anaqua Parent Holdings, Inc.

1st Lien Term Loan

6.25% (6M EURIBOR + 6.25%)

4/10/2026

€

667

772

(e)

Anaqua Parent Holdings, Inc.

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

4/10/2026

2,001

2,001

(e)(f)

Anaqua Parent Holdings, Inc.

1st Lien Term Loan

7.00% (6M LIBOR + 6.00%)

4/10/2026

1,805

1,805

(e)(f)

Anaqua Parent Holdings, Inc.

1st Lien Delayed Draw Term Loan

4/10/2026

523

—

(e)(h)

APG Intermediate Holdings Corporation

1st Lien Revolver

6.75% (3M LIBOR + 5.25%)

1/3/2025

1

—

(e)(h)

APG Intermediate Holdings Corporation

1st Lien Term Loan

6.75% (3M LIBOR + 5.25%)

1/3/2025

1,000

1,000

(e)

APG Intermediate Holdings Corporation

1st Lien Delayed Draw Term Loan

6.75% (3M LIBOR + 5.25%)

1/3/2025

59

59

(e)

Applied Systems, Inc.

1st Lien Term Loan

3.75% (3M LIBOR + 3.25%)

9/19/2024

8,824

8,821

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Applied Systems, Inc.

2nd Lien Term Loan

6.25% (3M LIBOR + 5.50%)

9/19/2025

$

989

$

1,000

Appriss Health, LLC

1st Lien Revolver

5/6/2027

212

(4)

(e)(h)

Appriss Health, LLC

1st Lien Term Loan

8.25% (3M LIBOR + 7.25%)

5/6/2027

2,912

2,883

(e)

Apttus Corporation

1st Lien Term Loan

5.00% (3M LIBOR + 4.25%)

5/8/2028

2,955

2,966

(i)

Asurion, LLC

1st Lien Term Loan

3.08% (1M LIBOR + 3.00%)

11/3/2024

2,504

2,476

Asurion, LLC

1st Lien Term Loan

3.33% (1M LIBOR + 3.25%)

12/23/2026

1,026

1,010

Asurion, LLC

1st Lien Term Loan

3.33% (1M LIBOR + 3.25%)

7/31/2027

2,987

2,942

Asurion, LLC

2nd Lien Term Loan

5.33% (1M LIBOR + 5.25%)

1/31/2028

570

568

Asurion, LLC

2nd Lien Term Loan

5.33% (1M LIBOR + 5.25%)

1/20/2029

7,000

6,963

Atlanta Bidco Limited

Great Britain

1st Lien Term Loan

7.75% (6M EURIBOR + 7.00%)

8/23/2024

€

1,000

1,135

(e)(f)

Avaya Inc.

1st Lien Term Loan

4.33% (1M LIBOR + 4.25%)

12/15/2027

663

664

Banyan Software Holdings, LLC

1st Lien Revolver

8.50% (3M LIBOR + 7.50%)

10/30/2025

265

32

(e)(h)

Banyan Software Holdings, LLC

1st Lien Term Loan

8.50% (3M LIBOR + 7.50%)

10/30/2026

2,656

2,656

(e)(f)

Banyan Software Holdings, LLC

1st Lien Delayed Draw Term Loan

8.50% (3M LIBOR + 7.50%)

10/30/2026

1,529

275

(e)(h)

Bock Capital Bidco B.V.

Netherlands

1st Lien Term Loan

4.00% (1M EURIBOR + 4.00%)

6/29/2028

€

10,000

11,598

Capnor Connery Bidco A/S

Denmark

1st Lien Term Loan

7.63% (1M EURIBOR + 7.63%)

4/30/2026

€

2,954

3,422

(e)(f)

Capnor Connery Bidco A/S

Denmark

1st Lien Term Loan

7.63% (1M STIBOR + 7.63%)

4/30/2026

SEK

4,210

481

(e)(f)

Capnor Connery Bidco A/S

Denmark

1st Lien Term Loan

8.05% (1M NIBOR + 7.62%)

4/30/2026

NOK

2,551

292

(e)(f)

Capnor Connery Bidco A/S

Denmark

1st Lien Delayed Draw Term Loan

7.63% (1M CIBOR + 7.63%)

4/30/2026

DKK

22,065

3,437

(e)(f)

Capnor Connery Bidco A/S

Denmark

1st Lien Delayed Draw Term Loan

7.63% (1M CIBOR + 7.63%)

4/30/2026

DKK

45,968

982

(e)(h)

Cardinal Parent, Inc.

1st Lien Revolver

6.75% (PRIME + 3.50%)

11/12/2025

1

—

(e)(h)

Cardinal Parent, Inc.

2nd Lien Term Loan

8.50% (3M LIBOR + 7.50%)

11/13/2028

6,941

6,941

(e)(f)

Cast & Crew Payroll, LLC

1st Lien Term Loan

3.83% (1M LIBOR + 3.75%)

2/9/2026

2,952

2,939

CCC Intelligent Solutions, Inc.

1st Lien Term Loan

9/21/2028

2,020

2,017

(i)

CED Group Holding B.V.

Netherlands

1st Lien Delayed Draw Term Loan

7.00% (3M EURIBOR + 7.00%)

12/9/2025

€

354

411

(e)(f)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Cologix Holdings, Inc.

1st Lien Term Loan

4.50% (1M LIBOR + 3.75%)

5/1/2028

$

1,002

$

1,003

Confirmasoft AB

Sweden

1st Lien Delayed Draw Term Loan

6/3/2027

€

1,505

—

(e)(h)

Confirmasoft AB

Sweden

1st Lien Delayed Draw Term Loan

6.75% (3M EURIBOR + 6.75%)

6/3/2027

€

1,995

2,310

(e)(f)

Consilio Midco Limited

Great Britain

1st Lien Revolver

5/26/2028

1

—

(e)(h)

Consilio Midco Limited

Great Britain

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

5/26/2028

6,892

6,824

(e)(f)

Consilio Midco Limited

Great Britain

1st Lien Delayed Draw Term Loan

5/26/2028

2,572

(26)

(e)(h)

Cority Software Inc.

Canada

1st Lien Revolver

7/2/2025

231

—

(e)(h)

Cority Software Inc.

Canada

1st Lien Term Loan

6.00% (3M LIBOR + 5.00%)

7/2/2026

130

130

(e)

Cority Software Inc.

Canada

1st Lien Term Loan

6.00% (3M LIBOR + 5.00%)

7/2/2026

1,741

1,741

(e)(f)

Cvent, Inc.

1st Lien Term Loan

3.75% (1M LIBOR + 3.75%)

11/29/2024

2,596

2,584

Datix Bidco Limited

Great Britain

1st Lien Term Loan

4.21% (6M LIBOR + 4.00%)

4/28/2025

2,851

2,851

(e)(f)

Denali Holdco LLC

1st Lien Revolver

9/15/2027

592

(12)

(e)(h)

Denali Holdco LLC

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

9/15/2027

4,118

4,077

(e)

Diligent Corporation

1st Lien Revolver

8/4/2025

513

—

(e)(h)

Diligent Corporation

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

8/4/2025

2,262

2,262

(e)(f)

Diligent Corporation

1st Lien Term Loan

7.25% (3M LIBOR + 6.25%)

8/4/2025

189

189

(e)

Diligent Corporation

1st Lien Term Loan

7.25% (3M LIBOR + 6.25%)

8/4/2025

3,059

3,059

(e)(f)

Diligent Corporation

1st Lien Delayed Draw Term Loan

8/4/2025

687

—

(e)(h)

Doxim Inc.

1st Lien Term Loan

7.00% (1M LIBOR + 6.00%)

2/28/2024

710

710

(e)(f)

Doxim Inc.

1st Lien Term Loan

7.75% (1M LIBOR + 6.75%)

2/28/2024

3,422

3,422

(e)(f)

Doxim Inc.

1st Lien Term Loan

8.00% (1M LIBOR + 7.00%)

2/28/2024

830

830

(e)(f)

Doxim Inc.

1st Lien Term Loan

9.00% (1M LIBOR + 8.00%)

2/28/2024

6,314

6,314

(e)(f)

Doxim Inc.

1st Lien Last Out Delayed Draw Term Loan

7.00% (1M LIBOR + 6.00%)

2/28/2024

325

325

(e)

Drilling Info Holdings, Inc.

2nd Lien Term Loan

8.33% (1M LIBOR + 8.25%)

7/30/2026

8,077

8,077

(e)(f)

DS Admiral Bidco, LLC

1st Lien Revolver

3/16/2026

358

(9)

(e)(h)

DS Admiral Bidco, LLC

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

3/16/2028

2,432

2,408

(e)(f)

Eastman Chemical Company

1st Lien Term Loan

8/12/2028

1,835

1,826

(e)(i)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Elemica Parent, Inc.

1st Lien Revolver

12/31/2021

$

947

$

—

(e)(h)

Elemica Parent, Inc.

1st Lien Revolver

7.00% (1M LIBOR + 6.00%)

9/18/2025

479

268

(e)(h)

Elemica Parent, Inc.

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

9/18/2025

2,843

2,843

(e)

Elemica Parent, Inc.

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

9/18/2025

875

875

(e)(f)

Elemica Parent, Inc.

1st Lien Delayed Draw Term Loan

7.00% (3M LIBOR + 6.00%)

9/18/2025

2,824

2,824

(e)

Enigma Acquisition B.V.

Netherlands

1st Lien Delayed Draw Term Loan

7.20% (6M EURIBOR + 2.70%)

1/26/2028

€

4,074

4,720

(e)(f)

Epicor Software Corporation

1st Lien Term Loan

4.00% (1M LIBOR + 3.25%)

7/30/2027

2,442

2,441

eResearch Technology, Inc.

1st Lien Term Loan

5.50% (1M LIBOR + 4.50%)

2/4/2027

2,044

2,053

eResearch Technology, Inc.

2nd Lien Term Loan

8.50% (1M LIBOR + 8.00%)

2/4/2028

10,603

10,603

(e)(f)

eResearch Technology, Inc.

2nd Lien Delayed Draw Term Loan

8.50% (1M LIBOR + 8.00%)

2/4/2028

1,343

672

(e)(h)

Evercommerce Solutions, Inc.

1st Lien Term Loan

3.75% (1M LIBOR + 3.25%)

7/6/2028

2,000

2,003

(e)(i)

ExtraHop Networks, Inc.

1st Lien Term Loan

8.50% (3M LIBOR + 7.50%)

7/22/2027

1,620

1,604

(e)

ExtraHop Networks, Inc.

1st Lien Last Out Delayed Draw Term Loan

8.50% (3M LIBOR + 7.50%)

7/22/2027

933

33

(e)(h)

Frontline Technologies Holdings, LLC

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

9/18/2023

3,863

3,863

(e)(f)

Frontline Technologies Intermediate Holdings, LLC

1st Lien Term Loan

6.75% (3M LIBOR + 5.75%)

9/18/2023

455

455

(e)(f)

Frontline Technologies Intermediate Holdings, LLC

1st Lien Delayed Draw Term Loan

6.75% (3M LIBOR + 5.75%)

9/18/2023

56

56

(e)

Gilfoyle Bidco AB

Sweden

1st Lien Term Loan

8/31/2028

SEK

19,394

—

(e)(h)

Gilfoyle Bidco AB

Sweden

1st Lien Term Loan

6.25% (6M STIBOR + 6.25%)

8/31/2028

SEK

60,606

6,923

(e)

GraphPAD Software, LLC

1st Lien Revolver

7.00% (3M LIBOR + 6.00%)

4/27/2027

2

1

(e)(h)

GraphPAD Software, LLC

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

4/27/2027

1

1

(e)

GraphPAD Software, LLC

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

4/27/2027

4,737

4,737

(e)(f)

Huskies Parent, Inc.

1st Lien Term Loan

4.08% (1M LIBOR + 4.00%)

7/31/2026

8,123

8,108

(i)

Idera, Inc.

1st Lien Term Loan

4.50% (3M LIBOR + 3.75%)

3/2/2028

4,085

4,082

Idera, Inc.

2nd Lien Term Loan

7.50% (3M LIBOR + 6.75%)

3/2/2029

3,567

3,567

Indigo IT Bidco Limited

Great Britain

1st Lien Delayed Draw Term Loan

2/21/2028

₤

649

—

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Indigo IT Bidco Limited

Great Britain

1st Lien Delayed Draw Term Loan

6.75% (3M GBP LIBOR + 6.50%)

2/21/2028

₤

7,351

$

9,905

(e)(f)

Informatica LLC

1st Lien Term Loan

3.33% (1M LIBOR + 3.25%)

2/25/2027

957

954

Informatica LLC

2nd Lien Term Loan

7.13%

2/25/2025

2,591

2,625

(i)

ION Trading Finance Limited

Ireland

1st Lien Term Loan

4.92% (3M LIBOR + 4.75%)

4/1/2028

4,030

4,034

IQS, Inc.

1st Lien Term Loan

6.00% (3M LIBOR + 5.00%)

7/2/2026

1,638

1,638

(e)(f)

IQS, Inc.

Canada

1st Lien Term Loan

8.00% (3M LIBOR + 7.00%)

7/2/2026

139

139

(e)(f)

Ishtar Bidco Norway AS

Great Britain

1st Lien Delayed Draw Term Loan

8.50% (6M GBP LIBOR + 7.75%)

11/26/2025

₤

1,000

1,347

(e)(f)

Ivanti Software, Inc.

1st Lien Revolver

12/1/2025

460

(3)

(e)(h)

Ivanti Software, Inc.

1st Lien Term Loan

4.75% (3M LIBOR + 4.00%)

12/1/2027

1,186

1,186

Ivanti Software, Inc.

1st Lien Term Loan

5.75% (3M LIBOR + 4.75%)

12/1/2027

4,823

4,832

Ivanti Software, Inc.

2nd Lien Term Loan

9.50% (3M LIBOR + 8.50%)

12/1/2028

2,500

2,491

MA Financeco., LLC

1st Lien Term Loan

5.25% (3M LIBOR + 4.25%)

6/5/2025

2,565

2,578

Magenta Buyer LLC

1st Lien Term Loan

5.75% (3M LIBOR + 5.00%)

7/27/2028

4,905

4,903

(i)

Majesco

1st Lien Revolver

9/21/2026

624

—

(e)(h)

Majesco

1st Lien Term Loan

8.25% (3M LIBOR + 7.25%)

9/21/2027

8,013

8,013

(e)(f)

MH Sub I, LLC (Micro Holding Corp.)

1st Lien Term Loan

3.58% (1M LIBOR + 3.50%)

9/13/2024

5,478

5,460

MH Sub I, LLC (Micro Holding Corp.)

1st Lien Term Loan

4.75% (1M LIBOR + 3.75%)

9/13/2024

405

406

Milano Acquisition Corp.

1st Lien Term Loan

4.75% (3M LIBOR + 4.00%)

10/1/2027

7,130

7,140

(i)

Mitchell International, Inc.

1st Lien Term Loan

3.33% (1M LIBOR + 3.25%)

11/29/2024

2,538

2,533

MMIT Holdings, LLC

1st Lien Revolver

9/15/2027

651

(13)

(e)(h)

MMIT Holdings, LLC

1st Lien Term Loan

7.25% (3M LIBOR + 6.25%)

9/15/2027

6,125

6,064

(e)(f)

MRI Software LLC

1st Lien Revolver

2/10/2026

508

—

(e)(h)

MRI Software LLC

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

2/10/2026

6,587

6,587

(e)(f)

MRI Software LLC

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

2/10/2026

438

438

(e)(g)

MRI Software LLC

1st Lien Delayed Draw Term Loan

2/10/2026

919

—

(e)(h)

Oakley Ekomid Limited

Great Britain

1st Lien Term Loan

6.75% (3M EURIBOR + 6.50%)

6/21/2027

€

1,223

1,416

(e)

Oakley Ekomid Limited

Great Britain

1st Lien Term Loan

7.00% (3M EURIBOR + 6.75%)

6/21/2027

€

1,027

1,190

(e)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Oakley Ekomid Limited

Great Britain

1st Lien Delayed Draw Term Loan

6/21/2027

€

563

$

—

(e)(h)

OpenMarket Inc.

1st Lien Term Loan

9/17/2026

6,851

6,782

(e)(f)(i)

PDI TA Holdings, Inc.

1st Lien Revolver

10/24/2024

205

—

(e)(h)

PDI TA Holdings, Inc.

1st Lien Term Loan

5.50% (3M LIBOR + 4.50%)

10/24/2024

2,371

2,371

(e)(f)

PDI TA Holdings, Inc.

2nd Lien Term Loan

9.50% (3M LIBOR + 8.50%)

10/24/2025

1,107

1,107

(e)

PDI TA Holdings, Inc.

2nd Lien Term Loan

9.50% (3M LIBOR + 8.50%)

10/24/2025

131

131

(e)(f)

PDI TA Holdings, Inc.

2nd Lien Delayed Draw Term Loan

9.50% (3M LIBOR + 8.50%)

10/24/2025

138

75

(e)(h)

Perforce Software, Inc.

1st Lien Term Loan

3.83% (1M LIBOR + 3.75%)

7/1/2026

1,201

1,191

Pluralsight, Inc.

1st Lien Revolver

4/6/2027

1,204

(24)

(e)(h)

Pluralsight, Inc.

1st Lien Term Loan

9.00% (3M LIBOR + 8.00%)

4/6/2027

16,506

16,341

(e)

Practicetek Purchaser, LLC

1st Lien Revolver

3/31/2027

138

—

(e)(h)

Practicetek Purchaser, LLC

1st Lien Term Loan

7.00% (1M LIBOR + 6.00%)

3/31/2027

554

554

(e)

Practicetek Purchaser, LLC

1st Lien Delayed Draw Term Loan

7.00% (1M LIBOR + 6.00%)

3/31/2027

1,128

796

(e)(h)

ProfitSolv Purchaser, Inc.

1st Lien Revolver

3/5/2027

608

—

(e)(h)

ProfitSolv Purchaser, Inc.

1st Lien Term Loan

6.25% (1M LIBOR + 5.25%)

3/5/2027

3,814

3,814

(e)(f)

ProfitSolv Purchaser, Inc.

1st Lien Delayed Draw Term Loan

6.25% (1M LIBOR + 5.25%)

3/5/2027

2,555

194

(e)(h)

Project Boost Purchaser, LLC

1st Lien Term Loan

3.58% (1M LIBOR + 3.50%)

6/1/2026

2,486

2,473

Project Essential Bidco, Inc.

1st Lien Revolver

4/20/2027

121

(2)

(e)(h)

Project Essential Bidco, Inc.

1st Lien Term Loan

6.75% (6M LIBOR + 5.75%)

4/20/2028

4,108

4,067

(e)(f)

Proofpoint, Inc.

1st Lien Revolver

8/31/2026

240

(3)

(e)(h)(i)

Proofpoint, Inc.

1st Lien Term Loan

8/31/2028

2,080

2,069

(i)

Proofpoint, Inc.

2nd Lien Term Loan

6.75% (3M LIBOR + 6.25%)

8/31/2029

5,431

5,485

(e)

ProQuest, LLC

1st Lien Term Loan

3.33% (1M LIBOR + 3.25%)

10/23/2026

3,864

3,860

QF Holdings, Inc.

1st Lien Revolver

9/19/2024

1

—

(e)(h)

QF Holdings, Inc.

1st Lien Term Loan

7.50% (3M LIBOR + 6.50%)

9/19/2024

1,313

1,313

(e)

QF Holdings, Inc.

1st Lien Delayed Draw Term Loan

9/19/2024

263

—

(e)(h)

QF Holdings, Inc.

1st Lien Delayed Draw Term Loan

7.50% (3M LIBOR + 6.50%)

9/19/2024

263

263

(e)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Raptor Technologies, LLC

1st Lien Revolver

7.00% (1M LIBOR + 6.00%)

12/17/2023

$

1

$

1

(e)(h)

Raptor Technologies, LLC

1st Lien Term Loan

7.00% (1M LIBOR + 6.00%)

12/17/2024

1,901

1,901

(e)(f)

Raptor Technologies, LLC

1st Lien Delayed Draw Term Loan

7.00% (1M LIBOR + 6.00%)

12/17/2024

647

647

(e)

RealPage, Inc.

2nd Lien Term Loan

7.25% (1M LIBOR + 6.50%)

4/23/2029

9,423

9,328

(e)(f)

Relativity ODA LLC

1st Lien Revolver

5/12/2027

1

—

(e)(h)

Relativity ODA LLC

1st Lien Term Loan

8.50% (1M LIBOR + 7.50%)

5/12/2027

6,639

6,573

(e)

Sedgwick Claims Management Services, Inc.

Cayman Islands

1st Lien Term Loan

3.33% (1M LIBOR + 3.25%)

12/31/2025

2,838

2,815

Sedgwick Claims Management Services, Inc.

Cayman Islands

1st Lien Term Loan

3.83% (1M LIBOR + 3.75%)

9/3/2026

354

353

Smarsh Inc.

1st Lien Term Loan

9.25% (3M LIBOR + 8.25%)

11/20/2025

2,420

2,420

(e)

Sophia, L.P.

1st Lien Term Loan

4.50% (3M LIBOR + 3.75%)

10/7/2027

1,185

1,189

Sophia, L.P.

2nd Lien Term Loan

9.00% (3M LIBOR + 8.00%)

10/9/2028

10,498

10,498

(e)(f)

Storable, Inc.

2nd Lien Term Loan

7.50% (3M LIBOR + 6.75%)

4/16/2029

7,683

7,683

(e)(f)

Sundance Group Holdings, Inc.

1st Lien Revolver

7/2/2027

1

—

(e)(h)

Sundance Group Holdings, Inc.

1st Lien Term Loan

7.75% (3M LIBOR + 6.75%)

7/2/2027

1,510

1,495

(e)(f)

Sundance Group Holdings, Inc.

1st Lien Delayed Draw Term Loan

7/2/2027

453

(5)

(e)(h)

TCP Hawker Intermediate LLC

1st Lien Revolver

8/29/2025

458

—

(e)(h)

TCP Hawker Intermediate LLC

1st Lien Term Loan

6.50% (3M LIBOR + 5.50%)

8/28/2026

2,770

2,770

(e)(f)

TCP Hawker Intermediate LLC

1st Lien Delayed Draw Term Loan

8/28/2026

495

—

(e)(h)

TCP Hawker Intermediate LLC

1st Lien Delayed Draw Term Loan

6.50% (3M LIBOR + 5.50%)

8/28/2026

491

491

(e)

The Ultimate Software Group, Inc.

1st Lien Revolver

5/3/2024

1

—

(e)(h)

The Ultimate Software Group, Inc.

2nd Lien Term Loan

8.08% (1M LIBOR + 8.00%)

5/3/2027

2,000

2,000

(e)(f)

ThoughtWorks, Inc.

1st Lien Term Loan

3.50% (1M LIBOR + 3.00%)

3/24/2028

2,176

2,174

TIBCO Software Inc

1st Lien Term Loan

3.84% (1M LIBOR + 3.75%)

6/30/2026

2,292

2,273

TIGER UK BIDCO LIMITED

Great Britain

1st Lien Revolver

12/30/2027

₤

2,000

—

(e)(h)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

TIGER UK BIDCO LIMITED

Great Britain

1st Lien Delayed Draw Term Loan

5.92% (SONIA + 5.75%)

12/30/2027

₤

1,114

$

1,501

(e)(f)

TIGER UK BIDCO LIMITED

Great Britain

1st Lien Delayed Draw Term Loan

5.92% (SONIA + 5.75%)

12/30/2027

₤

814

1,041

(e)(h)

TIGER UK BIDCO LIMITED

Great Britain

1st Lien Delayed Draw Term Loan

5.92% (SONIA + 5.75%)

6/30/2028

₤

5,529

7,449

(e)(f)

TIGER UK BIDCO LIMITED

Great Britain

1st Lien Delayed Draw Term Loan

5.92% (SONIA + 5.75%)

6/30/2028

₤

1,543

1,972

(e)(h)

WebPT, Inc.

1st Lien Revolver

7.75% (3M LIBOR + 6.75%)

8/28/2024

216

65

(e)(h)

WebPT, Inc.

1st Lien Term Loan

7.75% (3M LIBOR + 6.75%)

8/28/2024

2,042

2,042

(e)

Wellness AcquisitionCo, Inc.

1st Lien Revolver

1/20/2027

504

—

(e)(h)

Wellness AcquisitionCo, Inc.

1st Lien Term Loan

6.50% (6M LIBOR + 5.50%)

1/20/2027

2,797

2,797

(e)(f)

WorkWave Intermediate II, LLC

1st Lien Revolver

6/29/2027

460

(9)

(e)(h)

WorkWave Intermediate II, LLC

1st Lien Term Loan

8.00% (3M LIBOR + 7.25%)

6/29/2027

3,999

3,959

(e)

WorkWave Intermediate II, LLC

1st Lien Delayed Draw Term Loan

8.00% (3M LIBOR + 7.25%)

6/29/2027

1,306

1,293

(e)

408,130

24.91%

Technology Hardware & Equipment

CPI Holdco, LLC

1st Lien Revolver

11/4/2024

3,435

(4)

(e)(h)

CPI Holdco, LLC

1st Lien Term Loan

11/4/2026

2,540

2,538

(i)

FL Hawk Intermediate Holdings, Inc.

1st Lien Revolver

2/22/2027

1,312

—

(e)(h)

FL Hawk Intermediate Holdings, Inc.

1st Lien Term Loan

5.75% (3M LIBOR + 4.75%)

2/22/2028

7,438

7,438

(e)(f)

FL Hawk Intermediate Holdings, Inc.

1st Lien Delayed Draw Term Loan

2/22/2028

1,017

—

(e)(h)

Ingram Micro Inc.

1st Lien Term Loan

4.00% (3M LIBOR + 3.50%)

6/30/2028

2,301

2,305

Micromeritics Instrument Corp.

1st Lien Revolver

12/18/2025

331

—

(e)(h)

Micromeritics Instrument Corp.

1st Lien Term Loan

6.00% (3M LIBOR + 5.00%)

12/18/2025

2,593

2,593

(e)(f)

MWG BidCo ApS

Denmark

1st Lien Term Loan

2/29/2028

DKK

4,934

—

(e)(h)

MWG BidCo ApS

Denmark

1st Lien Term Loan

6.90% (3M CIBOR + 6.90%)

2/29/2028

DKK

20,066

3,126

(e)

Repairify, Inc.

1st Lien Revolver

6/14/2027

766

(15)

(e)(h)

Repairify, Inc.

1st Lien Term Loan

6.00% (3M LIBOR + 5.00%)

6/14/2027

3,571

3,535

(e)(f)

Sorenson Communications, LLC

1st Lien Term Loan

6.25% (3M LIBOR + 5.50%)

3/17/2026

282

283

TGG TS Acquisition Company

1st Lien Term Loan

6.58% (1M LIBOR + 6.50%)

12/14/2025

1,491

1,491

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Wildcat BuyerCo, Inc.

1st Lien Revolver

2/27/2026

$

255

$

—

(e)(h)

Wildcat BuyerCo, Inc.

1st Lien Term Loan

6.00% (3M LIBOR + 5.00%)

2/27/2026

2,032

2,032

(e)(f)

Wildcat BuyerCo, Inc.

1st Lien Delayed Draw Term Loan

6.00% (3M LIBOR + 5.00%)

2/27/2026

1,075

387

(e)(h)

25,709

1.57%

Telecommunication Services

CB-SDG LIMITED

Great Britain

1st Lien Delayed Draw Term Loan

4/3/2026

₤

317

(43)

(e)(h)

CB-SDG LIMITED

Great Britain

1st Lien Delayed Draw Term Loan

7.88% (3M GBP LIBOR + 7.13%)

4/3/2026

₤

2,814

3,413

(e)(f)(g)

Commify Limited

Great Britain

1st Lien Delayed Draw Term Loan

6.25% (6M EURIBOR + 6.00%)

9/14/2026

€

761

282

(e)(h)

Commify Limited

Great Britain

1st Lien Delayed Draw Term Loan

7.42% (6M EURIBOR + 7.17%)

9/14/2026

€

2,771

3,210

(e)(f)

Iridium Satellite Llc

1st Lien Term Loan

3.25% (1M LIBOR + 2.50%)

11/4/2026

2,983

2,984

Zayo Group Holdings, Inc.

1st Lien Term Loan

3.08% (1M LIBOR + 3.00%)

3/9/2027

2,631

2,606

12,452

0.76%

Transportation

AAdvantage Loyality IP, Ltd.

1st Lien Term Loan

5.50% (3M LIBOR + 4.75%)

4/20/2028

3,796

3,923

Air Canada

Canada

1st Lien Term Loan

4.25% (3M LIBOR + 3.50%)

8/11/2028

1,866

1,872

Commercial Trailer Leasing, Inc.

1st Lien Revolver

1/19/2026

741

—

(e)(h)

Commercial Trailer Leasing, Inc.

1st Lien Term Loan

7.25% (3M LIBOR + 6.25%)

1/19/2026

12,353

12,353

(e)(f)

Commercial Trailer Leasing, Inc.

1st Lien Delayed Draw Term Loan

7.25% (3M LIBOR + 6.25%)

1/19/2026

1,472

683

(e)(h)

Commercial Trailer Leasing, Inc.

2nd Lien Term Loan

13.00% (3M LIBOR + 13.00%)

1/19/2027

2,222

2,222

(e)(f)

First Student Bidco Inc.

1st Lien Term Loan

3.50% (3M LIBOR + 3.00%)

7/21/2028

3,141

3,122

(i)

Grab Holdings, Inc.

Singapore

1st Lien Term Loan

5.50% (3M LIBOR + 4.50%)

1/29/2026

5,101

5,144

Neovia Logistics, LP

1st Lien Term Loan

6.64% (3M LIBOR + 6.50%)

5/8/2024

689

696

(e)

Neovia Logistics, LP

2nd Lien Term Loan

11.39% (3M LIBOR + 11.25%)

11/8/2024

1,353

1,366

(e)

PODS, LLC

1st Lien Term Loan

3.75% (1M LIBOR + 3.00%)

3/31/2028

5,486

5,487

Shur-Co Acquisition, Inc.

1st Lien Revolver

7.00% (3M LIBOR + 6.00%)

6/30/2027

441

79

(e)(h)

Shur-Co Acquisition, Inc.

1st Lien Term Loan

7.00% (3M LIBOR + 6.00%)

6/30/2027

2,384

2,360

(e)(f)

39,307

2.40%

Utilities

Astoria Energy LLC

1st Lien Term Loan

4.50% (3M LIBOR + 3.50%)

12/10/2027

739

741

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)		Fair Value (a)			Percentage of Net Assets
WIN Waste Innovations Holdings, Inc.		1st Lien Term Loan	3.25% (3M LIBOR + 2.75%)	3/24/2028			$	2,494	$	2,491
									3,232			0.20%
TOTAL SENIOR LOANS (Cost $1,640,480)									1,658,983			101.27%
SUBORDINATED LOANS (b)(c)(d)
Commercial & Professional Services
Nest Topco Borrower Inc.		Subordinated Term Loan	9.00% (3M LIBOR + 8.50%)	8/31/2029				13,162	13,030		(e)
Nest Topco Borrower Inc.		Subordinated Delayed Draw Term Loan		8/31/2029				13,162	(132)		(e)(h)
Visual Edge Technology, Inc.		Subordinated Notes	16.00%	9/3/2024				225	207		(e)
									13,105			0.80%
Consumer Services
KeyStone Sub-Debt HoldCo, LLC		Mezzanine Term Loan	10.00% (3M LIBOR + 10.00%)	1/20/2027				7,668	7,285		(e)
KeyStone Sub-Debt HoldCo, LLC		Mezzanine Term Loan	10.00% (3M LIBOR + 10.00%)	1/20/2027				1,048	1,027		(e)(g)
									8,312			0.51%
Diversified Financials
eCapital Finance Corp.	Canada	Subordinated Term Loan	9.00% (1M LIBOR + 7.50%)	1/31/2025				2,023	2,023		(e)
eCapital Finance Corp.	Canada	Subordinated Delayed Draw Term Loan	9.00% (1M LIBOR + 7.50%)	1/31/2025				2,803	2,803		(e)
									4,826			0.29%
Healthcare Equipment & Services
Air Medical Group Holdings Inc		Unsecured Term Loan	8.88% (6M LIBOR + 7.88%)	3/13/2026				795	795		(e)
									795			0.05%
Insurance
Ardonagh Midco 2 PLC	Great Britain	Unsecured Notes	11.50%	1/15/2027				34	37		(g)
									37			—%
Software & Services
AffiniPay Intermediate Holdings, LLC		Subordinated Notes	12.75%	2/28/2028				2,873	2,873		(e)
									2,873			0.18%
TOTAL SUBORDINATED LOANS (Cost $29,278482)									29,948			1.83%
CORPORATE BONDS(b)(c)
Automobiles & Components
Ford Motor Company			8.50%	4/21/2023				275	302
									302			0.02%
Banks
LD Holdings Group LLC			6.50%	11/1/2025				4,003	3,983		(d)
United Shore Financial Services LLC			5.50%	11/15/2025				1,793	1,806		(d)
									5,789			0.35%
Capital Goods

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)		Fair Value (a)			Percentage of Net Assets
American Builders & Contractors Supply Co., Inc.			3.88%	11/15/2029			$	392	$	391	(d)
American Builders & Contractors Supply Co., Inc.			4.00%	1/15/2028				3,000	3,064		(d)
Assemblin Financing AB	Sweden		4.46% (3M EURIBOR + 5.00%)	5/15/2025			€	2,000	2,330
Builders FirstSource, Inc.			4.25%	2/1/2032				2,028	2,071		(d)
Cargo Aircraft Management, Inc.			4.75%	2/1/2028				2,647	2,737		(d)
Pike Corporation			5.50%	9/1/2028				276	281		(d)
PowerTeam Services, LLC			9.03%	12/4/2025				1,505	1,633		(d)
Specialty Building Products Holdings LLC			6.38%	9/30/2026				2,340	2,463		(d)
Tutor Perini Corporation			6.88%	5/1/2025				2,753	2,815		(d)
									17,785			1.09%
Commercial & Professional Services
GFL Environmental Inc.	Canada		4.38%	8/15/2029				1,475	1,490		(d)
Neighborly Issuer LLC			3.58%	4/30/2051				25	26		(d)(e)
									1,516			0.09%
Consumer Durables & Apparel
Ashton Woods USA LLC			4.63%	8/1/2029				1,600	1,616		(d)
									1,616			0.10%
Consumer Services
1011778 BC ULC	Canada		4.00%	10/15/2030				2,001	1,981		(d)
1011778 BC ULC	Canada		4.38%	1/15/2028				1,961	1,991		(d)
AB Issuer LLC			3.73%	7/30/2051				25	25		(d)(e)
Caesars Entertainment, Inc.			6.25%	7/1/2025				275	290		(d)
Gamma Bidco Spa	Italy		5.13%	7/15/2025			€	2,000	2,364
Gamma Bidco Spa	Italy		6.00% (3M EURIBOR + 6.00%)	7/15/2025			€	2,000	2,334
Peninsula Pacific Entertainment, LLC			8.50%	11/15/2027				3,085	3,345		(d)
ServiceMaster Funding LLC			3.34%	1/30/2051				25	26		(d)(e)
Stonegate Pub Co. Financing 2019 PLC	Great Britain		8.00%	7/13/2025			₤	2,000	2,792
									15,148			0.92%
Diversified Financials
BCC Blueprint Investments, LLC			0.75%	9/15/2026				599	599		(e)
ITT Holdings LLC			6.50%	8/1/2029				4,000	4,035		(d)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)		Fair Value (a)			Percentage of Net Assets
LBM Acquisition LLC			6.25%	1/15/2029			$	7,156	$	7,152	(d)
Mozart Debt Merger Sub, Inc.			3.88%	4/1/2029				3,500	3,500		(d)(i)(l)
Mozart Debt Merger Sub, Inc.			5.25%	10/1/2029				2,800	2,800		(d)(i)(l)
									18,086			1.11%
Energy
Ascent Resources - Utica LLC			9.00%	11/1/2027				688	943		(d)
Blue Racer Midstream LLC			7.63%	12/15/2025				1,652	1,786		(d)
Cheniere Energy Partners LP			4.00%	3/1/2031				300	314		(d)
CITGO Holding Inc			9.25%	8/1/2024				3,300	3,325		(d)
Exterran Energy Solutions LP			8.13%	5/1/2025				3,100	2,961
Great Western Petroleum LLC			12.00%	9/1/2025				399	405		(d)
Laredo Petroleum, Inc.			9.50%	1/15/2025				593	614
New Fortress Energy, Inc.			6.50%	9/30/2026				4,815	4,604		(d)
NGL Energy Operating LLC			7.50%	2/1/2026				928	945		(d)
Summit Midstream Holdings LLC			5.75%	4/15/2025				596	542
Tervita Corporation	Canada		11.00%	12/1/2025				297	337		(d)(i)(l)
									16,776			1.03%
Food & Staples Retailing
NBC Funding LLC			2.99%	7/30/2051				25	25		(d)(e)
									25			—%
Food & Beverage
Triton Water Holdings, Inc.			6.25%	4/1/2029				100	102		(d)
									102			0.01%
Healthcare Equipment & Services
Air Methods Corporation			8.00%	5/15/2025				9,431	9,007		(d)
Lifepoint Health Inc			4.38%	2/15/2027				1,613	1,605		(d)
Team Health Holdings, Inc.			6.38%	2/1/2025				3,800	3,646		(d)
									14,258			0.87%
Insurance
NFP Corp.			6.88%	8/15/2028				2,624	2,679		(d)
									2,679			0.16%
Materials
Constellium SE	France		5.63%	6/15/2028				1,000	1,051		(d)
Constellium SE	France		5.88%	2/15/2026				250	254		(d)
Freeport-McMoRan, Inc.			4.63%	8/1/2030				1,000	1,081		(i)(l)
Freeport-McMoRan, Inc.			5.40%	11/14/2034				807	969		(i)(l)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)		Fair Value (a)			Percentage of Net Assets
Kraton Polymers LLC			4.25%	12/15/2025			$	4,132	$	4,318	(d)
OCI NV	Netherlands		5.25%	11/1/2024				2,113	2,173		(d)
The Chemours Company			4.63%	11/15/2029				198	193		(d)(i)(l)
Venator Materials LLC	Luxembourg		5.75%	7/15/2025				4,245	4,012		(d)
Venator Materials LLC	Luxembourg		9.50%	7/1/2025				287	317		(d)
									14,368			0.88%
Media & Entertainment
Altice Financing SA	Luxembourg		5.00%	1/15/2028				7,000	6,673		(d)(i)(l)
CCO Holdings LLC			4.25%	2/1/2031				969	983		(d)
CSC Holdings LLC			3.38%	2/15/2031				4,000	3,720		(d)
CSC Holdings LLC			4.50%	11/15/2031				870	859		(d)
CSC Holdings LLC			4.63%	12/1/2030				2,000	1,895		(d)
Dolya Holdco 18 DAC	Ireland		5.00%	7/15/2028				3,000	3,099		(d)
Telenet Finance Luxembourg Notes Sarl	Luxembourg		5.50%	3/1/2028				400	420		(d)
									17,649			1.08%
Real Estate
HAT Holdings I LLC			3.75%	9/15/2030				4,880	4,929		(d)
Iron Mountain, Inc.			5.25%	7/15/2030				1,125	1,194		(d)
									6,123			0.37%
Retailing
HSE Finance Sarl	Luxembourg		5.75% (3M EURIBOR + 5.75%)	10/15/2026			€	4,034	4,750
									4,750			0.29%
Software & Services
Avaya Inc.			6.13%	9/15/2028				1,302	1,369		(d)
Castle US Holding Corp.			9.50%	2/15/2028				594	621		(d)
CommScope Technologies LLC			6.00%	6/15/2025				373	378		(d)
Insightful Science Intermediate I, LLC			10.50%	4/28/2032				1,279	1,267		(e)
									3,635			0.22%
Technology Hardware & Equipment
Viasat, Inc.			6.50%	7/15/2028				2,790	2,938		(d)
									2,938			0.18%
Telecommunication Services
Consolidated Communications, Inc.			5.00%	10/1/2028				614	634		(d)
Consolidated Communications, Inc.			6.50%	10/1/2028				2,044	2,220		(d)
Telesat Canada	Canada		5.63%	12/6/2026				2,001	1,921		(d)
Telesat Canada	Canada		6.50%	10/15/2027				2,509	2,175		(d)
									6,950			0.42%
Utilities
Calpine Corp.			4.50%	2/15/2028				1,750	1,785		(d)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

NRG Energy, Inc.

3.63%

2/15/2031

$

600

$

589

(d)

2,374

0.14%

TOTAL CORPORATE BONDS (Cost $152,165)

152,869

9.33%

COLLATERALIZED LOAN OBLIGATIONS - DEBT (b)(c)(d)(e)

AMMC CLO XI, Ltd.

Cayman Islands

5.93% (3M LIBOR + 5.80%)

4/30/2031

1,500

1,421

AMMC CLO XXI, Ltd.

Cayman Islands

6.63% (3M LIBOR + 6.50%)

11/2/2030

100

96

AMMC CLO XXII, Ltd.

Cayman Islands

5.63% (3M LIBOR + 5.50%)

4/25/2031

750

711

Apidos CLO XX, Ltd.

Cayman Islands

8.83% (3M LIBOR + 8.70%)

7/16/2031

250

230

Atlas Senior Loan Fund VII, Ltd.

Cayman Islands

8.17% (3M LIBOR + 8.05%)

11/27/2031

1,750

1,433

Atrium IX

Cayman Islands

6.57% (3M LIBOR + 6.45%)

5/28/2030

1,000

990

Bain Capital Credit CLO 2021-3, Ltd.

Cayman Islands

6.69% (3M LIBOR + 6.50%)

7/24/2034

500

495

Canyon Capital CLO 2018-1, Ltd.

Cayman Islands

5.88% (3M LIBOR + 5.75%)

7/15/2031

850

811

Carlyle Global Market Strategies CLO, Ltd. 2019-2

Cayman Islands

6.73% (3M LIBOR + 6.60%)

7/15/2032

3,000

2,975

Crestline Denali CLO XIV, Ltd.

Cayman Islands

6.49% (3M LIBOR + 6.35%)

10/23/2031

750

684

Crestline Denali CLO XIV, Ltd.

Cayman Islands

8.24% (3M LIBOR + 8.10%)

10/23/2031

250

214

Crestline Denali CLO XVI, Ltd.

Cayman Islands

2.73% (3M LIBOR + 2.60%)

1/20/2030

1,500

1,435

Denali Capital CLO XII, Ltd.

Cayman Islands

6.03% (3M LIBOR + 5.90%)

4/15/2031

750

670

Dryden 28 Senior Loan Fund

Cayman Islands

7.87% (3M LIBOR + 7.75%)

8/15/2030

500

480

Dryden 55 Senior Loan Fund

Cayman Islands

5.53% (3M LIBOR + 5.40%)

4/15/2031

375

363

Dryden 57 Senior Loan Fund

Cayman Islands

5.32% (3M LIBOR + 5.20%)

5/15/2031

500

478

Dryden 58 Senior Loan Fund

Cayman Islands

5.48% (3M LIBOR + 5.35%)

7/17/2031

1,000

966

Elmwood CLO VIII, Ltd.

Cayman Islands

8.13% (3M LIBOR + 8.00%)

1/20/2034

750

748

Goldentree Loan Opportunities X, Ltd.

Cayman Islands

5.79% (3M LIBOR + 5.65%)

7/20/2031

750

743

ICG U.S. CLO, Ltd. 2018-1

Cayman Islands

5.28% (3M LIBOR + 5.15%)

4/21/2031

500

453

INGIM, Ltd. 2013-3

Cayman Islands

6.03% (3M LIBOR + 5.90%)

10/18/2031

1,250

1,172

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)		Fair Value (a)			Percentage of Net Assets
KKR CLO 34, Ltd.	Cayman Islands		7.02% (3M LIBOR + 6.85%)	7/15/2034			$	600	$	598
Madison Park Funding XIV, Ltd.	Cayman Islands		7.91% (3M LIBOR + 7.77%)	10/22/2030				1,000	878
Madison Park Funding XLVI, Ltd.	Cayman Islands		6.37% (3M LIBOR + 6.25%)	10/15/2034				250	250
Madison Park Funding XXXVI, Ltd.	Cayman Islands		7.38% (3M LIBOR + 7.25%)	1/15/2033				833	834
Northwoods Capital XII-B, Ltd.	Cayman Islands		5.91% (3M LIBOR + 5.79%)	6/15/2031				750	685
Octagon Investment Partners 35, Ltd.	Cayman Islands		5.33% (3M LIBOR + 5.20%)	1/20/2031				1,500	1,417
OHA Credit Funding 9, Ltd.	Cayman Islands		6.43% (3M LIBOR + 6.25%)	7/19/2035				950	950
OHA Loan Funding 2016-1, Ltd.	Cayman Islands		6.48% (3M LIBOR + 6.35%)	1/20/2033				4,000	3,992
Venture 36A CLO, Ltd.	Cayman Islands		7.05% (3M LIBOR + 6.92%)	4/20/2032				300	281
Venture 37A CLO, Ltd.	Cayman Islands		7.08% (3M LIBOR + 6.95%)	7/15/2032				3,000	2,872
Wellfleet CLO 2018-3, Ltd.	Cayman Islands		6.38% (3M LIBOR + 6.25%)	1/20/2032				250	243
TOTAL COLLATERALIZED LOAN OBLIGATIONS - DEBT (Cost $31,352)									30,568			1.87%
COLLATERALIZED LOAN OBLIGATIONS - EQUITY (d)(e)
AIMCO CLO XI, Ltd.	Cayman Islands		16.43%	10/15/2031				6,877	6,414
Allegro CLO VII, Ltd. 2018-2A	Cayman Islands		13.36%	7/15/2031				2,150	1,273
ALM, Ltd.	Cayman Islands		12.29%	10/15/2035				1,166	1,042		(i)
AMMC CLO XXI, Ltd.	Cayman Islands		18.70%	11/2/2030				500	281
AMMC CLO XXII, Ltd.	Cayman Islands		14.33%	4/25/2031				1,500	976
Anchorage Credit Funding 3, Ltd.	Cayman Islands		2.55%	1/28/2039				520	462
Atlas Senior Loan Fund III, Ltd.	Cayman Islands		4.23%	11/17/2027				250	35
Atrium XV	Cayman Islands		13.82%	1/23/2031				4,080	2,937
Avery Point VI CLO, Ltd.	Cayman Islands		52.43%	8/5/2027				314	54
Bain Capital Credit CLO 2017-2, Ltd.	Cayman Islands		21.76%	7/25/2034				3,461	2,769
Bain Capital Credit CLO 2018-1, Ltd.	Cayman Islands		18.87%	4/23/2031				1,420	977
Bain Capital Credit CLO 2019-1, Ltd.	Cayman Islands		17.22%	4/18/2032				1,400	1,105
Bain Capital Credit CLO 2019-2, Ltd.	Cayman Islands		11.39%	10/17/2032				810	598

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)		Fair Value (a)		Percentage of Net Assets
Bain Capital Credit CLO 2020-1, Ltd.	Cayman Islands		21.08%	4/18/2033			$	1,250	$	1,062
Bain Capital Credit CLO 2020-2, Ltd.	Cayman Islands		18.12%	7/19/2034				800	662
Bardot CLO, Ltd.	Cayman Islands		15.75%	10/22/2032				2,250	1,954
Canyon Capital CLO 2016-1, Ltd.	Cayman Islands		12.89%	7/15/2031				1,000	770
Canyon Capital CLO 2019-1, Ltd.	Cayman Islands		11.83%	4/15/2032				2,798	2,115
Carlyle Global Market Strategies CLO, Ltd. 2013-1	Cayman Islands		18.16%	8/14/2030				500	200
Carlyle Global Market Strategies CLO, Ltd. 2018-3	Cayman Islands		13.44%	10/15/2030				750	451
Carlyle Global Market Strategies CLO, Ltd. 2018-4	Cayman Islands		18.70%	1/20/2031				2,310	1,734
Carlyle Global Market Strategies CLO, Ltd. 2019-3	Cayman Islands		13.14%	10/20/2032				3,875	3,049
Cedar Funding CLO V, Ltd.	Cayman Islands		16.32%	7/17/2031				2,300	1,980
Cedar Funding CLO VIII, Ltd.	Cayman Islands		9.57%	10/17/2034				365	215
CIFC Funding 2015-IV, Ltd.	Cayman Islands		10.46%	4/20/2034				1,607	775
CIFC Funding 2018-V, Ltd.	Cayman Islands		16.61%	1/15/2032				625	459
CIFC Funding 2019-I, Ltd.	Cayman Islands		22.37%	4/20/2032				1,500	1,159
CIFC Funding 2021-V, Ltd.	Cayman Islands		12.29%	7/15/2034				5,200	4,759
Dryden 28 Senior Loan Fund	Cayman Islands		16.37%	8/15/2030				1,406	510
Dryden 43 Senior Loan Fund	Cayman Islands		23.17%	4/20/2034				1,610	1,179
Dryden 58 Senior Loan Fund	Cayman Islands		16.35%	7/17/2031				3,125	2,468
Dryden 65 Senior Loan Fund	Cayman Islands		18.04%	7/18/2030				700	507
Dryden 75 CLO, Ltd.	Cayman Islands		12.29%	7/15/2030				1,200	1,211
Dryden 78 Senior Loan Fund	Cayman Islands		18.83%	4/17/2033				10,625	9,701
Eastland Investors Corp	Cayman Islands			5/1/2022				—	136
Elmwood CLO V, Ltd.	Cayman Islands		21.48%	7/24/2031				2,875	3,034
Elmwood CLO XI, Ltd.	Cayman Islands		12.29%	10/20/2034				4,050	4,026
ICG U.S. CLO, Ltd. 2018-2	Cayman Islands		17.21%	7/22/2031				1,650	1,164
ICG U.S. CLO, Ltd. 2020-1	Cayman Islands		17.19%	10/22/2031				500	406

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)		Fair Value (a)			Percentage of Net Assets
ICG U.S. CLO, Ltd. 2021-1	Cayman Islands		14.24%	4/17/2034			$	2,100	$	1,781
Invesco CLO 2021-2, Ltd.	Cayman Islands		12.29%	7/15/2034				484	367
LCM XVIII LP	Cayman Islands		20.00%	4/20/2031				993	371
Madison Park Funding XXII, Ltd.	Cayman Islands		7.75%	1/15/2033				7,400	5,719
Madison Park Funding XXVII, Ltd.	Cayman Islands		13.56%	1/20/2047				250	209
Madison Park Funding XXVIII, Ltd.	Cayman Islands		12.35%	7/15/2030				3,000	2,291
Madison Park Funding XXXI, Ltd.	Cayman Islands		14.85%	1/23/2048				4,250	3,487
Madison Park Funding XXXII, Ltd.	Cayman Islands		20.99%	1/22/2048				1,250	1,066
Madison Park Funding XXXVII, Ltd.	Cayman Islands		13.78%	7/15/2049				7,500	7,777
Magnetite VI, Ltd.	Cayman Islands			9/15/2023				1,241	—
Magnetite XXVIII, Ltd.	Cayman Islands		15.25%	10/25/2031				5,250	4,693
Neuberger Berman CLO XXIII, Ltd.	Cayman Islands		93.56%	10/17/2027				29	3
Newark BSL CLO 1, Ltd.	Cayman Islands		53.04%	7/25/2030				250	164
Oaktree CLO 2018-1, Ltd.	Cayman Islands		13.03%	10/20/2030				2,850	1,568
Oaktree CLO 2019-2, Ltd.	Cayman Islands		9.99%	4/15/2031				3,860	2,439
Oaktree CLO 2019-3, Ltd.	Cayman Islands		11.84%	7/20/2031				6,229	4,238		(i)
OHA Credit Partners X-R, Ltd.	Cayman Islands		12.29%	4/20/2034				1,493	791
OHA Credit Partners XV, Ltd.	Cayman Islands		15.39%	1/20/2030				1,360	979
OHA Credit Partners XVI	Cayman Islands		12.29%	10/18/2034				4,575	4,027
OHA Loan Funding 2013-1, Ltd.	Cayman Islands		15.57%	7/23/2031				876	425
OHA Loan Funding 2016-1, Ltd.	Cayman Islands		15.38%	1/20/2033				8,800	6,997
OZLM XVI, Ltd.	Cayman Islands		28.51%	5/16/2030				563	226
OZLM XXI, Ltd.	Cayman Islands		15.29%	1/20/2031				1,500	868
Reese Park CLO, Ltd	Cayman Islands			10/15/2032				703	—
Reese Park CLO, Ltd	Cayman Islands		15.69%	10/15/2032				703	551
RR 14, Ltd.	Cayman Islands		12.29%	4/15/2121				750	712
RR 2, Ltd.	Cayman Islands		12.29%	10/15/2117				500	428
RR 6, Ltd.	Cayman Islands		10.44%	4/15/2036				1,000	1,088
RR 8, Ltd.	Cayman Islands		11.78%	4/15/2120				550	514
Signal Peak CLO 5, Ltd.	Cayman Islands		15.63%	4/25/2031				2,500	1,673

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)		Fair Value (a)			Percentage of Net Assets
Signal Peak CLO 6, Ltd.	Cayman Islands		21.55%	7/28/2031			$	500	$	327
Signal Peak CLO 8, Ltd.	Cayman Islands		15.26%	4/20/2033				6,350	5,777
Steele Creek CLO, Ltd. 2017-1	Cayman Islands		10.76%	10/15/2030				250	134
Symphony CLO XI Ltd	Cayman Islands			1/17/2025				1	—
THL Credit Wind River 2018-3 CLO, Ltd.	Cayman Islands		16.31%	1/20/2031				250	201
THL Credit Wind River 2018-3 CLO, Ltd.	Cayman Islands		24.95%	1/20/2031				3,875	3,113
Voya CLO 2020-1, Ltd.	Cayman Islands		17.57%	7/16/2034				1,067	1,030
Wellfleet CLO 2017-3, Ltd.	Cayman Islands		16.24%	1/17/2031				250	159
Wellfleet CLO 2018-3, Ltd.	Cayman Islands		13.13%	1/20/2032				2,400	1,694
Wellfleet CLO 2020-1, Ltd.	Cayman Islands		12.96%	4/15/2033				5,955	4,534
Wellman Park CLO, Ltd.	Cayman Islands		12.29%	7/15/2034				7,650	2,306
York CLO-7, Ltd.	Cayman Islands		16.02%	1/22/2033				4,000	3,251
TOTAL COLLATERALIZED LOAN OBLIGATIONS - EQUITY (Cost $120,558)									142,587			8.70%
COMMON STOCKS (d)
Automobiles & Components
Automotive Keys Investor, LLC		Class A			11/6/2020	37,749			3		(e)(k)
Highline PPC Blocker LLC					11/4/2020	500			39		(e)(k)
Metis Topco, LP					5/4/2021	50			50		(e)(k)
Sun TopCo, LP		Class A			9/8/2021	500			50		(e)(k)
									142			0.01%
Capital Goods
Dynamic NC Investment Holdings, LP					12/30/2020	50,000			41		(e)(k)
Kene Holdings, L.P.		Class A			8/8/2019	50,000			52		(e)(k)
Tutor Perini Corporation						1,900			25		(k)
US Global Jets ETF						13,838			327		(k)
									445			0.03%
Commercial & Professional Services
Bedrock Parent Holdings, LP		Class A			4/22/2021	500			55		(e)(k)
Capstone Parent Holdings, LP		Class A			11/12/2020	50			62		(e)
IRI Parent, L.P.		Class A-1			11/29/2018	250			66		(e)(k)
KKR Nest Co-Invest L.P.					9/28/2021	50,000			50		(e)(k)
Laboratories Topco LLC		Class A			7/23/2021	33,333			50		(e)(k)
North American Fire Ultimate Holdings, LLC					5/19/2021	50,000			50		(e)(k)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)	Fair Value (a)			Percentage of Net Assets
PSP Registrar Co-Investment Fund, L.P.		Class A			8/26/2021	50,000		$	50	(e)(k)
RC V Tecmo Investor LLC					8/14/2020	50,000		101		(e)
SSE Parent, LP		Class A-1			6/30/2020	25		8		(e)(k)
SSE Parent, LP		Class A-2			6/30/2020	25		8		(e)(k)
								500			0.03%
Consumer Durables & Apparel
Centric Brands GP LLC					10/9/2020	9,495		264		(e)(k)
DRS Holdings I, Inc.					11/1/2019	50		60		(e)(k)
								324			0.02%
Consumer Services
OMERS Mahomes Investment Holdings LLC		Class A			11/16/2020	15		64		(e)(k)
								64			—%
Diversified Financials
Apollo Tactical Income Fund Inc						811		13
BCC Blueprint Investments, LLC					9/15/2021	549,044		549		(e)(k)
Blackstone Strategic Credit Fund						3,073		43
Blackstone/GSO Long-Short Credit Income Fund						70		1
LaRousseCo Limited	Jersey	Class A			9/24/2021	6,784		9		(e)(k)
Owl Rock Capital Corp						2,500		35
Sera 2021 LLC		Class A			3/30/2021	3		—		(e)(k)
The Ultimus Group Aggregator, LP		Class A			2/1/2019	—		—		(e)(k)
The Ultimus Group Aggregator, LP		Class B			2/1/2019	182		—		(e)(k)
The Ultimus Group, LLC		Class B			2/1/2019	1,609		—		(e)(k)
								650			0.04%
Energy
Antero Resources Corp						11,111		209		(k)
Extraction Oil & Gas Inc						3,524		199		(k)
FTS International Inc						8,806		217		(k)
Sundance Energy Inc.					4/23/2018	2,602		1,415		(e)(k)
								2,040			0.13%
Food & Staples Retailing
KCAKE Holdings Inc.					5/14/2021	50		50		(e)(k)
								50			—%
Food & Beverage
Sanderson Farms Inc						2,400		452		(k)
								452			0.03%

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)	Fair Value (a)			Percentage of Net Assets
Healthcare Equipment & Services
Bearcat Parent, Inc.					7/9/2019	51		$	138	(e)(k)
Olympia TopCo, L.P.		Class A			9/24/2019	50,000		7		(e)(k)
OMERS Bluejay Investment Holdings LP		Class A			7/10/2018	25		47		(e)(k)
OMERS Wildcats Investment Holdings LLC		Class A			10/31/2019	169		73		(e)(k)
SiroMed Equity Holdings, LLC					3/26/2018	3,703		3		(e)(k)
Virence Holdings LLC		Class A			2/11/2019	—		65		(e)(k)
								333			0.02%
Household & Personal Products
RMCF V CIV XLIV, L.P.					8/20/2021	50,000		50		(e)(k)
								50			—%
Insurance
High Street HoldCo LLC		Series A			4/16/2021	50,000		80		(e)
High Street HoldCo LLC		Series C			4/16/2021	355,356		567		(e)
								647			0.04%
Materials
Berry Global Group Inc						4,487		273		(k)
KNPAK Holdings, LP		Class A			7/2/2019	100,000		82		(e)(k)
Novipax Parent Holding Company, L.L.C.		Class C			12/1/2020	50		8		(e)(k)
Plaskolite PPC Blocker LLC					12/14/2018	10		2		(e)(k)
								365			0.02%
Media & Entertainment
Storm Investment S.a.r.l.	Luxembourg	Class A			6/24/2021	491,621		197		(e)(k)
Storm Investment S.a.r.l.	Luxembourg	Class B			6/24/2021	491,621		197		(e)(k)
Storm Investment S.a.r.l.	Luxembourg	Class C			6/24/2021	491,621		197		(e)(k)
Storm Investment S.a.r.l.	Luxembourg	Class D			6/24/2021	491,621		197		(e)(k)
Storm Investment S.a.r.l.	Luxembourg	Class E			6/24/2021	491,621		197		(e)(k)
Storm Investment S.a.r.l.	Luxembourg	Class F			6/24/2021	491,621		197		(e)(k)
Storm Investment S.a.r.l.	Luxembourg	Class G			6/24/2021	491,621		197		(e)(k)
Storm Investment S.a.r.l.	Luxembourg	Class H			6/24/2021	491,621		197		(e)(k)
Storm Investment S.a.r.l.	Luxembourg	Class I			6/24/2021	491,621		197		(e)(k)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)	Fair Value (a)			Percentage of Net Assets
Storm Investment S.a.r.l.	Luxembourg				6/24/2021	590		$	1	(e)(k)
								1,774			0.11%
Pharmaceuticals, Biotechnology & Life Sciences
Coherus Biosciences Inc						2,456		39		(k)
								39			—%
Real Estate
Illinois Investment S.a.r.l.	Luxembourg	Class A			9/15/2021	3,400,700		14		(e)(k)
Illinois Investment S.a.r.l.	Luxembourg	Class B			9/15/2021	3,400,700		14		(e)(k)
Illinois Investment S.a.r.l.	Luxembourg	Class C			9/15/2021	3,400,700		14		(e)(k)
Illinois Investment S.a.r.l.	Luxembourg	Class D			9/15/2021	3,400,700		14		(e)(k)
Illinois Investment S.a.r.l.	Luxembourg	Class E			9/15/2021	3,400,700		14		(e)(k)
Illinois Investment S.a.r.l.	Luxembourg	Class F			9/15/2021	3,400,700		14		(e)(k)
Illinois Investment S.a.r.l.	Luxembourg	Class G			9/15/2021	3,400,700		14		(e)(k)
Illinois Investment S.a.r.l.	Luxembourg	Class H			9/15/2021	3,400,700		14		(e)(k)
Illinois Investment S.a.r.l.	Luxembourg	Class I			9/15/2021	3,400,700		14		(e)(k)
Illinois Investment S.a.r.l.	Luxembourg				9/15/2021	4,081		1		(e)(k)
								127			0.01%
Retailing
ARKO Corp.					12/22/2020	106		1		(e)(k)
Emerald Lake Pearl Acquisition-A, L.P.					7/19/2021	43,500		44		(e)(k)
Fastsigns Holdings Inc.					3/13/2019	50		75		(e)(k)
Marcone Yellowstone Holdings, LLC		Class A			6/23/2021	50		61		(e)(k)
								181			0.01%
Software & Services
APG Holdings, LLC		Class A			1/3/2020	50,000		62		(e)(k)
Astorg VII Co-Invest ERT	Luxembourg				1/31/2020	1,208,500		1,748		(e)(k)
Consilio Investment Holdings, L.P.					5/28/2021	50,000		62		(e)(k)
Cority Parent, Inc.	Canada	Class B-1			7/2/2019	47,536		63		(e)(k)
Denali Topco LLC		Class A			9/15/2021	50,000		50		(e)(k)
Destiny Digital Holdings, L.P.					5/27/2021	3,076		46		(e)(k)
EQT IX Co-Investment (E) SCSP					4/16/2021	5,000		55		(e)(k)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)	Fair Value (a)			Percentage of Net Assets
Frontline Technologies Parent, LLC		Class B			9/18/2017	2,728		$	23	(e)(k)
H&F Unite Partners, L.P.					5/1/2019	50,032		62		(e)(k)
Insight PDI Holdings, LLC		Class A			3/19/2019	26,548		36		(e)(k)
Magic Topco, L.P.		Class B			9/21/2020	12,975		20		(e)(k)
PS Co-Invest, L.P.					3/5/2021	50,000		50		(e)(k)
Rocket Parent, LLC		Class A			12/17/2018	50,000		53		(e)(k)
Skywalker TopCo, LLC					11/20/2020	14,925		53		(e)(k)
								2,383			0.15%
Technology Hardware & Equipment
Repairify Holdings, LLC		Class A			6/14/2021	1,655		50		(e)(k)
Wildcat Parent, LP					2/27/2020	535		84		(e)(k)
								134			0.01%
Transportation
Allegiant Travel Co						823		161		(k)
Delta Air Lines Inc						4,000		171		(k)
Shur-Co HoldCo, Inc.					6/30/2021	50,000		63		(e)(k)
								395			0.02%
Utilities
FirstEnergy Corp						5,000		178
								178			0.01%
TOTAL COMMON STOCKS (Cost $9,532)								11,273			0.69%
PREFERRED STOCKS (b)(c)(d)(e)
Automobiles & Components
Automotive Keys Investor, LLC			9.00%		11/6/2020	37,749		41		(g)
McLaren Group Limited			12.50%		8/2/2021	63,529		8,543		(g)
Metis Holdco, Inc.		Class A	7.00%		5/4/2021	7,959		7,940		(g)
								16,524			1.01%
Commercial & Professional Services
IRI Group Holdings, Inc.		Series A-1	11.50% (6M LIBOR + 10.50%)		11/29/2018	25		35		(g)
Marmic Topco L.P.			8.00%		3/5/2021	50,000		58		(g)
								93			0.01%
Consumer Services
Aragorn Parent Holdings LP		Series A	10.00%		10/15/2020	50,000		64		(g)
Redwood Services Holdco, LLC		Series D	8.00%		12/31/2020	27,076		42		(g)
								106			0.01%
Diversified Financials
LaRousseCo Limited	Jersey	Class A			9/24/2021	297,963		401		(k)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)	Fair Value (a)			Percentage of Net Assets
LaRousseCo Limited	Jersey				9/24/2021	21,247		$	30	(k)
The Ultimus Group, LLC		Class A	8.00%		6/21/2021	1		1		(g)(k)
								432			0.03%
Energy
Ferrellgas, L.P.			8.96%		3/30/2021	8,734		8,734		(g)
								8,734			0.53%
Food & Beverage
Watermill Express Holdings, LLC		Class A	8.00%		4/20/2021	5,000		52		(g)
								52			—%
Healthcare Equipment & Services
Olympia TopCo, L.P.			15.00%		7/28/2021	2,184		1		(g)
Symplr Software Intermediate Holdings, Inc.		Series C	11.00%		12/22/2020	6,030		6,447		(g)
Teligent, Inc.					12/11/2018	1,797		—		(k)
								6,448			0.39%
Insurance
High Street HoldCo LLC		Series A	10.00%		4/16/2021	6,905,654		7,138		(g)
								7,138			0.44%
Materials
Novipax Parent Holding Company, L.L.C.		Class A	10.00%		12/1/2020	50		50		(g)
								50			—%
Media & Entertainment
PRG III, LLC		Class A	5.50%		10/6/2020	2,250		32		(g)(k)
								32			—%
Pharmaceuticals, Biotechnology & Life Sciences
Cardinal Topco Holdings, L.P.		Class A	8.00%		9/15/2020	100		228		(g)
								228			0.01%
Software & Services
Appriss Health Intermediate Holdings, Inc.		Series A	11.00%		5/6/2021	3,657		3,821		(g)
Cority Parent, Inc.	Canada	Class A-1	9.00%		7/2/2019	50		61		(g)
DCert Preferred Holdings, Inc.		Series A	10.50%		5/25/2021	22,284		22,284		(g)
Diligent Preferred Issuer, Inc.			10.50%		4/6/2021	1,476		1,552		(g)
EZ Elemica Holdings, Inc.					9/18/2019	50		54		(k)
Frontline Technologies Parent, LLC		Class A	9.00%		9/18/2017	25		36		(g)
GSV PracticeTek Holdings, LLC		Class A	8.00%		3/31/2021	216,667		217		(g)
Insightful Science Holdings, LLC			14.00%		4/28/2021	62,340		1,720		(g)
Magic Topco, L.P.		Class A	9.00%		9/21/2020	58		63		(g)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company

Country (a)

Investment

Interest

Maturity Date

Acquisition Date

Shares

Principal Amount (a)

Fair Value (a)

Percentage of Net Assets

Packers Software Intermediate Holdings, Inc.

Series A

11.14% (3M LIBOR + 11.00%)

11/12/2020

50

$

55

(g)

Packers Software Intermediate Holdings, Inc.

Series A-2

11.14% (3M LIBOR + 11.00%)

18

20

(g)

Peachtree Parent, Inc.

Series A

13.25%

3/19/2019

25

35

(g)

Project Essential Super Parent, Inc.

10.50% (3M LIBOR + 9.50%)

4/20/2021

2,963

3,106

(g)

Titan DI Preferred Holdings, Inc.

13.50%

2/11/2020

—

62

(g)

33,086

2.02%

TOTAL PREFERRED STOCKS (Cost $69,395)

72,923

4.45%

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

Diversified Financials

Affirm Operational Loans VI Trust

1st Lien Revolver

10.35% (1M LIBOR + 9.75%)

12/17/2026

500

131

(g)(h)

ARM Funding 2019-1, LLC

1st Lien Revolver

8.95% (1M LIBOR + 7.95%)

2/29/2024

2,500

1,727

(h)

BFS Receivables I LLC

1st Lien Revolver

3/14/2025

1,250

—

(h)

DFC Global Facility Borrower III LLC

1st Lien Revolver

4.25% (1M CDOR + 3.75%)

6/28/2026

CAD

8,582

4,790

(h)(o)(p)

DFC Global Facility Borrower III LLC

1st Lien Revolver

8.00% (1M CDOR + 7.50%)

6/28/2026

CAD

8,582

4,722

(h)

Finance Ireland Loan and Treasury DAC

Ireland

1st Lien Delayed Draw Term Loan

9.25% (3M EURIBOR + 9.25%)

6/29/2026

€

2,500

999

(h)

NSF Funding 2020 Limited

Great Britain

1st Lien Revolver

6/10/2026

₤

11,500

—

(h)

Reliant SPV, LLC

1st Lien Revolver

7.00% (1M LIBOR + 6.00%)

5/28/2024

500

319

(h)

SAVOYSPECIAL LLC

1st Lien Revolver

8.25% (1M LIBOR + 7.50%)

7/1/2024

750

208

(h)

Sera 2021 LLC

1st Lien Delayed Draw Term Loan

6.25% (3M LIBOR + 5.75%)

3/30/2026

1,498

626

(h)

Spring Oaks Capital SPV, LLC

1st Lien Revolver

9.50% (1M LIBOR + 8.50%)

11/12/2025

9,000

1,812

(h)

Woodchester Funding Limited

Great Britain

1st Lien Revolver

6.80% (1M GBP LIBOR + 6.55%)

3/15/2026

₤

2,182

921

(h)(m)

16,255

0.99%

Retailing

Tricolor Funding SPV 3 LLC

1st Lien Revolver

8.50% (1M LIBOR + 7.50%)

8/6/2027

2,273

826

(h)(n)

826

0.05%

TOTAL PRIVATE ASSET-BACKED DEBT (Cost $16,875)

17,081

1.04%

REAL ESTATE DEBT (b)(c)(d)(e)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company	Country (a)	Investment	Interest	Maturity Date	Acquisition Date	Shares	Principal Amount (a)		Fair Value (a)			Percentage of Net Assets
Real Estate
285 Mezz LLC		Mezzanine Term Loan	16.28% (1M LIBOR + 14.00%)	5/5/2023			$	2,898	$	2,273	(h)
285 Mezz LLC		Mezzanine Term Loan	20.00% (1M LIBOR + 20.00%)	5/5/2023				1,100	1,056
Mandarin Oriental Honolulu		Mezzanine Term Loan	14.00%	8/26/2021				1,776	1,776
TOTAL REAL ESTATE DEBT (Cost $5,261)									5,105			0.31%
WARRANTS (d)(e)(k)
Automobiles & Components
McLaren Group Limited	Great Britain	Common			8/2/2021	19,998			2,174
									2,174			0.13%
Commercial & Professional Services
Visual Edge Technology, Inc.		Common			3/22/2018	27,334			—
									—			—%
Consumer Services
KeyStone Sub-Debt HoldCo, LLC		Common			1/20/2021	4			713
LGDN Finco Limited	Great Britain	Common			6/22/2021	25			—
									713			0.04%
Diversified Financials
BFS Receivables I LLC		Common			8/16/2021	34,662			—
SAVOYSPECIAL LLC		Common			7/14/2021	345,508			2
									2			—%
Healthcare Equipment & Services
Air Medical Buyer Corp		Common			3/14/2018	122			3
Teligent, Inc.		Common			4/6/2020	11,342			—
Teligent, Inc.		Common			7/20/2020	2,834			—
									3			—%
Media & Entertainment
PFL MMA, Inc.		Common			1/19/2021	115,111			62
									62			0.01%
Retailing
ARKO Corp.		Common			12/22/2020	55			—
									—			—%
Transportation
Neovia Logistics Holdings Ltd.		Common			4/26/2019	194,454			6
									6			—%
TOTAL WARRANTS (Cost $2,865)									2,960			0.18%
Total Investments (Cost $2,085,619)									2,124,297			129.67%
Liabilities in Excess of Other Assets									(486,150)			(29.67)%
Net Assets									1,638,147			100.00%

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

____________________________________________________

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

(b)Variable rate loans bear interest at a rate that may be determined by reference to either the London Interbank Offered Rate (“LIBOR”) or an alternate base rate such as the Bank Bill Swap Bid Rate (“BBSY”), Canadian Dollar Offered Rate (“CDOR”), Copenhagen Interbank Offered Rate (“CIBOR”), Euro Interbank Offered Rate (“EURIBOR”), Norwegian Interbank Offered Rate (“NIBOR”), Prime Rate (“PRIME”), Sterling Overnight Index Average (“SONIA”), or Stockholm Interbank Offered Rate (“STIBOR”), at the borrower’s option. Stated interest rates in this schedule represents the “all-in” rate as of September 30, 2021.

(c)Variable rate coupon rate shown as of September 30, 2021.

(d)These investments, which as of September 30, 2021 represented 128.28% of the Fund's net assets or 90.74% of the Fund's total assets, may be subject to legal restrictions on sales. Acquisition dates are included above for securities that may be subject to legal restrictions on sales.

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

(f)These assets are held at CADEX Credit Financing, LLC, a wholly owned special purpose financing vehicle, and are pledged as collateral for a secured revolving credit facility (see Note 1 of the Notes to Consolidated Schedule of Investments).

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

(h)As of September 30, 2021, the Fund had entered into the following commitments to fund various revolving and delayed draw senior secured and subordinated loans. Such commitments are subject to the satisfaction of certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied.

Company	Investment Type	Total revolving and delayed draw loan commitments		Less: funded commitments		Total unfunded commitments
285 Mezz LLC	Mezzanine Term Loan	$	2,898	$	(2,389)	$	509
A.U.L. Corp.	1st Lien Revolver	1		—		1
AffiniPay Midco, LLC	1st Lien Revolver	766		—		766
Affirm Operational Loans VI Trust	1st Lien Revolver	500		(131)		369
AMCP Clean Intermediate, LLC	1st Lien Revolver	1		—		1
American Residential Services L.L.C.	1st Lien Revolver	1		—		1
Anaqua Parent Holdings, Inc.	1st Lien Revolver	231		—		231
Anaqua Parent Holdings, Inc.	1st Lien Delayed Draw Term Loan	523		—		523
APG Intermediate Holdings Corporation	1st Lien Revolver	1		—		1
Appriss Health, LLC	1st Lien Revolver	212		—		212
AQ Sunshine, Inc.	1st Lien Revolver	213		(57)		156
AQ Sunshine, Inc.	1st Lien Delayed Draw Term Loan	1,085		—		1,085
Ardonagh Midco 3 PLC	1st Lien Delayed Draw Term Loan	16,453		—		16,453
ARM Funding 2019-1, LLC	1st Lien Revolver	2,500		(1,726)		774
ASG Bidco Limited	1st Lien Delayed Draw Term Loan	745		—		745
Aspire Bidco Limited	1st Lien Revolver	674		—		674
Aspire Bidco Limited	1st Lien Term Loan	3,559		—		3,559
Aspris Bidco Limited	1st Lien Term Loan	1,895		—		1,895
Athenahealth, Inc.	1st Lien Revolver	232		—		232
Atlas Intermediate III L.L.C.	1st Lien Revolver	201		—		201

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company	Investment Type	Total revolving and delayed draw loan commitments		Less: funded commitments		Total unfunded commitments
Atlas Intermediate III L.L.C.	1st Lien Delayed Draw Term Loan	405		(320)		85
Auxadi Midco S.L.U.	1st Lien Term Loan	$	1,474	$	—	$	1,474
AVSC Holding Corp.	1st Lien Term Loan	2,031		(2,026)		5
Banyan Software Holdings, LLC	1st Lien Revolver	265		(32)		233
Banyan Software Holdings, LLC	1st Lien Delayed Draw Term Loan	1,529		(275)		1,254
Bearcat Buyer, Inc.	1st Lien Revolver	580		—		580
Bearcat Buyer, Inc.	1st Lien Delayed Draw Term Loan	1		(1)		—
Bearcat Buyer, Inc.	2nd Lien Delayed Draw Term Loan	1,306		(184)		1,122
Benefytt Technologies, Inc.	1st Lien Delayed Draw Term Loan	911		—		911
Berner Food & Beverage, LLC	1st Lien Revolver	262		(52)		210
BFS Receivables I LLC	1st Lien Revolver	1,250		—		1,250
Blackwood Bidco Limited	1st Lien Delayed Draw Term Loan	3,124		(2,311)		813
CabinCo Limited	1st Lien Delayed Draw Term Loan	152		—		152
Canopy Bidco Limited	1st Lien Delayed Draw Term Loan	677		(177)		500
Capnor Connery Bidco A/S	1st Lien Delayed Draw Term Loan	7,160		(982)		6,178
Capstone Acquisition Holdings, Inc.	1st Lien Revolver	1,150		(177)		973
Capstone Acquisition Holdings, Inc.	1st Lien Delayed Draw Term Loan	1,681		—		1,681
Capstone Acquisition Holdings, Inc.	2nd Lien Delayed Draw Term Loan	531		—		531
Cardinal Parent, Inc.	1st Lien Revolver	1		—		1
CB-SDG LIMITED	1st Lien Delayed Draw Term Loan	428		—		428
CC Fly Holding II A/S	1st Lien Delayed Draw Term Loan	453		(438)		15
Centric Brands LLC	1st Lien Revolver	269		(191)		78
CEP V I 5 UK Limited	1st Lien Delayed Draw Term Loan	6,346		—		6,346
Commercial Trailer Leasing, Inc.	1st Lien Revolver	741		—		741
Commercial Trailer Leasing, Inc.	1st Lien Delayed Draw Term Loan	1,472		(682)		790
Commify Limited	1st Lien Delayed Draw Term Loan	881		(282)		599
Comprehensive EyeCare Partners, LLC	1st Lien Revolver	1		—		1
Comprehensive EyeCare Partners, LLC	1st Lien Delayed Draw Term Loan	271		(178)		93
Concert Golf Partners Holdco LLC	1st Lien Revolver	765		—		765
Confirmasoft AB	1st Lien Delayed Draw Term Loan	1,744		—		1,744
Consilio Midco Limited	1st Lien Revolver	1		—		1
Consilio Midco Limited	1st Lien Delayed Draw Term Loan	2,572		—		2,572
Continental Acquisition Holdings, Inc.	1st Lien Revolver	1		(1)		—
Continental Acquisition Holdings, Inc.	1st Lien Delayed Draw Term Loan	1,461		—		1,461
Cority Software Inc.	1st Lien Revolver	231		—		231
CPI Holdco, LLC	1st Lien Revolver	3,435		—		3,435
Creation Holdings Inc.	1st Lien Revolver	545		(454)		91
CVP Holdco, Inc.	1st Lien Revolver	326		—		326
CVP Holdco, Inc.	1st Lien Delayed Draw Term Loan	10,389		(3,124)		7,265
DecoPac, Inc.	1st Lien Revolver	2,382		(340)		2,042
Denali Holdco LLC	1st Lien Revolver	592		—		592
DFC Global Facility Borrower III LLC	1st Lien Revolver	13,551		(9,580)		3,971
Diligent Corporation	1st Lien Revolver	513		—		513
Diligent Corporation	1st Lien Delayed Draw Term Loan	687		—		687
DRS Holdings III, Inc.	1st Lien Revolver	173		—		173
DS Admiral Bidco, LLC	1st Lien Revolver	358		—		358
Dynamic NC Aerospace Holdings, LLC	1st Lien Revolver	1,296		—		1,296
Eleda BidCo AB	1st Lien Delayed Draw Term Loan	914		—		914
Elemica Parent, Inc.	1st Lien Revolver	1,426		(268)		1,158
Elevation Services Parent Holdings, LLC	1st Lien Revolver	386		(167)		219
EPS NASS Parent, Inc.	1st Lien Revolver	158		(20)		138

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company	Investment Type	Total revolving and delayed draw loan commitments		Less: funded commitments		Total unfunded commitments
EPS NASS Parent, Inc.	1st Lien Delayed Draw Term Loan	585		—		585
eResearch Technology, Inc.	2nd Lien Delayed Draw Term Loan	$	1,343	$	(672)	$	671
Essential Services Holding Corporation	1st Lien Revolver	1,560		—		1,560
Essential Services Holding Corporation	1st Lien Delayed Draw Term Loan	22,168		(18,358)		3,810
EuroParcs Topholding B.V.	1st Lien Delayed Draw Term Loan	946		(945)		1
ExtraHop Networks, Inc.	1st Lien Last Out Delayed Draw Term Loan	933		(43)		890
FCG Acquisitions, Inc.	1st Lien Delayed Draw Term Loan	320		(307)		13
Finance Ireland Loan and Treasury DAC	1st Lien Delayed Draw Term Loan	2,896		(1,047)		1,849
FL Hawk Intermediate Holdings, Inc.	1st Lien Revolver	1,312		—		1,312
FL Hawk Intermediate Holdings, Inc.	1st Lien Delayed Draw Term Loan	1,017		—		1,017
Floss Bidco Limited	1st Lien Delayed Draw Term Loan	1,629		(549)		1,080
Flow Control Solutions, Inc.	1st Lien Revolver	373		—		373
Flow Control Solutions, Inc.	1st Lien Delayed Draw Term Loan	1,595		(1,121)		474
Foundation Consumer Brands, LLC	1st Lien Revolver	389		—		389
Foundation Risk Partners, Corp.	1st Lien Revolver	3		—		3
Foundation Risk Partners, Corp.	1st Lien Delayed Draw Term Loan	1,159		(628)		531
Foundation Risk Partners, Corp.	2nd Lien Delayed Draw Term Loan	766		—		766
FWR Holding Corporation	1st Lien Revolver	1		—		1
FWR Holding Corporation	1st Lien Delayed Draw Term Loan	4		—		4
Galway Borrower LLC	1st Lien Revolver	969		—		969
Galway Borrower LLC	1st Lien Delayed Draw Term Loan	2,286		—		2,286
Gilfoyle Bidco AB	1st Lien Term Loan	2,215		—		2,215
Global Music Rights, LLC	1st Lien Revolver	473		—		473
GraphPAD Software, LLC	1st Lien Revolver	2		(1)		1
Hammersmith Bidco Limited	1st Lien Delayed Draw Term Loan	4,241		(2,635)		1,606
HH-Stella, Inc.	1st Lien Revolver	444		(51)		393
HH-Stella, Inc.	1st Lien Delayed Draw Term Loan	1,979		(223)		1,756
High Street Buyer, Inc.	1st Lien Revolver	688		—		688
High Street Buyer, Inc.	1st Lien Delayed Draw Term Loan	15,144		(4,718)		10,426
Highline Aftermarket Acquisition, LLC	1st Lien Revolver	1		—		1
Hometown Food Company	1st Lien Revolver	1		—		1
Horizon Bidco S.A.S.	1st Lien Term Loan	25,062		—		25,062
Indigo IT Bidco Limited	1st Lien Delayed Draw Term Loan	874		—		874
IntraPac International LLC	1st Lien Revolver	415		(135)		280
Ivanti Software, Inc.	1st Lien Revolver	460		—		460
Jewel Bidco Limited	1st Lien Revolver	1,347		(741)		606
Jewel Bidco Limited	1st Lien Term Loan	5,117		—		5,117
Jim N Nicks Management LLC	1st Lien Revolver	1		(1)		—
Kellermeyer Bergensons Services, LLC	1st Lien Delayed Draw Term Loan	4,569		(1,244)		3,325
Kene Acquisition, Inc.	1st Lien Revolver	676		—		676
Laboratories Bidco LLC	1st Lien Revolver	1,562		—		1,562
Laboratories Bidco LLC	1st Lien Delayed Draw Term Loan	2,201		—		2,201
Lavatio Midco Sarl	1st Lien Delayed Draw Term Loan	1,137		(709)		428
LGDN Finco Limited	1st Lien Revolver	135		—		135
LGDN Finco Limited	1st Lien Term Loan	1,727		(345)		1,382
Majesco	1st Lien Revolver	624		—		624
Marcone Yellowstone Buyer Inc.	1st Lien Delayed Draw Term Loan	2,790		—		2,790
Marmic Purchaser, LLC	1st Lien Revolver	287		—		287
Marmic Purchaser, LLC	1st Lien Delayed Draw Term Loan	1,196		(342)		854
Maverick Acquisition, Inc.	1st Lien Delayed Draw Term Loan	1,915		—		1,915
Mavis Tire Express Services Topco Corp.	1st Lien Revolver	1		—		1

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company	Investment Type	Total revolving and delayed draw loan commitments		Less: funded commitments		Total unfunded commitments
MC Plato Bidco Limited	1st Lien Revolver	1,347		—		1,347
MC Plato Bidco Limited	1st Lien Term Loan	$	2,091	$	—	$	2,091
Mercury Borrower, Inc.	1st Lien Revolver	470		(81)		389
Micromeritics Instrument Corp.	1st Lien Revolver	331		—		331
MMIT Holdings, LLC	1st Lien Revolver	651		—		651
Monica Holdco (US), Inc.	1st Lien Revolver	1,009		—		1,009
Mozart Debt Merger Sub, Inc.	1st Lien Term Loan	5,199		—		5,199
MRI Software LLC	1st Lien Revolver	508		—		508
MRI Software LLC	1st Lien Delayed Draw Term Loan	919		—		919
MWG BidCo ApS	1st Lien Term Loan	769		—		769
Nelipak European Holdings Cooperatief U.A.	1st Lien Revolver	674		—		674
Nelipak Holding Company	1st Lien Revolver	605		(253)		352
Nest Topco Borrower Inc.	Subordinated Delayed Draw Term Loan	13,162		—		13,162
NMC Skincare Intermediate Holdings II, LLC	1st Lien Revolver	333		(267)		66
North American Fire Holdings, LLC	1st Lien Revolver	411		—		411
North American Fire Holdings, LLC	1st Lien Delayed Draw Term Loan	2,462		—		2,462
North American Science Associates, LLC	1st Lien Revolver	1		(1)		—
North American Science Associates, LLC	1st Lien Delayed Draw Term Loan	916		—		916
North Haven Stack Buyer, LLC	1st Lien Revolver	259		(23)		236
North Haven Stack Buyer, LLC	1st Lien Delayed Draw Term Loan	1,016		(40)		976
NSF Funding 2020 Limited	1st Lien Revolver	15,495		—		15,495
NueHealth Performance, LLC	1st Lien Delayed Draw Term Loan	605		(496)		109
Oakley Ekomid Limited	1st Lien Delayed Draw Term Loan	652		—		652
Olympia Acquisition, Inc.	1st Lien Revolver	641		(598)		43
OMH-HealthEdge Holdings, LLC	1st Lien Revolver	1		—		1
OneDigital Borrower LLC	1st Lien Delayed Draw Term Loan	46		—		46
Optio Group Limited	1st Lien Delayed Draw Term Loan	806		(377)		429
P27 BIDCO LIMITED	1st Lien Delayed Draw Term Loan	438		(88)		350
PDI TA Holdings, Inc.	1st Lien Revolver	205		—		205
PDI TA Holdings, Inc.	2nd Lien Delayed Draw Term Loan	138		(75)		63
People Corporation	1st Lien Revolver	709		(130)		579
People Corporation	1st Lien Delayed Draw Term Loan	5,100		(1,523)		3,577
Petroleum Service Group LLC	1st Lien Revolver	2,106		—		2,106
Pluralsight, Inc.	1st Lien Revolver	1,204		—		1,204
Practicetek Purchaser, LLC	1st Lien Revolver	138		—		138
Practicetek Purchaser, LLC	1st Lien Delayed Draw Term Loan	886		(554)		332
Premier Specialties, Inc.	1st Lien Revolver	385		—		385
Premier Specialties, Inc.	1st Lien Delayed Draw Term Loan	829		—		829
Premise Health Holding Corp.	1st Lien Revolver	1		—		1
Pretium PKG Holdings, Inc.	2nd Lien Term Loan	1,025		—		1,025
Production Resource Group, LLC	1st Lien Delayed Draw Term Loan	147		(49)		98
ProfitSolv Purchaser, Inc.	1st Lien Revolver	608		—		608
ProfitSolv Purchaser, Inc.	1st Lien Delayed Draw Term Loan	2,555		(194)		2,361
Project Essential Bidco, Inc.	1st Lien Revolver	121		—		121
Proofpoint, Inc.	1st Lien Revolver	240		—		240
PROTON JVCO S.A R.L.	1st Lien Term Loan	965		—		965
QF Holdings, Inc.	1st Lien Revolver	1		—		1
QF Holdings, Inc.	1st Lien Delayed Draw Term Loan	263		—		263
Radius Aerospace Europe Limited	1st Lien Revolver	250		—		250
Radius Aerospace, Inc.	1st Lien Revolver	429		—		429
Raptor Technologies, LLC	1st Lien Revolver	1		(1)		—

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company	Investment Type	Total revolving and delayed draw loan commitments		Less: funded commitments		Total unfunded commitments
Rawlings Sporting Goods Company, Inc	1st Lien Revolver	1		—		1
Reddy Ice LLC	1st Lien Revolver	$	955	$	—	$	955
Reddy Ice LLC	1st Lien Delayed Draw Term Loan	551		(55)		496
Redwood Services, LLC	1st Lien Revolver	158		—		158
Redwood Services, LLC	1st Lien Delayed Draw Term Loan	1,068		(128)		940
Registrar Intermediate, LLC	1st Lien Revolver	764		—		764
Registrar Intermediate, LLC	1st Lien Delayed Draw Term Loan	2,327		—		2,327
Relativity ODA LLC	1st Lien Revolver	1		—		1
Reliant SPV, LLC	1st Lien Revolver	500		(319)		181
Repairify, Inc.	1st Lien Revolver	766		—		766
Rodeo AcquisitionCo LLC	1st Lien Revolver	311		(64)		247
Rodeo AcquisitionCo LLC	1st Lien Delayed Draw Term Loan	460		—		460
RSC Acquisition, Inc.	1st Lien Revolver	1		—		1
RSK Group Limited	1st Lien Term Loan	4,414		(1,563)		2,851
Rugby Australia Ltd	1st Lien Delayed Draw Term Loan	904		—		904
Safe Home Security, Inc.	1st Lien Delayed Draw Term Loan	287		—		287
Saldon Holdings, Inc.	1st Lien Revolver	381		—		381
SAVOYSPECIAL LLC	1st Lien Revolver	750		(212)		538
SCM Insurance Services Inc.	1st Lien Revolver	1		—		1
SelectQuote, Inc.	1st Lien Delayed Draw Term Loan	2,455		—		2,455
Sera 2021 LLC	1st Lien Delayed Draw Term Loan	1,498		(652)		846
Service Logic Acquisition, Inc.	1st Lien Revolver	1,007		—		1,007
Service Logic Acquisition, Inc.	1st Lien Delayed Draw Term Loan	1,124		(39)		1,085
SFE Intermediate HoldCo LLC	1st Lien Revolver	2		—		2
Shur-Co Acquisition, Inc.	1st Lien Revolver	441		(88)		353
Sigma Electric Manufacturing Corporation	1st Lien Revolver	1		—		1
SiroMed Physician Services, Inc.	1st Lien Revolver	1		—		1
SLR BD Limited	1st Lien Revolver	1,347		—		1,347
SLR BD Limited	1st Lien Term Loan	2,603		—		2,603
Spectra Finance, LLC	1st Lien Revolver	1		—		1
Spring Insurance Solutions, LLC	1st Lien Delayed Draw Term Loan	1,151		(127)		1,024
Spring Oaks Capital SPV, LLC	1st Lien Revolver	9,000		(1,812)		7,188
SSE Buyer, Inc.	1st Lien Revolver	3		(1)		2
SSE Buyer, Inc.	1st Lien Delayed Draw Term Loan	189		—		189
Stealth Holding LLC	1st Lien Delayed Draw Term Loan	989		(297)		692
Sun Acquirer Corp.	1st Lien Revolver	1,059		—		1,059
Sun Acquirer Corp.	1st Lien Delayed Draw Term Loan	4,869		(689)		4,180
Sundance Group Holdings, Inc.	1st Lien Revolver	1		—		1
Sundance Group Holdings, Inc.	1st Lien Delayed Draw Term Loan	453		—		453
Sunshine Sub, LLC	1st Lien Revolver	144		—		144
Symbol Bidco I Limited	1st Lien Delayed Draw Term Loan	577		(199)		378
Symplr Software Inc.	1st Lien Revolver	1		—		1
TA/WEG Holdings, LLC	1st Lien Revolver	914		(685)		229
TA/WEG Holdings, LLC	1st Lien Delayed Draw Term Loan	10,080		(1,828)		8,252
TCP Hawker Intermediate LLC	1st Lien Revolver	458		—		458
TCP Hawker Intermediate LLC	1st Lien Delayed Draw Term Loan	495		—		495
Teligent, Inc.	1st Lien Revolver	1		(1)		—
Teligent, Inc.	2nd Lien Delayed Draw Term Loan	65		(22)		43
TGP Holdings III LLC	1st Lien Delayed Draw Term Loan	70		—		70
The Ultimate Software Group, Inc.	1st Lien Revolver	1		—		1
The Ultimus Group Midco, LLC	1st Lien Revolver	396		(226)		170

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Company	Investment Type	Total revolving and delayed draw loan commitments		Less: funded commitments		Total unfunded commitments
Therapy Brands Holdings LLC	2nd Lien Delayed Draw Term Loan	1,284		—		1,284
Thermostat Purchaser III, Inc.	1st Lien Revolver	$	100	$	—	$	100
Thermostat Purchaser III, Inc.	2nd Lien Delayed Draw Term Loan	612		—		612
TIGER UK BIDCO LIMITED	1st Lien Revolver	2,695		—		2,695
TIGER UK BIDCO LIMITED	1st Lien Delayed Draw Term Loan	3,176		(3,013)		163
Tricolor Funding SPV 3 LLC	1st Lien Revolver	2,273		(826)		1,447
Trident TPI Holdings, Inc.	1st Lien Delayed Draw Term Loan	317		—		317
True Potential LLP	1st Lien Delayed Draw Term Loan	2,909		(2,178)		731
Turbo Acquisitions 10 Bidco Limited	1st Lien Delayed Draw Term Loan	1,814		(181)		1,633
TWH Infrastructure Industries, Inc.	1st Lien Revolver	464		(232)		232
United Digestive MSO Parent, LLC	1st Lien Revolver	511		—		511
United Digestive MSO Parent, LLC	1st Lien Delayed Draw Term Loan	1,022		(794)		228
US Salt Investors, LLC	1st Lien Revolver	679		—		679
Veterinary Practice Partners, LLC	1st Lien Revolver	193		—		193
Veterinary Practice Partners, LLC	1st Lien Delayed Draw Term Loan	2,265		(1,787)		478
VLS Recovery Services, LLC	1st Lien Revolver	622		—		622
VLS Recovery Services, LLC	1st Lien Delayed Draw Term Loan	1,385		—		1,385
Watermill Express, LLC	1st Lien Revolver	275		—		275
Watermill Express, LLC	1st Lien Delayed Draw Term Loan	219		—		219
WebPT, Inc.	1st Lien Revolver	216		(65)		151
Wellness AcquisitionCo, Inc.	1st Lien Revolver	504		—		504
Wildcat BuyerCo, Inc.	1st Lien Revolver	255		—		255
Wildcat BuyerCo, Inc.	1st Lien Delayed Draw Term Loan	1,075		(387)		688
Woodchester Funding Limited	1st Lien Revolver	2,940		(921)		2,019
WorkWave Intermediate II, LLC	1st Lien Revolver	460		—		460
WSHP FC Acquisition LLC	1st Lien Revolver	89		(41)		48
WSHP FC Acquisition LLC	1st Lien Delayed Draw Term Loan	350		(184)		166
Total		$	386,310	$	(85,746)	$	300,564

____________________________________________________

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

(j)Loan or bond was on non-accrual status as of September 30, 2021.

(k)Non-income producing security as of September 30, 2021.

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

(m)The Fund sold a participating interest of £1,200 in aggregate principal amount outstanding of the portfolio company’s first lien senior secured revolver. As the transaction did not qualify as a “true sale” in accordance with U.S. generally accepted accounting principles (“GAAP”), the Fund recorded a corresponding secured borrowing of $520 at fair value, included in “accrued expenses and other payables” in the accompanying consolidated statement of assets and liabilities. As of September 30, 2021, the interest rate in effect for the secured borrowing was 4.25%.

(n)The Fund sold a participating interest of $1,023 in aggregate principal amount outstanding of the portfolio company’s first lien senior secured revolver. As the transaction did not qualify as a “true sale” in accordance with GAAP, the Fund recorded a corresponding secured borrowing of $372 at fair value, included in “accrued expenses and other payables” in the accompanying consolidated statement of assets and liabilities. As of September 30, 2021, the interest rate in effect for the secured borrowing was 4.70%.

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

(o)The Fund sold a participating interest of CAD 3,862 in aggregate principal amount outstanding of the portfolio company’s first lien senior secured revolver. As the transaction did not qualify as a “true sale” in accordance with GAAP, the Fund recorded a corresponding secured borrowing of $2,154 at fair value, included in “accrued expenses and other payables” in the accompanying consolidated statement of assets and liabilities. As of September 30, 2021, the interest rate in effect for the secured borrowing was 4.25%.

(p)The Fund sold a participating interest of CAD 4,720 in aggregate principal amount outstanding of the portfolio company’s first lien senior secured revolver. As the transaction did not qualify as a “true sale” in accordance with GAAP, the Fund recorded a corresponding secured borrowing of $2,632 at fair value, included in “accrued expenses and other payables” in the accompanying consolidated statement of assets and liabilities. As of September 30, 2021, the interest rate in effect for the secured borrowing was 4.25%.

    As of September 30, 2021, the aggregate cost of securities for Federal income tax purposes was $2,086,656. Unrealized appreciation and depreciation on investments for Federal income tax purposes are as follows:

Gross unrealized appreciation	$	50,592
Gross unrealized depreciation	(12,529)
Net unrealized appreciation	$	38,063

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Securities sold short as of September 30, 2021 were as follows:

Company	Industry	Interest Rate	Maturity Date	Principal Amount		Value		Percentage of Net Assets
KIK Custom Products, Inc.	Household & Personal Products	7.00%	12/31/2027	$	(1,000)	$	(960)
CoreCivic, Inc.	Commercial & Professional Services	8.25%	4/15/2026	(275)		(281)
Hormel Foods Corp.	Food & Beverage	1.80%	6/11/2030	(390)		(384)
Tenet Healthcare Corporation	Healthcare Equipment & Services	6.25%	2/1/2027	(63)		(66)
CommScope, Inc.	Technology Hardware & Equipment	8.25%	3/1/2027	(250)		(262)
Total Corporate Bonds Sold Short (Cost $(1,998))						$	(1,953)	(0.12)%

Forward currency contracts as of September 30, 2021 were as follows:

Description	Notional Amount to be Purchased		Notional Amount to be Sold		Counterparty	Settlement Date	Unrealized Appreciation		Unrealized Depreciation
Forward currency contract	$	(1,269)	€	(1,309)	Goldman Sachs	October 7, 2021	$	40	$	—
Forward currency contract	$	(10,795)	CAD	(10,773)	Goldman Sachs	October 19, 2021	—		(22)
Forward currency contract	$	(989)	₤	(1,016)	Goldman Sachs	October 19, 2021	26		—
Forward currency contract	$	(30)	₤	(31)	Goldman Sachs	October 19, 2021	1		—
Forward currency contract	$	(9)	₤	(10)	Goldman Sachs	October 19, 2021	—		—
Forward currency contract	$	(12,891)	₤	(13,111)	Goldman Sachs	October 22, 2021	220		—
Forward currency contract	$	(11,706)	₤	(11,908)	Goldman Sachs	October 22, 2021	201		—
Forward currency contract	$	(11,530)	€	(11,790)	Goldman Sachs	October 22, 2021	260		—
Forward currency contract	$	(11,515)	€	(11,734)	Goldman Sachs	October 22, 2021	219		—
Forward currency contract	$	(8,560)	₤	(8,813)	Goldman Sachs	October 22, 2021	253		—
Forward currency contract	$	(6,964)	€	(7,031)	Goldman Sachs	October 22, 2021	67		—
Forward currency contract	$	(6,683)	SEK	(6,712)	Goldman Sachs	October 22, 2021	29		—
Forward currency contract	$	(6,481)	CAD	(6,532)	Goldman Sachs	October 22, 2021	51		—
Forward currency contract	$	(4,097)	NOK	(4,030)	Goldman Sachs	October 22, 2021	—		(67)
Forward currency contract	$	(3,010)	DKK	(3,052)	Goldman Sachs	October 22, 2021	42		—
Forward currency contract	$	(2,894)	₤	(2,982)	Goldman Sachs	October 22, 2021	88		—
Forward currency contract	$	(2,288)	€	(2,321)	Goldman Sachs	October 22, 2021	33		—
Forward currency contract	$	(2,079)	SEK	(2,094)	Goldman Sachs	October 22, 2021	15		—
Forward currency contract	$	(1,594)	₤	(1,636)	Goldman Sachs	October 22, 2021	42		—
Forward currency contract	$	(1,564)	₤	(1,592)	Goldman Sachs	October 22, 2021	29		—
Forward currency contract	$	(1,528)	₤	(1,573)	Goldman Sachs	October 22, 2021	44		—
Forward currency contract	$	(1,146)	€	(1,162)	Goldman Sachs	October 22, 2021	16		—
Forward currency contract	$	(539)	₤	(556)	Goldman Sachs	October 22, 2021	17		—
Forward currency contract	$	(538)	€	(546)	Goldman Sachs	October 22, 2021	8		—
Forward currency contract	$	(390)	SEK	(392)	Goldman Sachs	October 22, 2021	3		—
Forward currency contract	$	(222)	€	(226)	Goldman Sachs	October 22, 2021	4		—
Forward currency contract	$	(218)	₤	(224)	Goldman Sachs	October 22, 2021	6		—
Forward currency contract	$	(55)	CAD	(55)	Goldman Sachs	October 22, 2021	—		—
Forward currency contract	$	120	CAD	120	Goldman Sachs	October 22, 2021	—		—
Forward currency contract	$	(1,473)	SEK	(1,493)	Goldman Sachs	September 16, 2022	21		—
Total							$	1,735	$	(89)

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

Purchased options outstanding as of September 30, 2021 were as follows:

Options on Equity Indices — Buy Protection

Description	Exercise Price		Expiration Date	Counterparty	Notional Amount		Premium		Fair Value
Put-SPDR S&P 500 ETF	$	405	10/15/2021	The Options Clearing Corporation	$	20,599	$	314	$	87
Put-New Fortress Energy, Inc.	25		10/15/2021	The Options Clearing Corporation	2,220		39		40
Put-iShares iBoxx High Yield Corporate Bond ETF	82		12/17/2021	The Options Clearing Corporation	6,999		38		34
Call-Antero Resources Corporation	21		11/19/2021	The Options Clearing Corporation	340		21		23
Call-Chicago Board Options Exchange-VIX US	30		10/20/2021	The Options Clearing Corporation	208		12		12
Total Purchased Options							$	424	$	196

Written options outstanding as of September 30, 2021 were as follows:

Options on Equity Indices — Sell Protection

Description	Exercise Price		Expiration Date	Counterparty	Notional Amount		Premium		Fair Value
Call-Chicago Board Options Exchange-VIX US	$	40	10/20/2021	The Options Clearing Corporation	$	(208)	$	(7)	$	(5)
Put-iShares iBoxx High Yield Corporate Bond ETF	79		12/17/2021	The Options Clearing Corporation	(6,999)		(23)		(24)
Total Written Options							$	(30)	$	(29)

Swap Agreements outstanding as of September 30, 2021 were as follows:

Swap Agreements: Centrally Cleared or Exchange Traded

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

Description	Payment Frequency	Fixed Deal Pay Rate	Expiration Date	Exchange	Notional Amount (2)		Value (3)		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
AXL CDS USD SR 5Y	Q	5.00%	June 20, 2025	ICE	$	250	$	(19)	$	(2)	$	(17)
CDX.NA.HY S35 5Y	Q	5.00%	December 20, 2025	ICE	5,873		(540)		(564)		24
KSS CDS USD SR 5Y	Q	1.00%	December 20, 2025	ICE	62		—		7		(7)
Total Swap Agreements - Buy Protection: Centrally Cleared or Exchange Traded							$	(559)	$	(559)	$	—

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

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

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

Swap Agreements: Over the Counter

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

Description	Payment Frequency	Fixed Deal Pay Rate	Expiration Date	Counterparty	Notional Amount (2)		Value (3)		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
CDX.NA.HY S33 5Y Tranche 25-35	Q	5.00%	December 20, 2024	Goldman Sachs	$	321	$	(39)	$	(38)	$	(1)
CDX.NA.HY S35 5Y Tranche 15-25	Q	5.00%	December 20, 2025	Goldman Sachs	3,105		(249)		(209)		(40)
CMBX.NA.BBB- S9	M	3.00%	September 17, 2058	Goldman Sachs	1,030		79		246		(167)
JWN CDS USD SR 5Y	Q	1.00%	June 20, 2024	Goldman Sachs	210		1		12		(11)
Total Swap Agreements - Buy Protection:Over the Counter							$	(208)	$	11	$	(219)

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

Description	Payment Frequency	Fixed Deal Pay Rate	Expiration Date	Counterparty	Notional Amount (2)		Value (3)		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)
Birch Grove CLO WH Bespoke	Q	5.00%	September 3, 2022	Goldman Sachs	$	10,700	$	—	$	—	$	—
Total Swap Agreements - Sell Protection:Over the Counter							$	—	$	—	$	—
Total Swap Agreements							$	(769)	$	(541)	$	(228)

____________________________________________________

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

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

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

CION Ares Diversified Credit Fund

Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

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

Abbreviations:

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

CLO Collateralized Loan Obligation

Currencies:

€ Euro Currency

£ British Pounds

$ U.S. Dollars

AUD Australian Dollars

CAD Canadian Dollars

DKK Danish Krone

GBP British Pound

NOK Norwegian Krone

SEK Swedish Krone

USD U.S. Dollars

CION Ares Diversified Credit Fund

Notes to Consolidated Schedule of Investments

September 30, 2021 (Unaudited)

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

1.     ORGANIZATION

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

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

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

2.     SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying consolidated schedule of investments have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (“GAAP”), and include the accounts of the Fund and its consolidated subsidiaries. The Fund is an investment company following accounting and reporting guidance in Accounting Standards Codification (“ASC”) Topic 946, Financial Services — Investment Companies. The consolidated financial statements reflect all adjustments and reclassifications, that, in the opinion of management, are necessary for the fair presentation of the results of operations and financial condition as of and for the periods presented. All significant intercompany balances and transactions have been eliminated.

Cash and Cash Equivalents

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

Concentration of Credit Risk

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

Investment Transactions

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

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

CION Ares Diversified Credit Fund

Notes to Consolidated Schedule of Investments (continued)

September 30, 2021 (Unaudited)

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

market prices are not readily available are valued at fair value as determined in good faith by the Board in accordance with the Fund's valuation policy (the “Valuation Policy”). The Valuation Policy is reviewed and approved at least annually by the Board. The Adviser has been authorized by the Board to utilize independent third-party pricing and valuation services to assist in the valuation of each portfolio investment without a readily available market quotation in accordance with the Valuation Policy and a consistently applied valuation process.

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

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund's investments may fluctuate from period to period. Additionally, the fair value of the Fund's investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that the Fund may ultimately realize. Further, such investments are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Fund was required to liquidate a portfolio investment in a forced or liquidation sale, the Fund could realize significantly less than the value at which the Fund has recorded it. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected in the valuations currently assigned. All investments in securities are recorded at their fair value. See Note 3 for more information on the Fund's valuation process.

Interest Income Recognition

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

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

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

Dividend Income Recognition

CION Ares Diversified Credit Fund

Notes to Consolidated Schedule of Investments (continued)

September 30, 2021 (Unaudited)

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

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

Foreign Currency Transactions and Forward Currency Contracts

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

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

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

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

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

Derivative Instruments

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

Commitments and Contingencies

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

CION Ares Diversified Credit Fund

Notes to Consolidated Schedule of Investments (continued)

September 30, 2021 (Unaudited)

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

the risk of material loss to be remote.

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

Use of Estimates in the Preparation of Financial Statements

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

3.     FAIR VALUE OF FINANCIAL INSTRUMENTS

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

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

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

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

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

The assets and liabilities classified as Level 1 or Level 2 are typically valued based on quoted market prices, forward foreign exchange rates, dealer quotations or alternative pricing sources supported by observable inputs. The Adviser obtains prices from independent pricing services which generally utilize broker quotes and may use various other pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. The Adviser is responsible for all inputs and assumptions related to the pricing of securities. The Adviser has internal controls in place that support its reliance on information received from third-party pricing sources. As part of its internal controls, the Adviser obtains, reviews, and tests information to corroborate prices received from third-party pricing sources. For any security, if market or dealer quotations are not readily available, or if the Adviser determines that a quotation of a security does not represent a fair value, then the security is valued at a fair value as determined in good faith by the Adviser and will be classified as Level 3. In such instances, the Adviser will use valuation techniques consistent with the

CION Ares Diversified Credit Fund

Notes to Consolidated Schedule of Investments (continued)

September 30, 2021 (Unaudited)

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

market or income approach to measure fair value and will give consideration to all factors which might reasonably affect the fair value.

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

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

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

CION Ares Diversified Credit Fund

Notes to Consolidated Schedule of Investments (continued)

September 30, 2021 (Unaudited)

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

    The following is a summary of the inputs used as of September 30, 2021, in valuing the Fund’s investments carried at fair value:

	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Senior Loans	$	—	$	584,927	$	1,074,056	$	1,658,983
Subordinated Loans	—		37		29,911		29,948
Corporate Bonds	—		150,901		1,968		152,869
Collateralized Loan Obligations	—		—		173,155		173,155
Common Stocks	2,343		—		8,930		11,273
Preferred Stocks	—		—		72,923		72,923
Private Asset-Backed Debt	—		—		17,081		17,081
Real Estate Debt	—		—		5,105		5,105
Warrants	—		—		2,960		2,960
Total Investments	$	2,343	$	735,865	$	1,386,089	$	2,124,297
Derivative assets:
Forward Currency Contracts	$	—	$	1,735	$	—	$	1,735
Purchased Equity Options	195		—		—		195
Credit Default Swaps	—		80		—		80
Derivative liabilities:
Corporate Bonds Sold Short	$	—	$	(1,952)	$	—	$	(1,952)
Forward Currency Contracts	—		(89)		—		(89)
Written Equity Options	(29)		—		—		(29)
Credit Default Swaps	—		(849)		—		(849)

CION Ares Diversified Credit Fund

Notes to Consolidated Schedule of Investments (continued)

September 30, 2021 (Unaudited)

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

    The following is a reconciliation of the Fund’s investments in which significant unobservable inputs (Level 3) were used in determining fair value for the nine months ended September 30, 2021:

	Senior Loans		Subordinated Loans		Corporate Bonds		Collateralized Loan Obligations		Common Stocks		Preferred Stocks		Private Asset Backed Debt		Real Estate Debt		Warrants		Total
Balance as of December 31, 2020	$	600,554	$	10,693	$	2,811	$	168,707	$	2,624	$	926	$	9,067	$	5,999	$	558	$	801,939
Purchases	602,431		20,944		9,220		36,762		5,203		68,674		15,300		387		2,854		761,775
Sales and principal redemptions	(129,592)		(2,271)		(5,334)		(35,659)		(94)		(299)		(11,018)		(1,221)		—		(185,488)
Net realized and unrealized gains (losses)	6,178		520		173		3,303		1,197		3,622		(870)		(72)		(452)		13,599
Accrued discounts (premiums)	1,923		25		27		42		—		—		12		12		—		2,041
Transfers in to Level 3(a)	5,307		—		—		—		—		—		4,590		—		—		9,897
Transfers out of Level 3(a)	(12,745)		—		(4,929)		—		—		—		—		—		—		(17,674)
Balance as of September 30, 2021	$	1,074,056	$	29,911	$	1,968	$	173,155	$	8,930	$	72,923	$	17,081	$	5,105	$	2,960	$	1,386,089
Net change in unrealized gains (losses) from investments held at September 30, 2021	$	6,674	$	489	$	20	$	3,360	$	1,208	$	3,476	$	(807)	$	(94)	$	93	$	14,419

 ________________________________________

(a)Investments were transferred into and out of Level 3 during the nine months ended September 30, 2021. Transfers between Levels 2 and 3 were as a result of changes in the observability of significant inputs or available market data for certain portfolio companies.

CION Ares Diversified Credit Fund

Notes to Consolidated Schedule of Investments (continued)

September 30, 2021 (Unaudited)

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

    The following table summarizes the quantitative inputs and assumptions used for investments in securities at fair value categorized as Level 3 in the fair value hierarchy as of September 30, 2021.

	Fair Value		Primary Valuation Techniques	Inputs	Estimated Range	Weighted Average(a)
Assets  Investment in securities
Senior Loans	$	1,037,525	Yield Analysis	Market Yield	3.0% - 54.7%	7.4%
Senior Loans	20,003		Broker Quotes	N/A	N/A	N/A
Senior Loans	16,528		Other	Recent Transaction Price	$98 - $100	$99
Subordinated Loans	29,911		Yield Analysis	Market Yield	8.9% - 19.6%	10.4%
Corporate Bonds	1,968		Yield Analysis	Market Yield	10.9%	10.9%
Collateralized Loan Obligations	168,086		Broker Quotes	N/A	N/A	N/A
Collateralized Loan Obligations	5,069		Other	Recent Transaction Price	$89 - $99	$97
Common Stocks	8,930		EV Market Multiple Analysis	EBITDA Multiple	2.6x - 26.8x	12.7x
Preferred Stocks	69,102		EV Market Multiple Analysis	EBITDA Multiple	1.3x - 35.0x	17.6x
Preferred Stocks	3,821		Other	Recent Transaction Price	$1,045	$1,045
Private Asset-Backed Debt	10,719		Other	Recent Transaction Price	$98 - $100	$99
Private Asset-Backed Debt	6,362		Income (Other)	Constant Default Rate, Constant Prepayment Rate, Recovery Rate	7.4% - 44.2% 0.0% - 20.0% 0.0% - 60.0%	7.4% - 44.2% 0.0% - 20.0% 0.0% - 60.0%
Real Estate Debt	5,105		Yield Analysis	Market Yield	14.0% - 20.0%	16.3%
Warrants	2,960		EV Market Multiple Analysis	EBITDA Multiple	1.3x - 11.0x	9.5x
Total Level 3 Investments	$	1,386,089

 ________________________________________

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

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

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

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