# EDGAR Filing Document

**Accession Number:** 0000009015
**File Stem:** 0001140361-25-030760
**Filing Date:** 2025-8
**Character Count:** 10277
**Document Hash:** 5ee0186c1288956d777ea68a1d343f49
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-030760.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0001140361-25-030760

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CION Ares Diversified Credit Fund
- **CENTRAL INDEX KEY:** 0001678124

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-92736
- **FILM NUMBER:** 251210676

**BUSINESS ADDRESS:**
- **STREET 1:** 100 PARK AVENUE
- **STREET 2:** 25TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212-418-4700

**MAIL ADDRESS:**
- **STREET 1:** 100 PARK AVENUE
- **STREET 2:** 25TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BARINGS LLC
- **CENTRAL INDEX KEY:** 0000009015

**ORGANIZATION NAME:**
- **EIN:** 041054788
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G

**BUSINESS ADDRESS:**
- **STREET 1:** 300 SOUTH TRYON STREET
- **STREET 2:** SUITE 2500
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202
- **BUSINESS PHONE:** 704-805-7200

**MAIL ADDRESS:**
- **STREET 1:** 300 SOUTH TRYON STREET
- **STREET 2:** SUITE 2500
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Barings LLC
- **DATE OF NAME CHANGE:** 20160915

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BABSON CAPITAL MANAGEMENT LLC
- **DATE OF NAME CHANGE:** 20040707

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BABSON DAVID L & CO INC
- **DATE OF NAME CHANGE:** 19920929

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**Issuer:** CION Ares Diversified Credit Fund

**Title of Class of Securities:** Mandatory Redeemable Preferred Shares

**CUSIP Number:** 17260GA*4**

**Date of Event Which Requires Filing of this Statement:** 06/30/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [x] Rule 13d-1(b)

- [ ] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>BARINGS LLC | Names of Reporting Persons<br>BARINGS LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>3800000 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>3800000 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3800000 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3800000 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>8.88% | Percent of Class Represented by Amount in Row (9)<br>8.88% |
| 12. | Type of Reporting Person (See Instructions)<br>IA | Type of Reporting Person (See Instructions)<br>IA |

**Comment for Type of Reporting Person:** ** This filing relates to the following CUSIP numbers: 17260GA*4 (Series K) and 17260GA@2 (Series L). 

(1) Massachusetts Mutual Life Insurance Company ("MassMutual"), a Massachusetts corporation, is the direct beneficial owner of 1,280,000 Series K Mandatory Redeemable Preferred Shares ("Series K Shares") of CION Ares Diversified Credit Fund (the "Issuer") and 949,232 Series L Mandatory Redeemable Preferred Shares ("Series L Shares" and, together with Series K Shares, the "Shares") of the Issuer; MassMutual Ascend Life Insurance Company ("Ascend"), an Ohio corporation, is the direct beneficial owner of 320,000 Series K Shares and 320,000 Series L Shares; Martello Re Limited ("Martello Re"), a Bermuda limited company, is the direct beneficial owner of 211,540 Series L Shares; Banner Life Insurance Company ("Banner"), a Maryland corporation, is the direct beneficial owner of 528,844 Series L Shares; and William Penn Life Insurance Company of New York ("William Penn"), a New York corporation, is the direct beneficial owner of 190,384 Series L Shares. All such Series K Shares and Series L Shares are held in one or more advisory accounts. Barings LLC ("Barings"), a Delaware limited liability company and wholly-owned indirect subsidiary of MassMutual, acts as investment adviser to these advisory accounts, and as such may also be deemed to be the beneficial owner of the Shares reported herein.

(2) The Series K Shares and Series L Shares are part of a single class of the Issuer's preferred equity securities known as Mandatory Redeemable Preferred Shares ("MRPS"), so the Series K Shares and Series L Shares are combined together in this Schedule 13G and the percentage stated herein is calculated based on the Issuer's total outstanding number of MRPS as of April 21, 2025, as reported in the Issuer's Post-Effective Amendment No. 30 to its Registration Statement on Form N-2 filed with the Securities and Exchange Commission on April 29, 2025.

---

**Item 1(a). Name of Issuer:**
CION Ares Diversified Credit Fund

**Item 1(b). Address of Issuer's Principal Executive Offices:**
100 Park Avenue, 25th Floor, New York, New York, 10017

**Item 2(a). Name of Person Filing:**
Barings LLC

**Item 2(b). Address of Principal Business Office:**
300 South Tryon Street
Suite 2500
Charlotte, North Carolina 28202

**Item 2(c). Citizenship:**
Delaware

**Item 2(d). Title of Class of Securities:**
Mandatory Redeemable Preferred Shares

**Item 2(e). CUSIP Number:**
17260GA*4**

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [x] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

3,800,000 Shares

**(b) Percent of class:**

8.88%, based on 42,800,000 shares of MRPS outstanding as of April 21, 2025, as reported in the Issuer's Post-Effective Amendment to Registration Statement on Form N-2 filed on April 29, 2025.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

0

**(ii) Shared power to vote or to direct the vote:**

3,800,000

**(iii) Sole power to dispose or to direct the disposition of:**

0

**(iv) Shared power to dispose or to direct the disposition of:**

3,800,000

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

This Schedule 13G is filed by Barings, the investment adviser of the MassMutual, Ascend, Martello Re, Banner and William Penn advisory accounts that acquired the securities to which this Schedule 13G applies.

**Item 7. Identification and Classification of the Subsidiary**

Barings is filing this Schedule 13G pursuant to Rule 240.13d-1(b)(1)(ii)(E) as the investment adviser of the MassMututal, Ascend, Martello Re, Banner and William Penn advisory accounts that acquired the securities to which this Schedule 13G applies.

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**BARINGS LLC**

**Date:** 08/13/2025

**By:** /s/ Melissa LaGrant

**Name & Title:** Melissa LaGrant, Managing Director