Cion Ares Diversified Credit Fund
Sponsored by CION/Ares. Interval Fund structure focused on private credit.
Interval FundPrivate Credit
- Net assets
- $4.92B
source
Monthly portfolio report (Form N-PORT) · filed 2026-05-22 · period 2026-03-31
Net assets (N-PORT Part B, Item B.2)
Method Direct: read from a structured filing field
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-03-31 - NAV / share
- $24.85
source
Shareholder report (Form N-CSR) · filed 2026-03-06 · period 2025-12-31
financial-highlights end-of-period NAV (fallback)
“Net asset value, end of period $ 24.85”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
Canonical (canonical class) · 2025-12-31 - Net flows, last qtr
- -1.1% qtr ended 2026-03-31
- Distribution coverage (NII)
- 96% period ended 2025-12-31
- Leverage in use
- Not captured not captured
- Total return, 12m
- +7.3% computed from NAV + distributions
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
No current Urgent or Notify findings in filings reviewed through 2026-07-02.
Historical findings (3)
NAV per share ($23.86) is 4.0% below its trailing four-observation average ($24.84) as of 2022-12-31.
NAV per share fell 5.9% from $25.75 to $24.22 (2022-06-30).
Proposal 1 put to shareholder vote: Approval Of The Third Amended And Restated Investment Advisory Agreement B. (2020-01-30)
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
No structured portfolio-health series or position-change events have been captured for this fund.
Where exit demand met the cap.
The disclosed history shows no rationed period.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2025-10-09 | 2.9% | 100% | 58% | filled |
| 2025-07-10 | 2.4% | 100% | 47% | filled |
| 2025-04-10 | 2.8% | 100% | 55% | filled |
| 2025-01-09 | 2.1% | 100% | 42% | filled |
| 2024-10-11 | 2.7% | 100% | 53% | filled |
| 2024-07-11 | 2.3% | 100% | 46% | filled |
| 2024-04-11 | 3.0% | 100% | 60% | filled |
| 2024-01-11 | 2.4% | 100% | 48% | filled |
| 2023-10-12 | 2.5% | 100% | 49% | filled |
| 2023-07-13 | 2.3% | 100% | 47% | filled |
| 2023-04-13 | 3.0% | 100% | 61% | filled |
| 2023-01-12 | 3.7% | 100% | 73% | filled |
| 2022-10-13 | 3.6% | 100% | 71% | filled |
| 2022-07-14 | 3.5% | 100% | 70% | filled |
| 2022-04-14 | 2.4% | 100% | 48% | filled |
| 2022-01-13 | 1.8% | 100% | 35% | filled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Synthetic exposure: gross notional $22,981,225 (0.5% of net assets), as of 2026-03-31. Audit
How to read these financing entries
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
No filed share-class terms have been captured for this fund; ownership type is therefore not inferred.
Management fee: 1.25% of net assets per year. source. Pursuant to the Investment Advisory Agreement, the Fund has agreed to pay the Adviser the Management Fee at an annual rate of 1.25% of the average daily value of the Fund's total assets (including any assets attributable to any preferred shares issued or to indebtedness) minus the Fund's liabilities other than liabilities relating to indebtedness -- i.e. net assets. Pursuant to the Investment Sub-Advisory Agreement, the Adviser pays the Sub-Adviser (Ares Capital Management II LLC) 40% of the Management Fee and Incentive Fee actually received, out of the same fee -- not an additional fund-level charge. The Fund also pays a separate quarterly Incentive Fee.
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (1)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | Pursuant to the Investment Advisory Agreement, the Fund has agreed to pay the Adviser the Management Fee at an annual rate of 1.25% of the average daily value of the Fund's total assets (including any assets attributable to any preferred shares issued or to indebtedness) minus the Fund's liabilities other than liabilities relating to indebtedness -- i.e. net assets. Pursuant to the Investment Sub-Advisory Agreement, the Adviser pays the Sub-Adviser (Ares Capital Management II LLC) 40% of the Management Fee and Incentive Fee actually received, out of the same fee -- not an additional fund-level charge. The Fund also pays a separate quarterly Incentive Fee. | 1.25 pct_annual_of_net_assets | Date not captured |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-06-05 | N-23C3A | 0001104659-26-070762 |
| 2026-05-22 | NPORT-P | 0001049169-26-001104 |
| 2026-03-06 | N-CSR | 0001104659-26-024607 |
| 2026-03-06 | N-23C3A | 0001104659-26-024411 |
| 2026-02-27 | NPORT-P | 0001049169-26-000654 |
| 2025-12-05 | N-23C3A | 0001104659-25-118700 |
| 2025-11-26 | NPORT-P | 0001049169-25-000888 |
| 2025-09-05 | N-CSRS | 0001104659-25-087822 |
| 2025-09-05 | N-23C3A | 0001104659-25-087650 |
| 2025-08-28 | NPORT-P | 0001752724-25-211334 |
| 2025-06-06 | N-23C3A | 0001104659-25-057088 |
| 2025-05-23 | NPORT-P | 0001752724-25-117045 |
| 2025-03-07 | N-23C3A | 0001104659-25-021564 |
| 2025-03-06 | N-CSR | 0001104659-25-021413 |
| 2025-02-27 | NPORT-P | 0001752724-25-042103 |