<SEC-DOCUMENT>0000945621-25-000725.txt : 20250811
<SEC-HEADER>0000945621-25-000725.hdr.sgml : 20250811
<ACCEPTANCE-DATETIME>20250811154134
ACCESSION NUMBER:		0000945621-25-000725
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250811
DATE AS OF CHANGE:		20250811

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/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-92736
		FILM NUMBER:		251201793

	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:			SUN LIFE FINANCIAL INC
		CENTRAL INDEX KEY:			0001097362
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		ORGANIZATION NAME:           	02 Finance
		EIN:				000000000
		STATE OF INCORPORATION:			Z4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		SUN LIFE ASSURANCE CO OF CANADA
		STREET 2:		ONE YORK STREET
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 0B6
		BUSINESS PHONE:		4169794800

	MAIL ADDRESS:	
		STREET 1:		SUN LIFE ASSURANCE CO OF CANADA
		STREET 2:		ONE YORK STREET
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5J 0B6

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SUN LIFE FINANCIAL SERVICES INC
		DATE OF NAME CHANGE:	20030702

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SUN LIFE FINANCIAL SERVICES OF CANADA INC
		DATE OF NAME CHANGE:	20000224
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
<headerData>
<submissionType>SCHEDULE 13G/A</submissionType>
<previousAccessionNumber>0000945621-24-000907</previousAccessionNumber>
<filerInfo>
<filer>
<filerCredentials>
<cik>0001097362</cik>
<ccc>XXXXXXXX</ccc>
</filerCredentials>
</filer>
<liveTestFlag>LIVE</liveTestFlag>



</filerInfo>
</headerData>
<formData>
<coverPageHeader>
<amendmentNo>1</amendmentNo>
<securitiesClassTitle>Mandatory Redeemable Preferred Shares</securitiesClassTitle>
<eventDateRequiresFilingThisStatement>06/30/2025</eventDateRequiresFilingThisStatement>
<issuerInfo>
<issuerCik>0001678124</issuerCik>
<issuerName>CION Ares Diversified Credit Fund</issuerName>
<issuerCusip>17260G2@1*</issuerCusip>
<issuerPrincipalExecutiveOfficeAddress>
<com:street1>100 Park Avenue</com:street1>
<com:street2>25th Floor</com:street2>
<com:city>New York</com:city>
<com:stateOrCountry>NY</com:stateOrCountry>
<com:zipCode>10017</com:zipCode>
</issuerPrincipalExecutiveOfficeAddress>
</issuerInfo>
<designateRulesPursuantThisScheduleFiled>
<designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
</designateRulesPursuantThisScheduleFiled>
</coverPageHeader>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Sun Life Assurance Co of Canada</reportingPersonName>
<citizenshipOrOrganization>A6</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>3920000</soleVotingPower>
<sharedVotingPower>0</sharedVotingPower>
<soleDispositivePower>3920000</soleDispositivePower>
<sharedDispositivePower>0</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>3920000</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>9.2</classPercent>
<typeOfReportingPerson>CO</typeOfReportingPerson>
<typeOfReportingPerson>FI</typeOfReportingPerson>
<typeOfReportingPerson>IC</typeOfReportingPerson>
<comments>*This filing relates to the following CUSIP numbers: 17260G2@1 (Series A), 17260G3@0 (Series B), 17260G4@9 (Series C), 17260G8@5 (Series G), 17260G3#8 (Series I), 17260G4#7 (Series J), 17260GA*4 (Series K) and 17260GA@2 (Series L).</comments>
</coverPageHeaderReportingPersonDetails>
<coverPageHeaderReportingPersonDetails>

<reportingPersonName>Sun Life Financial Inc</reportingPersonName>
<citizenshipOrOrganization>A6</citizenshipOrOrganization>
<reportingPersonBeneficiallyOwnedNumberOfShares>
<soleVotingPower>0</soleVotingPower>
<sharedVotingPower>3920000</sharedVotingPower>
<soleDispositivePower>0</soleDispositivePower>
<sharedDispositivePower>3920000</sharedDispositivePower>
</reportingPersonBeneficiallyOwnedNumberOfShares>
<reportingPersonBeneficiallyOwnedAggregateNumberOfShares>3920000</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
<aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
<classPercent>9.2</classPercent>
<typeOfReportingPerson>CO</typeOfReportingPerson>
<typeOfReportingPerson>FI</typeOfReportingPerson>
<typeOfReportingPerson>HC</typeOfReportingPerson>
<comments>*This filing relates to the following CUSIP numbers: 17260G2@1 (Series A), 17260G3@0 (Series B), 17260G4@9 (Series C), 17260G8@5 (Series G), 17260G3#8 (Series I), 17260G4#7 (Series J), 17260GA*4 (Series K) and 17260GA@2 (Series L).</comments>
</coverPageHeaderReportingPersonDetails>
<items>
<item1>
<issuerName>CION Ares Diversified Credit Fund</issuerName>
<issuerPrincipalExecutiveOfficeAddress>100 Park Avenue, 25th Floor, New York, New York, 10017</issuerPrincipalExecutiveOfficeAddress>
</item1>
<item2>
<filingPersonName>(i)  Sun Life Assurance Company of Canada ("SLA")&#13;
(ii) Sun Life Financial Inc. ("SLF")</filingPersonName>
<principalBusinessOfficeOrResidenceAddress>SLA and SLF:&#13;
&#13;
One York Street&#13;
Toronto, Ontario, Canada M5J 0B6</principalBusinessOfficeOrResidenceAddress>
<citizenship>SLA and SLF:  Canada</citizenship>
</item2>
<item3>
<notApplicableFlag>N</notApplicableFlag>
<typeOfPersonFiling>FI</typeOfPersonFiling>
<typeOfPersonFiling>HC</typeOfPersonFiling>
<otherTypeOfPersonFiling>Insurance Company</otherTypeOfPersonFiling>
</item3>
<item4>
<amountBeneficiallyOwned>(i)  SLA:  3,920,000&#13;
(ii)  SLF:  3,920,000</amountBeneficiallyOwned>
<classPercent>(i)  SLA:  9.2%&#13;
(ii)  SLF:  9.2%</classPercent>
<numberOfSharesPersonHas>
<solePowerOrDirectToVote>(i)  SLA:  3,920,000&#13;
(ii)  SLF:  0</solePowerOrDirectToVote>
<sharedPowerOrDirectToVote>(i)  SLA:  0&#13;
(ii)  SLF:  3,920,000</sharedPowerOrDirectToVote>
<solePowerOrDirectToDispose>(i)  SLA:  3,920,000&#13;
(ii)  SLF:  0</solePowerOrDirectToDispose>
<sharedPowerOrDirectToDispose>(i)  SLA:  0&#13;
(ii)  SLF:  3,920,000</sharedPowerOrDirectToDispose>
</numberOfSharesPersonHas>
</item4>
<item5>
<notApplicableFlag>Y</notApplicableFlag>
</item5>
<item6>
<notApplicableFlag>Y</notApplicableFlag>
</item6>
<item7>
<notApplicableFlag>Y</notApplicableFlag>
</item7>
<item8>
<notApplicableFlag>Y</notApplicableFlag>
</item8>
<item9>
<notApplicableFlag>Y</notApplicableFlag>
</item9>
<item10>
<notApplicableFlag>N</notApplicableFlag>
<certifications>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.&#13;
&#13;
By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to  Insurance Company  is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.</certifications>
</item10>
</items>
<exhibitInfo>Exhibit 1 - Joint Filing Agreement</exhibitInfo>
<signatureInformation>
<reportingPersonName>Sun Life Assurance Co of Canada</reportingPersonName>
<signatureDetails>
<signature>/s/ Randolph B. Brown</signature>
<title>Randolph B. Brown, Authorized Signatory</title>
<date>08/11/2025</date>
</signatureDetails>
<signatureDetails>
<signature>/s/ Brett W. Pacific</signature>
<title>Brett W. Pacific, Authorized Signatory</title>
<date>08/11/2025</date>
</signatureDetails>
</signatureInformation>
<signatureInformation>
<reportingPersonName>Sun Life Financial Inc</reportingPersonName>
<signatureDetails>
<signature>/s/ Randolph B. Brown</signature>
<title>Randolph B. Brown, Authorized Signatory</title>
<date>08/11/2025</date>
</signatureDetails>
<signatureDetails>
<signature>/s/ Brett W. Pacific</signature>
<title>Brett W. Pacific, Authorized Signatory</title>
<date>08/11/2025</date>
</signatureDetails>
</signatureInformation>
</formData>

</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>jointfilingagt.htm
<DESCRIPTION>JOINT FILING AGREEMENT
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Dechert LLP
         Document created using Broadridge PROfile 25.5.1.5318
         Copyright 1995 - 2025 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: center; margin-right: 72pt; line-height: 12.55pt; margin-bottom: 12pt; font-weight: bold;">EXHIBIT 1</div>
    <div style="text-align: justify; margin-right: 72pt; line-height: 12.55pt; margin-bottom: 6pt;"><font style="font-weight: bold;">WHEREAS</font>, in accordance with Rule 13d-1(k)(1) under the Securities and Exchange Act of 1934 (the "Act"), only one
      joint Statement and any amendments thereto need to be filed whenever one or more persons&#160; are required to file such a Statement or any amendments thereto pursuant to Section 13(d) of the Act with respect to the same securities, provided that said
      persons agree in writing that such Statement or amendments thereto is filed on behalf of each of them;</div>
    <div style="text-align: justify; margin-right: 72pt; line-height: 12.55pt; margin-bottom: 6pt;"><font style="font-weight: bold;">NOW, THEREFORE</font>, the parties hereto agree as follows:</div>
    <div style="line-height: 12.55pt;">Sun Life Assurance Company of Canada and Sun Life Financial Inc. do hereby agree, in accordance with Rule 13d-1(k)(1) under the Act, to file a Statement on Schedule 13G relating to their ownership of the securities of
      the Issuer, and do hereby further agree that said Statement on Schedule 13G shall be filed on behalf of each of them.</div>
    <div style="line-height: 12.55pt;"> <br>
    </div>
    <div style="line-height: 12.55pt;">
      <div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt; font-weight: bold;"><br>
      </div>
      <div style="text-align: justify; margin-left: 0pt; display: block; margin-right: 0pt; text-indent: 0pt; font-weight: bold;">
        <table cellspacing="0" cellpadding="0" border="0" style="width: 100%; border-collapse: separate; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

            <tr>
              <td valign="top" style="width: 50%;">&#160;</td>
              <td valign="top" colspan="2"><strong><font style="font-weight: normal;">Sun Life Assurance Company of Canada</font><br>
                </strong></td>
              <td valign="top" style="width: 12%;">&#160;</td>
            </tr>
            <tr>
              <td valign="top" style="width: 50%;">&#160;</td>
              <td valign="top" style="width: 5%;">&#160;</td>
              <td valign="top" style="width: 35%;">&#160;</td>
              <td valign="top" style="width: 12%;">&#160;</td>
            </tr>
            <tr>
              <td valign="top" align="left" style="width: 50%;">
                <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">Date:&#160; August 11, 2025<br>
                </div>
              </td>
              <td valign="top" style="width: 5%;">
                <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">By: </div>
              </td>
              <td valign="top" nowrap="nowrap" align="left" style="width: 35%;"><u>/s/ Randolph B. Brown</u> <br>
              </td>
              <td valign="top" style="width: 12%;">&#160;</td>
            </tr>
            <tr>
              <td valign="top" style="width: 50%;">&#160;</td>
              <td valign="top" style="width: 5%;">Name:<br>
              </td>
              <td valign="bottom" nowrap="nowrap" align="left" style="width: 35%;">Randolph B. Brown<br>
              </td>
              <td valign="top" style="width: 12%;">&#160;</td>
            </tr>
            <tr>
              <td valign="top" style="width: 50%;">&#160;</td>
              <td valign="top" style="width: 5%;">Title: <br>
              </td>
              <td valign="top" style="width: 35%;">Authorized Signatory<br>
              </td>
              <td valign="top" style="width: 12%;">&#160;</td>
            </tr>
            <tr>
              <td valign="top" style="width: 50%;">&#160;</td>
              <td valign="top" style="width: 5%;">&#160;</td>
              <td valign="top" style="width: 35%;">&#160;</td>
              <td valign="top" style="width: 12%;">&#160;</td>
            </tr>
            <tr>
              <td valign="top" rowspan="1" style="width: 50%;">&#160;</td>
              <td valign="top" rowspan="1" style="width: 5%;">By: <br>
              </td>
              <td valign="top" rowspan="1" style="width: 35%;"><u>/s/ Brett W. Pacific</u> <br>
              </td>
              <td valign="top" rowspan="1" style="width: 12%;">&#160;</td>
            </tr>
            <tr>
              <td valign="top" rowspan="1" style="width: 50%;">Date:&#160; August 11, 2025 </td>
              <td valign="top" rowspan="1" style="width: 5%;">Name:<br>
              </td>
              <td valign="top" rowspan="1" style="width: 35%;">Brett W. Pacific<br>
              </td>
              <td valign="top" rowspan="1" style="width: 12%;">&#160;</td>
            </tr>
            <tr>
              <td valign="top" rowspan="1" style="width: 50%;">&#160;</td>
              <td valign="top" rowspan="1" style="width: 5%;">Title:<br>
              </td>
              <td valign="top" rowspan="1" style="width: 35%;">Authorized Signatory<br>
              </td>
              <td valign="top" rowspan="1" style="width: 12%;">&#160;</td>
            </tr>
            <tr>
              <td valign="top" rowspan="1" style="width: 50%;">&#160;</td>
              <td valign="top" rowspan="1" style="width: 5%;">&#160;</td>
              <td valign="top" rowspan="1" style="width: 35%;">&#160;</td>
              <td valign="top" rowspan="1" style="width: 12%;">&#160;</td>
            </tr>
            <tr>
              <td valign="top" rowspan="1" style="width: 50%;"><br>
              </td>
              <td valign="top" rowspan="1" style="width: 5%;">&#160;</td>
              <td valign="top" rowspan="1" style="width: 35%;">&#160;</td>
              <td valign="top" rowspan="1" style="width: 12%;">&#160;</td>
            </tr>
            <tr>
              <td valign="top" rowspan="1" style="width: 50%;">&#160;</td>
              <td valign="top" colspan="2" rowspan="1">Sun Life Financial Inc.&#160; <br>
              </td>
              <td valign="top" rowspan="1" style="width: 12%;">&#160;</td>
            </tr>
            <tr>
              <td valign="top" rowspan="1" style="width: 50%;">&#160;</td>
              <td valign="top" rowspan="1" style="width: 5%;">&#160;</td>
              <td valign="top" rowspan="1" style="width: 35%;">&#160;</td>
              <td valign="top" rowspan="1" style="width: 12%;">&#160;</td>
            </tr>
            <tr>
              <td valign="top" rowspan="1" style="width: 50%;">Date:&#160; August 11, 2025 </td>
              <td valign="top" rowspan="1" style="width: 5%;">By: <br>
              </td>
              <td valign="top" rowspan="1" style="width: 35%;"><u>/s/ Randolph B. Brown</u> <br>
              </td>
              <td valign="top" rowspan="1" style="width: 12%;">&#160;</td>
            </tr>
            <tr>
              <td valign="top" rowspan="1" style="width: 50%;">&#160;</td>
              <td valign="top" rowspan="1" style="width: 5%;">Name: <br>
              </td>
              <td valign="top" rowspan="1" style="width: 35%;">Randolph B. Brown <br>
              </td>
              <td valign="top" rowspan="1" style="width: 12%;">&#160;</td>
            </tr>
            <tr>
              <td valign="top" rowspan="1" style="width: 50%;">&#160;</td>
              <td valign="top" rowspan="1" style="width: 5%;">Title:<br>
              </td>
              <td valign="top" rowspan="1" style="width: 35%;">Authorized Signatory<br>
              </td>
              <td valign="top" rowspan="1" style="width: 12%;">&#160;</td>
            </tr>
            <tr>
              <td valign="top" rowspan="1" style="width: 50%;">&#160;</td>
              <td valign="top" rowspan="1" style="width: 5%;">&#160;</td>
              <td valign="top" rowspan="1" style="width: 35%;">&#160;</td>
              <td valign="top" rowspan="1" style="width: 12%;">&#160;</td>
            </tr>
            <tr>
              <td valign="top" rowspan="1" style="width: 50%;">Date:&#160; August 11, 2025 </td>
              <td valign="top" rowspan="1" style="width: 5%;">By:<br>
              </td>
              <td valign="top" rowspan="1" style="width: 35%;"><u>/s/ Brett W. Pacific</u> <br>
              </td>
              <td valign="top" rowspan="1" style="width: 12%;">&#160;</td>
            </tr>
            <tr>
              <td valign="top" rowspan="1" style="width: 50%;">&#160;</td>
              <td valign="top" rowspan="1" style="width: 5%;">Name:<br>
              </td>
              <td valign="top" rowspan="1" style="width: 35%;">Brett W. Pacific <br>
              </td>
              <td valign="top" rowspan="1" style="width: 12%;">&#160;</td>
            </tr>
            <tr>
              <td valign="top" rowspan="1" style="width: 50%;">&#160;</td>
              <td valign="top" rowspan="1" style="width: 5%;">Title: <br>
              </td>
              <td valign="top" rowspan="1" style="width: 35%;">Authorized Signatory</td>
            </tr>

        </table>
      </div>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
