SCHEDULE: Barings LLC Discloses 8.88% Stake in CION Ares Fund

Barings LLC, an investment adviser and indirect subsidiary of MassMutual, has disclosed beneficial ownership of 8.88% of CION Ares Diversified Credit Fund's Mandatory Redeemable Preferred Shares.

Summary

• Barings LLC, a Delaware-based investment adviser and indirect wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual), has filed a Schedule 13G.
• The filing discloses beneficial ownership of 3,800,000 Mandatory Redeemable Preferred Shares (MRPS) of CION Ares Diversified Credit Fund.
• This ownership represents 8.88% of the total outstanding MRPS, which was 42,800,000 shares as of April 21, 2025.
• The shares are held across various advisory accounts for MassMutual and its subsidiaries, including MassMutual Ascend Life Insurance Company, Martello Re Limited, Banner Life Insurance Company, and William Penn Life Insurance Company of New York.
• Barings LLC holds shared voting and shared dispositive power over all 3,800,000 shares.

Sentiment

Score: 5

Explanation: The filing is a standard regulatory disclosure of beneficial ownership and does not contain information that would inherently indicate a positive or negative sentiment regarding the issuer's performance or prospects.

Positives

• Disclosure of a significant stake by a reputable investment adviser like Barings LLC, an indirect subsidiary of MassMutual, may signal confidence in the CION Ares Diversified Credit Fund's preferred shares.
• The investment is stated to be held in the ordinary course of business, indicating a standard investment rather than an activist position.

Future Outlook

The filing is a disclosure of current beneficial ownership and does not provide forward-looking statements or guidance regarding the issuer's future performance or Barings LLC's future investment intentions beyond the statement that the shares are held in the ordinary course of business.

Management Comments

• 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.

Industry Context

This Schedule 13G filing indicates a significant passive investment by a major institutional investor, Barings LLC, in the preferred shares of CION Ares Diversified Credit Fund. Such filings are standard disclosures required when an entity acquires more than 5% beneficial ownership of a class of a company's equity securities. For credit funds, preferred shares can be a component of their capital structure, offering fixed income-like returns to investors. The involvement of a large asset manager like Barings, a MassMutual subsidiary, highlights institutional interest in the fund's preferred equity.

Related Party Transactions

• Barings LLC, the reporting person, is an indirect wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual).
• The shares are directly beneficially owned by MassMutual and its direct subsidiaries (MassMutual Ascend Life Insurance Company, Martello Re Limited, Banner Life Insurance Company, and William Penn Life Insurance Company of New York), for whom Barings LLC acts as investment adviser. This constitutes a related party relationship in terms of the ownership structure and advisory role.

Stakeholder Impact

• Shareholders (of CION Ares Diversified Credit Fund): Provides transparency regarding significant institutional ownership of the fund's preferred shares, potentially signaling institutional confidence.
• Investors (of Barings LLC/MassMutual): Discloses a significant investment by their managed entities, aligning with their investment strategies.
• Regulatory Bodies: Fulfills SEC disclosure requirements for beneficial ownership, ensuring market transparency.

Key Dates

Keywords

CION Ares Diversified Credit Fund, Barings LLC, Massachusetts Mutual Life Insurance Company, Mandatory Redeemable Preferred Shares, MRPS, Schedule 13G, Beneficial Ownership, Investment Adviser, Preferred Stock, Credit Fund