SCHEDULE: Sun Life Entities Disclose 9.2% Stake in CION Ares Fund

Sun Life Assurance Company of Canada and Sun Life Financial Inc. jointly reported a 9.2% beneficial ownership stake in CION Ares Diversified Credit Fund's Mandatory Redeemable Preferred Shares.

Summary

• Sun Life Assurance Company of Canada (SLA) and its parent, Sun Life Financial Inc. (SLF), have filed an Amendment No. 1 to Schedule 13G.
• The filing discloses their beneficial ownership of Mandatory Redeemable Preferred Shares of CION Ares Diversified Credit Fund.
• As of June 30, 2025, both SLA and SLF beneficially own 3,920,000 shares, representing 9.2% of the class.
• SLA holds sole voting and dispositive power over these shares, while SLF holds shared voting and dispositive power, indicating a parent-subsidiary relationship.
• The shares are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: This is a neutral disclosure of beneficial ownership, providing factual information without indicating positive or negative performance or outlook.

Positives

• Not applicable as this filing is a beneficial ownership report, not a financial performance or operational update.

Negatives

• Not applicable as this filing is a beneficial ownership report, not a financial performance or operational update.

Risks

• Not applicable as this filing is a beneficial ownership report, not a financial performance or operational update.

Future Outlook

Not applicable as this filing is a beneficial ownership report.

Management Comments

• Not applicable as this filing is a beneficial ownership report.

Industry Context

Not applicable as this filing is a beneficial ownership report.

Comparison to Industry Standards

• Not applicable as this filing is a beneficial ownership report.

Stakeholder Impact

• Shareholders: Disclosure of a significant institutional investor's stake provides transparency regarding the ownership structure of the Mandatory Redeemable Preferred Shares.

Next Steps

• Not applicable as this filing is a beneficial ownership report.

Key Dates

Keywords

CION Ares Diversified Credit Fund, Sun Life Assurance Company of Canada, Sun Life Financial Inc., Schedule 13G, Beneficial Ownership, Preferred Shares, Mandatory Redeemable, Investment, Financial Services, Insurance