Sun Life reports 12.6% of CION Ares preferred shares

The reported position spans Series C, G, I, J, K, L and M, with sole and shared ownership powers divided between the two reporting persons.

Available on EDGAR 11/06/2026 - 04:38 PM EST Accepted by SEC EDGAR 11/06/2026 - 04:36 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Sun Life Financial Inc (SLF), a reporting person, disclosed beneficial ownership of 118,000,000 mandatory redeemable preferred shares of CION Ares Diversified Credit Fund, equal to 12.6% of the class. Sun Life Assurance Company of Canada, the other reporting person, reported the same amount and percentage. The securities span Series C, G, I, J, K, L and M.

Sun Life Assurance Company of Canada reported sole voting and dispositive power over 118,000,000 shares. Sun Life Financial Inc reported shared voting and dispositive power over 118,000,000 shares, with no sole voting or dispositive power reported; Sun Life Assurance Company of Canada reported no shared voting or dispositive power.

Key Figures

Beneficial ownership reported by Sun Life Assurance Company of Canada: 118,000,000 preferred shares Percent of class reported by Sun Life Assurance Company of Canada: 12.6% Sole voting and dispositive power reported by Sun Life Assurance Company of Canada: 118,000,000 shares +1 more

4 metrics

Beneficial ownership reported by Sun Life Assurance Company of Canada 118,000,000 preferred shares Mandatory redeemable preferred shares

Percent of class reported by Sun Life Assurance Company of Canada 12.6% Mandatory redeemable preferred shares

Sole voting and dispositive power reported by Sun Life Assurance Company of Canada 118,000,000 shares Mandatory redeemable preferred shares

Shared voting and dispositive power reported by Sun Life Financial Inc 118,000,000 shares Mandatory redeemable preferred shares

Key Terms

Mandatory Redeemable Preferred Shares, beneficially owned, Sole Voting Power, Shared Dispositive Power, +1 more

5 terms

Mandatory Redeemable Preferred Shares financial

"Title of class of securities: Mandatory Redeemable Preferred Shares"

A share that pays a fixed return and must be bought back by the issuer at a set time or upon a predetermined event, combining features of stock and a loan. It matters to investors because holders get priority on payments and a promised repayment date—like lending money with a scheduled payback—so these shares limit upside from company growth but reduce risk compared with ordinary shares and can affect a company’s future cash needs.

beneficially owned financial

"Amount beneficially owned"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

Sole Voting Power financial

"Sole Voting Power 118,000,000.00"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

Shared Dispositive Power financial

"Shared Dispositive Power 118,000,000.00"

Schedule 13D regulatory

"information that would otherwise be disclosed in a Schedule 13D"

A Schedule 13D is a legal document that investors file with regulators when they buy a large enough stake in a company to potentially influence its management or decisions. It provides details about the investor’s intention, ownership stake, and plans, helping other investors understand who is gaining control and what their motives might be.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many preferred shares did SLF report beneficially owning in CION Ares?

Sun Life Financial Inc and Sun Life Assurance Company of Canada each reported beneficial ownership of 118,000,000 mandatory redeemable preferred shares, equal to 12.6% of the class. Sun Life Assurance Company of Canada reported sole voting and dispositive power, while Sun Life Financial Inc reported shared voting and dispositive power.

What voting and dispositive powers did SLF report over the preferred shares?

Sun Life Financial Inc reported shared voting power and shared dispositive power over 118,000,000 shares, and no sole voting or dispositive power. Sun Life Assurance Company of Canada reported sole voting and dispositive power over 118,000,000 shares, and no shared voting or dispositive power.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

CION Ares Diversified Credit Fund

(Name of Issuer)

Mandatory Redeemable Preferred Shares

(Title of Class of Securities)

17260G4@9*

(CUSIP Number)

10/02/2026

(Date of Event Which Requires Filing of this Statement)

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

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 17260G4@9*

1

Names of Reporting Persons

Sun Life Assurance Co of Canada

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 118,000,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 118,000,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

118,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

12.6 %

12

Type of Reporting Person (See Instructions)

CO, FI, IC

Comment for Type of Reporting Person: *This filing relates to the following CUSIP numbers: 17260G4@9 (Series C), 17260G8@5 (Series G), 17260G3#8 (Series I), 17260G4#7 (Series J), 17260GA*4 (Series K), 17260GA@2 (Series L) and 17260G*21 (Series M).

SCHEDULE 13G

CUSIP Number(s): 17260G4@9*

1

Names of Reporting Persons

Sun Life Financial Inc

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ONTARIO, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 118,000,000.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 118,000,000.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

118,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

12.6 %

12

Type of Reporting Person (See Instructions)

CO, FI, HC

Comment for Type of Reporting Person: *This filing relates to the following CUSIP numbers: 17260G4@9 (Series C), 17260G8@5 (Series G), 17260G3#8 (Series I), 17260G4#7 (Series J), 17260GA*4 (Series K), 17260GA@2 (Series L) and 17260G*21 (Series M).

SCHEDULE 13G

Item 1.
(a)	Name of issuer: CION Ares Diversified Credit Fund
(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: (i) Sun Life Assurance Company of Canada ("SLA") (ii) Sun Life Financial Inc. ("SLF")
(b)	Address or principal business office or, if none, residence: SLA and SLF: One York Street Toronto, Ontario, Canada M5J 0B6
(c)	Citizenship: SLA and SLF: Canada
(d)	Title of class of securities: Mandatory Redeemable Preferred Shares
(e)	CUSIP No.: 17260G4@9*
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)	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).
	Insurance Company
Item 4.	Ownership
(a)	Amount beneficially owned: (i) SLA: 118,000,000 (ii) SLF: 118,000,000
(b)	Percent of class: (i) SLA: 12.6% (ii) SLF: 12.6%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: (i) SLA: 118,000,000 (ii) SLF: 0
	(ii) Shared power to vote or to direct the vote: (i) SLA: 0 (ii) SLF: 118,000,000
	(iii) Sole power to dispose or to direct the disposition of: (i) SLA: 118,000,000 (ii) SLF: 0
	(iv) Shared power to dispose or to direct the disposition of: (i) SLA: 0 (ii) SLF: 118,000,000
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

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. 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.

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.

Sun Life Assurance Co of Canada

Signature:	/s/ Randolph B. Brown
Name/Title:	Randolph B. Brown, Authorized Signatory
Date:	11/06/2026

Signature:	/s/ Brett W. Pacific
Name/Title:	Brett W. Pacific, Authorized Signatory
Date:	11/06/2026

Sun Life Financial Inc

Signature:	/s/ Randolph B. Brown
Name/Title:	Randolph B. Brown, Authorized Signatory
Date:	11/06/2026

Signature:	/s/ Brett W. Pacific
Name/Title:	Brett W. Pacific, Authorized Signatory
Date:	11/06/2026