0001678124 2026-08-03 2026-08-03 0001678124 ck0001678124:ClassASharesCadexMember 2026-08-03 2026-08-03 0001678124 ck0001678124:ClassCSharesCadcxMember 2026-08-03 2026-08-03 0001678124 ck0001678124:ClassISharesCaduxMember 2026-08-03 2026-08-03 0001678124 ck0001678124:ClassLSharesCadwxMember 2026-08-03 2026-08-03 0001678124 ck0001678124:ClassUSharesCadzxMember 2026-08-03 2026-08-03 0001678124 ck0001678124:ClassU2SharesCadsxMember 2026-08-03 2026-08-03 0001678124 ck0001678124:ClassWSharesCadfxMember 2026-08-03 2026-08-03 424B3 0001678124 false CION ARES DIVERSIFIED CREDIT FUND Class A Shares Class C Shares Class I Shares Class L Shares Class U Shares Class U-2 Shares Class W Shares <div> The discussion of the State Street Credit Facility in the sub-section of each Prospectus entitled “Types of Investments and Related Risks—Risks Associated with the Use of Leverage” is hereby replaced in its entirety with the following: State Street Credit Facility. The Fund is a party to a senior secured revolving credit facility (as amended, the “State Street Credit Facility”), that allows the Fund to borrow up to $300 million at any one time outstanding. The State Street Credit Facility’s stated maturity date is August 31, 2026. Under the State Street Credit Facility, the Fund is required to comply with various covenants, reporting requirements and other customary requirements for similar revolving credit facilities (which are subject to certain limitations and exceptions), including, without limitation, covenants related to: (a) limitations on the incurrence of additional indebtedness, including additional MRP Shares, and liens, (b) limitations on certain restricted payments, (c) maintaining a ratio of total assets (less total liabilities other than senior securities representing indebtedness) to senior securities representing indebtedness plus the involuntary liquidation preference of the MRP Shares of the Fund and its consolidated subsidiaries (subject to certain exceptions) of not less than 2:1 and (d) maintaining a ratio of total assets (less total liabilities other than senior securities representing indebtedness) of the Fund to outstanding and requested loans of not less than 3:1. </div> <div> </div> <div> As of June 30, 2026, there was $231.88 million outstanding under the State Street Credit Facility. The interest rate currently charged on the State Street Credit Facility is based on an applicable SOFR plus an applicable spread of 1.25%. In addition to the stated interest expense on the State Street Credit Facility, the Fund is required to pay a commitment fee of 0.25% per annum on any unused portion of the State Street Credit Facility. </div>