CION Investment Corporation

Major Shareholding Notification • May 17, 2023

Date: 05/15/2023 08:59 AM Toppan Merrill

FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response 0.5 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). 1. Name and Address of Reporting Person * 2. Issuer Name and Ticker or Trading Symbol 5. Relationship of Reporting Person(s) to Issuer

Pin Er ic A ero			CIO N I Co [ CIO N ] stm ent nve rp	(Ch eck all plic abl e) ap
(Las t) C/O CI ON IN VE ST ME 100 PA RK AV EN UE	(Fir st) NT CO RP 25T H F LO OR ,	(Mid dle)	3. D ate of Ear lies t Tr act ion (M ont h/D /Ye ar) ans ay 05/ 12/ 202 3	X	Dire cto r Off r (g w) ice ive titl e b elo Ch ief Leg al O ffic	Ow 10% ner Oth er ( cify ) be low spe er
(Str eet) NE W YO RK NY 100 17			4. I f A ndm , Da f O rigi nal Fil ed (Mo nth /Da /Ye ar) ent te o me y	6. I ndi vid ual or J oin t/G p F iling (C hec k A ppl ica ble Lin e) rou X On For m f iled by e R rtin g P epo ers on m f On For iled Mo han e R rtin
(Cit y) Rul e 1 0b5 -1( c) T ran sac	(Sta te) tion Ind icat ion	(Zip )			by re t epo	g P ers on

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

Ta ble I – No n-D eri tiv e S uri tie s A uir ed Dis d o f, o r B efi cia lly O ed va ec cq po se en wn ,
1. T itle of S rity (Ins ) tr. 3 ecu	2. T acti Dat rans on e (Mo nth/ Day /Ye ar)	2A. De d eme Exe cuti Dat on e, if a ny	3. T rans Cod e (I	acti 4. S ritie s A ired (A) Disp d O f (D on ecu cqu or ose . 8) (Ins nd 5 ) nstr tr. 3 , 4 a		)	5. A f Se curi ties nt o mou Ben efic ially Ow ned Fo llow ing Rep d T acti on(s ) orte rans	6. O rshi p F wne orm : Dire ct ( D) o r In dire ct ( I) (Ins ) tr. 4	7. N f atu re o Indi rect Ben efic ial
		(Mo nth/ Day /Ye ar)		V	Am t oun	(A) or ( D)	Pric e	(Ins d 4) tr. 3 an		Ow hip (Ins tr. ners 4)
Co Sto ck, \$0 .00 1 p alu mm on ar v e	05/ 12/ 202 3		P		1, 070	A	\$9. 42	(1) 5, 917 .39	D

riv ati Se riti uir Dis f, o efi cia Ta ble II De A ed d o r B lly O ed ve cu es cq po se en wn – , (e. ) ts, lls ts, tio rtib le riti g., pu ca arr an op ns , c on ve se cu es , w
1. T itle of D eriv ativ e S rity (Ins tr. 3 ) ecu	2. Con ion vers or E ise xerc Pric e of Der ivat ive Sec urity	3. T acti rans on Dat e (Mo nth/ Day /Ye ar)	3A. De d eme Exe cuti Dat on e, if a ny (Mo nth/ Day /Ye ar)	4. T acti rans on Cod e (I nstr . 8)		5. N umb f er o Der ivat ive Sec urit ies Acq uire d (A ) or Dis ed of ( D) pos (Ins tr. 3 , 4 and 5)		6. D ate Exe rcis able and Ex pira tion Da te (Mo nth/ Day /Ye ar)		7. T itle and Am t of Sec uriti es U nde rlyin oun g Der ivat ive Sec urity (In str. 3 a nd 4 )		8. P rice of Der ivat ive Sec urity (Ins tr. 5 )	9. N umb f er o Der ivat ive Sec uriti es Ben efic ially Ow ned Foll owi ng R rted epo Tra ctio n(s) nsa	10. Ow hip ners For Dire ct m: (D) or I ndir ect (I) ( Inst r. 4 )	11. Nat of ure Indi rect Ben efic ial Ow hip ners (Ins tr. 4 )
				Cod e	V	(A)	(D)	Dat e Exe rcis able	Exp irati on Dat e	Title	Am t or oun of Num ber Sha res		(Ins tr. 4 )

Explanation of Responses:

1. Includes 347.39 shares acquired under the Registrant's distribution reinvestment plan.

Remarks:

/s/ Eric A. Pinero

Date

** Signature of Reporting Person

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.