CION Investment Corporation

Major Shareholding Notification • Nov 19, 2023

Date: 11/17/2023 10:03 AM

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.

Client: 23-31044-1_CION Investment Corporation ((Mark Gatto)_4 File: tm2331044-1_4seq1.xml Type: 4 Pg: 1 of 1

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). Check this box to indicate that a transaction was made

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(Cit y)	(Sta te)	(Zip )

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			Cod e	V	Amo unt	(A) o r (D)	Pric e	Rep (s) ( ansa and 4)		(Inst r. 4)
, \$0 Com ock .00 1 pa lue n st mo r va	11/ 16/2 023		P		905	A	\$11 .05	(1) 42,2 04.3 9	D

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	Sec urity			Cod e	V	(A)	(D)	Date Exe rcisa ble	Exp iratio n Date	Title	Amo unt or N umb er of S hare s

Explanation of Responses:

1. Mr. Gatto is the record holder of 10,905 shares, and CION Investment Group, LLC ("CIG") is the record holder of 62,598.77 shares that includes 5,932.67 shares acquired under the Issuer's distribution reinvestment plan. Mr. Gatto, together with another individual, controls CIG and, as a result, may be deemed to be the indirect beneficial owner of one-half of the shares held by CIG. As permitted by Rule 16a-1(a)(4) under the Exchange Act, Mr. Gatto disclaims beneficial ownership of the shares held by CIG except to the extent of his pecuniary interest therein.

Remarks:

/s/ Mark Gatto

11/17/2023

** 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.

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