CION Investment Corporation

Major Shareholding Notification • Nov 16, 2023

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.

1(b).

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. N d A ddr of Rep ame an ess Rei r M ich ael A sne	* ortin g P erso n		ng S 2. Is r Na and Tic ker or T radi ymb ol sue me CIO N I Cor p [ CI ON ] stm ent nve	(s) t 5. R elat ions hip of R rting Pe o Is epo rson sue r (Ch eck all lica ble) app
(Las t) C/O CI ON IN VE STM EN 100 PA RK AV EN UE , 25	(Firs t) T C OR P. TH FL	(Mid dle)	3. D of E arlie st T acti (Mo nth/ Day /Ye ar) ate rans on 11/ 15/2 023	X X	Dire ctor Offi (giv e tit le b elow ) cer Co- Cha irm an & Co -CE	10% Ow ner Oth er ( cify be low ) spe O
(Stre et) NE W Y OR K NY 100 17 (Cit y) (Sta te) (Zip )			4. If Am end t, D ate of O rigin al F iled (M onth /Da y/Y ear) men	6. In divi dua l or Join t/Gr Fili ng ( Che ck A ppli cab le L ine) oup X m fi by O For led ne R rting Pe epo rson For m fi led by M than On e R rting Pe ore epo rson

Ta ble I – No n-D eri ive Se riti Ac ire d, Dis sed of r B fic iall Ow ned vat cu es qu po , o ene y
1. T itle o f Se curit y (In 3) str.	2. T actio n Da te rans (Mo nth/ Day /Yea r)	2A. Dee med Exe cutio n Da te, if an	3. T actio n Co de rans (Inst r. 8)		4. S ities Acq uired (A) or D ispo sed ecur and 5)		Of ( D) ( Instr . 3, 4	5. A f Se curit ies nt o mou Ben efici ally Own ed F ollow ing d Tr ction Instr orte . 3	6. O rship For m: D irect wne (D) or In dire ct (I ) (In 4) str.	7. N e of Ind irect atur Ben efici al O rship wne
		y (Mo nth/ /Yea r) Day	Cod e	V	Amo unt	(A) o r (D)	Pric e	Rep (s) ( ansa 4) and		(Inst r. 4)
, \$0 Com ock .00 1 pa lue n st mo r va	11/ 15/2 023		P		434	A	\$11 .06	(1) 43,2 84.3 8	D

Ta ble II De riv ativ e S riti Ac ire d, Dis sed of r B fic iall Ow ned ecu es qu po , o ene y – (e.g es) uts lls, nts pt ion tib le s riti ., p , ca wa rra , o s, c on ver ecu
1. T itle o f De rivat ive S rity (Ins tr. 3 ) ecu	2. Con ion vers or E ise xerc Pric e of Der ivat ive	3. T actio rans n Date (Mo nth/ Day /Yea r)	3A. Dee med Exe cutio n Da te, if an y (Mo nth/ Day /Yea r)	4. T actio n Co de rans (Inst r. 8)		5. N umb f De rivat ive er o Sec uritie s Ac quire d (A ) or Disp osed of ( D) ( Inst r. 3, 4 5) and		6. D ate Exe rcisa ble a nd Exp iratio n Da te (Mo nth/ Day /Yea r)		7. T itle a nd A nt o f Se curit ies U nde rlyin mou g Deri vativ e Se curit y (In 3 an d 4) str.		8. P rice of Der ivat ive Sec urity (Ins tr. 5)	9. N umb f er o Deri vativ e Se curit ies Ben efici ally Own ed Follo wing Rep d orte ion(s ) (In 4) Tran sact str.	10. O rship wne Form : Dir (D) ect or In dire ct (I ) (Inst r. 4)	11. Natu f re o Indir Ben efici al ect Own ersh ip (Inst r. 4)
	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. Reisner is the record holder of 11,985 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. Reisner, together with another individual, controls CIG and, as a result, may be deemed to be the indirect beneficial owner of the shares held by CIG. As permitted by Rule 16a-1(a)(4) under the Exchange Act, Mr. Reisner disclaims beneficial ownership of the shares held by CIG except to the extent of his pecuniary interest therein.

Remarks:

/s/ Michael A. Reisner

11/15/2023

** 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).

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Date