CION Investment Corporation

Major Shareholding Notification • Jun 6, 2023

Date: 06/05/2023 08:15 AM Toppan Merrill

FORM 4

See Instruction 1(b).

Check this box if no longer subject to Section

1. Form 4 or Form 5 obligations may continue.

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

	OM RO B A PP VA L
OM B N umb er:		323 5-02 87
Esti mat ed a vera ge burd en h ours per resp ons e		0.5

* of R 1. N nd Ad dre rtin g P am e a ss epo ers on ith S Fra Ke nz			Sym 2. I er N nd Tic ker Tra din bol ssu am e a or g CIO N I Co [ CIO N ] stm ent nve rp	f R on( s) t 5. R ela tion shi rtin g P o Is p o epo ers sue r (Ch eck all plic abl e) ap
(Las t) C/O CI ON ST IN VE 100 PA RK AV EN	(Fir st) CO ME NT RP UE 25T H F L ,	(Mid dle)	3. D of Ear lies t Tr ion (M h/D /Ye ar) ate act ont ans ay 06/ 01/ 202 3	Dire cto r X Off ice r (g ive titl e b elo w) CF O & Tr eas ure r	10% Ow ner Oth er ( cify be low ) spe
(Str eet) NE W YO RK (Cit y)	NY (Sta te)	100 17 (Zip )	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 rou X For m f iled by On e R rtin g P epo ers on On For m f iled by Mo re t han e R rtin epo	Lin e) g P ers on
Rul e 1 0b5 -1( c) T ran	tion Ind icat ion sac

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.

eri tiv e S uri tie uir Dis f, o efi cia Ta ble I – No n-D s A ed d o r B lly O ed va ec cq po se en wn ,
of S 1. T itle rity (Ins tr. 3 ) ecu	2. T acti Dat rans on e (Mo nth/ Day /Ye ar)	2A. De d 3. T acti eme rans on Exe cuti Dat Cod e (I nstr . 8) on e, if a ny (Mo nth/ Day /Ye ar) Cod V e			4. S d O ritie s A ired (A) Disp f (D ) ecu cqu or ose (Ins tr. 3 , 4 a nd 5 )			f Se 5. A nt o curi ties mou Ben efic ially Ow ned Fo llow ing Rep orte d T acti on(s ) rans	6. O rshi p F wne orm : Dire ct ( D) o r In dire ct ( I) (Ins tr. 4 )	7. N atu f re o Indi rect Ben efic ial
					Am t oun	(A) or ( D)	Pric e	(Ins tr. 3 d 4) an		Ow hip (Ins tr. ners 4)
\$0 Co ck, .00 1 p alu sto mm on ar v e	06/ 01/ 202 3		P		(1) 15, 715	A	(2) \$9. 52	(3) 71, 611 .68	D

Ta ble II De riv ati Se riti A uir ed Dis d o f, o r B efi cia lly O ed ve cu es cq po se en wn – , (e. lls tio rtib le riti ) ts, ts, g., pu ca , w arr an op ns , c on ve se cu es
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 rans Cod e (I	acti on . 8) nstr	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 Exe rcis able ate 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 3 a nd 4 ) str.		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 Num ber of Sha res		(Ins ) tr. 4

Explanation of Responses:

1. Represents the aggregate of purchases effected on the same trading day at different prices.

2. Represents the weighted average purchase price per share. The shares were purchased at prices ranging from \$9.40 to \$9.57 per share. Full information regarding the number of shares purchased at each price shall be provided upon request to the staff of the U.S. Securities and Exchange Commission, the Issuer, or a security holder of the Issuer.

3. Includes 2,896.68 Shares of which an investment retirement account is the record holder that includes 396.68 shares acquired under the Issuer's distribution reinvestment plan. Mr. Franz is the indirect beneficial owner with sole voting and investment power with respect to the Shares held by the investment retirement account.

Remarks:

/s/ Keith S. Franz

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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