UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


ý			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, ~~2020~~2021


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 814-01094

GUGGENHEIM CREDIT INCOME FUND 2016 T

(Exact name of registrant as specified in its charter)


Delaware						47-2016837
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)
330 Madison Avenue, New York, New York						10017
(Address of principal executive offices)						(Zip Code)

Registrant’s telephone number, including area code: (212) 739-0700

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Each Exchange on Which Registered

None

N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ¨ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No ý

The number of the Registrant's common shares outstanding as of November 10, ~~2020~~2021 was ~~16,805,665.~~16,297,188.

GUGGENHEIM CREDIT INCOME FUND 2016 T

INDEX


		PAGE
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	3

	Statements of Assets and Liabilities as of September 30, ~~2020~~2021 and December 31, ~~2019~~2020	3

	Statements of Operations for the three and nine months ended Se ~~ptember~~September 30, ~~2020~~2021 and ~~2019~~2020	4

	Statements of Changes in Net Assets for the nine months ended ~~September~~September 30, ~~2020~~2021 and ~~2019~~2020	5

	Statements of Cash Flows for the nine months ended September 30, ~~2020~~2021 and ~~2019~~2020	7

	Notes to Financial Statements (Unaudited)	8

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	2018

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	2524

Item 4.	Controls and Procedures	2724

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings	2725

Item 1A.	Risk Factors	2725

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	2926

Item 5.	Other Information	3026

Item 6.	Exhibits	3026

Signatures		3127

Exhibits Index		3228

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, or this Report, including Management's Discussion and Analysis of Financial Condition and Results of Operations, in Item 2 of Part I of this Report, contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These forward-looking statements generally are characterized by the use of terms such as "may," "should," "plan," "anticipate," "estimate," "intend," "predict," "believe," "expect," "will," "will be," and "project" or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, our actual results could differ materially from those set forth in the forward-looking statements. Some factors that might cause such a difference include the following: increased direct competition; changes in government regulations or accounting rules; changes in local, national, and global economic conditions and capital market conditions; availability of proceeds from our offering of common shares; and the performance of Guggenheim Credit Income Fund (the "Master Fund") and its common shares that we own. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason. You should exercise caution in relying on forward-looking statements as they involve known and unknown risks, uncertainties and other factors that may materially affect our future results, performance, achievements or transactions. Information on factors which could impact actual results and cause them to differ from what is anticipated in the forward-looking statements contained herein is included in this Report as well as in our other filings with the U.S. Securities and Exchange Commission ("SEC"), including but not limited to those described in Part II. Item 1A. Risk Factors of this Report and in Part I. Item 1A. Risk Factors of our Form 10-K for the fiscal year ended December 31, ~~2019,~~2020, that was filed on March ~~13, 2020.~~17, 2021. Moreover, because we operate in a very competitive and rapidly changing environment, new risks are likely to emerge from time to time. Given these uncertainties, we caution you not to place undue reliance on such statements, which apply only as of the date hereof. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes to future operating results over time unless otherwise required by law. The forward-looking statements should be read in light of the risk factors identified in Item Part II. Item 1A. Risk Factors of this Report and in Part I. Item 1A. Risk Factors of our Form 10-K for the fiscal year ended December 31, ~~2019,~~2020, that was filed on March ~~13, 2020.~~17, 2021. The forward-looking statements and projections contained in this Report are excluded from the safe harbor protection provided by Section 27A of the Securities Act and Section 21E of the Exchange Act.

All references to "Note" or "Notes" throughout this Report refer to the ~~notes~~footnotes to the financial statements ~~of the registrant~~presented in Part I. Item 1. Financial Statements (Unaudited).

Unless otherwise noted, the terms “we,” “us,” “our,” and the "Company" refer to Guggenheim Credit Income Fund ~~2016 T. All~~2016T. Other capitalized terms used in this Report have the same meaning as ~~defined~~ in the ~~Notes.~~

accompanying financial statements presented in
Part I. Item 1. Financial Statements (Unaudited), unless otherwise defined herein. Guggenheim Partners Investment Management, LLC is referred to as "Guggenheim" or the "Advisor" throughout this Report.

PART I.1. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

GUGGENHEIM CREDIT INCOME FUND 2016 T

STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED)

(in thousands, except share and per share data)


		September 30, 2020		December 31, 2019			September 30, 2021		December 31, 2020
Assets	Assets					Assets
Investment in Guggenheim Credit Income Fund ("GCIF") (17,722,125 shares purchased at a cost of $147,298 and 18,122,416 shares purchased at a cost of $150,509, respectively)		$	128,829	$	140,933
Investment in Guggenheim Credit Income Fund ("GCIF") (17,061,497 shares purchased at a cost of $111,773 and 17,389,844 shares purchased at a cost of $144,726, respectively)						Investment in Guggenheim Credit Income Fund ("GCIF") (17,061,497 shares purchased at a cost of $111,773 and 17,389,844 shares purchased at a cost of $144,726, respectively)	$	107,526	$	131,536
Cash	Cash	496		802		Cash	1,826		1,253
Principal receivable	Principal receivable	6		6		Principal receivable	—		6
Receivable from related parties	Receivable from related parties	275		—		Receivable from related parties	—		397
Dividends receivable		698		—

Total assets	Total assets	130,304		141,741		Total assets	109,352		133,192

Liabilities	Liabilities					Liabilities
Due to Dealer Manager	Due to Dealer Manager	1,243		1,853		Due to Dealer Manager	—		1,319
Accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities	25		32		Accounts payable, accrued expenses and other liabilities	40		28
Accrued professional services fees	Accrued professional services fees	63		60		Accrued professional services fees	72		42
Distributions payable		538		—

Payable to related parties	Payable to related parties	—		108		Payable to related parties	26		45

Total liabilities	Total liabilities	1,869		2,053		Total liabilities	138		1,434
Commitments and contingencies (Note 4. Related Party Agreements and Transactions)	Commitments and contingencies (Note 4. Related Party Agreements and Transactions)					Commitments and contingencies (Note 4. Related Party Agreements and Transactions)
Net Assets	Net Assets	$	128,435	$	139,688	Net Assets	$	109,214	$	131,758

Components of Net Assets:	Components of Net Assets:					Components of Net Assets:
Common Shares, $0.001 par value, 1,000,000,000 Common Shares authorized, 16,720,299 and 16,961,080 Common Shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively		$	17	$	17
Common Shares, $0.001 par value, 1,000,000,000 Common Shares authorized, 16,297,188 and 16,519,873 Common Shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively						Common Shares, $0.001 par value, 1,000,000,000 Common Shares authorized, 16,297,188 and 16,519,873 Common Shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively	$	16	$	17
Paid-in-capital in excess of par value	Paid-in-capital in excess of par value	147,187		149,220		Paid-in-capital in excess of par value	113,848		145,301
Accumulated loss, net of distributions	Accumulated loss, net of distributions	(18,769)		(9,549)		Accumulated loss, net of distributions	(4,650)		(13,560)
Total net assets	Total net assets	$	128,435	$	139,688	Total net assets	$	109,214	$	131,758
Net asset value per Common Share	Net asset value per Common Share	$	7.68	$	8.24	Net asset value per Common Share	$	6.70	$	7.98

See Unaudited Notes to Financial Statements.

GUGGENHEIM CREDIT INCOME FUND 2016 T

STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands, except share and per share data)


		Three Months Ended September 30,				Nine Months Ended September 30,					Three Months Ended September 30,				Nine Months Ended September 30,
		2020		2019		2020		2019			2021		2020		2021		2020
Investment Income	Investment Income									Investment Income
Dividends from investment in GCIF	Dividends from investment in GCIF	$	2,256	$	2,571	$	7,317	$	8,079	Dividends from investment in GCIF	$	932	$	2,256	$	4,794	$	7,317
Total investment income	Total investment income	2,256		2,571		7,317		8,079		Total investment income	932		2,256		4,794		7,317

Operating Expenses (1)	Operating Expenses (1)									Operating Expenses (1)
Administrative services	Administrative services	4		4		11		12		Administrative services	5		4		12		11
Related party reimbursements	Related party reimbursements	43		56		144		160		Related party reimbursements	26		43		92		144

Professional services fees	Professional services fees	32		23		96		92		Professional services fees	28		32		83		96

Shareholder servicing expenses	Shareholder servicing expenses	78		85		236		258		Shareholder servicing expenses	—		78		74		236

Transfer agent expense	Transfer agent expense	73		71		226		226		Transfer agent expense	75		73		228		226
Other expenses	Other expenses	22		23		63		79		Other expenses	12		22		48		63
Total operating expenses	Total operating expenses	252		262		776		827		Total operating expenses	146		252		537		776
Reimbursement of expense support	Reimbursement of expense support	—		72		27		194		Reimbursement of expense support	—		—		—		27
Less: Expense support from related parties (See Note 4. Related Party Agreements and Transactions)	Less: Expense support from related parties (See Note 4. Related Party Agreements and Transactions)	(324)		—		(795)		—		Less: Expense support from related parties (See Note 4. Related Party Agreements and Transactions)	—		(324)		(294)		(795)
Net expenses		(72)		334		8		1,021
Net expenses (reimbursement)										Net expenses (reimbursement)	146		(72)		243		8
Net investment income	Net investment income	2,328		2,237		7,309		7,058		Net investment income	786		2,328		4,551		7,309

Realized and unrealized gains (losses):	Realized and unrealized gains (losses):									Realized and unrealized gains (losses):
Net realized gain (loss) from redemption of investment in GCIF	Net realized gain (loss) from redemption of investment in GCIF	25		—		(218)		45		Net realized gain (loss) from redemption of investment in GCIF	—		25		(44)		(218)
Long term gain distributions from investment in GCIF		—		—		—		849

Net realized gains (losses) from investment in GCIF	Net realized gains (losses) from investment in GCIF	25		—		(218)		894		Net realized gains (losses) from investment in GCIF	—		25		(44)		(218)
Net change in unrealized appreciation (depreciation) from investment in GCIF	Net change in unrealized appreciation (depreciation) from investment in GCIF	4,074		(2,837)		(8,893)		(3,867)		Net change in unrealized appreciation (depreciation) from investment in GCIF	190		4,074		8,943		(8,893)
Net realized and unrealized gains (losses)	Net realized and unrealized gains (losses)	4,099		(2,837)		(9,111)		(2,973)		Net realized and unrealized gains (losses)	190		4,099		8,899		(9,111)
Net increase (decrease) in net assets resulting from operations	Net increase (decrease) in net assets resulting from operations	$	6,427	$	(600)	$	(1,802)	$	4,085	Net increase (decrease) in net assets resulting from operations	$	976	$	6,427	$	13,450	$	(1,802)

Per Common Share information:	Per Common Share information:									Per Common Share information:
Net investment income per Common Share outstanding - basic and diluted	Net investment income per Common Share outstanding - basic and diluted	$	0.14	$	0.13	$	0.43	$	0.40	Net investment income per Common Share outstanding - basic and diluted	$	0.05	$	0.14	$	0.28	$	0.43
Earnings (losses) per Common Share - basic and diluted	Earnings (losses) per Common Share - basic and diluted	$	0.38	$	(0.03)	$	(0.11)	$	0.23	Earnings (losses) per Common Share - basic and diluted	$	0.06	$	0.38	$	0.82	$	(0.11)
Weighted average Common Shares outstanding - basic and diluted	Weighted average Common Shares outstanding - basic and diluted	16,781,914		17,410,326		16,867,744		17,531,132		Weighted average Common Shares outstanding - basic and diluted	16,297,188		16,781,914		16,369,827		16,867,744
Distributions per Common Share	Distributions per Common Share	$	0.13	$	0.18	$	0.44	$	0.49	Distributions per Common Share	$	0.99	$	0.13	$	2.15	$	0.44

______________

(1)Operating expenses solely represent the Company's operating expenses and do not include the Company's proportionate share of the Master Fund's operating expenses.

See Unaudited Notes to Financial Statements.

GUGGENHEIM CREDIT INCOME FUND 2016 T

STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

(in thousands, except share and per share data)

Common Shares Paid-in-Capital in Excess of Par Value Accumulated Earnings (Loss), net of Distributions
Shares Amount Total
Balance at December 31, 2019 16,961,080 $ 17 $ 149,220 $ (9,549) $ 139,688
Operations:
Net investment income — — — 2,646 2,646
Net realized losses from investment in GCIF — — — (72) (72)
Net change in unrealized depreciation from investment in GCIF — — — (22,172) (22,172)
Net decrease in net assets resulting from operations — — — (19,598) (19,598)
Shareholder distributions:
Distributions from earnings — — — (2,777) (2,777)
Net decrease in net assets resulting from shareholder distributions — — — (2,777) (2,777)
Capital share transactions:
Common Shares issued from reinvestment of distributions 87,105 — (1) 721 — 721
Common Shares repurchased (298,522) — (1) (2,469) — (2,469)
Distribution services charge — — 19 — 19
Net decrease in net assets resulting from capital share transactions (211,417) — (1,729) — (1,729)
Net decrease for the period (211,417) — (1,729) (22,375) (24,104)
Balance at March 31, 2020 16,749,663 $ 17 $ 147,491 $ (31,924) $ 115,584
Operations:
Net investment income — — — 2,335 2,335
Net realized losses from investment in GCIF — — — (171) (171)
Net change in unrealized appreciation from investment in GCIF — — — 9,205 9,205
Net increase in net assets resulting from operations — — — 11,369 11,369
Shareholder distributions:
Distributions from earnings — — — (2,341) (2,341)
Net decrease in net assets resulting from shareholder distributions — — — (2,341) (2,341)
Capital share transactions:
Common Shares issued from reinvestment of distributions 166,265 — (1) 1,181 — 1,181
Common Shares repurchased (187,479) — (1) (1,361) — (1,361)
Distribution services charge — — (11) — (11)
Net decrease in net assets resulting from capital share transactions (21,214) — (191) — (191)
Net increase (decrease) for the period (21,214) — (191) 9,028 8,837
Balance at June 30, 2020 16,728,449 $ 17 $ 147,300 $ (22,896) $ 124,421
Operations:
Net investment income — — — 2,328 2,328
Net realized gains from investment in GCIF — — — 25 25
Net change in unrealized appreciation from investment in GCIF — — — 4,074 4,074
Net increase in net assets resulting from operations — — — 6,427 6,427
Shareholder distributions:
Distributions from earnings — — — (2,330) (2,330)
Net decrease in net assets resulting from shareholder distributions — — — (2,330) (2,330)
Capital share transactions:
Common Shares issued from reinvestment of distributions 127,297 — (1) 961 — 961
Common Shares repurchased (135,447) — (1) (1,036) — (1,036)
Distribution services charge — — (8) — (8)
Net decrease in net assets resulting from capital share transactions (8,150) — (83) — (83)
Reclassifications of permanent book-to-tax differences — — (30) 30 —
Net increase (decrease) for the period (8,150) — (113) 4,127 4,014
Balance at September 30, 2020 16,720,299 $ 17 $ 147,187 $ (18,769) $ 128,435


	Common Shares				Paid-in-Capital in Excess of Par Value		Accumulated Earnings (Loss), net of Distributions
	Shares	Amount							Total
Balance at December 31, 2020	16,519,873	$	17		$	145,301	$	(13,560)	$	131,758
Operations:
Net investment income	—	—			—		1,763		1,763
Net realized losses from investment in GCIF	—	—			—		(44)		(44)
Net change in unrealized appreciation from investment in GCIF	—	—			—		4,925		4,925
Net increase in net assets resulting from operations	—	—			—		6,644		6,644
Shareholder distributions:
Distributions from earnings	—	—			—		(1,766)		(1,766)


Net decrease in net assets resulting from shareholder distributions	—	—			—		(1,766)		(1,766)
Capital share transactions:

Common Shares issued from reinvestment of distributions	88,466	—		(1)	719		—		719
Common Shares repurchased	(311,151)	(1)			(2,554)		—		(2,555)
Distribution services charge	—	—			854		—		854
Net decrease in net assets resulting from capital share transactions	(222,685)	(1)			(981)		—		(982)

Net increase (decrease) for the period	(222,685)	(1)			(981)		4,878		3,896
Balance at March 31, 2021	16,297,188	$	16		$	144,320	$	(8,682)	$	135,654
Operations:
Net investment income	—	—			—		2,002		2,002

Net change in unrealized appreciation from investment in GCIF	—	—			—		3,828		3,828
Net increase in net assets resulting from operations	—	—			—		5,830		5,830
Shareholder distributions:
Distributions from earnings	—	—			—		(2,000)		(2,000)
Distributions representing a return of capital	—	—			(15,112)		—		(15,112)

Net decrease in net assets resulting from shareholder distributions	—	—			(15,112)		(2,000)		(17,112)







Net increase (decrease) for the period	—	—			(15,112)		3,830		(11,282)
Balance at June 30, 2021	16,297,188	$	16		$	129,208	$	(4,852)	$	124,372
Operations:
Net investment income	—	—			—		786		786

Net change in unrealized appreciation from investment in GCIF	—	—			—		190		190
Net increase in net assets resulting from operations	—	—			—		976		976
Shareholder distributions:
Distributions from earnings	—	—			—		(811)		(811)
Distributions representing a return of capital	—	—			(15,323)		—		(15,323)

Net decrease in net assets resulting from shareholder distributions	—	—			(15,323)		(811)		(16,134)






Reclassifications of permanent book tax differences	—	—			(37)		37		—
Net increase (decrease) for the period	—	—			(15,360)		202		(15,158)
Balance at September 30, 2021	16,297,188	$	16		$	113,848	$	(4,650)	$	109,214


	Common Shares				Paid-in-Capital in Excess of Par Value		Accumulated Earnings (Loss), net of Distributions
	Shares	Amount							Total
Balance at December 31, 2019	16,961,080	$	17		$	149,220	$	(9,549)	$	139,688
Operations:
Net investment income	—	—			—		2,646		2,646
Net realized losses from investment in GCIF	—	—			—		(72)		(72)
Net change in unrealized depreciation from investment in GCIF	—	—			—		(22,172)		(22,172)
Net decrease in net assets resulting from operations	—	—			—		(19,598)		(19,598)
Shareholder distributions:
Distributions from earnings	—	—			—		(2,777)		(2,777)


Net decrease in net assets resulting from shareholder distributions	—	—			—		(2,777)		(2,777)
Capital share transactions:

Common Shares issued from reinvestment of distributions	87,105	—		(1)	721		—		721
Common Shares repurchased	(298,522)	—		(1)	(2,469)		—		(2,469)
Distribution services charge	—	—			19		—		19
Net decrease in net assets resulting from capital share transactions	(211,417)	—			(1,729)		—		(1,729)

Net decrease for the period	(211,417)	—			(1,729)		(22,375)		(24,104)
Balance at March 31, 2020	16,749,663	$	17		$	147,491	$	(31,924)	$	115,584
Operations:
Net investment income	—	—			—		2,335		2,335
Net realized losses from investment in GCIF	—	—			—		(171)		(171)
Net change in unrealized appreciation from investment in GCIF	—	—			—		9,205		9,205
Net increase in net assets resulting from operations	—	—			—		11,369		11,369
Shareholder distributions:
Distributions from earnings	—	—			—		(2,341)		(2,341)


Net decrease in net assets resulting from shareholder distributions	—	—			—		(2,341)		(2,341)
Capital share transactions:

Common Shares issued from reinvestment of distributions	166,265	—		(1)	1,181		—		1,181
Common Shares repurchased	(187,479)	—		(1)	(1,361)		—		(1,361)
Distribution services charge	—	—			(11)		—		(11)
Net decrease in net assets resulting from capital share transactions	(21,214)	—			(191)		—		(191)

Net increase (decrease) for the period	(21,214)	—			(191)		9,028		8,837
Balance at June 30, 2020	16,728,449	$	17		$	147,300	$	(22,896)	$	124,421
Operations:
Net investment income	—	—			—		2,328		2,328
Net realized gains from investment in GCIF	—	—			—		25		25
Net change in unrealized appreciation from investment in GCIF	—	—			—		4,074		4,074
Net increase in net assets resulting from operations	—	—			—		6,427		6,427
Shareholder distributions:
Distributions from earnings	—	—			—		(2,330)		(2,330)


Net decrease in net assets resulting from shareholder distributions	—	—			—		(2,330)		(2,330)
Capital share transactions:

Common Shares issued from reinvestment of distributions	127,297	—		(1)	961		—		961
Common Shares repurchased	(135,447)	—		(1)	(1,036)		—		(1,036)
Distribution services charge	—	—			(8)		—		(8)
Net decrease in net assets resulting from capital share transactions	(8,150)	—			(83)		—		(83)
Reclassifications of permanent book tax differences	—	—			(30)		30		—
Net increase (decrease) for the period	(8,150)	—			(113)		4,127		4,014
Balance at September 30, 2020	16,720,299	$	17		$	147,187	$	(18,769)	$	128,435

_______________________

(1)Amount is less than ~~$1,000.~~

Common Shares Paid-in-Capital in Excess of Par Value Accumulated Earnings (Loss), net of Distributions
Shares Amount Total
Balance at December 31, 2018 17,534,522 $ 18 $ 153,899 $ (2,208) $ 151,709
Operations:
Net investment income — — — 1,850 1,850
Net realized gains from investment in GCIF — — — 849 849
Net change in unrealized depreciation from investment in GCIF — — — (407) (407)
Net increase in net assets resulting from operations — — — 2,292 2,292
Shareholder distributions:
Distributions from earnings — — — (2,661) (2,661)
Net decrease in net assets resulting from shareholder distributions — — — (2,661) (2,661)
Capital share transactions:
Common Shares issued from reinvestment of distributions 211,933 — (1) 1,831 — 1,831
Common Shares repurchased (207,679) — (1) (1,797) — (1,797)
Distribution services charge — — 7 — 7
Net increase in net assets resulting from capital share transactions 4,254 — 41 — 41
Net increase (decrease) for the period 4,254 — 41 (369) (328)
Balance at March 31, 2019 17,538,776 $ 18 $ 153,940 $ (2,577) $ 151,381
Operations:
Net investment income — — — 2,971 2,971
Net realized gains from investment in GCIF — — — 45 45
Net change in unrealized depreciation from investment in GCIF — — — (623) (623)
Net increase in net assets resulting from operations — — — 2,393 2,393
Shareholder distributions:
Distributions from earnings — — — (2,872) (2,872)
Net decrease in net assets resulting from shareholder distributions — — — (2,872) (2,872)
Capital share transactions:
Common Shares issued from reinvestment of distributions 142,234 — (1) 1,229 — 1,229
Common Shares repurchased (323,596) (1) (2,792) — (2,793)
Distribution services charge — — 103 — 103
Net decrease in net assets resulting from capital share transactions (181,362) (1) (1,460) — (1,461)
Net decrease for the period (181,362) (1) (1,460) (479) (1,940)
Balance at June 30, 2019 17,357,414 $ 17 $ 152,480 $ (3,056) $ 149,441
Operations:
Net investment income — — — 2,237 2,237
Net change in unrealized depreciation from investment in GCIF — — — (2,837) (2,837)
Net decrease in net assets resulting from operations — — — (600) (600)
Shareholder distributions:
Distributions from earnings — — — (3,067) (3,067)
Net decrease in net assets resulting from shareholder distributions — — — (3,067) (3,067)
Capital share transactions:
Common Shares issued from reinvestment of distributions 98,412 — (1) 838 — 838
Distribution services charge — — 26 — 26
Net increase in net assets resulting from capital share transactions 98,412 — 864 — 864
Net increase (decrease) for the period 98,412 — 864 (3,667) (2,803)
Balance at September 30, 2019 $ 17,455,826 $ 17 $ 153,344 $ (6,723) $ 146,638

~~_______________________~~

~~(1)Amount is less than $1,000.~~$1,000

See Unaudited Notes to Financial Statements.

GUGGENHEIM CREDIT INCOME FUND 2016 T

STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)


		Nine Months Ended September 30,					Nine Months Ended September 30,
		2020		2019			2021		2020
Operating activities	Operating activities					Operating activities
Net increase (decrease) in net assets resulting from operations	Net increase (decrease) in net assets resulting from operations	$	(1,802)	$	4,085	Net increase (decrease) in net assets resulting from operations	$	13,450	$	(1,802)
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by operating activities:	Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by operating activities:					Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by operating activities:
Purchase of investment in GCIF		—		(1,000)
Sale of investment in GCIF through GCIF's share repurchase program		2,993		1,700
Net realized (gain) loss from investment in GCIF		218		(45)
Net change in unrealized depreciation from investment in GCIF		8,893		3,867

Redemption of Master Fund shares						Redemption of Master Fund shares	2,555		2,993
Proceeds from liquidation distribution						Proceeds from liquidation distribution	30,354		—
Net realized gains from investment in GCIF						Net realized gains from investment in GCIF	44		218
Net change in unrealized appreciation (depreciation) from investment in GCIF						Net change in unrealized appreciation (depreciation) from investment in GCIF	(8,943)		8,893
(Increase) decrease in operating assets:	(Increase) decrease in operating assets:					(Increase) decrease in operating assets:

Principal receivable						Principal receivable	6		—
Receivable from related parties	Receivable from related parties	(275)		31		Receivable from related parties	397		(275)
Dividends receivable	Dividends receivable	(698)		1,462		Dividends receivable	—		(698)

Increase (decrease) in operating liabilities:	Increase (decrease) in operating liabilities:					Increase (decrease) in operating liabilities:
Due to Dealer Manager	Due to Dealer Manager	(8)		(13)		Due to Dealer Manager	(83)		(8)
Accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities	(7)		(39)		Accounts payable, accrued expenses and other liabilities	12		(7)
Accrued professional services fees	Accrued professional services fees	3		17		Accrued professional services fees	30		3
Payable to related parties	Payable to related parties	(108)		140		Payable to related parties	(19)		(108)

Net cash provided by operating activities	Net cash provided by operating activities	9,209		10,205		Net cash provided by operating activities	37,803		9,209

Financing activities	Financing activities					Financing activities

Repurchase of Common Shares	Repurchase of Common Shares	(4,866)		(4,590)		Repurchase of Common Shares	(2,555)		(4,866)
Distributions paid	Distributions paid	(4,047)		(5,125)		Distributions paid	(34,293)		(4,047)
Payment of DSS Fees	Payment of DSS Fees	(602)		(641)		Payment of DSS Fees	(382)		(602)
Net cash used in financing activities	Net cash used in financing activities	(9,515)		(10,356)		Net cash used in financing activities	(37,230)		(9,515)

Net decrease in cash		(306)		(151)
Net increase (decrease) in cash						Net increase (decrease) in cash	573		(306)
Cash, beginning of period	Cash, beginning of period	802		1,698		Cash, beginning of period	1,253		802
Cash, end of period	Cash, end of period	$	496	$	1,547	Cash, end of period	$	1,826	$	496
Supplemental information and non-cash financing activities:	Supplemental information and non-cash financing activities:					Supplemental information and non-cash financing activities:
Distributions reinvested	Distributions reinvested	$	2,863	$	3,898	Distributions reinvested	$	719	$	2,863
Due to Dealer Manager	Due to Dealer Manager	$	—	$	(136)	Due to Dealer Manager	$	(854)	$	—

See Unaudited Notes to Financial Statements.

GUGGENHEIM CREDIT INCOME FUND 2016 T

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

(in thousands, except share and per share data, percentages and as otherwise indicated;

for example, with the word “million” or otherwise)

Note 1. Principal Business and Organization

Guggenheim Credit Income Fund 2016 T (the "Company") was formed as a Delaware statutory trust on September 5, 2014. The Company's investment objectives are to provide its shareholders with current income, capital preservation and, to a lesser extent, long-term capital appreciation by investing substantially all of its equity capital in Guggenheim Credit Income Fund (the "Master Fund", or "GCIF"). The Company is a non-diversified, closed-end management investment company that elected to be treated as a business development company (a "BDC") under the Investment Company Act of 1940, as amended (the "1940 Act").

The Master Fund elected to be treated as a BDC under the 1940 Act and it has the same investment objectives as the Company. The Master Fund commenced investment operations on April 2, 2015. The Master Fund's consolidated financial statements are an integral part of the Company's financial statements and should be read in their entirety.

The Master Fund is externally managed by Guggenheim Partners Investment Management, LLC ("Guggenheim" or the "Advisor"), which is responsible for sourcing potential investments, analyzing and conducting due diligence on prospective investment opportunities, structuring investments and ongoing monitoring of the Master Fund’s investment portfolio.

Between July 24, 2015 and April 28, 2017, the Company offered and sold its common shares ("Shares" or "Common Shares") pursuant to a registration statement on Form N-2 (the “Registration Statement”) covering its continuous public offering of up to $1.0 billion (the “Public Offering”). The Company initially sold and issued Shares on October 8, 2015 and then commenced investment operations. On April 28, 2017, the Company's Public Offering was terminated, resulting in a gross capital raise of approximately $164.0 million from the sale and issuance of Common Shares in the Public Offering. ~~The~~

In accordance with the offering documents and the intention of the Company ~~may continue~~and Guggenheim Credit Income Fund 2019 ("GCIF 2019") (together, the "Feeder Funds") to ~~acquire~~provide substantial shareholder liquidity on or before December 31, 2022 and December 31, 2026, respectively, on March 30, 2021, the Boards of Trustees of the Master Fund ~~common shares~~and the Feeder Funds approved respective Plans of Liquidation for each Company (each, a “Liquidation Plan"). In accordance with the Liquidation Plans, the Master Fund will begin to effect a liquidation of its portfolio, with the intention of liquidating substantially all of its assets through liquidating distributions on or before December 31, 2022. The Feeder Funds intend to, in ~~a continuous series of private placement transactions~~turn, make quarterly liquidating distributions to their shareholders with the proceeds received from ~~its distribution reinvestment program, subject~~the Master Fund, and will seek to distribute substantially all of their assets on or before December 31, 2022. It is intended that these distributions will be substantially composed of return of capital and will decrease the ~~availability~~net asset value of ~~surplus cash available for~~the Master Fund and the Feeder Funds.

In accordance with the Liquidation Plan, the Master Fund and the Feeder Funds will remain registered as a BDC and intend to maintain their qualifications, as regulated investment ~~(See~~ ~~Note 5. Common Shares~~company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code").

As of September 30, ~~2020,~~2021, the Company owned ~~65.60%~~66.66% of the Master Fund's outstanding common shares.

Note 2. Significant Accounting Policies

Basis of Presentation

Management has determined that the Company meets the definition of an investment company and follows the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 — Financial Services — Investment Companies (“ASC Topic 946”).

Notes to Financial Statements (Unaudited)

The Company's interim financial statements have been prepared pursuant to the requirements for reporting on Form 10-Q and the disclosure requirements stipulated in Articles 6 and 10 of Regulation S-X, and therefore do not necessarily include all information and notes necessary for a fair statement of financial position and results of operations in accordance with accounting principles generally accepted in the U.S. ("GAAP"). In the opinion of management, the unaudited financial information for the interim period presented in this Report reflects all normal and recurring adjustments necessary for a fair statement of financial position and results from operations. Operating results for interim periods are not necessarily indicative of operating results for an entire year. The Company's unaudited financial statements should be read in conjunction with the Master Fund's unaudited consolidated financial statements; the Master Fund's quarterly report on Form 10-Q is incorporated by reference and filed as an exhibit to this Report.

~~Reclassifications~~

~~Certain prior period amounts may be reclassified to conform to the current presentation with no effect on the Company's financial condition, results of operations or cash flows.~~

~~Notes to Financial Statements (Unaudited)~~

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the financial statements, (ii) the reported amounts of income and expenses during the reported period and (iii) disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ materially from those estimates under different assumptions and conditions.

Cash

Cash consists of demand deposits held at a major U.S. financial institution and the amount recorded on the statements of assets and liabilities may exceed the Federal Deposit Insurance Corporation insured limit. Management believes the credit risk related to its demand deposits is minimal.

Valuation of Investments

The Company invests substantially all of its equity capital in the purchase of the Master Fund's common shares and its primary investment position is common shares of the Master Fund. The Company determines the fair value of the Master Fund's common shares as the Master Fund's net asset value per common share (as determined by the Master Fund) multiplied by the number of Master Fund common shares owned by the Company. The Company has implemented Accounting Standards Update ("ASU") 2015-07, which permits a reporting entity, as a practical expedient, to measure the fair value of certain investments using the net asset value per share of the investment.

Transactions with the Master Fund

Distributions received from the Master Fund are recorded on the record date. Distributions received from the Master Fund are generally recognized as dividend income or distributions of long term gains in the current period, a portion of which may be subject to a change in characterization in future periods, including the potential for reclassification between dividend income, long term gains and return of capital. The Company's transactions with the Master Fund are recorded on the effective date of the subscription in, or the redemption of, Master Fund shares. Realized gains and losses resulting from the Company's share repurchase transactions with the Master Fund are calculated on the specific share identification basis.

Offering Expenses

Continuous offering expenses are capitalized monthly on the Company's statements of assets and liabilities as deferred offering costs and thereafter expensed to the Company's statements of operations over a 12-month period on a straight-line basis commencing at the later of (i) when the expense was incurred or (ii) when operations began.

Notes to Financial Statements (Unaudited)

Distribution and Shareholder Servicing Fees

The purpose of the distribution and shareholder servicing fee ("DSS Fee") is to reimburse Guggenheim Funds Distributors, LLC, a Delaware limited liability company (the "Dealer Manager" or "GFD"), an affiliate of Guggenheim, for costs incurred by selected dealers and investment representatives for (i) distribution of the Company's Common Shares (the "Distribution Services Component") and (ii) providing ongoing shareholder services (the "Shareholder Services Component"). Beginning in the third quarter of 2017 (the first calendar quarter after the close of the Company's Public Offering), the Company commenced recognition of the Shareholder Services Component as an expense on the Company's statements of operations as the services are provided. The Company allocated 0.25% per annum of the average net purchase price per share sold in the Public Offering to the Shareholder Services Component. As the Distribution Services Component, representing 0.65% per annum of the average net purchase price per share sold in the Public Offering, pertains to the sale of the Company's Common Shares, the Company estimates the present value of all future Distribution Services Component payments, employing a discount rate equal to the prevailing effective yield on 5-year US Treasuries as observed on December 30, 2016. The Company records a liability equal to the estimated present value of the Distribution Services Component payments, recorded as part of "Due to Dealer Manager" with an offsetting charge to “Paid-in-capital in excess of par value” on the statements of assets and liabilities and as a "Distribution services charge" on the statements of changes in net assets.

Distributions to the Company's Shareholders

Declared distributions to the Company's shareholders are recorded as a liability as of the record date.

~~Notes to Financial Statements (Unaudited)~~

Federal Income Taxes

The Company has elected to be treated for federal income tax purposes, and intends to maintain its qualification, as a ~~Regulated Investment Company ("RIC")~~RIC under ~~Subchapter M of~~ the ~~Internal Revenue Code of 1986, as amended (the "Code").~~Code. Generally, a RIC is not subject to federal income taxes on distributed income and gains if it distributes dividends in a timely manner out of assets legally available for distributions to its shareholders of an amount generally at least equal to 90% of its “Investment Company Taxable Income,” determined without regard to any dividend paid, as defined in the Code. The Company intends to distribute sufficient dividends to maintain its RIC status each year and it does not anticipate incurring a material level of federal income taxes.

The Company is generally subject to nondeductible federal excise taxes if it does not distribute dividends to its shareholders in respect of each calendar year of an amount at least equal to the sum of (i) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of its capital gain net income (i.e., capital gains in excess of capital losses), adjusted for certain ordinary losses, for the one-year period generally ending on October 31st of the calendar year and (iii) any net ordinary income and capital gain net income for preceding calendar years that were not distributed during such calendar years and on which the Company incurred no federal income tax. The Company may, at its discretion, incur a 4% nondeductible federal excise tax on under-distribution of taxable ordinary income and capital gains.

The Company follows ASC 740, Income Taxes (“ASC 740”). ASC 740 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Penalties or interest, if applicable, that may be assessed relating to income taxes would be classified as other expenses in the statements of operations. Management has reviewed all open tax years and concluded that there is no effect to the Company’s financial positions or results of operations and no tax liability was required to be recorded resulting from unrecognized tax benefits relating to uncertain income tax position taken or expected to be taken on a tax return. During this period, the Company did not incur any material interest or penalties. Open tax years are those years that are open for examination by the relevant income taxing authority. As of September 30, ~~2020,~~2021, open U.S. Federal and state income tax years include the tax years ended September 30, ~~2017~~2018 through September 30, ~~2020.~~2021. The Company has no examinations in progress. Management’s determinations regarding ASC 740 may be subject to review and adjustment at a later date based upon factors including, but not limited to, an on-going analysis of tax laws, regulations and interpretations thereof.

~~SEC Disclosure Update and Simplification~~

~~In August 2020, the U.S. Securities and Exchange Commission (“SEC”) issued Final Rule Release No. 33-10825 and No.34-89670, collectively referred~~

Notes to as 'Modernization of Regulation S-X Items 101, 103 and 105’. These rules amend certain SEC disclosure requirements to improve disclosure for investors and to simplify compliance for registrants, including new requirements for human capital disclosures and a summary of risk factors. The final rules are effective for all filings on or after November 9, 2020. The Company has evaluated the impact of the amendments and determined the effect of the adoption of the simplification rules on the financial statements would mostly affect the Form 10-K.Financial Statements (Unaudited)

Note 3. Investments

Below is a summary of the Company's investment in the Master Fund, a related party:

End of Period Weighted Average Shares Owned % of Net
Period Ended No. of Shares Quarter to Date Year to Date Cost Fair Value Assets
September 30, 2020 17,722,125 17,798,319 17,891,722 $ 147,298 $ 128,829 100.3 %
December 31, 2019 18,122,416 18,445,894 18,742,374 $ 150,509 $ 140,933 100.9 %

~~Notes to Financial Statements (Unaudited)~~


	End of Period	Weighted Average Shares Owned						% of Net
Period Ended	No. of Shares	Quarter to Date	Year to Date	Cost		Fair Value		Assets
September 30, 2021	17,061,497	17,061,497	17,149,297	$	111,773	$	107,526	98.0	%
December 31, 2020	17,389,844	17,664,337	17,834,565	$	144,726	$	131,536	99.8	%

Restricted Securities

The Master Fund does not currently intend to list its common shares on any securities exchange, and it does not expect a secondary market to develop for its issued and outstanding common shares. As a result, the Company's ability to sell its Master Fund common shares is limited. Because the Master Fund common shares are being acquired in one or more transactions not involving a public offering, they are "restricted securities" and may be required to be held indefinitely. Master Fund common shares may not be sold, transferred, assigned, pledged or otherwise disposed of unless (i) the Master Fund's consent is granted, and (ii) the Master Fund common shares are registered under applicable securities laws or specifically exempted from registration (in which case the Master Fund's shareholder may, at the Master Fund's option, be required to provide the Master Fund with a legal opinion, in form and substance satisfactory to the Master Fund, that registration is not required). Accordingly, a shareholder in the Master Fund, including the Company, must be willing to bear the economic risk of investing in the Master Fund common shares. No sale, transfer, assignment, pledge or other disposition, whether voluntary or involuntary, of the Master Fund's common shares may be made except by registration of the transfer on the Master Fund's books. Each transferee will be required to execute an instrument agreeing to be bound by these restrictions and the other restrictions imposed on the Master Fund common shares and to execute such other instruments or certifications as are reasonably required by the Master Fund.

From October 15, 2015 through August 11, 2020, the Company acquired its investment in the Master Fund at prices ranging from $7.06 per share to $8.59 per share.

Share Repurchase Program

The Master Fund has implemented a share repurchase program, whereby it conducts tender offers each calendar quarter. ~~The~~In accordance with the Liquidation Plan, the Master ~~Fund's Board may amend, suspend or terminate the~~Fund’s share repurchase ~~program.~~program has been suspended effective March 30, 2021.

Note 4. Related Party Agreements and Transactions

The Company has entered into agreements with Guggenheim whereby the Company agrees to (i) receive expense support payments, (ii) reimburse certain expenses of, and to pay for, administrative, expense support, organization and offerings costs incurred by Guggenheim on the Company's behalf and (iii) pay DSS Fees payments to GFD, an affiliate of Guggenheim.

The memberships of the Company's Board of Trustees (the "Company's Board" or the "Board of Trustees") and the Master Fund's Board are identical and consequently the Company and the Master Fund are related parties. All of the Company's executive officers also serve as executive officers of the Master Fund. ~~Two~~One of the Company’s executive officers ~~Kevin Robinson, Senior Vice President, and~~ Brian Binder, Senior Vice President, ~~serve~~serves as an executive ~~officers~~officer of Guggenheim.

Administrative Services Agreement

The Company is party to an administrative services agreement with Guggenheim (the "Administrative Services Agreement") whereby Guggenheim, serving as the administrator (the "Administrator"), has agreed to provide administrative services, including office facilities and equipment and clerical, bookkeeping and record-keeping services. More specifically, the Administrator performs and oversees the Company's required administrative services, which include financial and corporate record-keeping, preparing and disseminating the Company's reports to its shareholders and filing reports with the SEC. In addition, the Administrator assists in determining net asset value, overseeing the preparation and filing of tax returns, overseeing the payment of expenses and distributions and overseeing the performance of administrative and professional services rendered by others. For providing these services, facilities and personnel, the Company reimburses the Administrator the allocable portion of overhead and other expenses incurred by the Administrator in performing its obligations under the Administrative Services Agreement.

Notes to Financial Statements (Unaudited)

The Administrative Services Agreement may be terminated at any time, without the payment of any penalty: (i) by the Company upon 60 days' written notice to Guggenheim upon the vote of the Company's independent trustees or (ii) by Guggenheim upon not less than 120 days' written notice to the Company. Unless earlier terminated, the Administrative Services Agreement will remain in effect for two years, and thereafter shall continue automatically for successive one-year periods if approved annually by a majority of the Board of Trustees and the Master Fund's independent trustees.

~~Notes to Financial Statements (Unaudited)~~

Dealer Manager Agreement

The Company is party to a dealer manager agreement with GFD (the "Dealer Manager Agreement"). Under the terms of the Dealer Manager Agreement, GFD is to act on a best efforts basis as the exclusive dealer manager for (i) the administration of the Company's DSS Fee payments to selected dealers and (ii) the public offering of common shares for future feeder funds affiliated with the Master Fund. The Company, not the Master Fund, is responsible for the compensation of GFD pursuant to the terms of the Dealer Manager Agreement. GFD does not receive any compensation to manage the Company's DSS Fees program and it is not entitled to retain any of the DSS Fees payments. The Dealer Manager Agreement may be terminated by the Company or GFD upon 60 calendar days' written notice to the other party. In the event that the Company or GFD terminates the Dealer Manager Agreement with respect to the Company, the Dealer Manager Agreement will continue with respect to any other feeder fund.

Beginning in the fourth quarter of 2017 (the second calendar quarter after the close of the Company's Public Offering), the Company commenced quarterly payments of the DSS Fee at an annual rate of 0.90% of the average net purchase price per share sold in the Public Offering. The quarterly payment of the DSS Fee is computed at the daily rate of 0.002466% (i.e. annual rate of 0.90%) of the product of (i) $9.12 per Common Share (the average net purchase price of Common Shares sold in the Public Offering, excluding Common Shares issued under the Company's distribution reinvestment plan ("DRP Shares")) and (ii) the number of Common Shares outstanding on each day during the recording period, excluding (a) DRP Shares and (b) Shares owned by shareholders that are not recipients of ongoing shareholder services from eligible selected dealers. The Company will cease to pay the DSS Fee at the earlier of: (i) the date at which the second amended and restated dealer manager agreement (the "Dealer Manager Agreement") is terminated; (ii) the date at which the underwriting compensation from all sources, including the DSS Fee, any organization and offering fees paid to the Dealer Manager for underwriting, underwriting compensation and shareholder servicing paid directly by the shareholders and the Company or its affiliates, equals 10% of the gross proceeds from the Company's Public Offering, excluding proceeds from DRP Share sales; and (iii) the date at which a liquidity event occurs. The approval of the Liquidation Plan on March 30, 2021 is deemed a liquidity event and therefore, the Dealer Manager Agreement is deemed terminated.

During the ~~three~~nine months ended September 30, ~~2020, less than $0.1~~2021, a reduction of $0.9 million of DSS Fees was booked to “Paid-in-capital in excess of par value”, ~~less than~~ $0.1 million was charged to "Shareholder servicing component expenses" and less than $0.1 million was charged to interest expense, included in ~~other expenses,~~"Other expenses", for the accretion of the present value discount. During the nine months ended September 30, 2020, $0.0 million of DSS Fees was booked to “Paid-in-capital in excess of par value”, $0.2 million was charged to "Shareholder servicing component expenses" and less than $0.1 million was charged to interest expense, included in other expenses, for the accretion of the present value discount. As of September 30, 2020, the Company had recognized a liability to the Dealer Manager of $1.2 million representing (i) the present value of all future estimated payments of the Distribution Services Component amounting to $1.0 million, or $1.0 million discounted at a rate of 1.93% and (ii) the current period accrued and unpaid portion of the Distribution and Shareholder Services Component, or $0.3 million. The following table presents the timing of future payments of the estimated $1.0 million of the DSS Fee: Distribution Services Component:

September 30, 2020
Total ≤ 1 year > 1 - 3 years 3 - 5 years 5 years
DSS Fee: Distribution Services Component $ 975 $ 784 $ 191 $ — $ —

Organization and Offering Expense Reimbursement Agreement

~~The Company is party to an~~Under the terms of the organization and offering expense reimbursement agreement, as may be amended (the "O&O Agreement"), with Guggenheim. Under the O&O Agreement the Company reimbursed Guggenheim for organization and offering expenses incurred on the Company's behalf, including, but not limited to, legal services, audit services, printer services and the registration of securities under the Securities Act. The reimbursement of organization and offering expenses was conditional on the Company's receipt of equity capital from the sale of its Common Shares. Any such reimbursement could not exceed actual expenses incurred by Guggenheim and their affiliates. The Advisors were ultimately responsible for the payment of the Company's cumulative organization and offering expenses to the extent they exceeded 1.5% of the aggregate proceeds from the sale of the Company's Common Shares, without recourse against or reimbursement by the Company. Under the terms of the O&O Agreement, the Company is not obligated to reimburse Guggenheim for any unreimbursed offering expenses after the close of the Company's Public Offering on April 28, 2017.

Expense Support and Conditional Reimbursement Agreement

The Expense Support Agreement will automatically terminate if (i) the Master Fund terminates the Investment Advisory Agreement with Guggenheim or (ii) the Company's Board of Trustees makes a determination to dissolve or liquidate the Company. The Board's approval of a Liquidation Plan on March 30, 2021 is deemed a liquidity event and therefore, the Expense Support Agreement is deemed terminated.

Upon termination of the Expense Support Agreement, Guggenheim is required to fund any amounts accrued thereunder as of the date of termination. Similarly, the conditional obligation of the Company to reimburse Guggenheim pursuant to the terms of the Expense Support Agreement shall survive the termination of the Expense Support Agreement.

Notes to Financial Statements (Unaudited)

~~Expense Support and Conditional Reimbursement Agreement~~

The Company initially entered into an expense support and conditional reimbursement agreement with Carey Credit Advisors, LLC ("CCA"), one of the Company's prior investment advisors, and Guggenheim on July 24, 2015, as amended (the "Prior Expense Support Agreement"). According to the terms of the Prior Expense Support Agreement, CCA and Guggenheim agreed to reimburse the Company for expenses in an amount that is sufficient to ensure that no portion of the Company's distributions to shareholders will be paid from Common Share offering proceeds. CCA and Guggenheim agreed to reimburse the Company monthly for expenses in an amount equal to the difference between the Company's cumulative distributions paid to its shareholders in each month less the sum of the Company's estimated investment company taxable income and net capital gains in each month. On September 5, 2017 the Company entered into an amended and restated expense support and conditional reimbursement agreement (the "Expense Support Agreement") with Guggenheim and CCA, for a limited purpose, effective as of September 11, 2017. The amended terms of the Expense Support Agreement: (i) released CCA from all obligations to make further expense payments, (ii) terminated all of CCA's rights under the Expense Support Agreement, including any right to reimbursement for prior period expense payments made under the terms of the Prior Expense Support Agreement and (iii) permitted the Company the option to limit or reduce Guggenheim expense payments in any manner so that the Company will comply with IRC Section 851 in each of its future tax years. As a result, 100% of all CCA's prior periods' unreimbursed expense payments were classed as ineligible for future reimbursement, and going forward, Guggenheim is the sole source of expense payments and solely eligible for reimbursement of prior periods' expense payments.

Pursuant to the Expense Support Agreement, the Company has a conditional obligation to reimburse Guggenheim for any amounts funded by Guggenheim under this arrangement ~~or the Prior Expense Support Agreement if (and only to the extent that),~~ during any month occurring within three years of the date on which Guggenheim funded such amount, the sum of the Company's estimated investment company taxable income and net capital gains exceeds the ordinary cash distributions paid by the Company to its shareholders; provided, however, that (i) the Company will only reimburse Guggenheim for expense payments made by Guggenheim to the extent that the payment of such reimbursement (together with any other reimbursement paid during such fiscal year) does not cause "other operating expenses" (as defined below) (on an annualized basis and net of any expense support reimbursement payments received by the Company during such fiscal year) to exceed the lesser of (A) 1.75% of the Company's average net assets attributable to its Common Shares for the fiscal year-to-date period after taking such reimbursement payments into account and (B) the percentage of the Company's average net assets attributable to its Common Shares represented by "other operating expenses" during the fiscal year in which such expense payment from Guggenheim was made (provided, however, that this clause (B) will not apply to any reimbursement payment which relates to an expense payment from Guggenheim made during the same fiscal year); and (ii) the Company will not reimburse Guggenheim for expense payments made by Guggenheim if the annualized rate of regular cash distributions declared by the Company at the time of such reimbursement payment is less than the annualized rate of regular cash distributions declared by the Company at the time Guggenheim made the expense payment to which such reimbursement payment relates. "Other operating expenses" means the Company's total "operating expenses" (as defined below), excluding any investment advisory fee, performance-based incentive fees, organization and offering expenses, shareholder servicing fees, interest expense, brokerage commissions and extraordinary expenses. "Operating expenses" means all operating costs and expenses incurred, as determined in accordance with GAAP for investment companies.

~~The Company or Guggenheim may terminate~~As of the ~~Expense Support Agreement at any time. The Expense Support Agreement will automatically terminate if (i)~~Board's approval of the ~~Master Fund terminates~~Liquidation Plan, the ~~Investment Advisory Agreement with Guggenheim or (ii) the Company's Board of Trustees makes a determination to dissolve or liquidate the Company.~~

~~The specific~~total amount of Guggenheim's expense payment obligation is determined at the end of each month. Upon termination of the Expense Support Agreement by Guggenheim, it is required to fund any amounts accrued thereunder as of the date of termination. Similarly, the conditional obligation of the Company to reimburse Guggenheim pursuant to the terms of the Expense Support Agreement shall survive the termination of the Expense Support Agreement by either party. There can be no assurance that the Expense Support Agreement will remain in effect or that Guggenheim will reimburse any portion of the Company's expenses in future months.

~~Notes to Financial Statements (Unaudited)~~

~~The table below presents a summary of unreimbursed monthly expenses supported by Guggenheim:~~

Month Ended Expense Support from CCA and Guggenheim CCA Waiver of Expense Support Reimbursement Expense Support Reimbursement Expired Expense Support Unreimbursed Expense Support
Minimum of 1.75% and Annualized Fiscal Year to Date Other Operating Expense Ratio (1)
Annualized Regular Cash Distribution Rate/Share, Declared (2)
Eligible for Reimbursement through
April 2017 179 (89) (90) — — 0.64% 0.63700 April 30, 2020
May 2017 254 (127) (12) (115) — 0.64% 0.63076 May 31, 2020
June 2017 315 (157) — (158) — 0.64% 0.63076 June 30, 2020
April 2018 57 — — — 57 0.43% 0.67571 April 30, 2021
March 2020 255 — — — 255 0.54% 0.67397 March 31, 2023
April 2020 96 — — — 96 0.54% 0.57463 April 30, 2023
May 2020 98 — — — 98 0.54% 0.57526 May 31, 2023
June 2020 21 — — — 21 0.54% 0.57364 June 30, 2023
July 2020 126 — — — 126 0.54% 0.57479 July 31, 2023
August 2020 101 — — — 101 0.54% 0.57474 August 31, 2023
September 2020 96 — — — 96 0.54% 0.57401 September 30, 2023
Total $ 850

~~______________________~~

~~(1)~~Other operating expenses include all expenses borne by the Company excluding organization and offering costs, a management fee, a performance-based incentive fee, financing fees and costs and interest expense.

~~(2)~~"Annualized Regular Cash Distribution Rate/Share, Declared" equals the annualized rate of average weekly or monthly distributions per Share that were declared with record dates in the subject month immediately prior to the date the expense support payment obligation was incurred by CCA and Guggenheim. Regular cash distributions do not include declared special cash or share distributions, if any. Regular distributions are grossed up to disregard the expense impact of the DSS Fees on the statement of operations.received from Guggenheim that is still eligible for reimbursement is $1.5 million.

Summary of Related Party Transactions

The following table presents the related party fees, expenses and transactions for the three and nine months ended September 30, ~~2020~~2021 and September 30, ~~2019;~~2020; related party transactions between the Company and the Master Fund in connection with Common Shares purchases, sales and distributions are disclosed elsewhere in the financial statements:


			Three Months Ended September 30,				Nine Months Ended September 30,						Three Months Ended September 30,				Nine Months Ended September 30,
Related Party (1)	Related Party (1)	Source Agreement & Description	2020		2019		2020		2019		Related Party (1)	Source Agreement & Description	2021		2020		2021		2020
		Related Party Expenses:										Related Party Expenses:

Guggenheim	Guggenheim	Administrative Services Agreement - expense reimbursement	$	43	$	56	$	144	$	160	Guggenheim	Administrative Services Agreement - expense reimbursement	$	26	$	43	$	92	$	144

Guggenheim	Guggenheim	Expense Support Agreement - expense support reimbursement	—		72		27		194		Guggenheim	Expense Support Agreement - expense support reimbursement	—		—		—		27

		Related Party Income:										Related Party Income:

Guggenheim	Guggenheim	Expense Support Agreement - expense support received from related party	324		—		795		—		Guggenheim	Expense Support Agreement - expense support received from related parties	—		324		294		795

____________________

(1)Not included in the table above is the Company's change in "Due to Dealer Manager" which represents the payable balances associated with the DSS Fee. For a breakdown of the Company's "Due to Dealer Manger" balance see Management's Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies.

1413

Notes to Financial Statements (Unaudited)

Indemnification

The Administrative Services Agreement provides certain indemnification to Guggenheim, its directors, officers, persons associated with Guggenheim and its affiliates. In addition, the Company's Declaration of Trust, as amended, provides certain indemnifications to its officers, trustees, agents and certain other persons. The Dealer Manager Agreement provides for certain indemnifications from the Company (with respect to the primary offering of its Common Shares) to GFD, any selected dealers and their respective officers, directors, employees, members, affiliates, agents, representatives and, if any, each person who controls such person or entity within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act. Such indemnifications are subject to certain limitations as provided for in the Company’s Declaration of Trust and the North American Securities Administrators Association Guidelines and are considered customary by management. As of September 30, ~~2020,~~2021, management believes that the risk of incurring any losses for such indemnification is remote.

Note 5. Common Shares

Issuance of Common Shares

The Company's Registration Statement pertaining to its Public Offering of 104,712,041 Common Shares at an initial public offering price of $9.55 per Share was declared effective on July 24, 2015.

The following table summarizes (i) the total Common Shares issued and proceeds received in connection with the Company's Public Offering and (ii) reinvestment of distributions for (a) the nine months ended September 30, ~~2020~~2021 and (b) the period commencing on July 24, 2015 (inception) through September 30, ~~2020:~~2021:

Nine Months Ended Inception through
September 30, 2020 September 30, 2020
Shares Amount Shares Amount
Gross proceeds from Public Offering — $ — 16,970,408 $ 164,194
Commission paid outside escrow — — — (1,924)
Dealer Manager fees and commissions — — — (7,462)
Net proceeds to the Company from Public Offering — — 16,970,408 154,808
Reinvestment of shareholders' distributions 380,667 2,863 2,347,269 20,395
Net proceeds from all issuance of Common Shares 380,667 $ 2,863 19,317,677 $ 175,203
Average net proceeds per Common Share $7.52 $9.07

~~Notes to Financial Statements (Unaudited)~~


	Nine Months Ended			Inception through
	September 30, 2021			September 30, 2021
	Shares	Amount		Shares	Amount
Gross proceeds from Public Offering	—	$	—	16,970,408	$	164,194
Commission paid outside escrow	—	—		—	(1,924)
Dealer Manager fees and commissions	—	—		—	(7,462)
Net proceeds to the Company from Public Offering	—	—		16,970,408	154,808
Reinvestment of shareholders' distributions	88,466	719		2,550,474	22,010
Net proceeds from all issuance of Common Shares	88,466	$	719	19,520,882	$	176,818
Average net proceeds per Common Share	$8.13			$9.06

Repurchase of Common Shares

The following table is a summary of the quarterly tender offers, completed pursuant to the share repurchase program, during the two years ended September 30, ~~2020:~~2021:


Tender Offer Termination Date	Tender Offer Termination Date	Total Number of Shares Offered to Repurchase	Total Number of Shares Repurchased	Total Consideration		Price Paid per Share		No. of Shares Repurchased / Total Shares Offered		No. of Shares Repurchased / Weighted Average Shares (1)		Tender Offer Termination Date	Total Number of Shares Offered to Repurchase	Total Number of Shares Repurchased	Total Consideration		Price Paid per Share		No. of Shares Repurchased / Total Shares Offered		No. of Shares Repurchased / Weighted Average Shares (1)
2021:												2021:
March 8, 2021												March 8, 2021	420,901	311,151	$	2,555	$	8.21	73.9	%	1.85	%
Total												Total	420,901	311,151	$	2,555			73.9	%

2020:	2020:											2020:
March 9, 2020	March 9, 2020	436,352	298,522	$	2,469	$	8.27	68.4	%	1.71	%	March 9, 2020	436,352	298,522	$	2,469	$	8.27	68.4	%	1.71	%
June 8, 2020 (2)	June 8, 2020 (2)	160,035	187,479	1,361		7.26		117.1	%	1.08	%	June 8, 2020 (2)	160,035	187,479	1,361		7.26		117.1	%	1.08	%

September 8, 2020	September 8, 2020	135,448	135,447	1,036		7.65		100.0	%	0.79	%	September 8, 2020	135,448	135,447	1,036		7.65		100.0	%	0.79	%
December 8, 2020 (3)												December 8, 2020 (3)	120,546	315,165	2,509		7.96		261.4	%	1.86	%
Total	Total	731,835	621,448	$	4,866			84.9	%			Total	852,381	936,613	$	7,375			109.9	%

2019:	2019:											2019:
March 8, 2019		438,164	207,679	$	1,797	$	8.65	47.4	%	1.18	%
June 5, 2019		439,278	323,596	2,792		8.63		73.7	%	1.84	%
October 11, 2019	October 11, 2019	439,656	396,895	3,322		8.37		90.3	%	2.26	%	October 11, 2019	439,656	396,895	$	3,322	$	8.37	90.3	%	2.26	%
December 6, 2019	December 6, 2019	438,630	293,787	2,442		8.31		67.0	%	1.67	%	December 6, 2019	438,630	293,787	2,442		8.31		67.0	%	1.67	%
Total		1,755,728	1,221,957	$	10,353			69.6	%

2018:

December 6, 2018		437,336	159,421	$	1,438	$	9.02	36.5	%	0.91	%
Total	Total	437,336	159,421	$	1,438			36.5	%			Total	878,286	690,682	$	5,764			78.6	%

Notes to Financial Statements (Unaudited)

________________

(1)Weighted average shares is based on the weighted average number of common shares outstanding in the prior four calendar quarters.

(2)The Company filed a tender offer to purchase up to 160,035 Shares on May 1, 2020. In accordance with Rule 13e-4(f), the Company determined to accept for purchase up to an additional 0.2% of our then outstanding Shares, increasing the offer to 187,479 Shares. The Company repurchased 187,479 Shares which represents approximately 100% of all Shares that were validly tendered.

(3)The Company filed a tender offer to purchase up to 120,546 Shares on November 2, 2020. In accordance with Rule 13e-4(f), the Company determined to accept for purchase up to an additional 1.2% of our then outstanding Shares, increasing the offer to 315,165 Shares. The Company repurchased 315,165 Shares which represents approximately 100% of all Shares that were validly tendered.

~~Notes to Financial Statements (Unaudited)~~

In accordance with the Liquidation Plan, the Company’s share repurchase program and distribution reinvestment plan have been suspended effective March 30, 2021.

Note 6. Distributions

~~Declared distributions are paid monthly.~~ The following table summarizes the distributions that the Company declared on its Common Shares during the nine months ended September 30, ~~2020~~2021 and September 30, ~~2019:~~2020:

Record Date Payment Date Distribution Per Common Share at Record Date Distribution Per Common Share at Payment Date Distribution Amount
For Fiscal Year 2020
January 6, 13, 20, 27 January 29 $ 0.01258 $ 0.05032 $ 853
February 3, 10, 17, 24 February 26 0.01258 0.05032 856
March 2, 9, 16, 23, 30 April 1 0.01258 0.06290 1,068
April 6, 13, 20, 27 April 29 0.01069 0.04276 719
May 4, 11, 18, 25, June 1, 8 June 9 0.01069 0.06414 1,081
June 15, 22, 29, July 6 July 9 0.01069 0.04276 719
July 13, 20, 27, August 3, 10 August 11 0.01069 0.05345 896
August 17, 24, 31, September 7 September 9 0.01069 0.04276 719
September 14, 21, 28 October 1 0.01069 0.03207 537
$ 0.44148 $ 7,448
For Fiscal Year 2019
January 7, 14, 21, 28 January 30 $ 0.01258 $ 0.05032 $ 883
February 4, 11, 18, 25 February 27 0.01258 0.05032 889
March 4, 11, 18, 25 March 27 0.01258 0.05032 889
April 1, 8, 15, 22, 29 May 1 0.01258 0.06290 1,103
May 6, 13, 20, 27 May 29 0.01258 0.05032 885
June 3, 10, 17, 24 June 26 0.01258 0.05032 884
July 1, 8, 15, 22, 29 July 29 0.01258 0.06290 1,092
August 5, 12, 19, 26 August 28 0.01258 0.05032 877
September 2, 9, 16, 23, 30 October 2 0.01258 0.06290 1,098
$ 0.49062 $ 8,600


Record Date	Payment Date	Distribution Per Common Share at Record Date		Distribution Per Common Share at Payment Date		Distribution Amount
For Fiscal Year 2021
January 11	January 13	$	0.03557	$	0.03557	$	587
February 9	February 11	0.03557		0.03557		589
March 8	March 9	0.03557		0.03557		590
June 3	June 7	1.05000		1.05000		17,112
August 4	August 6	0.99000		0.99000		16,134

				$	2.14671	$	35,012
For Fiscal Year 2020
January 6, 13, 20, 27	January 29	$	0.01258	$	0.05032	$	853
February 3, 10, 17, 24	February 26	0.01258		0.05032		856
March 2, 9, 16, 23, 30	April 1	0.01258		0.06290		1,068
April 6, 13, 20, 27	April 29	0.01069		0.04276		719
May 4, 11, 18, 25, June 1, 8	June 9	0.01069		0.06414		1,081
June 15, 22, 29, July 6	July 9	0.01069		0.04276		719
July 13, 20, 27, August 3, 10	August 11	0.01069		0.05345		896
August 17, 24, 31, September 7	September 9	0.01069		0.04276		719
September 14, 21, 28	October 1	0.01069		0.03207		537
				$	0.44148	$	7,448

1715

Notes to Financial Statements (Unaudited)

Note 7. Financial Highlights

The following per Common Share data and financial ratios have been derived from information provided in the financial statements. The following is a schedule of financial highlights during the nine months ended September 30, ~~2020~~2021 and September 30, ~~2019:~~2020:


		Nine Months Ended September 30,							Nine Months Ended September 30,
		2020			2019				2021			2020
PER COMMON SHARE OPERATING PERFORMANCE	PER COMMON SHARE OPERATING PERFORMANCE							PER COMMON SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	Net asset value, beginning of period	$	8.24		$	8.65		Net asset value, beginning of period	$	7.98		$	8.24
Net investment income (1)	Net investment income (1)	0.43			0.40			Net investment income (1)	0.28			0.43
Net realized gains (losses) from investment in GCIF (1)		(0.01)			0.05
Net unrealized depreciation from investment in GCIF (2)		(0.54)			(0.22)
Net realized losses from investment in GCIF (1)								Net realized losses from investment in GCIF (1)	—			(0.01)
Net unrealized appreciation (depreciation) from investment in GCIF (2)								Net unrealized appreciation (depreciation) from investment in GCIF (2)	0.54			(0.54)
Net increase (decrease) resulting from operations	Net increase (decrease) resulting from operations	(0.12)			0.23			Net increase (decrease) resulting from operations	0.82			(0.12)
Distributions to common shareholders	Distributions to common shareholders							Distributions to common shareholders
Distributions from net investment income (3)	Distributions from net investment income (3)	(0.43)			(0.40)			Distributions from net investment income (3)	(0.28)			(0.43)
Distributions from realized gains on investment (3)		—			(0.09)

Distributions in excess of net investment income (3)	Distributions in excess of net investment income (3)	(0.01)			—			Distributions in excess of net investment income (3)	—			(0.01)
Return of capital(3)								Return of capital(3)	(1.87)			—
Distributions from earnings (3)	Distributions from earnings (3)	(0.44)			(0.49)			Distributions from earnings (3)	(2.15)			(0.44)
Capital Share Transactions	Capital Share Transactions							Capital Share Transactions

Distribution services charge (7)		—			0.01
Distribution services charge (8)								Distribution services charge (8)	0.05			—
Net increase in net assets resulting from Capital Share transactions	Net increase in net assets resulting from Capital Share transactions	—			0.01			Net increase in net assets resulting from Capital Share transactions	0.05			—
Net asset value, end of period	Net asset value, end of period	$	7.68		$	8.40		Net asset value, end of period	$	6.70		$	7.68

INVESTMENT RETURNS	INVESTMENT RETURNS							INVESTMENT RETURNS

Total investment return-net asset value (4)		(1.13)		%	2.79		%
Total investment return-net asset value (5)								Total investment return-net asset value (5)	11.16		%	(1.13)		%

RATIOS/SUPPLEMENTAL DATA	RATIOS/SUPPLEMENTAL DATA							RATIOS/SUPPLEMENTAL DATA
Net assets, end of period	Net assets, end of period	$	128,435		$	146,638		Net assets, end of period	$	109,214		$	128,435
Average net assets (5)		$	128,620		$	150,704
Average net assets (6)								Average net assets (6)	$	128,226		$	128,620
Common Shares outstanding, end of period	Common Shares outstanding, end of period	16,720,299			17,455,826			Common Shares outstanding, end of period	16,297,188			16,720,299
Weighted average Common Shares outstanding	Weighted average Common Shares outstanding	16,867,744			17,531,132			Weighted average Common Shares outstanding	16,369,827			16,867,744
Ratios-to-average net assets: (5) (6)
Ratios-to-average net assets: (6) (7)								Ratios-to-average net assets: (6) (7)
Total expenses	Total expenses	0.60		%	0.55		%	Total expenses	0.42		%	0.60		%
Effect of expense support reimbursement to (received from) the Advisor		(0.60)		%	0.13		%
Effect of expense support received from the Advisor								Effect of expense support received from the Advisor	(0.23)		%	(0.60)		%
Net expenses	Net expenses	—		%	0.68		%	Net expenses	0.19		%	—		%
Net investment income	Net investment income	5.68		%	4.68		%	Net investment income	3.55		%	5.68		%

_____________________

(1)The per Common Share data was derived by using the weighted average Common Shares outstanding during the period presented.

(2)The amounts shown at this caption are the balancing figures derived from the other figures in the schedule. The amounts shown at this caption for a Common Share outstanding throughout the period may not agree with the change in the aggregate gains and losses in portfolio securities for the period because of the timing of sales of the Company’s Common Shares in relation to fluctuating market values for the portfolio.

(3)The per Common Share data for distributions is the actual amount of distributions paid or payable per Common Share outstanding during the entire period; distributions per Common Share are rounded to the nearest $0.01. For income tax purposes, distributions made to shareholders are reported as ordinary income, capital gains, non-taxable return of capital or a combination thereof. The tax character of distribution is determined based on taxable income calculated in accordance with income tax regulations which may differ from amounts determined under GAAP. The tax character of distribution shown above is an estimate since the exact amount cannot be determined at this point. As of September 30, ~~2020,~~2021, the Company estimated distributions to be composed mostly of ~~either ordinary income or capital gains.~~return of capital. The final determination of the tax character of distributions will not be made until we file our tax return.

1816

Notes to Financial Statements (Unaudited)

(4)The continuous issuance of Common Shares may cause an incremental increase in net asset value per Share due to the sale of Shares at the then prevailing public offering price and the receipt of net proceeds per share by the Company in excess of net asset value per Share on each subscription closing date. The per share data was derived by computing (i) the sum of (A) the number of shares issued in connection with subscriptions and/or distribution reinvestment on each share transaction date times (B) the differences between the net proceeds per share and the net asset value per share on each share transaction date, divided by (ii) the total shares outstanding at the end of the period.

(5)Total investment return-net asset value is a measure of the change in total value for shareholders who held the Company’s Common Shares at the beginning and end of the period, including distributions declared during the period. Total investment return-net asset value is based on (i) net asset value per share on the first day of the period, (ii) the net asset value per share on the last day of the period, plus any shares issued in connection with the reinvestment of monthly distributions and (iii) distributions payable relating to the ownership of shares, if any, on the last day of the period. The total investment return-net asset value calculation assumes that distributions are reinvested in accordance with the Company’s distribution reinvestment plan. Because there is no public market for the Company’s shares, terminal market value per share is assumed to be equal to the net asset value per share on the last day of the period presented. Investment performance is presented without regard to sales load that may be incurred by shareholders in the purchase of the Company’s Common Shares. The Company’s performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. ~~Total investment return-net asset value is not annualized.~~

~~(5)~~(6)The computation of average net assets during the period is based on averaging the amount on the first day of the first month of the period and the last day of each month during the period. ~~Ratios-to-average net assets, expressed as a percentage, are not annualized.~~

~~(6)~~(7)The ratios-to-average net assets do not include any proportionate allocation of income and expenses incurred at the Master Fund. The Master Fund's total expenses-to-average net assets for the nine months ended September 30, ~~2020~~2021 and September 30, ~~2019,~~2020, were ~~5.64%~~3.99%, and ~~5.85%~~5.64%, respectively.

~~(7)~~(8)The per share impact of the distribution services component of the DSS Fee is calculated as the amount of the adjustment to distribution services component of the DSS Fee charged to “Paid-in-capital in excess of par value” divided by common shares outstanding at the end of the period. ~~For the nine months ended September 30, 2020, the per share impact of the distribution services component of the DSS Fee is less than 0.01.~~

Note 8. Subsequent Events

Management has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the financial ~~statements except for the one below.~~

To facilitate the orderly liquidation of the Company and in light of the disruption caused by the COVID-19 pandemic, the Board of Trustees of the Company, as permitted by the terms of the offering, has approved extending the liquidity event date recommendation deadline to on or before December 31, 2022.

statements.

1917

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

(amounts in thousands, except share and per share data, percentages and as otherwise indicated; for example, with the word ~~"million"~~“million” or otherwise)

The information contained in this item should be read in conjunction with our financial statements and related notes thereto appearing elsewhere in this Report. Unless otherwise noted, the terms "we," "us" and "our" refer to Guggenheim Credit Income Fund 2016 T. The Term "Master Fund" refers to Guggenheim Credit Income Fund. Capitalized terms used in this Item 2 have the same meaning as in the accompanying financial statements presented in Part I. Item. I Financial Statements (Unaudited), unless otherwise defined herein.

Overview

We are a feeder fund and we are affiliated with the Master Fund, which is a specialty finance investment company that has elected to be treated as a BDC under the 1940 Act. The Master Fund is externally managed by Guggenheim, which is responsible for sourcing potential investments, conducting due diligence on prospective investments, analyzing investment opportunities, structuring investments, determining the securities and other assets that we will purchase, retain or sell and monitoring the Master Fund's portfolio on an ongoing basis. The Master Fund's management discussion and analysis of financial condition and results of operations as presented in its quarterly report should be read in its entirety.

Plan of Liquidation

In accordance with the offering documents and the intention of the Company and Guggenheim Credit Income Fund 2019 ("GCIF 2019") (together, the "Feeder Funds") to provide substantial shareholder liquidity on or before December 31, 2022 and December 31, 2026 respectively, on March 30, 2021, the Boards of Trustees of the Master Fund and the Feeder Funds approved respective Plans of Liquidation for each Company (each, a “Liquidation Plan"). In accordance with the Liquidation Plans, the Master Fund will begin to effect a liquidation of its portfolio, with the intention of liquidating substantially all of its assets through liquidating distributions on or before December 31, 2022. The Feeder Funds intend to, in turn, make quarterly liquidating distributions to their shareholders with the proceeds received from the Master Fund, and will seek to distribute substantially all of their assets on or before December 31, 2022. It is intended that these distributions will be substantially composed of return of capital and will decrease the net asset value of the Master Fund and the Feeder Funds.

In accordance with the Liquidation Plan, the Master Fund and the Feeder Funds will remain registered as a BDC and intend to maintain their qualifications, as RICs under Subchapter M of the Code.

Investment Objectives and Investment Program

Our investment objectives are to provide our shareholders with current income, capital preservation and, to a lesser extent, long-term capital appreciation.

We intend to meet our investment objectives by investing substantially all of our equity capital in the Master Fund. The Master Fund's investment objectives are the same as our own. ~~The~~Prior to the Board's approval of the Liquidation Plan, the Master Fund's investment strategy iswas focused on creating and growing an investment portfolio that generates superior risk-adjusted returns by carefully selecting investments through rigorous due diligence and actively managing and monitoring ~~our~~its investment portfolio. When evaluating an investment and the related portfolio company, the Master Fund uses the resources of its ~~Advisor~~advisor to develop an investment thesis and a proprietary view of a potential portfolio company’s intrinsic value. We believe the Master Fund's flexible approach to investing allows it to take advantage of opportunities that offer favorable risk/reward characteristics.

The Master Fund primarily ~~focuses~~focused on the following range of investment types that may be available within the capital structure of portfolio companies:

•Senior Debt. Senior debt investments generally take a security interest in the available assets of the portfolio company, including equity interests in any of its subsidiaries. ~~These~~The senior debt ~~classifications include~~classification includes senior secured first lien loans, senior secured second lien loans, senior secured bonds and senior unsecured debt. In some circumstances, the secured lien could be subordinated to the claims of other creditors. While there is no specific collateral associated with senior unsecured debt, such positions are senior in payment and priority over subordinated debt ~~creditors.~~investments.

•Subordinated Debt. Subordinated debt investments are generally subordinated to senior debt investments and are generally unsecured. These investments are generally structured with interest-only payments throughout the life of the security with the principal due at maturity.

•Equity ~~Investments~~.Investments. Preferred and/or common equity investments may be acquired alongside senior and subordinated debt investment activities or through the exercising of warrants or options attached to debt investments. Income is generated primarily through regular or sporadic dividends and realized gains on dispositions of such investments.

The Master Fund's investment activities may vary substantially from period to period depending on many factors, including: the demand for capital from creditworthy privately owned U.S. companies, the level of merger, acquisition and refinancing activity involving private companies, the availability of credit to finance transactions, the general economic environment, the competitive investment environment for the types of investments the Master Fund currently seeks and intends to seek in the future, the amount of equity capital the Master Fund raises from the sale of its common shares to us and any other feeder funds and the amount and cost of capital that the Master Fund may borrow.

The Master Fund acquires its portfolio investments through the following investment access channels:

•Direct Originations: This channel consists of investments that are directly originated through Guggenheim's relationship network. Such investments are originated and/or structured by Guggenheim and are not generally available to the broader investment market. These investments may include both debt and equity investment components.

•Syndicated Transactions: This channel primarily includes investments in broadly syndicated loans and high yield bonds, typically originated and arranged by investment intermediaries other than Guggenheim. These investments may be purchased at the original syndication or in the secondary through various trading markets.

On July 15, 2015, the staff of the SEC issued a no action letter to the Master Fund and Guggenheim Credit Income Fund 2016 T (the “Initial Feeder Fund”), permitting the Master Fund, the Initial Feeder Fund and any other feeder fund that may be created in the future that invests all or substantially all its assets in the Master Fund (each, an “Additional Feeder Fund” and collectively with the Initial Feeder Fund, the “Feeder Funds”) to operate in a master/feeder fund structure. More specifically, the no action letter permits:

•a Feeder Fund to operate as a BDC under the 1940 Act;

•a Feeder Fund to look through the Master Fund and treat as its assets its proportionate ownership interest in the Master Fund’s assets; and

•the Master Fund to repurchase its shares in connection with the planned liquidation of a Feeder Fund at the end of the Feeder Fund’s finite term.

Revenue

Dividend income from our ownership of the Master Fund's common shares is our source of investment income. Our revenue will fluctuate with the operating performance of the Master Fund and its distributions paid to us.

Operating Expenses

Our primary operating expenses include administrative services, related party reimbursements, custodian and accounting services, independent audit services, compliance services, tax services, legal services, transfer agent services, shareholder servicing component expenses, organization expenses and offering expenses. Additionally, we indirectly bear the operating expenses of the Master Fund through our ownership of its common shares, such as an investment advisory fee, a performance-based incentive fee, independent audit services, third-party valuation services and various other professional services fees.

Impact of COVID-19

In late 2019 and early 2020, a novel coronavirus (SARS-CoV-2) and related respiratory disease ("COVID-19") emerged and spread rapidly across the world, including to the U.S.~~, bringing with it one of the most volatile quarters for the leveraged loan market in history.~~

The Master Fund has and continues to assess the impact of COVID-19 on its portfolio companies. We cannot predict the full impact of the COVID-19 pandemic, including its duration in the United States and worldwide, and the magnitude of the economic impact of the outbreak, including with respect to the travel restrictions, business closures and other quarantine measures imposed on service providers and other individuals by various local, state, and federal governmental authorities, as well as non-U.S. governmental authorities. As such, we are unable to predict the duration of any business disruptions, the extent to which COVID-19 will negatively affect operating results of the Master Fund's portfolio companies or the impact that such disruptions may have on our results of operations and financial condition. ~~Though the magnitude of the impact remains to be seen, we~~We expect the Master Fund's portfolio companies and, by extension, our operating results to continue to be adversely impacted by COVID-19 and depending on the duration and extent of the disruption to the operations of the Master Fund's portfolio companies, we expect that certain portfolio companies will experience financial distress. We also expect that some portfolio companies may significantly curtail business operations, furlough or lay off employees and terminate service providers, and defer capital expenditures if subjected to prolonged and severe financial distress, which could impair their business on a permanent basis. The impacts of these events may include, but are not limited to, (i) amendments and waivers being granted to borrowers permitting deferral of loan payments or allowing for payment-in-kind (“PIK”) interest payments, (ii) additional borrower defaults and non-payments on their loans or inability of borrowers to refinance their loans at maturity, or (iii) permanent business closure. Such events, to the extent experienced, could result in a decrease in the value of the Master Fund's investment in any such portfolio company, or interest thereon. In addition, to the extent that the impact to the Master Fund's portfolio companies results in reduced interest payments or permanent impairments on its investments, we could see a decrease in our net investment income and could require us to reduce the future amount of distributions to our shareholders.

With respect to its investments, the Master Fund is taking steps in actively overseeing all of its individual portfolio companies. These measures include, among other things, enhanced monitoring/credit analysis of its portfolio, assessment of each portfolio company’s operational and liquidity exposure and outlook, and frequent communication with its portfolio company management teams, industry consultants, and other lenders to understand the expected financial performance impact of the COVID-19 pandemic.

The ~~reduction~~decrease in ~~our net asset value~~the Master Fund's accumulated unrealized depreciation as of September 30, ~~2020~~2021 as compared to ~~our net asset value~~accumulated unrealized depreciation as of December 31, ~~2019~~2020 is the result of ~~significant unrealized depreciation in~~partial recovery of the ~~fair value of our investments in the Master Fund due primarily to~~economy from the negative economic impact ~~and the increased uncertainty~~ caused by COVID-19 pandemic.

Results of Operations

Operating results for the three and nine months ended September 30, ~~2020~~2021 and September 30, ~~2019~~2020 were as follows:


		Three Months Ended September 30,				Nine Months Ended September 30,					Three Months Ended September 30,				Nine Months Ended September 30,
		2020		2019		2020		2019			2021		2020		2021		2020
Total investment income	Total investment income	$	2,256	$	2,571	$	7,317	$	8,079	Total investment income	$	932	$	2,256	$	4,794	$	7,317
Net expenses		(72)		334		8		1,021
Net expenses (reimbursement)										Net expenses (reimbursement)	146		(72)		243		8
Net investment income	Net investment income	2,328		2,237		7,309		7,058		Net investment income	786		2,328		4,551		7,309
Net realized gain (loss) from redemption of investment in GCIF		25		—		(218)		45
Long term gain distributions from investment in GCIF		—		—		—		849
Net realized gains (losses) from redemption of investment in GCIF										Net realized gains (losses) from redemption of investment in GCIF	—		25		(44)		(218)

Net change in unrealized appreciation (depreciation) from investment in GCIF	Net change in unrealized appreciation (depreciation) from investment in GCIF	4,074		(2,837)		(8,893)		(3,867)		Net change in unrealized appreciation (depreciation) from investment in GCIF	190		4,074		8,943		(8,893)
Net increase (decrease) in net assets resulting from operations	Net increase (decrease) in net assets resulting from operations	$	6,427	$	(600)	$	(1,802)	$	4,085	Net increase (decrease) in net assets resulting from operations	$	976	$	6,427	$	13,450	$	(1,802)

Investment Income

Investment income consisted solely of distributions from the Master Fund for the three and nine months ended September 30, ~~2020~~2021 and September 30, ~~2019.~~2020.

Operating Expenses

Operating expenses consisted of the following major components for the three and nine months ended September 30, ~~2020~~2021 and September 30, ~~2019:~~2020:


		Three Months Ended September 30,				Nine Months Ended September 30,					Three Months Ended September 30,				Nine Months Ended September 30,
		2020		2019		2020		2019			2021		2020		2021		2020
Administrative services	Administrative services	$	4	$	4	$	11	$	12	Administrative services	$	5	$	4	$	12	$	11
Related party reimbursements	Related party reimbursements	43		56		144		160		Related party reimbursements	26		43		92		144

Professional services fees	Professional services fees	32		23		96		92		Professional services fees	28		32		83		96

Shareholder servicing expenses	Shareholder servicing expenses	78		85		236		258		Shareholder servicing expenses	—		78		74		236

Transfer agent expense	Transfer agent expense	73		71		226		226		Transfer agent expense	75		73		228		226
Other expenses	Other expenses	22		23		63		79		Other expenses	12		22		48		63
Total operating expenses	Total operating expenses	252		262		776		827		Total operating expenses	146		252		537		776
Reimbursement of expense support	Reimbursement of expense support	—		72		27		194		Reimbursement of expense support	—		—		—		27
Less: Expense support from related parties	Less: Expense support from related parties	(324)		—		(795)		—		Less: Expense support from related parties	—		(324)		(294)		(795)
Net expenses		$	(72)	$	334	$	8	$	1,021
Net expenses (reimbursement)										Net expenses (reimbursement)	$	146	$	(72)	$	243	$	8

Related party reimbursements are comprised of the Company's allocable share of administrative costs and expenses incurred ~~by CCA or~~ Guggenheim that were reimbursable. Reimbursable costs and expenses include, but are not limited to, the Company's share of salaries, rent, office administration, costs associated with regulatory reporting and filings and costs related to the preparation for, and conducting of, meetings of the Company's Board. An investment advisory fee is only incurred by the Master Fund, although it is incurred indirectly by the Company through its ownership of Master Fund common shares.

Beginning on July 1, 2017, the Company incurred an additional operating expense, specifically the Shareholder Servicing Component of the DSS Fee, to reimburse the Dealer Manager of the Company's Public Offering for costs incurred by participating broker-dealers and investment representatives for providing ongoing shareholder services. The Shareholder Servicing Component accrues daily and is recorded on the statements of operations. The Shareholder Servicing Component is computed at the daily rate of 0.000685% (i.e. annual rate of 0.25%) of the product of (i) the weighted average net price of Common Shares sold in the Public Offering, excluding DRP Shares and (ii) the number of Common Shares outstanding on each day of the recording period, excluding (a) DRP Shares and (b) Common Shares owned by the Company's shareholders that are not receiving shareholder services from an eligible participating broker-dealer. The Shareholder Servicing Component expense is borne equally among all of the Company's outstanding Shares as incurred.

Net Realized Gains (Losses) from Investment

For the three and nine months ended September 30, 2021, we had net realized losses of $0.0 million and less than $(0.1) million, respectively, as a result of our sale of Master Fund Shares. During the three and nine months ended September 30, 2021, there were no distributions received from the Master Fund that were classified as long term gains.

For both the three and nine months ended September 30, 2020, we had net realized gains (losses) of less than $0.0 million and $(0.2) million, respectively, as a result of our sale of Master Fund Shares. ~~For both the three and nine months ended September 30, 2019, we had net realized gains of less than $0.1 million as a result of our sale of Master Fund Shares.~~

During both the three and nine months ended September 30, 2020, there were no distributions received from the Master Fund that were classified as long term gains.

~~During~~Changes in Unrealized Appreciation (Depreciation) from Investment

For the three and nine months ended September 30, ~~2019, $0.0 million and $0.8 million, respectively, of distributions received from~~2021, the total net change in unrealized appreciation on our investment in the Master Fund was ~~classified as a long term gain distribution.~~

~~Changes in Unrealized Appreciation (Depreciation) from Investment~~

$0.2 million and $8.9 million, respectively. For the three and nine months ended September 30, 2020, the total net change in unrealized appreciation (depreciation) on our investment in the Master Fund was $4.1 million and $(8.9) million, respectively. The ~~increase~~decrease in net unrealized ~~appreciation~~depreciation for the three and nine months ended September 30, ~~2020~~2021 was primarily due to the partial recovery of the market ~~recovery~~ from the negative economic impact ~~and the increased uncertainty~~ caused by COVID-19 to the Master Fund's portfolio ~~companies from the early part of the year.~~

~~For the three and nine months ended September 30, 2019, the total net change in unrealized depreciation on our investment in the Master Fund was $(2.8) million and $(3.9) million, respectively.~~companies.

Cash Flows for the Nine Months Ended September 30, ~~2020~~2021 and September 30, ~~2019~~2020

For the nine months ended September 30, ~~2020~~2021 and September 30, ~~2019,~~2020, net cash provided by operating activities was ~~$9.2~~$37.8 million and ~~$10.2~~$9.2 million, respectively. In ~~2020 and 2019,~~both periods, redemption of shares and distributions from the ~~Master~~Maser Fund were the primary provider of cash.

For the nine months ended September 30, 2021 and September 30, 2020, net cash used in financing activities was $(37.2) million and $(9.5) million, respectively. In 2021, the repurchase of Common Shares of $(2.6) million and ~~primarily consisted~~shareholder distributions of ~~cash outflows for repurchases~~$(34.3) were the primary use of cash. In 2020, the repurchase of Common Shares of $(4.9) million ~~to shareholders~~ and ~~payment of distribution~~shareholder distributions of $(4.0) ~~million. For~~million were the ~~nine months ended September 30, 2019, net cash used in financing activities was $(10.4) million and primarily consisted~~primary use of ~~cash outflows for repurchase of common shares of $(4.6) million to shareholders and payment of distribution of $(5.1) million.~~cash.

Financial Condition, Liquidity and Capital Resources

Our primary sources of cash include (i) our shareholders' reinvestment of their distributions, (ii) distributions, including capital gains, if any, received from our ownership of the Master Fund's common shares, (iii) expense support payments pursuant to the Expense Support Agreement and (iv) the sale of our owned Master Fund shares in conjunction with its share repurchase program. Our primary uses of cash include (i) investment in Master Fund's common shares, (ii) payment of operating expenses and the DSS Fee Distribution Services Component, (iii) cash distributions to our shareholders (iv) periodic repurchases of our Common Shares pursuant to our share repurchase program and (v) reimbursement payments for prior period expense support payments. We are not permitted to issue any senior securities, including preferred securities.

We manage our assets and liabilities such that current assets are sufficient to cover current liabilities, and excess cash, if any, is invested in the acquisition of Master Fund's common shares.

Off-Balance Sheet Arrangements

We did not have any off-balance sheet arrangements as of September 30, ~~2020~~2021 and December 31, ~~2019.~~2020.

Critical Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. We believe that the estimates and assumptions utilized in preparing the financial statements are reasonable. Actual results could differ from those estimates. Our significant accounting policies are described in Note 2. Significant Accounting Policies.

Valuation of Investments

We invest substantially all of our equity capital in the purchase of Master Fund common shares. We determine the fair value of our investment in the Master Fund as the Master Fund's net asset value per common share (as determined by the Master Fund) multiplied by the number of Master Fund common shares that we own.

Distribution and Shareholder Servicing Fee (DSS Fee)

The purpose of the DSS Fee is to reimburse the Dealer Manager of our Public Offering for costs incurred by selected dealers and investment representatives for services related to (i) the Distribution Services Component and (ii) the Shareholder Services Component.

Beginning in the third quarter of 2017 (the first calendar quarter after the close of our Public Offering), we commenced recognition of the Shareholder Services Component as an expense on the Company's statements of operations as the services are provided. We allocated 0.25% per annum of the average net purchase price per share sold in the Public Offering to the Shareholder Services Component. As the Distribution Services Component, representing 0.65% per annum of the average net purchase price per share sold in the Public Offering, pertains to the sale of our Common Shares, we estimate the present value of all future Distribution Services Component payments, employing a discount rate equal to the prevailing effective yield on 5-year US Treasuries as observed on December 30, 2016. We record a liability equal to the estimated present value of the Distribution Services Component, recorded as "Due to Dealer Manager" with an offsetting charge to “Paid-in-capital in excess of par value” on the statements of assets and liabilities, and recorded as a "Distribution services charge" on the statements of changes in net assets.

Beginning in the fourth quarter of 2017 (the second calendar quarter after the close of our Public Offering), we commenced quarterly payments of the DSS Fee at an annual rate of 0.90% of the average net purchase price per share sold in the Public Offering.

The table below reconciles the change in the Due to Dealer Manager from January 1, 2021 to September 30, 2021 and January 1, 2020 to September 30, ~~2020 and from January 1, 2019 to September 30, 2019:~~2020:


		2020		2019			2021		2020
Balance as of January 1,	Balance as of January 1,	$	1,853	$	2,907	Balance as of January 1,	$	1,319	$	1,853
Accretion of discount (1)	Accretion of discount (1)	21		35		Accretion of discount (1)	5		21
Incremental charge (reduction) to paid-in-capital (2)	Incremental charge (reduction) to paid-in-capital (2)	—		(136)		Incremental charge (reduction) to paid-in-capital (2)	(854)		—
Shareholder services component	Shareholder services component	236		258		Shareholder services component	74		236
DSS fee payments	DSS fee payments	(867)		(947)		DSS fee payments	(544)		(867)
Balance as of September 30,	Balance as of September 30,	$	1,243	$	2,117	Balance as of September 30,	$	—	$	1,243

______________________

(1)As the present value discount of the Distribution Services Component is accreted, it is recorded as interest expense and included in other expenses on the statements of operations.

(2)Incremental charge or reduction to paid-in-capital is the result of incremental equity share sales and/or changes in assumptions employed in estimating future cash payments.

Contractual Obligations

Commitments

We have not entered into any agreements under which we have material future commitments that cannot otherwise be terminated within a reasonable time period.

~~Obligations to Pay Distributions~~

Our Board of Trustees has declared distributions on Common Shares that are payable to shareholders of record after September 30, 2020. The declared distribution rates per Share for the period after September 30, 2020 are summarized as follows:

2020 Record Dates 2020 Payment Dates Distribution per Share per Record Date Distribution per Share per Payment Date
Oct. 12, 19, 26 & Nov. 2, 9, 2020 Nov. 10, 2020 $ 0.01069 $ 0.05345
Nov. 16, 23, 30 & Dec 7, 2020 Dec. 9, 2020 0.00855 0.03420

Related Party Agreements and Transactions

Expense Support and Conditional Reimbursement Agreement

We have entered into agreements with Guggenheim whereby we agreed to (i) receive expense support payments and to conditionally reimburse it for prior period expense support payments, (ii) pay for administrative services and (iii) periodically pay DSS Fees to the Dealer Manager, an affiliate of Guggenheim. See Note 4. Related Party Agreements and Transactions for a discussion of related party agreements and expense reimbursement agreements.

Reimbursement of ~~CCA and~~ Guggenheim for Organization and Offering Expenses

Under the terms of the O&O Agreement, we agreed to reimburse ~~CCA and~~ Guggenheim for our organization and offering expenses solely in connection with the capital raise of our Public Offering (See Note 4. Related Party Agreements and Transactions). Since our Public Offering was terminated, ~~CCA and~~ Guggenheim ~~are~~is not eligible to receive any further reimbursement of offering expenses after April 28, 2017.

Reimbursement of the Administrator for Administrative Services

We reimburse the Administrator for its expenses in connection with the provision of administrative services to us. These reimbursement expenses are periodically reviewed and approved by the Independent Trustees Committee of our Board of Trustees. See Note 4. Related Party Agreements and Transactions for a summary of reimbursable expenses as related to administrative services.

Obligation to Pay the Distribution Services Component of Distribution and Shareholder Servicing Fee

The Distribution Services Component of the DSS Fee represents reimbursement to the Dealer Manager for costs incurred by participating broker-dealers and investment representatives for the distribution of our Common Shares. (See Note 2. Significant Accounting Policies - Distribution and Shareholder Servicing Fees regarding the obligation to pay the Distribution Services Component.) The DSS Fee quarterly payments will cease in the event that the Dealer Manager Agreement is terminated by us or the Dealer ~~Manager. The table below presents~~Manager or in the ~~expected schedule~~event of ~~future payments of the Distribution Services Component of the DSS Fee:~~a liquidation.

September 30, 2020
Total ≤ 1 year > 1 - 3 years 3 - 5 years 5 years
DSS Fee: Distribution Services Component $ 975 $ 784 $ 191 $ — $ —

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Interest Rate Risk

We are subject to financial market risks, including changes in interest rates through our investment in the Master Fund. As of September 30, ~~2020, 97.5%~~2021, 98.4% of the Master Fund's debt investments ~~(95.0%~~(97.9% of total investments), or ~~$312.6~~$158.5 million measured at fair value, are subject to floating interest rates. The Master Fund's sole credit facility is also subject to changes in its 3-Month London Interbank Offered Rate (LIBOR) base rate. A rise in the general level of interest rates can be expected to lead to (i) higher interest income for the Master Fund's floating rate debt investments, (ii) value declines for fixed rate investments the Master Fund may hold and (iii) higher interest expense in connection with the Master Fund's floating rate credit facility. To the extent that a majority of the Master Fund's investments may be in floating rate investments, an increase in interest rates could also make it more difficult for borrowers to repay their loans, and a rise in interest rates may also make it easier for the Advisor to meet or exceed the quarterly threshold for a performance-based incentive fee as described in Note 6. Related Party Agreements and Transactions of the Master Fund's consolidated financial statements.

Based on our investment in the Master Fund as of September 30, ~~2020,~~2021, the following table presents the approximate annualized increase in value per outstanding Common Share due to (i) interest income from the Master Fund's investment portfolio and (ii) interest expense on the Master Fund's floating rate borrowings, directly resulting from hypothetical changes in base rate interest rates (e.g., LIBOR), assuming no changes in (i) the number of outstanding Common Shares, (ii) the number of outstanding Master Fund Shares and (iii) our percent ownership of Master Fund shares:


Basis Points (bps) Increase (Decrease)	Net Increase (Decrease) per Share
~~-50 bps~~	$	~~0.01~~
+50 bps	~~(0.01)~~—
+100 bps	~~(0.01)~~0.01
+150 bps	0.03
+200 bps	~~0.06~~0.05

The Master Fund regularly measures its exposure to interest rate risk. The Master Fund assesses interest rate risk and manages its interest rate exposure on an ongoing basis by comparing its interest rate sensitive assets to its interest rate sensitive liabilities. Based on that review, the Master Fund determines whether or not any hedging transactions are necessary to mitigate exposure to changes in interest rates.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Our disclosure controls and procedures include internal controls and other procedures designed to provide reasonable assurance that information required to be disclosed in this and other reports filed under the Exchange Act, is recorded, processed, summarized and reported within the required time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures. It should be noted that no system of controls can provide complete assurance of achieving a company’s objectives and that future events may impact the effectiveness of a system of controls.

Our Chief Executive Officer and Chief Financial Officer, after conducting an evaluation, together with members of our management, of the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, ~~2020,~~2021, have concluded that our disclosure controls and procedures, as defined in Rule 13a-15(e) under the Exchange Act, were effective as of September 30, ~~2020~~2021 at a reasonable level of assurance.

Changes in Internal Control over Financial Reporting

During the most recent fiscal quarter, there was no change in our internal controls over financial reporting, as defined under Rule 13a-15(f) under the Exchange Act, that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

As of November 10, ~~2020,~~2021, we were not subject to any material legal proceedings, and, to our knowledge, there were no material legal proceedings threatened against us.

From time to time, we, or our administrator, may be a party to certain legal proceedings in the ordinary course of, or incidental to the normal course of, our business, including legal proceedings related to the enforcement of our rights under contracts with our portfolio companies. While legal proceedings, lawsuits, claims and regulatory proceedings are subject to many uncertainties and their ultimate outcomes are not predictable with assurance, the results of these proceedings are not expected to have a material adverse effect on our financial position or results of operations.

Item 1A. Risk Factors.

~~As of~~In addition to the other information set forth in this Report, you should carefully consider the factors discussed in Part I, “Item 1A. Risk Factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2020, which could materially affect our business, financial condition and/or operating results. The risks described in our annual report on Form 10-K are not the only risks we face. Additional risks and uncertainties are not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results. During the three months ended September 30, ~~2020,~~2021, other than as set forth below, there have been no material changes from the risk factors set forth in our annual report on Form 10-K ~~dated and filed with the SEC on March 13, 2020, except~~ for the ~~additional risk disclosures related to COVID-19 included~~year ended December 31, 2020.

Liquidation Risk. The Master Fund and the Feeder Funds are in the process of liquidation and dissolution. They are dependent on the Advisor’s expertise in the private credit market and its ability to liquidate the Master Fund’s portfolio in an orderly fashion to maximize value for shareholders and provide shareholders with liquidity. Although the Advisor is conducting an orderly disposal of the Master Fund’s investments, it is possible that, due to a market or political disruption during the liquidation of the Master Fund and the Feeder Funds, including a potential resurgence of COVID-19, the Master Fund may receive depressed prices for its securities below what the Advisor believes it would receive in the absence of any disruption. The reduction in the Master Fund's and the Feeder Fund’s net assets that result from the liquidation may result in increased expense ratios, as certain fixed expenses would be spread across a smaller asset base, and the Master Fund and the Feeder Funds may bear costs and expenses relating to the liquidation, including increased legal fees and costs of insurance.

We will be subject to corporate-level income tax if we are unable to maintain our qualification as a RIC under Subchapter M of the Code or if we make investments through taxable subsidiaries.

To maintain RIC tax treatment under the Code, we must meet the following ~~sections.~~minimum annual distribution, income source, and asset diversification requirements.

~~Cybersecurity risks and cyber incidents may adversely affect our business by causing~~The minimum annual distribution requirement for a ~~disruption~~RIC will be satisfied if we distribute dividends for U.S. federal income tax purposes to our ~~operations, a compromise or corruption~~shareholders each taxable year an amount generally at least equal to 90% of the sum of our ~~confidential information~~net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses, if any. In addition, a RIC may, in certain cases, satisfy the 90% distribution requirement by distributing dividends relating to a taxable year after the close of such taxable year under the “spillover dividend” provisions of Subchapter M of the Code. Upon satisfying this requirement, we would be taxed on any retained income and/or ~~damage~~gains, including any short-term capital gains or long-term capital gains. We must also satisfy an additional annual distribution requirement in respect of each calendar year in order to ~~our business relationships, all~~avoid the imposition of ~~which~~a 4% excise tax on the amount of any under-distribution. Because we may use debt financing, we are subject to (i) an asset coverage ratio requirement under the 1940 Act and may, in the future, be subject to (ii) certain financial covenants under loan and credit agreements that could, ~~negatively impact our business, results of operations~~under certain circumstances, restrict us from making distributions necessary to satisfy the distribution requirements. If we are unable to obtain cash from other sources, we could fail to qualify for RIC tax treatment, or ~~financial condition.~~

A cyber incident is considered to be any adverse event that threatens the confidentiality, integrity or availability of our information resources. These incidents may be an intentional attack or an unintentional event and could involve gaining unauthorized access to our information systems for purposes of misappropriating assets, stealing confidential information, corrupting data or causing operational disruption. The result of these incidents may include disrupted operations, misstated or unreliable financial data, liability for stolen information, misappropriation of assets, increased cybersecurity protection and insurance costs, litigation and damage to our business relationships. Any such attack could result in significant losses, reputational damage, litigation, regulatory fines or penalties, or otherwise adversely affect our business, financial condition or results of operations. In addition, we may be required to ~~expend significant additional resources~~retain a portion of our income or gains, and thus become subject to ~~modify~~corporate-level income or excise tax.

The income source requirement will be satisfied if we obtain at least 90% of our ~~protective measures and to investigate and remediate vulnerabilities~~gross income each taxable year from dividends, interest, gains from the sale of stock or securities or other ~~exposures arising~~income derived from operational and security risks. We face risks posed to our information systems, both internal and those provided to us by third-party service providers. We, Guggenheim and its affiliates have implemented processes, procedures and internal controls to help mitigate cybersecurity risks and cyber intrusions, but these measures, as well as our increased awarenessthe business of ~~the nature and extent of a risk of a cyber incident, may be ineffective and do not guarantee that a cyber incident will not occur~~investing in stock or ~~that our financial results, operations or confidential information will not be negatively impacted by such an incident.~~

securities.

2725

~~Third parties with which~~

The asset diversification requirement will be satisfied if we ~~do business (including those that provide services to us) may also be sources or targets~~meet certain asset diversification requirements at the end of ~~cybersecurity or other technological risks. We outsource certain functions and these relationships allow for the storage and processing~~each quarter of our ~~information and assets,~~taxable year, which may be more difficult to achieve as ~~well as certain investor, counterparty, employee and borrower information. While~~ we ~~engage in actions to reduce~~liquidate our ~~exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure or destruction~~portfolio. To satisfy this requirement, at least 50% of data, or other cybersecurity incidents, with increased costs and other consequences, including those described above. Privacy and information security laws and regulation changes, and compliance with those changes, may also result in cost increases due to system changes and the development of new administrative processes. The Company and its service providers are currently impacted by quarantines and similar measures being enacted by governments in response to COVID-19, which are obstructing the regular functioning of business workforces (including requiring employees to work from external locations and their homes). Accordingly, the risks described above are heightened under current conditions.

Global capital markets could enter a period of severe disruption and instability. These conditions have historically affected and could again materially and adversely affect debt and equity capital markets in the United States and around the world and could negatively impact our business, financial condition and results of operations.

Market and macro-economic disruptions may, in the future, affect the U.S. capital markets, which could adversely affect our business and that of our portfolio companies. These market disruptions may also affect the broader financial and credit markets and may reduce the availability of debt and equity capital for the market as a whole and to financial firms, in particular. At various times, these macro-disruptions have resulted in, and may in the future result in, a lack of liquidity in parts of the debt capital markets, significant write-offs in the financial services sector and the repricing of credit risk. These conditions may reoccur for a prolonged period of time again or materially worsen in the future, including as a result of further downgrades to the U.S. government’s sovereign credit rating or the perceived credit worthiness of the United States or other large global economies. Unfavorable macro-economic conditions, including future recessions, also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. We may in the future have difficulty accessing debt and equity capital on attractive terms, or at all, and a severe disruption and instability in the global financial markets or deteriorations in credit and financing conditions may cause us to reduce the volume of loans we originate and/or fund, adversely affect the value of our ~~portfolio~~assets must consist of cash, cash equivalents (including receivables), U.S. government securities, securities of other RICs and other acceptable securities; and no more than 25% of the value of our assets can be invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer, of two or more issuers that are controlled (as determined under applicable Code rules) by us and that are engaged in the same or similar or related trades or businesses, or of certain “qualified publicly-traded partnerships.” Failure to meet these requirements may result in our having to dispose of certain investments quickly in order to prevent the loss of RIC status. Because most of our investments will be in private companies, and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses.

If we fail to qualify for or ~~otherwise~~maintain RIC tax treatment for any reason and are subject to corporate-level income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions. Such a failure would have a material adverse effect on our business, financial condition, results of operations and cash flows. There has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs. The current U.S. presidential administration, along withus, the U.S. Congress, has created significant uncertainty about the future relationship between the United States and other countries with respect to trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. The spread of an epidemic or pandemic and efforts to contain it may result in severe disruptions to financial markets, supply chains, availability of raw materials, goods, and services. For example, the outbreak of COVID-19 is causing materially reduced consumer demand and economic output, disrupting supply chains, resulting in market closures, travel restrictions and quarantines, and adversely impacting local and global economies. As with other serious economic disruptions, governmental authorities and regulators are responding to this crisis with significant fiscal and monetary policy changes, including by providing direct capital infusions into companies, introducing new monetary programs and considerably lowering interest rates, which, in some cases resulted in negative interest rates. These actions, including their possible unexpected or sudden reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets, reduce market liquidity, heighten investor uncertainty and adversely affect thenet asset value of our ~~investments~~Shares and ~~our overall performance. In addition, uncertainty arising~~the total return, if any, earned from the United Kingdom's decision to leave the European Union ("Brexit") could lead to further market disruptions and currency volatility, potentially weakening consumer, corporate and financial confidence and resulting in lower economic growth for companies that rely significantly on Europe for their business activities and revenues. Any of these factors could depress economic activity and restrict our portfolio companies' access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us.

~~The lack of liquidity in our investments may adversely affect our business.~~

We may acquire a significant percentage of our portfolio company investments from privately-held companies in directly negotiated transactions. The securities of private companies are not publicly traded or actively traded on the secondary market and are, instead, traded on a privately-negotiated, over-the-counter secondary market for institutional investors, if at all. These over-the-counter secondary markets may be inactive during an economic downturn or a credit crisis. In addition, the securities in these companies will be subject to legal and other restrictions on resale or will otherwise be less liquid than publicly-traded securities. We typically would be unable to exit these investments unless and until the portfolio company has a liquidity event such as a sale, refinancing, or initial public offering.

The illiquidity of our investments may make it difficult or impossible for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments, which could have a material adverse effect on our business, financial condition, and results of operations.

Moreover, securities purchased by us that are liquid at the time of purchase may subsequently become illiquid due to events relating to the issuer of the securities, market events, economic conditions, or investor perceptions.

~~We may also face other restrictions on our ability to liquidate~~ an investment in a portfolio company to the extent that we, Guggenheim, or any of its affiliates have material nonpublic information regarding such portfolio company, or where the sale would be an impermissible joint transaction. The reduced liquidity of our ~~investments may make it difficult for us to dispose of them at a favorable price, and, as a result, we may suffer losses.~~

Dislocations in certain parts of markets are resulting in reduced liquidity for certain investments. It is uncertain when financial markets will improve. Liquidity of financial markets may also be affected by government intervention.

~~We may not have the funds or ability to make additional investments in our portfolio companies or to fund our unfunded commitments.~~

After our initial investment in a portfolio company, we may be called upon from time to time to provide additional funds to such company or have the opportunity to increase our investment through the exercise of a warrant or other right to purchase common stock. There is no assurance that we will make, or will have sufficient funds to make, follow-on investments. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our level of risk, we prefer other opportunities, we are limited in our ability to do so by compliance with BDC requirements, or we desire to maintain our RIC status. Our ability to make follow-on investments may also be limited by Guggenheim's allocation policies. Any decisions not to make a follow-on investment or any inability on our part to make such an investment may have a negative impact on a portfolio company in need of such an investment, may result in a missed opportunity for us to increase our participation in a successful operation, or may reduce the expected return on the investment. During periods of market disruption, portfolio companies may be more likely to seek to draw on unfunded commitments we have made, and the risk of being unable to fund such commitments is heightened during such periods.Shares.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

(a) None.

(b) None.

(c) The ~~following table provides information concerning our repurchases of Common Shares pursuant to our~~Company had implemented a share repurchase program, ~~during~~whereby it conducts tender offers each calendar quarter. In accordance with the ~~quarter ended September 30, 2020.~~

Period Total Number of Shares Purchased Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
July 1, 2020 to July 31, 2020 — — — —
August 1, 2020 to August 31, 2020 — — — —
September 1, 2020 to September 30, 2020 (1)
135,447 7.65 135,447 —
Total 135,447 135,447 —

~~_____________________~~

~~(1)The maximum number of Shares available for repurchase on September 8, 2020 was 135,448. A description of our~~Liquidation Plan, the Company’s share repurchase program ~~is set forth in~~ ~~Note 5. Common Shares~~ ~~to our unaudited financial statements included herein.~~has been suspended effective March 30, 2021.

Item 5. Other Information.

None.

Item 6. Exhibits.

The exhibits required by this item are set forth in the Exhibit Index attached hereto and are filed or incorporated as part of this Report.

3026

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



			GUGGENHEIM CREDIT INCOME FUND 2016 T

Date:	November ~~16, 2020~~12, 2021	By:	/s/ Matthew S. Bloom
			MATTHEW S. BLOOM
			Chief Executive Officer
			(Principal Executive Officer)

Date:	November ~~16, 2020~~12, 2021	By:	/s/ ~~Cielo M. Ordonez~~ Michael Guss
			~~CIELO M. ORDONEZ~~MICHAEL GUSS
			Chief Financial Officer
			(Principal Financial Officer)

3127

The following exhibits are filed or incorporated as part of this Report.


3.1		Certificate of Amendment to Certificate of Trust of the Registrant. (Incorporated by reference to Exhibit 99(a)(5) filed with Pre-Effective Amendment No. 4 to Registrant's registration statement on Form N-2 (File No. 333-198882) filed on July 17, 2015.)

3.2		Amended and Restated Declaration of Trust of the Registrant. (Incorporated by reference to Exhibit 3.2 filed with the Registrant's Form 8-K (File No. 814-01094) filed on March 15, 2016.)

3.3		Certificate of Amendment to Certificate of Trust (Incorporated by reference to Exhibit 3.1 filed with the Registrant's Form 8-K (File No. 814-01094) as filed October 23, 2017.)

3.4		Amended and Restated Bylaws of the Registrant. (Incorporated by reference to Exhibit 3.3 filed with the Registrant's Form 8-K (File No. 814-01091) filed on March 15, 2016.)

4.1		Distribution Reinvestment Plan of the Registrant. (Incorporated by reference to Exhibit (e) filed with Pre-Effective Amendment No. 3 to the Registrant's registration statement on Form N-2 (File No. 333-198882) filed on May 4, 2015.)

10.1	Administrative Services Agreement by and between Guggenheim Credit Income Fund and Guggenheim Partners Investment Management, LLC. (Incorporated by reference to Exhibit 99.2 filed with Guggenheim Credit Income Fund's Form 8-K (File No. 814-01117) on August 15, 2017.)

10.2	Amendment No 1. to Administrative Services Agreement by and between the Registrant, Guggenheim Credit Income Fund, and Guggenheim Partners Investment Management, LLC. (Incorporated by reference to Exhibit 10.7 filed with Guggenheim Credit Income Fund's Form 10-K (File No. 814-01117) filed on March 12, 2019.)

10.3	Second Amended and Restated Dealer Manager Agreement by and among the Registrant, Guggenheim Credit Income Fund and Carey Financial, LLC. (Incorporated by reference to Exhibit 10.4 filed with the Registrant's Form 10-K (File No. 814-01094) filed on April 17, 2017.)

10.4	Form of Selected Dealer Agreement (revised Exhibit A to Second Amended and Restated Dealer Manager Agreement). (Incorporated by reference to Exhibit 10.5 filed with the Registrant's Form 10-K (File No. 814-01094) filed on April 17, 2017.)

10.5	Assignment and Assumption Agreement for Dealer Manager Agreement by and among the Registrant, Carey Financial, LLC, and Guggenheim Funds Distributors, LLC. (Incorporated by reference to Exhibit 99.4 filed with Guggenheim Credit Income Fund's Form 8-K (File No. 814-01117) on August 15, 2017.)

10.6	Form of Amended and Restated Expense Support and Conditional Reimbursement Agreement. (Incorporated by reference to Exhibit 99.4 filed with the Registrant's Form 8-K (File No. 814-01094) filed on August 15, 2017.)

10.7	Form of Amended and Restated Organization and Offering Expense Reimbursement Agreement by and among the Registrant, Carey Credit Advisors, LLC and Guggenheim Partners Investment Management, LLC. (Incorporated by reference to Exhibit 99.3 filed with Guggenheim Credit Income Fund's Form 8-K (File No. 814-01117) filed on August 15, 2017.)

10.8	Investment Management Agreement by and between Hamilton Finance LLC and Guggenheim Credit Income Fund. (Incorporated by reference to Exhibit 10.3 filed with Guggenheim Credit Income Fund's Form 8-K (File No. 814-01117) filed on December 22, 2015.)

10.9	Amendment to Amended and Restated Loan Agreement and Investment Management Agreement dated as of August 24, 2017. (Incorporated by reference to Exhibit 10.13 filed with Guggenheim Credit Income Fund's Form 10-Q (File No. 814-01117) filed on November 7, 2017

10.10	Investment Management Agreement by and between Hamilton Finance LLC and Guggenheim Credit Income Fund. (Incorporated by reference to Exhibit 10.3 filed with Guggenheim Credit Income Fund's Form 8-K (File No. 814-01117) filed on December 22, 2015.)

10.11	Amendment to Amended and Restated Loan Agreement and Investment Management Agreement dated as of August 24, 2017. (Incorporated by reference to Exhibit 10.13 filed with Guggenheim Credit Income Fund's Form 10-Q (File No. 814-01117) filed on November 7, 2017

14.1	Code of Ethics of the Registrant. (Incorporated by reference to Exhibit 14.1 filed with Guggenheim Credit Income ~~Fund's~~Fund Form 10-Q (File No. 814-01117) filed on November 1 6 ~~, 2020)~~16, 2020.)



31.1						Certification of Chief Executive Officer pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith.)

31.2						Certification of Chief Financial Officer of pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith.)


32						Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Filed herewith.)
99
99						Form 10-Q of Guggenheim Credit Income Fund for the quarterly period ended September 30, ~~2020~~2021 (Filed herewith)


	September 30, 2020
	Total		≤ 1 year		> 1 - 3 years		3 - 5 years		5 years
DSS Fee: Distribution Services Component	$	975	$	784	$	191	$	—	$	—


Month Ended	Expense Support from CCA and Guggenheim	CCA Waiver of Expense Support Reimbursement	Expense Support Reimbursement	Expired Expense Support	Unreimbursed Expense Support		Minimum of 1.75% and Annualized Fiscal Year to Date Other Operating Expense Ratio (1)	Annualized Regular Cash Distribution Rate/Share, Declared (2)	Eligible for Reimbursement through





















April 2017	179	(89)	(90)	—	—		0.64%	0.63700	April 30, 2020
May 2017	254	(127)	(12)	(115)	—		0.64%	0.63076	May 31, 2020
June 2017	315	(157)	—	(158)	—		0.64%	0.63076	June 30, 2020









April 2018	57	—	—	—	57		0.43%	0.67571	April 30, 2021








March 2020	255	—	—	—	255		0.54%	0.67397	March 31, 2023
April 2020	96	—	—	—	96		0.54%	0.57463	April 30, 2023
May 2020	98	—	—	—	98		0.54%	0.57526	May 31, 2023
June 2020	21	—	—	—	21		0.54%	0.57364	June 30, 2023
July 2020	126	—	—	—	126		0.54%	0.57479	July 31, 2023
August 2020	101	—	—	—	101		0.54%	0.57474	August 31, 2023
September 2020	96	—	—	—	96		0.54%	0.57401	September 30, 2023
Total					$	850


2020 Record Dates	2020 Payment Dates	Distribution per Share per Record Date		Distribution per Share per Payment Date
Oct. 12, 19, 26 & Nov. 2, 9, 2020	Nov. 10, 2020	$	0.01069	$	0.05345
Nov. 16, 23, 30 & Dec 7, 2020	Dec. 9, 2020	0.00855		0.03420


Period	Total Number of Shares Purchased	Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
July 1, 2020 to July 31, 2020	—	—	—	—
August 1, 2020 to August 31, 2020	—	—	—	—
September 1, 2020 to September 30, 2020 (1)	135,447	7.65	135,447	—
Total	135,447		135,447	—