[X]

The ~~number of the Registrant's~~registrant had 25,594,125 common shares outstanding as of ~~November 1, 2017 was 29,151,096.~~August 9, 2023.

GUGGENHEIM CREDIT INCOME FUND

INDEX

		PAGE

		~~PAGE~~
PART I. FINANCIAL INFORMATION

Item 1.	Consolidated Financial Statements ~~(unaudited)~~(Unaudited)::	3

	Consolidated Statements of Assets and Liabilities as of ~~September~~June 30, ~~2017~~2023 and December 31, ~~2016~~2022	3

	Consolidated Statements of Operations for the three and ~~nine~~six months ended ~~September~~June 30, ~~2017~~2023 and ~~2016~~2022	4

	Consolidated Statements of Changes in Net Assets for the ~~nine~~three and six months ended ~~September~~June 30, ~~2017~~2023 and ~~2016~~2022	5

	Consolidated Statements of Cash Flows for the ~~nine~~six months ended ~~September~~June 30, ~~2017~~2023 and ~~2016~~2022	6 7

	Consolidated Schedules of Investments as of ~~September~~June 30, ~~2017~~2023 and December 31, ~~2016~~2022	7 8

	Notes to Consolidated Financial Statements (Unaudited)	20 16

Item 2.	~~Management's~~Management’s Discussion and Analysis of Financial Condition and Results of Operations	41 34

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	52 47

Item 4.	Controls and Procedures	52 48

PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	48
Item 1.1A.	~~Legal Proceedings~~Risk Factors	54 49

~~Item 1A.~~	~~Risk Factors~~	54

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	54 50

Item 3.	Defaults Upon Senior Securities	54 50
Item 5.	Other Information	50
Item 5.6.	~~Other Information~~Exhibits	54 50
Signatures			51
~~Item 6.~~Exhibits Index		~~Exhibits~~	54

~~Signatures~~		55

~~Exhibit Index~~		56 52

~~Forward-Looking Statements~~

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, or this Report, including ~~Management's~~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"~~“Securities Act”), and Section 21E of the Securities Exchange ~~Act.~~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;~~regulations or accounting rules; changes in local, national and global economic and capital market conditions; our ability to obtain or maintain credit lines or credit facilities on satisfactory terms; changes in interest rates; availability of proceeds from our private offering of common shares; our ability to identify suitable investments and/or to close on identified investments; the performance of our investments; and the ability of borrowers related to our debt investments to make payments under their respective loans. 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"~~(“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, ~~2016,~~2022, that was filed on March ~~21, 2017.~~15, 2023. Moreover, because we operate in a very competitive and rapidly changing environment, new risks are likely to emerge from time to time. Given these risks and uncertainties, you are cautioned not to place undue reliance on these forward-looking statements as a prediction of future results, which apply only as of the date of this Report, unless noted otherwise. Except as may be required by federal securities laws and the rules and regulations of the SEC, we do not undertake to revise or update any forward-looking statements. The forward-looking statements should be read in light of the risk factors identified in Part II. Item 1A. Risk Factors of this ~~Report.~~Report and in Part I. Item 1A. Risk Factors of our Form 10-K for the fiscal year ended December 31, 2022, that was filed on March 15, 2023. 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 to the consolidated financial statements of the registrant in Part I. Item 1. Consolidated Financial Statements ~~(unaudited)~~(Unaudited).

Unless otherwise noted, the terms “we,” “us,” “our,” and the “Master Fund” refer to Guggenheim Credit Income ~~Fund (formerly Carey Credit Income Fund). All~~Fund. Other capitalized terms used in this Report have the same meaning as ~~defined~~ in the ~~Notes.~~

accompanying consolidated financial statements presented in

~~PART~~Part I. ~~FINANCIAL INFORMATION~~

Item 1. Consolidated Financial Statements ~~(unaudited)~~(Unaudited), unless otherwise defined herein. Guggenheim Partners Investment Management, LLC is referred to as “Guggenheim” or the “Advisor” throughout this Report.

PART I. FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements (Unaudited)

GUGGENHEIM CREDIT INCOME FUND

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES ~~(UNAUDITED)~~

(in thousands, except share and per share ~~amounts)~~

September 30, 2017 December 31, 2016
Assets
Investments at fair value (amortized cost of $377,494 and $272,996, respectively) $ 381,054
$ 275,084
Cash 5,556
6,593
Restricted cash 16,317
19,575
Collateral deposits for foreign currency forward contracts 400
—
Deferred offering costs —
68
Interest and dividend income receivable 2,838
1,557
Principal receivable 113
2,521
Advisor transition costs reimbursement receivable 280
—
Unrealized appreciation on foreign currency forward contracts 9
—
Prepaid and deferred expenses 23
34
Total assets $ 406,590
$ 305,432

Liabilities
Credit facility payable, net of financing costs $ 148,865
$ 124,505
Payable for investments purchased 4,930
1,093
Accrued investment advisory fee 617
489
Accrued performance-based incentive fee 1,156
536
Unrealized depreciation on foreign currency forward contracts 394
8
Payable to related party 25
33
Trustees fees payable 50
—
Accrued professional services fees 537
436
Accrued advisor transition costs 333
—
Accounts payable, accrued expenses and other liabilities 316
266
Total liabilities 157,223
127,366
Commitments and contingencies (Note 8. Commitments and Contingencies)

Net Assets $ 249,367
$ 178,066

Components of Net Assets:
Common shares, $0.001 par value, 1,000,000,000 shares authorized, 29,151,096 and 21,016,797 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively $ 29
$ 21
Paid-in-capital in excess of par value 245,788
176,411
Accumulated distributions in excess of net investment income (1,501 ) (445 )
Accumulated undistributed net realized gain 1,876
—
Net unrealized appreciation 3,175
2,079
Net assets $ 249,367
$ 178,066
Net asset value per Common Share $ 8.55
$ 8.47

data)


	June 30, 2023			December 31, 2022
	(Unaudited)
Assets
Investments at fair value (amortized cost of $37,433 and $48,438, respectively)	$	29,638		$	40,641
Cash and cash equivalents		4,405			8,956
Interest and dividend income receivable		420			744
Principal receivable		13			11,499
Receivable from related parties		5			10
Unrealized appreciation of foreign currency forward contracts		—			73
Prepaid expenses and other assets		88			222
Total assets	$	34,569		$	62,145

Liabilities
Accrued management fee	$	123		$	214
Payable to related parties		96			96
Accounts payable, accrued expenses and other liabilities		304			562
Total liabilities		523			872
Commitments and contingencies (Note 8. Commitments and Contingencies)
Net Assets	$	34,046		$	61,273

Components of Net Assets:
Common shares, $0.001 par value, 1,000,000,000 shares authorized, 25,594,125 and 25,594,125 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	$	26		$	26
Paid-in-capital in excess of par value		51,451			78,102
Accumulated loss, net of distributions		(17,431	)		(16,855	)
Net assets	$	34,046		$	61,273
Net asset value per Common Share (NAV)	$	1.33		$	2.39

See Unaudited Notes to Consolidated Financial Statements.

GUGGENHEIM CREDIT INCOME FUND

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(in thousands, except share and per share ~~amounts)~~

Three Months Ended September 30, Nine Months Ended September 30,
2017 2016 2017 2016
Investment income
Interest income $ 8,318
$ 3,503
$ 21,577
$ 7,117
Dividend income —
—
—
37
Fee income 13
204
671
221
Total investment income 8,331
3,707
22,248
7,375
Operating expenses
Interest expense 1,703
998
4,807
1,928
Administrative services 44
32
141
82
Related party reimbursements 105
98
328
286
Investment advisory fee 1,986
1,025
5,620
2,142
Performance-based incentive fee 201
43
620
43
Custody services 24
18
68
47
Trustees fees 112
101
372
264
Professional services fees 229
253
765
812
Insurance 36
35
106
107
Organizational expenses —
—
—
228
Advisor transition costs 662
—
662
—
Other expenses 29
21
85
52
Total expenses before advisor transition costs reimbursement 5,131
2,624
13,574
5,991
Reimbursement of advisor transition costs (662 ) —
(662 ) —
Total expenses 4,469
2,624
12,912
5,991
Net investment income 3,862
1,083
9,336
1,384
Realized and unrealized gain (loss):
Net realized gains (losses) on:
Investments 491
467
3,021
474
Foreign currency forward contracts (410 ) —
(1,029 ) —
Foreign currency transactions (5 ) —
(116 ) —
Net realized gains 76
467
1,876
474
Net change in unrealized appreciation (depreciation) on:
Investments 1,097
4,131
1,473
5,391
Foreign currency forward contracts (217 ) —
(377 ) —
Net change in unrealized appreciation 880
4,131
1,096
5,391
Net realized and unrealized gains 956
4,598
2,972
5,865
Net increase in net assets resulting from operations $ 4,818
$ 5,681
$ 12,308
$ 7,249
Per Common Share information:
Net investment income per Common Share outstanding - basic and diluted $ 0.13
$ 0.08
$ 0.35
$ 0.14
Earnings per Common Share - basic and diluted (Note 9. Earnings Per Common Share)
$ 0.16
$ 0.40
$ 0.46
$ 0.71
Weighted average Common Shares outstanding (basic and diluted) 29,214,286
14,367,189
26,976,497
10,219,786
Distributions per Common Share $ 0.16
$ 0.17
$ 0.38
$ 0.22

data)


	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Investment Income
Interest income	$	824		$	2,091		$	1,720		$	4,436
PIK interest income		7			25			15			104
Dividend income		—			—			—			179
Fee income		2			3			19			555
Total investment income		833			2,119			1,754			5,274
Operating Expenses
Management fee		186			572			441			1,220
Administrative services		35			40			22			82
Custody services		9			22			19			43
Trustees fees		73			71			141			141
Related party reimbursements		95			169			197			229
Professional services fees		97			193			158			384
Other expenses		67			73			136			144
Total expenses		562			1,140			1,114			2,243
Net investment income		271			979			640			3,031
Realized and unrealized gains (losses):
Net realized gains (losses) on:
Investments		(450	)		834			(524	)		1,463
Foreign currency forward contracts		(10	)		178			101			53
Foreign currency transactions		51			(1	)		15			(35	)
Net realized gains (losses)		(409	)		1,011			(408	)		1,481
Net change in unrealized appreciation (depreciation) on:
Investments		(104	)		(3,928	)		2			(4,209	)
Foreign currency forward contracts		5			25			(73	)		279
Foreign currency transactions		(4	)		(1	)		—			(3	)
Net change in unrealized depreciation		(103	)		(3,904	)		(71	)		(3,933	)
Net realized and unrealized losses		(512	)		(2,893	)		(479	)		(2,452	)
Net increase (decrease) in net assets resulting from operations	$	(241	)	$	(1,914	)	$	161		$	579
Per Common Share information:
Net investment income per Common Share outstanding - basic and diluted	$	0.01		$	0.04		$	0.02		$	0.12
Earnings (loss) per Common Share outstanding - basic and diluted	$	(0.01	)	$	(0.07	)	$	0.01		$	0.02
Weighted average Common Shares outstanding - basic and diluted		25,594,125			25,594,125			25,594,125			25,594,125
Distribution per Common Share outstanding	$	0.39		$	0.78		$	1.07		$	1.56

See Unaudited Notes to Consolidated Financial Statements.

GUGGENHEIM CREDIT INCOME FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED)

(in thousands, except share ~~amounts)~~and per share data)


	Common Shares				Paid-in-Capital in Excess of			Accumulated Loss, net of
	Shares		Amount		Par Value			Distributions			Total
Balance at December 31, 2022		25,594,125	$	26	$	78,102		$	(16,855	)	$	61,273
Operations:
Net investment income		—		—		—			369			369
Net realized gain		—		—		—			1			1
Net change in unrealized appreciation		—		—		—			32			32
Net increase in net assets resulting from operations		—		—		—			402			402
Shareholder distributions:
Distributions from earnings		—		—		—			(428	)		(428	)
Distributions representing a return of capital		—		—		(16,976	)		—			(16,976	)
Net decrease in net assets resulting from shareholder distributions		—		—		(16,976	)		(428	)		(17,404	)
Net decrease for the period		—		—		(16,976	)		(26	)		(17,002	)
Balance at March 31, 2023		25,594,125	$	26	$	61,126		$	(16,881	)	$	44,271
Operations:
Net investment income		—		—		—			271			271
Net realized losses		—		—		—			(409	)		(409	)
Net change in unrealized depreciation		—		—		—			(103	)		(103	)
Net decrease in net assets resulting from operations		—		—		—			(241	)		(241	)
Shareholder distributions:
Distributions from earnings		—		—		—			(309	)		(309	)
Distributions representing a return of capital		—		—		(9,675	)		—			(9,675	)
Net decrease in net assets resulting from shareholder distributions		—		—		(9,675	)		(309	)		(9,984	)
Net decrease for the period		—		—		(9,675	)		(550	)		(10,225	)
Balance at June 30, 2023		25,594,125	$	26	$	51,451		$	(17,431	)	$	34,046

Nine Months Ended September 30,
2017 2016
Operations
Net investment income $ 9,336
$ 1,384
Net realized gains 1,876
474
Net change in unrealized appreciation 1,096
5,391
Net increase in net assets resulting from operations 12,308
7,249
Shareholder distributions:
Distributions from net investment income (9,336 ) (1,399 )
Distributions in excess of net investment income (1,056 ) (1,707 )
Net decrease in net assets resulting from shareholder distributions (10,392 ) (3,106 )
Capital share transactions:
Issuance of Common Shares 70,676
88,869
Repurchase of Common Shares (1,291 ) —
Net increase in net assets resulting from capital share transactions 69,385
88,869
Total increase in net assets 71,301
93,012
Net assets at beginning of period 178,066
46,704
Net assets at end of period $ 249,367
$ 139,716
Capital share activity:
Common Shares outstanding at the beginning of the period 21,016,797
5,840,060
Common Shares issued from subscriptions 8,285,299
10,980,584
Repurchase of Common Shares outstanding (151,000 ) —
Common Shares outstanding at the end of the period 29,151,096
16,820,644
Accumulated distributions in excess of net investment income $ (1,501 ) $ (1,707 )

	Common Shares				Paid-in-Capital in Excess of			Accumulated Loss, net of
	Shares		Amount		Par Value			Distributions			Total
Balance at December 31, 2021		25,594,125	$	26	$	169,019		$	(11,765	)	$	157,280
Operations:
Net investment income		—		—		—			2,052			2,052
Net realized gains		—		—		—			470			470
Net change in unrealized depreciation		—		—		—			(29	)		(29	)
Net increase in net assets resulting from operations		—		—		—			2,493			2,493
Shareholder distributions:
Distributions from earnings		—		—		—			(2,186	)		(2,186	)
Distributions representing a return of capital		—		—		(17,778	)		—			(17,778	)
Net decrease in net assets resulting from shareholder distributions		—		—		(17,778	)		(2,186	)		(19,964	)
Net increase (decrease) for the period		—		—		(17,778	)		307			(17,471	)
Balance at March 31, 2022		25,594,125	$	26	$	151,241		$	(11,458	)	$	139,809
Operations:
Net investment income		—		—		—			979			979
Net realized gains		—		—		—			1,011			1,011
Net change in unrealized depreciation		—		—		—			(3,904	)		(3,904	)
Net decrease in net assets resulting from operations		—		—		—			(1,914	)		(1,914	)
Shareholder distributions:
Distributions from earnings		—		—		—			(1,294	)		(1,294	)
Distributions representing a return of capital		—		—		(18,669	)		—			(18,669	)
Net decrease in net assets resulting from shareholder distributions		—		—		(18,669	)		(1,294	)		(19,963	)
Net decrease for the period		—		—		(18,669	)		(3,208	)		(21,877	)
Balance at June 30, 2022		25,594,125	$	26	$	132,572		$	(14,666	)	$	117,932

See Unaudited Notes to Consolidated Financial Statements.

GUGGENHEIM CREDIT INCOME FUND

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(in thousands)

Nine Months Ended September 30,
2017 2016
Operating activities
Net increase in net assets resulting from operations $ 12,308
$ 7,249
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Paid-in-kind income (169 ) (37 )
Amortization of premium/accretion on investments, net (941 ) (393 )
Proceeds from sales of investments 51,037
37,488
Proceeds from paydowns on investments 55,061
22,154
Purchase of investments (206,464 ) (195,614 )
Net realized gain on investments (3,021 ) (474 )
Net change in unrealized appreciation on investments (1,473 ) (5,391 )
Net change in unrealized depreciation on foreign currency forward contracts 377
—
Amortization of deferred financing costs 360
342
(Increase) decrease in operating assets:
Deferred offering costs 68
—
Interest and dividend income receivable (1,281 ) (842 )
Principal receivable 2,408
23
Advisor transition costs reimbursement receivable (280 ) —
Prepaid and deferred expenses 11
(119 )
Increase (decrease) in operating liabilities:
Payable for investments purchased 3,837
(4,230 )
Accrued investment advisory fee 128
206
Accrued performance-based incentive fee 620
43
Payable to related party (8 ) 19
Accrued professional services fees 101
212
Trustees fees payable 50
45
Accrued advisor transition costs 333
—
Accounts payable, accrued expenses and other liabilities 50
79
Net cash used in operating activities (86,888 ) (139,240 )
Financing activities
Issuance of Common Shares 70,676
88,869
Repurchase of Common Shares (1,291 ) —
Credit facility borrowings 24,000
58,000
Payment of financing costs —
(219 )
Distributions paid (10,392 ) (3,106 )
Net cash provided by financing activities 82,993
143,544

Net increase (decrease) in restricted and unrestricted cash (3,895 ) 4,304
Restricted and unrestricted cash, beginning of period 26,168
9,925
Restricted and unrestricted cash, end of period $ 22,273
$ 14,229
Reconciliation of restricted and unrestricted cash
Cash 5,556
5,464
Restricted cash 16,317
8,765
Collateral deposits for foreign currency forward contracts 400
—
Total restricted and unrestricted cash $ 22,273
$ 14,229
Supplemental disclosure of cash flow information:
Cash paid for interest $ 4,360
$ 1,468


	For the Six Months Ended June 30,
	2023			2022
Operating activities
Net increase in net assets resulting from operations	$	161		$	579
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities:
Capitalized paid-in-kind income		(15	)		(189	)
Amortization of premium/accretion of discount, net		(96	)		(261	)
Proceeds from sales of investments		16,011			8,024
Proceeds from paydowns on investments		641			23,160
Net receipt of settlement of derivatives		115			583
Net payment of settlement of derivatives		(13	)		(530	)
Net realized gains on derivatives		(101	)		(53	)
Purchases of investments		(6,061	)		(1,643	)
Net realized (gains) losses on investments		524			(1,463	)
Net change in unrealized (appreciation) depreciation on investments		(2	)		4,209
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts		73			(279	)
Decrease in operating assets:
Interest and dividend income receivable		324			117
Principal receivable		11,486			4,122
Receivable from related parties		5			20
Prepaid expenses and other assets		134			135
Increase (decrease) in operating liabilities:
Accrued management fee		(91	)		(401	)
Payable to related parties		—			54
Accounts payable, accrued expenses and other liabilities		(258	)		(271	)
Net cash provided by operating activities		22,837			35,913
Financing activities
Distributions paid		(27,388	)		(39,927	)
Net cash used in financing activities		(27,388	)		(39,927	)
Net decrease in cash and cash equivalents		(4,551	)		(4,014	)
Cash and cash equivalents, beginning of period		8,956			29,204
Cash and cash equivalents, end of period	$	4,405		$	25,190

See Unaudited Notes to Consolidated Financial Statements.

GUGGENHEIM CREDIT INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)


June 30, 2023 (in thousands)
Portfolio Company ^{(1) (2) (3)}	Footnotes	Investment	Spread Above Reference Rate ⁽⁴⁾	Interest Rate ^{(4) (5)}	Maturity Date	Principal / Par Amount / Shares ⁽⁶⁾		Amortized Cost ^{(7) (8)}		Fair Value		% of Net Assets
INVESTMENTS
Debt investments - 85.9%
Automotive
Accuride Corporation		Senior Secured Loans - First Lien	L+5.25%	10.44%	11/17/2023	$	4,073	$	4,064	$	3,362		9.9	%
Total Automotive									4,064		3,362		9.9	%
Chemicals, Plastics & Rubber
Drew Marine Group Inc.	(11)	Senior Secured Loans - First Lien	S+4.25%	9.64%	6/26/2026		960		953		942		2.8	%
Total Chemicals, Plastics & Rubber									953		942		2.8	%
Consumer Goods: Non-Durable
Galls LLC	(10)(11)	Senior Secured Loans - First Lien	S+7.42%	12.46%	1/31/2025		3,690		3,681		3,597		10.6	%
Galls LLC (Delayed Draw B)	(10)(11)	Senior Secured Loans - First Lien	S+7.20%	11.80%	1/31/2025		541		540		528		1.6	%
Galls LLC (Revolver)	(9)(11)	Senior Secured Loans - First Lien	S+6.38%	11.99%	1/31/2024		424		415		409		1.2	%
									4,636		4,534		13.4	%

Pure Fishing, Inc.		Senior Secured Loans - First Lien	S+4.61%	9.72%	12/19/2025		3,878		3,676		2,831		8.3	%
Total Consumer Goods: Non-Durable									8,312		7,365		21.7	%
Energy: Oil & Gas
Basic Energy Services Inc	(13)	Senior Secured Bonds	N/A	N/A	10/15/2023		4,291		1,458		32		0.1	%
Permian Production Partners	(10)(11)	Senior Secured Loans - First Lien	S+8.11%	13.22%	11/23/2025		414		273		413		1.2	%
Total Energy: Oil & Gas									1,731		445		1.3	%
Metals & Mining
Polyvision Corp.	(10)(11)	Senior Secured Loans - First Lien	S+8.50%	13.77%	2/21/2026		3,686		3,651		3,133		9.2	%
Polyvision Corp.	(10)(11)	Senior Secured Loans - First Lien	S+8.50%	13.77%	2/21/2026		1,038		1,028		882		2.6	%
Polyvision Corp. (Delayed Draw)	(10)(11)	Senior Secured Loans - First Lien	S+8.63%	13.78%	2/21/2026		141		141		120		0.4	%
Polyvision Corp. (Revolver)	(10)(11)	Senior Secured Loans - First Lien	S+8.63%	13.78%	2/21/2026		966		897		821		2.4	%
Total Metals & Mining									5,717		4,956		14.6	%
Retail
Save-a-Lot	(11)	Senior Secured Loans - First Lien	S+7.35%	12.21%	6/30/2026		995		895		965		2.8	%
Save-a-Lot	(11)	Senior Secured Loans - First Lien	S+7.35%	12.21%	6/30/2026		466		261		436		1.3	%
Save-a-Lot	(11)	Senior Secured Loans - Second Lien	S+11.50%	16.47%	12/31/2026		823		474		572		1.7	%
Total Retail									1,630		1,973		5.8	%

September 30, 2017 (in thousands)
Portfolio Company ^{(1) (2) (3)}
Footnotes Investment
Spread
Above
Reference
Rate ⁽⁴⁾

Interest
Rate ^{(4) (5)}
Maturity Date
Principal / Par Amount / Shares ⁽⁶⁾

Amortized Cost ⁽⁷⁾
Fair Value % of Net Assets
INVESTMENTS
Debt investments - 152.6%
Aerospace & Defense
Advanced Integration Technology (15) Senior Secured Loans - First Lien L+4.75% 5.99% 4/3/2023 8,915
$ 8,784
$ 8,893
3.6 %
National Technical Systems (15) Senior Secured Loans - First Lien L+6.25% 7.49% 6/14/2021 3,488
3,458
3,400
1.4 %

Tronair, Inc (15) Senior Secured Loans - First Lien L+4.75% 6.06% 9/8/2023 3,960
3,921
3,940
1.6 %
Tronair, Inc (15) Senior Secured Loans - Second Lien L+8.75% 10.06% 9/6/2024 4,000
3,873
3,878
1.5 %
7,794
7,818
3.1 %
Total Aerospace & Defense

20,036
20,111
8.1 %
Automotive
Accuride Corp. (15) Senior Secured Loans - First Lien L+7.00% 8.33% 11/10/2023 11,910
11,506
12,104
4.8 %

Express Oil (13)(15) Senior Secured Loans - First Lien L+6.75% 8.07% 6/14/2024 2,368
2,317
2,317
0.9 %
Express Oil (Delayed Draw) (12)(13)(15) Senior Secured Loans - First Lien L+6.75% 8.07% 6/14/2024 779
771
761
0.3 %
Express Oil (Revolver) (8)(12)(13)(15)(18) Senior Secured Loans - First Lien L+6.75% N/A 6/14/2022 —
(29 ) (28 ) — %
3,059
3,050
1.2 %

Humanetics (15) Senior Secured Loans - First Lien L+6.00% 7.24% 7/12/2022 8,543
8,344
8,402
3.4 %
Humanetics (Revolver) (8)(12)(13)(15)(18) Senior Secured Loans - First Lien L+6.00% N/A 7/12/2022 —
(9 ) (48 ) — %
8,335
8,354
3.4 %

Mavis Tire Supply LLC (15) Senior Secured Loans - First Lien L+5.25% 6.49% 11/2/2020 2,933
2,905
2,907
1.2 %
Total Automotive 25,805
26,415
10.6 %
Banking, Finance, Insurance & Real Estate
C-III Capital Partners (11)(15) Senior Secured Loans - First Lien L+9.00% 10.25% 8/8/2021 2,545
2,463
2,523
1.0 %
Integro Insurance Brokers (15) Senior Secured Loans - First Lien L+5.75% 6.83% 10/28/2022 1,002
972
999
0.4 %
Total Banking, Finance, Insurance & Real Estate 3,435
3,522
1.4 %
Beverage, Food & Tobacco
Addo Foods Group UK(10)(11)(15) Senior Secured Loans - First Lien L+8.00% 9.00% 3/14/2024 £10,000 12,144
13,057
5.2 %

Blue Harvest Fisheries (15) Senior Secured Loans - First Lien L+7.00% 8.24% 7/29/2022 6,809
6,723
6,726
2.7 %
Blue Harvest Fisheries (14)(15) Subordinated Debt N/A 10.00% 7/29/2022 357
354
356
0.2 %
7,077
7,082
2.9 %

Chef's Warehouse, Inc. (11) Senior Secured Loans - First Lien L+4.75% 5.99% 6/22/2022 4,038
3,974
4,094
1.6 %

GUGGENHEIM CREDIT INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2023 (in thousands)
Portfolio Company ^{(1) (2) (3)}	Footnotes	Investment	Spread Above Reference Rate ⁽⁴⁾	Interest Rate ^{(4) (5)}	Maturity Date	Principal / Par Amount / Shares ⁽⁶⁾		Amortized Cost ^{(7) (8)}		Fair Value		% of Net Assets
Services: Business
Hersha Hospitality Management	(11)	Senior Secured Loans - First Lien	S+4.90%	9.85%	3/2/2026		4,740		4,657		4,679		13.7	%

PSI Services LLC (Revolver)	(9)(11)	Senior Secured Loans - First Lien	L+5.75%	11.02%	10/4/2025		298		298		277		0.8	%
PSI Services LLC (Delayed Draw)	(11)	Senior Secured Loans - First Lien	L+5.75%	11.02%	10/4/2026		175		175		162		0.5	%
PSI Services LLC (Delayed Draw)	(11)	Senior Secured Loans - First Lien	L+5.75%	11.02%	10/4/2026		414		414		384		1.1	%
PSI Services LLC	(11)	Senior Secured Loans - First Lien	L+5.75%	11.02%	10/16/2026		2,765		2,732		2,567		7.5	%
									3,619		3,390		9.9	%

Total Services: Business									8,276		8,069		23.6	%
Technology
Allvue Systems (Revolver)	(9)(11)	Senior Secured Loans - First Lien	S+5.75%	11.14%	9/6/2024		74		61		69		0.2	%
Allvue Systems (Term Loan)	(11)	Senior Secured Loans - First Lien	S+5.75%	11.29%	9/4/2026		838		836		807		2.4	%
									897		876		2.6	%

Apptio, Inc. (Revolver)	(9)(11)	Senior Secured Loans - First Lien	S+5.00%	10.29%	12/3/2024		98		79		88		0.3	%
Apptio, Inc.	(11)	Senior Secured Loans - First Lien	S+5.00%	10.29%	1/10/2025		1,129		1,125		1,129		3.3	%
									1,204		1,217		3.6	%

Total Technology									2,101		2,093		6.2	%
Total Debt Investments								$	32,784	$	29,205		85.9	%

Equity investments - 1.2%

Energy: Oil & Gas
Permian Production Partners	(11)	Equity/Other	N/A	N/A			203,022		—		11		—	%
Total Energy: Oil & Gas									—		11		—	%
Retail
Save-a-Lot		Equity/Other	N/A	N/A			53,097		—		21		0.1	%
Total Retail									—		21		0.1	%

September 30, 2017 (in thousands)
Portfolio Company ^{(1) (2) (3)}
Footnotes Investment
Spread
Above
Reference
Rate ⁽⁴⁾

Interest
Rate ^{(4) (5)}
Maturity Date
Principal / Par Amount / Shares ⁽⁶⁾

Amortized Cost ⁽⁷⁾
Fair Value % of Net Assets
CTI Foods Senior Secured Loans - Second Lien L+7.25% 8.49% 6/28/2021 5,000
4,689
4,069
1.6 %
Kar Nut Products Co. (15) Senior Secured Loans - First Lien L+4.50% 5.80% 3/31/2023 1,000
991
991
0.4 %

Parts Town, LLC (15) Senior Secured Loans - First Lien L+6.50% 7.74% 6/23/2022 6,930
6,930
6,930
2.8 %
Parts Town, LLC (15) Senior Secured Loans - First Lien L+6.50% 7.74% 6/23/2022 1,493
1,479
1,493
0.6 %
Parts Town, LLC (Revolver) (8)(12)(15)(13) Senior Secured Loans - First Lien L+6.50% 7.74% 6/23/2022 800
717
718
0.3 %
9,126
9,141
3.7 %

Reddy Ice Senior Secured Loans - First Lien L+5.50% 6.75% 5/1/2019 3,625
3,514
3,576
1.4 %
Total Beverage, Food & Tobacco 41,515
42,010
16.8 %
Capital Equipment
Endries Acquisition Holdings (15) Senior Secured Loans - First Lien L+4.75% 5.98% 6/1/2023 625
619
619
0.3 %
Great Lakes Dredge and Dock (11) Senior Unsecured Debt N/A 8.00% 5/15/2022 2,000
2,000
2,075
0.8 %
Total Capital Equipment 2,619
2,694
1.1 %
Chemicals, Plastics & Rubber
Ilpea Parent Inc IT(10)(11)(15) Senior Secured Loans - First Lien L+5.50% 6.74% 3/31/2023 5,863
5,782
5,885
2.4 %
Total Chemicals, Plastics & Rubber 5,782
5,885
2.4 %
Construction & Building

CH2M (15) Senior Secured Bonds N/A 10.00% 4/28/2020 12,000
12,000
13,020
5.2 %
Fiber Composites, LLC (14)(15)(20) Senior Unsecured Debt N/A 12.50% 6/29/2022 5,458
5,333
5,453
2.2 %

GAL Manufacturing (13)(15) Senior Secured Loans - First Lien L+4.25% 5.58% 6/26/2023 5,553
5,461
5,461
2.2 %
GAL Manufacturing (13)(15) Senior Secured Loans - Second Lien L+8.25% 9.58% 6/26/2024 6,000
5,873
5,870
2.4 %
GAL Manufacturing (Revolver) (8)(13)(15) Senior Secured Loans - First Lien L+4.25% 5.58% 6/26/2022 60
8
8
— %
11,342
11,339
4.6 %

Hayward Industries, Inc. (13)(15) Senior Secured Loans - Second Lien L+8.25% 9.49% 7/18/2025 6,000
5,895
5,970
2.4 %
SRS Distribution Inc. Senior Secured Loans - Second Lien L+8.75% 9.99% 2/24/2023 6,790
6,710
6,985
2.8 %
Total Construction & Building 41,280
42,767
17.2 %
Consumer Goods: Non-Durable
Implus Footcare, LLC (15) Senior Secured Loans - First Lien L+6.75% 8.08% 4/30/2021 4,758
4,709
4,716
1.9 %
Implus Footcare, LLC (15) Senior Secured Loans - First Lien L+6.75% 8.01% 4/30/2021 923
911
915
0.4 %
5,620
5,631
2.3 %
Total Consumer Goods: Non-Durable 5,620
5,631
2.3 %
Containers, Packaging & Glass
Bioplan USA, Inc. Senior Secured Loans - First Lien L+4.75% 5.99% 9/23/2021 5,526
5,014
5,511
2.2 %

GUGGENHEIM CREDIT INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

June 30, 2023 (in thousands)
Portfolio Company ^{(1) (2) (3)}	Footnotes	Investment	Spread Above Reference Rate ⁽⁴⁾	Interest Rate ^{(4) (5)}	Maturity Date	Principal / Par Amount / Shares ⁽⁶⁾		Amortized Cost ^{(7) (8)}		Fair Value		% of Net Assets
Service: Businesses
YAK BLOCKER 2 LLC SERIES A	(11)	Equity/Other	N/A	N/A			422,178		2,514		232		0.7	%
YAK BLOCKER 2 LLC SERIES B-1	(11)	Equity/Other	N/A	N/A			1,130,232		1,923		153		0.4	%
YAK BLOCKER 2 LLC SERIES B-2	(11)	Equity/Other	N/A	N/A			120,558		205		16		—	%
YAK BLOCKER 2 LLC SERIES C-1	(11)	Equity/Other	N/A	N/A			30,451		4		—		—	%
YAK BLOCKER 2 LLC SERIES C-2	(11)	Equity/Other	N/A	N/A			28,145		3		—		—	%
Total Service: Businesses									4,649		401		1.1	%
Total Equity Investments								$	4,649	$	433		1.2	%

Total Investments - 87.1%								$	37,433	$	29,638		87.1	%

September 30, 2017 (in thousands)
Portfolio Company ^{(1) (2) (3)}
Footnotes Investment
Spread
Above
Reference
Rate ⁽⁴⁾

Interest
Rate ^{(4) (5)}
Maturity Date
Principal / Par Amount / Shares ⁽⁶⁾

Amortized Cost ⁽⁷⁾
Fair Value % of Net Assets
Resource Label Group LLC (15) Senior Secured Loans - First Lien L+4.50% 5.83% 5/26/2023 2,974
2,946
2,978
1.2 %
Resource Label Group LLC (15) Senior Secured Loans - Second Lien L+8.50% 9.83% 11/26/2023 3,000
2,957
3,004
1.2 %
5,903
5,982
2.4 %
Total Containers, Packaging & Glass 10,917
11,493
4.6 %
Energy: Oil & Gas
BreitBurn Energy Partners LP (11)(15)(16) Senior Secured Bonds N/A —% 5/18/2020 3,250
3,153
2,990
1.2 %

Ferrellgas, LP (11) Senior Unsecured Debt N/A 6.50% 5/1/2021 1,650
1,646
1,601
0.6 %
Ferrellgas, LP (11) Senior Unsecured Debt N/A 6.75% 1/15/2022 2,950
2,867
2,862
1.1 %
Ferrellgas, LP (11) Senior Unsecured Debt N/A 6.75% 6/15/2023 1,855
1,766
1,785
0.7 %
6,279
6,248
2.4 %

Moss Creek Resources (13)(15) Senior Unsecured Debt L+8.00% 9.50% 3/29/2022 9,333
9,139
9,217
3.7 %
Penn Virginia (11)(12)(13)(15) Senior Secured Loans - Second Lien L+7.00% 8.34% 9/29/2022 3,000
2,940
2,940
1.2 %
Total Energy: Oil & Gas 21,511
21,395
8.5 %
Healthcare & Pharmaceuticals
Alltech (15) Subordinated Debt L+7.25% 8.49% 7/9/2023 14,376
14,198
14,203
5.7 %
Alltech (15) Subordinated Debt L+7.25% 8.25% 7/9/2023 €601 619
702
0.3 %
14,817
14,905
6.0 %

Hanger, Inc. (11)(15) Senior Unsecured Debt N/A 11.50% 8/1/2019 4,000
3,950
4,150
1.6 %

WIRB-Copernicus Group (15) Senior Secured Loans - Second Lien L+9.00% 10.30% 8/15/2023 8,000
7,861
7,908
3.2 %
WIRB-Copernicus Group (15) Senior Secured Loans - Second Lien L+9.00% 10.33% 8/15/2023 4,000
3,947
3,954
1.6 %
11,808
11,862
4.8 %
Total Healthcare & Pharmaceuticals 30,575
30,917
12.4 %
Hotel, Gaming & Leisure
Bay Club Company Senior Secured Loans - First Lien L+6.50% 7.74% 8/24/2022 7,660
7,482
7,774
3.1 %
Welcome Break UK(10)(11)(15) Senior Secured Loans - Second Lien L+8.00% 8.29% 1/26/2023 £5,989 7,378
7,920
3.2 %
Total Hotel, Gaming & Leisure 14,860
15,694
6.3 %

Media: Advertising, Printing & Publishing
Boats Group (15) Senior Secured Loans - First Lien L+5.75% 7.05% 9/9/2022 6,930
6,861
6,863
2.7 %
Boats Group (Revolver) (8)(13)(15)(18) Senior Secured Loans - First Lien L+5.75% N/A 8/10/2021 —
(100 ) (99 ) — %
6,761
6,764
2.7 %

~~GUGGENHEIM CREDIT INCOME FUND~~

~~CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)~~

September 30, 2017 (in thousands)
Portfolio Company ^{(1) (2) (3)}
Footnotes Investment
Spread
Above
Reference
Rate ⁽⁴⁾

Interest
Rate ^{(4) (5)}
Maturity Date
Principal / Par Amount / Shares ⁽⁶⁾

Amortized Cost ⁽⁷⁾
Fair Value % of Net Assets

Dominion Web Solutions (15) Senior Secured Loans - First Lien L+6.25% 7.48% 6/15/2024 5,640
5,640
5,546
2.2 %
Dominion Web Solutions (Revolver) (8)(13)(15)(18) Senior Secured Loans - First Lien L+6.25% N/A 6/15/2023 —
(49 ) (49 ) — %
5,591
5,497
2.2 %
Total Media: Advertising, Printing & Publishing 12,352
12,261
4.9 %
Media: Broadcasting & Subscription
ProQuest LLC (15) Senior Secured Loans - Second Lien L+9.00% 10.24% 12/15/2022 787
772
764
0.3 %
Total Media: Broadcasting & Subscription 772
764
0.3 %
Metals & Mining
New Day Aluminum LLC (14)(15)(21) Senior Secured Bonds N/A 10.00% 10/28/2020 23
1
14
— %
Total Metals & Mining 1
14
— %
Retail
Belk Inc. Senior Secured Loans - First Lien L+4.75% 6.05% 12/12/2022 2,281
2,077
1,919
0.8 %
Blue Nile Inc. (15) Senior Secured Loans - First Lien L+6.50% 7.83% 2/17/2023 11,850
11,522
11,909
4.8 %

Med Intermediate (MyEyeDr) (15) Senior Secured Loans - First Lien L+6.25% 7.49% 8/14/2021 4,804
4,766
4,837
1.9 %
Med Intermediate (MyEyeDr) (Delayed Draw) (8)(12)(15) Senior Secured Loans - First Lien L+6.25% 7.49% 8/16/2021 139
116
150
0.1 %
Med Intermediate (MyEyeDr) (Term Loan B) (15) Senior Secured Loans - First Lien L+6.25% 7.49% 8/16/2021 1,256
1,241
1,265
0.5 %
6,123
6,252
2.5 %

Pet Holdings ULC CN(10)(11)(15) Senior Secured Loans - First Lien L+5.50% 6.80% 6/23/2022 4,455
4,394
4,455
1.8 %
Pet Holdings ULC (Delayed Draw) CN(8)(10)(11)(15) Senior Secured Loans - First Lien L+5.50% 6.79% 6/23/2022 375
375
375
0.1 %
4,769
4,830
1.9 %

Toys R Us (DIP) (12)(13) Senior Secured Loans - First Lien L+6.75% 8.07% 1/22/2019 2,000
1,990
2,040
0.8 %
Total Retail 26,481
26,950
10.8 %
Technology
ACA Compliance Group (15) Senior Secured Loans - First Lien L+4.75% 5.99% 1/30/2021 998
988
999
0.4 %

Advanced Computer Software UK(10)(11) Senior Secured Loans - First Lien L+5.50% 6.82% 3/18/2022 742
722
736
0.3 %
Advanced Computer Software UK(10)(11) Senior Secured Loans - Second Lien L+9.50% 10.81% 1/31/2023 6,000
5,546
5,625
2.2 %
6,268
6,361
2.5 %

Advicent Solutions (15) Senior Secured Loans - First Lien L+8.25% 9.55% 2/28/2022 7,144
6,982
7,105
2.8 %

~~GUGGENHEIM CREDIT INCOME FUND~~

~~CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)~~

September 30, 2017 (in thousands)
Portfolio Company ^{(1) (2) (3)}
Footnotes Investment
Spread
Above
Reference
Rate ⁽⁴⁾

Interest
Rate ^{(4) (5)}
Maturity Date
Principal / Par Amount / Shares ⁽⁶⁾

Amortized Cost ⁽⁷⁾
Fair Value % of Net Assets
Alegeus Technology LLC (15) Senior Secured Loans - First Lien L+5.00% 6.26% 4/28/2023 998
988
988
0.4 %
Causeway Technologies UK(10)(11)(15) Senior Secured Loans - First Lien L+7.00% 8.22% 6/2/2024 £2,300 2,912
3,023
1.2 %
Cologix Holdings Senior Secured Loans - Second Lien L+7.00% 8.24% 3/20/2025 3,000
2,970
3,035
1.2 %

Cvent, Inc. Senior Secured Loans - First Lien L+4.00% 5.24% 11/29/2023 5,373
5,320
5,440
2.2 %
Cvent, Inc. (15) Senior Secured Loans - Second Lien L+10.00% 11.24% 5/29/2024 5,385
5,101
5,204
2.1 %
10,421
10,644
4.3 %

Epicor Software Cop. (15) Senior Secured Bonds L+8.25% 9.40% 5/21/2023 5,000
4,881
4,885
2.0 %
Greenway Health, LLC Senior Secured Loans - First Lien L+4.25% 5.58% 2/16/2024 7,980
7,906
8,020
3.2 %

Lytx, Inc. (13)(15) Senior Secured Loans - First Lien L+6.75% 7.99% 8/31/2023 6,632
6,474
6,470
2.6 %
Lytx, Inc. (Revolver) (8)(12)(13)(15)(18) Senior Secured Loans - First Lien L+6.75% N/A 8/31/2022 —
(45 ) (45 ) — %
6,429
6,425
2.6 %
��
Ministry Brands (13)(15) Senior Secured Loans - First Lien L+5.00% 6.23% 12/2/2022 976
966
971
0.4 %
Ministry Brands (Delayed Draw) (8)(12)(13)(15) Senior Secured Loans - First Lien L+5.00% 6.20% 12/2/2022 519
516
515
0.2 %
Ministry Brands (Delayed Draw) (13)(15) Senior Secured Loans - First Lien P+5.00% 8.25% 12/2/2022 53
53
53
— %
1,535
1,539
0.6 %

Onyx CenterSource (15) Senior Secured Loans - First Lien L+6.75% 8.09% 12/20/2021 7,179
7,150
7,150
2.9 %
Onyx CenterSource (Revolver) (8)(12)(13)(15) Senior Secured Loans - First Lien L+6.75% 8.09% 12/20/2021 44
3
9
— %
7,153
7,159
2.9 %

Planview, Inc. (15) Senior Secured Loans - First Lien L+5.25% 6.49% 1/18/2023 4,366
4,306
4,308
1.7 %
Planview, Inc. (15) Senior Secured Loans - Second Lien L+9.75% 10.99% 7/27/2023 4,388
4,324
4,329
1.7 %
8,630
8,637
3.4 %

PluralSight Holdings (13)(15) Senior Secured Loans - First Lien L+8.50% 9.84% 6/12/2023 5,794
5,694
5,694
2.3 %
PluralSight Holdings (Revolver) (8)(12)(13)(15)(18) Senior Secured Loans - First Lien L+8.50% N/A 6/12/2022 —
(30 ) (29 ) — %
5,664
5,665
2.3 %

Tritech Software Systems (15) Senior Secured Loans - First Lien L+4.50% 5.80% 4/3/2023 5,686
5,633
5,633
2.3 %
Tritech Software Systems (15) Senior Secured Loans - Second Lien L+8.50% 9.80% 10/17/2023 6,000
5,951
5,951
2.4 %
11,584
11,584
4.7 %
Total Technology 85,311
86,069
34.5 %

~~GUGGENHEIM CREDIT INCOME FUND~~

~~CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)~~

September 30, 2017 (in thousands)
Portfolio Company ^{(1) (2) (3)}
Footnotes Investment
Spread
Above
Reference
Rate ⁽⁴⁾

Interest
Rate ^{(4) (5)}
Maturity Date
Principal / Par Amount / Shares ⁽⁶⁾

Amortized Cost ⁽⁷⁾
Fair Value % of Net Assets
Telecommunications
Eco-Site (Delayed Draw) (8)(12)(13)(15) Senior Secured Loans - First Lien L+8.00% 9.29% 2/3/2022 9,643
9,472
9,450
3.8 %
Total Telecommunications 9,472
9,450
3.8 %
Utilities: Electric
BHI Energy (13)(15) Senior Secured Loans - Second Lien L+8.75% 9.98% 2/25/2025 6,000
5,880
5,970
2.4 %
Moxie Liberty LLC Senior Secured Loans - First Lien L+6.50% 7.83% 8/21/2020 2,959
2,902
2,646
1.1 %
Moxie Patriot LLC (15) Senior Secured Loans - First Lien L+5.75% 7.08% 12/21/2020 631
612
590
0.2 %
MRP Generation Holdings LLC (11)(15) Senior Secured Loans - First Lien L+7.00% 8.33% 10/18/2022 4,950
4,691
4,678
1.9 %
Panda Hummel LLC Senior Secured Loans - First Lien L+6.00% 7.24% 10/27/2022 655
634
606
0.2 %
PrimeLine Utility Services (13)(14)(15)(22) Senior Unsecured Debt N/A 16.00% 6/1/2020 2,108
2,076
2,075
0.8 %
Total Utilities: Electric 16,795
16,565
6.6 %
Total Debt Investments $ 375,139
$ 380,607
152.6 %

Equity investments - 0.2%
Beverage, Food & Tobacco
Blue Harvest Fisheries (Closed End Units) (13)(15)(17) Equity and Other N/A N/A —
$ 13
$ 13
— %
Total Beverage, Food & Tobacco 13
13
— %
Energy: Oil & Gas

BreitBurn Energy Partners LP (Preferred Equity)
(9)(11)(13)(15)(17)

Equity and Other N/A —% 251
$ 1,886
$ —
— %
SandRidge Energy Inc. (Common Equity) (11)(13)(17) Equity and Other N/A N/A 22
456
434
0.2 %
Total Energy: Oil & Gas 2,342
434
0.2 %
Total Equity Investments $ 2,355
$ 447
0.2 %

Total Investments - 152.8% (19) $ 377,494
$ 381,054
152.8 %

September 30, 2017 (in thousands)
Derivative Counterparty Settlement Date Amount Purchased Amount Sold
Amortized Cost ⁽⁷⁾
Fair Value % of Net Assets
Foreign Currency Forward Contracts ⁽¹⁹⁾

JPMorgan Chase Bank 10/12/2017 $713 €595 $ —
$ 9
— %
JPMorgan Chase Bank 10/12/2017 $23,810 €18,056 —
$ (394 ) (0.2 )%

~~GUGGENHEIM CREDIT INCOME FUND~~

~~CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)~~

~~_______________________~~


(1)	Security may be an obligation of one or more entities affiliated with the named portfolio company.


(2)	All debt and equity investments are income producing unless otherwise noted.

(3)

All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940 ~~Act; non-controlled/non-affiliated~~(the “1940 Act”). The provisions of the 1940 Act classify investments ~~are~~based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that ~~are neither controlled investments nor affiliated investments.~~we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.

(4)

The periodic interest rate for all floating rate loans is indexed to London Interbank Offered Rate ~~("LIBOR"~~(“LIBOR” or ~~"LIBO rate"~~“LIBOR rate”), (denoted as ~~"L"~~“L”), Euro Interbank Offered Rate (“EURIBOR”) (denoted as “E”), British Pound Sterling LIBOR (“GBP LIBOR”) (denoted as “G”), Secured Overnight Financing Rate (“SOFR”) (denoted as “S”), Sterling Overnight Index Average (“SONIA”) (denoted as “N”) or Prime Rate ~~denoted~~(denoted as ~~"P"~~“P”). Pursuant to the terms of the underlying credit agreements, the base interest rates typically reset annually, semi-annually, quarterly or monthly at the ~~borrower's~~borrower’s option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these floating rate loans, the Consolidated Schedule of Investments presents the applicable margin over LIBOR, EURIBOR, GBP LIBOR or Prime based on each respective credit agreement. ~~Unless otherwise noted the base interest rate floor (e.g.~~ ~~1.00%) for each floating rate loan indexed to LIBOR exceeded all of the relevant LIBOR indices as of the most recent interest rate reset date.~~ As of ~~September~~June 30, ~~2017, LIBO~~2023, LIBOR rates ranged between ~~1.23%~~5.21% for 1-month LIBOR to ~~1.33%~~5.76% for ~~3-month LIBOR.~~

6-month LIBOR and the SOFR rates ranged between 5.14% for 1-month SOFR to 5.39% for 6-month SOFR.


(5)	For portfolio companies with multiple interest rate contracts under a single credit agreement, the interest rate shown is a weighted average current interest rate in effect at ~~September~~June 30, ~~2017.~~2023.


(6)	Unless noted otherwise, the principal amount (par amount) for all debt securities is denominated in ~~thousands of~~ U.S. ~~Dollars.~~dollars. Equity investments are recorded as number of shares owned.


(7)	Cost represents amortized cost, inclusive of any capitalized paid-in-kind income (“PIK”), for debt securities, and cost plus capitalized PIK, if any, for preferred ~~stock; currency amounts are presented in thousands of U.S. Dollars.~~stock.

(8)

As of June 30, 2023, the aggregate gross unrealized appreciation for all securities, including foreign currency forward contracts, in which there was an excess of value over tax cost was $0.6 million; the aggregate gross unrealized depreciation for all securities, including foreign currency forward contracts, in which there was an excess of tax cost over value was $10.0 million; the net unrealized depreciation was $9.4 million; the aggregate cost of securities for Federal income tax purposes was $39.0 million.

~~(8)~~

(9)

The investment is either a delayed draw loan or a revolving credit facility whereby some or all of the investment commitment is undrawn as of ~~September~~June 30, ~~2017~~2023 (see Note 8. Commitments and Contingencies).

~~(9)~~(10)

The preferred stock investment contains a payment-in-kind ("PIK") provision, whereby the security issuer has the option to pay preferred dividends with the issuance of additional identical securities in the initial three year period after issuance. Since the initial investment date through March 2016, all dividend payments have been paid with the issuance of additional shares of preferred stock. The security issuer ceased paying PIK dividends in April 2016.


~~(10)~~	~~A portfolio company domiciled in a foreign country. The regulatory jurisdiction of security issuance may be a different country than the domicile of the portfolio company.~~


~~(11)~~	The investment is not a qualifying asset as defined in Section 55(a) of the 1940 Act. As of September 30, 2017, qualifying assets represented 82% of total assets. Under the 1940 Act we may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets.


~~(12)~~	~~Investment position or portion thereof unsettled as of September 30, 2017.~~


~~(13)~~	~~Security or portion thereof was not pledged as collateral supporting the amounts outstanding under a credit facility as of September 30, 2017; (see~~ ~~Note 7. Borrowings~~).


~~(14)~~	The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities. The interest rate in the schedule represents the current interest rate in effect for these investments. ~~Unless otherwise noted, interest rate is comprised entirely of PIK.~~

GUGGENHEIM CREDIT INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

	Coupon Rate	PIK Component			Cash Component	PIK Option
Galls LLC	S+7.42%		0.50	%	S+6.92%	The Portfolio Company may elect PIK up to 0.50%.
Galls LLC	S+7.20%		0.50	%	S+6.70%	The Portfolio Company may elect PIK up to 0.50%.
Polyvision Corp.	S+8.50%		2.00	%	S+6.50%	The Portfolio Company may elect PIK up to 2.00%.
Polyvision Corp.	S+8.50%		2.00	%	S+6.50%	The Portfolio Company may elect PIK up to 2.00%.
Polyvision Corp.	S+8.63%		2.00	%	S+6.63%	The Portfolio Company may elect PIK up to 2.00%.
Polyvision Corp.	S+8.63%		2.00	%	S+6.63%	The Portfolio Company may elect PIK up to 2.00%.
Permian Production Partners	S+8.11%		2.00	%	S+6.11%	The Portfolio Company may elect PIK up to 2.00%.


~~(15)~~(11)	Investments value was determined using significant unobservable inputs (see Note 2. Significant Accounting Policies).


~~(16)~~(12)	Investment was on non-accrual status as of September 30, 2017, meaning that the Company has ceased recognizing interest income on this investment. As of September 30, 2017, debt investments on non-accrual status represented 0.8% and 0.8% of total investments on an amortized cost basis and fair value basis, respectively.


~~(17)~~	~~Non-income producing security.~~


~~(18)~~	The negative fair value is the result of ~~the capitalized discount on the loan or~~ the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

~~(19)~~(13)

Investment was on non-accrual status as of June 30, 2023, meaning that the Master Fund has ceased recognizing interest income on these investments. As of ~~September~~June 30, ~~2017, the aggregate gross unrealized appreciation for all securities, including foreign currency forward contracts, in which there was~~2023, debt investments on non-accrual status represented 4.4% and 0.1% of total investments on an ~~excess of~~amortized cost basis and fair value over tax cost was $7.0 million; the aggregate gross unrealized depreciation for all securities, including foreign currency forward contracts, in which there was an excess of tax cost over value was $3.8 million; the net unrealized appreciation was $3.2 million; the aggregate cost of securities for Federal income tax purposes was $377.5 million.basis, respectively.


~~(20)~~	~~Interest rate is currently composed of 12.5% cash and 0% PIK. The portfolio company may elect PIK up to 1%.~~


~~(21)~~	~~Interest rate is currently composed of 4% cash and 6% PIK. The portfolio company may elect PIK up to 6%.~~


~~(22)~~	~~Interest rate is currently composed of 0% cash and 16% PIK. In year three, the PIK portion of the investment increases to 20%.~~

~~Abbreviations:~~

~~CN = Canada; UK = United Kingdom; IT = Italy~~

See Unaudited Notes to Consolidated Financial Statements.

GUGGENHEIM CREDIT INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2022 (in thousands)
Portfolio Company ^{(1) (2) (3)}	Footnotes	Investment	Spread Above Reference Rate ⁽⁴⁾	Interest Rate ^{(4) (5)}	Maturity Date	Principal / Par Amount / Shares ⁽⁶⁾		Amortized Cost ^{(7) (8)}		Fair Value		% of Net Assets

INVESTMENTS
Debt investments - 65.7%
Automotive
Accuride Corporation		Senior Secured Loans - First Lien	L+5.25%	9.98%	11/17/2023	$	4,095	$	4,072	$	3,490		5.7	%
Total Automotive									4,072		3,490		5.7	%
Beverage, Food & Tobacco
Checkers Holdings Inc		Senior Secured Loans - First Lien	L+4.25%	8.99%	4/25/2024		1,110		713		910		1.5	%
Total Beverage, Food & Tobacco									713		910		1.5	%
Chemicals, Plastics & Rubber
Drew Marine Group Inc.	(11)	Senior Secured Loans - First Lien	L+4.25%	8.98%	6/26/2026		965		957		944		1.5	%
Total Chemicals, Plastics & Rubber									957		944		1.5	%
Consumer Goods: Non-Durable
Galls LLC	(10)(11)	Senior Secured Loans - First Lien	L+7.25%	11.16%	1/31/2025		3,699		3,689		3,607		5.9	%
Galls LLC (Delayed Draw B)	(10)(11)	Senior Secured Loans - First Lien	L+7.25%	11.16%	1/31/2025		543		541		529		0.9	%
Galls LLC (Revolver)	(9)(11)	Senior Secured Loans - First Lien	L+6.75%	11.12%	1/31/2024		442		425		426		0.7	%
									4,655		4,562		7.5	%

Pure Fishing, Inc.		Senior Secured Loans - First Lien	L+4.50%	8.88%	12/19/2025		3,899		3,654		2,610		4.3	%
Total Consumer Goods: Non-Durable									8,309		7,172		11.8	%
Energy: Oil & Gas
Basic Energy Services Inc	(11)(13)	Senior Secured Bonds	N/A	N/A	10/15/2023		4,291		1,520		102		0.2	%
Permian Production Partners	(10)(11)	Senior Secured Loans - First Lien	L+8.00%	12.39%	11/23/2025		410		250		409		0.7	%
Total Energy: Oil & Gas									1,770		511		0.9	%
Hotel, Gaming & Leisure
ASM Global		Senior Secured Loans - First Lien	L+2.50%	6.91%	1/23/2025		2,281		2,279		2,228		3.6	%
Total Hotel, Gaming & Leisure									2,279		2,228		3.6	%
Metals & Mining
Polyvision Corp.	(10)(11)	Senior Secured Loans - First Lien	L+7.50%	11.07%	2/21/2026		3,555		3,520		3,271		5.3	%
Polyvision Corp.	(10)(11)	Senior Secured Loans - First Lien	L+7.50%	11.07%	2/21/2026		1,001		991		921		1.5	%
Polyvision Corp. (Delayed Draw)	(10)(11)	Senior Secured Loans - First Lien	L+7.50%	12.60%	2/21/2026		138		138		127		0.2	%
Polyvision Corp. (Revolver)	(9)(10)(11)	Senior Secured Loans - First Lien	L+7.50%	11.12%	8/21/2025		924		851		846		1.4	%
Total Metals & Mining									5,500		5,165		8.4	%

December 31, 2016 (in thousands)
Portfolio Company ^{(1) (2) (3)}
Footnotes Investment
Spread Above Reference Rate⁽⁴⁾

Interest
Rate ^{(4) (5)}
Maturity Date
Principal Amount / No. Shares ⁽⁶⁾

Amortized Cost ⁽⁷⁾
Fair Value % of Net Assets
INVESTMENTS
Debt investments - 154.3%
Aerospace & Defense
Advanced Integration Technology Senior Secured Loans - First Lien L+5.50% 6.50% 7/22/2021 7,980
$ 7,757
$ 8,020
4.5 %

National Technical Systems, Inc. (17) Senior Secured Loans - First Lien L+6.25% 7.25% 6/14/2021 4,092
4,052
3,990
2.2 %
National Technical Systems, Inc. (Delayed Draw) (8)(17)(20) Senior Secured Loans - First Lien L+6.25% 7.25% 6/11/2021 765
—
(19 ) — %
4,052
3,971
2.2 %

StandardAero Subordinated Debt N/A 10.00% 7/15/2023 2,380
2,367
2,505
1.4 %

Tronair Inc. Senior Secured Loans - First Lien L+4.75% 5.75% 9/8/2023 3,960
3,922
3,940
2.2 %
Tronair Inc. (17) Senior Secured Loans - Second Lien L+8.75% 9.75% 9/6/2024 4,000
3,864
3,864
2.2 %
7,786
7,804
4.4 %
Total Aerospace & Defense 21,962
22,300
12.5 %
Automotive
Accuride Corp. Senior Secured Loans - First Lien L+7.00% 8.00% 11/10/2023 12,000
11,580
11,760
6.7 %
BBB Industries, Inc. (17) Senior Secured Loans - First Lien L+5.00% 6.00% 11/3/2021 4,975
4,871
4,984
2.8 %

Humanetics (12)(17) Senior Secured Loans - First Lien L+6.00% 7.00% 7/12/2022 8,605
8,380
8,441
4.7 %
Humanetics (Revolver) (8)(12)(13)(17)(20) Senior Secured Loans - First Lien L+6.00% 7.00% 7/12/2022 400
(10 ) (8 ) — %
8,370
8,433
4.7 %

Mavis Tire Supply LLC (17) Senior Secured Loans - First Lien L+5.25% 6.25% 11/2/2020 2,955
2,921
2,923
1.6 %
Total Automotive 27,742
28,100
15.8 %
Banking, Finance, Insurance & Real Estate
C-III Capital Partners (11)(17) Senior Secured Loans - First Lien L+5.00% 6.00% 8/8/2021 3,120
3,076
3,077
1.7 %
C-III Capital Partners (11)(17) Senior Secured Loans - First Lien L+7.92% 8.92% 8/8/2021 4,680
4,504
4,507
2.5 %
7,580
7,584
4.2 %

Integro Insurance Brokers Senior Secured Loans - First Lien L+5.75% 6.75% 10/28/2022 2,771
2,674
2,743
1.5 %
Integro Insurance Brokers (Delayed Draw) Senior Secured Loans - First Lien L+5.75% 6.50% 10/7/2022 150
145
149
0.1 %
2,819
2,892
1.6 %
Total Banking, Finance, Insurance & Real Estate 10,399
10,476
5.8 %
Beverage, Food & Tobacco
Blue Harvest Fisheries (17) Senior Secured Loans - First Lien L+7.00% 8.00% 7/29/2022 6,866
6,769
6,770
3.8 %
Blue Harvest Fisheries (13)(15)(17) Subordinated Debt N/A 10.00% 8/17/2036 337
337
337
0.2 %
7,106
7,107
4.0 %

GUGGENHEIM CREDIT INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2022 (in thousands)
Portfolio Company ^{(1) (2) (3)}	Footnotes	Investment	Spread Above Reference Rate ⁽⁴⁾	Interest Rate ^{(4) (5)}	Maturity Date	Principal / Par Amount / Shares ⁽⁶⁾		Amortized Cost ^{(7) (8)}		Fair Value			% of Net Assets
Retail
Save-a-Lot		Senior Secured Loans - First Lien	S+7.25%	11.93%	6/30/2026		1,088		979		899			1.4	%
Save-a-Lot		Senior Secured Loans - First Lien	S+7.25%	11.93%	6/30/2026		466		261		385			0.6	%
Save-a-Lot		Senior Secured Loans - Second Lien	S+9.50%	14.18%	12/31/2026		794		445		484			0.8	%
Total Retail									1,685		1,768			2.8	%
Services: Business
HealthChannels, Inc.		Senior Secured Loans - First Lien	L+4.50%	8.88%	4/3/2025		1,907		1,892		1,350			2.2	%

Hersha Hospitality Management	(11)	Senior Secured Loans - First Lien	S+6.00%	9.81%	3/2/2026		4,765		4,681		4,692			7.6	%

PSI Services LLC (Revolver)	(9)(11)	Senior Secured Loans - First Lien	L+5.75%	10.16%	10/4/2025		298		298		277			0.5	%
PSI Services LLC (Delayed Draw)	(11)	Senior Secured Loans - First Lien	L+5.75%	10.16%	10/4/2026		176		176		163			0.3	%
PSI Services LLC (Delayed Draw)	(11)	Senior Secured Loans - First Lien	L+5.75%	10.16%	10/4/2026		416		416		386			0.6	%
PSI Services LLC	(11)	Senior Secured Loans - First Lien	L+5.75%	10.16%	10/16/2026		2,780		2,746		2,580			4.2	%
									3,636		3,406			5.6	%

YAK Access, LLC	(11)	Senior Secured Loans - Second Lien	L+10.00%	13.64%	7/10/2026		5,000		4,805		642			1.0	%
Total Services: Business									15,014		10,090			16.4	%
Technology
Allvue Systems (Revolver)	(9)(11)	Senior Secured Loans - First Lien	L+5.75%	10.48%	9/6/2024		105		92		100			0.2	%
Allvue Systems (Term Loan)	(11)	Senior Secured Loans - First Lien	L+5.75%	10.48%	9/4/2026		842		840		811			1.3	%
									932		911			1.5	%

Apptio, Inc.	(11)	Senior Secured Loans - First Lien	L+6.00%	10.81%	1/10/2025		4,900		4,873		4,882			8.0	%
Apptio, Inc. (Revolver)	(9)(11)	Senior Secured Loans - First Lien	L+6.00%	10.81%	12/3/2024		196		176		182			0.3	%
									5,049		5,064			8.3	%

Wide Orbit, Inc. (Revolver)	(9)(11)(12)	Senior Secured Loans - First Lien	N/A	N/A	7/8/2025		—		—		(4	)		—	%
Total Technology									5,981		5,971			9.8	%
Telecommunications
Firstlight Fiber		Senior Secured Loans - First Lien	L+3.50%	7.88%	7/23/2025		2,163		2,158		2,007			3.3	%
Total Telecommunications									2,158		2,007			3.3	%
Total Debt Investments								$	48,438	$	40,256			65.7	%
Equity investments - 0.6%
Energy: Oil & Gas
Permian Production Partners	(11)	Equity/Other	N/A	N/A			203,022		—		79			0.1	%
Total Energy: Oil & Gas									—		79			0.1	%
Retail
Save-a-Lot	(11)	Equity/Other	N/A	N/A			53,097		—		30			—	%
Total Retail									—		30			—	%

December 31, 2016 (in thousands)
Portfolio Company ^{(1) (2) (3)}
Footnotes Investment
Spread Above Reference Rate⁽⁴⁾

Interest
Rate ^{(4) (5)}
Maturity Date
Principal Amount / No. Shares ⁽⁶⁾

Amortized Cost ⁽⁷⁾
Fair Value % of Net Assets
Bumble Bee Seafoods (13)(15) Subordinated Debt N/A 9.63% 3/15/2018 1,240
1,231
1,206
0.7 %

Chefs' Warehouse, Inc. (11) Senior Secured Loans - First Lien L+4.75% 5.75% 6/22/2022 3,893
3,830
3,919
2.2 %
Chefs' Warehouse, Inc.(Delayed Draw) (11) Senior Secured Loans - First Lien L+4.75% 5.75% 6/22/2022 179
169
181
0.1 %
3,999
4,100
2.3 %

CTI Foods Senior Secured Loans - Second Lien L+7.25% 8.25% 6/28/2021 5,000
4,640
4,550
2.6 %
Give & Go Prepared Foods Corp. CN(10)(11) Senior Secured Loans - First Lien L+5.50% 6.50% 7/12/2023 7,980
7,829
8,010
4.5 %
KeHE Distributors, LLC Senior Secured Bonds N/A 7.63% 8/15/2021 500
494
497
0.3 %

Parts Town, LLC (17) Senior Secured Loans - First Lien L+6.50% 7.50% 6/23/2022 6,983
6,983
6,983
3.9 %
Parts Town, LLC (Revolver) (8)(13)(14)(17) Senior Secured Loans - First Lien P+5.50% 7.50% 6/23/2022 1,000
5
5
— %
6,988
6,988
3.9 %

Reddy Ice (14) Senior Secured Loans - First Lien L+5.50% 6.75% 5/1/2019 3,654
3,493
3,584
2.0 %
Total Beverage, Food & Tobacco 35,780
36,042
20.3 %
Construction & Building
Fiber Composites LLC (15)(17)(22) Senior Unsecured Debt 12.50% 12.50% 6/29/2022 5,430
5,321
5,410
3.0 %
Generation Brands Senior Secured Loans - First Lien L+5.00% 6.00% 6/7/2022 4,975
4,930
4,997
2.8 %
SiteOne Landscape Supply, Inc. Senior Secured Loans - First Lien L+4.50% 5.50% 4/29/2022 4,963
4,914
5,012
2.8 %
SRS Distribution Inc. Senior Secured Loans - Second Lien L+8.75% 9.75% 2/24/2023 5,000
4,907
5,167
2.9 %
Total Construction & Building 20,072
20,586
11.5 %
Consumer Goods: Non-Durable
Implus Footcare, LLC (17) Senior Secured Loans - First Lien L+6.00% 7.00% 4/30/2021 4,925
4,865
4,872
2.7 %
Implus Footcare, LLC (17) Senior Secured Loans - First Lien L+6.25% 7.25% 4/30/2021 955
941
953
0.5 %
5,806
5,825
3.2 %
Total Consumer Goods: Non-Durable 5,806
5,825
3.2 %
Containers, Packaging & Glass
Bioplan USA, Inc.
Senior Secured Loans - First Lien L+4.75% 5.75% 9/23/2021 5,960
5,310
5,766
3.2 %
Pelican Products, Inc.
Senior Secured Loans - First Lien L+4.25% 5.25% 4/10/2020 5,018
4,833
5,002
2.8 %
Total Containers, Packaging & Glass 10,143
10,768
6.0 %
Energy: Oil & Gas
BreitBurn Energy Partners LP (11)(17)(18) Senior Secured Bonds N/A —% 5/18/2020 3,250
3,152
3,023
1.7 %

Ferrellgas, L.P. (11) Senior Unsecured Debt N/A 6.50% 5/1/2021 350
330
347
0.2 %
Ferrellgas, L.P. (11) Senior Unsecured Debt N/A 6.75% 1/15/2022 1,800
1,707
1,782
1.0 %
Ferrellgas, L.P. (11) Senior Unsecured Debt N/A 6.75% 6/15/2023 1,355
1,254
1,331
0.7 %
3,291
3,460
1.9 %

GUGGENHEIM CREDIT INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2022 (in thousands)
Portfolio Company ^{(1) (2) (3)}	Footnotes	Investment	Spread Above Reference Rate ⁽⁴⁾	Interest Rate ^{(4) (5)}	Maturity Date	Principal / Par Amount / Shares ⁽⁶⁾		Amortized Cost ^{(7) (8)}		Fair Value		% of Net Assets
Technology
Wide Orbit (Warrants)	(11)	Equity/Other	N/A	N/A			96,480		—		276		0.5	%
Total Technology									—		276		0.5	%
Total Equity Investments								$	—	$	385		0.6	%

Total Investments - 66.3%								$	48,438	$	40,641		66.3	%

December 31, 2022 (in thousands)
Derivative Counterparty	Settlement Date	Amount Purchased		Amount Sold		Amortized Cost ^{(7) (8)}		Fair Value		% of Net Assets
Foreign Currency Forward Contracts
JPMorgan Chase Bank	1/17/2023	$	3,045	£	2,457		—	$	73		0.1	%
								$	73		0.1	%

December 31, 2016 (in thousands)
Portfolio Company ^{(1) (2) (3)}
Footnotes Investment
Spread Above Reference Rate⁽⁴⁾

Interest
Rate ^{(4) (5)}
Maturity Date
Principal Amount / No. Shares ⁽⁶⁾

Amortized Cost ⁽⁷⁾
Fair Value % of Net Assets

SandRidge Energy Inc. (11)(13) Subordinated Debt N/A —% 10/3/2020 226
254
282
0.2 %
Total Energy: Oil & Gas 6,697
6,765
3.8 %
Healthcare & Pharmaceuticals
Alltech (16)(17) Subordinated Debt L+6.75% 7.75% 7/9/2023 15,003
14,799
14,805
8.3 %
American Academy Holdings, LLC (17) Senior Secured Loans - First Lien L+5.25% 6.25% 5/17/2021 4,484
4,444
4,445
2.5 %
Hanger, Inc. (11) Senior Unsecured Debt N/A 11.50% 8/1/2019 4,000
3,929
4,000
2.2 %
WIRB-Copernicus Group (17) Senior Secured Loans - Second Lien L+9.00% 10.00% 8/12/2022 8,000
7,850
7,849
4.4 %
Total Healthcare & Pharmaceuticals 31,022
31,099
17.4 %
Hotel, Gaming & Leisure
Bay Club Company Senior Secured Loans - First Lien L+6.50% 7.50% 8/24/2022 6,517
6,330
6,574
3.7 %
Bay Club Company (Bridge Loan) Senior Secured Loans - First Lien L+6.50% 7.50% 8/24/2017 1,450
1,430
1,443
0.8 %
7,760
8,017
4.5 %
Total Hotel, Gaming & Leisure 7,760
8,017
4.5 %
Media: Advertising, Printing & Publishing
Dominion Marine Media (17) Senior Secured Loans - First Lien L+5.75% 6.75% 9/9/2022 7,000
6,922
6,922
3.9 %
Dominion Marine Media (Revolver) (8)(12)(13)(17)(20) Senior Secured Loans - First Lien L+5.75% 6.75% 8/10/2021 1,000
(118 ) (11 ) — %
6,804
6,911
3.9 %
Total Media: Advertising, Printing & Publishing 6,804
6,911
3.9 %
Media: Broadcasting & Subscription
ProQuest LLC Senior Secured Loans - Second Lien L+9.00% 10.00% 12/15/2022 1,312
1,286
1,273
0.7 %
Media: Broadcasting & Subscription 1,286
1,273
0.7 %
Metals & Mining
New Day Aluminum LLC (15)(17)(23) Senior Secured Bonds N/A 10.00% 10/28/2020 24
—
24
— %
Total Metals & Mining —
24
— %
Retail
Belk Inc. Senior Secured Loans - First Lien L+4.75% 5.75% 12/12/2022 4,464
3,987
3,865
2.2 %

Med Intermediate (MyEyeDr) (17) Senior Secured Loans - First Lien L+6.25% 7.25% 8/14/2021 4,841
4,796
4,803
2.7 %
Med Intermediate (MyEyeDr) (Delayed Draw) (8)(12)(17)(20) Senior Secured Loans - First Lien L+6.25% 7.25% 8/16/2021 1,631
(24 ) (13 ) — %
Med Intermediate (MyEyeDr) (Term Loan B) (17) Senior Secured Loans - First Lien L+6.25% 7.25% 8/16/2021 1,269
1,248
1,256
0.7 %
6,020
6,046
3.4 %

Pet Holdings ULC CN(10)(11) Senior Secured Loans - First Lien L+5.50% 6.50% 6/1/2023 4,489
4,419
4,506
2.5 %
Pet Holdings ULC (Delayed Draw) CN(8)(10)(11) Senior Secured Loans - First Lien L+5.50% 6.50% 6/1/2023 500
—
2
— %
4,419
4,508
2.5 %

~~GUGGENHEIM CREDIT INCOME FUND~~

~~CONSOLIDATED SCHEDULE OF INVESTMENTS~~

December 31, 2016 (in thousands)
Portfolio Company ^{(1) (2) (3)}
Footnotes Investment
Spread Above Reference Rate⁽⁴⁾

Interest
Rate ^{(4) (5)}
Maturity Date
Principal Amount / No. Shares ⁽⁶⁾

Amortized Cost ⁽⁷⁾
Fair Value % of Net Assets
Total Retail 14,426
14,419
8.1 %
Services: Business
MDC Partners Inc. (11) Subordinated Debt N/A 6.50% 5/1/2024 925
816
833
0.5 %
Ryan LLC Senior Secured Loans - First Lien L+5.75% 6.75% 8/7/2020 1,989
1,966
1,978
1.1 %
Total Services: Business 2,782
2,811
1.6 %
Technology
Advanced Computer Software UK(10)(11) Senior Secured Loans - Second Lien L+9.50% 10.50% 1/31/2023 4,100
3,734
3,726
2.1 %

Cvent, Inc. Senior Secured Loans - First Lien L+5.00% 6.00% 6/16/2023 5,400
5,340
5,468
3.1 %
Cvent, Inc. (17) Senior Secured Loans - Second Lien L+10.00% 11.00% 5/29/2024 5,385
5,070
5,184
2.9 %
10,410
10,652
6.0 %

Epicor Software Corp. (17) Senior Secured Bonds L+8.25% 9.25% 5/21/2023 5,000
4,869
4,885
2.7 %
GlobalLogic Holdings Inc. Senior Secured Loans - First Lien L+4.50% 5.50% 6/30/2022 857
844
858
0.5 %

Greenway Health, LLC Senior Secured Loans - First Lien L+5.00% 6.00% 11/4/2020 4,812
4,636
4,788
2.7 %
Greenway Health, LLC Senior Secured Loans - Second Lien L+8.25% 9.25% 11/4/2021 5,000
4,791
4,875
2.7 %
9,427
9,663
5.4 %

Onyx CenterSource (17) Senior Secured Loans - First Lien L+6.75% 7.75% 12/20/2021 7,233
7,199
7,199
4.1 %
Onyx CenterSource (Revolver) (8)(13)(17)(20) Senior Secured Loans - First Lien L+6.75% 7.75% 12/20/2021 329
(41 ) (2 ) — %
7,158
7,197
4.1 %

Planview, Inc. (17) Senior Secured Loans - Second Lien L+9.50% 10.50% 8/9/2022 8,000
7,848
7,852
4.4 %
QLIK Technologies Inc. (11)(17) Senior Secured Loans - First Lien L+8.25% 9.25% 8/22/2022 7,980
7,820
7,835
4.4 %

TIBCO Software Inc. Senior Secured Loans - First Lien L+5.50% 6.50% 12/4/2020 1,714
1,721
1,724
1.0 %
TIBCO Software Inc. Subordinated Debt N/A 11.38% 12/1/2021 660
670
660
0.4 %
2,391
2,384
1.4 %
Total Technology 54,501
55,052
31.0 %
Utilities: Electric
Moxie Liberty LLC Senior Secured Loans - First Lien L+6.50% 7.50% 8/21/2020 2,981
2,910
2,948
1.7 %
Moxie Patriot LLC Senior Secured Loans - First Lien L+5.75% 6.75% 12/21/2020 636
613
633
0.4 %
3,523
3,581
2.1 %

MRP Generation Holdings LLC (11) Senior Secured Loans - First Lien L+7.00% 8.00% 10/18/2022 4,988
4,695
4,950
2.8 %
Panda Hummel LLC Senior Secured Loans - First Lien L+6.00% 7.00% 10/27/2022 2,700
2,605
2,604
1.5 %
Terraform Global Operating LLC (11) Senior Secured Bonds N/A 9.75% 8/15/2022 3,000
2,890
3,202
1.8 %
Total Utilities: Electric 13,713
14,337
8.2 %

Total Debt Investments $ 270,895
$ 274,805
154.3 %

~~GUGGENHEIM CREDIT INCOME FUND~~

~~CONSOLIDATED SCHEDULE OF INVESTMENTS~~

December 31, 2016 (in thousands)
Portfolio Company ^{(1) (2) (3)}
Footnotes Investment
Spread Above Reference Rate⁽⁴⁾

Interest
Rate ^{(4) (5)}
Maturity Date
Principal Amount / No. Shares ⁽⁶⁾

Amortized Cost ⁽⁷⁾
Fair Value % of Net Assets

Equity Investments - 0.2%
Beverage, Food & Tobacco
Blue Harvest Fisheries (Closed End Units) (13)(17)(19) Equity and Other N/A N/A —
13
13
— %
Total Beverage, Food & Tobacco 13
13
— %
Energy: Oil & Gas
BreitBurn Energy Partners LP (Preferred Equity) (9)(11)(13)(17)(19) Equity and Other N/A 8.00% 251
1,886
40
— %
SandRidge Energy Inc. (Common Equity) (11)(13)(19) Equity and Other N/A N/A 10
202
226
0.2 %
Total Energy: Oil & Gas 2,088
266
— %

Total Equity Investments $ 2,101
$ 279
— %

TOTAL INVESTMENTS - 154.5% (21) $ 272,996
$ 275,084
154.3 %

December 31, 2016 (in thousands)
Derivative Counterparty Settlement Date Amount Purchased Amount Sold
Amortized Cost ⁽⁷⁾
Fair Value % of Net Assets
Foreign Currency Forward Contracts ⁽²¹⁾

JPMorgan Chase Bank 1/12/2017 $615 €592 $ (8 ) — %

~~GUGGENHEIM CREDIT INCOME FUND~~

~~CONSOLIDATED SCHEDULE OF INVESTMENTS~~

~~______________________~~


(1)	Security may be an obligation of one or more entities affiliated with the named portfolio company.


(2)	All debt and equity investments are income producing unless otherwise noted.

(3)

(4)

The periodic interest rate for all floating rate loans is indexed to London Interbank Offered Rate ~~("LIBOR"~~(“LIBOR” or ~~"LIBO rate"~~“LIBOR rate”), (denoted as ~~"L"~~“L”), Euro Interbank Offered Rate (“EURIBOR”) ~~unless otherwise noted (i.e. PRIME)~~(denoted as “E”), British Pound Sterling LIBOR (“GBP LIBOR”) (denoted as “G”), Secured Overnight Financing Rate (“SOFR”) (denoted as “S”), Sterling Overnight Index Average (“SONIA”) (denoted as “N”) or Prime Rate (denoted as “P”). Pursuant to the terms of the underlying credit agreements, the base interest rates typically reset annually, semi-annually, quarterly or monthly at the ~~borrower's~~borrower’s option. The borrower may also elect to have multiple interest reset periods for each loan. For each of these floating rate loans, the Consolidated Schedule of Investments presents the applicable margin over LIBOR, EURIBOR, GBP LIBOR or Prime based on each respective credit agreement. ~~Unless otherwise noted the base interest rate floor (e.g. 1.00%) for each floating rate loan indexed to LIBOR exceeded all of the relevant LIBOR indices as of the most recent interest rate reset date.~~ As of December 31, ~~2016, LIBO~~2022, LIBOR rates ranged between ~~0.77%~~4.39% for 1-month LIBOR to ~~1.32%~~5.14% for 6-month LIBOR.


(5)	For portfolio companies with multiple interest rate contracts under a single credit agreement, the interest rate shown is a weighted average current interest rate in effect at December 31, ~~2016.~~2022.


(6)	Unless noted otherwise, the principal amount (par amount) for all debt securities is denominated in ~~thousands of~~ U.S. ~~Dollars.~~dollars. Equity investments are recorded as number of shares owned.


(7)	Cost represents amortized cost, inclusive of any capitalized paid-in-kind income (“PIK”), for debt securities, and cost plus capitalized PIK, if any, for preferred ~~stock; currency amounts are presented in thousands of U.S. Dollars.~~ stock.

(8)

As of December 31, 2022, the aggregate gross unrealized appreciation for all securities, including foreign currency forward contracts, in which there was an excess of value over tax cost was $1.0 million; the aggregate gross unrealized depreciation for all securities, including foreign currency forward contracts, in which there was an excess of tax cost over value was $10.3 million; the net unrealized depreciation was $9.3 million; the aggregate cost of securities for Federal income tax purposes was $50.0 million.

~~(8)~~

(9)

The investment is either a delayed draw loan or a revolving credit facility whereby some or all of the investment commitment is undrawn as of December 31, ~~2016~~2022 (see Note 8. Commitments and Contingencies).

~~(9)~~(10)

The preferred stock investment contains a PIK provision, whereby the security issuer has the option to pay preferred dividends with the issuance of additional identical securities in the initial three year period after issuance. Since the initial investment date through March 2016, all dividend payments have been paid with the issuance of additional shares of preferred stock. The security issuer ceased paying PIK dividends in April 2016.


~~(10)~~	~~A portfolio company domiciled in a foreign country. The regulatory jurisdiction of security issuance may be a different country than the domicile of the portfolio company.~~


~~(11)~~	The investment is not a qualifying asset as defined in Section 55(a) of the 1940 Act. As of December 31, 2016, qualifying assets represented 82% of total assets. Under the 1940 Act we may not acquire any non-qualifying assets unless, at the time the acquisition is made, qualifying assets represent at least 70% of our total assets.


~~(12)~~	~~Investment position or portion thereof unsettled as of December 31, 2016.~~


~~(13)~~	~~Security or portion thereof was not pledged as collateral supporting the amounts outstanding under a credit facility as of December 31, 2016; (see~~ ~~Note 7. Borrowings~~).


~~(14)~~	The base interest rate on these investments, or a portion thereof, was based on PRIME rate, which as of December 31, 2016 was 3.75%. The current base interest rate for these investments may be different from the reference rate on December 31, 2016.


~~(15)~~	The underlying credit agreement or indenture contains a PIK provision, whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities. The interest rate in the schedule represents the current interest rate in effect for these investments. ~~Unless otherwise noted, interest rate is comprised entirely of PIK.~~

GUGGENHEIM CREDIT INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

	Coupon Rate	PIK Component			Cash Component	PIK Option
Galls LLC	L+7.25%		0.50	%	L+6.75%	The Portfolio Company may elect PIK up to 0.50%.
Galls LLC	L+7.25%		0.50	%	L+6.75%	The Portfolio Company may elect PIK up to 0.50%.
Polyvision Corp.	L+7.50%		1.00	%	L+6.50%	The Portfolio Company may elect PIK up to 1.00%.
Polyvision Corp.	L+7.50%		1.00	%	L+6.50%	The Portfolio Company may elect PIK up to 1.00%.
Polyvision Corp.	L+7.50%		1.00	%	L+6.50%	The Portfolio Company may elect PIK up to 1.00%.
Polyvision Corp.	L+7.50%		1.00	%	L+6.50%	The Portfolio Company may elect PIK up to 1.00%.
Permian Production Partners	L+8.00%		2.00	%	L+6.00%	The Portfolio Company may elect PIK up to 2.00%.


~~(16)~~(11)	~~Investment or a portion thereof is denominated in a currency other than U.S. Dollars.~~


~~(17)~~	Investments value was determined using significant unobservable inputs (see Note 2. Significant Accounting Policies).


~~(18)~~(12)	Investment was on non-accrual status as of December 31, 2016, meaning that the Company has ceased recognizing interest income on these investments. As of December 31, 2016, debt investments on non-accrual status represented 1.2% and 1.1% of total investments on an amortized cost basis and fair value basis, respectively.


~~(19)~~	~~Non-income producing security.~~


~~(20)~~	The negative fair value is the result of ~~the capitalized discount on the loan or~~ the unfunded commitment being valued below par. The negative amortized cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan.

~~(21)~~(13)

Investment was on non-accrual status as of December 31, 2022, meaning that the Master Fund has ceased recognizing interest income on these investments. As of December 31, ~~2016, the aggregate gross unrealized appreciation for all securities, including foreign currency forward contracts, in which there was~~2022, debt investments on non-accrual status represented 3.1% and 0.3% of total investments on an ~~excess of~~amortized cost basis and fair value over tax cost was $4.4 million; the aggregate gross unrealized depreciation for all securities, including foreign currency forward contracts, in which there was an excess of tax cost over value was $2.3 million; the net unrealized appreciation was $2.1 million, the aggregate cost of securities for Federal income tax purposes was $273.0 million.basis, respectively.


~~(22)~~	~~Interest rate is currently composed of 12.5% cash and 0% PIK. The portfolio company may elect PIK up to 1%.~~


~~(23)~~	~~Interest rate is currently composed of 4% cash and 6% PIK. The portfolio company may elect PIK up to 6%~~

~~Abbreviations:~~

~~CN = Canada; UK = United Kingdom~~

~~PIK = Payment-In-Kind~~

See Unaudited Notes to Consolidated Financial ~~Statements~~

Statements.

~~Notes to Consolidated Financial Statements (Unaudited)~~

GUGGENHEIM CREDIT INCOME FUND

NOTES TO CONSOLIDATED 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, formerly known as Carey~~ Credit Income Fund (the “Master Fund”) was formed as a Delaware statutory trust on September 5, 2014. The Master ~~Fund's~~Fund’s investment objectives are to provide its shareholders with current income, capital preservation and, to a lesser extent, long-term capital appreciation by investing primarily in privately-negotiated loans to private middle market ~~U.S.~~United States (U.S.) companies. On April 1, 2015, the Master Fund elected to be regulated as a business development company ~~("BDC"~~(“BDC”) under the Investment Company Act of 1940, as amended (the ~~"1940 Act"~~“1940 Act”). The Master Fund commenced investment operations on April 2, 2015.

~~From inception through September 10, 2017,~~ The Master Fund serves as the master fund in a master fund/feeder fund structure. The Master Fund issues its shares (“Shares” or “Common Shares”) to one or more affiliated feeder funds in a continuous series of private placement transactions.

In accordance with the offering documents and the intention of Guggenheim Credit Income Fund 2016 T (“GCIF 2016T”) and Guggenheim Credit Income Fund 2019 (“GCIF 2019”) (together, the “Feeder Funds”) to provide substantial shareholder liquidity, the Boards of Trustees of the Master Fund ~~was externally managed by Carey Credit Advisors, LLC ("CCA"), an affiliate~~and the Feeder Funds approved respective Plans of ~~W. P. Carey Inc. ("WPC"~~Liquidation for each company on March 30, 2021 (each, a “Liquidation Plan”),. In accordance with the Liquidation Plans, the Board has declared multiple liquidating distributions. These distributions have been substantially composed of return of capital and have decreased the net asset value of the Master Fund and Feeder Funds. As such, the value on shareholder’s investment statements has decreased as liquidating distributions have been paid.

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 company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

Guggenheim Partners Investment Management, LLC ~~("Guggenheim"~~(“Guggenheim” or the ~~"Advisor"~~“Advisor”)~~, which were~~ 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.

On August 10, 2017, CCA resigned as the Master Fund's investment advisor and administrator, and the Master Fund's board of trustees (the "Board" or "Board of Trustees") selected Guggenheim to perform the Master Fund's investment advisory and administrative responsibilities, both events concurrently effective September 11, 2017. As of September 30, 2017 Guggenheim serves as investment advisor pursuant to an interim investment advisory agreement which commenced on September 11, 2017. The Board set a shareholder meeting date of October 20, 2017 and a record date of August 25, 2017 for Master Fund shareholders to consider the approval of a new investment advisory agreement between Guggenheim and the Master Fund.

The Master Fund serves as the master fund in a master/feeder fund structure. The Master Fund issues its Common Shares to one or more affiliated Feeder Funds in a continuous series of private placement transactions.

~~As of September 30, 2017, the Master Fund had one wholly owned subsidiary,~~2022, Hamilton Finance LLC ~~("Hamilton"~~(“Hamilton”), a previous, wholly-owned, special purpose financing subsidiary ~~organized for~~of the ~~purpose of arranging secured debt financing, entering into credit agreements, and borrowing money to invest in portfolio companies.~~

Master Fund was dissolved.

Note 2. Significant Accounting Policies

Basis of Presentation

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

The Master ~~Fund's~~Fund’s interim consolidated financial statements have been prepared pursuant to the requirements for reporting on Form 10-Q and the disclosure requirements as 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"~~(“GAAP”). In the opinion of management, the unaudited consolidated 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.

Notes to Consolidated Financial Statements (UNAUDITED)

Principles of Consolidation

As provided under ASC 946, the Master Fund will generally not consolidate its investment in a company other than an investment in an investment company or an operating company whose business consists of providing substantially all of its services to the benefit of the Master Fund. Accordingly, the Master Fund consolidated the results of its wholly-owned subsidiary in its consolidated financial statements. All intercompany balances and transactions have been eliminated.

~~Reclassifications~~

~~Certain prior period amounts have been reclassified to conform to the current presentation, with no effect on our financial condition, results of operations or cash flows.~~

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

and Cash Equivalents

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

~~Notes to Consolidated Financial Statements (Unaudited)~~

~~Restricted~~

Cash

~~Restricted cash consists~~ equivalents include short-term, highly liquid instruments with an original maturity of ~~cash collateral that has been pledged to cover obligations~~three months or less. As of June 30, 2023, the Master ~~Fund according to its derivative contracts and demand deposits~~Fund’s cash equivalents of $4.4 million were held atin a ~~major~~ U.S. ~~financial institution on behalf~~Bank money market deposit account. As of ~~Hamilton. Hamilton may be restricted in the distribution of cash to~~December 31, 2022, the Master ~~Fund, as governed by~~Fund’s cash equivalents of $25.2 million were held in a U.S. Bank money market deposit account. The U.S. Bank money market deposit account is considered a Level 1 security within the ~~terms of the Hamilton Credit Facility (see~~ ~~Note 7. Borrowings). Management believes the credit risk related to its demand deposits is minimal.~~

fair value hierarchy. Cash and cash equivalents, at times, may exceed federal insured limits.

Valuation of Investments

The Master Fund measures the value of its investments in accordance with ASC Topic 820 - — Fair Value Measurement (“ASC 820”), issued by the FASB. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable and willing and able to transact. In accordance with ASC 820, the Master Fund considers its principal market to be the market that has the greatest volume and level of activity.

ASC 820 defines hierarchical levels directly related to the amount of subjectivity associated with the inputs used to determine fair values of assets and liabilities. The hierarchical levels and types of inputs used to measure fair value for each level are described as follows:

Level 1 - Quoted prices are available in active markets for identical investments as of the reporting date. Publicly listed equities and debt securities, publicly listed derivatives, money market/short-term investment funds and foreign currency are generally included in Level 1. The Master Fund does not adjust the quoted price for these investments.

Level 2 - Valuation inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. In certain cases, debt and equity securities are valued on the basis of prices from orderly transactions for similar investments in active markets between market participants and provided by reputable dealers or independent pricing services. In determining the value of a particular investment, independent pricing services may use certain information with respect to transactions in such investments, quotations from multiple dealers or brokers, pricing matrices, market transactions in comparable investments and various relationships between investments. Investments generally included in this category are corporate bonds and loans.

Notes to Consolidated Financial Statements (UNAUDITED)

Level 3 - Valuation inputs are unobservable for the investment and include situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant judgment or estimation. Investments generally included in this category are illiquid corporate bonds and loans and preferred stock investments that lack observable market pricing.

In certain cases, the inputs used to measure fair value may fall within different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Depending on the relative liquidity in the markets for certain investments, the Master Fund may transfer assets to Level 3 if it determines that observable quoted prices, obtained directly or indirectly, are severely limited, or not available, or otherwise not reliable. The Master Fund’s assessment of the significance of a particular input to the fair value measurement requires judgment, and the consideration of factors specific to the investment.

Investments for which market quotations are readily available are valued using market quotations, which are generally obtained from independent pricing services, broker-dealers or market makers. With respect to the Master Fund’s portfolio investments for which market quotations are not readily available, the Master Fund’s board of trustees (“Board of ~~Trustees~~Trustees”), including our trustees who are not “interested persons” as defined in the 1940 Act (the “Independent Trustees”), is responsible for determining in good faith the fair value of the Master Fund’s portfolio investments in accordance with the valuation policy and procedures approved by the Board of ~~Trustees, based on, among other things,~~Trustees. Pursuant to Rule 2a-5 under the ~~input of Guggenheim and management, its audit committee, and independent third-party valuation firms. The Master Fund and~~1940 Act (“Rule 2a-5”), the Board of Trustees ~~conduct their~~has designated the Advisor as the valuation designee to perform fair valuation determinations for the Master Fund with respect to all Fund investments and/or other assets. The Advisor conducts a fair value determination process on a quarterly basis and any other time when a decision regarding the fair value of the portfolio investments is required.

The U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 2a-5 which establishes requirements for determining fair value in good faith and became effective September 8, 2022. Rule 2a-5 also defines when “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

The valuation techniques used by the Master Fund for the assets that are classified as Level 3 in the fair value hierarchy are described below.

Senior Debt and Subordinated Debt: Senior debt and subordinated debt investments are valued at initial transaction price and are subsequently valued using (i) market data for similar instruments (e.g., recent transactions or indicative broker quotes), and/or (ii) valuation models. Valuation models may be based on investment yield analysis and discounted cash flow techniques, where the key inputs include risk-adjusted discount rates and required rates of return, based on the analysis of similar debt investments issued by similar issuers.

Equity/Other Investments: Equity/other investments are valued at initial transaction price and are subsequently valued using valuation models in the absence of readily observable market prices. Valuation models are generally based on (i) market and income (discounted cash flow) approaches, in which various internal and external factors are considered, and (ii) earnings before interest, taxes, depreciation and amortization ~~("EBITDA"~~(“EBITDA”) multiples analysis. Factors include key financial inputs and recent public and private transactions for comparable investments. Key inputs used for the discounted

~~Notes to Consolidated Financial Statements (Unaudited)~~

cash flow approach include the weighted average cost of capital and investment terminal values derived from EBITDA multiples. An illiquidity discount may be applied where appropriate.

The Master Fund utilizes several valuation techniques that use unobservable pricing inputs and assumptions in determining the fair value of its Level 3 investments. The valuation techniques, as well as the key unobservable inputs that have a significant impact on the Master Fund’s investments classified and valued as Level 3 in the valuation hierarchy, are described in Note 5. Fair Value of Financial Instruments. The unobservable inputs and assumptions may differ by asset and in the application of the Master Fund’s valuation methodologies. The reported fair value estimates could vary materially if the Master Fund had chosen to incorporate different unobservable pricing inputs and assumptions.

Notes to Consolidated Financial Statements (UNAUDITED)

The determination of fair value involves subjective judgments and estimates. Due to the inherent uncertainty of determining the fair value of portfolio investments that do not have a readily available market value, the fair value of investments may differ materially from the values that would have been determined had a readily available market value existed for such investments. Further, such investments are generally less liquid than publicly traded securities. If the Master Fund was required to liquidate a portfolio investment that does not have a readily available market value in a forced or liquidation sale, the Master Fund could realize significantly less value than the value recorded by the Master Fund.

Security Transactions and Realized/Unrealized Gains or Losses

Investments purchased on a secondary market basis are recorded on the trade date. Loan originations are recorded on the funding date. All investments sold are derecognized on the trade date. The Master Fund measures realized gains or losses from the repayment or sale of investments using the specific lot identification method. Realized gains or losses are measured by the difference between (i) the net proceeds from the repayment or sale, inclusive of any prepayment premiums and (ii) the amortized cost basis of the investment without regard to unrealized appreciation or depreciation previously recognized and include investments charged off during the period, net of recoveries. Unrealized appreciation or depreciation primarily measures the change in investment values, including the reversal of previously recorded unrealized appreciation or depreciation when gains or losses are realized. The amortized cost basis of investments includes (i) the original cost, net of original issue discount and loan origination fees, if any, and (ii) adjustments for the accretion/amortization of market discounts and premiums. The Master Fund reports changes in fair value of investments as net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.

Interest Income

Interest income is recorded on an accrual basis and includes amortization of premiums to par value and accretion of discounts to par value. Discounts and premiums to par value on securities purchased are accreted/amortized into interest income over the life of the respective security using the effective interest ~~method.~~method, or straight-line method, as applicable. Loan origination, closing and other fees received by the Master Fund directly or indirectly from borrowers in connection with the closing of investments are accreted over the contractual life of the debt investment as interest income based on the effective interest method.

Certain of the Master Fund’s investments in debt securities may contain a contractual payment-in-kind (“PIK”) interest provision. The PIK provisions generally feature the obligation, or the option, at each interest payment date of making interest payments in (i) cash, (ii) additional securities or (iii) a combination of cash and additional securities. PIK interest, computed at the contractual rate specified in the investment’s credit agreement, is accrued as interest income and recorded as interest receivable up to the interest payment date. On the interest payment date, the Master Fund will capitalize the accrued interest receivable attributable to PIK as additional principal due from the borrower. When additional PIK securities are received on the interest payment date, they typically have the same terms, including maturity dates and interest rates, as the original securities issued. PIK interest generally becomes due on the ~~investment's~~investment’s maturity date or call date.

If the portfolio ~~company's~~company’s valuation indicates the value of the PIK security is not sufficient to cover the contractual PIK interest, the Master Fund will not accrue additional PIK interest income and will record an allowance for any accrued PIK interest receivable as a reduction of interest income in the period the Master Fund determines it is not collectible.

Debt securities are placed on non-accrual status when principal or interest payments are at least 90 days past due or when there is reasonable doubt that principal or interest will be collected. Generally, accrued interest is reversed against interest income when a debt security is placed on non-accrual status. Interest payments received on debt securities on non-accrual status may be recognized as interest income or applied to principal based on management’s judgment. Debt securities on non-accrual status are restored to accrual status when past due principal and interest are paid, and, in management’s judgment, such securities are likely to remain current on interest payment obligations. The Master Fund may make exceptions to this treatment if the debt security has sufficient collateral value and is in the process of collection.

Notes to Consolidated Financial Statements (UNAUDITED)

Dividend Income

Dividend income on preferred equity securities is recorded as dividend income on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Each distribution received from limited liability company (“LLC”) and limited partnership (“LP”) equity investments is evaluated to determine if the distribution should be recorded as dividend income or a return of capital. Generally, the Master Fund will not

~~Notes to Consolidated Financial Statements (Unaudited)~~

record distributions from equity investments in LLCs and LPs as dividend income unless there are sufficient accumulated tax basis earnings and profits in the LLC or LP prior to the distribution. Distributions that are classified as a return of capital are recorded as a reduction in the cost basis of the investment.

Fee Income

Guggenheim, or its affiliates, may provide financial advisory services to portfolio companies and in return may receive fees for capital structuring services. Guggenheim is obligated to remit to the Master Fund any earned capital structuring fees based on the pro rata portion of the Master Fund’s investment in originated co-investment transactions. These fees are generally non-recurring and are recognized as fee income by the Master Fund upon the earlier of the investment commitment date or investment closing date. The Master Fund may also receive fees for investment commitments, amendments to credit agreements and other services rendered to portfolio companies. Such fees are recognized as fee income when earned or when the services are rendered.

Derivative Instruments

Derivative instruments solely consist of foreign currency forward contracts. The Master Fund recognizes all derivative instruments as assets or liabilities at fair value in its consolidated financial statements. ~~Forward~~Foreign currency forward contracts entered into by the Master Fund are not designated as hedging instruments, and as a result, the Master Fund presents changes in fair value through net change in unrealized appreciation (depreciation) on foreign currency forward contracts in the consolidated statements of operations. Realized gains and losses that occur upon the cash settlement of the foreign currency forward contracts are included in net realized gains (losses) on foreign currency forward contracts inon the consolidated statements of operations.

Foreign Currency Translation, Transactions and ~~Gains/Losses~~

Gains (Losses)

Foreign currency amounts are translated into U.S. dollars on the following basis: (i) at the exchange rate on the last business day of the reporting period for the fair value of investment securities, other assets and liabilities; and (ii) at the prevailing exchange rate on the respective recording dates for the purchase and sale of investment securities, income, expenses, gains and losses.

Net assets and fair values are presented based on the applicable foreign exchange rates described above and the Master Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in fair values of investments held; therefore, fluctuations related to foreign exchange rate conversions are included with the net realized gains (losses) and unrealized appreciation (depreciation) on investments.

Net realized gains or losses on foreign currency transactions arise from sales of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded by the Master Fund and the U.S. dollar equivalent of the amounts actually received or paid by the Master Fund.

Unrealized appreciation (depreciation) from foreign currency translation for foreign currency forward contracts is included in net change in unrealized appreciation (depreciation) on foreign currency forward contracts in the consolidated statements of operations and is included in accumulated earnings (loss), net ~~unrealized appreciation (depreciation) in~~of distributions on the consolidated statements of assets and liabilities.

~~Management~~

Notes to Consolidated Financial Statements (UNAUDITED)

Investment Advisory Fees

The Master Fund incurs investment advisory fees including: (i) a base management fee ~~(recorded as an investment advisory fee)~~ and (ii) a performance-based incentive fee which includes (a) an incentive fee on income and (b) an incentive fee on capital gains, due to Guggenheim pursuant to an investment advisory agreement between the Master Fund and Guggenheim (the “Investment Advisory Agreement”) as described in Note 6. Related Party Agreements and Transactions. The two components of the performance-based incentive fee will be combined and expensed in the consolidated statements of operations and accrued in the consolidated statements of assets and liabilities as accrued performance-based incentive fee. Pursuant to the terms of the ~~investment advisory agreement,~~Investment Advisory Agreement, the incentive fee on capital gains is determined and payable in arrears as of the end of each calendar year (or upon termination of the ~~investment advisory agreement)~~Investment Advisory Agreement) based on the Master Fund’s realized capital gains on acumulative basis from inception, net of all realized capital losses and unrealized depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gains incentive fees. Although the terms of the ~~investment advisory agreement~~Investment Advisory Agreement do not provide for the inclusion of unrealized gains in the calculation of the incentive fee on capital gains, the Master Fund includes unrealized gains in the calculation of the incentive fee on capital gains in accordance with GAAP. Therefore the accrued amount, if any, represents an estimate of the incentive fees that may be payable to Guggenheim if the Master Fund’s entire investment portfolio was liquidated at its fair value as of the date of the consolidated statements of assets and liabilities, even though Guggenheim is not entitled to any incentive fee based on unrealized appreciation unless and until such unrealized appreciation is realized.

Deferred Financing Costs

Deferred financing costs represent fees and other direct incremental costs incurred in connection with the arrangement of the Master ~~Fund's~~Fund’s borrowings. These costs are presented in the consolidated statements of assets and liabilities as a direct deduction of the debt liability to which the costs pertain. These costs are amortized using the effective interest method and are included in interest expense inon the consolidated statements of operations over the life of the borrowings.

~~Notes to Consolidated Financial Statements (Unaudited)~~

~~Organization and Offering Expenses~~

Organization expenses are expensed on the Master Fund's consolidated statements of operations. Continuous offering expenses are capitalized on the Master Fund's consolidated statements of assets and liabilities as deferred offering costs and expensed to the Master Fund's consolidated statements of operations over a 12-month period.

Distributions

Distributions to the Master ~~Fund's~~Fund’s common shareholders are periodically declared by its Board of Trustees and recognized as a liability on the record date.

~~Earnings per Common Share~~

~~Earnings per Common Share is calculated based upon the weighted average number of Common Shares outstanding during the reporting period.~~

Federal Income Taxes

Beginning with its tax year ended December 31, 2015, the Master Fund has elected to be treated for federal income tax purposes, and thereafter 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,” as defined in the Code. The Master Fund intends to distribute sufficient dividends to maintain its RIC status each year and it does not anticipate paying a material level of federal income taxes.

The Master Fund 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 31^st 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 Master Fund paid no federal income tax. The Master Fund may, at its discretion, pay a 4% nondeductible federal excise tax on under-distribution of taxable ordinary income and capital gains.

~~New Accounting Standards~~

~~Early Adopted~~

~~In November 2016,~~

The Master Fund 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 ~~FASB issued Accounting Standards Update 2016-18,~~ ~~Statement~~financial statements. ASC 740 requires the evaluation of ~~Cash Flows (Topic 230)~~: ~~Restricted Cash~~ ~~("ASU 2016-18"). ASU 2016-18 requires~~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 cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows. The new guidance is effective for fiscaloperations. Management has reviewed all open tax years and ~~interim periods within~~concluded that there is no effect to the Master Funds’ 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 Master Fund did not incur any material interest or penalties. Open tax years are those ~~fiscal~~ years ~~beginning after~~that are open for examination by the relevant income taxing authority. As of June 30, 2023, open U.S. Federal and state income tax years include the tax years ended December ~~15, 2017, with early adoption permitted.~~31, 2019 through December 31, 2022. The Master Fund has ~~elected early adoption of ASU 2016-18 as of December 31, 2016~~no examinations in progress. Management’s determinations regarding ASC 740 may be subject to review and ~~has applied this standard retroactively to all prior periods presented.~~

~~New Standards Under Assessment~~

~~In May 2014, the FASB issued Accounting Standards Update 2014-09,~~ ~~Revenue from Contracts with Customers~~ (T~~opic 606~~) ("ASU 2014-09"). Under ASU 2014-09, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in ASU 2014-09 are effective for annual reporting periods beginning after December 15, 2017,adjustment at a later date based upon factors including, ~~interim periods within that reporting period. In March 2016, the FASB issued ASU No. 2016-08,~~ ~~Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations, which clarifies the guidance in ASU No. 2014-09 and has the same effective date as the original standard. In April 2016, the FASB issued ASU 2016-10,~~ ~~Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing, an update on identifying performance obligations and accounting for licenses of intellectual property. In May 2016, the FASB issued ASU 2016-12,~~ ~~Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which includes amendments for enhanced clarification of the guidance. In December 2016, the FASB issued ASU 2016-20,~~ ~~Technical Corrections and Improvements to Revenue from Contracts with Customers (Topic 606)~~, the amendments in this update are of a similar nature to the items typically addressed in the technical corrections and improvements project. Additionally, in February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, an update clarifying that a financial asset is within the scope of Subtopic 610-20 if it is deemed an “in-substance non-financial asset.” The Master Fund is evaluating the impact of ASU 2014-09 and it expects any impact by the proposed standard to bebut not limited to, ~~capital structuring fees.~~an on-going analysis of tax laws, regulations and interpretations thereof.

~~In March 2017, the FASB issued ASU 2017-08,~~ ~~Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities~~ ~~("ASU 2017-08"). ASU 2017-08 requires that when securities are purchased at a premium over their callable price that the premium be amortized over a the period of time from purchase to the~~

Notes to Consolidated Financial Statements ~~(Unaudited)~~

first call date. Historically premiums and discounts have been amortized to the maturity date of a security. The new guidance is effective for fiscal years, and interim periods within those fiscal years beginning after December 15, 2018, with early adoption permitted. The Master Fund has not elected early adoption at this point and is assessing the potential impact of this guidance.

(UNAUDITED)

Note 3. Investments

The following ~~two tables present~~table presents the composition of the investment portfolio at amortized cost and fair value as of ~~September~~June 30, ~~2017~~2023 and December 31, ~~2016,~~2022, respectively, with corresponding percentages of total ~~portfolio~~ investments at fair ~~value (dollars in thousands):~~

September 30, 2017
Investments at Amortized Cost Investments at Fair Value Percentage of Portfolio at Fair Value
Senior secured loans - first lien $ 228,489
$ 231,843
60.8 %
Senior secured loans - second lien 82,667
83,376
21.9
Senior secured bonds 20,035
20,909
5.5
Senior unsecured debt

28,777
29,218
7.7 %
Total senior debt $ 359,968
$ 365,346
95.9 %
Subordinated debt 15,171
15,261
4.0
Equity and other 2,355
447
0.1
Total investments $ 377,494
$ 381,054
100.0 %

December 31, 2016
Investments at Amortized Cost Investments at Fair Value Percentage of Portfolio at Fair Value
Senior secured loans - first lien $ 182,485
$ 185,336
67.4 %
Senior secured loans - second lien 43,990
44,340
16.1
Senior secured bonds 11,405
11,631
4.2
Senior unsecured debt 12,541
12,870
4.7
Total senior debt $ 250,421
$ 254,177
92.4 %
Subordinated debt 20,474
20,628
7.5
Equity and other 2,101
279
0.1
Total investments $ 272,996
$ 275,084
100.0 %

~~Notes to Consolidated Financial Statements (Unaudited)~~

value:

Schedule of investment portfolio at amortized cost and fair value
	June 30, 2023							December 31, 2022
	Amortized Cost		Fair Value		Percentage of Investments at Fair Value			Amortized Cost		Fair Value		Percentage of Investments at Fair Value
Senior secured loans - first lien	$	30,852	$	28,601		96.4	%	$	41,668	$	39,028		96.0	%
Senior secured loans - second lien		474		572		1.9			5,250		1,126		2.8
Senior secured bonds		1,458		32		0.1			1,520		102		0.3
Total senior debt	$	32,784	$	29,205		98.4	%	$	48,438	$	40,256		99.1	%
Equity and other		4,649		433		1.6			—		385		0.9
Total investments	$	37,433	$	29,638		100.0	%	$	48,438	$	40,641		100.0	%

The following table presents the composition of the investment portfolio by industry classifications at amortized cost and fair value as of ~~September~~June 30, ~~2017~~2023 and December 31, ~~2016,~~2022, respectively, with corresponding percentages of total ~~portfolio~~ investments at fair ~~value (dollars in thousands):~~

September 30, 2017 December 31, 2016
Industry Classification Investments at Amortized Cost Investments
at
Fair Value Percentage of Portfolio at
Fair Value Investments at Amortized Cost Investments
at
Fair Value Percentage of Portfolio at
Fair Value
Technology $ 85,311
$ 86,069
22.6 % $ 54,501
$ 55,052
20.0 %
Construction & Building 41,280
42,767
11.2
20,072
20,586
7.5
Beverage, Food & Tobacco 41,528
42,023
11.0
35,793
36,055
13.1
Healthcare & Pharmaceuticals 30,575
30,917
8.1
31,022
31,099
11.3
Retail 26,481
26,950
7.1
14,426
14,419
5.3
Automotive 25,805
26,415
7.0
27,742
28,100
10.2
Energy: Oil & Gas 23,853
21,829
5.7
8,785
7,031
2.6
Aerospace & Defense 20,036
20,111
5.3
21,962
22,300
8.1
Utilities: Electric 16,795
16,565
4.4
13,713
14,337
5.2
Hotel, Gaming & Leisure 14,860
15,694
4.1
7,760
8,017
2.9
Media: Advertising, Printing & Publishing 12,352
12,261
3.2
6,804
6,911
2.5
Containers, Packaging & Glass 10,917
11,493
3.0
10,143
10,768
3.9
Telecommunications 9,472
9,450
2.5
—
—
—
Chemicals, Plastics & Rubber 5,782
5,885
1.5
—
—
—
Consumer Goods: Non-Durable 5,620
5,631
1.5
5,806
5,825
2.1
Banking, Finance, Insurance & Real Estate ⁽¹⁾
3,435
3,522
0.9
10,399
10,476
3.8
Capital Equipment 2,619
2,694
0.7
—
—
—
Media: Broadcasting & Subscription 772
764
0.2
1,286
1,273
0.5
Metals & Mining 1
14
—
—
24
—
Services: Business —
—
—
2,782
2,811
1.0
Total $ 377,494
$ 381,054
100.0 % $ 272,996
$ 275,084
100.0 %

~~______________~~


~~(1)~~	~~Portfolio companies may include insurance brokers that are not classified as insurance companies.~~

value:

Schedule of investment portfolio at amortized cost and fair value
	June 30, 2023							December 31, 2022
Industry Classification	Amortized Cost		Fair Value		Percentage of Investments at Fair Value			Amortized Cost		Fair Value		Percentage of Investments at Fair Value
Services: Business	$	12,925	$	8,470		28.7	%	$	15,014	$	10,090		24.8	%
Consumer Goods: Non-Durable		8,312		7,365		24.8			8,309		7,172		17.6
Technology		2,101		2,093		7.1			5,981		6,247		15.5
Metals & Mining		5,717		4,956		16.7			5,500		5,165		12.7
Automotive		4,064		3,362		11.3			4,072		3,490		8.6
Retail		1,630		1,994		6.7			1,685		1,798		4.4
Chemicals, Plastics & Rubber		953		942		3.2			957		944		2.3
Beverage, Food & Tobacco		—		—		—			713		910		2.2
Energy: Oil & Gas		1,731		456		1.5			1,770		590		1.5
Hotel, Gaming & Leisure		—		—		—			2,279		2,228		5.5
Telecommunications		—		—		—			2,158		2,007		4.9
Total investments	$	37,433	$	29,638		100.0	%	$	48,438	$	40,641		100.0	%

The following table presents the geographic dispersion of the investment portfolio as a percentage of total investments at fair value ~~of the total investments~~ as of ~~September~~June 30, ~~2017~~2023 and December 31, ~~2016.~~2022:

Schedule of investment portfolio as a percentage
Geographic Dispersion	June 30, 2023			December 31, 2022
United States of America		100.0	%		100.0	%
Total investments		100.0	%		100.0	%

Geographic Dispersion September 30, 2017 December 31, 2016
United States of America 89.2 % 94.1 %
United Kingdom 8.0
1.4
Italy 1.5
—
Canada 1.3
4.5
Total investments 100.0 % 100.0 %

Notes to Consolidated Financial Statements ~~(Unaudited)~~

(UNAUDITED)

Note 4. Derivative Instruments

The Master Fund may enter into foreign currency forward contracts from time to time to facilitate settlement of purchases and sales of investments denominated in foreign currencies and to economically hedge the impact that an adverse change in foreign exchange rates would have on the value of the Master ~~Fund's~~Fund’s investments denominated in foreign currencies. A foreign currency forward contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. These contracts are marked-to-market by recognizing the difference between the contract forward exchange rate and the forward market exchange rate on the last day of the period presented as unrealized appreciation or depreciation. Realized gains or losses are recognized when forward contracts are settled. Risks arise as a result of the potential inability of the counterparties to meet the terms of their contracts; the Master Fund attempts to limit counterparty risk by only dealing with well-known ~~counterparties. The~~counterparties and those that it believes have the financial resources to honor their obligations. As of June 30, 2023, there are no open foreign currency forward ~~contracts open at the end of the period are generally indicative of the volume of activity during the period.~~

~~As of September 30, 2017,~~contracts.

The following table presents the Master ~~Fund's~~Fund’s open foreign currency forward contracts ~~were~~ as ~~follows (in thousands):~~

September 30, 2017
Foreign Currency Settlement Date Statement Location Counterparty Amount Transacted Notional Value at Settlement Notional Value at Period End Fair Value
EUR October 12, 2017 Unrealized appreciation on foreign currency forward contracts JPMorgan Chase Bank, N.A. € 595
$ 713
$ 704
$ 9
GBP October 12, 2017 Unrealized depreciation on foreign currency forward contracts JPMorgan Chase Bank, N.A. £ 18,056
23,810
24,204
(394 )
Total $ 24,523
$ 24,908
$ (385 )

The tables below display the Master Fund's foreign currency denominated debt investments and foreign currency forward contracts, summarized by foreign currency type as of September 30, 2017 (in thousands):

Debt Investments Denominated in Foreign
Currencies As of September 30, 2017 Hedges As of September 30, 2017
Par Value in Local Currency Par Value in U.S. Dollars Fair Value in U.S. Dollars Foreign Currency Hedge Notional Amount in Local Currency
Hedges' Notional Value at
Period End
EUR € 601
$ 627
$ 702
€ 595
$ 704
GBP £ 18,289
22,912
24,000
£ 18,056
24,204
Total $ 23,539
$ 24,702
$ 24,908

~~As of~~ December 31, ~~2016, the Master Fund's open foreign currency forward contracts were as follows (in thousands):~~

December 31, 2016
Foreign Currency Settlement Date Statement Location Counterparty Amount Transacted Notional Value at Settlement Notional Value at Period End Fair Value
EUR January 12, 2017 Unrealized depreciation on foreign currency forward contracts JPMorgan Chase Bank, N.A. €592 Sold $ 616
$ 624
$ (8 )

2022:

Schedule of foreign currency forward contracts
December 31, 2022
Foreign Currency	Settlement Date	Statement Location	Counterparty	Amount Transacted		Notional Value at Settlement		Notional Value at Period End		Fair Value
GBP	January 17, 2023	Unrealized appreciation on foreign currency forward contracts	JPMorgan Chase Bank, N.A.	£	2,457	$	3,045	$	2,972	$	73
Total						$	3,045	$	2,972	$	73

The tables below display the Master Fund's foreign currency denominated debt investments and foreign currency forward contracts, summarized by foreign currency type as of December 31, 2016 (in thousands).

Debt Investments Denominated in Foreign Currencies As of December 31, 2016 Hedges As of December 31, 2016
Par Value in Local Currency Par Value in U.S. Dollars Fair Value in U.S. Dollars Foreign Currency Hedge Notional Amount in Local Currency Hedges' Notional Value at
Period End
EUR € 601
$ 627
$ 624
€ 592
$ 624
Total $ 627
$ 624
$ 624

~~Notes to Consolidated Financial Statements (Unaudited)~~

~~The~~following table ~~below displays~~presents the net realized and unrealized gains and losses on derivative instruments recorded by the Master Fund for the three ~~and nine~~ months ended ~~September~~June 30, ~~2017 (in thousands):~~

Three Months Ended Nine Months Ended
Statement Location September 30, 2017 September 30, 2017
Net realized gains (losses)
Foreign currency forward contracts Net realized losses on foreign currency forward contracts $ (410 ) $ (1,029 )
Net unrealized gains (losses)
Foreign currency forward contracts Net change in unrealized depreciation on foreign currency forward contracts (217 ) (377 )
Net realized and unrealized losses on foreign currency forward contracts $ (627 ) $ (1,406 )

~~The Master fund did not engage in hedging activity for the three~~2023 and ~~nine months ended September~~June 30, ~~2016.~~

2022:

Schedule of net realized and unrealized gains and losses on derivative instruments
		For the Three Months Ended June 30,					For the Six Months Ended June 30,
	Statement Location	2023			2022		2023			2022
Net realized gains (losses)
Foreign currency forward contracts	Net realized gains (losses) on foreign currency forward contracts	$	(10	)	$	178	$	101		$	53
Net change in unrealized appreciation (depreciation)
Foreign currency forward contracts	Net change in unrealized appreciation (depreciation) on foreign currency forward contracts		5			25		(73	)		279
Net realized and unrealized gains (losses) on foreign currency forward contracts		$	(5	)	$	203	$	28		$	332

For derivatives traded under an International Swaps and Derivatives Association ~~master agreement ("~~Master Agreement (“ISDA Master ~~Agreement"~~Agreement”), the collateral requirements are typically calculated by netting the ~~mark to market~~mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Master Fund and/or the counterparty.

Cash collateral that has been pledged, if any, to cover obligations of the Master Fund and cash collateral received from the counterparty, if any, is reported on the consolidated ~~statement~~statements of assets and liabilities ~~either~~ as ~~part of restricted cash or cash~~ collateral ~~due to broker, respectively.~~deposits (received) for foreign currency forward contracts. Generally, the amount of collateral due from or to a party has to exceed a minimum transfer amount threshold before a transfer is required. To the extent amounts due to the Master Fund from a counterparty are not fully collateralized, the Master Fund bears the risk of loss from counterparty non-performance. ~~The Master Fund attempts~~

Notes to ~~mitigate counterparty risk by entering into agreements only with counterparties that it believes have the financial resources to honor their obligations.~~

Consolidated Financial Statements (UNAUDITED)

The following table presents the Master ~~Fund's~~Fund’s derivative assets and liabilities by counterparty, net of amounts available for offset under a master netting agreement or similar arrangement, and net of related collateral received by the Master Fund for assets or pledged for liabilities as of ~~September~~June 30, ~~2017 (in thousands):~~

September 30, 2017
Counterparty Gross Derivative Liabilities in Statement of Assets and Liabilities Gross Derivative Assets in Statement of Assets and Liabilities
Collateral Pledged ⁽¹⁾
Net position of Derivative Assets, Liabilities and Pledged Collateral
JP Morgan Chase Bank, N.A. $ (394 ) $ 9
$ 385
$ —


~~(1)~~	~~Collateral paid to counterparties may be more than the amount shown in the table above, as the table does not present the effects of over-collateralization, if any.~~

~~Notes to Consolidated Financial Statements (Unaudited)~~

2023 and December 31, 2022:

Schedule of derivative assets and liabilities
As of	Counterparty	Gross Derivative Assets in Statement of Assets and Liabilities		Gross Derivative Liabilities in Statement of Assets and Liabilities		Collateral Pledged (Received)		Net position of Derivative Assets, Liabilities and Pledged Collateral
June 30, 2023	JP Morgan Chase Bank, N.A.	$	—	$	—	$	—	$	—
December 31, 2022	JP Morgan Chase Bank, N.A.	$	73	$	—	$	—	$	73

Note 5. Fair Value of Financial Instruments

The following ~~two~~ tables present the segmentation of the investment portfolio at fair value, as of ~~September~~June 30, ~~2017~~2023 and December 31, ~~2016,~~2022, according to the fair value hierarchy as described in Note 2. Significant Accounting Policies ~~(dollars in thousands)~~:

Schedule of investment portfolio at fair value
	June 30, 2023
	Level 1			Level 2			Level 3			Total
Investments
Senior secured loans - first lien	$	—		$	6,193		$	22,408		$	28,601
Senior secured loans - second lien		—			—			572			572
Senior secured bonds		—			32			—			32
Total senior debt	$	—		$	6,225		$	22,980		$	29,205
Equity and other		—			21			412			433
Total investments	$	—		$	6,246		$	23,392		$	29,638
Percentage		0.0	%		21.1	%		78.9	%		100.0	%
Derivative Instruments
Foreign currency forward contracts	$	—		$	—		$	—		$	—

September 30, 2017
Level 1 Level 2 Level 3 Total
Investments
Senior secured loans - first lien $ —
$ 41,756
$ 190,087
$ 231,843
Senior secured loans - second lien —
19,714
63,662
83,376
Senior secured bonds —
—
20,909
20,909
Senior unsecured debt —
$ 8,323
$ 20,895
$ 29,218
Total senior debt —
$ 69,793
$ 295,553
$ 365,346
Subordinated debt —
—
15,261
15,261
Equity and other 434
—
13
447
Total investments $ 434
$ 69,793
$ 310,827
$ 381,054
Percentage 0.1 % 18.3 % 81.6 % 100.0 %

Derivative Instruments
Foreign currency forward contracts $ —
$ (394 ) $ —
$ (394 )
Foreign currency forward contracts $ —
$ 9
$ —
$ 9

December 31, 2016
Level 1 Level 2 Level 3 Total
Investments
Senior secured loans - first lien $ —
$ 105,423
$ 79,913
$ 185,336
Senior secured loans - second lien —
19,590
24,750
44,340
Senior secured bonds —
3,699
7,932
11,631
Senior unsecured debt —
7,460
5,410
12,870
Total senior debt —
136,172
118,005
254,177
Subordinated debt —
5,486
15,142
20,628
Equity and other 226
—
53
279
Total investments $ 226
$ 141,658
$ 133,200
$ 275,084
Percentage 0.1 % 51.5 % 48.4 % 100.0 %

Derivative Instruments
Foreign currency forward contracts $ —
$ (8 ) $ —
$ (8 )

Notes to Consolidated Financial Statements ~~(Unaudited)~~

(UNAUDITED)

	December 31, 2022
	Level 1			Level 2			Level 3			Total
Investments
Senior secured loans - first lien	$	—		$	13,879		$	25,149		$	39,028
Senior secured loans - second lien		—			1,126			—			1,126
Senior secured bonds		—			—			102			102
Total senior debt	$	—		$	15,005		$	25,251		$	40,256
Equity and other		—			—			385			385
Total investments	$	—		$	15,005		$	25,636		$	40,641
Percentage		0.0	%		36.9	%		63.1	%		100.0	%
Derivative Instruments
Foreign currency forward contracts	$	—		$	73		$	—		$	73

Significant Level 3 Unobservable Inputs

The following ~~table provides~~tables present quantitative information related to the significant Level 3 unobservable inputs associated with the determination of fair value for certain investments as of ~~September~~June 30, ~~2017 (dollars in thousands):~~

2023 and December 31, 2022:

Schedule of significant Level 3 unobservable inputs

June 30, 2023

Asset Category

Fair Value

Valuation Techniques ⁽¹⁾

Unobservable Inputs ⁽²⁾

Weighted Average Input Value

Range ⁽³⁾

Impact to Valuation from an Increase in Input ⁽⁴⁾

Senior Secured Loans - First Lien

21,188

Yield analysis

Yield

14.30%

9.76% - 20.93%

Decrease

Equity/Other

Market comparable

Cash Flow Multiple

Increase

Market comparable

Oil production multiple ⁽⁵⁾

24876x

Increase

Market comparable

Oil reserve multiple ⁽⁶⁾

10.5x

Increase

401

Discounted cash flow

Discount Rate

17.63%

Decrease

572

Yield analysis

Yield

30.84%

Decrease

Total

22,172

September 30, 2017
Asset Category No. of Investment Positions
Fair
Value
Valuation Techniques ⁽¹⁾
Unobservable Inputs ⁽²⁾
Weighted Average
Range ⁽³⁾
Impact to Valuation from an Increase in Input ⁽⁴⁾
Senior secured loans - first lien 36 $ 123,885
Transacted value
Cost ⁽⁵⁾
98.50 98.50 Increase
Transacted value Price 100 100 Increase
Yield analysis Yield 8.19% 5.92% - 12.44% Decrease
Senior secured loans - second lien 9 $ 47,954
Transacted value
Cost ⁽⁵⁾
98.00 98.00 Increase
Yield analysis Yield 10.32% 8.59% - 11.97% Decrease
Senior secured bonds 4 $ 17,919
Transacted value Price 110.00 110.00 Increase
Yield analysis Yield 9.98% 9.94% - 10.00% Decrease
Market comparable EBITDA multiple 9.3x 9.3x Increase
Senior unsecured debt 3 $ 16,745
Yield analysis Yield 11.57% 9.85% - 16.73% Decrease
Subordinated debt 3 $ 15,261
Transacted value
Cost ⁽⁵⁾
100.00 100.00 Increase
Yield analysis Yield 8.74% 8.52% - 8.75% Decrease
Equity and other 1 $ 13
Transacted value
Cost ⁽⁵⁾
$1.00 $1.00 Increase
Total 56 $ 221,777

~~______________~~


(1)	For the investments that have more than one valuation technique, the Master Fund may rely on the stated techniques individually or in the aggregate based on a weight ascribed to each valuation technique, ranging from ~~0-100%~~0% to 100%.

(2)

The Master Fund generally uses prices provided by an independent pricing service, or directly from an independent broker, which are non-binding indicative prices on or near the valuation date as the primary basis for the fair valuation determinations for quoted senior secured bonds and loans. Since these prices are non-binding, they may not be indicative of fair value. Each quoted price is evaluated by Guggenheim in conjunction with additional information compiled by ~~them,~~it, including financial performance, recent business developments and various other factors. Investments with fair values determined in this manner were not included in the table above. As of ~~September~~June 30, ~~2017~~2023, the Master Fund had investments of this nature measured at fair value totaling ~~$89.1~~$1.2 million.


(3)	A range is not provided when there is only one investment within the ~~classification;~~classification or multiple investments that have the same unobservable input; weighted average amounts are based on the estimated fair values.


(4)	This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.

(5)

Oil production multiple is valued based on thousand barrels of oil equivalent per day (MBOE/d).

~~(5)~~

~~Investments may be~~(6)

Oil reserve multiple is valued ~~at cost for a period~~based on million barrels of ~~time after an acquisition as the best indicator of fair value.~~oil equivalent (MMBOE).

In addition to the Level 3 valuation methodologies and unobservable inputs noted above, the Master Fund, in accordance with its valuation policy, may also use other valuation techniques and methodologies when determining the fair value estimates for its investments.

Notes to Consolidated Financial Statements ~~(Unaudited)~~

The following table provides quantitative information related to the significant Level 3 unobservable inputs associated with the determination of fair value for certain investments as of December 31, 2016 (dollars in thousands):

(UNAUDITED)

December 31, 2022

Asset Category

Fair Value

Valuation Techniques ⁽¹⁾

Unobservable Inputs ⁽²⁾

Weighted Average Input Value

Range ⁽³⁾

Impact to Valuation from an Increase in Input ⁽⁴⁾

Senior Secured Loans - First Lien

24,740

Yield analysis

Yield

12.52%

1.01% - 16.04%

Decrease

Equity/Other

Market comparable

Cash Flow Multiple

Increase

Market comparable

Oil production multiple ⁽⁵⁾

28043x

Increase

Market comparable

Oil reserve multiple ⁽⁶⁾

12.3x

Increase

276

Discounted cash flow

EBITDA multiple

10.6x

Increase

Discounted cash flow

Discount Rate

20.00%

Decrease

Total

25,095

December 31, 2016
Asset Category No. of Investment Positions Fair
Value
Valuation Techniques ⁽¹⁾
Unobservable Inputs ⁽²⁾
Weighted Average
Range ⁽³⁾
Impact to Valuation from an Increase in Input ⁽⁴⁾
Senior secured loans - first lien 22 $ 74,929
Yield analysis Yield 7.75% 6.49% - 10.20% Decrease
Transacted value
Cost ⁽⁵⁾
99.53 99.53 Increase
Market comparables EBITDA multiple 16.3x 16.3x Increase
Senior secured loans - second lien 4 $ 24,750
Yield analysis Yield 10.89% 10.40% -11.85% Decrease
Market comparables EBITDA multiple 6.2x 6.2x Increase
Senior secured bonds 3 $ 4,909
Yield analysis Yield 9.72% 9.72% Decrease
Liquidation Analysis Liquidation value N/A N/A Increase
Senior unsecured debt 1 $ 5,410
Yield analysis Yield 12.59% 12.59% Decrease
Subordinated debt 2 $ 15,142
Transacted value
Cost ⁽⁵⁾
98.67 98.64-100.00 Increase
Equity and other 2 $ 53
Transacted value
Cost ⁽⁵⁾
1.00 1.00 Increase
Market and income approach Company specific risk premium 515.60% 515.60% Decrease
Option valuation model Volatility 163.18% 163.18% Increase
Total 33 $ 125,193

~~______________~~


(1)	For the ~~assets and~~ investments that have more than one valuation technique, the Master Fund may rely on the stated techniques individually or in the aggregate based on a weight ascribed to each valuation technique, ranging from ~~0-100%~~0% to 100%.

(2)

The Master Fund generally uses prices provided by an independent pricing service, or directly from an independent broker, which are non-binding indicative prices on or near the valuation date as the primary basis for the fair valuation determinations for quoted senior secured bonds and loans. Since these prices are non-binding, they may not be indicative of fair value. Each quoted price is evaluated by Guggenheim in conjunction with additional information compiled by ~~them,~~it, including financial performance, recent business developments and various other factors. Investments with fair values determined in this manner were not included in the table above. As of December 31, ~~2016~~2022, the Master Fund had investments of this nature measured at fair value totaling ~~$8.0~~$0.5 million.


(3)	A range is not provided when there is only one investment within the ~~classification;~~classification or multiple investments that have the same unobservable input; weighted average amounts are based on the estimated fair values.


(4)	This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs in isolation could result in significantly higher or lower fair value measurements.


(5)	~~Investments may be~~Oil production multiple is valued ~~at cost for a period~~based on thousand barrels of ~~time after an acquisition as the best indicator of fair value.~~oil equivalent per day (MBOE/d).

(6)

Oil reserve multiple is valued based on million barrels of oil equivalent (MMBOE).

Notes to Consolidated Financial Statements ~~(Unaudited)~~

(UNAUDITED)

The following tables present a roll-forward inof the fair value changes for all investments for which the Master Fund determines fair value using Level 3 unobservable inputs for the three and ~~nine~~six months ended ~~September~~June 30, ~~2017 (dollars in thousands):~~

2023 and June 30, 2022:

Schedule of fair value changes in investments
	For the Three Months Ended June 30, 2023
	Senior Secured Loans - First Lien			Senior Secured Loans - Second Lien		Senior Secured Bonds		Equity and Other			Total
Balance as of April 1, 2023	$	27,195		$	—	$	—	$	428		$	27,623
Additions ⁽¹⁾		590			572		—		—			1,162
Sales and repayments ⁽²⁾		(5,010	)		—		—		—			(5,010	)
Net realized gains ⁽³⁾		30			—		—		—			30
Net change in unrealized depreciation on investments ⁽⁴⁾		(416	)		—		—		(16	)		(432	)
Net discount accretion		19			—		—		—			19
Fair value balance as of June 30, 2023	$	22,408		$	572	$	—	$	412		$	23,392
Change in net unrealized depreciation on investments held as of June 30, 2023	$	(421	)	$	—	$	—	$	(16	)	$	(437	)

	For the Six Months Ended June 30, 2023
	Senior Secured Loans - First Lien			Senior Secured Loans - Second Lien		Senior Secured Bonds			Equity and Other			Total
Balance as of January 1, 2023	$	25,149		$	—	$	102		$	385		$	25,636
Additions ⁽¹⁾		854			572		—			4,650			6,076
Sales and repayments ⁽²⁾		(5,254	)		—		—			(317	)		(5,571	)
Net realized gains ⁽³⁾		35			—		—			317			352
Net change in unrealized depreciation on investments ⁽⁴⁾		(181	)		—		—			(4,593	)		(4,774	)
Net discount accretion		37			—		—			—			37
Transfers into Level 3 ⁽⁵⁾		1,768			—		—			—			1,768
Transfers out of Level 3 ⁽⁶⁾		—			—		(102	)		(30	)		(132	)
Fair value balance as of June 30, 2023	$	22,408		$	572	$	—		$	412		$	23,392
Change in net unrealized depreciation on investments held as of June 30, 2023	$	(448	)	$	—	$	—		$	(68	)	$	(516	)

Three Months Ended September 30, 2017
Senior Secured Loans - First Lien Senior Secured Loans - Second Lien Senior Secured Bonds Senior Unsecured Debt Subordinated Debt Equity and Other Total
Balance as of July 1, 2017 $ 124,215
$ 47,717
$ 19,900
$ 16,655
$ 15,210
$ 52
$ 223,749
Additions⁽¹⁾
11,805
14,715
—
106
18
—
26,644
Net realized gains ⁽²⁾
297
17
—
—
—
—
314
Net change in unrealized appreciation (depreciation) on investments ⁽³⁾
(60 ) 438
1,006
(40 ) 27
(39 ) 1,332
Sales and repayments ⁽⁴⁾
(14,565 ) (457 ) —
—
—
—
(15,022 )
Net discount accretion 150
34
3
24
6
—
217
Investment position reclassification —
—
—
—
—
Transfers into Level 3 ^{(5) (6)}
68,245
1,198
—
4,150
—
—
—
73,593
Fair value balance as of September 30, 2017 $ 190,087
$ 63,662
$ 20,909
$ 20,895
$ 15,261
$ 13
$ 310,827
Change in net unrealized appreciation (depreciation) on investments held as of September 30, 2017 $ 141
$ 438
$ 1,006
$ (40 ) $ 27
$ (39 ) $ 1,533

Nine Months Ended September 30, 2017
Senior Secured Loans - First Lien Senior Secured Loans - Second Lien Senior Secured Bonds Senior Unsecured Debt Subordinated Debt Equity and Other Total
Balance as of January 1, 2017 $ 79,913
$ 24,750
$ 7,932
$ 5,410
$ 15,142
$ 53
$ 133,200
Additions⁽¹⁾
107,203
45,109
12,000
13,803
17
—
178,132
Net realized gains ⁽²⁾
1,003
293
—
26
—
—
1,322
Net change in unrealized appreciation (depreciation) on investments ⁽³⁾
1,291
807
964
237
83
(40 ) 3,342
Sales and repayments ⁽⁴⁾
(39,002 ) (8,656 ) —
(2,632 ) —
—
(50,290 )
Net discount accretion 372
86
13
51
19
—
541
Transfers into Level 3 ^{(5) (6)}
39,307
1,273
—
4,000
—
—
44,580
Fair value balance as of September 30, 2017 $ 190,087
$ 63,662
$ 20,909
$ 20,895
$ 15,261
$ 13
$ 310,827
Change in net unrealized appreciation (depreciation) on investments held as of September 30, 2017 $ 1,400
$ 807
$ 964
$ 237
$ 83
$ (40 ) $ 3,451

~~______________~~


(1)	Includes increases in the cost basis of investments resulting from new and incremental portfolio investments, including the capitalization of PIK ~~income if any.~~income.


(2)	~~Included in net realized gain (loss) on investments in the consolidated statements of operations.~~


~~(3)~~	~~Included in net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.~~

~~Notes to Consolidated Financial Statements (Unaudited)~~


~~(4)~~	Includes principal payments/paydowns on debt investments and proceeds from sales of investments.


~~(5)~~(3)	~~The Master Fund transfers~~Included in net realized gains (losses) on investments ~~in and out~~on the consolidated statements of ~~Level 1, 2 and 3 securities at the value of the investment as of the beginning of the period based on changes in the use of observable inputs utilized to perform the valuation for the period.~~operations.

(4)

Included in net change in unrealized appreciation (depreciation) on investments on the consolidated statements of operations.

~~(6)~~

(5)

For the three and ~~nine~~six months ended ~~September~~June 30, ~~2017, twenty-two and twelve~~2023, investments ~~respectively,~~ were transferred from Level 2 to Level 3 ~~primarily due~~as valuation coverage was reduced to ~~decreased price transparency.~~one independent pricing service without any corroborating recent trade or another broker quotation or to a market or income approach based model.

(6)

For the three and six months ended June 30, 2023, investments were transferred from Level 3 to Level 2 as valuation coverage was initiated by more than one independent pricing services or by one independent pricing service with a corroborating recent trade or another broker quotation.

The following tables present a roll-forward in the fair value changes for all investments for which the Master Fund determines fair value using Level 3 unobservable inputs for the three and nine months ended September 30, 2016 (dollars in thousands):

Three Months Ended September 30, 2016
Senior Secured Loans - First Lien Senior Secured Loans - Second Lien Senior Secured Bonds Senior Unsecured Debt Subordinated Debt Equity and Other Total
Balance as of July 1, 2016 $ 27,583
$ —
$ 6,258
$ —
$ —
$ 40
$ 33,881
Additions ⁽¹⁾
49,445
19,540
—
—
—
—
68,985
Net realized gains ⁽²⁾
9
—
—
—
—
—
9
Net change in unrealized appreciation on investments ⁽³⁾
265
3
1,387
—
—
—
1,655
Sales or repayments ⁽⁴⁾
(537 ) —
—
—
—
—
(537 )
Net discount accretion 27
5
3
—
—
—
35
Fair value balance as of September 30, 2016 $ 76,792
$ 19,548
$ 7,648
$ —
$ —
$ 40
$ 104,028
Change in net unrealized appreciation on investments held as of September 30, 2016 $ 255
$ 3
$ 1,387
$ —
$ —
$ —
$ 1,645

Notes to Consolidated Financial Statements (UNAUDITED)

	For the Three Months Ended June 30, 2022
	Senior Secured Loans - First Lien			Senior Secured Loans - Second Lien			Senior Secured Bonds			Equity and Other			Total
Balance as of April 1, 2022	$	48,893		$	13,438		$	—		$	2,322		$	64,653
Additions ⁽¹⁾		424			—			—			—			424
Sales and repayments ⁽²⁾		(603	)		(6,000	)		(306	)		—			(6,909	)
Net realized gains ⁽³⁾		14			55			—			—			69
Net change in unrealized appreciation (depreciation) on investments ⁽⁴⁾		(935	)		(33	)		395			(200	)		(773	)
Net discount accretion		73			5			—			—			78
Transfers into Level 3 ⁽⁵⁾		4,487			—			90			—			4,577
Transfers out of Level 3 ⁽⁵⁾		(513	)		(2,413	)		—			—			(2,926	)
Fair value balance as of June 30, 2022	$	51,840		$	5,052		$	179		$	2,122		$	59,193
Change in net unrealized appreciation (depreciation) on investments held as of June 30, 2022	$	(935	)	$	(81	)	$	395		$	(200	)	$	(821	)

	For the Six Months Ended June 30, 2022
	Senior Secured Loans - First Lien			Senior Secured Loans - Second Lien			Senior Secured Bonds			Equity and Other			Total
Balance as of January 1, 2022	$	64,661		$	14,510		$	—		$	897		$	80,068
Additions ⁽¹⁾		1,648			—			—			—			1,648
Sales and repayments ⁽²⁾		(17,251	)		(6,000	)		(306	)		(2	)		(23,559	)
Net realized gains (losses) ⁽³⁾		649			55			—			(14	)		690
Net change in unrealized appreciation (depreciation) on investments ⁽⁴⁾		(1,965	)		(59	)		395			1,241			(388	)
Net discount accretion		124			14			—			—			138
Transfers into Level 3 ⁽⁵⁾		4,487			—			90			—			4,577
Transfers out of Level 3 ⁽⁵⁾		(513	)		(3,468	)		—			—			(3,981	)
Fair value balance as of June 30, 2022	$	51,840		$	5,052		$	179		$	2,122		$	59,193
Change in net unrealized appreciation on investments held as of June 30, 2022	$	(1,214	)	$	(82	)	$	287		$	1,230		$	221

Nine Months Ended September 30, 2016
Senior Secured Loans - First Lien Senior Secured Loans - Second Lien Senior Secured Bonds Senior Unsecured Debt Subordinated Debt Equity and Other Total
Balance as of January 1, 2016 $ 21,200
$ 1,576
$ 6,827
$ —
$ —
$ 471
$ 30,074
Additions⁽¹⁾
60,297
19,540
—
—
—
37
79,874
Net realized gains ⁽²⁾
188
—
—
—
—
—
188
Net change in unrealized appreciation (depreciation) on investments ⁽³⁾
53
3
821
—
—
(468 ) 409
Sales and repayments ⁽⁴⁾
(9,969 ) —
—
—
—
—
(9,969 )
Net discount accretion 60
5
—
—
—
—
65
Transfers out of Level 3 ^{(5) (6)}
—
(1,576 ) —
—
—
—
(1,576 )
Transfers into Level 3 ^{(5) (7)}
4,963
—
—
—
—
—
4,963
Fair value balance as of September 30, 2016 $ 76,792
$ 19,548
$ 7,648
$ —
$ —
$ 40
$ 104,028
Change in net unrealized (depreciation) on investments held as of September 30, 2016 $ 187
$ 3
$ 821
$ —
$ —
$ (468 ) $ 543

~~______________~~


(1)	Includes increases in the cost basis of investments resulting from new and incremental portfolio investments, including the capitalization of PIK ~~dividend~~ income.


(2)	~~Included in net realized gain (loss) on investments in the consolidated statements of operations.~~


~~(3)~~	~~Included in net change in unrealized appreciation (depreciation) on investments in the consolidated statements of operations.~~


~~(4)~~	Includes principal payments/paydowns on debt investments and proceeds from sales of investments.

~~Notes to Consolidated Financial Statements (Unaudited)~~


~~(5)~~(3)	~~The Master Fund transfers~~Included in net realized gains (loss) on investments ~~in and out~~on the consolidated statements of ~~Level 1, 2 and 3 securities at the value of the investment as of the beginning of the period based on changes in the use of observable inputs utilized to perform the valuation for the period.~~operations.

(4)

Included in net change in unrealized appreciation (depreciation) on investments on the consolidated statements of operations.

~~(6)~~

(5)

For the ~~nine~~three and six months ended ~~September~~June 30, ~~2016,~~2022, investments were transferred from Level 2 to Level 3 as valuation coverage was reduced to one ~~investment was~~independent pricing service without any corroborating recent trade or another broker quotation.

(6)

For the three and six months ended June 30, 2022, investments were transferred from Level 3 to Level 2 ~~due to an increase in price transparency.~~as valuation coverage was initiated by more than one independent pricing services or by one independent pricing service with a corroborating recent trade or another broker quotation.


~~(7)~~	~~For the nine months ended September 30, 2016, one investment was transferred from Level 2 to Level 3 due to a decrease in price transparency.~~

Notes to Consolidated Financial ~~Instruments Disclosed, But Not Carried, At Fair Value~~

~~The carrying value of credit facility payable approximates its fair value and it is considered to be classified as a Level 3 liability in the fair value hierarchy.~~

Statements (UNAUDITED)

Note 6. Related Party Agreements and Transactions

The Master Fund is affiliated with Guggenheim Credit Income Fund 2016 T (“GCIF 2016T”) and Guggenheim Credit Income Fund 2019 (“GCIF 2019”) (together, the “Feeder Funds”). The membership of the Boards of Trustees for the Master Fund, GCIF 2016T and GCIF 2019 are identical. The Feeder Funds have invested, and/or intend to invest, substantially all of the proceeds from their public offerings of common shares in the acquisition of the Master Fund’s Common Shares.

One of the Master Fund’s executive officers, Brian Binder, Senior Vice President, serves as an executive officer of Guggenheim. All of the Master Fund’s executive officers also serve as executive officers of the Feeder Funds.

Guggenheim and/or its affiliates ~~may~~ receive, as applicable, compensation for (i) investment advisory services, (ii) reimbursement of expenses in connection with investment advisory activities, administrative services and organizing the Master Fund and (iii) capital markets services in connection with the raising of equity capital for Feeder Funds affiliated with the Master ~~Fund.~~

~~Of the Master Fund’s executive officers, Kevin Robinson, Senior Vice President, and Dina DiLorenzo, Senior Vice President, also serve~~Fund, as ~~executive officers of Guggenheim.~~

~~Related Party Capital Contributions and Ownership of Common Shares~~

The Master Fund is affiliated with Guggenheim Credit Income Fund 2016 T ("GCIF 2016T") (formerly Carey Credit Income Fund 2016 T) , Guggenheim Credit Income Fund - I ("GCIF-I") (formerly Carey Credit Income Fund - I), and Guggenheim Credit Income Fund 2018 T ("GCIF 2018T") (formerly Carey Credit Income Fund 2018 T), three Feeder Funds, whose registration statements initially became effective on July 24, 2015, July 31, 2015 and October 3, 2016, respectively. The membership of the Boards of Trustees for the Master Fund, GCIF 2016T, GCIF-I and GCIF 2018T are identical. The Feeder Funds have invested, and/or intend to invest, substantially all of the proceeds from their public offerings of their common shares in the acquisition of the Master Fund's Common Shares.

more fully discussed below.

Investment Advisory Agreements and Compensation of the Advisor

~~Prior to September 11, 2017, the~~

The Master Fund ~~was~~is party to ~~(i)~~ an investment advisory agreement, as amended and restated (the "Prior Investment Advisory Agreement") with CCA and (ii) an investment sub-advisory agreement, as amended and restated (the "Investment Sub-Advisory Agreement") with CCA and Guggenheim. The Prior Investment Advisory Agreement and Investment Sub-Advisory Agreement were terminated by action of the Board of Trustees upon receipt and acceptance of CCA's resignation letter on August 10, 2017 with an effective date of September 11, 2017. Based on the Board of Trustees' approval, the Master Fund entered into an interim investment advisory agreement with Guggenheim, ~~(the "Interim Investment Advisory Agreement") on August 11, 2017 with an effective date of September 11, 2017. Consistent with the terms of the Prior Investment Advisory Agreement,~~pursuant to which the Master Fund agreed to pay Guggenheim an investment advisory fee consisting of two components: (i) a management fee and (ii) a performance-based incentive fee. Guggenheim continues to be entitled to reimbursement of certain expenses incurred on behalf of the Master Fund in connection with investment operations and investment transactions.

Management ~~Fee:~~ ~~Effective September 11, 2017, the~~Fees: The management fee ~~(recorded as investment advisory fee)~~ is calculated at an annual rate of 1.75% based on the simple average of the Master ~~Fund's~~Fund’s gross assets at the end of the two most recently completed calendar months and it is payable in arrears. Under the Prior Investment Advisory Agreement, the management fee was computed at an annual rate of 2.0% based on the simple average of the Master Fund's gross assets at the end of the two most recently completed calendar months.

Performance-based Incentive Fee: The performance-based incentive fee consists of two parts: (i) an incentive fee on income and (ii) an incentive fee on capital gains.


(i)	The incentive fee on income is paid quarterly, if earned; it is computed as the sum of (A) 100% of quarterly pre-incentive fee net investment income in excess of 1.875% of average adjusted capital up to a limit of 2.344% of average adjusted capital, and (B) 20% of pre-incentive fee net investment income in excess of 2.344% of average adjusted capital.


(ii)	The incentive fee on capital gains is paid annually, if earned; it is equal to 20% of realized capital gains on a cumulative basis from inception, net of (A) all realized capital losses and unrealized depreciation on a cumulative basis from inception, and (B) the aggregate amount, if any, of previously paid incentive fees on capital gains.

~~There has been no change to the performance based incentive fee as compared to the Prior Investment Advisory Agreement.~~

All fees are computed in accordance with a detailed fee calculation methodology as approved by the Board of Trustees.

The ~~expiration of the Interim~~ Investment Advisory Agreement is the earlier of (i) February 8, 2018 (or such later date as may be consistent with the 1940 Act, rules and regulations thereunder, exemptive relief, or interpretive positions of the staff of the SEC) or (ii) the effective date of a new investment advisory agreement between the Master Fund and Guggenheim, if any, that has been approved by a majority of the Master Fund’s outstanding voting securities. The Interim Investment Advisory Agreement

~~Notes to Consolidated Financial Statements (Unaudited)~~

may be terminated at any time, without the payment of any penalty: (i) by the Master Fund upon 1060 days’ ~~prior~~ written notice to ~~Guggenheim;~~Guggenheim, or (ii) by Guggenheim upon not less than 120 days’ ~~prior~~ written notice to the Master Fund. ~~This Agreement shall automatically terminate in the event of its assignment.~~ In the event that the ~~Interim~~ Investment Advisory Agreement is terminated by Guggenheim, and if the ~~independent trustees~~Independent Trustees elect to continue the Master Fund, then Guggenheim shall pay all direct expenses incurred by the Master Fund as a result of ~~its~~Guggenheim’s withdrawal, up to, but not exceeding $250,000. Unless earlier terminated, the Investment Advisory Agreement will remain in effect for a period of two years from the date on which the Master Fund’s shareholders approved the Investment Advisory Agreement and will remain in effect year to year thereafter if approved annually (i) by a majority of the Master Fund’s Independent Trustees and (ii) the Master Fund’s Board of Trustees or the holders of a majority of the Master Fund’s outstanding voting securities.

Notes to Consolidated Financial Statements (UNAUDITED)

Administrative Services Agreement

~~Prior to September 11, 2017, the~~

The Master Fund ~~was party to~~entered into an ~~amended and restated~~ administrative services agreement with ~~CCA,~~Guggenheim (the ~~"Prior Administrative~~“Administrative Services ~~Agreement"~~Agreement”) whereby ~~CCA~~Guggenheim agreed to provide administrative services to the Master Fund, including office facilities and equipment, and clerical, bookkeeping and record-keeping services. More specifically, ~~CCA,~~Guggenheim, serving as the administrator (the ~~"Prior Administrator"~~“Administrator”), ~~performed~~performs and ~~oversaw~~oversees the Master ~~Fund's~~Fund’s required administrative services, which included financial and corporate record-keeping, preparing and disseminating the Master ~~Fund's~~Fund’s reports to its shareholders and filing reports with the ~~U.S. Securities and Exchange Commission (the "SEC").~~SEC. In addition, the ~~Prior~~ Administrator ~~assisted~~assists in determining net asset value, overseeing the preparation and filing of tax returns, ~~oversees~~overseeing the payment of expenses and distributions and overseeing the performance of administrative and professional services fees rendered by others. For providing these services, facilities and personnel, the Master Fund ~~reimbursed~~reimburses the ~~Prior~~ Administrator for the allocable portion of overhead and other expenses incurred by the ~~Prior~~ Administrator in performing its obligations under the ~~Prior~~ Administrative Services Agreement. ~~On September 5, 2017,~~To the extent that the Administrator outsources any of its functions, the Master Fund ~~entered into an administrative services agreement~~may pay the fees associated with ~~Guggenheim (the "Administrative Services Agreement") whereby Guggenheim, serving as~~such functions on a direct basis, without incremental profit to the ~~administrator (the "Administrator"), agreed to commence providing administrative services similar to those previously provided by CCA, with an effective date of September 11, 2017.~~

Administrator.

The Administrative Services Agreement may be terminated at any time, without the payment of any penalty: (i) by the Master Fund upon 60 ~~days'~~days’ written notice to the Administrator upon the vote of the Master ~~Fund's independent trustees,~~Fund’s Independent Trustees, or (ii) by the Administrator upon not less than 120 ~~days'~~days’ written notice to the Master Fund. Unless earlier terminated, the Administrative Services Agreement will remain in effect ~~year to year~~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~~Fund’s Independent Trustees.

~~Organization and Offering Costs~~

On August 17, 2015, the Master Fund entered into an organization and offering expense reimbursement agreement (the "O&O Agreement") with CCA and Guggenheim. The O&O Agreement was terminated on August 10, 2017. Under the O&O Agreement the Master Fund reimbursed CCA and Guggenheim for costs incurred on the Master Fund's behalf, including, but not limited to, legal services, audit services, printer services, and the registration of securities under the Exchange Act. The reimbursement of organization and offering expenses was conditional on the raise of equity capital from the sale of Master Fund's Common Shares. As of November 3, 2016, the Master Fund had reimbursed the CCA and Guggenheim for all organization and offering costs incurred. The Master Fund, Guggenheim and CCA, for a limited purpose, entered into an amended and restated organization and offering expense reimbursement agreement on September 5, 2017, with an effective date of September 11, 2017, whereby CCA relinquished any rights to reimbursement of organization and offering expenses.

Dealer Manager Agreement

~~On May 1, 2015, the~~

The Master ~~Fund initially entered into~~fund is party to a dealer manager agreement, as amended (the ~~"Dealer~~“Dealer Manager ~~Agreement"~~Agreement”) with Carey Financial, LLC, a Delaware limited liability company ("Carey Financial"), GCIF 2016T and GCIF-I. The Dealer Manager Agreement was updated to include GCIF 2018T on October 3, 2016. On August 10, 2017, Carey Financial assigned the Dealer Manager Agreement to Guggenheim Funds Distributors, LLC ~~("GFD"~~(“GFD”) ~~and the assignment and assumption agreement was approved by the Board of Trustees. GFD is~~ an affiliate of Guggenheim. Under the terms of the Dealer Manager Agreement, GFD is to act on a best efforts basis as the exclusive dealer manager for (i) GCIF ~~2016T's,~~2016T’s and GCIF ~~2018T's and GCIF-I's~~2019’s public offerings of common shares and (ii) the public offering of common shares for future feeder funds affiliated with the Master Fund. ~~Each Feeder Fund, not the~~The Master Fund is not responsible for the compensation of GFD pursuant to the terms of the Dealer Manager Agreement; therefore, fees compensating GFD are not presented in this periodic report. As to a Feeder Fund, the Deal Manager Agreement may be terminated by a Feeder Fund or GFD upon 60 ~~calender days'~~calendar days’ written notice to the other party. In the event that a Feeder Fund or GFD terminates the Dealer Manager Agreement with respect to a particular Feeder Fund, the Dealer Manager Agreement will continue with respect to any other Feeder Fund.

Capital Structuring Fees

and Administrative Agency Fees

Guggenheim isand its affiliates are obligated to remit to the Master Fund any earned capital structuring fees and administrative agency fees (i.e. loan administration fees) based on the Master ~~Fund's~~ Fund’s pro rata portion of the co-investment transactions or originated investments in which the Master Fund participates.

~~Transition Costs in Connection with Advisor Changes, Proxy Statement and Shareholder Meetings~~

The Master Fund incurred transition costs in connection with the change in investment advisor, the issuance of a proxy statement to approve an investment advisory agreement with Guggenheim, shareholder meetings, and the solicitation of shareholders in connection with the proxy statement. WPC and Guggenheim have agreed to reimburse the Master Fund for all transition costs.

~~Notes to Consolidated Financial Statements (Unaudited)~~

Summary of Related Party Transactions ~~for the Three and Nine Months Ended September 30, 2017 and September 30, 2016~~

The following table presents the related party fees, expenses and transactions for the three and ~~nine~~six months ended ~~September~~June 30, ~~2017~~2023 and ~~September~~June 30, ~~2016 (dollars in thousands):~~2022:

Schedule of related party fees, expenses and transactions
		For the Three Months Ended June 30,				For the Six Months Ended June 30,
Related Party ^{(1) (2)}	Source Agreement & Description	2023		2022		2023		2022
	Expenses:
Guggenheim	Investment Advisory Agreement - management fee	$	186	$	572	$	441	$	1,220
Guggenheim	Administrative Services Agreement - expense reimbursement		95		169		197		229
	Income:
Guggenheim	Share on capital structuring fees and administrative agency fees		3		3		5		6

Notes to Consolidated Financial Statements (UNAUDITED)

Three Months Ended September 30, Nine Months Ended September 30,
Related Party Source Agreement & Description 2017 2016 2017 2016
CCA & Guggenheim
Prior Investment Advisory Agreement - investment advisory fee ⁽¹⁾
$ 1,595
$ 1,025
$ 5,229
$ 2,142
Guggenheim
Interim Investment Advisory Agreement - investment advisory fee ⁽¹⁾
391
—
391
—
CCA & Guggenheim Prior Administrative Services Agreement - expense reimbursement 80
98
303
286
Guggenheim Administrative Services Agreement - expense reimbursement 25
—
25
—
GCIF-I Net Issuance (Repurchase) of Common Shares (7 ) 5,666
20,523
13,208
GCIF 2016T Net Issuance (Repurchase) of Common Shares 592
32,946
48,862
75,661
CCA & Guggenheim O&O Agreement - organization cost reimbursements —
—
—
228
Trustees
Amended and Restated Bylaws - trustee fees and expenses ⁽²⁾
112
101
372
264
Guggenheim Co-Investment Exemptive Relief Order - Reimbursement of capital structuring fees —
157
315
157
WPC & Guggenheim Advisor Transition Costs - Transition costs in connection with investment advisor changes, proxy statement, and shareholder meeting 662
—
662
—

~~__________________________~~

(1)

~~During~~Related party transactions not included in the ~~three~~table above consist of Independent Trustees fees and ~~nine months ended September 30, 2017~~expenses and ~~September 30, 2016, none~~sales and repurchase of the ~~accrued performance-based incentive fee was payable to CCA or Guggenheim (i.e.~~ ~~CCA~~Master Fund Shares to/from affiliated Feeder Funds as disclosed in the Master Fund’s consolidated statements of operations and consolidated statements of changes in net assets, respectively. In accordance with the Liquidation Plan, the Master Fund’s share repurchase program has been suspended effective March 31, 2021.

(2)

As of June 30, 2023 and June 30, 2022, the Master Fund had accumulated net realized capital losses and net unrealized depreciation and therefore, Guggenheim did not earn any performance-based incentive ~~fee) and therefore~~fee during the ~~recorded performance-based incentive fee is not included in the table above. See~~ ~~Note 2. Significant Accounting Policies~~ ~~- Management Fees.~~respective period.


~~(2)~~	Excludes independent trustee fees for extraordinary services in connection with advisor transition matters incurred in the three months ended September 30, 2017; these fees are included in Advisor Transition Costs.

Co-Investment Transactions Exemptive Relief

~~On June 28, 2016, the~~

The Master Fund was granted an SEC exemptive order which grants the Master Fund exemptive relief permitting the Master Fund, subject to the satisfaction of specific conditions and requirements, to co-invest in privately negotiated investment transactions with certain affiliates of ~~CCA and~~ Guggenheim. On September 22, 2017, due to CCA's resignation as investment advisor, the Master Fund and Guggenheim filed a replacement request for SEC exemptive relief to permit co-investment with certain Guggenheim affiliates in privately negotiated transactions.

Indemnification

The ~~Interim~~ Investment Advisory ~~Agreement, Prior Investment Advisory Agreement, Investment Sub-Advisory~~ Agreement and Administrative Services Agreement provide certain indemnifications to ~~CCA and~~ Guggenheim, ~~their~~its directors, officers, persons associated with ~~CCA and~~ Guggenheim and ~~their~~its affiliates, including the administrator. In addition, the Master ~~Fund's~~Fund’s Declaration of Trust, as amended, provides certain indemnifications to its officers, trustees, agents and certain other persons. As of ~~September~~June 30, ~~2017,~~2023 and December 31, 2022, management believes that the risk of incurring any losses for such indemnifications is remote.

Note 7. Borrowings

Hamilton Credit Facility

On December 17, 2015, Hamilton initially entered into a senior-secured term loan, as amended (the “Hamilton Credit Facility”) with JPMorgan Chase Bank, National Association (“JPM”), as administrative agent, each of the lenders from time to time party thereto, and U.S. Bank National Association, as collateral agent, collateral administrator and securities intermediary. ~~The~~

On November 29, 2021, Hamilton ~~Credit Facility provides for borrowings~~repaid in ~~an aggregate principal amount of $175.0 million on a committed basis~~full all outstanding amounts due in connection with, ~~an overall four-year term~~ and ~~a three-year draw-down term;~~terminated all loan advances and all accrued and unpaid interest thereunder will be due and payable on December 17, 2019. The interest rate is 3 month LIBOR+2.65% per annum and interest is payable quarterly in arrears. All investments owned by, and all cash on hand with, Hamilton are held as collateral forcommitments under, the Hamilton Credit Facility.

~~Notes to Consolidated Financial Statements (Unaudited)~~

On ~~August 24, 2017, the Hamilton loan agreement was amended to conform the agreement with the resignation of CCA and the appointment of Guggenheim as the interim investment advisor. As of~~ September 30, ~~2017,~~2022, Hamilton was ~~in compliance with all material terms and covenants related to the Hamilton Credit Facility.~~

Hamilton incurred certain customary costs and expenses in connection with obtaining the Hamilton Credit Facility, and the loan agreement provides for conditional undrawn fees and unused commitment fees. Beginning on September 17, 2016 and ending December 16, 2018, Hamilton is subject to an undrawn fee of 265 basis points per annum on the amount, if any, of (i) $150.0 million less (ii) the outstanding loan amount. In the period commencing September 17, 2016 and ending December 17, 2018, Hamilton is obligated to pay an annual unused commitment fee of 100 basis points on the difference, if any, between $175.0 million and the greater of (i) the outstanding loan amount and (ii) $150.0 million.

~~Hamilton's borrowings as of September 30, 2017 and December 31, 2016 were as follows (dollars in thousands):~~

Hamilton Credit Facility - Borrowing Summary
As of Total Principal Amount Committed Principal Amount Outstanding
Carrying Value ⁽¹⁾

Interest Rate ⁽²⁾
Maturity Date Maturity Term
September 30, 2017 $ 175,000
$ 150,000
$ 148,865
3.97 % December 17, 2019 2.2
years
December 31, 2016 $ 175,000
$ 126,000
$ 124,505
3.64 % December 17, 2019 3.0
years

~~______________________~~


~~(1)~~	~~Carrying value is equal to outstanding principal amount net of unamortized financing costs.~~

~~(2)~~

~~Interest rate as of the end of the reporting period (3-month LIBOR+2.65%) and the base interest rate (i.e.,~~ 3-month LIBOR) are subject to quarterly changes. Interest rate is calculated as the weighted average interest rates of all tranches currently outstanding. Interest rate does not include the amortization of upfront fees, undrawn or unused fees and expenses that were incurred in connection with the Hamilton Credit Facility.

~~The components of the Master Fund's interest expense and other financing costs for the three and nine months ended September 30, 2017 and 2016 were as follows (dollars in thousands):~~

Three Months Ended September 30, Nine Months Ended September 30,
2017 2016 2017 2016
Stated interest expense $ 1,511
$ 675
$ 4,052
$ 1,324
Unused/undrawn fees 69
206
395
262
Amortization of deferred financing costs 123
117
360
342
Total interest expense $ 1,703
$ 998
$ 4,807
$ 1,928
Annualized weighted average interest rate⁽¹⁾
3.9 % 3.4 % 3.8 % 3.2 %
Average borrowings $ 150,000
$ 79,250
$ 140,400
$ 55,100

~~______________________~~


~~(1)~~	~~Calculated as the annualized amount of the stated interest expense divided by the average borrowings during the reporting period.~~

~~Notes to Consolidated Financial Statements (Unaudited)~~

dissolved.

Note 8. Commitments and Contingencies

~~Commitments~~

The amounts associated with unfunded commitments to provide funds to portfolio companies are not recorded in the Master Fund’s consolidated statements of assets and liabilities. Since these commitments and the associated amounts may expire without being drawn upon, the total commitment amount does not necessarily represent a future cash requirement. As of ~~September~~June 30, ~~2017 the Master Fund and Hamilton have sufficient liquidity to fund these commitments should the funding requirements occur. As of September 30, 2017~~2023 and December 31, ~~2016,~~2022, the Master Fund’s unfunded commitments consisted of the ~~following (dollars in thousands):~~

following:

Schedule of unfunded commitments
	Total Unfunded Commitments
Category / Portfolio Company ⁽¹⁾	June 30, 2023			December 31, 2022
Allvue Systems (Revolver)		58			26
Apptio, Inc. (Revolver)		229			131
Galls LLC (Revolver)		176			170
Polyvision Corp. (Revolver)		—			5
PSI Services LLC (Revolver)		—	⁽²⁾		—	⁽²⁾
Wide Orbit (Revolver)		—			293
Total Unfunded Commitments	$	463		$	625

Total Unfunded Commitments
Category / Portfolio Company⁽¹⁾
September 30, 2017 December 31, 2016
Boats Group (Revolver) $ 1,000
$ 1,000
Dominion Web Solutions (Revolver) 346
—
Eco-Site (Delayed Draw) 3,214
—
Express Oil (Delayed Draw) 24
—
Express Oil (Revolver) 241
—
GAL Manufacturing (Revolver) 373
—
Grinding Media Inc. —
6,200
Humanetics (Revolver) 400
400
Lytx (Revolver) 368
—
Med Intermediate (Delayed Draw) 1,493
1,631
Ministry Brands (Delayed Draw) 135
—
Onyx CenterSource (Revolver) 285
329
National Technical Systems, Inc. (Delayed Draw) —
765
Parts Town, LLC (Revolver) 200
900
Pet Holdings ULC (Delayed Draw) 125
500
PluralSight Holdings (Revolver) 250
—
Total Unfunded Commitments $ 8,454
$ 11,725

~~______________________~~

~~(1) May pertain to commitments to one or more entities affiliated with the named portfolio company.~~

~~Indemnification~~

In the normal course of business, the Master Fund enters into contracts and agreements that contain a variety of representations and warranties that provide general indemnifications. The Master Fund's maximum exposure under these arrangements is unknown, as these involve future claims that may be made against the Master Fund but that have not occurred. The Master Fun expects the risk of any future obligations under these indemnifications to be remote.

~~Note 9. Earnings Per Common Share~~

~~The following information sets forth the computation of basic and diluted net increase in net assets resulting from operations (i.e.,~~ ~~earnings (loss) per Common Share) for the three and nine months ended September 30, 2017 and September 30, 2016 (dollars in thousands, except share and per share data):~~

Three Months Ended September 30, Nine Months Ended September 30,
2017 2016 2017 2016
Net increase in net assets resulting from operations $ 4,818
$ 5,681
$ 12,308
$ 7,249
Weighted average Common Shares outstanding (basic and diluted) 29,214,286
14,367,189
26,976,497
10,219,786
Earnings per Common Share - basic and diluted⁽¹⁾
$ 0.16
$ 0.40
$ 0.46
$ 0.71

~~______________________~~


(1)	~~Earnings per Common Share, both basic and diluted, were equivalent during~~May pertain to commitments to one or more entities affiliated with the ~~period because there were no Common Share equivalents outstanding during the period.~~named portfolio company.

(2)

Amount is less than $1,000.

Notes to Consolidated Financial Statements ~~(Unaudited)~~

(UNAUDITED)

Note ~~10.~~ 9. Financial Highlights

The following per Common Share data and financial ratios have been derived from information provided in the consolidated financial statements. The following is a schedule of financial highlights during the ~~nine~~six months ended ~~September~~June 30, ~~2017~~2023 and ~~September~~June 30, ~~2016 (in thousands, except share and per share amounts):~~

2022:

Schedule of financial highlights
	For the Six Months Ended June 30,
	2023			2022
PER COMMON SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	2.39		$	6.15
Net investment income ⁽¹⁾		0.02			0.12
Net realized gains (losses) ⁽¹⁾		(0.01	)		0.05
Net change in unrealized depreciation ⁽²⁾		—			(0.15	)
Net increase resulting from operations		0.01			0.02
Distributions to Common Shareholders ⁽³⁾
Distributions from net investment income		(0.03	)		(0.14	)
Distributions representing return of capital		(1.04	)		(1.42	)
Net decrease resulting from distributions		(1.07	)		(1.56	)
Net asset value, end of period	$	1.33		$	4.61

INVESTMENT RETURNS
Total investment return ⁽⁴⁾		0.10	%		0.03	%

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period	$	34,046		$	117,932
Average net assets ⁽⁵⁾	$	50,054		$	139,057
Common Shares outstanding, end of period		25,594,125			25,594,125
Weighted average Common Shares outstanding		25,594,125			25,594,125

Ratios-to-average net assets: ⁽⁵⁾
Total expenses		2.23	%		1.61	%
Net investment income		1.28	%		2.18	%

Portfolio turnover rate ^{(5) (6)}		17.74	%		1.50	%

Nine Months Ended September 30,
2017 2016
PER COMMON SHARE OPERATING PERFORMANCE ⁽¹⁾

Net asset value, beginning of period $ 8.47
$ 8.00
         Net investment income 0.35
0.14
         Net realized gains 0.07
0.05
         Net change in unrealized appreciation ⁽²⁾
0.04
0.34
         Net increase resulting from operations 0.46
0.53
Distributions to Common Shareholders ⁽³⁾

        Distributions from net investment income (0.35 ) (0.14 )
        Distributions in excess of net investment income (0.03 ) (0.08 )
                Net decrease resulting from distributions (0.38 ) (0.22 )
Net asset value, end of period $ 8.55
$ 8.31

INVESTMENT RETURNS

Total investment return ⁽⁴⁾
5.49 % 6.64 %

RATIOS/SUPPLEMENTAL DATA
Net assets, end of period $ 249,367
$ 139,716
Average net assets ⁽⁵⁾
$ 229,306
$ 83,661
Common Shares outstanding, end of period 29,151,096
16,820,644
Weighted average Common Shares outstanding 26,976,497
10,219,786

Ratios-to-average net assets: ⁽⁵⁾

   Operating expenses 5.92 % 7.16 %
   Effect of advisor transition costs reimbursement (0.29 )% — %
   Net expenses 5.63 % 7.16 %
   Net investment income 4.07 % 1.65 %

Average outstanding borrowings ⁽⁵⁾
$ 140,400
$ 55,100
Portfolio turnover rate ^{(5) (6)}
31 % 46 %
Asset coverage ratio ⁽⁷⁾
2.66
2.44

~~_____________________~~


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

(2)

The amount shown at this caption is the balancing figure derived from the other figures in the schedule. The amount shown at this caption for a Common Share outstanding throughout the period may not agree with the change in the aggregate appreciation and depreciation in portfolio securities for the period because of the timing of sales of the Master Fund’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~~declared 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, based on taxable income calculated in accordance with income tax regulations which may differ from amounts determined under GAAP. As of June 30, 2023, the Master Fund estimated distributions to be composed mostly of return of capital. The final determination of the tax character of distributions will not be made until we file our tax return.

Notes to Consolidated Financial Statements ~~(Unaudited)~~

(UNAUDITED)

(4)

Total investment return is a measure of total return for shareholders, assuming the purchase of the Master Fund’s Common Shares at the beginning of the period and the reinvestment of all distributions declared during the period. More specifically, total investment return is based on (i) the purchase of Common Shares at net asset value on the first day of the period, (ii) the sale at the net asset value per Common Share on the last day of the period, of (A) all purchased Common Shares plus (B) any fractional Common Shares issued in connection with the reinvestment of distributions and (iii) distributions payable relating to the ownership of Common Shares, if any, on the last day of the period. The total investment return calculation assumes that cash distributions are reinvested concurrent with the issuance of Common Shares at the most recent transaction price on or prior to each distribution payment date. Since there is no public market for the Master Fund’s Common Shares, then the terminal sales price per Common Share is assumed to be equal to net asset value per Common Share on the last day of the period. Total investment return is not annualized. The Master Fund’s performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results.


(5)	The computation of average net assets, average outstanding borrowings and average value of portfolio securities 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 are not annualized.~~


(6)	Portfolio turnover is calculated as the lesser of (i) purchases of portfolio securities or (ii) the aggregate total of sales of portfolio securities plus any ~~prepayments~~repayments received divided by the monthly average of the value of investment portfolio ~~securities~~ owned by the Master Fund during the period.


~~(7)~~	Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) total senior securities issued at the end of the period, divided by (ii) total senior securities at the end of the period.

Note ~~11.~~ 10. Distributions

The ~~Board of Trustees declared~~following table summarizes the distributions for three and two record dates, respectively, in the three months ended September 30, 2017 and September 30, 2016. The total and the sources of declared distributions on a GAAP basis for the three months ended September 30, 2017 and September 30, 2016 are presented in the tables below (in thousands, except per Share amounts):

Three Months Ended September 30,
2017 2016
Per Share Amount Allocation Per Share Amount Allocation
Total Declared Distributions $ 0.16
$ 4,600
100.0 % $ 0.17
$ 2,756
100.0 %
From net investment income 0.13
3,862
84.0
0.08
1,083
39.3
Distributions in excess of net investment income 0.03
738
16.0
0.09
1,673
60.7

The Board of Trustees declared distributions for nine and three record dates, respectively, in the nine months ended September 30, 2017 and September 30, 2016. The total and the sources of declared distributions on a GAAP basis for the nine months ended September 30, 2017 and September 30, 2016 are presented in the tables below (in thousands, except per Share amounts):

Nine Months Ended September 30,
2017 2016
Per Share Amount Allocation Per Share Amount Allocation
Total Declared Distributions $ 0.38
$ 10,392
100.0 % $ 0.22
$ 3,106
100.0 %
From net investment income 0.35
9,336
89.8
0.14
1,399
45.0
Distributions in excess of net investment income 0.03
1,056
10.2
0.08
1,707
55.0

~~Note 12. Subsequent Events~~

~~On October 20, 2017, a new investment advisory agreement between~~that the Master Fund declared on its Common Shares during the six months ended June 30, 2023 and ~~Guggenheim was approved by a majority (as such term is defined~~June 30, 2022:

Schedule of distributions
Record Date	Payment Date	Distribution Per Common Share at Record Date		Distribution Per Common Share at Payment Date		Cash Distribution
For Calendar Year 2023
March 20	March 21	$	0.68000	$	0.68000	$	17,404
June 20	June 22		0.39000		0.39000		9,984
				$	1.07000	$	27,388

For Calendar Year 2022
February 1	February 3	$	0.78000	$	0.78000	$	19,964
May 18	May 20		0.78000		0.78000		19,963
				$	1.56000	$	39,927

Note 11. Subsequent Events

Management has evaluated subsequent events through the date of issuance of these consolidated 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 ~~1940 Act) of the votes cast by shareholders. The new investment advisory agreement replaced the Interim Investment Advisory Agreement effective as of October 20, 2017.~~consolidated financial statements.

Item 2. ~~Management's~~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” or otherwise)

The information contained in this Item 2 should be read in conjunction with our ~~unaudited~~ consolidated financial statements and related notes thereto appearing elsewhere in this Report. ~~Unless otherwise noted, the terms "we," "us," "our," and "Master Fund" refer to Guggenheim Credit Income Fund.~~ Capitalized terms used in this Item 2 have the same meaning as in the accompanying ~~unaudited~~ consolidated financial statements presented in Part I. Item 1. Consolidated Financial Statements ~~(unaudited)~~(Unaudited), unless otherwise defined herein.

Overview

We are a specialty finance investment company ~~that has~~focused on lending to middle market companies. We were formed on September 5, 2014 as a statutory trust under the laws of the State of Delaware and commenced investment operations on April 2, 2015. In addition, we have elected to be treated as a ~~BDC~~business development company (“BDC”) under the Investment Company Act of 1940, ~~Act. Formed~~ as ~~a Delaware statutory trust on September 5, 2014, we~~amended (the “1940 Act”). We are 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 our portfolio on an ongoing basis.

We serve as the master fund in a master/feeder fund structure in that one or more feeder funds (each, a “Feeder Fund”), each a separate closed-end management investment company that has adopted our investment objectives and strategies, invests substantially all of its equity capital in our common shares (“Shares” or ~~"Common Shares"~~“Common Shares”). Presently, our shareholders are the two initial shareholders and two Feeder Funds.

We conduct private offerings (each a “Private Offering”) of our Shares to the Feeder Funds in reliance on exemptions from the registration requirements of the Securities Act. While we expect to continuously offer our Shares and have an indefinite life, each Feeder Fund features a specific ~~finite~~period for the offering ~~period for~~of its Common Shares, and each Feeder Fund has a specified finite ~~term and target liquidity date.~~

Weterm.

Beginning with the taxable year ended December 31, 2015, we have elected to be treated for federal income tax purposes as a RIC under Subchapter M of the ~~Code.~~Internal Revenue Code of 1986, as amended (the “Code”).

Plan of Liquidation

In accordance with the offering documents and the intention of Guggenheim Credit Income Fund 2016 T (“GCIF 2016T”) and Guggenheim Credit Income Fund 2019 (“GCIF 2019”) (together, the “Feeder Funds”) to provide substantial shareholder liquidity, the Boards of Trustees of the Master Fund and the Feeder Funds approved respective Plans of Liquidation for each company on March 30, 2021 (each, a “Liquidation Plan”). In accordance with the Liquidation Plans, the Board has declared multiple liquidating distributions which are outlined in the table below. These distributions have been substantially composed of return of capital and have decreased the net asset value of the Master Fund and Feeder Funds. As such, the value on shareholder’s investment statements has decreased as liquidating distributions have been paid.

For the Master Fund, as of August 9, 2023, over 85% of the NAV has been declared to be paid to shareholders in the form of liquidating distributions.

The table below is intended to highlight some relevant metrics associated with the Plans of Liquidation ($ in thousands).

Noted Information	GCIF (Master Fund)			GCIF 2016 T			GCIF 2019
Cumulative Liquidating Distributions declared per share through August 9, 2023	$	6.94		$	7.30		$	20.02
Number of Portfolio Companies at beginning of Year		18			—			—
Number of Portfolio Companies at end of Period		13			—			—
YTD Portfolio sales and repayments ($ in thousands)	$	16,655		$	—		$	—
Cumulative Liquidating Distributions Declared through August 9, 2023 ($ in thousands)	$	(177,623	)	$	(118,969	)	$	(34,760	)
Percentage of December 31, 2020 NAV Declared through August 9, 2023		91.80	%		91.50	%		88.31	%
Net Assets at beginning of Year ($ in thousands)	$	61,273		$	41,115		$	12,926
Net Assets at end of Period ($ in thousands)	$	34,046		$	22,791		$	7,489
Net asset value per share at end of period	$	1.33		$	1.40		$	4.31

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 Strategy

Our investment objectives are to provide our shareholders with current income, capital preservation, and, to a lesser extent, long-term capital appreciation. There can be no assurances that any of these investment objectives will be achieved.

~~Our~~

Prior to the Board’s approval of the Liquidation Plan, our investment strategy iswas continuously focused on growing an investment portfolio that generates superior risk adjusted returns by carefully selecting investments through rigorous due diligence and actively managing and monitoring our investment portfolio. When evaluating an investment and the related portfolio company, we use the resources of Guggenheim to develop an investment thesis and a proprietary view of a potential portfolio company’s intrinsic value and its expected risks and rewards.

We primarily ~~focus~~focused on the following 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. The senior debt 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 priority over subordinated debt investments.

●

Subordinated Debt. Subordinated debt investments are subordinated to senior debt 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. 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 inconstant dividends and realized gains on dispositions of such investments.

~~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. The senior debt 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 priority over subordinated debt creditors.

~~Subordinated Debt.~~ Subordinated debt investments are subordinated to senior debt 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~~. 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 inconstant dividends and realized gains on dispositions of such investments.

We have modified our definition of senior debt to include senior unsecured debt investments. In prior quarters, senior unsecured debt investments were classified as subordinated debt given the unsecured nature of such investments. However, senior unsecured debt investments rank higher than subordinated debt investments in payment priority and we concluded that it is reasonable to classify senior unsecured debt investments as senior debt.

We intend to meet our investment objectives by investing primarily in large, privately-negotiated loans to private middle market U.S. companies. Specifically, we expect a typical borrower to have earnings before interest, taxes, depreciation, and amortization ~~("EBITDA"~~(“EBITDA”) of $25 million to $100 million and annual revenue ranging from $50 million to $1 billion. We seek to invest in businesses that have a strong reason to exist and have demonstrated competitive and strategic advantages. These companies generally possess distinguishing business characteristics, such as a leading competitive position in a well-defined market niche, unique brands, sustainable profitability and cash flow, and experienced management. We anticipate that a majority of our investments will be classified as senior debt ~~(generally as senior secured debt)~~ in a borrower’s capital structure and have repayment priority over other parts of a borrower’s capital structure (~~i.e.~~(i.e., subordinated debt, preferred and common equity).

By investing in a more senior attachment point of a borrower’s capital structure, we expect to protect our principal with less risk, which we believe provides for a distinctive risk/return profile as compared to that of a typical middle market or private equity alternative investment.

In addition to privately-negotiated loans, we invest in more broadly syndicated assets, such as bank loans and corporate bonds. ~~In these instances, our~~Our portfolio is more heavily weighted towards floating-rate investments, whose ~~revenue streams~~interest payment obligations may

increase in a rising interest rate environment. We may also invest in fixed-rate investments, options, or other forms of equity participation, and, to a limited extent and not as a principal investment strategy, structured products such as collateralized loan obligations (“CLOs”) and collateralized debt obligations (“CDOs”). We seek to make investments which have favorable characteristics, including closing fees, prepayment premiums, lender-friendly control provisions, and lender-friendly covenants.

Our portfolio may include “covenant-lite” loans which generally refer to loans that do not have a complete set of financial maintenance covenants. Generally, “covenant-lite” loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, to the extent we invest in “covenant-lite” loans, we may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.

Our portfolio includes investments in securities that are rated below investment grade (~~e.g.~~(e.g., junk bonds) by rating agencies, or that would be rated below investment grade if they were rated and have predominantly speculative characteristics with respect to the issuer’s capacity to pay interest and repay principal. These investments may also be illiquid and feature variances in opinions of fair value and market prices. A material amount of our debt investments in portfolio companies may contain interest rate reset provisions that may present challenges for the borrowers to continue paying periodic interest to us. In addition, a material amount of our debt investments may not pay down principal until the end of their lifetimes, which could result in a substantial loss to us if the portfolio companies are unable to refinance or repay their debts at maturity.

Our investment strategy leverages the skills and depth of ~~Guggenheim's~~Guggenheim’s research team and credit investment platform which features a relative value perspective across all corporate credit asset types. We believe these elements create a larger, proprietary opportunity set and increase the potential for the generation of a wide spectrum of value-risk investment ideas. We intend for our investment strategy to access investments with attractive combinations of reward and ~~risk.~~risk, better economics and stronger lender protections than those offered in traditional loan transactions. We also intend to deploy our direct loan origination investment platform and apply it to our portfolio company business relationships.

Our investment activity can and does 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 merger and acquisition transactions, the general economic environment, the competitive investment environment for the types of investments we currently seek and intend to seek in the future, the amount of equity capital we raise from the sale of our Shares, and the amount of capital we may borrow.

We acquire our portfolio investments through the following investment access channels:

~~Direct Originations:~~ ~~This channel consists of investments that are originated through Guggenheim's relationship network. Such investments are originated or structured for us or made by us~~

●

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.

We may ~~include both debt and equity investment components.~~

~~Primary Issuances:~~ ~~This channel primarily includes the~~participation in private placement transactions that are made available to, and become closely held by, a relatively small group of institutional investors. These transactions are typically originated and arranged by investment intermediaries other than Guggenheim.

~~Secondary Market Transactions:~~ This channel primarily includes investments in broadly syndicated loans, high yield notes and bonds, and other investments that are generally owned by a wide range of investors and made available through various trading markets.

~~We will~~ continue to borrow money from time to time within the ~~levels permitted~~borrowing limits stipulated by the 1940 Act, which generally allows us to incur leverage of up to 50% of our total assets, less liabilities and indebtedness not represented by senior securities. The use of borrowed funds and/or the proceeds of preferred stock offering to ~~make~~finance investments would have its own specific set of benefits and risks, and all of the costs of borrowing funds or issuing preferred stock are borne by our shareholders.

Revenues

We generate revenues primarily in the form of interest on the debt securities of portfolio companies that we acquire and hold for investment purposes. Our investments in debt securities generally have expected maturities of one to eight years, although we have no lower or upper constraint on maturity, and typically earn interest at floating and fixed ~~rates or floating~~interest rates. Interest on our debt securities is generally payable to us quarterly or semi-annually. The outstanding principal amount of our debt securities and any accrued but unpaid interest will generally become due at the respective maturity dates. In addition, we may generate revenue in the form of dividends from preferred and common equity investments, amortization of original issue discount, prepayment fees, commitment fees, origination fees and fees for providing significant managerial assistance.

Operating Expenses

Our primary operating expenses include ~~an investment advisory~~a management fee and, depending on our operating results, a performance-based incentive fee, interest expense, administrative services, related party reimbursements, custodian and accounting services and other third-party professional services fees and expenses. The ~~investment advisory~~management and performance-based incentive fees compensate Guggenheim for its services in identifying, evaluating, negotiating, closing and monitoring our investments.

Financial and Operating Highlights

The following tables present financial and operating highlights (i) as of ~~September~~June 30, ~~2017~~2023 and December 31, ~~2016~~2022 and (ii) for the ~~nine~~six months ended ~~September~~June 30, ~~2017~~2023 and ~~September~~June 30, ~~2016 (dollars in thousands, except per share amounts):~~2022:

	As of
	June 30, 2023		December 31, 2022
Total assets	$	34,569	$	62,145
Adjusted total assets (total assets net of payable for investments purchased)	$	34,569	$	62,145
Investments in portfolio companies, at fair value	$	29,638	$	40,641
Net assets	$	34,046	$	61,273
Net asset value per Common Share	$	1.33	$	2.39

As of
September 30, 2017 December 31, 2016
Total assets $ 406,590
$ 305,432
Adjusted total assets (total assets net of payable for investments purchased) $ 401,660
$ 304,339
Investments in portfolio companies, at fair value $ 381,054
$ 275,084
Borrowings $ 150,000
$ 126,000
Net assets $ 249,367
$ 178,066
Net asset value per Common Share $ 8.55
$ 8.47
Leverage ratio (borrowings/adjusted total assets) 37.3 % 41.4 %

Nine Months Ended September 30,
2017 2016
Average net assets $ 229,306
$ 83,661
Average borrowings $ 140,400
$ 55,100
Cost of investments purchased $ 206,464
$ 195,614
Sales of investments $ 51,037
$ 37,488
Principal payments $ 55,061
$ 22,154
Net investment income $ 9,336
$ 1,384
Net realized gains $ 1,876
$ 474
Net change in unrealized appreciation $ 1,096
$ 5,391
Net increase in net assets resulting from operations $ 12,308
$ 7,249
Total distributions to shareholders $ 10,392
$ 3,106
Net investment income per Common Share - basic and diluted $ 0.35
$ 0.14
Earnings per Common Share - basic and diluted $ 0.46
$ 0.71
Distributions per Common Share $ 0.38
$ 0.22

	For the Six Months Ended June 30,
	2023			2022
Average net assets	$	50,054		$	139,057
Cost of investments purchased	$	6,061		$	1,643
Sales of investments	$	16,011		$	8,024
Principal payments	$	641		$	23,160
Net investment income	$	640		$	3,031
Net realized gains (losses)	$	(408	)	$	1,481
Net change in unrealized depreciation	$	(71	)	$	(3,933	)
Net increase (decrease) in net assets resulting from operations	$	161		$	579
Total distributions to shareholders	$	27,388		$	39,927
Net investment income per Common Share - basic and diluted	$	0.02		$	0.12
Earnings per Common Share - basic and diluted	$	0.01		$	0.02
Distributions per Common Share	$	1.07		$	1.56

Portfolio and Investment Activity for the Three and ~~Nine~~Six Months Ended ~~September~~June 30, ~~2017 and September 30, 2016~~

Within the three and nine month periods ended September 30, 2017, our investment activity was primarily concentrated in sourcing debt investments through direct origination (56.7%) and (71.2%), respectively, and primary issuance channels (43.3%) and (22.3%), respectively, and the remainder was through secondary market channels (i.e., syndicated investments).

2023

The following table presents our ~~investment~~portfolio company activity for the three and ~~nine~~six months ended ~~September~~June 30, ~~2017 (dollars in thousands):~~

Three Months Ended Nine Months Ended
September 30, 2017 September 30, 2017
Investment activity segmented by access channel:
Direct origination $ 18,443
$ 146,955
Primary issuance 14,091
46,009
Secondary market transactions —
13,500
Total investment activity 32,534
206,464
Investments sold or repaid (29,993 ) (106,098 )
Net investment activity $ 2,541
$ 100,366

Portfolio companies at beginning of period 67
55
Number of added portfolio companies 5
28
Number of exited portfolio companies (4 ) (15 )
Portfolio companies at period end 68
68

Number of debt investments at period end 96
96
Number of equity/other investments at period end 3
3

2023:

	For the Three Months Ended June 30, 2023			For the Six Months Ended June 30, 2023
Portfolio companies at beginning of period		14			18
Number of exited portfolio companies		(1	)		(5	)
Portfolio companies at period end		13			13

Number of debt investments at period end		24			24
Number of equity/other investments at period end		7			7

The following table presents a ~~roll forward~~roll-forward of all investment purchase, sale and repayment activity and changes in fair value, within our investment portfolio throughout for the ~~nine~~six months ~~ending September~~ended June 30, ~~2017 (dollars in thousands):~~

2023:

	Balance as of January 1, 2023		Purchases		Sales and Repayments			Other Changes in Fair Value ⁽¹⁾			Balance as of June 30, 2023
Senior secured loans - first lien	$	39,028	$	1,382	$	(11,626	)	$	(183	)	$	28,601
Senior secured loans - second lien		1,126		29		(4,650	)		4,067			572
Senior secured bonds		102		—		(62	)		(8	)		32
Total senior debt	$	40,256	$	1,411	$	(16,338	)	$	3,876		$	29,205
Equity and other		385		4,650		(317	)		(4,285	)		433
Total	$	40,641	$	6,061	$	(16,655	)	$	(409	)	$	29,638

Balance as of January 1, 2017 Purchases Sales and Repayments
Other Changes in Fair Value ⁽¹⁾
Balance as of September 30, 2017
Senior secured loan - first lien $ 185,336
$ 124,159
$ (80,579 ) $ 2,927
$ 231,843
Senior secured loan - second lien 44,340
51,643
(13,655 ) 1,048
83,376
Senior secured bond 11,631
12,000
(3,841 ) 1,119
20,909
Senior unsecured debt 12,870
18,662
(2,633 ) 319
29,218
Total senior debt $ 254,177
$ 206,464
$ (100,708 ) $ 5,413
$ 365,346
Subordinated debt 20,628
—
(5,390 ) 23
15,261
Equity and other 279
—
—
168
447
Total $ 275,084
$ 206,464
$ (106,098 ) $ 5,604
$ 381,054

~~_________________~~


(1)	Other changes in fair value includes changes resulting from realized and unrealized gains and losses, amortization/accretion, increases from PIK income ~~as well as~~ and restructurings.

The following table presents selected information regarding our investment portfolio as of ~~September~~June 30, ~~2017~~2023 and December 31, ~~2016 (dollars in thousands):~~

2022:

	As of
	June 30, 2023			December 31, 2022
Weighted average purchase price of debt investments ⁽¹⁾		87.2	%		89.6	%
Weighted average duration of debt investments ⁽²⁾		0.04	years		0.03	years
Debt investments on non-accrual status as a percentage of amortized cost of total debt investments		4.4	%		3.1	%
Debt investments on non-accrual status as a percentage of fair value of total debt investments		0.1	%		0.3	%
Number of debt investments on non-accrual status		1			1

Floating interest rate debt investments:
Percent of debt portfolio ⁽³⁾		99.9	%		99.7	%
Percent of floating rate debt investments with interest rate floors ⁽³⁾		99.9	%		99.8	%
Weighted average interest rate floor		5.1	%		4.4	%
Weighted average coupon spread to base interest rate		586	bps		566	bps
3-month LIBOR		555	bps		477	bps

Fixed interest rate debt investments:
Percent of debt portfolio ⁽³⁾		0.1	%		0.3	%
Weighted average years to maturity		0.3	years		0.8	years

Weighted average effective yields
Senior secured loans - first lien ⁽⁴⁾		12.7	%		11.5	%
Senior secured loans - second lien ⁽⁴⁾		40.0	%		16.8	%
Total debt investments ⁽⁴⁾		12.6	%		11.7	%
Total investments ⁽⁵⁾		11.0	%		11.7	%

As of
September 30, 2017 December 31, 2016
Weighted average portfolio company EBITDA ⁽¹⁾
$ 89,338
$ 99,760

Median portfolio company EBITDA⁽¹⁾
$ 65,500
$ 84,450

Weighted average purchase price of investments ⁽²⁾
96.7
% 97.0
%
Weighted average duration of debt investments ⁽³⁾
0.4
years 0.6
years
Debt investments on non-accrual status as a percentage of amortized cost 0.8
% 1.2
%
Debt investments on non-accrual status as a percentage of fair value 0.8
% 1.1
%
Number of Debt investments on non-accrual status 1 1

Floating interest rate debt investments:
Percent of debt portfolio ⁽⁴⁾
90.4
% 90.7
%
Percent of floating rate debt investments with interest rate floors ⁽⁴⁾
97.0
% 100.0
%
Weighted average interest rate floor 1.0
% 1.0
%
Weighted average coupon spread to base interest rate 691
bps 654
bps

Fixed interest rate debt investments:
Percent of debt portfolio ⁽⁴⁾
9.6
% 9.3
%
Weighted average coupon rate 10.0
% 9.8
%
Weighted average years to maturity 3.4
years 4.9
years

Weighted average effective yields: ⁽⁵⁾

Senior secured loans - first lien 8.0
%
7.5
%
Senior secured loans - second lien 10.5
%
10.8
%
Senior secured bonds 8.4
%
7.0
%
Senior unsecured debt 10.7
% 11.5
%
Subordinated debt 8.8
%
8.5
%
Total debt portfolio 8.8
%
8.2
%

~~_________________~~

(1)

Based on trailing twelve months EBITDA as most recently reported by portfolio companies, but not as of September 30, 2017 or December 31, 2016. Weighted average portfolio company EBITDA is calculated using weights based on amortized cost. The inputs and computations of EBITDA are not consistent across all portfolio companies. EBITDA is a non-GAAP financial measure. For a particular portfolio company, EBITDA is generally defined as net income before net interest expense, income tax expense, depreciation and amortization. EBITDA amounts are estimated from the most recent portfolio company's financial statements, have not been independently verified by GCIF or its Advisor, may reflect a normalized or adjusted amounts, typically exclude expenses deemed unusual or non-recurring, and typically include add backs for items deemed appropriate to present normalized earnings. Accordingly, neither GCIF nor its Advisor makes any representation or warranty in respect of this information.


~~(2)~~	Percent is calculated as a percentage of the par value of debt ~~investment par value.~~investments.

~~(3)~~(2)

Duration is a measure of a debt ~~investment's~~investment’s price sensitivity to 100 basis points ~~("bps"~~(“bps”) change in interest rates. It represents an inverse relationship between price and the change in interest rates. For example, if a bond has a duration of 5.0 years and interest rates increase by 100 bps, then the bond price is expected to decrease by 5%. Weighted average duration is calculated using weights based on amortized cost.


~~(4)~~(3)	Percent is calculated as a percentage of the fair value of ~~all~~total debt investments.

~~(5)~~(4)

Weighted average effective yield by investment type is calculated as the effective yield of each investment and weighted by its amortized cost as compared to the aggregate amortized cost of all investments of that investment type. Effective yield is the return earned on an investment net of any discount, premium or issuance costs. ~~Effective~~The total debt portfolio yield ~~for~~is calculated before considering the impact of leverage or any operating expenses.

(5)

The total ~~debt~~investment portfolio yield is calculated before considering the impact of leverage or any operating expenses, and ~~cash, restricted cash,~~includes all income generating investments, non-income ~~producing assets~~generating investments and ~~equity~~ investments ~~are excluded.~~on non-accrual status.

All of our floating interest rate debt investments have base interest rate reset frequencies of twelve months or less, with the majority resetting at least quarterly. LIBOR ranged between ~~1.23%~~5.21% for the ~~1-month~~1 Month LIBOR to ~~1.33%~~5.76% for the ~~3-month~~6 Month LIBOR on ~~September~~June 30, ~~2017.~~2023. Base interest rate resets for floating interest rate debt investments will only result in increases in interest income when the base interest rate exceeds the associated interest rate floor (e.g., 1.0%).

The following table presents the maturity schedule of our debt investments, excluding unfunded commitments, based on their principal amount as of ~~September~~June 30, ~~2017~~2023 and December 31, ~~2016 (dollars in thousands):~~2022:

	June 30, 2023					December 31, 2022
Maturity Year	Principal Amount		Percentage of Portfolio			Principal Amount		Percentage of Portfolio
2023	$	8,364		22.6	%	$	8,386		15.7	%
2024		596		1.6			1,853		3.5
2025		9,951		27.0			21,025		39.5
2026		18,007		48.8			21,985		41.3
Total	$	36,918		100.0	%	$	53,249		100.0	%

September 30, 2017 December 31, 2016
Maturity Year Principal Amount Percentage of Portfolio Principal Amount Percentage of Portfolio
2017 $ —
— % $ 1,450
0.5 %
2018 —
— 1,240
0.4
2019 9,625
2.5 7,654
2.8
2020 23,903
6.2 23,606
8.5
2021 39,594
10.2 66,021
23.7
2022 101,436
26.2 106,021
38.1
2023 149,358
38.6 62,183
22.3
2024 47,588
12.3 10,310
3.7
2025 15,000
3.9 —
—
2036 337
0.1 —
—
Total $ 386,841
100.0 % $ 278,485
100.0 %

Results of Operations

Operating results for the three and ~~nine~~six months ended ~~September~~June 30, ~~2017~~2023 and ~~September~~June 30, ~~2016~~2022 were as ~~follows (dollars in thousands):~~

Three Months Ended September 30, Nine Months Ended September 30,
2017 2016 2017 2016
Total investment income $ 8,331
$ 3,707
$ 22,248
$ 7,375
Total expenses 4,469
2,624
12,912
5,991
Net investment income 3,862
1,083
9,336
1,384
Net realized gains 76
467
1,876
474
Net change in unrealized appreciation 880
4,131
1,096
5,391
Net increase in net assets resulting from operations $ 4,818
$ 5,681
$ 12,308
$ 7,249

follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Total investment income	$	833		$	2,119		$	1,754		$	5,274
Total expenses		562			1,140			1,114			2,243
Net investment income		271			979			640			3,031
Net realized gain (losses)		(409	)		1,011			(408	)		1,481
Net change in unrealized depreciation		(103	)		(3,904	)		(71	)		(3,933	)
Net increase (decrease) in net assets resulting from operations	$	(241	)	$	(1,914	)	$	161		$	579

Investment Income

~~Investment~~

Interest and dividend income consisted of the following components for the three and ~~nine~~six months ended ~~September~~June 30, ~~2017~~2023 and ~~September~~June 30, ~~2016 (dollars~~2022:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Interest income on debt securities:
Cash interest	$	779		$	1,990		$	1,624		$	4,176
PIK interest		7			25			15			104
Net accretion/amortization of discounts/premiums		45			101			96			261
Total interest on debt securities		831			2,116			1,735			4,541
PIK dividend		—			—			—			179
Fee income		2			—			19			—
Total interest and dividend income	$	833		$	2,116		$	1,754		$	4,720
Average Investments at cost	$	39,349		$	98,425		$	39,766		$	104,684
Average Income Generating Investments at cost ⁽¹⁾	$	33,241		$	96,496		$	34,552		$	102,643
Income return ⁽²⁾		2.50	%		2.19	%		5.02	%		4.60	%

(1)

Income Generating Investments pertains to investments with stated interest rate or preferred returns and includes investments on non-accrual.

(2)

Income return is calculated using the total interest and dividend income over the average income generating investments at cost for the period presented.

The decrease in ~~thousands):~~

Three Months Ended September 30, Nine Months Ended September 30,
2017 2016 2017 2016
Interest income on debt securities:
Cash interest $ 7,815
$ 3,301
$ 20,467
$ 6,724
PIK interest 169
—
$ 169
—
Net accretion/amortization of discounts/premiums 334
202
941
393
Total interest on debt securities $ 8,318
$ 3,503
$ 21,577
$ 7,117
Dividend income —
—
—
37
Fee income 13
204
671
221
Total investment income $ 8,331
$ 3,707
$ 22,248
$ 7,375

~~The increase in investment~~interest and dividend income was mainly driven by ~~(i)~~ the ~~growth~~decrease in the size of our ~~portfolio~~income generating investments. As of June 30, 2023 and ~~(ii) an increase in the~~June 30, 2022, yield on ~~our portfolio of investments. For the three and nine months ended September 30, 2017, average~~debt investments at cost ~~was $375.7 million and $337.8 million, respectively. For the three and nine months ended September 30, 2016, average investments at cost was $184.7 million and $136.6 million, respectively.~~

~~For the three and nine months ended September 30, 2017, yield on all investments at cost (computed~~ was ~~investment income divided by average investment cost in the period) was 8.9% and 8.8%~~5.1% and 8.5%, respectively. ~~For the three and nine months ended September 30, 2016, yield on all investments at cost was 8.0% and 7.2%, respectively.~~

~~For the nine months ended September 30, 2016,~~PIK dividend ~~income consisted of PIK~~pertains to dividends on ~~one~~ preferred stock ~~investment. The issuer of the preferred stock ceased paying preferred dividends beginning in April 2016.~~

investments.

Our fee income is comprised of the following fee classifications and is considered ~~nonrecurring~~non-recurring income ~~(dollars in thousands):~~for the three and six months ended June 30, 2023 and June 30, 2022:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
Administrative agency fees	$	2	$	3	$	5	$	6
Amendment fees and other		—		—		14		549
Total fee income	$	2	$	3	$	19	$	555

Three Months Ended September 30, Nine Months Ended September 30,
2017 2016 2017 2016
Capital structuring fees $ —
$ 157
$ 315
$ 157
Amendment/consent fees —
16
195
31
Commitment fees/other 13
31
161
33
Total fee income $ 13
$ 204
$ 671
$ 221

Operating Expenses

Our operating expenses can be categorized into fixed operating expenses, variable operating expenses and ~~performance dependent~~performance-dependent expenses. Fixed operating expenses are generally static period over period. Variable expenses are calculated based on fund metrics such as total assets, ~~total~~ net assets or total borrowings. ~~Performance dependent~~Performance-dependent expenses fluctuate independent of our size. Our period over period change in operating expenses is driven primarily by an increase in our variable expenses, as a result of an increase in our total assets and total borrowings, and our performance dependent expenses. Changes in our performance dependent expenses were driven by an overall change in net realized and unrealized gains.

The table below shows a breakdown of our operating expenses for the three and ~~nine~~six months ended ~~September~~June 30, ~~2017~~2023 and ~~September~~June 30, ~~2016 (dollars~~2022:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2023		2022		2023		2022
Fixed operating expenses:
Related party reimbursements ⁽¹⁾	$	95	$	169	$	197	$	229
Trustees fees		73		71		141		141
Professional services fees ⁽²⁾		97		193		158		384
Other expenses		67		73		136		144
Total fixed operating expenses		332		506		632		898

Variable operating expenses:
Administrative services ⁽³⁾		35		40		22		82
Management fee		186		572		441		1,220
Custody services		9		22		19		43
Total variable operating expenses		230		634		482		1,345

Total expenses before incentive fee waiver and advisor transition costs reimbursement	$	562	$	1,140	$	1,114	$	2,243

(1)

Related party reimbursements increased due to an increase in resource allocation to Master Fund.

(2)

Professional services fees includes the expenses for third party service providers such as internal and independent auditors, tax return preparer and tax consultant, third-party investment valuers, and fund legal counsel.

(3)

Administrative services fees include the expenses for third party service providers such as fund accountant, fund sub-administrator, and independent pricing vendors.

The decrease in ~~thousands):~~

Three Months Ended September 30, Nine Months Ended September 30,
2017 2016 2017 2016
Fixed operating expenses:
Related party reimbursements $ 105
$ 98
$ 328
$ 286
Trustees fees 112
101
372
264
Professional services fees ⁽¹⁾
229
253
765
812
Insurance 36
35
106
107
Other expenses 29
21
85
52
Total fixed operating expenses 511
508
1,656
1,521

Variable operating expenses:
Interest expense 1,703
998
4,807
1,928
Administrative services ⁽²⁾
44
32
141
82
Investment advisory fee 1,986
1,025
5,620
2,142
Custody services 24
18
68
47
Organizational expenses —
—
—
228
Total variable operating expenses 3,757
2,073
10,636
4,427

Performance dependent expenses:
Performance-based incentive fee 201
43
620
43
Total performance dependent expenses 201
43
620
43

Total operating expenses $ 4,469
$ 2,624
$ 12,912
$ 5,991

~~(1) Professional services fees includes the~~total expenses ~~for third party service providers such as internal and independent auditors, chief compliance officer, tax return preparer and tax consultant, investment valuers, and fund legal counsel.~~

~~(2) Administrative services fees include the expenses for third party service providers such as fund accountant, fund sub-administrator, and independent pricing vendors.~~

~~The composition of our interest expense~~ for the three ~~and nine~~ months ended ~~September~~June 30, ~~2017 and September~~2023 compared to the three months ended June 30, ~~2016, is broken down~~2022 was primarily due to the decrease in ~~Note 7. Borrowings. Hamilton Credit Facility features a contractual interest rate of 3-Month LIBOR+2.65%, which was 3.97% as of September 30, 2017. Interest expense also includes all applicable undrawn~~professional service fees and ~~unused commitment fees as described in~~ ~~Note 7. Borrowings.~~

~~Net Realized Gain (Loss)~~

management fees. For the three months ended ~~September~~June 30, ~~2017,~~2023 and June 30, 2022, there were no borrowing costs.

The decrease in total expenses for the six months ended June 30, 2023 compared to the six months ended June 30, 2022 was primarily due to the decrease in professional service fees and management fees. For the six months ended June 30, 2023 and June 30, 2022, there were no borrowing costs.

Net Realized Gains (Losses)

For the three months ended June 30, 2023, we had dispositions and principal repayments of ~~$30.0~~$5.3 million, resulting in net realized losses of 0.5 million. For the six months ended June 30, 2023, we had dispositions and principal repayments of $16.7 million, resulting in net realized losses of 0.4 million. For the three and six months ended June 30, 2023, we had realized losses from our foreign currency forward contracts of $10.0 thousand and and a realized gain of $101.0 thousand, respectively, primarily due the movement of the U.S. dollar against the British pound.

For the three months ended June 30, 2022, we had dispositions and principal repayments of $13.9 million, resulting in net realized gains of ~~$0.5~~$0.8 million. For the ~~nine~~six months ended ~~September~~June 30, ~~2017,~~2022, we had dispositions and principal repayments of ~~$106.1~~$31.2 million, resulting in net realized gains of ~~$3.0 million.~~

~~For the three months ended September 30, 2016, we had dispositions and principal repayments of $36.1 million, resulting in a net realized gain of $0.5~~$1.5 million. For the ~~nine~~ three and six months ended ~~September~~June 30, ~~2016,~~2022, we had ~~dispositions~~realized gains from our foreign currency forward contracts of $0.2 million and ~~principal repayments~~$53 thousand, respectively, primarily due the movement of ~~$59.6 million, resulting in a net realized gain of $0.5 million.~~

the U.S. dollar against the British pound.

For the three and ~~nine~~six months ended ~~September~~June 30, ~~2017~~2023 and ~~September~~June 30, ~~2016,~~2022, the components of total realized gains (losses) were comprised of the ~~following (dollars in thousands):~~

Three Months Ended September 30, Nine Months Ended September 30,
2017 2016 2017 2016
Investments $ 491
$ 467
$ 3,021
$ 474
Foreign currency forward contract (410 ) —
(1,029 ) —
Foreign currency transactions (5 ) —
(116 ) —
Net realized gains $ 76
$ 467
$ 1,876
$ 474

following:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Investments	$	(450	)	$	834		$	(524	)	$	1,463
Foreign currency forward contracts		(10	)		178			101			53
Foreign currency transactions		51			(1	)		15			(35	)
Net realized gains (losses)	$	(409	)	$	1,011		$	(408	)	$	1,481

Changes in Unrealized Appreciation ~~and Depreciation~~

(Depreciation)

For the three and ~~nine~~six months ended ~~September~~June 30, ~~2017~~2023 and ~~September~~June 30, ~~2016,~~2022, the components of total net ~~changes~~change in unrealized appreciation ~~and depreciation~~(depreciation) were comprised of the ~~following (dollars in thousands):~~following:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Investments	$	(104	)	$	(3,928	)	$	2		$	(4,209	)
Foreign currency forward contracts		5			25			(73	)		279
Foreign currency transactions		(4	)		(1	)		—			(3	)
Net change in unrealized appreciation (depreciation)	$	(103	)	$	(3,904	)	$	(71	)	$	(3,933	)

Three Months Ended September 30, Nine Months Ended September 30,
2017 2016 2017 2016
Investments $ 1,097
$ 4,131
$ 1,473
$ 5,391
Foreign currency forward contract (217 ) —
(377 ) —
Net change in unrealized appreciation $ 880
$ 4,131
$ 1,096
$ 5,391

For the three and ~~nine~~six months ended ~~September~~June 30, ~~2017~~2023 and ~~September~~June 30, ~~2016,~~2022, the components of total net ~~changes~~change in unrealized appreciation and depreciation on (i) all investments and (ii) investments classified as Level 3 in the valuation hierarchy were comprised of the ~~following (dollars in thousands):~~

following:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Unrealized appreciation on all investments ⁽¹⁾	$	567		$	474		$	5,748		$	2,281
Unrealized depreciation on all investments ⁽¹⁾		(671	)		(4,402	)		(5,746	)		(6,490	)
Total net change in unrealized appreciation (depreciation) on all investments	$	(104	)	$	(3,928	)	$	2		$	(4,209	)

Unrealized appreciation on Level 3 investments only ⁽¹⁾	$	57		$	474		$	327		$	2,046
Unrealized depreciation on Level 3 investments only ⁽¹⁾		(490	)		(1,248	)		(5,102	)		(2,435	)
Total net change in unrealized depreciation on Level 3 investments only	$	(433	)	$	(774	)	$	(4,775	)	$	(389	)

Three Months Ended September 30, Nine Months Ended September 30,
2017 2016 2017 2016
Unrealized appreciation on investments ⁽¹⁾
$ 1,766
$ 4,876
$ 5,217
$ 6,409
Unrealized depreciation on investments ⁽¹⁾
(669 ) (745 ) (3,744 ) (1,018 )
Total net change in unrealized appreciation on investments $ 1,097
$ 4,131
$ 1,473
$ 5,391

Unrealized appreciation on Level 3 investments $ 2,178
$ 1,768
$ 4,607
$ 1,194
Unrealized depreciation on Level 3 investments (846 ) (113 ) (1,265 ) (783 )
Total net change in unrealized appreciation on Level 3 investments $ 1,332
$ 1,655
$ 3,342
$ 411

~~__________________~~


(1)	~~Amount is~~Amounts are net of any reclassification of realized ~~gain~~gains or ~~loss~~losses on ~~investment.~~investments.

~~Cash Flows for the Nine Months Ended September 30, 2017 and September 30, 2016~~

For the nine months ended September 30, 2017 and September 30, 2016, net cash used in operating activities was $86.9 million and $139.2 million, respectively, which was concentrated in the acquisition of investments, net of sales and paydowns.

Net cash provided by financing activities during the nine months ended September 30, 2017 was $83.0 million, which primarily consisted of equity capital raise of $70.7 million, credit facility borrowings of $24.0 million reduced by distributions of $10.4 million to shareholders.

Net cash provided by financing activities during the nine months ended September 30, 2016 was $143.5 million, which primarily consisted of equity capital raise of $88.9 million and credit facility borrowings of $58.0 million.

Annual Investment Returns and Total Returns Since Commencement

Our initial investors, who each invested at $9.00 per share, have seen a cumulative ~~6.02%~~38.56% increase in the value of their ~~initial~~ investment, ~~in our Shares,~~ or an annualized return of ~~2.11%~~3.89%, ~~assuming~~assuming reinvestment of ~~distributions.~~

distributions.

The table below presents returns for our shareholders for the ~~nine~~six months ended ~~September~~June 30, ~~2017~~2023 and ~~September~~June 30, ~~2016,~~2022, and the period from commencement to ~~September~~June 30, ~~2017.~~2023. Our performance changes over time and currently may be different than that shown below. Past performance is no guarantee of future results.

The returns for shareholders of the affiliated Feeder Funds are different from the returns for our direct shareholders.

		Total Investment Return-Net Asset Value⁽¹⁾
		For the Six Months Ended June 30,						Since Commencement
Company	Date Operations Commenced ⁽²⁾	2023			2022			Cumulative			Annualized
Guggenheim Credit Income Fund	12/19/2014		(1.72	)%		0.03	%		38.56	%		3.89	%

Total Investment Return-Net Asset Value⁽¹⁾
Nine Months Ended September 30, Since Commencement
Company
Date Operations Commenced ⁽²⁾
2017 2016 Cumulative Annualized
Guggenheim Credit Income Fund December 19, 2014 5.49 % 6.64 % 6.02 % 2.11 %

~~___________________~~

(1)

Total investment return is a measure of total return for shareholders, assuming the purchase of our Common Shares at the beginning of the period and the reinvestment of all distributions declared during the period. More specifically, total investment return is based on (i) the purchase of Common Shares at net asset value on the first day of the period, (ii) the sale of Common Shares at the net asset value per share on the last day of the period, of (A) all purchased Common Shares plus (B) any fractional Common Shares issued in connection with the reinvestment of distributions and (iii) distributions payable relating to the ownership of Common Shares, if any, on the last day of the period. The total investment return calculation assumes that cash distributions are reinvested concurrent with the issuance of Common Shares at the most recent transaction price on or prior to each distribution payment date. Since there is no public market for our Common Shares, then the terminal sales price per common share is assumed to be equal to net asset value per common share on the last day of the period.


(2)	Commencement of operations represents the date ~~the company's~~that we sold our initial Common ~~Shares were sold.~~Shares.

The following table reflects the sources of the cash distributions that the Master Fund has paid on its Common Shares during the nine months ended September 30, 2017 and September 30, 2016 (dollars in thousands):

For the Nine Months Ended September 30,
2017 2016
Source of Distribution ⁽¹⁾
Distribution Amount Percentage Distribution Amount Percentage
Net investment income (before reimbursements) $ 8,674
83.5 % $ 1,384
44.6 %
Book-to-tax differences (547 ) (5.3 ) 203
6.5
Short-term capital gains 1,603
15.4
473
15.2
Long-term capital gains —
— % —
—
Reimbursement of advisor transition cost 662
6.4 % —
—
Other ⁽²⁾
—
— % 1,046
33.7 %
Total Distributions $ 10,392
100.0 % $ 3,106
100.0 %

~~_____________________~~


~~(1)~~	Source of distribution is calculated annually on a tax basis. Amounts shown in this Report are estimates and the final conclusion of the Master Fund's sources of distribution will be determined at year end and disclosed in the Master Fund's Form 10-K.


~~(2)~~	~~Other sources of distribution may include, but are not limited to, borrowings and proceeds from the sales of Common Shares, if any.~~

GUGGENHEIM CREDIT INCOME FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS (UNAUDITED)

Off-Balance Sheet Arrangements

Unfunded Commitments

Unfunded commitments to provide funds to portfolio companies are not recorded inon our consolidated statements of assets and liabilities. Our unfunded commitments may be significant from time to time. Unfunded commitments may expire without being drawn upon and the total commitment amount does not necessarily represent future cash requirements. As of ~~September~~June 30, ~~2017,~~2023, we had ~~sixteen~~four unfunded commitments totaling $0.5 million as compared to six unfunded commitments totaling ~~$8.5 million as compared to eight unfunded commitments totaling $11.7~~$0.6 million as of December 31, ~~2016. See~~ 2022. See Note 8. Commitments and Contingencies for specific identification of the unfunded commitments. We believe we maintain sufficient liquidity in the form of cash, ~~(including restricted cash),~~ receivables and borrowing capacity to fund these unfunded commitments should the need arise. See ~~Financial Condition, Liquidity and Capital Resources.~~

Financial Condition, Liquidity and Capital Resources

Financial Condition, Liquidity and Capital Resources

Our primary sources of cash and cash equivalents may include: (i) the ~~incremental~~ sale of our Shares to affiliated ~~Feeder Funds,~~feeder funds, (ii) ~~incremental~~ borrowings under various financing arrangements, (iii) cash flows from interest, dividends and transaction fees earned from investment in portfolio companies and (iv) principal repayments and sale proceeds from our investments. As of April 28, 2017, GCIF 2016T closed its public offering and therefore additional capital contributions from this Feeder Fund will be limited to excess capital from its distribution reinvestment program, if any. Effective August 23, 2017, in connection with the transition of the Master Fund's investment advisory functions to Guggenheim, management determined to temporarily suspend GCIF-I's public offering of its Common Shares. GCIF-I will continue to issue its Common Shares to its existing shareholders through its Distribution Reinvestment Plan. GCIF-I is expected to recommence its public offering of Common Shares following shareholder approval of the Master Fund’s new advisory agreement with Guggenheim. Therefore, our ability to raise equity capital through our affiliated Feeder Funds is dependent on the lifting of the temporary suspension at GCIF-I and the launch of additional Feeder Funds.

Our primary uses of cash and cash equivalents may ~~include:~~include: (i) investments in portfolio companies, (ii) payments of operating expenses, (iii) interest payments on, and repayment of, borrowings, (iv) cash distributions to our shareholders and (v) periodic repurchases of our Shares pursuant to our ~~quarterly~~ share repurchase program.

Liquidity

Operating liquidity is our ability to meet our short term liquidity needs. The following table presents our operating liquidity position as of June 30, 2023 and December 31, 2022:

	As of
	June 30, 2023			December 31, 2022
Cash and cash equivalents	$	4,405		$	8,956
Principal receivable		13			11,499
Unfunded investment commitments		(463	)		(625	)
Other net working capital ⁽¹⁾		(98	)		(118	)
Total operational liquidity	$	3,857		$	19,712

(1)

Other net working capital is the sum of collateral deposits/payable for foreign currency forward contracts, interest and dividend income receivable and receivable from related parties less accrued management fee, payable to related parties, distributions payable, and accounts payable, accrued expenses and other liabilities.

As of September 30, 2017 we had $21.9 million of cash (including restricted cash but excluding cash pledged as collateral in connection with our foreign currency forward contracts) on hand and approximately $25.0 million of unused borrowing capacity to cover $8.5 million in unfunded investment commitments.

Capital Resources

We may from time to time enter into additional credit facilities and borrowing arrangements to increase the amount of our borrowings as our equity capital foundation increases. Accordingly, we cannot predict with certainty what terms any such financing would have or the costs we would incur in connection with any such financing arrangements. We are currently required to maintain a minimum asset coverage ratio (total assets-to-senior securities) of 200% under the 1940 Act.

The table below summarizes certain financing obligations and Feeder Fund liquidity targets that are expected to have an impact on our liquidity and cash flow in specified future interval ~~periods (dollars in thousands):~~

periods:

	June 30, 2023
	Total		< 1 year		1-3 years		3-5 years		> 5 years
Liquidation of Feeder Funds’ Investments:
GCIF 2016T ⁽¹⁾	$	22,696	$	22,696	$	—	$	—	$	—
GCIF 2019 ⁽¹⁾		6,713		—		—		6,713		—
Total Liquidation of Feeder Funds’ Investments	$	29,409	$	22,696	$	—	$	6,713	$	—

September 30, 2017
Total < 1 year 1-3 years 3-5 years > 5 years
Financings-Hamilton Credit Facility:
Debt - principal $ 150,000
$ —
$ 150,000
$ —
$ —
Interest on borrowings ^{(1) (2)}
13,349
6,038
7,311
—
—
Unused fee commitment 307
254
53
—
—
Total - Financings $ 163,656
$ 6,292
$ 157,364
$ —
$ —

Feeder Fund Liquidity:
GCIF 2016T ⁽³⁾
$ 161,126
$ —
$ —
$ 161,126
$ —
GCIF-I ⁽³⁾
40,717
—
—
—
40,717
Total Feeder Fund Liquidity $ 201,843
$ —
$ —
$ 161,126
$ 40,717

~~________________~~

(1)

Interest on borrowings, undrawn fees, and unused commitment fees are based on the amount drawn on the Hamilton Credit Facility as of September 30, 2017 and consideration of (i) contractual minimum utilization commitments and (ii) the maximum commitment amount. Incremental borrowings after September 30, 2017, would (i) increase interest expense and (ii) reduce undrawn and unused commitment fees. See ~~Note 7. Borrowings~~ ~~for a detailed description of undrawn and unused commitment fees.~~


~~(2)~~	The forecast of interest expense on borrowings is based on the prevailing interest rate as of the most recent interest reset date (LIBOR+2.65%) and it is subject to quarterly base interest rate changes.

~~(3)~~

The Feeder Fund investment liquidity amounts are based on the net asset value of each Feeder ~~Fund's~~Fund’s ownership interest in the Master Fund as of ~~September~~June 30, ~~2017. The liquidity provisions for GCIF 2016T~~2023. In accordance with the Liquidation Plans, the Board has declared multiple liquidating distributions. These distributions have been substantially composed of return of capital and ~~GCIF-I stipulate that they intend to provide liquidity to their shareholders from a liquidation of their ownership interest~~have decreased the net asset value of the Master Fund and Feeder Funds. As such, the value on ~~or before December 31, 2021 and December 31, 2040, respectively, subject to each Feeder Fund's pursuit of other liquidity alternatives and timing adjustments.~~shareholder’s investment statements has decreased as liquidating distributions have been paid.

As of ~~September~~June 30, ~~2017,~~2023, GCIF 2016T owned ~~64.6%~~66.7% of our outstanding Common Shares and ~~GCIF-I~~GCIF 2019 owned ~~16.3%~~19.7% of our outstanding Common Shares. The two initial investors accounted for the remaining ~~19.1%~~13.6% of our outstanding Common Shares.

Critical Accounting Policies

Valuation of Investments

Our investments consist primarily of investments in senior and subordinated debt of private middle market U.S. companies and are presented in our ~~unaudited~~ consolidated financial statements at fair value. See Note 3. Investments for more information on our investments. As described more fully in Note 2. Significant Accounting Policies and Note 5. Fair Value of Financial Instruments, a valuation hierarchy based on the level of independent, objective evidence available regarding value is used to measure the fair value of our investments. Investments for which market quotations are readily available are valued using market quotations, which are generally obtained from independent pricing services, broker-dealers or market makers. With respect to our portfolio investments for which market quotations are not readily available, our Board of Trustees is responsible for determining in good faith the fair value of our portfolio investments in accordance with, and through the consistent application of, the valuation policy and procedures approved by our Board of Trustees, based on, among other things, the input of Guggenheim and any independent third-party valuation firms.

We utilize valuation techniques that use unobservable inputs and assumptions in determining the fair value of our investments classified as Level 3 within the valuation hierarchy. For senior debt and subordinated debt classified as Level 3 fair value investments, we initially value the investment at its initial transaction price and subsequently value the investment using (i) market data for similar instruments (e.g., recent transactions or indicative broker quotes) and/or (ii) valuation models. Valuation models are based on EBITDA multiples to determine enterprise value and debt multiple ratios where the key inputs are based on relative value analysis of similar credit investments issued by similar portfolio companies. The valuation techniques used by us

for other types of assets that are classified as Level 3 investments are described in Note 2. Significant Accounting Policies. The unobservable inputs and assumptions may differ by asset and in the application of our valuation methodologies. The reported fair value estimates could vary materially if we had chosen to incorporate different unobservable inputs and assumptions.

We and our Board of Trustees conduct our fair value determination process on a quarterly basis and any other time when a material decision regarding the fair value of our portfolio investments is required, including in connection with ensuring our compliance with the 1940 ~~Act's~~Act’s requirements regarding the price at which we issue our Shares. A determination of fair value involves subjective judgments and estimates. Due to the inherent uncertainty of determining the fair value of portfolio investments that do not have a readily available market value, the fair value of these portfolio investments may differ materially from the values that would have been determined had a readily available market value existed for such investments. Further, such investments are generally less liquid than exchange-traded securities. If we were required to liquidate a portfolio investment that does not have a readily available market value in a forced or liquidation sale, we could realize significantly less than the fair value recorded by us.

The table below presents information on investments classified as Level 3 according to the valuation hierarchy within the investment portfolio on ~~September~~June 30, ~~2017~~2023 and December 31, ~~2016 (dollars in thousands):~~

September 30, 2017 December 31, 2016
Investments classified as Level 3 fair value $ 310,827
$ 133,200
Total fair value of investment portfolio $ 381,054
$ 275,084
Total assets $ 406,590
$ 305,432
% of investment portfolio classified as Level 3 fair value 81.6 % 48.4 %
% of total assets classified as Level 3 fair value 76.4 % 43.6 %

2022:

	As of
	June 30, 2023			December 31, 2022
Investments classified as Level 3 fair value	$	23,392		$	25,636
Total investments at fair value	$	29,638		$	40,641
Total assets	$	34,569		$	62,145
Percentage of investment portfolio classified as Level 3 fair value		78.9	%		63.1	%
Percentage of total assets classified as Level 3 fair value		67.7	%		41.3	%

The ranges of unobservable inputs used in the fair value measurement of our investments classified as Level 3 fair valued as of ~~September~~June 30, ~~2017~~2023 and December 31, ~~2016~~2022 are presented in Note 5. Fair Value of Financial Instruments, as well as the directional impact to the ~~investments'~~investments’ valuation from an increase or decrease in the associated unobservable inputs.

In addition to impacting the estimated fair value recorded for our investments inon our consolidated statements of assets and liabilities, had we used different key unobservable inputs to determine the estimated fair value of our investments, amounts recorded in our consolidated statements of operations, including the net change in unrealized appreciation and depreciation on investments, ~~investment advisory~~management and performance-based incentive fees would also be impacted. ~~For instance,~~The table below outlines the impact on our results of a 5% increase in the fair value of our Level 3 investments ~~as of September~~for the periods ended June 30, 2017, assuming all other estimates remain unchanged, would result in a $15.5 million increase in net change in unrealized appreciation on investments, a less than $0.1 million increase in the investment advisory fee payable to Guggenheim, a $3.1 million increase in performance-based incentive fee recorded on the statement of operations, a $12.2 million net increase in net assets resulting from operations, a $0.45 increase in earnings per Common Share,2023 and a $0.42 increase in net asset value per Common Share. Comparatively, a 5% increase in the fair value of our Level 3 investments as of December 31, 2016, assuming all other estimates remain unchanged, would result in a $6.7 million increase in net change in unrealized appreciation on investments, a $0.1 million increase in the investment advisory fee payable to Guggenheim, a $1.3 million increase in performance-based incentive fee recorded on the statement of operations, a $5.2 million net increase in net assets resulting from operations, a $0.42 increase in earnings per Common Share, and a $0.25 increase in net asset value per Common Share.June 30, 2022:

	June 30, 2023			June 30, 2022
Fair Value of Level 3 Investments at Year End	$	23,392		$	59,193
Fair Value Assuming a 5% Increase in Value		24,562			62,153

Increase in unrealized appreciation		1,170			2,960
Increase in management fees ⁽¹⁾		(10	)		(26	)
Increase in performance based incentive fee ⁽²⁾		(234	)		(592	)
Increase in net assets resulting from operations	$	926		$	2,342

Weighted average Common Shares outstanding (basic and diluted)		25,594,125			25,594,125
Common Shares outstanding at the end of the Year		25,594,125			25,594,125

Increase in earnings per Common Share	$	0.04		$	0.09
Increase in net asset value per Common Share	$	0.04		$	0.09

(1)

Increases in management fees for the periods ended June 30, 2023 and June 30, 2022 represent only 12 months’ worth of the change to the Master Fund’s management fees.

(2)

Increase in performance-based incentive fee is calculated as 20% of the increase in unrealized appreciation.

~~Management~~

Investment Advisory Fees

See Note 2. Significant Accounting Policies.

~~New~~

Recent Accounting Standards

See Note 2. Significant Accounting Policies.

Contractual Obligations

We have entered into certain agreements under which we have material future commitments.

~~In 2015, we initially entered into the Prior~~

The Master Fund is a party to an Investment Advisory Agreement ~~and a Prior Administrative Services Agreement~~ with ~~CCA and,~~Guggenheim, pursuant to ~~a limited extent,~~which the Master Fund agreed to pay Guggenheim an ~~Investment Sub-Advisory Agreement with CCA and Guggenheim.~~investment advisory fee. See Note 6. Related Party Agreements and Transactions for a more detailed description of ~~these investment advisory agreements.~~

~~Due to CCA's resignation as investment advisor on August 10, 2017, we have incurred transition costs in connection with~~ the CCA resignation and the process of reviewing and selecting Guggenheim as the successor investment advisor. As of September 30, 2017, we have incurred approximately $0.7 million in transition costs, all of which are to be reimbursed by WPC and Guggenheim.

Investment Advisory Agreement. If the ~~new Interim~~ Investment Advisory Agreement is terminated, our costs may increase under any replacement investment advisory agreement that we subsequently enter into. We would also likely incur expenses in identifying and evaluating candidates to provide the services we expect to receive under any successor investment advisory agreement and administrative services agreement. Any successor investment advisory agreement would also be subject to approval by our shareholders.

In 2015, Hamilton, a wholly-owned, special purpose financing subsidiary of the Master Fund, initially entered into the Hamilton Credit Facility with JPMorgan Chase Bank, National Association, as administrative agent, each of the lenders from time to time party thereto, and U.S. Bank National Association, as collateral agent, collateral administrator and securities intermediary. ~~The~~On June 29, 2018, the Hamilton Credit ~~Facility provides for delayed-draw borrowings in an aggregate principal amount of $175.0 million on a committed basis during~~facility was amended to extend the initial three years of the four-year credit facility term. As of September 30, 2017 and December 31, 2016, we had borrowed $150.0 million and $126.0 million, respectively, and such amounts are due and payable no later thanterm from December 17, ~~2019.~~2019 to December 29, 2022 and to extend the draw-down term from December 17, 2018 to December 29, 2021 among other things. On November 29, 2021, Hamilton repaid in full all outstanding amounts due in connection with, and terminated all commitments under, the Hamilton Credit Facility. See Note 7. Borrowings.

Related Party Transactions

We have entered into agreements with Guggenheim whereby we agreed to pay certain fees to, and to reimburse certain expenses, of Guggenheim for investment advisory services and investment-related and administrative costs incurred on our behalf. See Note 6. Related Party Agreements and Transactions for a discussion of related party transactions, investment advisory ~~fee~~fees and reimbursement of administrative services expenses.

Organization and Offering Expenses and Reimbursement Arrangements with Guggenheim

Reimbursement for Guggenheim Administrative Services Expenses

~~CCA served as the Master Fund's administrator from inception until September 11, 2017.~~

Guggenheim has provided administrative services to the Master Fund since September 11, 2017. We ~~have reimbursed CCA, and in future periods we~~ will reimburse Guggenheim, for their expenses in connection with the provision of administrative services to us. However, such reimbursement will be made at an amount equal to the lower of their actual costs or the amount that we would be required to pay for comparable administrative services in the same geographic location. Also, such costs will be reasonably allocated to us on the basis of assets, revenues, time records or other reasonable allocation methods. We do not reimburse ~~CCA or~~ Guggenheim for rent, depreciation, utilities, capital equipment or other administrative items allocated to controlling persons of ~~CCA and~~ Guggenheim.

Co-Investment Transactions

~~On June 28, 2016, the~~ Exemptive Relief

The Master Fund was granted an SEC ~~issued an~~exemptive order ~~to grant exemptive relief to~~which grants the Master Fund ~~which allows us~~exemptive relief permitting the Master Fund, subject to ~~co-invest with certain~~the satisfaction of ~~our affiliates~~specific conditions and requirements, to co-invest in privately negotiated transactions, including investments originated and directly negotiated by CCA and Guggenheim, subject to a set of conditions and requirements. On September 22, 2017, and due to the CCA's resignation as investment ~~advisor, we and Guggenheim filed a replacement request for SEC exemptive relief to permit co-investment~~transactions with certain ~~Guggenheim~~ affiliates ~~in privately negotiated transactions.~~

of Guggenheim.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Interest Rate Risk

We are subject to financial market risks, including changes in interest rates. As of ~~September~~June 30, ~~2017, 90.4%~~2023, 99.9% of our debt investments (98.4% of our total investments), or ~~$344.2~~$29.2 million ~~measured~~measured at fair value, are subject to ~~variable~~floating interest rates. ~~Our sole credit facility is also subject to changes in its 3 Month LIBOR base interest rate.~~ A rise in the general level of interest rates can be expected to lead to (i) higher interest income from our ~~variable~~floating rate debt investments and (ii) value declines for fixed interest rate investments we may ~~hold, and (iii) higher interest expense in connection with our floating rate credit facility. To the extent that~~hold. Since a majority of our investments ~~may be in variable~~consist of 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 Guggenheim to meet or exceed the quarterly threshold for ~~performance based~~performance-based incentive fees as described in Note 6. Related Party Agreements and Transactions.

~~Based on our consolidated statements of assets and liabilities and investment holdings as of September 30, 2017, the~~

The following table presents the approximate annualized increase (decrease) in (i) interest income from our investment portfolio, (ii) ~~annualized~~ interest expense associated with our floating rate credit facility and (iii) the ~~annualized~~ net increase or decrease of interest-related income and expense, directly resulting from hypothetical changes in base interest rates (e.g., LIBOR), assuming no changes in the composition of our investment portfolio and capital structure ~~(in thousands):~~

Basis Points (bps) Increase Annualized Interest Income Annualized Interest Expense Annualized Net Increase
+ 50 bps $ 1,556
$ 750
$ 806
+100 bps 3,101
1,500
1,601
+150 bps 4,652
2,250
2,402
+200 bps 6,203
3,000
3,203

as of June 30, 2023.

Basis Points (bps) Increase	Annualized Interest Income Increase (Decrease)		Annualized Net Increase (Decrease)		Net Increase (Decrease) per Share
-50 bps	$	—	$	—	$	—
+50 bps		98		98		—
+100 bps		256		256		0.01
+150 bps		419		419		0.02
+200 bps		582		582		0.02

We regularly measure our exposure to interest rate risk. We assess interest rate risk and manage our interest rate exposure on an ongoing basis by comparing our interest rate sensitive assets to our interest rate sensitive liabilities. Based on that review, we determine 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~~Chief Executive Officer and ~~chief financial officer,~~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~~Chief Executive Officer and ~~chief financial officer,~~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~~June 30, ~~2017,~~2023, have concluded that our disclosure controls and procedures, as defined in Rule 13a-15(e) under the Exchange Act, were effective as of ~~September~~June 30, ~~2017~~2023 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 1, 2017, neither~~August 9, 2023, we ~~nor any of our subsidiaries,~~ were not subject to any material legal proceedings, nor, to our knowledge, is any material legal proceeding threatened against us or our ~~subsidiaries.~~

subsidiary.

From time to time, we ~~our subsidiaries, our Advisor~~ or ~~Administrator~~Guggenheim 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 consolidated financial position or results of operations.

Item 1A. Risk Factors.

~~As of September~~

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, 2021, 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 six months ended June 30, ~~2017,~~2023, 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 March 21, 2017.~~for the year ended December 31, 2022.

Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.

Certain of our portfolio companies may be impacted by inflation. If such portfolio companies are unable pass any increases in their costs along to their customers, it could adversely affect their results and their ability to impacting their ability to pay interest and principal on our loans. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future unrealized losses and therefore reduce our net assets resulting from operations.

The Company is currently operating in a period of capital markets disruption, significant volatility and economic uncertainty.

The global capital markets are experiencing a period of disruption and instability resulting in increasing spreads between the yields realized on riskier debt securities and those realized on risk-free securities, lack of liquidity in parts of the debt capital markets, significant write-offs in the financial services sector and the re-pricing of credit risk in the broadly syndicated market. Highly disruptive market conditions have resulted in increasing volatility and illiquidity in the global credit, debt and equity markets generally. The duration and ultimate effect of such market conditions cannot be accurately forecasted. Extreme uncertainty regarding economic markets is resulting in declines in the market values of potential investments and declines in the market values of investments after they are made or acquired by the Company and affecting the potential for liquidity events involving such investments or portfolio companies. During periods of market disruption, portfolio companies may be more likely to seek to draw on unfunded commitments the Company has made, and the risk of being unable to fund such commitments is heightened during such periods. Applicable accounting standards require the Company to determine the fair value of its investments as the amount that would be received in an orderly transaction between market participants at the measurement date. While most of the Company’s investments are not publicly traded, as part of the Company’s valuation process the Company considers a number of measures, including comparison to publicly traded securities. As a result, volatility in the public capital markets can adversely affect the Company’s investment valuations.

Various social and political tensions around the world, including public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), may contribute to increased market volatility, may have long-term effects on the worldwide financial markets and may cause further economic uncertainties worldwide. In particular, the consequences of the conflict between Russia and Ukraine, including international sanctions, the potential impact on inflation and increased disruption to supply chains may impact portfolio companies. Such consequences also may increase the Company’s funding cost or limit its access to the capital markets.

A prolonged period of market illiquidity may cause the Company to reduce the volume of loans and debt securities originated and/or fund and adversely affect the value of the Company’s portfolio investments, which could have a material and adverse effect on the Company’s business, financial condition, results of operations and cash flows.

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


~~(a)~~	~~We sold 219,838 of unregistered Shares to GCIF-I and GCIF 2016T on August 4, 2017 for total and net consideration of $1.9 million. The proceeds were employed for operating and investment purposes.~~


~~(b)~~	~~Not applicable.~~


~~(c)~~	~~The following table provides information concerning our repurchase of Common Shares pursuant to our share repurchase program during the quarter ended September 30, 2017:~~

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 ⁽¹⁾
July 1, 2017 to July 31, 2017 — — — —
August 1, 2017 to August 31, 2017 — — — —
September 1, 2017 to September 30, 2017 151,000 $8.55 151,000 —
Total 151,000 151,000 —


~~(1)~~	The maximum number of Shares available for repurchase on September 26, 2017 , the termination date of the quarterly share repurchase program that was conducted in the quarter ended September 3, 2017, was 529,180.

(a) None.

(b) Not applicable.

(c) The Master Fund had implemented a share repurchase program, whereby it conducts tender offers each calendar quarter. In accordance with the Liquidation Plan, the Master Fund’s share repurchase program has been suspended effective March 30, 2021.

Item 3. Defaults Upon Senior Securities.

(a) None.

(b) Not applicable.

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.

SIGNATURES

Pursuant to the requirements of ~~Section~~section 13 or 15(d) 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

			~~GUGGENHEIM CREDIT INCOME FUND~~

Date:August 9, 2023	~~November 7, 2017~~By:	~~By:~~	/s/ Matthew S. Bloom
			MATTHEW S. BLOOM
			Chief Executive Officer ~~and President~~
			(Principal Executive Officer)

Date:August 9, 2023	~~November 7, 2017~~By:	~~By:~~	/s/ ~~Paul S. Saint-Pierre~~James Howley
		JAMES HOWLEY		~~PAUL S. SAINT-PIERRE~~
			Chief Financial Officer
			(Principal Financial Officer)

EXHIBIT INDEX

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

Report.


3.1
~~3.1~~			Certificate of Trust of the Registrant. (Incorporated by reference to Exhibit 3.1 filed with the ~~Registrant's~~Registrant’s Form 10 as filed on November 5, 2014.)

3.2			Amended and Restated Declaration of Trust of the Registrant. (Incorporated by reference to Exhibit 3.2 filed with the ~~Registrant's~~Registrant’s Form 8-K (File No. 814-01117) as filed on March 16, 2016.)

3.3			Certificate of Amendment to Certificate of Trust (Incorporated by reference to Exhibit 3.1 filed with the ~~Registrant's~~Registrant’s Form 8-K (File No. 814-01117) as filed October 23, 2017.)

3.4			Amended and Restated Bylaws of the ~~Registrant.~~ ~~(Incorporated~~Registrant (Incorporated by reference to Exhibit 3.3 filed with the ~~Registrant's~~Registrant’s Form 8-K (File No. 814-01117) as filed on March 16, 2016.)

10.1			Amended and Restated Investment Advisory Agreement by and between the Registrant and Carey Credit Advisors, LLC. (Incorporated by reference to Exhibit 99 (g)(1) filed with Post-Effective Amendment No. 5 to ~~Carey~~Guggenheim Credit Income Fund - ~~I's~~I’s registration statement on Form N-2 (File No. 333-198667) filed on April 25, 2017.) *

10.2			Amended and Restated Investment Sub-Advisory Agreement by and among the Registrant, Carey Credit Advisors, LLC and Guggenheim Partners Investment Management, LLC. (Incorporated by reference to Exhibit 99 (g)(2) filed with Post-Effective Amendment No. 5 to ~~Carey~~Guggenheim Credit Income Fund - ~~I's~~I’s registration statement on Form N-2 (File No. 333-198667) filed on April 25, 2017.) *

10.3			Interim Investment Advisory Agreement between Registrant and Guggenheim Partners Investment Management, LLC. (Incorporated by reference to Exhibit 99.1 filed with Form 8-K on August 15, 2017.)

10.4			Investment Advisory Agreement by and between the Registrant and Guggenheim Partners Investment Management, LLC. (Incorporated by reference to Exhibit 99.1 filed with the ~~Registrant's~~Registrant’s Form 8-K (File No. 814-01117) as filed October 23, 2017.)

10.5			Amended and Restated Administrative Services Agreement by and between the Registrant and Carey Credit Advisors, LLC. (Incorporated by reference to Exhibit 10.3 filed with the ~~Registrant's~~Registrant’s Form 10-Q as filed on May 12, 2017.) *

10.6			Administrative Services Agreement by and between Registrant and Guggenheim Partners Investment Management, LLC. (Incorporated by reference to Exhibit 99.2 filed with Form 8-K on August 15, 2017.)

10.7			~~Custody~~Amendment No 1. to Administrative Services Agreement by and between the Registrant, ~~Carey~~Guggenheim Credit Income Fund, ~~2015 A, Carey Credit Income Fund 2015 T,~~ and ~~U.S. Bank National Association.~~Guggenheim Partners Investment Management, LLC. (Incorporated by reference to Exhibit ~~(j)~~10.7 filed with ~~Pre-Effective Amendment No. 3 to Carey Credit Income Fund 2015 T's registration statement on~~the Registrants Form ~~N-2~~10-K (File No. ~~333-198882)~~814-01117) as filed on ~~May 4, 2015.~~March 12, 2019.)

10.8			Second Amended and Restated Dealer Manager Agreement by and among the Registrant, ~~Carey~~Guggenheim Credit Income Fund 2016 T and Carey Financial, LLC. (Incorporated by reference to Exhibit 10.4 filed with ~~Carey~~Guggenheim Credit Income Fund 2016 ~~T's~~T’s Form 10-K (File No. 814-01094) filed on April 17, 2017.)

10.9			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 Form 8-K on August 15, 2017.)

10.10			Form of 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 (k)(4) filed with Pre-Effective Amendment No. 4 to ~~Carey~~Guggenheim Credit Income Fund 2016 ~~T's~~T’s registration statement on Form N-2 (File 333-198882) filed on July 17, 2015.) *

10.11			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 Form 8-K on August 15, 2017.)

10.12			Second Amended and Restated Loan Agreement, dated as of ~~December 17, 2015, Amended~~June 29, 2018, by and ~~restated as of June 27, 2016~~ among Hamilton Finance LLC, ~~the Financing Providers party hereto, US Bank National Association~~ as ~~the Collateral Administrator, Collateral Agent and Securities Intermediary party hereto, and~~borrower, JPMorgan Chase Bank, National Association, as ~~Administrative Agent.~~administrative agent, each of the lenders from time to time party thereto, and U.S. Bank National Association, as collateral agent, collateral administrator and securities intermediary. (Incorporated by reference to Exhibit ~~10.9~~10.1 filed with ~~Registrant's~~Form 8-K on July 6, 2018.)

14.1	Code of Ethics of the Registrant. (Incorporated by reference to Exhibit 14.1 filed with Guggenheim Credit Income Fund Form 10-Q (File No. 814-01117) filed on ~~August 12, 2016.~~November 16, 2020.)

~~10.13~~14.2		~~Amendment to Amended and Restated Loan Agreement and~~Code of Ethics of Guggenheim Partners Investment Management, ~~Agreement dated as of August 24, 2017 (Filed herewith.~~LLC. (Incorporated by reference to Exhibit 14.1 filed with Guggenheim Credit Income Fund Form 10-Q (File No. 814-01117) filed on November 16, 2020.)

31.1		Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith.)


31.2
~~31.2~~			Certification of Chief Financial Officer 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 Section 906 of the Sarbanes-Oxley Act of 2002. (Filed herewith.)


*	~~These items were effective during a portion of the reporting period; however, as of the date of this filing, these items are no longer effective with respect to the Company.~~

Delaware	47-2039472

~~Delaware~~		~~47-2039472~~
(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)

Title of Each Class		Trading Symbol(s)		Name of Each Exchange on Which Registered
~~Registrant’s telephone number, including area code:~~ (~~212) 739-0700~~ None		N/A		N/A



Large accelerated filer	¨[ ]	Accelerated filer	¨[ ]
Non-accelerated filer	ý ~~Do not check if smaller reporting company~~ [X]	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			¨


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


[ ]
¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR ~~15 (d)~~15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



	September 30, 2017			December 31, 2016
Assets
Investments at fair value (amortized cost of $377,494 and $272,996, respectively)	$	381,054		$	275,084
Cash	5,556			6,593
Restricted cash	16,317			19,575
Collateral deposits for foreign currency forward contracts	400			—
Deferred offering costs	—			68
Interest and dividend income receivable	2,838			1,557
Principal receivable	113			2,521
Advisor transition costs reimbursement receivable	280			—
Unrealized appreciation on foreign currency forward contracts	9			—
Prepaid and deferred expenses	23			34
Total assets	$	406,590		$	305,432

Liabilities
Credit facility payable, net of financing costs	$	148,865		$	124,505
Payable for investments purchased	4,930			1,093
Accrued investment advisory fee	617			489
Accrued performance-based incentive fee	1,156			536
Unrealized depreciation on foreign currency forward contracts	394			8
Payable to related party	25			33
Trustees fees payable	50			—
Accrued professional services fees	537			436
Accrued advisor transition costs	333			—
Accounts payable, accrued expenses and other liabilities	316			266
Total liabilities	157,223			127,366
Commitments and contingencies (Note 8. Commitments and Contingencies)
Net Assets	$	249,367		$	178,066

Components of Net Assets:
Common shares, $0.001 par value, 1,000,000,000 shares authorized, 29,151,096 and 21,016,797 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	$	29		$	21
Paid-in-capital in excess of par value	245,788			176,411
Accumulated distributions in excess of net investment income	(1,501		)	(445		)
Accumulated undistributed net realized gain	1,876			—
Net unrealized appreciation	3,175			2,079
Net assets	$	249,367		$	178,066
Net asset value per Common Share	$	8.55		$	8.47



	Three Months Ended September 30,					Nine Months Ended September 30,
	2017			2016		2017			2016
Investment income
Interest income	$	8,318		$	3,503	$	21,577		$	7,117
Dividend income	—			—		—			37
Fee income	13			204		671			221
Total investment income	8,331			3,707		22,248			7,375
Operating expenses
Interest expense	1,703			998		4,807			1,928
Administrative services	44			32		141			82
Related party reimbursements	105			98		328			286
Investment advisory fee	1,986			1,025		5,620			2,142
Performance-based incentive fee	201			43		620			43
Custody services	24			18		68			47
Trustees fees	112			101		372			264
Professional services fees	229			253		765			812
Insurance	36			35		106			107
Organizational expenses	—			—		—			228
Advisor transition costs	662			—		662			—
Other expenses	29			21		85			52
Total expenses before advisor transition costs reimbursement	5,131			2,624		13,574			5,991
Reimbursement of advisor transition costs	(662		)	—		(662		)	—
Total expenses	4,469			2,624		12,912			5,991
Net investment income	3,862			1,083		9,336			1,384
Realized and unrealized gain (loss):
Net realized gains (losses) on:
Investments	491			467		3,021			474
Foreign currency forward contracts	(410		)	—		(1,029		)	—
Foreign currency transactions	(5		)	—		(116		)	—
Net realized gains	76			467		1,876			474
Net change in unrealized appreciation (depreciation) on:
Investments	1,097			4,131		1,473			5,391
Foreign currency forward contracts	(217		)	—		(377		)	—
Net change in unrealized appreciation	880			4,131		1,096			5,391
Net realized and unrealized gains	956			4,598		2,972			5,865
Net increase in net assets resulting from operations	$	4,818		$	5,681	$	12,308		$	7,249
Per Common Share information:
Net investment income per Common Share outstanding - basic and diluted	$	0.13		$	0.08	$	0.35		$	0.14
Earnings per Common Share - basic and diluted (Note 9. Earnings Per Common Share)	$	0.16		$	0.40	$	0.46		$	0.71
Weighted average Common Shares outstanding (basic and diluted)	29,214,286			14,367,189		26,976,497			10,219,786
Distributions per Common Share	$	0.16		$	0.17	$	0.38		$	0.22



September 30, 2017 (in thousands)
Portfolio Company ^{(1) (2) (3)}	Footnotes	Investment	Spread Above Reference Rate ⁽⁴⁾	Interest Rate ^{(4) (5)}	Maturity Date	Principal / Par Amount / Shares ⁽⁶⁾	Amortized Cost ⁽⁷⁾			Fair Value			% of Net Assets
INVESTMENTS
Debt investments - 152.6%
Aerospace & Defense
Advanced Integration Technology	(15)	Senior Secured Loans - First Lien	L+4.75%	5.99%	4/3/2023	8,915	$	8,784		$	8,893		3.6	%
National Technical Systems	(15)	Senior Secured Loans - First Lien	L+6.25%	7.49%	6/14/2021	3,488	3,458			3,400			1.4	%

Tronair, Inc	(15)	Senior Secured Loans - First Lien	L+4.75%	6.06%	9/8/2023	3,960	3,921			3,940			1.6	%
Tronair, Inc	(15)	Senior Secured Loans - Second Lien	L+8.75%	10.06%	9/6/2024	4,000	3,873			3,878			1.5	%
							7,794			7,818			3.1	%
Total Aerospace & Defense							20,036			20,111			8.1	%
Automotive
Accuride Corp.	(15)	Senior Secured Loans - First Lien	L+7.00%	8.33%	11/10/2023	11,910	11,506			12,104			4.8	%

Express Oil	(13)(15)	Senior Secured Loans - First Lien	L+6.75%	8.07%	6/14/2024	2,368	2,317			2,317			0.9	%
Express Oil (Delayed Draw)	(12)(13)(15)	Senior Secured Loans - First Lien	L+6.75%	8.07%	6/14/2024	779	771			761			0.3	%
Express Oil (Revolver)	(8)(12)(13)(15)(18)	Senior Secured Loans - First Lien	L+6.75%	N/A	6/14/2022	—	(29		)	(28		)	—	%
							3,059			3,050			1.2	%

Humanetics	(15)	Senior Secured Loans - First Lien	L+6.00%	7.24%	7/12/2022	8,543	8,344			8,402			3.4	%
Humanetics (Revolver)	(8)(12)(13)(15)(18)	Senior Secured Loans - First Lien	L+6.00%	N/A	7/12/2022	—	(9		)	(48		)	—	%
							8,335			8,354			3.4	%

Mavis Tire Supply LLC	(15)	Senior Secured Loans - First Lien	L+5.25%	6.49%	11/2/2020	2,933	2,905			2,907			1.2	%
Total Automotive							25,805			26,415			10.6	%
Banking, Finance, Insurance & Real Estate
C-III Capital Partners	(11)(15)	Senior Secured Loans - First Lien	L+9.00%	10.25%	8/8/2021	2,545	2,463			2,523			1.0	%
Integro Insurance Brokers	(15)	Senior Secured Loans - First Lien	L+5.75%	6.83%	10/28/2022	1,002	972			999			0.4	%
Total Banking, Finance, Insurance & Real Estate							3,435			3,522			1.4	%
Beverage, Food & Tobacco
Addo Foods Group	UK(10)(11)(15)	Senior Secured Loans - First Lien	L+8.00%	9.00%	3/14/2024	£10,000	12,144			13,057			5.2	%

Blue Harvest Fisheries	(15)	Senior Secured Loans - First Lien	L+7.00%	8.24%	7/29/2022	6,809	6,723			6,726			2.7	%
Blue Harvest Fisheries	(14)(15)	Subordinated Debt	N/A	10.00%	7/29/2022	357	354			356			0.2	%
							7,077			7,082			2.9	%

Chef's Warehouse, Inc.	(11)	Senior Secured Loans - First Lien	L+4.75%	5.99%	6/22/2022	4,038	3,974			4,094			1.6	%



December 31, 2016 (in thousands)
Portfolio Company ^{(1) (2) (3)}	Footnotes	Investment	Spread Above Reference Rate⁽⁴⁾	Interest Rate ^{(4) (5)}	Maturity Date	Principal Amount / No. Shares ⁽⁶⁾	Amortized Cost ⁽⁷⁾			Fair Value			% of Net Assets
INVESTMENTS
Debt investments - 154.3%
Aerospace & Defense
Advanced Integration Technology		Senior Secured Loans - First Lien	L+5.50%	6.50%	7/22/2021	7,980	$	7,757		$	8,020		4.5	%

National Technical Systems, Inc.	(17)	Senior Secured Loans - First Lien	L+6.25%	7.25%	6/14/2021	4,092	4,052			3,990			2.2	%
National Technical Systems, Inc. (Delayed Draw)	(8)(17)(20)	Senior Secured Loans - First Lien	L+6.25%	7.25%	6/11/2021	765	—			(19		)	—	%
							4,052			3,971			2.2	%

StandardAero		Subordinated Debt	N/A	10.00%	7/15/2023	2,380	2,367			2,505			1.4	%

Tronair Inc.		Senior Secured Loans - First Lien	L+4.75%	5.75%	9/8/2023	3,960	3,922			3,940			2.2	%
Tronair Inc.	(17)	Senior Secured Loans - Second Lien	L+8.75%	9.75%	9/6/2024	4,000	3,864			3,864			2.2	%
							7,786			7,804			4.4	%
Total Aerospace & Defense							21,962			22,300			12.5	%
Automotive
Accuride Corp.		Senior Secured Loans - First Lien	L+7.00%	8.00%	11/10/2023	12,000	11,580			11,760			6.7	%
BBB Industries, Inc.	(17)	Senior Secured Loans - First Lien	L+5.00%	6.00%	11/3/2021	4,975	4,871			4,984			2.8	%

Humanetics	(12)(17)	Senior Secured Loans - First Lien	L+6.00%	7.00%	7/12/2022	8,605	8,380			8,441			4.7	%
Humanetics (Revolver)	(8)(12)(13)(17)(20)	Senior Secured Loans - First Lien	L+6.00%	7.00%	7/12/2022	400	(10		)	(8		)	—	%
							8,370			8,433			4.7	%

Mavis Tire Supply LLC	(17)	Senior Secured Loans - First Lien	L+5.25%	6.25%	11/2/2020	2,955	2,921			2,923			1.6	%
Total Automotive							27,742			28,100			15.8	%
Banking, Finance, Insurance & Real Estate
C-III Capital Partners	(11)(17)	Senior Secured Loans - First Lien	L+5.00%	6.00%	8/8/2021	3,120	3,076			3,077			1.7	%
C-III Capital Partners	(11)(17)	Senior Secured Loans - First Lien	L+7.92%	8.92%	8/8/2021	4,680	4,504			4,507			2.5	%
							7,580			7,584			4.2	%

Integro Insurance Brokers		Senior Secured Loans - First Lien	L+5.75%	6.75%	10/28/2022	2,771	2,674			2,743			1.5	%
Integro Insurance Brokers (Delayed Draw)		Senior Secured Loans - First Lien	L+5.75%	6.50%	10/7/2022	150	145			149			0.1	%
							2,819			2,892			1.6	%
Total Banking, Finance, Insurance & Real Estate							10,399			10,476			5.8	%
Beverage, Food & Tobacco
Blue Harvest Fisheries	(17)	Senior Secured Loans - First Lien	L+7.00%	8.00%	7/29/2022	6,866	6,769			6,770			3.8	%
Blue Harvest Fisheries	(13)(15)(17)	Subordinated Debt	N/A	10.00%	8/17/2036	337	337			337			0.2	%
							7,106			7,107			4.0	%



	September 30, 2017
	Investments at Amortized Cost		Investments at Fair Value		Percentage of Portfolio at Fair Value
Senior secured loans - first lien	$	228,489	$	231,843	60.8	%
Senior secured loans - second lien	82,667		83,376		21.9
Senior secured bonds	20,035		20,909		5.5
Senior unsecured debt	28,777		29,218		7.7	%
Total senior debt	$	359,968	$	365,346	95.9	%
Subordinated debt	15,171		15,261		4.0
Equity and other	2,355		447		0.1
Total investments	$	377,494	$	381,054	100.0	%



	Debt Investments Denominated in Foreign Currencies As of September 30, 2017						Hedges As of September 30, 2017
	Par Value in Local Currency		Par Value in U.S. Dollars		Fair Value in U.S. Dollars		Foreign Currency Hedge Notional Amount in Local Currency		Hedges' Notional Value at Period End
EUR	€	601	$	627	$	702	€	595	$	704
GBP	£	18,289	22,912		24,000		£	18,056	24,204
Total			$	23,539	$	24,702			$	24,908



	Debt Investments Denominated in Foreign Currencies As of December 31, 2016						Hedges As of December 31, 2016
	Par Value in Local Currency		Par Value in U.S. Dollars		Fair Value in U.S. Dollars		Foreign Currency Hedge Notional Amount in Local Currency		Hedges' Notional Value at Period End
EUR	€	601	$	627	$	624	€	592	$	624
Total			$	627	$	624			$	624



		Three Months Ended			Nine Months Ended
	Statement Location	September 30, 2017			September 30, 2017
Net realized gains (losses)
Foreign currency forward contracts	Net realized losses on foreign currency forward contracts	$	(410	)	$	(1,029	)
Net unrealized gains (losses)
Foreign currency forward contracts	Net change in unrealized depreciation on foreign currency forward contracts	(217		)	(377		)
Net realized and unrealized losses on foreign currency forward contracts		$	(627	)	$	(1,406	)



September 30, 2017
Asset Category	No. of Investment Positions	Fair Value		Valuation Techniques ⁽¹⁾	Unobservable Inputs ⁽²⁾	Weighted Average	Range ⁽³⁾	Impact to Valuation from an Increase in Input ⁽⁴⁾
Senior secured loans - first lien	36	$	123,885	Transacted value	Cost ⁽⁵⁾	98.50	98.50	Increase
				Transacted value	Price	100	100	Increase
				Yield analysis	Yield	8.19%	5.92% - 12.44%	Decrease
Senior secured loans - second lien	9	$	47,954	Transacted value	Cost ⁽⁵⁾	98.00	98.00	Increase
				Yield analysis	Yield	10.32%	8.59% - 11.97%	Decrease
Senior secured bonds	4	$	17,919	Transacted value	Price	110.00	110.00	Increase
				Yield analysis	Yield	9.98%	9.94% - 10.00%	Decrease
				Market comparable	EBITDA multiple	9.3x	9.3x	Increase
Senior unsecured debt	3	$	16,745	Yield analysis	Yield	11.57%	9.85% - 16.73%	Decrease
Subordinated debt	3	$	15,261	Transacted value	Cost ⁽⁵⁾	100.00	100.00	Increase
				Yield analysis	Yield	8.74%	8.52% - 8.75%	Decrease
Equity and other	1	$	13	Transacted value	Cost ⁽⁵⁾	$1.00	$1.00	Increase
Total	56	$	221,777



	Three Months Ended September 30, 2017
	Senior Secured Loans - First Lien			Senior Secured Loans - Second Lien			Senior Secured Bonds		Senior Unsecured Debt			Subordinated Debt			Equity and Other			Total
Balance as of July 1, 2017	$	124,215		$	47,717		$	19,900	$	16,655		$	15,210		$	52		$	223,749
Additions⁽¹⁾	11,805			14,715			—		106			18			—			26,644
Net realized gains ⁽²⁾	297			17			—		—			—			—			314
Net change in unrealized appreciation (depreciation) on investments ⁽³⁾	(60		)	438			1,006		(40		)	27			(39		)	1,332
Sales and repayments ⁽⁴⁾	(14,565		)	(457		)	—		—			—			—			(15,022		)
Net discount accretion	150			34			3		24			6			—			217
Investment position reclassification	—								—			—			—			—
Transfers into Level 3 ^{(5) (6)}	68,245			1,198			—		4,150			—		—	—			73,593
Fair value balance as of September 30, 2017	$	190,087		$	63,662		$	20,909	$	20,895		$	15,261		$	13		$	310,827
Change in net unrealized appreciation (depreciation) on investments held as of September 30, 2017	$	141		$	438		$	1,006	$	(40	)	$	27		$	(39	)	$	1,533



	Nine Months Ended September 30, 2017
	Senior Secured Loans - First Lien			Senior Secured Loans - Second Lien			Senior Secured Bonds		Senior Unsecured Debt			Subordinated Debt		Equity and Other			Total
Balance as of January 1, 2017	$	79,913		$	24,750		$	7,932	$	5,410		$	15,142	$	53		$	133,200
Additions⁽¹⁾	107,203			45,109			12,000		13,803			17		—			178,132
Net realized gains ⁽²⁾	1,003			293			—		26			—		—			1,322
Net change in unrealized appreciation (depreciation) on investments ⁽³⁾	1,291			807			964		237			83		(40		)	3,342
Sales and repayments ⁽⁴⁾	(39,002		)	(8,656		)	—		(2,632		)	—		—			(50,290		)
Net discount accretion	372			86			13		51			19		—			541
Transfers into Level 3 ^{(5) (6)}	39,307			1,273			—		4,000			—		—			44,580
Fair value balance as of September 30, 2017	$	190,087		$	63,662		$	20,909	$	20,895		$	15,261	$	13		$	310,827
Change in net unrealized appreciation (depreciation) on investments held as of September 30, 2017	$	1,400		$	807		$	964	$	237		$	83	$	(40	)	$	3,451



	Three Months Ended September 30, 2016
	Senior Secured Loans - First Lien			Senior Secured Loans - Second Lien		Senior Secured Bonds		Senior Unsecured Debt		Subordinated Debt		Equity and Other		Total
Balance as of July 1, 2016	$	27,583		$	—	$	6,258	$	—	$	—	$	40	$	33,881
Additions ⁽¹⁾	49,445			19,540		—		—		—		—		68,985
Net realized gains ⁽²⁾	9			—		—		—		—		—		9
Net change in unrealized appreciation on investments ⁽³⁾	265			3		1,387		—		—		—		1,655
Sales or repayments ⁽⁴⁾	(537		)	—		—		—		—		—		(537		)
Net discount accretion	27			5		3		—		—		—		35
Fair value balance as of September 30, 2016	$	76,792		$	19,548	$	7,648	$	—	$	—	$	40	$	104,028
Change in net unrealized appreciation on investments held as of September 30, 2016	$	255		$	3	$	1,387	$	—	$	—	$	—	$	1,645



	Nine Months Ended September 30, 2016
	Senior Secured Loans - First Lien			Senior Secured Loans - Second Lien			Senior Secured Bonds		Senior Unsecured Debt		Subordinated Debt		Equity and Other			Total
Balance as of January 1, 2016	$	21,200		$	1,576		$	6,827	$	—	$	—	$	471		$	30,074
Additions⁽¹⁾	60,297			19,540			—		—		—		37			79,874
Net realized gains ⁽²⁾	188			—			—		—		—		—			188
Net change in unrealized appreciation (depreciation) on investments ⁽³⁾	53			3			821		—		—		(468		)	409
Sales and repayments ⁽⁴⁾	(9,969		)	—			—		—		—		—			(9,969		)
Net discount accretion	60			5			—		—		—		—			65
Transfers out of Level 3 ^{(5) (6)}	—			(1,576		)	—		—		—		—			(1,576		)
Transfers into Level 3 ^{(5) (7)}	4,963			—			—		—		—		—			4,963
Fair value balance as of September 30, 2016	$	76,792		$	19,548		$	7,648	$	—	$	—	$	40		$	104,028
Change in net unrealized (depreciation) on investments held as of September 30, 2016	$	187		$	3		$	821	$	—	$	—	$	(468	)	$	543



		Three Months Ended September 30,					Nine Months Ended September 30,
Related Party	Source Agreement & Description	2017			2016		2017		2016
CCA & Guggenheim	Prior Investment Advisory Agreement - investment advisory fee ⁽¹⁾	$	1,595		$	1,025	$	5,229	$	2,142
Guggenheim	Interim Investment Advisory Agreement - investment advisory fee ⁽¹⁾	391			—		391		—
CCA & Guggenheim	Prior Administrative Services Agreement - expense reimbursement	80			98		303		286
Guggenheim	Administrative Services Agreement - expense reimbursement	25			—		25		—
GCIF-I	Net Issuance (Repurchase) of Common Shares	(7		)	5,666		20,523		13,208
GCIF 2016T	Net Issuance (Repurchase) of Common Shares	592			32,946		48,862		75,661
CCA & Guggenheim	O&O Agreement - organization cost reimbursements	—			—		—		228
Trustees	Amended and Restated Bylaws - trustee fees and expenses ⁽²⁾	112			101		372		264
Guggenheim	Co-Investment Exemptive Relief Order - Reimbursement of capital structuring fees	—			157		315		157
WPC & Guggenheim	Advisor Transition Costs - Transition costs in connection with investment advisor changes, proxy statement, and shareholder meeting	662			—		662		—



	Hamilton Credit Facility - Borrowing Summary
As of	Total Principal Amount Committed		Principal Amount Outstanding		Carrying Value ⁽¹⁾		Interest Rate ⁽²⁾		Maturity Date	Maturity Term
September 30, 2017	$	175,000	$	150,000	$	148,865	3.97	%	December 17, 2019	2.2	years
December 31, 2016	$	175,000	$	126,000	$	124,505	3.64	%	December 17, 2019	3.0	years



	Total Unfunded Commitments
Category / Portfolio Company⁽¹⁾	September 30, 2017		December 31, 2016
Boats Group (Revolver)	$	1,000	$	1,000
Dominion Web Solutions (Revolver)	346		—
Eco-Site (Delayed Draw)	3,214		—
Express Oil (Delayed Draw)	24		—
Express Oil (Revolver)	241		—
GAL Manufacturing (Revolver)	373		—
Grinding Media Inc.	—		6,200
Humanetics (Revolver)	400		400
Lytx (Revolver)	368		—
Med Intermediate (Delayed Draw)	1,493		1,631
Ministry Brands (Delayed Draw)	135		—
Onyx CenterSource (Revolver)	285		329
National Technical Systems, Inc. (Delayed Draw)	—		765
Parts Town, LLC (Revolver)	200		900
Pet Holdings ULC (Delayed Draw)	125		500
PluralSight Holdings (Revolver)	250		—
Total Unfunded Commitments	$	8,454	$	11,725



Fixed interest rate debt investments:
Percent of debt portfolio ⁽⁴⁾	9.6	%	9.3	%
Weighted average coupon rate	10.0	%	9.8	%
Weighted average years to maturity	3.4	years	4.9	years

Weighted average effective yields: ⁽⁵⁾
Senior secured loans - first lien	8.0	%	7.5	%
Senior secured loans - second lien	10.5	%	10.8	%
Senior secured bonds	8.4	%	7.0	%
Senior unsecured debt	10.7	%	11.5	%
Subordinated debt	8.8	%	8.5	%
Total debt portfolio	8.8	%	8.2	%



	For the Nine Months Ended September 30,
	2017					2016
Source of Distribution ⁽¹⁾	Distribution Amount			Percentage		Distribution Amount		Percentage
Net investment income (before reimbursements)	$	8,674		83.5	%	$	1,384	44.6	%
Book-to-tax differences	(547		)	(5.3	)	203		6.5
Short-term capital gains	1,603			15.4		473		15.2
Long-term capital gains	—			—	%	—		—
Reimbursement of advisor transition cost	662			6.4	%	—		—
Other ⁽²⁾	—			—	%	1,046		33.7	%
Total Distributions	$	10,392		100.0	%	$	3,106	100.0	%



Basis Points (bps) Increase	Annualized Interest Income		Annualized Interest Expense		Annualized Net Increase
+ 50 bps	$	1,556	$	750	$	806
+100 bps	3,101		1,500		1,601
+150 bps	4,652		2,250		2,402
+200 bps	6,203		3,000		3,203



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 ⁽¹⁾
July 1, 2017 to July 31, 2017	—	—	—	—
August 1, 2017 to August 31, 2017	—	—	—	—
September 1, 2017 to September 30, 2017	151,000	$8.55	151,000	—
Total	151,000		151,000	—