8-K

UNITED STATES  

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 

Date of report (Date of earliest event reported): March 22, 2024

GUGGENHEIM CREDIT INCOME FUND 2016 T

(Exact Name of Registrant as Specified in Charter)

Delaware	814-01094	47-2016837
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)
330 Madison Avenue
New York, New York		10017
(Address of Principal Executive Offices)		(Zip Code)

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

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: None

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. [  ]

Item 2.02. Results of Operations and Financial Condition.

On March 22, 2024, Guggenheim Credit Income Fund 2016 T released an overview announcing its operating results for the year ended December 31, 2023, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.

The information furnished pursuant to Item 2.02 of this Current Report, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in this Item 2.02, including Exhibit 99.1, shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.

Item 9.01.		Financial Statements and Exhibits.
	(d)	Exhibits

EXHIBIT NUMBER	DESCRIPTION
99.1	Fourth Quarter 2023 Overview

SIGNATURES

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

			GUGGENHEIM CREDIT INCOME FUND 2016 T
Date:	March 22, 2024	By:	/s/ James Howley
			James Howley
			Chief Financial Officer

EX-99.1

Exhibit 99.1

GUGGENHEIM CREDIT INCOME FUND

FOURTH QUARTER 2023 OVERVIEW

This overview contains details about the portfolio and operating results for the year ended December 31, 2023 of Guggenheim Credit Income Fund ("GCIF" or the "Master Fund") and its feeder funds, Guggenheim Credit Income Fund 2019 ("GCIF 2019") and Guggenheim Credit Income Fund 2016 T ("GCIF 2016T") (together, the "Feeder Funds"). This overview should be read in conjunction with the GCIF 2019 and GCIF 2016T Annual Reports on Form 10-K, which each incorporate the GCIF Annual Report on Form 10-K, as filed with the U.S. Securities and Exchange Commission (the "SEC") on March 22, 2024.

For the Year Ended December 31, 2023 Highlights and Plan of Liquidation Update

• GCIF's yield on total debt investments was 13.3%, compared to 11.7% as of December 31, 2022 ⁽¹⁾.

• GCIF's yield on total investments was 11.3%, compared to 11.7% as of December 31, 2022 ⁽²⁾.

• GCIF's total investments at fair value totaled $23.9 million, of which 97.5% was in senior debt investments. The portfolio consisted of 26 investments across 10 portfolio companies.

• GCIF had one debt investment on non-accrual status as of December 31, 2023. This represented 5.5% and 0.1% of the portfolio based on amortized cost and fair value, respectively.

• Total Investment Return ⁽³⁾ was 3.57%, 1.72% and 0.22% for GCIF, GCIF 2016T and GCIF 2019 respectively.

The table below is intended to highlight some relevant metrics associated with the Plans of Liquidation:

	GCIF (Master Fund)			GCIF 2016T			GCIF 2019
Cumulative Liquidating Distributions declared per share through March 22, 2024	$	7.23		$	7.60		$	20.86
Number of Portfolio Companies at beginning of Year		18			—			—
Number of Portfolio Companies at end of Year		10			—			—
YTD Portfolio sales and repayments ($ in thousands)	$	27,684		$	—		$	—
Cumulative Liquidating Distributions Declared through March 22, 2024 ($ in thousands)	$	(185,046	)	$	(123,859	)	$	(36,219	)
Percentage of December 31, 2020 NAV Declared through March 22, 2024		95.60	%		95.20	%		92.00	%
Net Assets at beginning of Year ($ in thousands)	$	61,273		$	41,115		$	12,926
Net Assets at end of Year ($ in thousands)	$	27,777		$	18,397		$	6,097
Net asset value per share at end of Year	$	1.09		$	1.13		$	3.51

⁽¹⁾ Weighted average effective yield of the total debt investments is calculated as the effective yield of each investment and weighted by its amortized cost as compared to the aggregate amortized cost of all debt investments. Effective yield is the return earned on an investment net of any discount, premium, or issuance costs. Effective yield on total debt investments is calculated before considering the impact of leverage or any operating expenses.

⁽²⁾ The total investment portfolio yield is calculated before considering the impact of leverage or any operating expenses, and includes all income generating investments, non-income generating investments and investments on non-accrual status.

⁽³⁾ Total investment return is a measure of the change in total value for shareholders who held the Feeder Funds' common shares at the beginning and end of the period, including distributions declared during the period. Total investment return is based on (i) net asset value per share on the first day of the period, (ii) the net asset value per share on the last day of the period, plus any shares issued in connection with the reinvestment of monthly distributions, and (iii) distributions payable relating to the ownership of shares, if any, on the last day of the period. The total investment return calculation assumes that distributions are reinvested in accordance with the Feeder Funds' distribution reinvestment plan. Since there is no public market for the Feeder Funds' shares, terminal market value per share is assumed to be equal to net asset value per share on the last day of the period presented. Investment performance is presented without regard to sales load that may be incurred by shareholders in the purchase of the Feeder Funds' common shares. Total investment return is not annualized. The Feeder Funds' performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results.

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About Guggenheim Credit Income Fund

GCIF is a non-traded BDC that seeks to invest primarily in large, privately-negotiated loans to private middle market U.S. companies, with a focus on senior secured debt investments. GCIF is advised by Guggenheim Partners Investment Management, LLC ("Guggenheim Investments"), an affiliate of Guggenheim Partners, LLC ("Guggenheim Partners"). For more information, please visit www.GuggenheimCIF.com

GCIF 2016T and GCIF 2019 are closed to new investors.

About Guggenheim Partners, LLC

Guggenheim Investments represents the investment management businesses of Guggenheim Partners and includes Guggenheim, an SEC-registered investment adviser. Guggenheim Partners is a privately-held, global financial services firm with over 2,200 employees and more than $310 billion in assets under management* as of December 31, 2023. It produces customized solutions for its clients, which include institutions, governments and agencies, corporations, insurance companies, investment advisors, family offices, and individual investors.

Guggenheim Investments manages more than $231+ billion in assets** across fixed income, equity, and alternatives as of December 31, 2023. Its 250+ investment professionals perform research to understand market trends and identify undervalued opportunities in areas that are often complex and under-followed. This approach to investment management has enabled Guggenheim to deliver long-term results to its clients.

Within Guggenheim Investments is the Guggenheim Corporate Credit Team, which is responsible for all corporate credit strategies and asset management of $198 billion. A unified credit platform is utilized for all strategies and is organized by industry as opposed to asset class, which increases its ability to uncover relative value opportunities and to identify and source opportunities. The scale of the platform, combined with the expertise across a wide range of industries and in-house legal resources, allows Guggenheim to be a solution provider to the market and maintain an active pipeline of investment opportunities.

^* Assets under management are as of December 31, 2023 and include consulting services for clients whose assets are valued at approximately $84.0 billion.

** Assets under management as of December 31, 2023 and include leverage of $14.5 billion. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India Management.

Cautionary Statement Concerning Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Federal securities laws. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. GCIF, GCIF 2019, and GCIF 2016T undertake no obligation to update any forward-looking statements contained herein to conform the statements to actual results or changes in their expectations. A number of factors may cause GCIF’s, GCIF 2019's and GCIF 2016T's actual results, performance or achievement to differ materially from those anticipated. For further information on factors that could impact GCIF, GCIF 2019, and GCIF 2016T performance, please review GCIF’s, GCIF 2019's, and GCIF 2016T's respective filings at the SEC website at www.sec.gov.

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Cover	Mar. 22, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Mar. 22, 2024
Entity File Number	814-01094
Entity Registrant Name	GUGGENHEIM CREDIT INCOME FUND 2016 T
Entity Central Index Key	0001618694
Entity Tax Identification Number	47-2016837
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	330 Madison Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	(212)
Local Phone Number	739-0700
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Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false