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3. Guggenheim Credit Income Fund 2016 T GCIF-T

Distribution History

^±The annualized distribution rate is calculated by dividing the annualized distributions by the net asset value for GCIF 2016 T. Regular cash distributions do not include declared special cash or share distributions, if any. The annualized distribution rate shown may be rounded. The payment of future distributions on the common stock of GCIF 2016 T is subject to the discretion of the board of trustees and there can be no assurance as to the amount or timing of any such future distributions. Distributions are not guaranteed. Future distributions to shareholders of GCIF 2016 T may be funded in significant part by the reimbursement of certain expenses that are subject to repayment to the advisors of GCIF 2016 T. Such waivers and reimbursements by the advisors may not continue in the future. If the advisors had not agreed to reimburse certain expenses for GCIF 2016 T, significant portions of the distributions paid thus far may have come from offering proceeds or borrowings. The repayment of amounts owed to the advisors will reduce the future distributions to which investors would otherwise be entitled. The distributions shown do not include a return of capital on a tax basis for the years 2015, 2016, 2017, 2018, and 2019. Although it is estimated that there will be no return of capital on a tax basis in 2020, the determination of the tax attributes of distributions is made annually based upon the taxable income and distributions paid, in each case, for the full year. The actual tax characteristics of distributions will be reported to shareholders annually on a Form 1099-DIV.

For the year ended December 31, 2019, 100% of GCIF 2016 T’s distributions were funded through estimated taxable income and gains. Operating expenses may vary in the future based on the amount of capital raised, the Advisor’s election to continue expense support and other unpredictable variables. Past performance is not a guarantee of future results.

On February 26, 2016, we effected a reverse stock split of the offering’s outstanding common shares of beneficial interest at a ratio of 1.0-for-0.3480. Accordingly, our public offering price was adjusted from $8.70 per share to $25.00 per share and our Declared Distribution per Share was adjusted from $0.012860 to $0.034650.

RISK FACTORS This investment is speculative and contains a high degree of risk, which is detailed in the Risk Factors section of the Fund’s prospectus. The prospectus should be read carefully and you should consider all of the risks described in the prospectus before you decide to purchase securities, including the following: • Investors should consult a financial professional to determine whether the risks associated with this offering are compatible with their investment objectives. • An investment in the Fund is illiquid, which means that you will have limited ability to sell your shares, and, subject to the terms of the prospectus, you should not expect to be able to sell your shares prior to a liquidity event. If you are able to sell your shares, you will likely receive less than your purchase price. As a result, investors may not be able to reduce their exposure during a market downturn. • Each feeder fund’s offering has a finite term and may liquidate its assets at a time that is disadvantageous based on adverse market conditions, which may result in such fund incurring losses. GCIF 2016 T’s Board of Trustees must consider a liquidity event on or before December 31, 2022; however, a liquidity event is not guaranteed. • The payment of fees and expenses will reduce the funds available for investment, the net income generated, the funds available for distribution and the net asset value of the shares. Please see the current prospectus for details on the high fees and expenses associated with this investment. • While GCIF 2016 T intends to continue to implement a share repurchase program and conduct quarterly tender offers for its common shares, the share repurchase program may be amended, suspended or terminated at any time. GCIF 2016 T does not expect to repurchase, in any calendar year, more than 10% of the weighted average number of common shares that were outstanding in the prior 12-month period, until the year a liquidity event occurs. • GCIF 2016 T’s distributions, if any, may be funded from offering proceeds, borrowings, the reimbursement of certain expenses, or from waivers of certain investment advisory fees, which may constitute a return of capital and reduce the amount of capital available to it for investment. Such waivers and reimbursements by GCIF 2016 T’s affiliates may not continue in the future. The repayment of any amounts owed to such affiliates will reduce future distributions. If the advisors had not agreed to reimburse certain expenses for GCIF 2016 T, significant portions of the distributions paid thus far may have come from offering proceeds or borrowings. Any capital returned through distributions will be disbursed after payment of the sales load, fees and expenses. The payment of future distributions is subject to the Board of Trustees and there can be no assurance as to the amount or timing of any such future distributions. Distributions are not guaranteed. • Guggenheim Partners Investment Management, LLC has limited experience in advising and administering a business development company. • The Fund’s failure to qualify as a Regulated Investment Company or “RIC” could adversely affect our operations and ability to make distributions. • Through the master fund, the feeder fund intends to invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated.