¹The public offering for GCIF 2016 T ended Q1 2017. The only shares sold subsequent to Q1 2017 were pursuant to the distribution reinvestment plan, which did not include a sales load.

Performance displayed represents past performance which is no guarantee of future results. With load performance reflects the maximum sales charge of 5.75%. Total return includes the deduction of all operating expenses such as management fees, recurring general and administrative expenses, organization and amortized offering expenses, and interest expenses, including GCIF 2016 T’s proportionate share of the master fund’s expenses.

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.