# EDGAR Filing Document

**Accession Number:** 0001618696
**File Stem:** 0001618696-23-000006
**Filing Date:** 2023-3
**Character Count:** 13673
**Document Hash:** e0fdc733506c7876967f0ee36af63513
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001618696-23-000006.hdr.sgml**: 20230316

**ACCESSION NUMBER**: 0001618696-23-000006

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230314

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230316

**DATE AS OF CHANGE**: 20230315

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GUGGENHEIM CREDIT INCOME FUND 2019
- **CENTRAL INDEX KEY:** 0001618696
- **IRS NUMBER:** 472009064
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-01091
- **FILM NUMBER:** 23736393

**BUSINESS ADDRESS:**
- **STREET 1:** 330 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 212 739 9282

**MAIL ADDRESS:**
- **STREET 1:** 330 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GUGGENHEIM CREDIT INCOME FUND - I
- **DATE OF NAME CHANGE:** 20171023

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CAREY CREDIT INCOME FUND - I
- **DATE OF NAME CHANGE:** 20170914

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Carey Credit Income Fund - I
- **DATE OF NAME CHANGE:** 20150723

?xml version="1.0" ? gcif-20230314

**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 14, 2023

![gcif-20230314_g1.jpg](gcif-20230314_g1.jpg)

**GUGGENHEIM CREDIT INCOME FUND 2019**

(Exact Name of Registrant as Specified in Charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **814-01091** | **47-2009064** |
| (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. ◻

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**Item 2.02. Results of Operations and Financial Condition.**

On March 15, 2023, Guggenheim Credit Income Fund 2019 released an overview announcing its operating results for the quarter ended December 31, 2022, 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.** | **Item 9.01.** | **Financial Statements and Exhibits.** |
| | (d) | Exhibits |

---

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| | |
|:---|:---|
| **EXHIBIT<br>NUMBER** | **DESCRIPTION** |
| 99.1 | <u>[Fourth](ex991feedersoverview-q42022.htm)[Quarter](ex991feedersoverview-q42022.htm)[and Year End](ex991feedersoverview-q42022.htm)[2022 Overview](ex991feedersoverview-q42022.htm)</u> |

---

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**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 2019** |
| Date: | March 14, 2023 | By: | /s/ James Howley |
|  |  |  | **James Howley** |
|  |  |  | **Chief Financial Officer** |

---

## Ex-99

 Exhibit 99.1

**GUGGENHEIM CREDIT INCOME FUND**

**FOURTH QUARTER 2022 OVERVIEW**

This overview contains details about the portfolio and operating results for the quarter and year ended December 31, 2022 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 15, 2023.

**Year Ended December 31, 2022 Highlights and Plan of Liquidation Update**

• GCIF 2019 declared distributions of $10.80 per share and GCIF 2016T declared distributions of $3.96 per share.

• GCIF's yield on total debt investments was 11.7%, compared to 7.9% as of December 31, 2021 <sup>(1)</sup>.

• GCIF's yield on total investments was 11.7%, compared to 7.9% as of December 31, 2021 <sup>(2)</sup>.

• GCIF's total investments at fair value totaled $40.6 million, of which 99.1% was in senior debt investments. The portfolio consisted of 33 investments across 18 portfolio companies.

• GCIF had one debt investment on non-accrual status as of December 31, 2022. This represented 3.1% and 0.3% of the portfolio based on amortized cost and fair value, respectively.

• Total Investment Return <sup>(3)</sup> was (1.82)%, (2.52)% and (2.98)% for GCIF, GCIF 2016T and GCIF 2019 respectively.

• Subsequent to the end of the year the Board declared liquidating distributions of $0.68, $0.71, and $1.98 for GCIF, GCIF2016 T and GCIF 2019 respectively. The distributions for GCIF 2016 T and GCIF 2019 will be recorded on March 22, 2023 and paid in cash to the investors on March 23, 2023.

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 14, 2023 | $6.55 | $6.89 | $18.89 |
| Number of Portfolio Companies at beginning of Year | 34 |  |  |
| Number of Portfolio Companies at end of Year | 18 |  |  |
| YTD Portfolio sales and repayments ($ in thousands) | $81685 | $— | $— |
| Cumulative Liquidating Distributions Declared through March 14, 2023 ($ in thousands) | $(167642) | $(112288) | $(32798) |
| Percentage of December 31, 2020 NAV Declared through March 14, 2023 | 86.64% | 86.34% | 83.33% |
| Net Assets at beginning of Year ($ in thousands) | $157280 | $106886 | $32183 |
| Net Assets at end of Year ($ in thousands) | $61273 | $41115 | $12926 |
| Net asset value per share at end of period | $2.39 | $2.52 | $7.44 |

---

*________________________*

<sup>(1)</sup> *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.*

<sup>(2)</sup> *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.*

<sup>(3)</sup> *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 2,100 employees and more than $285 billion in assets under management\* as of December 31, 2022. 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 $217+ billion in assets\*\* across fixed income, equity, and alternatives as of December 31, 2022. 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 $187 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.

<sup>\*</sup>Assets under management are as of December 31, 2022 and include consulting services for clients whose assets are valued at approximately $73.0 billion.

\*\*Assets under management as of December 31, 2022 and include leverage of $15.2 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.*