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Guggenheim Credit Income Fund 2019 (1618696) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Guggenheim Credit Income Fund 2019

CIK: 1618696
 
 
Exhibit 99.1

GUGGENHEIM CREDIT INCOME FUND
FIRST QUARTER 2020 OVERVIEW
This overview contains details about the portfolio and operating results for the quarter ended March 31, 2020 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 2016 T") (together, the "Feeder Funds"). This overview should be read in conjunction with the GCIF 2019 and GCIF 2016 T Quarterly Reports on Form 10-Q, which each incorporate the GCIF Quarterly Report on Form 10-Q, as filed with the U.S. Securities and Exchange Commission (the "SEC") on May 14, 2020.
Three Months Ended March 31, 2020 Highlights
GCIF 2019 declared distributions of $0.46 per share and GCIF 2016 T declared distributions of $0.16 per share. This represented an annualized distribution rate of 7.87% on GCIF 2019’s Net Asset Value and 7.77% on GCIF 2016 T’s Net Asset Value as of December 31, 2019(1).
GCIF's yield on total debt investments was 8.5%, compared to 8.9% as of December 31, 2019 (2).
GCIF's yield on total investments was 8.4%, compared to 8.9% as of December 31, 2019 (3).
GCIF's total investments at fair value totaled $319 million, of which 98% was in senior debt investments. The portfolio consisted of 143 investments across 86 portfolio companies.
GCIF invested $33 million, 100% of which was in senior debt, with sales and paydowns totaling $52 million.
GCIF had two debt investments on non-accrual status as of March 31, 2020. This represented 1.6% of the portfolio based on amortized cost.
GCIF 2019’s net asset value per share as of March 31, 2020 was $19.66, compared to $23.37 as of December 31, 2019.
GCIF 2016 T’s net asset value per share as of March 31, 2020 was $6.90, compared to $8.24 as of December 31, 2019.
The reduction in net asset values as of March 31, 2020 as compared to net asset values as of December 31, 2019 was the result of significant unrealized depreciation across the fair value of our investments due primarily to the negative economic impact and the increased uncertainty caused by COVID-19 pandemic.
Please see below for feeder fund-specific highlights:
 
 
Three Months Ended March 31, 2020
 
 
GCIF 2019
 
GCIF 2016 T
Distributions declared per share
 
$0.46
 
$0.16
Total investment return(4)
 
(14.05
)%
 
(14.42
)%
Total assets ($ in thousands)
 
$36,079
 
$118,393
Net asset value per share
 
$19.66
 
$6.90
________________________
(1) Future distributions are not guaranteed.
(2)    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.
(3) 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.
(4)    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.

1

The following information was filed by Guggenheim Credit Income Fund 2019 on Friday, May 22, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Guggenheim Credit Income Fund 2019 provided additional information to their SEC Filing as exhibits

CIK: 1618696
Form Type: 10-Q Quarterly Report
Accession Number: 0001618696-20-000047
Submitted to the SEC: Thu Aug 13 2020 5:24:56 PM EST
Accepted by the SEC: Thu Aug 13 2020
Period: Tuesday, June 30, 2020
Industry: 1618696

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