Carey Credit
Income Fund

Carey Credit Income Fund (CCIF) is a non-traded business development company (BDC)
managed by affiliates of W. P. Carey and Guggenheim Partners, LLC that seeks to provide
investors of its feeder funds with current income, capital preservation and, to a lesser extent,
capital appreciation.

closing message

What Is Carey Credit Income Fund?

CCIF's current offering, Carey Credit Income Fund – I (CCIF – I), is a feeder fund
in a master/feeder structure that is designed to provide its investors with:

There is no guarantee these objectives and goals will be achieved.

HOW DOES CCIF CREATE VALUE FOR ITS INVESTORS?

CCIF intends to invest primarily in large, privately-negotiated loans to private middle market U.S. companies, focusing on senior secured debt investments. CCIF seeks to provide value for the investors of its feeder funds through its experienced management team and disciplined investment strategy that seeks to capitalize on the supply/demand imbalances in the market.

  • management

    Management

    W. P. Carey Inc. and Guggenheim Partners, LLC, parent companies of the Advisors to CCIF, have a 50+ year aggregate track record, and both play an active role in sourcing, evaluating and monitoring portfolio investments.


  • alignment

    Alignment

    W. P. Carey Inc. and Guggenheim Partners, LLC have made an initial commitment of $50 million in CCIF, effectively aligning their interests with those of the feeder fund shareholders.1


  • opportunity

    Opportunity

    U.S. middle market companies are continuously looking for capital to invest into their businesses. CCIF seeks to capitalize on the shortage in supply of financing from traditional lenders by providing loans to these companies.2

1Guggenheim’s $25 million investment is held within a variable life insurance policy where Guggenheim maintains a 100% economic exposure.
2CCIF seeks to primarily invest in the senior secured debt of private middle market American companies.

Investing in privately held middle market companies involves a number of risks including reduced access to capital, diminished ability to withstand financial distress and limited liquidity.

HOW WILL CCIF GUIDE INVESTORS IN THEIR SEARCH FOR INCOME?

CCIF is the master fund, which pools investor capital raised through its feeder funds—such as the current fund offering, CCIF – I. Both master and feeder share the same investment objectives and strategies. All portfolio investments are made by Carey Credit Income Fund, the master fund.

Investors can only acquire shares in a feeder fund, which invests substantially all of its assets in the common shares of CCIF at net asset value, which will vary over time. CCIF, the master fund, and the feeder funds share the same investment objectives and strategies. The imposition of fees and expenses may affect a non-traded BDC’s ability to generate income.

Experienced
Management Team

W. P. Carey Inc. and Guggenheim Partners, LLC have a 50+ year aggregate investment track record. Both firms have a shared commitment to protecting shareholders’ wealth.

  • W. P. Carey Inc. is a publicly traded REIT that provides long-term sale-leaseback and build-to-suit financing for companies worldwide. Its portfolio of global real estate has an enterprise value of $10.7 billion. In addition, W. P. Carey manages a series of investment programs with approximately $13.0 billion in AUM.1



  • Guggenheim Partners, LLC is a global investment and advisory firm with more than $260 billion in AUM.2 Its Corporate Credit team’s long-term investment focus combined with its emphasis on downside protection has made it the investment manager of choice for many insurance companies, public pensions, foundations, and high-net-worth investors.


1As of March 31, 2017.
Assets under management are as of December 31, 2016. Assets include consulting services for clients whose assets are valued at approximately $63 billion.

Investors in a feeder fund will not be acquiring an interest in W. P. Carey Inc. or Guggenheim Partners, LLC, parent companies of the Advisors to CCIF.

CCIF'S NON-TRADED BDC OFFERINGS

CCIF – I Overview


Account Type
Advisory
Holding Period
Long-term1
Share Repurchase
Quarterly at NAV2

Pricing
Weekly3
Distribution Frequency
Monthly4
Distribution Reinvestment
Offering price, net of sales charge

1CCIF – I’s Board of Trustees must consider a liquidity event on or before December 31, 2040; however, the Board of Trustees could delay pursuing a liquidity event for at most an additional one year period if it determines that it would not be in the best interests of shareholders to pursue a liquidity event at that time due to adverse market conditions.
2CCIF – I is designed to be a long-term investment. However, following the completion of the first full calendar quarter of operations, investors may be able to submit their shares for repurchase at NAV. In any calendar year, share repurchase may be no more than 10% of the weighted average number of outstanding shares in any 12-month period. There is no assurance that the Board of Trustees will exercise its discretion to offer to repurchase shares or that there will be sufficient funds available to accommodate all of the shareholders' requests for repurchase. The Share repurchase program may be amended, suspended or terminated at any time.
3Pursuant to the terms of the CCIF – I prospectus, the current offering price is subject to change based on fluctuations in NAV. Offering price will be adjusted to ensure shares are not sold at a value that is below CCIF – I NAV per share. Please refer to the current prospectus as amended and supplemented for disclosures relating to the current offering price.
4The payment of future distributions on the common stock of CCIF – I 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.

Key Facts: CCIF – I

as of 05/24/17

$26.90

Public Offering Price

 

Pursuant to the terms of the CCIF – I prospectus, the current offering price is subject to change based on fluctuations in NAV (Net Asset Value). Please refer to the current Carey Credit Income Fund – I prospectus as amended and supplemented for disclosures relating to the current offering price.

6.76%

Annualized Distribution Rate ±

 

±Subject to and qualified in its entirety by the terms of the current Carey Credit Income Fund – I prospectus, the annualized distribution rate is calculated by dividing the annualized distributions by the current public offering price for CCIF – I. 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 CCIF – I 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 CCIF – I may be funded in significant part by the reimbursement of certain expenses that are subject to repayment to the advisors of CCIF – I. Such waivers and reimbursements by the advisors may not continue in the future. If the advisors had not agreed to reimburse certain expenses for CCIF – I, 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.

Cumulative total return for CCIF – I from October 15, 2015 to March 31, 2017 is 11.62% (without upfront sales load) and 8.28% (with upfront sales load). An investment in CCIF – I is subject to a maximum upfront sales load of 3.0% of the offering price, which will reduce the amount of capital available for investment. Cumulative total return includes all operating expenses such as management fees, recurring general and administrative expenses, organization and amortized offering expenses, and interest expenses, including CCIF – I’s proportionate share of the master fund’s expenses. Operating expenses may vary in the future based on the amount of capital raised, the Advisors’ election to continue expense support and other unpredictable variables. Over the presentation period, the combination of the total operating expenses, including the master fund and CCIF – I, were 21.72% and 10.72% of the fund’s average net value since inception, before and after expense support provided by the Advisors, respectively. Past performance is not a guarantee of future results.

Forms & Materials

Download CCIF – I marketing materials, prospectus and order form for investor-use:

Investor Materials

Key Facts: CCIF – I

as of 05/24/17

$26.90

Public Offering Price

 

Pursuant to the terms of the CCIF – I prospectus, the current offering price is subject to change based on fluctuations in NAV (Net Asset Value). Please refer to the current Carey Credit Income Fund – I prospectus as amended and supplemented for disclosures relating to the current offering price.

6.76%

Annualized Distribution Rate ±

 

±Subject to and qualified in its entirety by the terms of the current Carey Credit Income Fund – I prospectus, the annualized distribution rate is calculated by dividing the annualized distributions by the current public offering price for CCIF – I. 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 CCIF – I 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 CCIF – I may be funded in significant part by the reimbursement of certain expenses that are subject to repayment to the advisors of CCIF – I. Such waivers and reimbursements by the advisors may not continue in the future. If the advisors had not agreed to reimburse certain expenses for CCIF – I, 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.

Cumulative total return for CCIF – I from October 15, 2015 to March 31, 2017 is 11.62% (without upfront sales load) and 8.28% (with upfront sales load). An investment in CCIF – I is subject to a maximum upfront sales load of 3.0% of the offering price, which will reduce the amount of capital available for investment. Cumulative total return includes all operating expenses such as management fees, recurring general and administrative expenses, organization and amortized offering expenses, and interest expenses, including CCIF – I’s proportionate share of the master fund’s expenses. Operating expenses may vary in the future based on the amount of capital raised, the Advisors’ election to continue expense support and other unpredictable variables. Over the presentation period, the combination of the total operating expenses, including the master fund and CCIF – I, were 21.72% and 10.72% of the fund’s average net value since inception, before and after expense support provided by the Advisors, respectively. Past performance is not a guarantee of future results.

DISTRIBUTION HISTORY

Search CCIF – I's distribution history by payment date below:

Search by Payment Date:

Record Date Payment Date Declared Distribution per Share
05/30/2017 05/31/2017 $0.034960
05/23/2017 05/31/2017 $0.034960
05/16/2017 05/31/2017 $0.034960
05/09/2017 05/31/2017 $0.034960
05/02/2017 05/31/2017 $0.034960
04/25/2017 04/26/2017 $0.034960
04/18/2017 04/26/2017 $0.034960
04/11/2017 04/26/2017 $0.034960
04/04/2017 04/26/2017 $0.034960
03/28/2017 03/29/2017 $0.034960
03/21/2017 03/29/2017 $0.034960
03/14/2017 03/29/2017 $0.034960
03/07/2017 03/29/2017 $0.034960
02/28/2017 03/01/2017 $0.034960
02/21/2017 03/01/2017 $0.034960
02/14/2017 03/01/2017 $0.034960
02/07/2017 03/01/2017 $0.034960
01/31/2017 02/01/2017 $0.034960
01/24/2017 02/01/2017 $0.034960
01/17/2017 02/01/2017 $0.034960
01/10/2017 02/01/2017 $0.034960
01/03/2017 02/01/2017 $0.034960
12/27/2016 12/28/2016 $0.034960
12/20/2016 12/28/2016 $0.034960
12/13/2016 12/28/2016 $0.034960
12/06/2016 12/28/2016 $0.034960
11/29/2016 11/30/2016 $0.034960
11/22/2016 11/30/2016 $0.034960
11/15/2016 11/30/2016 $0.034960
11/08/2016 11/30/2016 $0.034960
11/01/2016 11/30/2016 $0.034960
10/25/2016 10/26/2016 $0.034960
10/18/2016 10/26/2016 $0.034960
10/11/2016 10/26/2016 $0.034960
10/04/2016 10/26/2016 $0.034960
09/27/2016 09/28/2016 $0.034960
09/20/2016 09/28/2016 $0.034960
09/13/2016 09/28/2016 $0.034960
09/06/2016 09/28/2016 $0.034960
08/30/2016 08/31/2016 $0.034960
08/23/2016 08/31/2016 $0.034960
08/16/2016 08/31/2016 $0.034960
08/09/2016 08/31/2016 $0.034960
08/02/2016 08/31/2016 $0.034960
07/26/2016 07/27/2016 $0.034960
07/19/2016 07/27/2016 $0.034960
07/12/2016 07/27/2016 $0.034960
07/05/2016 07/27/2016 $0.034960
06/28/2016 06/29/2016 $0.034960
06/21/2016 06/29/2016 $0.034960
06/14/2016 06/29/2016 $0.034960
06/07/2016 06/29/2016 $0.034960
05/31/2016 06/01/2016 $0.034960
05/24/2016 06/01/2016 $0.034960
05/17/2016 06/01/2016 $0.034960
05/10/2016 06/01/2016 $0.034960
05/03/2016 06/01/2016 $0.034960
04/26/2016 04/27/2016 $0.034960
04/19/2016 04/27/2016 $0.034960
04/12/2016 04/27/2016 $0.034960
04/05/2016 04/27/2016 $0.034960
03/29/2016 03/30/2016 $0.034650
03/22/2016 03/30/2016 $0.034650
03/15/2016 03/30/2016 $0.034650
03/08/2016 03/30/2016 $0.034650
03/01/2016 03/30/2016 $0.034650
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.
02/23/2016 02/24/2016 $0.012860
02/16/2016 02/24/2016 $0.012860
02/09/2016 02/24/2016 $0.012860
02/02/2016 02/24/2016 $0.012860
01/26/2016 01/27/2016 $0.012860
01/19/2016 01/27/2016 $0.012860
01/12/2016 01/27/2016 $0.012860
01/05/2016 01/27/2016 $0.012860
12/29/2015 12/30/2015 $0.012860
12/22/2015 12/30/2015 $0.012860
12/15/2015 12/30/2015 $0.012860
12/08/2015 12/30/2015 $0.012860
12/01/2015 12/30/2015 $0.012860
11/24/2015 11/25/2015 $0.012860
11/17/2015 11/25/2015 $0.012860
11/10/2015 11/25/2015 $0.012860
11/03/2015 11/25/2015 $0.012860
10/27/2015 10/28/2015 $0.012860
10/20/2015 10/28/2015 $0.012860

Subject to the terms of the current Carey Credit Income Fund – I prospectus, the annualized distribution rate is calculated by dividing the annualized distributions by the current public offering price. The annualized distribution rate shown may be rounded. The payment of future distributions on the common stock of CCIF – I 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 CCIF – I may be funded in significant part by the reimbursement of certain expenses that are subject to repayment to the advisors to CCIF – I. Such waivers and reimbursements by the advisors may not continue in the future. If the advisors had not agreed to reimburse certain expenses for CCIF – I, 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.

Key Facts: CCIF – I

as of 05/24/17

$26.90

Public Offering Price

 

Pursuant to the terms of the CCIF – I prospectus, the current offering price is subject to change based on fluctuations in NAV (Net Asset Value). Please refer to the current Carey Credit Income Fund – I prospectus as amended and supplemented for disclosures relating to the current offering price.

6.76%

Annualized Distribution Rate ±

 

±Subject to and qualified in its entirety by the terms of the current Carey Credit Income Fund – I prospectus, the annualized distribution rate is calculated by dividing the annualized distributions by the current public offering price for CCIF – I. 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 CCIF – I 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 CCIF – I may be funded in significant part by the reimbursement of certain expenses that are subject to repayment to the advisors of CCIF – I. Such waivers and reimbursements by the advisors may not continue in the future. If the advisors had not agreed to reimburse certain expenses for CCIF – I, 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.

Cumulative total return for CCIF – I from October 15, 2015 to March 31, 2017 is 11.62% (without upfront sales load) and 8.28% (with upfront sales load). An investment in CCIF – I is subject to a maximum upfront sales load of 3.0% of the offering price, which will reduce the amount of capital available for investment. Cumulative total return includes all operating expenses such as management fees, recurring general and administrative expenses, organization and amortized offering expenses, and interest expenses, including CCIF – I’s proportionate share of the master fund’s expenses. Operating expenses may vary in the future based on the amount of capital raised, the Advisors’ election to continue expense support and other unpredictable variables. Over the presentation period, the combination of the total operating expenses, including the master fund and CCIF – I, were 21.72% and 10.72% of the fund’s average net value since inception, before and after expense support provided by the Advisors, respectively. Past performance is not a guarantee of future results.

Key Facts: CCIF – I

as of 05/24/17

$26.90

Public Offering Price

 

Pursuant to the terms of the CCIF – I prospectus, the current offering price is subject to change based on fluctuations in NAV (Net Asset Value). Please refer to the current Carey Credit Income Fund – I prospectus as amended and supplemented for disclosures relating to the current offering price.

6.76%

Annualized Distribution Rate ±

 

±Subject to and qualified in its entirety by the terms of the current Carey Credit Income Fund – I prospectus, the annualized distribution rate is calculated by dividing the annualized distributions by the current public offering price for CCIF – I. 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 CCIF – I 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 CCIF – I may be funded in significant part by the reimbursement of certain expenses that are subject to repayment to the advisors of CCIF – I. Such waivers and reimbursements by the advisors may not continue in the future. If the advisors had not agreed to reimburse certain expenses for CCIF – I, 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.

Cumulative total return for CCIF – I from October 15, 2015 to March 31, 2017 is 11.62% (without upfront sales load) and 8.28% (with upfront sales load). An investment in CCIF – I is subject to a maximum upfront sales load of 3.0% of the offering price, which will reduce the amount of capital available for investment. Cumulative total return includes all operating expenses such as management fees, recurring general and administrative expenses, organization and amortized offering expenses, and interest expenses, including CCIF – I’s proportionate share of the master fund’s expenses. Operating expenses may vary in the future based on the amount of capital raised, the Advisors’ election to continue expense support and other unpredictable variables. Over the presentation period, the combination of the total operating expenses, including the master fund and CCIF – I, were 21.72% and 10.72% of the fund’s average net value since inception, before and after expense support provided by the Advisors, respectively. Past performance is not a guarantee of future results.

Risk Factors

Master/Feeder Structure

Carey Credit Income Fund (“CCIF” or the “master fund”) is a master fund in a master/feeder structure. In this structure, each feeder fund, such as Carey Credit Income Fund – I ("CCIF – I"), is capitalized by investors and in turn invests all or substantially all of its assets in the master fund, CCIF. Investors in CCIF – I are purchasing shares of a feeder fund, not the master fund. The investment results of CCIF – I are directly dependent on the investment results of the master fund. Further explanation of the master/feeder structure appears in the prospectus for CCIF – I under “Master/Feeder Fund Structure.”

Risk Factors

This investment contains a high degree of risk, which is detailed in the Risk Factors section of the CCIF – I 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:

  • 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. CCIF – I's Board of Trustees must consider a liquidity event on or before December 31, 2040; however, the Board of Trustees could delay pursuing a liquidity event for at most an additional one year period if it determines that it would not be in the best interests of shareholders to pursue a liquidity event at that time due to adverse market conditions.
  • You will have limited ability to sell your shares because there is no public trading market for CCIF – I's common shares. If you are able to sell your common shares before a liquidity event is completed, you will likely receive less than the purchase price for such common shares. As a result, you may not be able to reduce your exposure during a market downturn. Shareholders may lose all or part of their investment in the common shares of CCIF – I.
  • 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 fees and expenses.
  • While CCIF – I 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. CCIF – I 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.
  • CCIF – I’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 CCIF – I’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 CCIF – I, 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.
  • Carey Credit Advisors, LLC and Guggenheim Partners Investment Management, LLC have limited experience in advising and administering a business development company.
  • Our 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.

Not FDIC or NCUA/NCUSIF Insured, not bank or credit union guaranteed and may lose value.

Key Facts: CCIF – I

as of 05/24/17

$26.90

Public Offering Price

 

Pursuant to the terms of the CCIF – I prospectus, the current offering price is subject to change based on fluctuations in NAV (Net Asset Value). Please refer to the current Carey Credit Income Fund – I prospectus as amended and supplemented for disclosures relating to the current offering price.

6.76%

Annualized Distribution Rate ±

 

±Subject to and qualified in its entirety by the terms of the current Carey Credit Income Fund – I prospectus, the annualized distribution rate is calculated by dividing the annualized distributions by the current public offering price for CCIF – I. 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 CCIF – I 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 CCIF – I may be funded in significant part by the reimbursement of certain expenses that are subject to repayment to the advisors of CCIF – I. Such waivers and reimbursements by the advisors may not continue in the future. If the advisors had not agreed to reimburse certain expenses for CCIF – I, 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.

Cumulative total return for CCIF – I from October 15, 2015 to March 31, 2017 is 11.62% (without upfront sales load) and 8.28% (with upfront sales load). An investment in CCIF – I is subject to a maximum upfront sales load of 3.0% of the offering price, which will reduce the amount of capital available for investment. Cumulative total return includes all operating expenses such as management fees, recurring general and administrative expenses, organization and amortized offering expenses, and interest expenses, including CCIF – I’s proportionate share of the master fund’s expenses. Operating expenses may vary in the future based on the amount of capital raised, the Advisors’ election to continue expense support and other unpredictable variables. Over the presentation period, the combination of the total operating expenses, including the master fund and CCIF – I, were 21.72% and 10.72% of the fund’s average net value since inception, before and after expense support provided by the Advisors, respectively. Past performance is not a guarantee of future results.

Portfolio Overview

As of March 31, 2017, CCIF’s portfolio consisted of 61 companies in 24 U.S. states across 19 industries.



Education Center

Download our collection of industry-related pieces below to learn more about W. P. Carey and Guggenheim, alternative investments and BDCs.

CONTACT US

  • Financial Advisors

    Please contact our Carey Financial Sales Team:

    1-877-WPC REIT (972-7348)

    CCIF@wpcarey.com

  • Individual Investors

    Please contact our Investor Relations Team:

    1-800 WP CAREY (972-2739)

    CCIF@wpcarey.com

  • RIAs

    Please contact our RIA Specialist Team:

    1-844-WPC RIAS (972-7427)

    CCIF@wpcarey.com

This is neither an offer to sell nor a solicitation of an offer to buy the securities described herein, if any. Only a prospectus for Carey Credit Income Fund – I  can make such an offer. This material is authorized only when it is accompanied or preceded by a CCIF – I prospectus. Neither the SEC nor the Attorney General of the State of New York nor any other state regulator has passed on or endorsed the merits of this offering. Any representation to the contrary is a criminal offense. Securities are offered through Carey Financial, LLC, member of FINRA/SIPC, as Dealer Manager.


Master/Feeder Structure

Carey Credit Income Fund (“CCIF” or the “Master Fund”) is a master fund in a master/feeder structure. In this structure, each Feeder Fund, such as CCIF – I”, is capitalized by investors and in turn invests all or substantially all of its assets in the master fund, CCIF. Investors in CCIF – I are purchasing shares of a feeder fund, not the master fund. The investment results of CCIF – I are directly dependent on the investment results of the master fund. Further explanation of the master/feeder structure appears in the prospectus for CCIF – I under “Master/Feeder Fund Structure.”

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