Guggenheim Credit Allocation Fund GGM - Guggenheim Investments

Risks and Considerations (continued)derivatives, on August 31, 2011, the SEC issued a conceptrelease to seek public comment on a wide range of issuesraised by the use of derivatives by investment companies.At any time after the date hereof, legislation maybe enacted that could negatively affect the assets of theFund or the issuers of such assets. Changing approachesto regulation may have a negative impact on the Fund orentities in which the Fund invests. Legislation or regulationmay also change the way in which the Fund itself isregulated. There can be no assurance that future legislation,regulation or deregulation will not have a materialadverse effect on the Fund or will not impair the ability ofthe Fund to achieve its investment objective.Portfolio Turnover Risk The Fund’s annual portfolioturnover rate may vary greatly from year to year. Ahigher portfolio turnover rate results in correspondinglygreater brokerage commissions and other transactionalexpenses that are borne by the Fund. High portfolioturnover may result in an increased realization of netshort-term capital gains by the Fund which, when distributedto common shareholders, will be taxable as ordinaryincome. Additionally, in a declining market, portfolio turnovermay result in realized capital losses.When-Issued and Delayed Delivery Transactions RiskSecurities purchased on a when-issued or delayeddelivery basis may expose the Fund to counterparty riskof default as well as the risk that securities may experiencefluctuations in value prior to their actual delivery.Short Sales Risk The Fund may make short sales of securities.A short sale is a transaction in which the Fund sellsa security it does not own. If the price of the security soldshort increases between the time of the short sale andthe time the Fund replaces the borrowed security, theFund will incur a loss; conversely, if the price declines,the Fund will realize a capital gain. Any gain will bedecreased, and any loss will be increased, by the transactioncosts incurred by the Fund, including the costsassociated with providing collateral to the broker-dealer(usually cash and liquid securities) and the maintenanceof collateral with its custodian. Although the Fund’s gainis limited to the price at which it sold the security short,its potential loss is theoretically unlimited.Repurchase Agreement Risk A repurchase agreementexposes the Fund to the risk that the party that sells thesecurity may default on its obligation to repurchase it.The Fund may lose money because it cannot sell thesecurity at the agreed-upon time and price or the securityloses value before it can be sold.Securities Lending Risk The Fund may lend its portfoliosecurities to banks or dealers which meet the creditworthinessstandards established by the board of trustees.Securities lending is subject to the risk that loaned securitiesmay not be available to the Fund on a timely basisand the Fund may therefore lose the opportunity to sellthe securities at a desirable price. Any loss in the marketprice of securities loaned by the Fund that occurs duringthe term of the loan would be borne by the Fund andwould adversely affect the Fund’s performance. Also,there may be delays in recovery, or no recovery, of securitiesloaned or even a loss of rights in the collateralshould the borrower of the securities fail financiallywhile the loan is outstanding.Risk of Failure to Qualify as a RIC If for any taxable yearthe Fund does not qualify as a regulated investmentcompany (“RIC”), all of its taxable income for that year(including its net capital gain) would be subject to tax atregular corporate rates without any deduction for distributionsto shareholders, and such distributions wouldbe taxable as ordinary dividends to the extent of theFund’s current and accumulated earnings and profits.Potential Conflicts of Interest Risk The investmentadviser, sub adviser and their affiliates provide a widearray of portfolio management and other asset managementservices to a mix of clients and may engage inordinary course activities in which their interests orthose of their clients may compete or conflict with thoseof the Fund. For example, the adviser, sub adviser andtheir affiliates may provide investment managementservices to other funds that follow investment objectivessimilar to those of the Fund. In certain circumstances,and subject to its fiduciary obligations under the InvestmentAdvisers Act of 1940, the sub adviser may haveto allocate a limited investment opportunity among itsclients. The sub adviser and their affiliates have adoptedpolicies and procedures designed to address such andother potential conflicts of interests.Market Disruption and Geopolitical Risk Instability inthe Middle East and Africa, and terrorist attacks in theUnited States and around the world have contributed toincreased market volatility, may have long-term effectson the U.S. and worldwide financial markets and maycause further economic uncertainties or deterioration inthe United States and worldwide.Anti-Takeover Provisions The governing documents ofthe Fund includes provisions that could limit the ability ofother entities or persons to acquire control of the Fund orconvert the Fund to an open-end management investmentcompany. These provisions could deprive the commonshareholders of opportunities to sell their common sharesat the net asset value per share or at a premium over thethen-current market price of the common shares, outsideof tender offers by the Fund, if any.The Fund’s common share market price will fluctuateand, at the time of sale, common shares maybe worth more or less than the original investmentor the Fund’s then current net asset value. The Fundcannot predict whether its common shares will tradeat, above or below net asset value.This document contains forward-looking statementsabout various economic trends and strategies. Youare cautioned that such forward-looking statementsare subject to significant business, economic andcompetitive uncertainties and actual results could bematerially different. There are no guarantees associatedwith any forecast and the opinions stated here inare subject to change at any time.This material has been prepared using sources ofinformation generally believed to be reliable. No representationcan be made as to its accuracy.The information in this document and in the preliminaryprospectus is subject to completion and may beamended or changed. A registration statement withrespect to these securities has been filed with theSecurities and Exchange Commission and is not yeteffective. The securities may not be sold until the registrationstatement becomes effective.This document is not an offer to sell these securitiesand is not soliciting an offer to buy these securities inany jurisdiction where the offer or sale is not permitted.Guggenheim Funds Distributors, LLC is a broker-dealerfirm providing distribution assistance to the Fund inconnection with the offering described herein. GuggenheimFunds Distributors, LLC, Guggenheim FundsInvestment Advisors, LLC and Guggenheim PartnersInvestment Management, LLC are subsidiaries ofGuggenheim Partners, LLC.The anticipated first use of this document is May 2013.NOT FDIC-INSUREDNOT BANK-GUARANTEEDMAY LOSE VALUEGuggenheim Funds Distributors, LLCGuggenheim Funds Distributors2455 Corporate West DriveLisle, IL 60532800.345.7999guggenheiminvestments.comGGMBRO 0613 x0713 #8243Member FINRA, SIPC May 201312 Guggenheim Limited Credit Allocation Duration Fund Total | Return GGM Trust | GGM