Guggenheim Credit Allocation Fund GGM - Guggenheim Investments

TABLE OF CONTENTSProspectus summary.......................................... 1Summary of Fund expenses .............................. 25The Fund .......................................................... 27Use of proceeds ................................................ 27Investment objective and policies .................... 27The Fund’s investments .................................... 29Use of Financial Leverage ................................ 50Risks ................................................................ 54Management of the Fund .................................. 83Net asset value .................................................. 85Distributions .................................................... 86Dividend Reinvestment Plan ............................ 87Description of capital structure ........................ 88Anti-takeover and other provisionsin the Fund’s Governing Documents ............ 90Closed-end fund structure ................................ 91Repurchase of Common Shares;conversion to open-end fund ........................ 91Tax matters ........................................................ 92Underwriting .................................................... 96Custodian, administrator, transfer agentand dividend disbursing agent ...................... 98Legal matters .................................................... 98Independent registered publicaccounting firm ............................................ 99Additional information .................................... 99Privacy principles of the Fund .......................... 99Table of contents of the Statementof Additional Information ............................ 100iv