Guggenheim Credit Allocation Fund GGM - Guggenheim Investments

Summary of Fund expensesThe purpose of the table and the example below is to help you understand the fees and expenses that you, as aCommon Shareholder, would bear directly or indirectly. The expenses shown in the table are based on estimatedamounts for the Fund’s first year of operations and assume that the Fund issues approximately 8,000,000 CommonShares. The Fund’s actual expenses may vary from the estimated expenses shown in the table, and may increase as apercentage of net assets attributable to Common Shares if the Fund issues less than 8,000,000 Common Shares. See“Management of the Fund” and “Dividend Reinvestment Plan.”Common Shareholder transaction expensesSales load paid by you (as a percentage of offering price) .............................................................................. 4.50%Offering expenses borne by Common Shareholders (as a percentage of offering price)(1)............................ 0.20%Dividend Reinvestment Plan fees(2) ................................................................................................................ NonePercentage ofnet assetsattributable toCommon Shares(7)Annual expensesManagement fees(3) ...................................................................................................................... 1.50%Interest payments on borrowed funds(4) ...................................................................................... 0.75%Other expenses(5)(6) .................................................................................................................... 0.39%Total annual expenses.................................................................................................................... 2.64%______________(1) The Investment Adviser has agreed to pay (i) all organizational costs of the Fund and (ii) offering costs of theFund (other than the sales load) that exceed $0.050 per Common Share sold in the offering, includingpursuant to the over-allotment option (0.20% of the offering price). Organizational costs and offering costsincurred by the Investment Adviser may not be recouped from the Fund. To the extent that total offeringexpenses are less than $0.050 per Common Share, up to 0.15% of the public offering price of securities soldin this offering, up to such expense limit, will be paid by the Fund to Guggenheim Funds Distributors, LLC,an affiliate of the Investment Adviser and the Sub-Adviser, as reimbursement for the distribution services itprovides to the Fund. Assuming the Fund issues approximately 8,000,000 Common Shares, the costs of theoffering are estimated to be approximately $790,000, of which $400,000 ($0.050 per Common Share) willbe borne by the Fund and $390,000 ($0.049 per Common Share) will be borne by the Investment Adviser.(2) You will pay brokerage charges if you direct the Plan Agent to sell your Common Shares held in a dividendreinvestment account. See “Dividend Reinvestment Plan.”(3) The Fund pays an investment advisory fee to the Investment Adviser in an annual amount equal to 1.00% ofthe Fund’s average daily Managed Assets. Common Shareholders bear the portion of the investment advisoryfee attributable to the assets purchased with the proceeds of Financial Leverage, which means that CommonShareholders effectively bear the entire advisory fee. The contractual investment advisory fee rate of 1.00%of the Fund’s Managed Assets represents an effective advisory fee of 1.50% of net assets attributable toCommon Shares, assuming Financial Leverage of 33 1 ⁄3% of the Fund’s Managed Assets (including theproceeds of such Financial Leverage).(4) Under current market conditions, the Fund initially expects to utilize Financial Leverage through Indebtednessand/or reverse repurchase agreements, such that the aggregate amount of Financial Leverage is not expected toexceed 33 1 ⁄3% of the Fund’s Managed Assets (including the proceeds of such Financial Leverage). The tableabove assumes that the Fund utilizes Financial Leverage in an amount equal to 33 1 ⁄3% of the Fund’s ManagedAssets (including the proceeds of such Financial Leverage) at an annual interest rate of 1.50%. To the extentother forms of Financial Leverage (or combinations of forms of Financial Leverage) are utilized, theassociated Financial Leverage costs would likely change from the cost estimates set forth above.25