An Experienced Investment Team<strong>Guggenheim</strong> <strong>Investments</strong>is a premier asset managerwith capabilities in:▪▪Fixed Income▪▪Equities▪▪Alternatives<strong>Guggenheim</strong> <strong>Investments</strong> represents the investment management division of <strong>Guggenheim</strong> Partnerswhich is a privately-held, global financial services firm with over 2,200 employees. With over$150 billion in total assets and offices throughout the United States, Europe and Asia, <strong>Guggenheim</strong><strong>Investments</strong> has a distinguished history of serving institutional and high-net worth investors.The <strong>Fund</strong>’s experienced investment team leverages the organization’s resources and capabilities.B. Scott MinerdGlobal Chief Investment Officer• Has 29 years ofprofessional experience• Previously, ManagingDirector, Fixed-Income<strong>Credit</strong> Trading, <strong>Credit</strong>Suisse First Boston• Previously, EuropeanCapital Markets Trading& Risk Manager,Morgan Stanley• Previously, CertifiedPublic Accountant,Price Waterhouse• BS, Economics, WhartonSchool, University ofPennsylvaniaAnne WalshSenior Managing Director• Has 29 years ofprofessional experience• Previously, SeniorVice President & ChiefInvestment Officer,Reinsurance Groupof America• Previously, Vice President& Senior InvestmentConsultant, ZurichScudder <strong>Investments</strong>• JD, University of MiamiSchool of Law• BSBA, MBA, AuburnUniversityKevin H. GundersenSenior Managing Directorand Portfolio Manager• Has 10 years of industryexperience• Previously, Senior Analyst,<strong>Guggenheim</strong> <strong>Investments</strong>• AB, Harvard UniversityJeffrey B. AbramsSenior Managing Directorand Portfolio Manager• Has 10 years of industryexperience• Previously, Senior Analyst,<strong>Guggenheim</strong> <strong>Investments</strong>• Previously, Analyst,Bear Stearns• BA, History and BBA,Finance, Emory UniversityJames MichalManaging Directorand Portfolio Manager• Has 9 years of industryexperience• Previously, Associate,Wachovia• BSBA, Finance andInternational Business,Georgetown University6 <strong>Guggenheim</strong> Limited <strong>Credit</strong> <strong>Allocation</strong> Duration <strong>Fund</strong> Total | Return <strong>GGM</strong> Trust | <strong>GGM</strong>
<strong>Guggenheim</strong> <strong>Credit</strong> <strong>Allocation</strong> <strong>Fund</strong>Symbol<strong>GGM</strong>Anticipated Listing on the NYSEInvestment Objective<strong>Guggenheim</strong> <strong>Credit</strong> <strong>Allocation</strong> <strong>Fund</strong>(the “<strong>Fund</strong>”) is a newly-organized,diversified, closed-end managementinvestment company. The <strong>Fund</strong>’sinvestment objective is to seek totalreturn through a combination of currentincome and capital appreciation. The<strong>Fund</strong> cannot assure investors that itwill achieve its investment objective orbe able to structure its investments asanticipated, and you could lose someor all of your investment.Offering DetailsInitial Offering Price:$25.00 per shareSales Charge:$1.125 (4.50%) per sharePricing Date:June 25, 2013First Day of Trading:June 26, 2013Settlement Date:June 28, 2013All offering details are anticipated and subject tochange. See “Summary of <strong>Fund</strong> Expenses” in the<strong>Fund</strong>’s preliminary prospectus for more completediscussion of the fees and expenses that an investorwould bear directly or indirectly through aninvestment in this <strong>Fund</strong>.Risks and ConsiderationsAn investment in common shares of the <strong>Fund</strong>involves special risk considerations, which aresummarized below. See “Risks” in the <strong>Fund</strong>’s preliminaryprospectus for a more complete discussion ofthe risks associated with an investment in commonshares of the <strong>Fund</strong>.No Operating History The <strong>Fund</strong> is a diversified,closed-end management investment company with nooperating history.Not a Complete Investment Program An investment inthe common shares should not be considered a completeinvestment program. Each common shareholder shouldtake into account the <strong>Fund</strong>’s investment objective as wellas the common shareholder’s other investments whenconsidering an investment in the <strong>Fund</strong>.Investment and Market Risk An investment in thecommon shares is subject to investment risk, includingthe possible loss of the entire principal amount invested.An investment in the common shares represents anindirect investment in the securities owned by the <strong>Fund</strong>,the value of which may fluctuate, sometimes rapidly andunpredictably, affecting the value of the common shares.At any point in time, your common shares may be worthless than your original investment, including the reinvestmentof <strong>Fund</strong> dividends and distributions.Market Discount Risk Shares of closed-end investmentcompanies frequently trade at a discount from their netasset value, which is a risk separate and distinct fromthe risk that the <strong>Fund</strong>’s net asset value could decreaseas a result of its investment activities. Although thevalue of the <strong>Fund</strong>’s net assets is generally considered bymarket participants in determining whether to purchaseor sell common shares, whether investors will realizegains or losses upon the sale of common shares willdepend entirely upon whether the market price ofcommon shares at the time of sale is above or belowthe investor’s purchase price for common shares. The<strong>Fund</strong> cannot predict whether common shares will tradeat, below or above net asset value or at, below or abovethe initial public offering price. This risk may be greaterfor investors expecting to sell their common sharessoon after the completion of the public offering, as thenet asset value of the common shares will be reducedimmediately following the offering as a result of thepayment of certain offering costs.Management Risk The <strong>Fund</strong> is subject to managementrisk because it has an actively managed portfolio. Thesub adviser will apply investment techniques and riskanalysis in making investment decisions for the <strong>Fund</strong>,but there can be no guarantee that these will produce thedesired results. The <strong>Fund</strong>’s allocation of its investmentsacross various segments of the credit securities marketand various countries, regions, asset classes and sectorsmay vary significantly over time based on the sub adviser’sanalysis and judgment. As a result, the particularrisks most relevant to an investment in the <strong>Fund</strong>, as wellas the overall risk profile of the <strong>Fund</strong>’s portfolio, may varyover time. The sub adviser employs an active approachto the <strong>Fund</strong>’s investment allocation based upon a relativevalue philosophy, but there is no guarantee that suchallocation will produce the desired results.Income Risk The income investors receive from the <strong>Fund</strong>is based primarily on the interest it earns from its investmentsin credit securities, which can vary widely over theshort- and long-term. If prevailing market interest ratesdrop, investors’ income from the <strong>Fund</strong> could drop as well.<strong>Credit</strong> Securities Risks <strong>Credit</strong> securities generally aresubject to certain risks, including:Issuer Risk The value of credit securities may decline for anumber of reasons which directly relate to the issuer, suchas management performance, financial leverage, reduceddemand for the issuer’s goods and services, historicaland projected earnings, and the value of its assets.<strong>Credit</strong> Risk <strong>Credit</strong> risk is the risk that one or more debtobligations in the <strong>Fund</strong>’s portfolio will decline in price,or fail to pay interest or principal when due, becausethe issuer of the obligation experiences a decline in itsfinancial status.Interest Rate Risk Interest rate risk is the risk that creditsecurities will decline in value because of changes inmarket interest rates. When market interest rates rise,the market value of credit securities generally will fall.These risks may be greater in the current market environmentbecause interest rates are near historicallylow levels. The prices of longer-term securities fluctuatemore than prices of shorter-term securities as interestrates change. The <strong>Fund</strong>’s use of leverage will tend toincrease common share interest rate risk.Reinvestment Risk Reinvestment risk is the risk thatincome from the <strong>Fund</strong>’s portfolio will decline if the<strong>Fund</strong> invests the proceeds from matured, traded orcalled securities at market interest rates that are belowthe portfolio’s current earnings rate. A decline in incomecould affect the common shares’ market price or theoverall return of the <strong>Fund</strong>.Prepayment Risk During periods of declining interestrates, borrowers may exercise their option to prepayprincipal earlier than scheduled, forcing the <strong>Fund</strong> toreinvest in lower yielding securities. This is known ascall or prepayment risk.Liquidity Risk The <strong>Fund</strong> may invest without limitation inunregistered securities, restricted securities and securities<strong>Guggenheim</strong> <strong>Guggenheim</strong> Limited Duration <strong>Credit</strong> Total <strong>Allocation</strong> Return <strong>Fund</strong> Trust | <strong>GGM</strong> 7
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