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GGM Declares Initial Monthly Distribution

NEW YORK, Aug. 7, 2013 (GLOBE NEWSWIRE) -- Guggenheim Credit Allocation Fund (NYSE:GGM) (or the "Fund") has declared its initial monthly dividend of $0.16146 per share. This represents an annualized distribution rate of 7.75% based upon the closing market price of $25.00 on August 6, 2013. Guggenheim Credit Allocation Fund is a diversified, closed-end management investment company. The Fund's investment objective is to seek total return through a combination of current income and capital appreciation.

The initial monthly dividend will be paid on September 30, 2013, to shareholders of record as of September 13, 2013, with an ex-dividend date of September 11, 2013. Required notifications pursuant to Section 19(a) of the Investment Company Act of 1940, as amended, will be posted to the Fund's website after the close of business three business days prior to the payable date.

Past performance is not indicative of future performance. As of the date of this announcement, the sources of each Fund distribution are estimates. Distributions may be paid from sources of income other than ordinary income, such as short term capital gains, long term capital gains or return of capital. Shareholders of record as of the applicable record date will be sent a Section 19(a) notice, if required, with the anticipated source of income. Section 19(a) notices are provided for informational purposes only and not for tax reporting purposes. The final determination of the source and tax characteristics of all distributions in 2013 will be made after the end of the year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters.

About Guggenheim Investments

Guggenheim Investments represents the investment management division of Guggenheim Partners, LLC ("Guggenheim"), which consists of investment managers with approximately $151 billion in combined total assets*. Collectively, Guggenheim Investments has a long, distinguished history of serving institutional investors, ultra-high-net-worth individuals, family offices and financial intermediaries. Guggenheim Investments offers clients a wide range of differentiated capabilities built on a proven commitment to investment excellence. Guggenheim Investments has offices in Chicago, New York City and Santa Monica, along with a global network of offices throughout the United States, Europe, and Asia.

Guggenheim Investments is comprised of several investment management entities within Guggenheim, which includes Guggenheim Funds Distributors, LLC and Guggenheim Funds Investment Advisors, LLC. Guggenheim Funds Investment Advisors, LLC serves as Investment Adviser for GGM. Guggenheim Partners Investment Management, LLC serves as Investment Sub-Adviser for GGM.

*The total asset figure is as of 6.30.2013 and includes $11.720B of leverage. AUM includes assets from Security Investors, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Investment Advisors and its affiliated entities, and some business units including Guggenheim Real Estate, Guggenheim Aviation, GS GAMMA Advisors, Guggenheim Partners Europe, Transparent Value Advisors, and Guggenheim Partners India Management. Values from some funds are based upon prior periods.

This information does not represent an offer to sell securities of the Fund and it is not soliciting an offer to buy securities of the Fund. There can be no assurance that the Fund will achieve its investment objective. Investments in the Fund involve operating expenses and fees. The net asset value of the Fund will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value. Past performance is not indicative of future performance. An investment in closed-end funds is subject to investment risk, including the possible loss of the entire amount that you invest. Some general risks and considerations associated with investing in a closed-end fund include: Investment and Market Risk; Lower Grade Securities Risk; Equity Securities Risk; Foreign Securities Risk; Interest Rate Risk; Illiquidity Risk; Derivative Risk; Management Risk; Anti-Takeover Provisions; Market Disruption Risk and Leverage Risk. See www.guggenheiminvestments.com/ggm for a detailed discussion of Fund-specific risks.

Investors should consider the investment objectives and policies, risk considerations, charges and expenses of any investment before they invest. For this and more information visit www.guggenheiminvestments.com or contact a securities representative or Guggenheim Funds Distributors, LLC 2455 Corporate West Drive, Lisle, IL 60532, 800-345-7999.

NOT FDIC-INSURED | NOT BANK-GUARANTEED | MAY LOSE VALUE
Member FINRA/SIPC (8/13)

CONTACT: Analyst Inquiries William T. Korver 630.505.3700 william.korver@guggenheiminvestments.com Media Inquiries Jeaneen Pisarra 212.518.5367 jeaneen.pisarra@guggenheiminvestments.comSource: Guggenheim Investments Illinois