PAGE 1 000 B000000 05/31/2015 000 C000000 0001551949 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 Guggenheim Credit Allocation Fund 001 B000000 811-22715 001 C000000 3128270100 002 A000000 227 WEST MONROE STREET 002 B000000 CHICAGO 002 C000000 IL 002 D010000 60606 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 N 007 B000000 0 008 A000001 GUGGENHEIM FUNDS INVESTMENT ADVISORS, LLC 008 B000001 A 008 C000001 801-000000 008 D010001 CHICAGO 008 D020001 IL 008 D030001 60606 008 A000002 GUGGENHEIM PARTNERS INVESTMENT MANAGEMENT LLC 008 B000002 S 008 C000002 801-000000 008 D010002 SANTA MONICA 008 D020002 CA 008 D030002 90401 010 A000001 RYDEX FUND SERVICES, LLC 010 C010001 ROCKVILLE 010 C020001 MD 010 C030001 20850 011 A000001 UBS SECURITIES LLC 011 B000001 8-00000000 011 C010001 NEW YORK 011 C020001 NY 011 C030001 10171 011 A000002 WELLS FARGO SECURITIES LLC 011 B000002 8-00000000 011 C010002 CHARLOTTE 011 C020002 NC 011 C030002 28202 012 A000001 COMPUTERSHARE SHAREOWNER SERVICES LLC 012 B000001 84-0000000 012 C010001 COLLEGE STATION PAGE 2 012 C020001 TX 012 C030001 77842 012 C040001 3170 013 A000001 ERNST & YOUNG LLP 013 B010001 MCLEAN 013 B020001 VA 013 B030001 22102 014 A000001 CHANNEL CAPITAL GROUP LLC 014 B000001 8-53692 014 A000002 SECURITY DISTRIBUTORS, INC. 014 B000002 8-10781 014 A000003 GUGGENHEIM INVESTOR SERVICES, LLC 014 B000003 8-44742 014 A000004 GUGGENHEIM SECURITIES, LLC 014 B000004 8-49107 014 A000005 SAMMONS SECURITIES COMPANY, LLC 014 B000005 8-53482 014 A000006 GUGGENHEIM FUNDS DISTRIBUTORS, LLC 014 B000006 8-48842 014 A000007 SAMMONS FINANCIAL NETWORK, LLC 014 B000007 8-68905 014 A000008 GUGGENHEIM ENERGY ADVISORS, LLC 014 B000008 8-68983 015 A000001 THE BANK OF NEW YORK MELLON 015 B000001 C 015 C010001 NEW YORK 015 C020001 NY 015 C030001 10286 015 E010001 X 018 000000 Y 019 A000000 N 019 B000000 0 020 A000001 Morgan Stanley 020 B000001 13-2655998 020 C000001 0 021 000000 0 022 A000001 BARCLAYS 022 B000001 UNKNOWN 022 C000001 14285 022 D000001 136482 022 A000002 BANK OF AMERICA 022 B000002 UNKNOWN 022 C000002 20297 022 D000002 104098 022 A000003 CREDIT SUISSE SECURITIES 022 B000003 13-1898818 022 C000003 18512 022 D000003 92577 022 A000004 CITIGROUP GLOBAL MARKETS 022 B000004 11-2418067 022 C000004 14008 PAGE 3 022 D000004 46270 022 A000005 GOLDMAN SACHS 022 B000005 13-510880 022 C000005 20017 022 D000005 1692 022 A000006 JP MORGAN CHASE & CO. 022 B000006 UNKNOWN 022 C000006 13356 022 D000006 6951 022 A000007 MISC BROKER 022 B000007 UNKNOWN 022 C000007 7673 022 D000007 9562 022 A000008 WELLS FARGO INSTITUTIONAL SECURITIES 022 B000008 UNKNOWN 022 C000008 9549 022 D000008 7100 022 A000009 DIRECT LOAN FUNDING 022 B000009 UNKOWN 022 C000009 11433 022 D000009 400 022 A000010 MORGAN STANLEY 022 B000010 13-2655998 022 C000010 8233 022 D000010 1858 023 C000000 173539 023 D000000 544926 024 000000 Y 025 A000001 CITIGROUP, INC. 025 B000001 N/A 025 C000001 D 025 D000001 1104 025 A000002 JEFFERIES FINANCE, LLC 025 B000002 95-2622900 025 C000002 D 025 D000002 3348 025 A000003 BANK OF AMERICA 025 B000003 N/A 025 C000003 D 025 D000003 454 025 A000004 HSBC 025 B000004 13-2650272 025 C000004 D 025 D000004 1182 025 A000005 GOLDMAN SACHS 025 B000005 13-510880 025 C000005 D 025 D000005 1197 026 A000000 N 026 B000000 Y 026 C000000 N PAGE 4 026 D000000 Y 026 E000000 N 026 F000000 N 026 G010000 N 026 G020000 N 026 H000000 N 027 000000 N 045 000000 Y 046 000000 N 047 000000 Y 048 000000 1.000 048 A010000 0 048 A020000 0.000 048 B010000 0 048 B020000 0.000 048 C010000 0 048 C020000 0.000 048 D010000 0 048 D020000 0.000 048 E010000 0 048 E020000 0.000 048 F010000 0 048 F020000 0.000 048 G010000 0 048 G020000 0.000 048 H010000 0 048 H020000 0.000 048 I010000 0 048 I020000 0.000 048 J010000 0 048 J020000 0.000 048 K010000 0 048 K020000 0.000 049 000000 N 050 000000 N 051 000000 N 052 000000 N 053 A000000 N 054 A000000 Y 054 B000000 Y 054 C000000 N 054 D000000 N 054 E000000 N 054 F000000 N 054 G000000 N 054 H000000 Y 054 I000000 N 054 J000000 Y 054 K000000 N 054 L000000 N 054 M000000 Y PAGE 5 054 N000000 N 054 O000000 N 055 A000000 Y 055 B000000 N 056 000000 N 057 000000 N 058 A000000 N 059 000000 Y 060 A000000 Y 060 B000000 Y 061 000000 0 062 A000000 Y 062 B000000 0.0 062 C000000 0.0 062 D000000 0.0 062 E000000 0.0 062 F000000 0.0 062 G000000 0.0 062 H000000 0.0 062 I000000 0.0 062 J000000 0.0 062 K000000 0.0 062 L000000 1.3 062 M000000 0.0 062 N000000 0.0 062 O000000 0.0 062 P000000 69.7 062 Q000000 68.2 062 R000000 6.1 063 A000000 0 063 B000000 5.8 064 A000000 N 064 B000000 N 066 A000000 N 067 000000 N 068 A000000 N 068 B000000 N 069 000000 N 070 A010000 Y 070 A020000 Y 070 B010000 Y 070 B020000 N 070 C010000 Y 070 C020000 N 070 D010000 Y 070 D020000 N 070 E010000 Y 070 E020000 N 070 F010000 Y 070 F020000 N 070 G010000 Y PAGE 6 070 G020000 N 070 H010000 Y 070 H020000 N 070 I010000 Y 070 I020000 N 070 J010000 Y 070 J020000 N 070 K010000 Y 070 K020000 N 070 L010000 Y 070 L020000 Y 070 M010000 Y 070 M020000 Y 070 N010000 Y 070 N020000 N 070 O010000 Y 070 O020000 N 070 P010000 Y 070 P020000 Y 070 Q010000 N 070 Q020000 N 070 R010000 Y 070 R020000 N 071 A000000 163129 071 B000000 120064 071 C000000 219444 071 D000000 55 072 A000000 12 072 B000000 15811 072 C000000 296 072 D000000 0 072 E000000 0 072 F000000 2175 072 G000000 59 072 H000000 0 072 I000000 19 072 J000000 21 072 K000000 0 072 L000000 30 072 M000000 88 072 N000000 25 072 O000000 0 072 P000000 433 072 Q000000 68 072 R000000 43 072 S000000 100 072 T000000 0 072 U000000 0 072 V000000 0 072 W000000 134 072 X000000 3195 PAGE 7 072 Y000000 0 072 Z000000 12912 072AA000000 137 072BB000000 0 072CC010000 0 072CC020000 7834 072DD010000 10402 072DD020000 0 072EE000000 3888 073 A010000 1.5690 073 A020000 0.0000 073 B000000 0.5866 073 C000000 0.0000 074 A000000 17 074 B000000 0 074 C000000 2043 074 D000000 210784 074 E000000 9452 074 F000000 2533 074 G000000 0 074 H000000 0 074 I000000 0 074 J000000 2209 074 K000000 0 074 L000000 3367 074 M000000 345 074 N000000 230750 074 O000000 8211 074 P000000 211 074 Q000000 0 074 R010000 65943 074 R020000 0 074 R030000 0 074 R040000 1632 074 S000000 0 074 T000000 154753 074 U010000 6630 074 U020000 0 074 V010000 23.34 074 V020000 0.00 074 W000000 0.0000 074 X000000 4777 074 Y000000 0 075 A000000 0 075 B000000 156872 076 000000 0.00 077 A000000 Y 077 B000000 Y 077 C000000 N 077 D000000 N 077 E000000 N PAGE 8 077 F000000 N 077 G000000 N 077 H000000 N 077 I000000 N 077 J000000 N 077 K000000 N 077 L000000 N 077 M000000 N 077 N000000 N 077 O000000 N 077 P000000 N 077 Q010000 N 077 Q020000 N 077 Q030000 N 078 000000 N 080 A000000 ICI Mutual Insurance Company 080 C000000 15900 081 A000000 Y 081 B000000 13 082 A000000 N 082 B000000 0 083 A000000 N 083 B000000 0 084 A000000 N 084 B000000 0 085 A000000 Y 085 B000000 N 086 A010000 535 086 A020000 2850733 086 B010000 0 086 B020000 0 086 C010000 0 086 C020000 0 086 D010000 0 086 D020000 0 086 E010000 0 086 E020000 0 086 F010000 0 086 F020000 0 087 A010000 COMMON SHARES 087 A020000 40168G108 087 A030000 GGM 088 A000000 Y 088 B000000 N 088 C000000 N 088 D000000 N SIGNATURE Elizabeth J. Prins TITLE Analyst