GBAB Announces Effectiveness of Investment Policy Modifications and Name Change
November 19 2020 - 4:00PM
Today, as previously announced, the Guggenheim Taxable Municipal
Managed Duration Trust (“GBAB” or the “Trust”) made modifications
to certain non-fundamental investment policies along with a
corresponding name change. The modifications are primarily intended
to provide the Trust with greater investment flexibility while
remaining consistent with the Trust’s overall investment
objectives.
The Trust expanded its non-fundamental 80% investment policy to
include, in addition to taxable municipal securities, other
investment grade, income-generating debt securities, including debt
instruments issued by non-profit entities (such as entities related
to healthcare, higher education and housing), municipal conduits,
project finance corporations, and tax-exempt municipal securities.
In addition to the 80% investment policy change, the Trust (i)
removed certain limitations on the composition of the other 20% of
its net assets plus the amount of any borrowings for investment
purposes (“Managed Assets”), (ii) removed the limitation on
illiquid investments, (iii) added a policy to invest at least 50%
of its Managed Assets in taxable municipal securities and (iv)
changed the level at which the Trust seeks to maintain its
leverage-adjusted duration from generally less than 10 years to
generally less than 15 years.
In connection with the investment policy modifications the
Trust’s name changed to: Guggenheim Taxable Municipal Bond &
Investment Grade Debt Trust. The Trust will continue to trade on
the NYSE under its current ticker symbol, “GBAB”.
No other changes to the Trust’s other investment policies or the
Trust’s portfolio management team are currently anticipated, nor is
it currently anticipated that there will be substantial portfolio
turnover in conjunction with these changes in the immediate
future.
No action is required by shareholders of the Trust in connection
with these investment policy modifications or the change in the
Trust’s name.
For updated information and a discussion of the risk
considerations associated with an investment in the Trust, please
visit the Trust’s website at guggenheiminvestments.com/GBAB.
About Guggenheim Investments
Guggenheim Investments is the global asset management and
investment advisory division of Guggenheim Partners, LLC
(“Guggenheim”), with $233 billion* in assets under management
across fixed income, equity, and alternative strategies. We focus
on the return and risk needs of insurance companies, corporate and
public pension funds, sovereign wealth funds, endowments and
foundations, consultants, wealth managers, and high-net-worth
investors. Our 300+ investment professionals perform rigorous
research to understand market trends and identify undervalued
opportunities in areas that are often complex and underfollowed.
This approach to investment management has enabled us to deliver
innovative strategies providing diversification opportunities and
attractive long-term results.
* Assets under management as of 09.30.2020 and include leverage
of $14bn. Guggenheim Investments represents the following
affiliated investment management businesses of Guggenheim Partners,
LLC: Guggenheim Partners Investment Management, LLC, Security
Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim
Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC,
Guggenheim Partners Europe Limited, GS GAMMA Advisors, LLC, and
Guggenheim Partners India Management.
This information does not represent an offer to sell securities
of the Trust and it is not soliciting an offer to buy securities of
the Trust. There can be no assurance that the Trust will achieve
its investment objectives. An investment in the Trust involves
operating expenses and fees. The net asset value of the Trust 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 can trade at a
discount or premium to their net asset value. Past performance is
not indicative of future performance.
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 227 West Monroe Street, Chicago, IL 60606,
800-345-7999.
Analyst InquiriesWilliam T.
Korvercefs@guggenheiminvestments.com
Not FDIC-Insured | Not Bank-Guaranteed | May Lose
Value
Member FINRA/SIPC (11/20) 45792
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