Fund Description: Guggenheim Taxable Municipal Managed Duration Trust, formerly Guggenheim Build America Bonds Managed Duration Trust, is an exchange-traded closed-end fund or a closed-end ETF that is officially described as a diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Guggenheim Taxable Municipal Managed Duration Trust seeks to provide current income with a secondary objective of long-term capital appreciation. FUND/TRUST STRATEGY: The Trust seeks to achieve its investment objectives by investing primarily in a diversified portfolio of taxable municipal securities known as Build America Bonds (BABs), Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in BABs, and may invest up to 20% of its Managed Assets in securities other than BABs, including taxable municipal securities that do not qualify for subsidy payments, tax-exempt municipal securities, asset-backed securities (ABS), senior loans and other income producing securities. Under normal market conditions, at least 80% of the Trust’s Managed Assets will be invested in securities that, at the time of investment, are investment grade quality. The Trust may invest up to 20% of its Managed Assets in securities that, at the time of investment, are below investment grade quality. Securities of below investment grade quality are regarded as having predominately speculative characteristics with respect to capacity to pay interest and repay principal, and are commonly referred to as junk bonds. FUND/TRUST MANAGEMENT: Guggenheim Funds Investment Advisors, LLC serves as the Trust’s investment adviser and is responsible for the management of the Trust and administers the affairs of the Trust to the extent requested by the Board of Trustees. Guggenheim Partners Asset Management, LLC, serves as the Trust’s investment sub-adviser and is responsible for the management of the Trust’s portfolio of investments.