•
|
Daily, weekly and monthly data on share prices, net asset values, distributions and more
|
•
|
Monthly portfolio overviews and performance analyses
|
•
|
Announcements, press releases and special notices
|
•
|
Fund and adviser contact information
|
November 30, 2013
|
GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT l 3
|
QUESTIONS & ANSWERS
|
November 30, 2013
|
4 l GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT
|
QUESTIONS & ANSWERS continued
|
November 30, 2013
|
Month
|
Distribution per Share
|
June 2013
|
$0.13817
|
July
|
$0.13817
|
August
|
$0.13817
|
September
|
$0.13817
|
October
|
$0.13817
|
November
|
$0.13817
|
Total
|
$0.82902
|
GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT l 5
|
QUESTIONS & ANSWERS continued
|
May 31, 2013
|
6 l GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT
|
QUESTIONS & ANSWERS continued
|
November 30, 2013
|
GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT l 7
|
TRUST SUMMARY (Unaudited)
|
November 30, 2013
|
Trust Statistics
|
||||||
Share Price
|
$
|
19.19
|
||||
Common Share Net Asset Value
|
$
|
21.82
|
||||
Premium/Discount to NAV
|
-12.05%
|
|||||
Net Assets Applicable to Common Shares ($000)
|
$
|
379,897
|
||||
Total Returns
|
||||||
(Inception 10/28/10)
|
Market
|
NAV
|
||||
Six Month
|
-11.98%
|
|
-4.04%
|
|||
One Year
|
-10.94%
|
|
-1.76%
|
|||
Three Year - Average Annual
|
5.82%
|
|
11.88%
|
|||
Since Inception - Average Annual
|
5.64%
|
|
11.41%
|
% of Municipal
|
|
State/Territory Allocations
|
Bonds
|
California
|
22.7%
|
Illinois
|
12.3%
|
Washington
|
9.5%
|
Indiana
|
6.4%
|
New Jersey
|
6.2%
|
Texas
|
6.1%
|
New York
|
5.8%
|
Ohio
|
5.2%
|
Michigan
|
5.1%
|
Florida
|
4.3%
|
Pennsylvania
|
4.2%
|
West Virginia
|
3.3%
|
Colorado
|
3.0%
|
Alabama
|
2.9%
|
Nevada
|
2.7%
|
Vermont
|
2.7%
|
Louisiana
|
2.5%
|
Mississippi
|
1.9%
|
South Carolina
|
1.4%
|
Georgia
|
1.3%
|
South Dakota
|
1.0%
|
Minnesota
|
0.9%
|
% of Total
|
||
Portfolio Breakdown
|
Net Assets
|
|
Municipal Bonds
|
111.4%
|
|
Corporate Bonds
|
6.7%
|
|
Asset Backed Securities
|
5.6%
|
|
Term Loans
|
4.9%
|
|
Preferred Stock
|
2.0%
|
|
Collateralized Mortgage Obligations
|
0.7%
|
|
Closed-End Fund
|
0.3%
|
|
Warrants
|
0.0%
|
* |
Common Stock
|
0.0%
|
* |
Total Long-Term Investments
|
131.6%
|
|
Short-Term Investment
|
0.2%
|
|
Total Investments
|
131.8%
|
|
Other Assets in excess of Liabilities
|
2.6%
|
|
Borrowings
|
-10.5%
|
|
Reverse Repurchase Agreements
|
-23.9%
|
|
Total Net Assets
|
100.0%
|
|
* Less than 0.1%.
|
8 l GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT
|
PORTFOLIO OF INVESTMENTS (Unaudited)
|
November 30, 2013
|
Principal
|
Optional Call
|
||||||||||||
Amount
|
Description
|
Rating *
|
Coupon
|
Maturity
|
Provisions**
|
Value
|
|||||||
Long-Term Investments – 131.6%
|
|||||||||||||
Municipal Bonds – 111.4%
|
|||||||||||||
Alabama – 2.9%
|
|||||||||||||
$
|
3,000,000
|
Alabama State University, General Tuition and Fee Revenue Bonds, Taxable Direct-Pay Build America Bonds, (Assured GTY)(a) (k)
|
AA–
|
7.100%
|
09/01/2035
|
09/01/20 @ 100
|
$
|
3,232,500
|
|||||
5,000,000
|
Alabama State University, General Tuition and Fee Revenue Bonds, Taxable Direct-Pay Build America Bonds, (Assured GTY)(a) (k)
|
AA–
|
7.200%
|
09/01/2038
|
09/01/20 @ 100
|
5,412,250
|
|||||||
2,000,000
|
Alabama State University, General Tuition and Fee Revenue Bonds, Taxable Direct-Pay Build America Bonds, (Assured GTY)(a)
|
AA–
|
7.250%
|
09/01/2040
|
09/01/20 @ 100
|
2,168,100
|
|||||||
500,000
|
Jefferson County, Alabama, Sewer Revenue Warrants, Series 2013-A to Series 2013-F(AGM)
|
AA–
|
0.000%
|
10/01/2034
|
10/01/23 @ 51
|
133,030
|
|||||||
10,945,880
|
|||||||||||||
California – 22.7%
|
|||||||||||||
500,000
|
Alhambra Unified School District, Elementary Schools Improvement District, Los Angeles County, California, Election of 2008 General Obligation Bonds, Federally Taxable, Series B– 1(k)
|
A+
|
6.700%
|
02/01/2026
|
N/A
|
552,140
|
|||||||
10,000,000
|
California, General Obligation Bonds, Various Purpose, Taxable Build
|
||||||||||||
America Bonds(a)
|
A
|
7.700%
|
11/01/2030
|
11/01/20 @ 100
|
11,708,600
|
||||||||
3,000,000
|
Culver City Redevelopment Agency, California, Taxable Tax Allocation Bonds, Culver City Redevelopment Project, Series 2011B(k)
|
A
|
8.000%
|
11/01/2020
|
N/A
|
3,192,750
|
|||||||
340,000
|
Cypress Elementary School District (Orange County, California), General Obligation Bonds, Direct Pay Qualified School Construction Bonds, 2008 Election, Series B– 2(a) (k)
|
AA–
|
6.050%
|
08/01/2021
|
N/A
|
365,412
|
|||||||
660,000
|
Cypress Elementary School District (Orange County, California), General Obligation Bonds, Direct Pay Qualified School Construction Bonds, 2008 Election, Series B-2(k)
|
AA–
|
6.650%
|
08/01/2025
|
N/A
|
709,012
|
|||||||
7,500,000
|
Long Beach Unified School District, California, Qualified School Construction Bonds, Federally Taxable, Election of 2008, General Obligation Bonds, Series B-1(k)
|
AA–
|
5.914%
|
08/01/2025
|
N/A
|
8,686,500
|
|||||||
10,000,000
|
Los Angeles, California, Department of Water & Power Revenue, Taxable Build America Bonds(a)
|
AA–
|
7.000%
|
07/01/2041
|
07/01/21 @ 100
|
11,516,900
|
|||||||
10,000,000
|
Los Angeles, California, Department of Water & Power Revenue, Taxable Build America Bonds(a)
|
AA
|
7.003%
|
07/01/2041
|
07/01/20 @ 100
|
11,153,500
|
|||||||
5,000,000
|
Metropolitan Water District, Southern California, Water Revenue Bonds, 2010 Authorization, Taxable Build America Bonds, Series A(a)
|
AAA
|
6.947%
|
07/01/2040
|
07/01/20 @ 100
|
5,614,600
|
|||||||
1,025,000
|
Monrovia Unified School District, Los Angeles County, California, Election of 2006 General Obligation Bonds, Build America Bonds, Federally Taxable, Series C-1(a) (k)
|
A+
|
7.250%
|
08/01/2028
|
N/A
|
1,161,807
|
|||||||
10,000,000
|
Oakland Unified School District, County of Alameda, California, Taxable General Obligation Bonds, Election of 2006, Qualified School Construction Bonds, Series 2012B(k) (l)
|
NR
|
6.877%
|
08/01/2033
|
08/01/22 @ 100
|
9,575,900
|
|||||||
1,000,000
|
Placentia-Yorba Linda Unified School District (Orange County, California), General Obligation Bonds, Federally Taxable Direct-Pay Qualified School Construction Bonds, Election of 2008, Series E(k)
|
AA–
|
5.400%
|
02/01/2026
|
N/A
|
1,024,040
|
|||||||
5,000,000
|
Riverside Community College District, Riverside County, California, Election of 2004 General Obligation Bonds, Taxable Build America Bonds, Series 2010 D-1(a)
|
AA
|
7.021%
|
08/01/2040
|
08/01/20 @ 100
|
5,483,750
|
|||||||
2,245,000
|
Santa Ana Unified School District, California, General Obligation Bonds, Federal Taxable Build America Bonds(a)
|
Aa3
|
6.800%
|
08/01/2030
|
N/A
|
2,636,191
|
|||||||
7,755,000
|
Santa Ana Unified School District, California, General Obligation Bonds, Federal Taxable Build America Bonds(a)
|
Aa3
|
7.100%
|
08/01/2040
|
N/A
|
9,251,637
|
|||||||
3,330,000
|
Sonoma Valley Unified School District, General Obligation, Federally Taxable Bonds(k)
|
AA–
|
7.123%
|
08/01/2028
|
08/01/20 @ 100
|
3,542,221
|
|||||||
86,174,960
|
See notes to financial statements.
|
|
GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT l 9
|
PORTFOLIO OF INVESTMENTS (Unaudited) continued
|
November 30, 2013
|
Principal
|
Optional Call
|
||||||||||||
Amount
|
Description
|
Rating *
|
Coupon
|
Maturity
|
Provisions**
|
Value
|
|||||||
Colorado – 3.0%
|
|||||||||||||
$
|
7,500,000
|
Colorado, Building Excellent Schools Today, Certificates of Participation, Taxable Build America Bonds, Series 2010E(a)
|
AA–
|
7.017%
|
03/15/2031
|
03/15/21 @ 100
|
$
|
8,299,350
|
|||||
2,500,000
|
Colorado, Building Excellent Schools Today, Certificates of Participation, Taxable Qualified School Construction, Series 2010-D
|
AA–
|
6.817%
|
03/15/2028
|
N/A
|
2,965,450
|
|||||||
11,264,800
|
|||||||||||||
Florida – 4.3%
|
|||||||||||||
10,000,000
|
Miami-Dade County, Florida, Transit Sales Surtax Revenue, Taxable Build America Bonds, Series B(a) (k)
|
AA
|
6.910%
|
07/01/2039
|
07/01/19 @ 100
|
10,833,000
|
|||||||
5,000,000
|
Orlando, Florida, Community Redevelopment Agency, Taxable Tax Increment Revenue Build America Bonds, Series 2010B(a) (k)
|
A
|
7.784%
|
09/01/2040
|
09/01/20 @ 100
|
5,445,100
|
|||||||
16,278,100
|
|||||||||||||
Georgia – 1.3%
|
|||||||||||||
5,000,000
|
Georgia Municipal Association, Inc., Certificates of Participation, DeKalb County Public Schools Project, (AGM)(k)
|
AA–
|
5.210%
|
12/01/2022
|
N/A
|
5,135,900
|
|||||||
Illinois – 12.3%
|
|||||||||||||
5,000,000
|
Chicago, Illinois, Board of Education, Unlimited Tax General Obligation Bonds, Dedicated Revenues, Taxable Build America Bonds, Series 2010D(a) (k)
|
A+
|
6.519%
|
12/01/2040
|
N/A
|
4,549,400
|
|||||||
5,100,000
|
Chicago, Illinois, Second Lien Wastewater Transmission Revenue Project Bonds, Taxable Build America Bonds, Series 2010B(a) (k)
|
A+
|
6.900%
|
01/01/2040
|
N/A
|
5,713,020
|
|||||||
2,990,000
|
Chicago, Illinois, Second Lien Water Revenue Bonds, Taxable Build America Bonds, Series 2010B(a)
|
AA–
|
6.742%
|
11/01/2040
|
N/A
|
3,315,342
|
|||||||
5,000,000
|
Illinois, General Obligation Bonds, Taxable Build America Bonds, Series 2010-5(a)
|
A–
|
7.350%
|
07/01/2035
|
N/A
|
5,444,600
|
|||||||
7,140,000
|
Northern Illinois Municipal Power Agency, Power Project Taxable Revenue Bonds, Prairie State Project Build America Bonds(a) (k)
|
A2
|
7.620%
|
01/01/2030
|
N/A
|
8,329,381
|
|||||||
2,860,000
|
Northern Illinois Municipal Power Agency, Power Project Taxable Revenue Bonds, Prairie State Project Build America Bonds(a) (k)
|
A2
|
7.820%
|
01/01/2040
|
N/A
|
3,445,299
|
|||||||
4,500,000
|
Northern Illinois University, Auxiliary Facilities System Revenue Bonds, Build America Program, Taxable, Series 2010, (AGM)(a) (k)
|
A2
|
7.947%
|
04/01/2035
|
04/01/20 @ 100
|
5,084,235
|
|||||||
5,000,000
|
Northern Illinois University, Auxiliary Facilities System Revenue Bonds, Build America Program, Taxable, Series 2010, (AGM)(a)
|
A2
|
8.147%
|
04/01/2041
|
04/01/20 @ 100
|
5,707,700
|
|||||||
3,000,000
|
Southwestern Illinois, Development Authority, Taxable Local Government, Program Revenue Bonds, Flood Prevention District Council Project, Recovery Zone Economic Development Bonds, Series 2010C(k)
|
AA
|
7.230%
|
10/15/2035
|
04/15/20 @ 100
|
3,197,670
|
|||||||
2,000,000
|
Southwestern Illinois, Development Authority, Taxable Local Government, Program Revenue Bonds, Flood Prevention District Project, Build America Bonds, Series 2010-B(a) (k)
|
AA
|
7.030%
|
04/15/2032
|
04/15/20 @ 100
|
2,055,460
|
|||||||
46,842,107
|
|||||||||||||
Indiana – 6.4%
|
|||||||||||||
8,690,000
|
Evansville-Vanderburgh Independent School Building Corporation, Unlimited Taxable Ad Valorem Property Tax First Mortgage Bonds, Series 2010E
|
AA+
|
6.500%
|
01/15/2030
|
07/15/20 @ 100
|
9,797,888
|
|||||||
3,000,000
|
Knox County, Indiana, Good Samaritan Hospital Project, Taxable Economic Development Revenue Bonds, Qualified Energy Conservation Bonds - Direct Payment, Series 2012B(k)
|
A3
|
5.900%
|
04/01/2034
|
N/A
|
2,925,960
|
|||||||
10,000,000
|
Noblesville Multi-School Building Corporation, Hamilton County, Indiana, Taxable Unlimited Ad Valorem Property Tax First Mortgage Bonds, Build America Bonds, Series 2010, (a)
|
AA+
|
6.500%
|
07/15/2030
|
01/15/21 @ 100
|
11,577,700
|
|||||||
24,301,548
|
|||||||||||||
Louisiana – 2.5%
|
|||||||||||||
8,000,000
|
Orleans Parish, School Board of the Parish of Orleans, Louisiana, (AGM)(k)
|
AA–
|
4.400%
|
02/01/2021
|
N/A
|
8,413,040
|
|||||||
1,055,000
|
Tangipahoa Parish Hospital Service District No. 1, Louisiana, Taxable Hospital Revenue Bonds, North Oaks Health System Project, Build America Bonds, Series 2009A, (Assured GTY)(a)
|
AA+
|
7.200%
|
02/01/2042
|
02/01/20 @ 100
|
1,112,107
|
|||||||
9,525,147
|
See notes to financial statements.
|
10 l GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT
|
PORTFOLIO OF INVESTMENTS (Unaudited) continued
|
November 30, 2013
|
Principal
|
Optional Call
|
||||||||||||
Amount
|
Description
|
Rating *
|
Coupon
|
Maturity
|
Provisions**
|
Value
|
|||||||
Michigan – 5.1%
|
|||||||||||||
$
|
415,000
|
Comstock Park Public Schools, Kent County, Michigan, 2011 School Building
|
|||||||||||
and Site Bonds, General Obligation - Unlimited Tax, Federally Taxable - Qualified
|
|||||||||||||
School Construction Bonds - Direct Payment, Series A, (Q-SBLF)(k)
|
AA–
|
6.300%
|
05/01/2026
|
05/01/21 @ 100
|
$
|
434,795
|
|||||||
2,640,000
|
Detroit, Michigan, School District, Build America Bonds, (Q-SBLF)(a) (k)
|
AA–
|
7.747%
|
05/01/2039
|
N/A
|
2,753,441
|
|||||||
5,000,000
|
Detroit, Michigan, School District, School Building and Site Bonds,
|
||||||||||||
Unlimited Tax General Obligation Bonds, Taxable Build America Bonds,
|
|||||||||||||
Series 2010B, (Q-SBLF)(a)
|
AA–
|
6.845%
|
05/01/2040
|
05/01/20 @ 100
|
4,786,100
|
||||||||
2,640,000
|
Detroit, Michigan, School District, School Building and Site Bonds,
|
||||||||||||
Unlimited Tax General Obligation Bonds, Taxable Qualified School
|
|||||||||||||
Construction Bonds, Series 2010A, (Q-SBLF)(k)
|
AA–
|
6.645%
|
05/01/2029
|
N/A
|
2,586,118
|
||||||||
3,000,000
|
Fraser Public School District, Macomb County, Michigan, General
|
||||||||||||
Obligation Federally Taxable School Construction Bonds, 2011 School
|
|||||||||||||
Building and Site Bonds, Series B, (Q-SBLF)(k)
|
AA–
|
6.050%
|
05/01/2026
|
05/01/21 @ 100
|
3,138,810
|
||||||||
1,000,000
|
Oakridge, Michigan, Public Schools, Unlimited Tax General Obligation
|
||||||||||||
Bonds, (Q-SBLF)(k)
|
AA–
|
6.750%
|
05/01/2026
|
05/01/20 @ 100
|
1,046,450
|
||||||||
2,500,000
|
Whitehall District Schools, Muskegon County, Michigan, 2010 School
|
||||||||||||
Building and Site Bonds, General Obligation, Unlimited Tax Bonds, Taxable
|
|||||||||||||
Qualified School Construction Bonds, Series A, (Q-SBLF)(k)
|
AA–
|
6.100%
|
05/01/2026
|
05/01/20 @ 100
|
2,591,100
|
||||||||
2,000,000
|
Whitehall District Schools, Muskegon County, Michigan, 2010 School Building
|
||||||||||||
and Site Bonds, General Obligation, Unlimited Tax Bonds, Taxable Qualified
|
|||||||||||||
School Construction Bonds, Series A, (Q-SBLF)(k)
|
AA–
|
6.500%
|
05/01/2029
|
05/01/20 @ 100
|
2,067,580
|
||||||||
19,404,394
|
|||||||||||||
Minnesota – 0.9%
|
|||||||||||||
1,660,000
|
St. Paul Housing & Redevelopment Authority, Federally Taxable Revenue Bonds(k) (l)
|
AA
|
7.250%
|
02/01/2035
|
02/01/21 @ 100
|
1,741,074
|
|||||||
1,540,000
|
St. Paul Housing & Redevelopment Authority, Federally Taxable Revenue Bonds(k) (l)
|
AA
|
7.500%
|
02/01/2040
|
02/01/21 @ 100
|
1,614,536
|
|||||||
3,355,610
|
|||||||||||||
Mississippi – 1.9%
|
|||||||||||||
5,000,000
|
Medical Center Educational Building Corporation, Taxable Build America
|
||||||||||||
Bonds, University of Mississippi Medical Center Facilities Expansion and
|
|||||||||||||
Renovation Project, Series 2010A(a) (k)
|
AA–
|
6.842%
|
06/01/2035
|
06/01/20 @ 100
|
5,237,700
|
||||||||
1,000,000
|
Mississippi, Hospital Equipment and Facilities Authority, Taxable Build America
|
||||||||||||
Revenue Bonds, Forrest County General Hospital Project, Series 2010(a) (k)
|
A2
|
7.265%
|
01/01/2032
|
01/01/20 @ 100
|
1,027,250
|
||||||||
905,000
|
Mississippi, Hospital Equipment and Facilities Authority, Taxable Build America
|
||||||||||||
Revenue Bonds, Forrest County General Hospital Project, Series 2010(a) (k)
|
A2
|
7.390%
|
01/01/2040
|
01/01/20 @ 100
|
922,584
|
||||||||
7,187,534
|
|||||||||||||
Nevada – 2.7%
|
|||||||||||||
1,425,000
|
Clark County, Nevada, Airport Revenue Bonds, Build America Bonds,
|
||||||||||||
Series B(a) (k)
|
AA–
|
6.881%
|
07/01/2042
|
07/01/19 @ 100
|
1,525,349
|
||||||||
1,200,000
|
Las Vegas Valley Water District, Nevada, Limited Tax General Obligation Water
|
||||||||||||
Bonds, Taxable Build America Bonds, Series 2009A(a) (k)
|
AA+
|
7.100%
|
06/01/2039
|
06/01/19 @ 100
|
1,304,712
|
||||||||
1,500,000
|
Nevada System of Higher Education University, Revenue Bonds, Build
|
||||||||||||
America Bonds(a)
|
AA–
|
7.600%
|
07/01/2030
|
07/01/20 @ 100
|
1,671,120
|
||||||||
5,050,000
|
Nevada System of Higher Education University, Revenue Bonds, Build
|
||||||||||||
America Bonds(a)
|
AA–
|
7.900%
|
07/01/2040
|
07/01/20 @ 100
|
5,661,454
|
||||||||
10,162,635
|
|||||||||||||
New Jersey – 6.2%
|
|||||||||||||
8,000,000
|
Camden County Improvement Authority, Camden County, New Jersey, Lease
|
||||||||||||
Revenue Bonds, Cooper Medical School of Rowan University Project, Series 2010A(k)
|
A+
|
7.747%
|
07/01/2034
|
07/01/20 @ 100
|
8,437,440
|
||||||||
2,000,000
|
Camden County Improvement Authority, Camden County, New Jersey, Lease
|
||||||||||||
Revenue Bonds, Cooper Medical School of Rowan University Project, Series 2010A(k)
|
A+
|
7.847%
|
07/01/2035
|
07/01/20 @ 100
|
2,116,060
|
||||||||
10,000,000
|
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Federally Taxable
|
||||||||||||
Issuer Subsidy, Build America Bonds, Series 2010A(a)
|
A+
|
7.102%
|
01/01/2041
|
N/A
|
13,060,200
|
||||||||
23,613,700
|
See notes to financial statements.
|
|
GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT l 11
|
PORTFOLIO OF INVESTMENTS (Unaudited) continued
|
November 30, 2013
|
Principal
|
Optional Call
|
||||||||||||
Amount
|
Description
|
Rating *
|
Coupon
|
Maturity
|
Provisions**
|
Value
|
|||||||
New York – 5.8%
|
|||||||||||||
$
|
5,000,000
|
Metropolitan Transportation Authority, New York, Transportation Revenue
|
|||||||||||
Bonds, Taxable Build America Bonds, Series 2010E(a)
|
A
|
7.134%
|
11/15/2030
|
11/15/20 @ 100
|
$
|
5,506,700
|
|||||||
5,000,000
|
Metropolitan Transportation Authority, New York, Transportation Revenue
|
||||||||||||
Bonds, Taxable Build America Bonds, Series 2010B-1(a)
|
A
|
6.548%
|
11/15/2031
|
N/A
|
5,757,150
|
||||||||
10,000,000
|
Westchester County Health Care Corporation, Revenue Bonds, Taxable Build
|
||||||||||||
America Bonds, Series 2010(a) (k) (l)
|
BBB
|
8.572%
|
11/01/2040
|
N/A
|
10,994,400
|
||||||||
22,258,250
|
|||||||||||||
Ohio – 5.2%
|
|||||||||||||
5,000,000
|
American Municipal Power, Inc., Combined Hydroelectric Projects Revenue
|
||||||||||||
Bonds, New Clean Renewable Energy Bonds, Series 2010C(k)
|
A
|
7.334%
|
02/15/2028
|
N/A
|
5,965,050
|
||||||||
1,950,000
|
Cuyahoga County, Ohio, Hospital Revenue Bonds, The Metrohealth System,
|
||||||||||||
Build America Bonds, Taxable, Series 2009B(a) (k)
|
A–
|
8.223%
|
02/15/2040
|
N/A
|
2,187,179
|
||||||||
2,500,000
|
Madison Local School District, Richland County, Ohio, School Improvement,
|
||||||||||||
Taxable Build America Bonds, Series 2010A,(a) (k)
|
AA
|
6.900%
|
12/01/2034
|
12/01/20 @ 100
|
2,585,550
|
||||||||
2,500,000
|
Madison Local School District, Richland County, Ohio, School Improvement,
|
||||||||||||
Taxable Build America Bonds, Series 2010A,(a) (k)
|
AA
|
7.150%
|
12/01/2039
|
12/01/20 @ 100
|
2,580,550
|
||||||||
2,500,000
|
Madison Local School District, Richland County, Ohio, School Improvement,
|
||||||||||||
Taxable Build America Bonds, Series 2010A,(a) (k)
|
AA
|
7.300%
|
12/01/2043
|
12/01/20 @ 100
|
2,580,125
|
||||||||
2,500,000
|
Madison Local School District, Richland County, Ohio, School Improvement,
|
||||||||||||
Taxable Qualified School Construction Bonds, Series 2010B(k)
|
AA
|
6.650%
|
12/01/2029
|
12/01/20 @ 100
|
2,665,750
|
||||||||
1,230,000
|
Toronto City School District, Ohio, Qualified School Construction Bonds
|
||||||||||||
General Obligation Bonds(k)
|
AA
|
7.000%
|
12/01/2028
|
12/01/20 @ 100
|
1,291,721
|
||||||||
19,855,925
|
|||||||||||||
Pennsylvania – 4.2%
|
|||||||||||||
4,865,000
|
Lebanon, Pennsylvania, Sewer Revenue Bonds, Taxable Build America Bonds,
|
||||||||||||
Series B of 2010(a) (k)
|
A+
|
7.140%
|
12/15/2035
|
06/15/20 @ 100
|
5,126,542
|
||||||||
7,500,000
|
Pittsburgh, Pennsylvania, School District, Taxable Qualified School Construction
|
||||||||||||
Bonds, Series D(k)
|
A
|
6.850%
|
09/01/2029
|
N/A
|
8,497,800
|
||||||||
2,500,000
|
School District of Philadelphia, Pennsylvania, General Obligation Bonds, Series
|
||||||||||||
2011A, Qualified School Construction Bonds - (Federally Taxable - Direct Subsidy)(k)
|
A+
|
5.995%
|
09/01/2030
|
N/A
|
2,491,725
|
||||||||
16,116,067
|
|||||||||||||
South Carolina – 1.4%
|
|||||||||||||
5,000,000
|
Horry County, South Carolina, Taxable Airport Revenue Bonds, Recovery Zone
|
||||||||||||
Economic Development Bonds, Series 2010B(k) (l)
|
A–
|
7.328%
|
07/01/2040
|
N/A
|
5,337,600
|
||||||||
South Dakota – 1.0%
|
|||||||||||||
3,490,000
|
Pierre, South Dakota, Taxable Electric Revenue Bonds, Recovery Zone Economic
|
||||||||||||
Development Bonds, Series 2010C(k)
|
A2
|
7.500%
|
12/15/2040
|
12/15/19 @ 100
|
3,684,917
|
||||||||
Texas – 6.1%
|
|||||||||||||
10,000,000
|
Dallas, Texas, Convention Center Hotel Development Corporation, Hotel
|
||||||||||||
Revenue Bonds, Taxable Build America Bonds, Series 2009B(a) (k)
|
A+
|
7.088%
|
01/01/2042
|
N/A
|
11,564,500
|
||||||||
10,000,000
|
El Paso, Texas, Combination Tax and Revenue Certification of Obligation,
|
||||||||||||
Taxable Build America Bonds, Series 2010B(a)
|
AA
|
6.700%
|
08/15/2036
|
08/15/20 @ 100
|
11,523,800
|
||||||||
23,088,300
|
|||||||||||||
Vermont – 2.7%
|
|||||||||||||
2,155,000
|
Vermont State Colleges, Revenue Bonds, Taxable Build America Bonds,
|
||||||||||||
Series 2010B,(a) (k)
|
A+
|
6.101%
|
07/01/2025
|
07/01/20 @ 100
|
2,236,631
|
||||||||
7,500,000
|
Vermont State Colleges, Revenue Bonds, Taxable Build America Bonds,
|
||||||||||||
Series 2010B(a) (k)
|
A+
|
7.211%
|
07/01/2040
|
07/01/20 @ 100
|
8,000,475
|
||||||||
10,237,106
|
See notes to financial statements.
|
12 l GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT
|
PORTFOLIO OF INVESTMENTS (Unaudited) continued
|
November 30, 2013
|
Principal
|
Optional Call
|
||||||||||||
Amount
|
Description
|
Rating *
|
Coupon
|
Maturity
|
Provisions**
|
Value
|
|||||||
Washington – 9.5%
|
|||||||||||||
$
|
5,000,000
|
Anacortes, Washington, Utility System Improvement Revenue Bonds, Build
|
|||||||||||
America Bonds, Series 2010B(a) (k)
|
AA–
|
6.479%
|
12/01/2030
|
12/01/20 @ 100
|
$
|
5,308,700
|
|||||||
2,000,000
|
Auburn, Washington, Utility System Revenue Bonds, Taxable Build America
|
||||||||||||
Bonds, Series 2010B(a) (k)
|
AA
|
6.396%
|
12/01/2030
|
12/01/20 @ 100
|
2,156,140
|
||||||||
5,000,000
|
Central Washington University, System Revenue Bonds, 2010, Taxable Build
|
||||||||||||
America Bonds, Series B(a) (k)
|
A1
|
6.500%
|
05/01/2030
|
N/A
|
5,221,350
|
||||||||
5,800,000
|
Public Hospital District No. 1, King County, Washington, Valley Medical
|
||||||||||||
Center, Hospital Facilities Revenue Bonds, Series 2010B(k)
|
BBB+
|
8.000%
|
06/15/2040
|
06/15/20 @ 100
|
6,184,424
|
||||||||
5,000,000
|
Washington State Convention Center Public Facilities District, Lodging Tax
|
||||||||||||
Bonds, Taxable Build America Bonds, Series 2010B(a)
|
A+
|
6.790%
|
07/01/2040
|
N/A
|
5,432,300
|
||||||||
3,325,000
|
Washington State University, Housing and Dining System Revenue Bonds,
|
||||||||||||
Taxable Build America Bonds, Series 2010B(a) (k)
|
A+
|
7.099%
|
04/01/2032
|
N/A
|
3,829,935
|
||||||||
6,675,000
|
Washington State University, Housing and Dining System Revenue Bonds,
|
||||||||||||
Taxable Build America Bonds, Series 2010B(a) (k)
|
A+
|
7.399%
|
04/01/2041
|
N/A
|
7,829,708
|
||||||||
35,962,557
|
|||||||||||||
West Virginia – 3.3%
|
|||||||||||||
10,000,000
|
State of West Virginia, Higher Education Policy Commission, Revenue Bonds,
|
||||||||||||
Federally Taxable Build America Bonds 2010, Series B(a)
|
A+
|
7.650%
|
04/01/2040
|
N/A
|
12,525,300
|
||||||||
Total Municipal Bonds – 111.4%
|
|||||||||||||
(Cost $383,968,462)
|
423,258,337
|
||||||||||||
Corporate Bonds – 6.7%
|
|||||||||||||
Advertising – 0.1%
|
|||||||||||||
375,000
|
Sitel, LLC / Sitel Finance Corp.(b) (k)
|
B
|
11.000%
|
08/01/2017
|
08/01/14 @ 106
|
404,062
|
|||||||
Airlines – 1.0%
|
|||||||||||||
112,939
|
Atlas Air 1999-1 Pass-Through Trust, Series 1999-1, Class A-1(k) (l)
|
NR
|
7.200%
|
1/2/19
|
N/A
|
120,280
|
|||||||
1,641,422
|
Atlas Air 2000-1 Class A Pass Through Trust, Series 2000-1, Class A(k) (l)
|
NR
|
8.707%
|
1/2/19
|
N/A
|
1,748,114
|
|||||||
2,000,000
|
Delta Air Lines 2011-1 Class B Pass-Through Trust, Series 2011-1, Class B(k)
|
BB+
|
7.125%
|
10/15/14
|
N/A
|
2,040,000
|
|||||||
3,908,394
|
|||||||||||||
Banks – 0.5%
|
|||||||||||||
1,700,000
|
Barclays PLC (United Kingdom)(d) (h)
|
B+
|
8.250%
|
–
|
12/15/18 @ 100
|
1,754,400
|
|||||||
Chemicals – 0.1%
|
|||||||||||||
350,000
|
TPC Group, Inc.(b) (k)
|
B
|
8.750%
|
12/15/2020
|
12/15/16 @ 104
|
369,688
|
|||||||
Coal – 0.1%
|
|||||||||||||
200,000
|
Penn Virginia Resource Partners, LP / Penn Virginia Resource Finance Corp. II(k)
|
B–
|
8.375%
|
06/01/2020
|
06/01/16 @ 104
|
221,000
|
|||||||
Commercial Services – 0.1%
|
|||||||||||||
200,000
|
ADT Corp.(b)
|
BB–
|
6.250%
|
10/15/2021
|
N/A
|
208,750
|
|||||||
2,000
|
RR Donnelley & Sons Co.
|
BB–
|
6.500%
|
11/15/2023
|
N/A
|
1,995
|
|||||||
60,000
|
ServiceMaster Co.
|
CCC+
|
7.000%
|
08/15/2020
|
08/15/15 @ 105
|
57,375
|
|||||||
268,120
|
|||||||||||||
Distribution & Wholesale – 0.2%
|
|||||||||||||
300,000
|
INTCOMEX, Inc.(k)
|
CCC
|
13.250%
|
12/15/2014
|
01/03/14 @ 100
|
291,000
|
|||||||
Diversified Financial Services – 0.1%
|
|||||||||||||
125,000
|
Jefferies Finance, LLC / JFIN Co-Issuer Corp.(b) (k)
|
B+
|
7.375%
|
04/01/2020
|
04/01/16 @ 106
|
129,531
|
|||||||
200,000
|
Jefferies Group, Inc.(k)
|
BBB
|
6.875%
|
04/15/2021
|
N/A
|
226,000
|
|||||||
60,000
|
KCG Holdings, Inc.(b)
|
B
|
8.250%
|
06/15/2018
|
06/15/15 @ 104
|
61,725
|
|||||||
31,200
|
LCP Dakota Fund, Series VI-P(k) (l)
|
NR
|
10.000%
|
08/17/2015
|
N/A
|
31,200
|
|||||||
140,000
|
Nationstar Mortgage, LLC / Nationstar Capital Corp.(k)
|
B+
|
9.625%
|
05/01/2019
|
05/01/15 @ 107
|
157,500
|
|||||||
605,956
|
See notes to financial statements.
|
|
GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT l 13
|
PORTFOLIO OF INVESTMENTS (Unaudited) continued
|
November 30, 2013
|
Principal
|
Optional Call
|
||||||||||||
Amount
|
Description
|
Rating *
|
Coupon
|
Maturity
|
Provisions**
|
Value
|
|||||||
Engineering & Construction – 0.6%
|
|||||||||||||
$
|
2,246,576
|
Alion Science and Technology Corp.(c)
|
B–
|
12.000%
|
11/01/2014
|
04/01/14 @ 100
|
$
|
2,297,124
|
|||||
Entertainment – 0.5%
|
|||||||||||||
1,600,000
|
Diamond Resorts Corp.(k)
|
B–
|
12.000%
|
08/15/2018
|
08/15/14 @ 106
|
1,776,000
|
|||||||
Food – 0.0%***
|
|||||||||||||
100,000
|
KeHE Distributors, LLC / KeHE Finance Corp.(b)
|
B
|
7.625%
|
08/15/2021
|
08/15/17 @ 104
|
104,500
|
|||||||
Health Care Services – 0.0%***
|
|||||||||||||
150,000
|
Symbion, Inc.(k)
|
B
|
8.000%
|
06/15/2016
|
06/15/14 @ 104
|
159,187
|
|||||||
Healthcare-Services – 0.4%
|
|||||||||||||
1,500,000
|
Tufts Medical Center, Inc.
|
BBB
|
7.000%
|
01/01/2038
|
N/A
|
1,450,583
|
|||||||
Internet – 0.8%
|
|||||||||||||
3,000,000
|
GXS Worldwide, Inc.(k)
|
B
|
9.750%
|
06/15/2015
|
06/15/14 @ 100
|
3,112,800
|
|||||||
Leisure Time – 0.0%
|
|||||||||||||
75,000
|
Sabre, Inc.(b) (k)
|
B
|
8.500%
|
05/15/2019
|
05/15/15 @ 106
|
82,969
|
|||||||
Machinery-Diversified – 0.1%
|
|||||||||||||
250,000
|
Tempel Steel Co.(b) (k)
|
B–
|
12.000%
|
08/15/2016
|
08/15/14 @ 106
|
241,250
|
|||||||
Media – 0.0%***
|
|||||||||||||
485,000
|
Baker & Taylor Acquisitions Corp.(b) (k)
|
CCC
|
15.000%
|
04/01/2017
|
10/01/14 @ 108
|
413,462
|
|||||||
200,000
|
Expo Event Transco, Inc.(b)
|
B–
|
9.000%
|
06/15/2021
|
06/15/16 @ 105
|
202,500
|
|||||||
615,962
|
|||||||||||||
Mining – 0.1%
|
|||||||||||||
400,000
|
Midwest Vanadium Pty. Ltd. (Australia)(b) (k)
|
CCC
|
11.500%
|
02/15/2018
|
02/15/15 @ 106
|
332,000
|
|||||||
150,000
|
Mirabela Nickel Ltd. (Australia)(b) (k) (l) (m)
|
D
|
8.750%
|
04/15/2018
|
04/15/15 @ 104
|
36,000
|
|||||||
368,000
|
|||||||||||||
Oil & Gas – 0.3%
|
|||||||||||||
750,000
|
Midstates Petroleum Co., Inc. / Midstates Petroleum Co., LLC(k)
|
B–
|
10.750%
|
10/01/2020
|
10/01/16 @ 105
|
817,500
|
|||||||
200,000
|
Summit Midstream Holdings, LLC / Summit Midstream Finance Corp.(b)
|
B
|
7.500%
|
07/01/2021
|
07/01/16 @ 106
|
209,000
|
|||||||
1,026,500
|
|||||||||||||
Oil & Gas Services – 0.1%
|
|||||||||||||
200,000
|
Exterran Holdings, Inc.(k)
|
BB
|
7.250%
|
12/01/2018
|
12/01/14 @ 104
|
211,500
|
|||||||
Packaging & Containers – 0.1%
|
|||||||||||||
300,000
|
Pretium Packaging, LLC / Pretium Finance, Inc.(k)
|
B–
|
11.500%
|
04/01/2016
|
04/01/14 @ 106
|
320,250
|
|||||||
Pharmaceuticals – 0.0%***
|
|||||||||||||
180,000
|
Valeant Pharmaceuticals International (Canada)(b)
|
B
|
6.750%
|
08/15/2018
|
08/15/15 @ 105
|
198,225
|
|||||||
Real Estate Investment Trusts – 0.2%
|
|||||||||||||
750,000
|
Columbia Property Trust Operating Partnership, LP(k)
|
BBB–
|
5.875%
|
04/01/2018
|
N/A
|
788,944
|
|||||||
Retail – 0.4%
|
|||||||||||||
150,000
|
Checkers Drive-In Restaurants, Inc.(b) (k)
|
B–
|
11.000%
|
12/01/2017
|
06/01/15 @ 108
|
166,875
|
|||||||
980,000
|
GRD Holdings III Corp.(b) (k)
|
B
|
10.750%
|
06/01/2019
|
06/01/15 @ 108
|
1,068,200
|
|||||||
125,000
|
Wok Acquisition Corp.(b) (k)
|
CCC
|
10.250%
|
06/30/2020
|
06/30/16 @ 105
|
135,000
|
|||||||
1,370,075
|
|||||||||||||
Software – 0.2%
|
|||||||||||||
290,000
|
Aspect Software, Inc.(k)
|
CCC+
|
10.625%
|
05/15/2017
|
05/15/14 @ 105
|
296,525
|
|||||||
200,000
|
Eagle Midco, Inc.(b) (f)
|
CCC+
|
9.000%
|
06/15/2018
|
12/15/14 @ 102
|
205,000
|
|||||||
400,000
|
Infor US, Inc.(k)
|
B–
|
11.500%
|
07/15/2018
|
07/15/15 @ 106
|
462,000
|
|||||||
963,525
|
See notes to financial statements.
|
14 l GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT
|
PORTFOLIO OF INVESTMENTS (Unaudited) continued
|
November 30, 2013
|
Principal
|
Optional Call
|
||||||||||||
Amount
|
Description
|
Rating *
|
Coupon
|
Maturity
|
Provisions**
|
Value
|
|||||||
Textiles – 0.0%***
|
|||||||||||||
$
|
140,000
|
Empire Today, LLC / Empire Today Finance Corp.(b)
|
B–
|
11.375%
|
02/01/2017
|
02/01/15 @ 103
|
$
|
138,950
|
|||||
Transportation – 0.7%
|
|||||||||||||
39,340
|
Atlas Air, Inc.(b) (k) (l)
|
NR
|
8.707%
|
1/2/19
|
N/A
|
41,897
|
|||||||
985,000
|
CEVA Group PLC (United Kingdom)(b) (k)
|
CCC+
|
8.375%
|
12/01/2017
|
12/01/14 @ 104
|
1,034,250
|
|||||||
1,385,000
|
Marquette Transportation Co., LLC / Marquette Transportation Finance Corp.(k)
|
B–
|
10.875%
|
01/15/2017
|
01/15/14 @ 105
|
1,468,100
|
|||||||
2,544,247
|
|||||||||||||
Total Corporate Bonds – 6.7%
|
|||||||||||||
(Cost $24,662,108)
|
25,593,211
|
||||||||||||
Asset Backed Securities – 5.6%
|
|||||||||||||
Automobile – 0.0%***
|
|||||||||||||
23,331
|
Bush Truck Leasing, LLC, Series 2011-AA, Class C(b) (k)
|
NR
|
5.000%
|
09/25/2018
|
N/A
|
23,219
|
|||||||
Collateralized Debt Obligation – 1.6%
|
|||||||||||||
178,600
|
Cedarwoods, Series 2006-1A, Class A1(i)
|
AAA
|
0.435%
|
07/25/2051
|
N/A
|
144,410
|
|||||||
73,041
|
Diversified Asset Securitization Holdings II LP, Series 1X, Class A1L
|
||||||||||||
(Cayman Islands)(d)
|
BBB+
|
0.744%
|
09/15/2035
|
N/A
|
69,753
|
||||||||
15,750
|
G-Star 2003-3 Ltd., Series 2003-A, Class A1 (Cayman Islands)(b) (d) (k)
|
BBB–
|
0.816%
|
03/13/2038
|
N/A
|
15,625
|
|||||||
159,679
|
Highland Park CDO I Ltd., Series 2006-1A, Class A1 (Cayman Islands)(b) (d) (k)
|
B+
|
0.568%
|
11/25/2051
|
N/A
|
138,068
|
|||||||
66,396
|
Independence I CDO Ltd., Series 1A, Class A (Cayman Islands)(b) (d) (k)
|
BB+
|
0.667%
|
12/30/2030
|
N/A
|
65,791
|
|||||||
1,000,000
|
N-Star REL CDO VIII Ltd.(b) (d) (k)
|
B1
|
0.529%
|
02/01/2041
|
N/A
|
774,763
|
|||||||
4,110,636
|
Putnam Structured Product, Series 2003-1A, Class A1LB(b) (d) (k)
|
CCC
|
0.617%
|
10/15/2038
|
N/A
|
3,818,954
|
|||||||
573,308
|
Putnam Structured Product CDO, Series 2002-1A, Class A2 (Cayman
|
||||||||||||
Islands)(b) (d) (k)
|
CCC+
|
0.849%
|
01/10/2038
|
N/A
|
504,542
|
||||||||
754,647
|
SRERS Funding Ltd., Series 2011-RS, Class A1B1 (Cayman Islands)(b) (d)
|
Baa3
|
0.418%
|
05/09/2046
|
N/A
|
678,982
|
|||||||
6,210,888
|
|||||||||||||
Collateralized Loan Obligation – 2.1%
|
|||||||||||||
250,000
|
Ares XXV CLO Ltd., Series 2012-3A (Cayman Islands)(b) (g) (k)
|
NR
|
0.000%
|
01/17/2024
|
N/A
|
202,050
|
|||||||
250,000
|
ARES XXVI CLO Ltd., Series 2013-1A (Cayman Islands)(b) (g) (i) (k)
|
NR
|
0.000%
|
04/15/2025
|
N/A
|
195,000
|
|||||||
250,000
|
Atlas Senior Loan Fund II Ltd., Series 2012-2A (Cayman Islands)(b) (g) (i) (k)
|
NR
|
0.000%
|
01/30/2024
|
N/A
|
223,844
|
|||||||
100,000
|
BlackRock Senior Income Series Corp., Series 2004-1A (Cayman Islands)(b) (g)
|
NR
|
0.000%
|
09/15/2016
|
N/A
|
9,750
|
|||||||
250,000
|
Carlyle Global Market Strategies CLO 2012-3 Ltd., Series 2012-3A (Cayman
|
||||||||||||
Islands)(b) (g) (k)
|
NR
|
0.000%
|
10/14/2024
|
N/A
|
240,850
|
||||||||
250,000
|
Cerberus Offshore Levered I LP, Series 2012-1A, Class C (Cayman
|
||||||||||||
Islands)(b) (d) (k)
|
A3
|
6.243%
|
11/30/2018
|
N/A
|
249,520
|
||||||||
2,000,000
|
Churchill Financial Cayman Ltd., Series 2007-1A, Class C (Cayman
|
||||||||||||
Islands)(b) (d) (k)
|
A+
|
1.494%
|
07/10/2019
|
N/A
|
1,842,943
|
||||||||
1,000,000
|
Churchill Financial Cayman Ltd., Series 2007-1A, Class D1 (Cayman
|
||||||||||||
Islands)(b) (d) (k)
|
BBB+
|
2.844%
|
07/10/2019
|
N/A
|
904,531
|
||||||||
1,000,000
|
Churchill Financial Cayman Ltd., Series 2007-1A, Class D2 (Cayman
|
||||||||||||
Islands)(b) (d) (k)
|
BBB+
|
8.370%
|
07/10/2019
|
N/A
|
1,008,329
|
||||||||
300,000
|
Cratos CLO Ltd., Series 2007-1A, Class C (Cayman Islands)(b) (d) (k)
|
AA+
|
1.338%
|
05/19/2021
|
N/A
|
284,244
|
|||||||
250,000
|
Divcore CLO Ltd., Series 2013-1A, Class B(d)
|
Baa3
|
4.100%
|
11/15/2032
|
N/A
|
249,081
|
|||||||
550,000
|
Eastland CLO Ltd., Series 2007-1A, Class A2B (Cayman Islands)(b) (d) (k)
|
AA+
|
0.572%
|
05/01/2022
|
N/A
|
506,420
|
|||||||
215,919
|
Emporia Preferred Funding I Corp., Series 2005-1A, Class C (Cayman
|
||||||||||||
Islands)(b) (d) (k)
|
AAA
|
1.194%
|
10/12/2018
|
N/A
|
214,645
|
||||||||
250,000
|
Finn Square CLO Ltd., Series 2012-1A (Cayman Islands)(b) (g)
|
NR
|
0.000%
|
12/24/23
|
N/A
|
232,850
|
|||||||
250,000
|
Great Lakes CLO 2012-1 Ltd., Series 2012-1A (Cayman Islands)(b) (g) (k)
|
NR
|
0.000%
|
01/15/2023
|
N/A
|
231,693
|
|||||||
200,000
|
Katonah IX CLO Ltd., Series 2006-9A, Class A3L (Cayman Islands)(b) (d) (k)
|
A+
|
0.958%
|
01/25/2019
|
N/A
|
186,264
|
|||||||
500,000
|
KKR CLO Trust, Series 2007-1A, Class D (Cayman Islands)(b) (d) (k)
|
A
|
2.491%
|
05/15/2021
|
N/A
|
479,030
|
See notes to financial statements.
|
|
GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT l 15
|
PORTFOLIO OF INVESTMENTS (Unaudited) continued
|
November 30, 2013
|
Principal
|
Optional Call
|
||||||||||||
Amount
|
Description
|
Rating *
|
Coupon
|
Maturity
|
Provisions**
|
Value
|
|||||||
Collateralized Loan Obligation (continued)
|
|||||||||||||
$
|
250,000
|
Newstar Commercial Loan Funding 2013-1, LLC(b) (d)
|
BBB
|
4.951%
|
09/20/2023
|
N/A
|
$
|
250,017
|
|||||
200,000
|
Summit Lake CLO Ltd., Series 2005-1A, Class C1A(b) (g)
|
NR
|
0.000%
|
02/24/2018
|
N/A
|
69,798
|
|||||||
250,000
|
T2 Income Fund CLO Ltd., Series 2007-1A, Class D (Cayman
|
||||||||||||
Islands)(b) (d) (k)
|
A+
|
2.994%
|
07/15/2019
|
N/A
|
240,271
|
||||||||
7,821,130
|
|||||||||||||
Commercial Receivables – 0.0%***
|
|||||||||||||
3,905
|
Leaf Receivables Funding 5, LLC, Series 2010-4, Class D(b) (k)
|
NR
|
5.000%
|
01/20/2019
|
12/20/13 @ 100
|
3,864
|
|||||||
Credit Card – 0.1%
|
|||||||||||||
245,154
|
Credit Card Pass-Through Trust 2012-BIZ, Series 2012-Biz A(b) (g) (h) (k)
|
CCC
|
0.000%
|
–
|
N/A
|
200,313
|
|||||||
Insurance – 0.0%***
|
|||||||||||||
80,650
|
Insurance Note Capital VII, Series 2005-1R1A(b) (d) (k)
|
A–
|
0.489%
|
06/09/2033
|
N/A
|
75,005
|
|||||||
Media – 0.9%
|
|||||||||||||
1,300,000
|
Adams Outdoor Advertising, LP, Series 2010-1, Class B(b) (k)
|
BBB
|
8.836%
|
12/20/2040
|
N/A
|
1,415,394
|
|||||||
1,825,000
|
Adams Outdoor Advertising, LP, Series 2010-1, Class C(b) (k)
|
BB
|
10.756%
|
12/20/2040
|
N/A
|
2,031,530
|
|||||||
3,446,924
|
|||||||||||||
Other ABS – 0.5%
|
|||||||||||||
262,180
|
Aircraft Certificate Owner Trust, Series 2003-1A, Class D(b) (k) (l)
|
BBB
|
6.455%
|
09/20/2022
|
N/A
|
263,285
|
|||||||
322,249
|
Bristol Bay Funding Ltd., Series 2004-1A, Class A2(b) (d)
|
AA+
|
1.242%
|
02/01/2016
|
N/A
|
319,027
|
|||||||
1,097,389
|
Gramercy Real Estate CDO 2007-1 Ltd., Class A1(b) (d)
|
B
|
0.521%
|
08/15/2056
|
N/A
|
866,619
|
|||||||
667,294
|
West Coast Funding Ltd., Series 2006-1A, Class A1A(b) (d)
|
Caa3
|
0.389%
|
11/02/2041
|
N/A
|
643,581
|
|||||||
2,092,512
|
|||||||||||||
Transportation – 0.4%
|
|||||||||||||
11,885
|
Castle Trust, Series 2003-1AW, Class A1(b) (d) (k)
|
AA
|
0.917%
|
05/15/2027
|
N/A
|
10,815
|
|||||||
159,103
|
Raspro Trust, Series 2005-1A, Class G(b) (d) (k)
|
A
|
0.645%
|
03/23/2024
|
N/A
|
147,965
|
|||||||
1,278,781
|
Vega Containervessel PLC, Series 2006-1A, Class A(b) (k)
|
Ba3
|
5.562%
|
02/10/2021
|
N/A
|
1,241,652
|
|||||||
1,400,432
|
|||||||||||||
Total Asset Backed Securities – 5.6%
|
|||||||||||||
(Cost $20,268,959)
|
21,274,287
|
||||||||||||
Collateralized Mortgage Obligations– 0.7%
|
|||||||||||||
Commercial Mortgage Backed Security – Traditional – 0.5%
|
|||||||||||||
2,000,000
|
GS Mortgage Securities Corp. II Trust 2007-EOP, Series 2007-EOP,
|
||||||||||||
Class H(b) (d) (k)
|
BBB–
|
3.300%
|
03/06/2020
|
N/A
|
2,005,000
|
||||||||
Residential Mortgage Backed Security – 0.2%
|
|||||||||||||
781,905
|
Nomura Resecuritization Trust, Series 2012-1R, Class A(b) (d) (k)
|
NR
|
0.604%
|
08/27/2047
|
N/A
|
719,353
|
|||||||
Total Collateralized Mortgage Obligations – 0.7%
|
|||||||||||||
(Cost $2,557,904)
|
2,724,353
|
||||||||||||
Term Loans – 4.9%(e)
|
|||||||||||||
Aerospace & Defense – 0.2%
|
|||||||||||||
900,000
|
Nana Development
|
B+
|
8.000%
|
03/15/2018
|
N/A
|
913,500
|
|||||||
Automotive – 0.1%
|
|||||||||||||
40,000
|
Fleetpride
|
CCC+
|
9.250%
|
05/15/2020
|
N/A
|
38,200
|
|||||||
236,111
|
Navistar, Inc.
|
B
|
5.750%
|
08/17/2017
|
N/A
|
240,391
|
|||||||
278,591
|
|||||||||||||
Consumer Products – 0.1%
|
|||||||||||||
330,469
|
Targus Group International, Inc.
|
B
|
12.000%
|
05/24/2016
|
N/A
|
285,135
|
|||||||
85,583
|
Totes Isotoner Corp.
|
B
|
7.252%
|
07/07/2017
|
N/A
|
86,118
|
|||||||
371,253
|
See notes to financial statements.
|
16 l GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT
|
PORTFOLIO OF INVESTMENTS (Unaudited) continued
|
November 30, 2013
|
Principal
|
Optional Call
|
||||||||||||
Amount
|
Description
|
Rating *
|
Coupon
|
Maturity
|
Provisions**
|
Value
|
|||||||
Consumer Services – 0.4%
|
|||||||||||||
$
|
96,250
|
Edmentum, Inc.
|
BB–
|
6.000%
|
05/17/2018
|
N/A
|
$
|
96,906
|
|||||
447,124
|
Endurance International Group
|
B
|
5.000%
|
11/09/2019
|
N/A
|
450,198
|
|||||||
93,750
|
Nab Holdings First Lien
|
BB+
|
7.000%
|
04/24/2018
|
N/A
|
94,395
|
|||||||
214,915
|
Patheon, Inc. - 1st Lien
|
B+
|
7.250%
|
12/14/2018
|
N/A
|
217,602
|
|||||||
182,576
|
Sutherland Global Cayman Tranche
|
BB–
|
7.250%
|
03/06/2019
|
N/A
|
183,032
|
|||||||
404,275
|
Sutherland Global U.S. Tranche
|
B
|
7.250%
|
03/06/2019
|
N/A
|
405,286
|
|||||||
1,447,419
|
|||||||||||||
Diversified Manufacturing – 0.1%
|
|||||||||||||
415,800
|
CPM Acquisition Corp.
|
B+
|
6.250%
|
08/29/2017
|
N/A
|
417,879
|
|||||||
Electric – 0.0%***
|
|||||||||||||
98,750
|
Astoria Generating Co. Acquisitions
|
B
|
8.500%
|
10/26/2017
|
N/A
|
101,713
|
|||||||
Energy-Alternate Sources – 0.1%
|
|||||||||||||
150,000
|
Atlas Energy, LP
|
B
|
6.500%
|
07/31/2019
|
N/A
|
153,750
|
|||||||
Entertainment – 0.0%***
|
|||||||||||||
73,800
|
CKX Entertainment, Inc.(l)
|
B+
|
9.000%
|
06/21/2017
|
N/A
|
67,158
|
|||||||
Food & Beverage – 0.0%***
|
|||||||||||||
35,000
|
Hostess Brands, Inc.
|
B–
|
6.750%
|
04/09/2020
|
N/A
|
36,116
|
|||||||
Health Care – 0.4%
|
|||||||||||||
249,375
|
Apria Healthcare
|
BB–
|
6.750%
|
04/06/2020
|
N/A
|
250,829
|
|||||||
1,120,066
|
Merge Healthcare Inc. (l)
|
CCC
|
6.000%
|
04/23/2019
|
N/A
|
1,075,263
|
|||||||
1,326,092
|
|||||||||||||
Insurance – 0.1%
|
|||||||||||||
100,000
|
Cetera Financial Group, Lien 1
|
B+
|
6.500%
|
08/07/2019
|
N/A
|
101,000
|
|||||||
222,828
|
Confie Seguros
|
B–
|
6.500%
|
11/09/2018
|
N/A
|
223,664
|
|||||||
155,909
|
Cunningham
|
B–
|
9.250%
|
06/10/2020
|
N/A
|
155,714
|
|||||||
480,378
|
|||||||||||||
Media – 0.1%
|
|||||||||||||
119,372
|
Cengage Learning Acquisitions, Inc. (Thomson Learning)
|
D
|
0.000%
|
07/03/2014
|
N/A
|
90,325
|
|||||||
109,446
|
Cengage Learning Acquisitions, Inc. (Thomson Learning)
|
D
|
0.000%
|
07/31/2017
|
N/A
|
82,996
|
|||||||
223,125
|
Mitel US Holdings First Lien
|
B+
|
7.000%
|
02/27/2019
|
N/A
|
223,125
|
|||||||
396,446
|
|||||||||||||
Oil Field Services – 0.3%
|
|||||||||||||
225,205
|
Equipower Resources Holdings, LLC
|
BB
|
4.250%
|
12/21/2018
|
N/A
|
226,682
|
|||||||
399,000
|
Ocean RIG ASA
|
B+
|
5.500%
|
07/15/2016
|
N/A
|
404,654
|
|||||||
99,500
|
Rice Energy
|
CCC+
|
8.500%
|
10/25/2018
|
N/A
|
101,739
|
|||||||
198,500
|
Shelf Drilling Holdings Ltd.
|
B+
|
6.250%
|
05/31/2018
|
N/A
|
199,492
|
|||||||
195,500
|
Varel International Energy Funding Corp.
|
B
|
9.250%
|
07/17/2017
|
N/A
|
200,388
|
|||||||
1,132,955
|
|||||||||||||
Other Finance – 0.4%
|
|||||||||||||
917,986
|
Ceridian Corp.
|
B–
|
4.416%
|
05/09/2017
|
N/A
|
923,838
|
|||||||
199,000
|
First Advantage
|
B
|
6.250%
|
02/28/2019
|
N/A
|
199,373
|
|||||||
62,617
|
Knight/Getco, 1st Lien
|
BB–
|
5.750%
|
11/30/2017
|
N/A
|
63,008
|
|||||||
1,186,219
|
|||||||||||||
Other Financial Institution – 0.5%
|
|||||||||||||
2,000,000
|
AP Alternative Assets LP (l)
|
BB
|
6.677%
|
12/21/2015
|
N/A
|
2,005,000
|
See notes to financial statements.
|
|
GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT l 17
|
PORTFOLIO OF INVESTMENTS (Unaudited) continued
|
November 30, 2013
|
Principal
|
Optional Call
|
||||||||||||
Amount
|
Description
|
Rating *
|
Coupon
|
Maturity
|
Provisions**
|
Value
|
|||||||
Other Industrials – 0.1%
|
|||||||||||||
$
|
99,500
|
Hunter Fan Company 1st Lien
|
B+
|
6.500%
|
12/20/2017
|
N/A
|
$
|
99,707
|
|||||
248,750
|
Sirva Worldwide, Inc.
|
B
|
7.500%
|
03/27/2019
|
N/A
|
254,347
|
|||||||
354,054
|
|||||||||||||
Retail – 0.3%
|
|||||||||||||
81,233
|
Container Store, Lien 1
|
B
|
4.250%
|
04/06/2019
|
N/A
|
81,672
|
|||||||
987,500
|
HD Supply
|
B+
|
4.500%
|
10/12/2017
|
N/A
|
995,030
|
|||||||
1,076,702
|
|||||||||||||
Technology – 1.0%
|
|||||||||||||
99,250
|
Ascensus, Inc.
|
B
|
8.000%
|
12/21/2018
|
N/A
|
101,235
|
|||||||
297,500
|
Aspect Software, Inc.
|
B
|
7.000%
|
05/07/2016
|
N/A
|
298,763
|
|||||||
650,000
|
Greenway Medical Tech
|
B+
|
6.000%
|
11/04/2020
|
N/A
|
650,000
|
|||||||
396,000
|
IPC Information Systems, Inc.
|
B–
|
7.750%
|
07/31/2017
|
N/A
|
393,772
|
|||||||
100,000
|
Misys PLC 2nd Lien
|
CCC+
|
12.000%
|
06/12/2019
|
N/A
|
115,375
|
|||||||
987,464
|
Misys PLC First Lien
|
B+
|
5.000%
|
12/12/2018
|
N/A
|
994,253
|
|||||||
1,128,621
|
Paradigm, Ltd. - First Lien(l)
|
B+
|
4.750%
|
07/30/2019
|
N/A
|
1,124,863
|
|||||||
19,750
|
Sophos TLB - Lien 1
|
B+
|
6.500%
|
05/10/2019
|
N/A
|
19,849
|
|||||||
3,698,110
|
|||||||||||||
Transportation – 0.3%
|
|||||||||||||
577,500
|
Evergreen Tank Solutions, Inc.
|
B–
|
9.500%
|
09/28/2018
|
N/A
|
576,056
|
|||||||
119,273
|
Global Aviation Holdings, Inc.(i) (l) (m)
|
NR
|
10.000%
|
07/13/2017
|
N/A
|
–
|
|||||||
38,602
|
Global Aviation Holdings, Inc.(i) (l) (m)
|
NR
|
3.000%
|
02/13/2018
|
N/A
|
–
|
|||||||
198,004
|
Sabre, Inc.
|
B
|
5.250%
|
02/19/2019
|
N/A
|
199,598
|
|||||||
399,000
|
US Shipping Corp.
|
B
|
9.000%
|
04/30/2018
|
N/A
|
410,970
|
|||||||
129,675
|
Travelport Holdings Ltd.
|
B
|
6.250%
|
06/26/2019
|
N/A
|
132,767
|
|||||||
204,108
|
Travelport Holdings, LTD 2nd Lien
|
CCC+
|
4.000%
|
12/01/2016
|
N/A
|
208,276
|
|||||||
1,527,667
|
|||||||||||||
Wireless – 0.1%
|
|||||||||||||
493,750
|
Zayo Group LLC
|
B
|
4.500%
|
07/02/2019
|
N/A
|
494,619
|
|||||||
Wirelines – 0.3%
|
|||||||||||||
691,322
|
Avaya, Inc.
|
B
|
4.762%
|
10/26/2017
|
N/A
|
663,766
|
|||||||
346,971
|
Avaya, Inc.
|
B
|
8.000%
|
03/31/2018
|
N/A
|
346,366
|
|||||||
1,010,132
|
|||||||||||||
Total Term Loans – 4.9%
|
|||||||||||||
(Cost $18,340,461)
|
18,475,753
|
||||||||||||
Number
|
|||||||||||||
of Shares
|
Description
|
Value
|
|||||||||||
Common Stock – 0.0%***
|
|||||||||||||
Airlines – 0.0%***
|
|||||||||||||
6,232
|
Global Aviation Holdings, Inc.(i) (j) (k) (l)
|
1
|
|||||||||||
(Cost $0)
|
|||||||||||||
Preferred Stocks – 2.0%
|
|||||||||||||
Diversified Financial Services – 0.6%
|
|||||||||||||
1,900
|
Falcons Funding Trust I(b) (d) (k)
|
1,955,931
|
|||||||||||
475
|
GSC Partners CDO Fund Ltd./GSC Partners CDO Fund Corp.
|
||||||||||||
(Cayman Islands)(b) (d)
|
198,121
|
||||||||||||
200,000
|
WhiteHorse II Ltd., Series 2005-2A (Cayman Islands)(b) (d) (k)
|
112,000
|
|||||||||||
2,266,052
|
See notes to financial statements.
|
18 l GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT
|
PORTFOLIO OF INVESTMENTS (Unaudited) continued
|
November 30, 2013
|
Number
|
|||||||||||||
of Shares
|
Description
|
Value
|
|||||||||||
Transportation – 1.4%
|
|||||||||||||
200,000
|
Seaspan Corp., Series C (Marshall Islands)(k)
|
NR
|
9.500%
|
–
|
$
|
5,328,000
|
|||||||
Total Preferred Stocks – 2.0%
|
|||||||||||||
(Cost $7,201,500)
|
7,594,052
|
||||||||||||
Close End Fund – 0.3%
|
|||||||||||||
50,618
|
BlackRock Build America Bond Trust
|
931,877
|
|||||||||||
(Cost $930,410)
|
|||||||||||||
Warrants – 0.0%***
|
|||||||||||||
Engineering & Construction – 0.0%***
|
|||||||||||||
1,550
|
Alion Science and Technology Corp.(i) (j) (l)
|
03/15/2017
|
–
|
||||||||||
(Cost $16)
|
|||||||||||||
Total Long-Term Investments – 131.6%
|
|||||||||||||
(Cost $457,929,820)
|
499,851,871
|
||||||||||||
Short-Term Investments – 0.2%
|
|||||||||||||
Principal
|
Optional Call
|
||||||||||||
Amount
|
Description
|
Rating *
|
Coupon
|
Maturity
|
Provisions**
|
Value
|
|||||||
Municipal Bond – 0.2%
|
|||||||||||||
Michigan – 0.2%
|
|||||||||||||
$
|
1,000,000
|
Michigan Finance Authority, State Aid Revenue Notes, School District of the City of Detroit, Series 2013C(k)
|
SP-1
|
4.375%
|
08/20/2014
|
N/A
|
1,003,560
|
||||||
(Cost $1,000,000)
|
|||||||||||||
Total Investments – 131.8%
|
|||||||||||||
(Cost $458,929,820)
|
500,855,431
|
||||||||||||
Other Assets in excess of Liabilities – 2.6%
|
9,911,812
|
||||||||||||
Borrowings – (10.5%)
|
(39,963,936
|
)
|
|||||||||||
Reverse Repurchase Agreements – (23.9%)
|
(90,906,742
|
)
|
|||||||||||
Net Assets – 100.0%
|
$
|
379,896,565
|
*
|
Ratings shown are per Standard & Poor’s Rating Group, Moody’s Investor Services, Inc. or Fitch Ratings. Securities classified as NR are not rated. (For securities not rated by Standard & Poor’s Rating Group, the rating by Moody’s Investor Services, Inc. is provided. Likewise, for securities not rated by Standard & Poor’s Rating Group and Moody’s Investor Services, Inc., the rating by Fitch Ratings is provided.) All ratings are unaudited. The ratings apply to the credit worthiness of the issuers of the underlying securities and not to the Trust or its shares.
|
**
|
Date and price of the earliest optional call or put provision. There may be other call provisions at varying prices at later dates.
|
***
|
Less than 0.1%.
|
(a)
|
Taxable municipal bond issued as part of the Build America Bond program.
|
(b)
|
Securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At November 30, 2013 these securities amounted to $31,585,282, which represents 8.3% of net assets.
|
(c)
|
The issuer of this security will accrue interest on the secured note at a rate of 12% annum and will make interest payments as follows: (1) 10% in cash and (2) 2% in-kind shares of the secured note.
|
(d)
|
Floating or variable rate coupon. The rate shown is as of November 30, 2013.
|
See notes to financial statements.
|
|
GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT l 19
|
PORTFOLIO OF INVESTMENTS (Unaudited) continued
|
November 30, 2013
|
(e)
|
Term loans held by the Trust have a variable interest rate feature which is periodically adjusted based on an underlying interest rate benchmark. In addition, term loans may include mandatory and/or optional prepayment terms. As a result, the actual maturity dates of the loan may be different than the amounts disclosed in the portfolios of investments. Term loans may be considered restricted in that the Trust may be contractually obligated to secure approval from the Agent Bank and/or Borrower prior to the sale or disposition of loan.
|
(f)
|
Pay-in-kind toggle note.
|
(g)
|
Security had no stated coupon. However, it is expected to receive residual cash flow payments on deal defined payment dates.
|
(h)
|
Security is perpetual and, thus does not have a predetermined maturity date.
|
(i)
|
Security is valued in accordance with Fair Valuation procedures established in good faith by management and approved by the Board of Trustees. The total market value of such securities is $563,255, representing 0.1% in net assets.
|
(j)
|
Non-income producing security.
|
(k)
|
All or a portion of these securities have been physically segregated in connection with borrowings, reverse repurchase agreements, and unfunded loan commitments. As of November 30, 2013, the total amount segregated was $252,928,587.
|
(l)
|
Illiquid security.
|
(m)
|
Non-income producing as security is in default.
|
See notes to financial statements.
|
20 l GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT
|
STATEMENT OF ASSETS AND LIABILITIES (Unaudited)
|
November 30, 2013
|
Assets
|
||||
Investments in securities, at value (cost $458,929,820)
|
$
|
500,855,431
|
||
Interest receivable
|
9,180,661
|
|||
Cash
|
1,344,712
|
|||
Receivable for securities sold
|
776,437
|
|||
Other assets
|
21,553
|
|||
Total assets
|
512,178,794
|
|||
Liabilities
|
||||
Reverse repurchase agreements
|
90,906,742
|
|||
Borrowings
|
39,963,936
|
|||
Payable for securities purchased
|
629,813
|
|||
Advisory fee payable
|
250,787
|
|||
Excise tax payable
|
250,000
|
|||
Interest due on borrowings
|
70,773
|
|||
Administrative fee payable
|
9,534
|
|||
Accrued expenses and other liabilities
|
200,644
|
|||
Total liabilities
|
132,282,229
|
|||
Net Assets
|
$
|
379,896,565
|
||
Composition of Net Assets
|
||||
Common stock, $.01 par value per share; unlimited number of shares authorized, 17,413,674 shares issued and outstanding
|
$
|
174,137
|
||
Additional paid-in capital
|
331,422,142
|
|||
Undistributed net investment income
|
4,654,299
|
|||
Accumulated net realized gain on investments
|
1,720,376
|
|||
Net unrealized appreciation on investments and unfunded commitments
|
41,925,611
|
|||
Net Assets
|
$
|
379,896,565
|
||
Net Asset Value (based on 17,413,674 common shares outstanding)
|
$
|
21.82
|
See notes to financial statements.
|
|
GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT l 21
|
STATEMENT OF OPERATIONS For the six months ended November 30, 2013 (Unaudited)
|
November 30, 2013
|
Investment Income
|
|||||||
Interest
|
$
|
17,237,828
|
|||||
Total income
|
$
|
17,237,828
|
|||||
Expenses
|
|||||||
Advisory fee
|
1,546,529
|
||||||
Interest expense
|
655,890
|
||||||
Excise tax expense
|
250,000
|
||||||
Professional fees
|
69,621
|
||||||
Trust accounting
|
64,113
|
||||||
Administrative fee
|
58,718
|
||||||
Trustees’ fees and expenses
|
40,638
|
||||||
Custodian fee
|
12,507
|
||||||
Printing expenses
|
36,691
|
||||||
NYSE listing fee
|
11,895
|
||||||
Insurance expense
|
6,954
|
||||||
Transfer agent fee
|
9,189
|
||||||
Miscellaneous
|
835
|
||||||
Total expenses
|
2,763,580
|
||||||
Net investment income
|
14,474,248
|
||||||
Realized and Unrealized Gain (Loss) on Investments and Unfunded Commitments
|
|||||||
Net realized loss on:
|
|||||||
Investments
|
(140,770
|
)
|
|||||
Net change in unrealized appreciation (depreciation) on:
|
|||||||
Investments
|
(31,135,679
|
)
|
|||||
Unfunded commitments
|
3
|
||||||
Net realized and unrealized gain (loss) on investments and unfunded commitments
|
(31,276,446
|
)
|
|||||
Net Decrease in Net Assets Resulting from Operations
|
$
|
(16,802,198
|
)
|
See notes to financial statements.
|
22 l GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT
|
STATEMENT OF CHANGES IN NET ASSETS
|
November 30, 2013
|
For the Six Months
|
|||||||
Ended
|
For the Year
|
||||||
November 30, 2013
|
Ended
|
||||||
(unaudited
|
)
|
May 31, 2013
|
|||||
Increase (Decrease) in Net Assets from Operations
|
|||||||
Net investment income
|
$
|
14,474,248
|
$
|
28,865,070
|
|||
Net realized gain (loss) on investments
|
(140,770
|
)
|
1,496,339
|
||||
Net change in unrealized appreciation (depreciation) on investments and unfunded commitments
|
(31,135,676
|
)
|
(441,200
|
)
|
|||
Net increase (decrease) in net assets resulting from operations
|
(16,802,198
|
)
|
29,920,209
|
||||
Distributions to Common Shareholders
|
|||||||
From net investment income
|
(14,436,284
|
)
|
(27,845,259
|
)
|
|||
Capital Share Transactions
|
|||||||
Reinvestment of dividends
|
0
|
100,013
|
|||||
Net increase from capital share transactions
|
0
|
100,013
|
|||||
Total increase (decrease) in net assets
|
(31,238,482
|
)
|
2,174,963
|
||||
Net Assets
|
|||||||
Beginning of period
|
411,135,047
|
408,960,084
|
|||||
End of period (including undistributed net investment income of $4,654,299 and $4,616,335, respectively)
|
$
|
379,896,565
|
$
|
411,135,047
|
See notes to financial statements.
|
|
GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT l 23
|
STATEMENT OF CASH FLOWS For the six months ended November 30, 2013 (Unaudited)
|
November 30, 2013
|
Cash Flows from Operating Activities:
|
||||
Net decrease in net assets resulting from operations
|
$
|
(16,802,198
|
)
|
|
Adjustments to Reconcile Net Decrease in Net Assets Resulting from Operations to
|
||||
Net Cash Provided by Operating and Investing Activities:
|
||||
Net depreciation appreciation on investments
|
31,135,679
|
|||
Net unrealized appreciation on unfunded commitments
|
(3
|
)
|
||
Net realized loss on investments
|
140,770
|
|||
Paydowns received
|
(586,850
|
)
|
||
Net accretion of bond discount and amortization of bond premium
|
(170,510
|
)
|
||
Purchase of long-term investments
|
(26,547,069
|
)
|
||
Proceeds from sale of long-term investments
|
27,673,906
|
|||
Net sales of short-term investments
|
174,430
|
|||
Decrease in interest receivable
|
71,577
|
|||
Increase in receivable for securities sold
|
(173,692
|
)
|
||
Increase in other assets
|
(21,553
|
)
|
||
Decrease in payable for securities purchased
|
(205,541
|
)
|
||
Decrease in advisory fee payable
|
(29,645
|
)
|
||
Increase in excise tax payable
|
250,000
|
|||
Decrease in interest due on borrowings
|
(63,723
|
)
|
||
Decrease in administration fee payable
|
(850
|
)
|
||
Decrease in accrued expenses and other liabilities
|
(38,858
|
)
|
||
Net Cash Provided by Operating and Investing Activities
|
14,805,870
|
|||
Cash Flows From Financing Activities:
|
||||
Distributions to common shareholders
|
(14,436,284
|
)
|
||
Increase in reverse repurchase agreements
|
5,128,360
|
|||
Proceeds from borrowings
|
22,500,000
|
|||
Payments made on borrowings
|
(26,750,000
|
)
|
||
Net Cash Used in Financing Activities
|
(13,557,924
|
)
|
||
Net increase in cash
|
1,247,946
|
|||
Cash at Beginning of Period
|
96,766
|
|||
Cash at End of Period
|
$
|
1,344,712
|
||
Supplemental Disclosure of Cash Flow Information: Cash paid during the period for interest
|
$
|
719,613
|
See notes to financial statements.
|
24 l GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT
|
FINANCIAL HIGHLIGHTS
|
November 30, 2013
|
For the Six Months |
|
For the Period
|
|||||||||||
Ended
|
For the Year
|
For the Year
|
October 28, 2010* | ||||||||||
Per share operating performance
|
November 30, 2013 |
Ended
|
Ended
|
through
|
|||||||||
for a common share outstanding throughout the period
|
(unaudited
|
)
|
May 31, 2013
|
May 31, 2012
|
May 31, 2011
|
||||||||
Net asset value, beginning of period
|
$
|
23.61
|
$
|
23.49
|
$
|
20.65
|
$
|
19.10
|
(a)
|
||||
Income from investment operations
|
|||||||||||||
Net investment income (b)
|
0.83
|
1.63
|
1.59
|
0.68
|
|||||||||
Net realized and unrealized gain (loss) on investments and unfunded commitments
|
(1.79
|
)
|
0.09
|
2.74
|
1.50
|
||||||||
Total from investment operations
|
(0.96
|
)
|
1.72
|
4.33
|
2.18
|
||||||||
Common shares’ offering expenses charged to paid-in capital
|
—
|
—
|
—
|
(0.04
|
)
|
||||||||
Distributions to Common Shareholders
|
|||||||||||||
From net investment income
|
(0.83
|
)
|
(1.60
|
)
|
(1.49
|
)
|
(0.59
|
)
|
|||||
Net asset value, end of period
|
$
|
21.82
|
$
|
23.61
|
$
|
23.49
|
$
|
20.65
|
|||||
Market value, end of period
|
$
|
19.19
|
$
|
22.70
|
$
|
22.46
|
$
|
19.54
|
|||||
Total investment return (c)
|
|||||||||||||
Net asset value
|
-4.04
|
%
|
7.48
|
%
|
21.64
|
%
|
11.34
|
%
|
|||||
Market value
|
-11.98
|
%
|
8.27
|
%
|
23.35
|
%
|
0.80
|
%
|
|||||
Ratios and supplemental data
|
|||||||||||||
Net assets, end of period (thousands)
|
$
|
379,897
|
$
|
411,135
|
$
|
408,960
|
$
|
359,444
|
|||||
Ratios to Average Net Assets applicable to Common Shares:
|
|||||||||||||
Total expenses, excluding interest expense
|
1.09
|
%(d)
|
1.02
|
%
|
1.04
|
%
|
0.91
|
%(d)
|
|||||
Total expenses, including interest expense
|
1.43
|
%(d)
|
1.38
|
%
|
1.36
|
%
|
1.05
|
%(d)
|
|||||
Net investment income, including interest expense
|
7.51
|
%(d)
|
6.90
|
%
|
7.33
|
%
|
6.00
|
%(d)
|
|||||
Portfolio turnover rate (e)
|
5
|
%
|
12
|
%
|
7
|
%
|
3
|
%
|
|||||
Senior Indebtedness:
|
|||||||||||||
Total Borrowings outstanding (in thousands)
|
$
|
130,871
|
$
|
129,992
|
$
|
125,542
|
$
|
104,906
|
|||||
Asset Coverage per $1,000 of indebtedness(f)
|
$
|
3,903
|
$
|
4,163
|
$
|
4,258
|
$
|
4,426
|
*
|
Commencement of investment operations.
|
(a)
|
Before deduction of offering expenses charged to capital.
|
(b)
|
Based on average shares outstanding during the period.
|
(c)
|
Total investment return is calculated assuming a purchase of a common share at the beginning of the period and a sale on the last day of the period reported either at net asset value (“NAV”) or market price per share. Dividends and distributions are assumed to be reinvested at NAV for NAV returns or the prices obtained under the Trust’s Dividend Reinvestment Plan for market value returns. Total investment return does not reflect brokerage commissions. A return calculated for a period of less than one year is not annualized.
|
(d)
|
Annualized.
|
(e)
|
Portfolio turnover is not annualized for periods of less than one year.
|
(f)
|
Calculated by subtracting the Trust’s total liabilities (not including borrowings) from the Trust’s total assets and dividing by the total borrowings.
|
See notes to financial statements.
|
|
GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT l 25
|
NOTES TO FINANCIAL STATEMENTS (Unaudited)
|
November 30, 2013
|
26 l GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
November 30, 2013
|
Description
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||
(value in $000s)
|
|||||||||||||
Assets:
|
|||||||||||||
Municipal Bonds
|
$
|
—
|
$
|
424,262
|
$
|
—
|
$
|
424,262
|
|||||
Corporate Bonds
|
—
|
25,593
|
—
|
25,593
|
|||||||||
Asset Backed
|
|||||||||||||
Securities:
|
|||||||||||||
Automobile
|
—
|
23
|
—
|
23
|
|||||||||
Collateralized Debt
|
|||||||||||||
Obligations
|
—
|
6,066
|
145
|
6,211
|
|||||||||
Collateralized Loan
|
|||||||||||||
Obligations
|
—
|
7,402
|
419
|
7,821
|
|||||||||
Commercial Receivables
|
—
|
4
|
—
|
4
|
|||||||||
Credit Card
|
—
|
200
|
—
|
200
|
|||||||||
Insurance
|
—
|
75
|
—
|
75
|
|||||||||
Media
|
—
|
3,447
|
—
|
3,447
|
|||||||||
Other ABS
|
—
|
2,093
|
—
|
2,093
|
|||||||||
Transportation
|
—
|
1,400
|
—
|
1,400
|
|||||||||
Collateralized Mortgage
|
|||||||||||||
Obligations
|
—
|
2,724
|
—
|
2,724
|
|||||||||
Preferred Stock
|
7,594
|
—
|
—
|
7,594
|
|||||||||
Term Loans
|
—
|
18,476
|
—
|
*
|
18,476
|
||||||||
Common Stock
|
—
|
—
|
—
|
*
|
—
|
*
|
|||||||
Closed End Fund
|
932
|
—
|
—
|
932
|
|||||||||
Warrants
|
—
|
—
|
—
|
*
|
—
|
*
|
|||||||
Total
|
$
|
8,526
|
$
|
491,765
|
$
|
564
|
$
|
500,855
|
*
|
Market value is less than minimum amount disclosed.
|
Level 3 holdings
|
||||
(value in $000s)
|
||||
Beginning Balance at May 31, 2013
|
||||
Warrants
|
$
|
—
|
*
|
|
Common Stock
|
—
|
*
|
||
Collateralized Loan Obligations
|
207
|
|||
Net Purchases
|
||||
Collateralized Debt Obligations
|
154
|
|||
Transfers In
|
||||
Collateralized Loan Obligation
|
224
|
|||
Term Loans
|
—
|
*
|
||
Realized Gain/Loss
|
||||
Collateralized Debt Obligations
|
3
|
|||
Paydowns Received
|
||||
Collateralized Debt Obligation
|
(13
|
)
|
||
Change in unrealized gain/loss
|
||||
Warrants
|
—
|
|||
Common Stock
|
—
|
|||
Collateralized Debt Obligation
|
1
|
|||
Collateralized Loan Obligations
|
(12
|
)
|
||
Ending Balance at November 30, 2013
|
||||
Warrants
|
—
|
*
|
||
Common Stock
|
—
|
*
|
||
Collateralized Debt Obligation
|
145
|
|||
Collateralized Loan Obligations
|
419
|
|||
Term Loans
|
—
|
*
|
||
Total Level 3 holdings
|
$
|
564
|
Value as of
|
|
|||||||||||
Investments,
|
November 30,
|
Valuation
|
Unobservable
|
Unobservable
|
||||||||
at value
|
2013
|
Technique
|
Inputs
|
Inputs
|
||||||||
Common Stock:
|
||||||||||||
Airlines
|
$
|
1
|
Model Price
|
Unlisted Security
|
$
|
0.0001
|
||||||
Warrant:
|
||||||||||||
Engineering
|
||||||||||||
and Construction
|
0
|
Model Price
|
Unlisted Security
|
0.0000
|
||||||||
Asset Backed
|
||||||||||||
Securities:
|
||||||||||||
Collateralized
|
||||||||||||
Debt Obligation
|
144,410
|
Third-Party
|
Single Broker
|
|||||||||
Pricing Vendor
|
Quote
|
80.8567
|
||||||||||
Collateralized
|
||||||||||||
Loan Obligation
|
195,000
|
Third-Party
|
Single Broker
|
|||||||||
Pricing Vendor
|
Quote
|
78.0000
|
||||||||||
Collateralized
|
||||||||||||
Loan Obligation
|
223,844
|
Third-Party
|
Single Broker
|
|||||||||
Pricing Vendor
|
Quote
|
89.5376
|
||||||||||
Term Loans:
|
||||||||||||
Transportation
|
0
|
Model Price
|
Unlisted Security
|
0.0000
|
Impact to Value
|
Impact to Value
|
|
Unobservable Input
|
if Input Increases
|
if Input Decreases
|
Unlisted Security
|
Increases
|
Decreases
|
Single Broker Quote
|
Increases
|
Decreases
|
GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT l 27
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
November 30, 2013
|
Managed Assets
|
Rate
|
First $200,000,000
|
0.0275%
|
Next $300,000,000
|
0.0200%
|
Next $500,000,000
|
0.0150%
|
Over $1,000,000,000
|
0.0100%
|
28 l GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
November 30, 2013
|
Managed Assets
|
Rate
|
First $200,000,000
|
0.0300%
|
Next $300,000,000
|
0.0150%
|
Next $500,000,000
|
0.0100%
|
Over $1,000,000,000
|
0.0075%
|
Net Tax
|
||||||||||
Cost of
|
Unrealized
|
|||||||||
Investments
|
Gross Tax
|
Gross Tax
|
Appreciation
|
|||||||
for Tax
|
Unrealized
|
Unrealized
|
on
|
|||||||
Purposes
|
Appreciation
|
Depreciation
|
Investments
|
|||||||
$ 458,564,828
|
$
|
43,725,719
|
$
|
(1,435,116
|
)
|
$
|
42,290,603
|
Undistributed
|
Accumulated
|
||||||
Ordinary
|
Long-Term
|
||||||
Income/
|
Gains/
|
||||||
(Accumulated
|
(Accumulated
|
||||||
Ordinary Loss
|
)
|
Capital Loss
|
)
|
||||
$
|
5,136,538
|
$
|
975,951
|
Distributions paid from
|
2013
|
|||
Ordinary Income
|
$
|
27,845,259
|
Six Months Ended
|
Year ended
|
||||||
November 30, 2013
|
May 31, 2013
|
||||||
Beginning Shares
|
17,413,674
|
17,409,470
|
|||||
Shares issued through
|
|||||||
dividend reinvestment
|
—
|
4,204
|
|||||
Ending Shares
|
17,413,674
|
17,413,674
|
GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT l 29
|
NOTES TO FINANCIAL STATEMENTS (Unaudited) continued
|
November 30, 2013
|
Range of
|
Range of
|
|||||||||
Interest
|
Maturity
|
Face
|
||||||||
Counterparty
|
Rates
|
Dates
|
Value
|
|||||||
BNP Paribas
|
0.78%
|
|
4/16/14
|
$
|
60,081,742
|
|||||
Credit Suisse Securities, LLC
|
0.64%-0.75%
|
|
08/23/2013-01/15/2014
|
4,497,000
|
||||||
Royal Bank of Canada
|
0.49%-0.55%
|
|
06/24/2013-02/28/2014
|
26,328,000
|
||||||
$
|
90,906,742
|
Unrealized
|
|||||||
Principal
|
Appreciation/
|
||||||
Borrower
|
Amount
|
(Depreciation
|
)
|
||||
Darling International
|
$
|
4,200,000
|
$
|
—
|
|||
$
|
4,200,000
|
$
|
—
|
30 l GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT
|
SUPPLEMENTAL INFORMATION (Unaudited)
|
November 30, 2013
|
Name, Address*,
|
Number of
|
|||||||
Year of Birth and
|
Term of Office**
|
Portfolios in the
|
||||||
Position(s) Held
|
and Length
|
Principal Occupations during the Past Five Years and
|
Fund Complex***
|
Other Directorships
|
||||
with Registrant
|
of Time Served
|
Other Affiliations
|
Overseen by Trustee
|
Held by Trustee
|
||||
Independent Trustees:
|
||||||||
Randall C. Barnes
Year of Birth: 1951
Trustee
|
Since 2010
|
Private Investor (2001-present). Formerly, Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997), President, Pizza Hut International (1991-1993) and Senior Vice President, Strategic Planning and New Business Development of PepsiCo, Inc. (1987-1990).
|
52
|
None.
|
||||
Roman Friedrich III
Year of birth: 1946
Trustee
|
Since 2010
|
Founder and President of Roman Friedrich & Company, a U.S. and Canadian-based business, which provides investment banking to the mining industry (1998-present). Formerly, Senior Managing Director of MLV & Co., LLC, an investment bank and institutional broker-dealer specializing in capital intensive industries such as energy, metals and mining (2010-2011).
|
48
|
Director of Mercator Minerals Ltd. (September 2013-present), First Americas Gold Corp. (2012-present) and Zincore Metals, Inc. (2009 – present). Previously, Director of Blue Sky Uranium Corp. (formerly, Windstorm Resources Inc.) (2011– 2012); Axiom Gold and Silver Corp. (2011-2012); Stratagold Corp. (2003-2009); Gateway Gold Corp. (2004-2008) and GFM Resources Ltd. (2005-2010).
|
||||
Robert B. Karn III
Year of Birth: 1942
Trustee
|
Since 2010
|
Consultant (1998-present). Formerly, Arthur Andersen (1965-1997) and Managing Partner, Financial and Economic Consulting, St. Louis office (1987-1997).
|
48
|
Director of Peabody Energy Company (2003-present) and GP Natural Resource Partners LLC (2002-present).
|
||||
Ronald A. Nyberg
Year of birth: 1953
Trustee
|
Since 2010
|
Partner of Nyberg & Cassioppi, LLC, a law firm specializing in corporate law, estate planning and business transactions (2000-present). Formerly, Executive Vice President, General Counsel and Corporate Secretary of Van Kampen Investments (1982-1999).
|
54
|
None.
|
||||
Ronald E. Toupin, Jr.
Year of birth: 1958
Trustee
|
Since 2010
|
Portfolio Consultant (2010-present). Formerly, Vice President, Manager and Portfolio Manager of Nuveen Asset Management (1998-1999), Vice President of Nuveen Investment Advisory Corp. (1992-1999), Vice President and Manager of Nuveen Unit Investment Trusts (1991-1999), and Assistant Vice President and Portfolio Manager of Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).
|
51
|
Previously, Trustee, Bennett Group of Funds (2011-September/2013).
|
||||
Interested Trustee:
|
||||||||
Donald C. Cacciapaglia†
Year of Birth: 1951
Trustee, Chief
Executive Officer
|
Since 2012
|
Senior Managing Director of Guggenheim Investments (2010-present); Chief Executive Officer of Guggenheim Funds Services, LLC (2012-present); Chief Executive Officer (2012-present) and President (2010-present), Guggenheim Funds Distributors, LLC and Guggenheim Funds Investment Advisors, LLC; Chief Executive Officer of certain funds in the Fund Complex (2012-present); President and Director of SBL Fund, Security Equity Fund, Security Income Fund, Security Large Cap Value Fund, and Security Mid Cap Growth Fund (2012-present); President, CEO and Trustee of Rydex Dynamic Funds, Rydex ETF Trust, Rydex Series Funds and Rydex Variable Trust (2012-present); Formerly, Chairman and CEO of Channel Capital Group Inc. and Channel Capital Group LLC (2002-2010).
|
212
|
Trustee, Rydex Dynamic Funds, Rydex ETF Trust, Rydex Series Funds and Rydex Variable Trust (2012-present); Independent Board Member, Equitrust Life Insurance Company, Guggenheim Life and Annuity Company, and Paragon Life Insurance Company of Indiana 2011-present).
|
*
|
Address for all Trustees: 2455 Corporate West Drive, Lisle, IL 60532
|
**
|
After a Trustee’s initial term, each Trustee is expected to serve a three-year term concurrent with the class of Trustees for which he serves:
|
-
|
Messrs. Barnes and Cacciapaglia are Class I Trustees. The Class I Trustees are expected to stand for election or re-election at the Trust’s annual meeting of shareholders for fiscal year ending May 31, 2014.
|
-
|
Messrs. Friedrich and Nyberg are Class II Trustees. The Class II Trustees are expected to stand for re-election at the Trust’s annual meeting of shareholders for fiscal year ending May 31, 2015.
|
-
|
Messrs. Karn and Toupin are Class III Trustees. The Class III Trustees are expected to stand for re-election at the Trust’s annual meeting of shareholders for fiscal year ending May 31, 2016.
|
***
|
As of period end. The Guggenheim Investments Fund Complex consists of U.S. registered investment companies advised or serviced by Guggenheim Funds Investment Advisors, LLC, Guggenheim Funds Distributors, LLC and/or its affiliates.
|
†
|
Mr. Donald C. Cacciapaglia is an “interested person” (as defined in section 2(a)(19) of the 1940 Act) (“Interested Trustee”) of the Trust because of his position as the President and CEO of the Adviser.
|
GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT l 31
|
SUPPLEMENTAL INFORMATION (Unaudited) continued
|
November 30, 2013
|
Name, Address*, Year of Birth and
|
Term of Office** and
|
Principal Occupations During the Past Five Years and
|
||
Position(s) Held with Registrant
|
Length of Time Served
|
Other Affiliations
|
||
Officers:
|
||||
Amy J. Lee
Year of Birth: 1961
Chief Legal Officer
|
Since 2013
|
Managing Director, Guggenheim Investments (2012-present); Senior Vice President & Secretary, Security Investors, LLC (2010-present); Secretary & Chief Compliance Officer, Security Distributors, Inc. (1987-2012); Vice President, Associate General Counsel & Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (1987-2012); Vice President & Secretary, Rydex Series Funds, Rydex ETF Trust, Rydex Dynamic Funds, and Rydex Variable Trust (2008-present). Officer of certain funds in the Fund Complex (2012-present).
|
||
John L. Sullivan
Year of Birth: 1955
Chief Financial Officer,
Chief Accounting Officer,
and Treasurer
|
Since 2010
|
Senior Managing Director – Fund Administration, Guggenheim Investments (2010-present). Chief Financial Officer, Chief Accounting Officer and Treasurer of certain funds in the Fund Complex. Formerly, Chief Compliance Officer, Van Kampen Funds (2004-2010). Head of Fund Accounting, Morgan Stanley Investment Management (2002-2004). Chief Financial Officer, Treasurer, Van Kampen Funds (1996-2004).
|
||
Joanna M. Catalucci
Year of birth: 1966
Chief Compliance Officer
|
Since 2012
|
Managing Director of Compliance and Fund Board Relations, Guggenheim Investments (2012-present). Formerly, Chief Compliance Officer & Secretary, SBL Fund; Security Equity Fund; Security Income Fund; Security Large Cap Value Fund & Security Mid Cap Growth Fund; Vice President, Rydex Holdings, LLC; Vice President, Security Benefit Asset Management Holdings, LLC; and Senior Vice President & Chief Compliance Officer, Security Investors, LLC (2010-2012); Security Global Investors, LLC, Senior Vice President (2010-2011); Rydex Advisors, LLC (f/k/a PADCO Advisors, Inc.) and Rydex Advisors II, LLC (f/k/a PADCO Advisors II, Inc.), Chief Compliance Officer and Senior Vice President (2010-2011); Rydex Capital Partners I, LLC & Rydex Capital Partners II, LLC, Chief Compliance Officer (2006-2007); and Rydex Fund Services, LLC (f/k/a Rydex Fund Services, Inc.), Vice President (2001-2006). Chief Compliance Officer of certain funds in the Fund Complex.
|
||
Mark E. Mathiasen
Year of birth: 1978
Secretary
|
Since 2010
|
Director, Associate General Counsel of Guggenheim Funds Services, LLC (2007-present). Secretary of certain funds in the Fund Complex.
|
*
|
Address for all Officers: 2455 Corporate West Drive, Lisle, IL 60532
|
**
|
Officers serve at the pleasure of the Board of Trustees and until his or her successor is appointed and qualified or until his or her earlier resignation or removal.
|
32 l GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT
|
DIVIDEND REINVESTMENT PLAN (Unaudited)
|
November 30, 2013
|
GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT l 33
|
TRUST INFORMATION
|
November 30, 2013
|
Board of Trustees
Randall C. Barnes
Donald C. Cacciapaglia*
Roman Friedrich III
Robert B. Karn III
Ronald A. Nyberg
Ronald E. Toupin, Jr.,
Chairperson
* Trustee is an “interested
person” (as defined in section
2(a)(19) of the 1940 Act)
(“Interested Trustee”) of the
Trust because of his position
as the President and CEO of
the Adviser.
|
Officers
Donald C. Cacciapaglia
Chief Executive Officer
Amy J. Lee
Chief Legal Officer
John L. Sullivan
Chief Financial Officer,
Chief Accounting Officer
and Treasurer
Joanna M. Catalucci
Chief Compliance Officer
Mark E. Mathiasen
Secretary
|
Investment Adviser
Guggenheim Funds
Investment Advisors, LLC
Lisle, Illinois
Investment Sub-Adviser
Guggenheim Partners
Investment
Management, LLC
Santa Monica, California
Administrator and
Accounting Agent
Rydex Fund
Services, LLC
Rockville, Maryland
Custodian
The Bank of New York Mellon
New York, New York
|
Legal Counsel
Skadden, Arps, Slate,
Meagher & Flom LLP
New York, New York
Independent Registered
Public Accounting Firm
Ernst & Young LLP
Chicago, Illinois
|
•
|
If your shares are held in a Brokerage Account, contact your Broker.
|
•
|
If you have physical possession of your shares in certificate form, contact the Trust’s Transfer Agent:
Computershare Shareowner Services LLC, P.O. Box 30170, College Station, TX 77842-3170; (866) 488-3559
|
GBAB l GUGGENHEIM BUILD AMERICA BONDS MANAGED DURATION TRUST SEMIANNUAL REPORT l 35
|
ABOUT THE TRUST MANAGERS
|