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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Guggenheim Taxable Municipal Bond and Inv Grade Debt Trust | NYSE:GBAB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.20 | -1.24% | 15.98 | 16.18 | 15.97 | 16.13 | 71,847 | 23:03:44 |
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The Trust |
Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust (the “Trust”) is a diversified, closed-end management investment company. The Trust was organized as a statutory trust on June 30, 2010, pursuant to a Certificate of Trust, and is governed by the laws of the State of Delaware. The Trust commenced operations on October 27, 2010. Its principal office is located at 227 West Monroe Street, Chicago, Illinois 60606, and its telephone number is (312) 827-0100. |
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The Trust’s common shares of beneficial interest, par value $0.01 per share, are called “Common Shares” and the holders of Common Shares are called “Common Shareholders” throughout this Prospectus Supplement and the accompanying Prospectus. |
Management of the Trust |
Guggenheim Funds Investment Advisors, LLC (the “Investment Adviser”) serves as the Trust’s investment adviser and is responsible for the management of the Trust. Guggenheim Partners Investment Management, LLC (the “Sub-Adviser”) is responsible for the management of the Trust’s portfolio of securities. |
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Each of the Investment Adviser and the Sub-Adviser is a wholly-owned subsidiary of Guggenheim Partners, LLC (“Guggenheim Partners”). Guggenheim Partners is a diversified financial services firm with wealth management, capital markets, investment management and proprietary investing businesses, whose clients are a mix of individuals, family offices, endowments, investment funds, foundations, insurance companies and other institutions that have entrusted Guggenheim Partners with the supervision of more than $285 billion of assets as of December 31, 2022. Guggenheim Partners is headquartered in Chicago and New York with a global network of offices throughout the United States, Europe, and Asia. References to the “Adviser” may include the Investment Adviser or the Sub-Adviser, as applicable. |
Listing and Symbol |
The Trust’s currently outstanding Common Shares are, and the Common Shares offered by this Prospectus Supplement and the accompanying Prospectus will be, subject to notice of issuance, listed on the New York Stock Exchange (the “NYSE”) under the symbol “GBAB.” The NAV of the Common Shares at the close of business on April 5, 2023 was $16.60 per share, and the last reported sale price of the Common Shares on the NYSE on such date was $17.07 per share, representing a premium to NAV per share of 2.83%. |
Distributions |
The Trust has paid distributions to Common Shareholders monthly since inception. Payment of future distributions is subject to approval by the Trust’s Board of Trustees, as well as meeting the covenants of any outstanding borrowings and the asset coverage requirements of the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust’s distribution rate is not constant and the amount of distributions, when declared by the Trust’s Board of Trustees, is subject to change. The Trust expects that distributions paid on the Common Shares will generally consist of (i) ordinary income, (ii) long-term capital gains and (iii) return of capital. There is no guarantee of any future distribution or that the current distribution rates will be maintained. |
The Offering |
The Trust has entered into a Controlled Equity OfferingSM Sales Agreement, dated October 16, 2019, as amended by First Amendment to Controlled Equity OfferingSM Sales Agreement, dated February 1, 2021, and Second Amendment to Controlled Equity OfferingSM Sales Agreement, dated April 12, 2023 (as amended, the “Sales Agreement”) with Cantor Fitzgerald & Co. (“Cantor Fitzgerald”) relating to the Common Shares offered by this Prospectus Supplement and the accompanying Prospectus. In accordance with the terms of the Sales Agreement, the Trust may offer and sell Common Shares having an aggregate initial |
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offering price of up to $150,000,000, from time to time, through Cantor Fitzgerald as the Trust’s agent for the offer and sale of the Common Shares. |
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Sales of Common Shares, if any, under this Prospectus Supplement and the accompanying Prospectus may be made in negotiated transactions or by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415(a)(4) under the 1933 Act. See “Plan of Distribution” in this Prospectus Supplement. |
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The Common Shares may not be sold through agents, underwriters or dealers without delivery or deemed delivery of the Prospectus and this Prospectus Supplement describing the method and terms of the offering of Common Shares. |
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Under the 1940 Act, the Trust may not sell Common Shares at a price below the then current NAV per Common Share, exclusive of any distributing commission or discount. |
Risks |
See “Risks” beginning on page 30 of the accompanying Prospectus for a discussion of factors you should consider carefully before deciding to invest in the Trust’s Common Shares. |
Use of Proceeds |
The Trust intends to invest the net proceeds of the offering of Common Shares in accordance with its investment objectives and policies as stated in the accompanying Prospectus or otherwise invest the net proceeds as follows. It is currently anticipated that the Trust will be able to invest most of the net proceeds of the offering of Common Shares in accordance with its investment objectives and policies within three months after receipt of such proceeds. Pending such investment, it is anticipated that the proceeds will be invested in cash, cash equivalents or other securities, including U.S. Government securities or high quality, short- term debt securities. The Trust may also use the proceeds for working capital purposes, including the payment of distributions, interest and operating expenses. A portion of the cash held by the Trust, including net proceeds of the offering, is usually used to pay distributions in accordance with the Trust’s distribution policy and may be a return of capital, which is in effect a partial return of the amount a Common Shareholder invested in the Trust. Common Shareholders who receive the payment of a distribution consisting of a return of capital may be under the impression that they are receiving net investment income or profit when they are not. The Trust’s distributions may be greater than the Trust’s net investment income or profit. |
Shareholder Transaction Expenses |
|
Sales load (as a percentage of offering price)(1) |
2.00% |
Offering expenses borne by the Trust (as a percentage of offering price)(2) |
0.60% |
Dividend Reinvestment Plan fees(3) |
None |
Annual Expenses |
As a Percentage of Net Assets Attributable to Common Shares(4) |
Management fee(5) |
0.82% |
Acquired fund fees and expenses(6) |
0.27% |
Interest expense(7) |
1.93% |
Other expenses(8) |
0.22% |
Total annual expenses(9) |
3.24% |
|
1 Year |
3 Years |
5 Years |
10 Years |
Total Expenses Incurred: |
$59 |
$126 |
$195 |
$380 |
|
Actual as of May 31, 2022 (audited) |
Actual as of November 30, 2022 (unaudited) |
As Adjusted as of April 5, 2023 (unaudited) |
As Further Adjusted (unaudited) |
Short-Term Debt: |
|
|
|
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Borrowings and Reverse Repurchase Agreements |
$167,775,690 |
$135,762,475 |
$129,182,206 |
$129,182,206 |
Common Shareholder’s Equity: |
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|
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Common shares of beneficial interest, par value $0.01 per share; unlimited shares authorized, 21,864,166 shares issued and outstanding (actual as of May 31, 2022), 22,388,905 shares issued and outstanding (actual as of November 30, 2022), 22,794,776 shares issued and outstanding (as adjusted), and 31,582,122 shares issued and outstanding (as further adjusted) |
$218,642 |
$223,889 |
$227,948 |
$315,821 |
Additional paid-in capital |
$431,024,190 |
$440,188,473 |
$446,997,684 |
$593,009,811 |
Total distributable earnings (loss) |
$(30,120,492) |
$(75,613,042) |
$(75,613,042) |
$(75,613,042) |
Net assets |
$401,122,340 |
$364,799,320 |
$371,612,590 |
$517,712,590 |
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•The Trust will not invest more than 25% of its Managed Assets in municipal securities in any one state of origin. •The Trust will invest at least 50% of its Managed Assets in taxable municipal securities. |
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Under normal market conditions, the Trust invests at least 80% of its Managed Assets in securities that, at the time of investment, are investment grade quality. |
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For purposes of the 50% investment policy set forth above, taxable municipal securities means taxable municipal bonds. |
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“Portfolio Composition,” which is incorporated by reference herein, for further information regarding these and other investment policies of the Trust. |
Special Tax Considerations |
The Trust has elected to be treated as, and intends to continue to qualify for taxation as, a regulated investment company (“RIC”) for U.S. federal income tax purposes. For so long as the Trust so qualifies, it will generally not be subject to U.S. federal income tax on income or gains that it timely distributes to its shareholders. The Trust primarily invests in taxable municipal securities whose income is subject to U.S. federal income tax. Thus, dividends with respect to the Common Shares will generally be taxable as ordinary income for U.S. federal income tax purposes (except in the case of capital gain dividends). See “Tax Matters.” |
Management of the Trust |
Guggenheim Funds Investment Advisors, LLC (“GFIA” or “Investment Adviser”) acts as the Trust’s investment adviser. GFIA is responsible for the management of the Trust and administers the affairs of the Trust to the extent requested by the Board of Trustees of the Trust (“Board of Trustees”). The Trust pays the Investment Adviser a fee, payable monthly in arrears at an annual rate equal to 0.60% of the Trust’s average daily Managed Assets. “Managed Assets” means the total assets of the Trust, including the assets attributable to the proceeds from financial leverage, including the issuance of senior securities represented by indebtedness (including through borrowing from financial institutions or issuance of debt securities, including notes or commercial paper), the issuance of preferred shares, the effective leverage of certain portfolio transactions such as reverse repurchase agreements, dollar rolls and inverse floating rate securities, or any other form of financial leverage, minus liabilities, other than liabilities related to any financial leverage. Please refer to the section of the Trust’s most recent annual report on Form N-CSR entitled “Principal Risks of the Trust,” which is incorporated by reference herein, for a discussion of associated risks. |
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Guggenheim Partners Investment Management, LLC acts as the Trust’s investment sub-adviser (the “Sub-Adviser”). |
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The Sub-Adviser manages the investment of the assets of the Trust in accordance with its investment objectives and policies, places orders to purchase and sell securities on behalf of the Trust, and, at the request of the Investment Adviser, consults with the Investment Adviser as to the overall management of the assets of the Trust and its investment policies and practices. The Investment Adviser pays the Sub-Adviser a fee, payable monthly in arrears at an annual rate equal to 0.30% of the Trust’s average daily Managed Assets. |
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References to the “Adviser” may include the Investment Adviser or the Sub-Adviser, as applicable. |
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See “Management of the Trust.” |
Financial Leverage |
The Trust may employ leverage through (i) the issuance of senior securities representing indebtedness, including through borrowing from financial institutions or issuance of debt securities, including notes or commercial paper (collectively, “Indebtedness”), (ii) engaging in reverse repurchase agreements, dollar rolls and economically similar transactions, (iii) investments in inverse floating rate securities, which have the economic effect of leverage, and (iv) the issuance of preferred shares (“Preferred Shares”) (collectively “Financial Leverage”). The Trust has no present intention to issue Preferred Shares. |
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The Trust may utilize leverage up to the limits imposed by the Investment Company Act of 1940 (the “1940 Act”). Under the 1940 Act, the Trust may not incur Indebtedness if, immediately after incurring such Indebtedness, the Trust would have asset coverage (as defined in the 1940 Act) of less than 300% (i.e., for every dollar of Indebtedness outstanding, the Trust is required to have at least three dollars of assets). Under the 1940 Act, the Trust may not issue Preferred Shares if, immediately after issuance, the Trust would have asset coverage (as defined in the 1940 Act) of less than 200% (i.e., for every dollar of Indebtedness plus Preferred Shares outstanding, the Trust is required to have at least two dollars of assets). However, under current market conditions, the Trust currently expects to utilize Financial Leverage through Indebtedness and/or reverse repurchase agreements, such that the aggregate amount of Financial Leverage is not expected to exceed 33 1/3% of the Trust’s Managed Assets (including the proceeds of such Financial Leverage) (or 50% of net assets). The Trust has entered into a committed facility agreement with Société Générale S.A., pursuant to which the Trust may borrow up to $100 million. As of November 30, 2022 (unaudited), there was approximately $1,000,000 in borrowings outstanding under the committed facility agreement, representing approximately 0.20% of the Trust’s Managed Assets as of such date, and there was approximately $134,762,475 in reverse repurchase agreements outstanding, representing approximately 26.92% of the Trust’s Managed Assets as of such date. |
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The Trust’s use of leverage through reverse repurchase agreements, dollar rolls and economically similar transactions will be included when calculating the Trust’s Financial Leverage and therefore will be limited by the Trust’s maximum overall Financial Leverage levels approved by the Board of Trustees of the Trust (the “Board of Trustees”) and may be further limited by the applicable requirements of the Securities and Exchange Commission (the “SEC”) discussed herein. |
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In addition, the Trust may engage in certain derivatives transactions, including swaps, that have economic characteristics similar to leverage. The Trust’s obligations under such transactions will not be considered Indebtedness for purposes of the 1940 Act and will not be included in calculating the aggregate amount of the Trust’s Financial Leverage, but the Trust’s use of such transactions may be limited by the applicable requirements of the SEC. |
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The Trust’s total Financial Leverage may vary significantly over time based on the Adviser’s assessment of market conditions, available investment opportunities and cost of Financial Leverage. Although the use of Financial Leverage by the Trust may create an opportunity for increased total return for the Common Shares, it also results in additional risks and can magnify the effect of any losses. Financial Leverage involves risks and special considerations for shareholders, including the likelihood of greater volatility of net asset value and market price of, and dividends on, the Common Shares. To the extent the Trust increases its amount of Financial Leverage outstanding, it will be more exposed to these risks. The cost of Financial Leverage, including the portion of the investment advisory fee attributable to the assets purchased with the proceeds of Financial Leverage, is borne by holders of Common Shares (“Common Shareholders”), which may result in a reduction of net asset value of the Common Shares. The fees paid to the Adviser will be calculated on the basis of the Trust’s Managed Assets, including proceeds from Financial Leverage, so the fees paid to the Adviser will be higher when Financial Leverage is utilized. To the extent the Trust increases its amount of Financial Leverage outstanding, the Trust’s annual expenses as a percentage of net assets attributable to Common Shares will increase. |
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The Adviser anticipates that the use of Financial Leverage may result in higher total return to the Common Shareholders over time; however, there can be no assurance that the Adviser’s expectations will be realized or that a leveraging strategy will be successful in any particular time period. To the extent the cost of leverage is no longer favorable, the cost of leverage may exceed the income or gains derived from investments purchased with the proceeds of leverage. There can be no assurance that a leveraging strategy will be utilized or, if utilized, will be successful. See “Use of Leverage” and the section of the Trust’s most recent annual report on Form N-CSR entitled “Principal Risks of the Trust—Financial Leverage Risk,” which is incorporated by reference herein, for a discussion of associated risks. |
During periods in which the Adviser believes that economic, financial, market or political conditions or other circumstances make it advisable to maintain a temporary defensive posture (a “temporary defensive period”), or in order to keep the Trust’s cash fully invested, including the period during which the net proceeds of the offering of Common Shares are being invested, the Trust may, without limitation, hold cash or invest its assets in money market instruments and repurchase agreements. The Trust may not achieve its investment objectives during a temporary defensive period or be able to sustain its historical distribution levels. See “The Trust’s Investments—Temporary Defensive Investments.” | |
Distributions |
The Trust intends to pay substantially all of its net investment income, if any, to Common Shareholders through monthly distributions. In addition, the Trust intends to distribute any net long-term capital gains to Common Shareholders at least annually. The Trust expects that distributions paid on the Common Shares will generally consist of (i) investment company taxable income taxed as ordinary income, which includes, among other things, short-term capital gain and income from certain hedging and interest rate transactions, (ii) long-term capital gain (gain from the sale of a capital asset held longer than one year) and (iii) return of capital. The Trust cannot assure you, however, as to what percentage of the dividends paid on the Common Shares, if any, will consist of long term capital gain, which is taxed at reduced rates for non-corporate investors. The distributions paid by the Trust for any particular month may be more than the amount of net investment income from that monthly period. As a result, all or a portion of a distribution may be a return of capital, which is in effect a partial return of the amount a Common Shareholder invested in the Trust. For U.S. federal income tax purposes, a return of capital distribution is generally not taxable up to the amount of the Common Shareholder’s tax basis in their Common Shares and would reduce such tax basis, and any amounts exceeding such basis will be treated as a gain from the sale of their Common Shares. Although a return of capital may not be taxable, it will generally increase the Common Shareholder’s potential gain, or reduce the Common Shareholder’s potential loss, on any subsequent sale or other disposition of Common Shares. Common Shareholders who receive the payment of a distribution consisting of a return of capital may be under the impression that they are receiving net investment income or profits when they are not. Common Shareholders should not assume that the source of a distribution from the Trust is net investment income or profit. Alternatively, in certain circumstances, the Trust may elect to retain income or capital gain and pay income or excise tax on such undistributed amount, to the extent that the Board of Trustees, in consultation with Trust management, determines it to be in the best interest of shareholders to do so. During the Trust’s fiscal year ended May 31, 2022, the Trust paid excise tax of $0. See “Distributions” and “Tax Matters.” |
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The Trust’s distribution rate is not constant and the amount of distributions, when declared by the Board of Trustees, is subject to change. The Trust reserves the right to change its distribution policy and the basis for establishing the rate of distributions at any time and may do so without prior notice to Common Shareholders. |
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If you hold your Common Shares in your own name or if you hold your Common Shares with a brokerage firm that participates in the Trust’s Dividend Reinvestment Plan (the “Plan”), unless you elect to receive cash, all dividends and distributions that are declared by the Trust will be automatically reinvested in additional Common Shares of the Trust pursuant to the Plan. If you hold your Common Shares with a brokerage firm that does not participate in the Plan, you will not be able to participate in the Plan and any dividend reinvestment may be effected on different terms than those described above. Consult your financial adviser for more information. See “Dividend Reinvestment Plan.” |
Listing and Symbol |
The Trust’s currently outstanding Common Shares are, and the Common Shares offered by this Prospectus, will be, subject to notice of issuance, listed on the New York Stock Exchange (the “NYSE”) under the symbol “GBAB.” The net asset value of the Common Shares at the close of business on March 14, 2023 was $16.12 per share, and the last reported sale price of the Common Shares on the NYSE on such date was $16.75 per share, representing a premium to net asset value per share of 3.91%. See “Market and Net Asset Value Information.” |
Special Risk Considerations |
An investment in Common Shares of the Trust involves special risk considerations. Please Risks of the Trust,” which is incorporated by reference herein, for a discussion of the associated risks of investment in the Trust. You should carefully consider these risks together with all of the other information contained in this Prospectus, including the section of this Prospectus entitled “Risks” beginning on page 30, before making a decision to purchase the Trust’s Common Shares. |
The Trust’s Amended and Restated Agreement and Declaration of Trust (the “Declaration of Trust”) and the Trust’s Bylaws, as each may be amended and/or restated from time to time, (collectively, the “Governing Documents”) include provisions that could limit the ability of other entities or persons to acquire control of the Trust or convert the Trust to an open-end fund. These provisions could have the effect of depriving the Common Shareholders of opportunities to sell their Common Shares at a premium over the then-current market price of the Common Shares. See “Anti-Takeover and Other Provisions in the Trust’s Governing Documents.” | |
Custodian, Administrator, Transfer Agent and Dividend Disbursing Agent |
The Bank of New York Mellon serves as the custodian of the Trust’s assets pursuant to a custody agreement. Under the custody agreement, the custodian holds the Trust’s assets in compliance with the 1940 Act. For its services, the custodian receives a monthly fee based upon, among other things, the average value of the total assets of the Trust, plus certain charges for securities transactions. |
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Computershare Trust Company, N.A. serves as the Trust’s dividend disbursing agent and agent under the Trust’s Dividend Reinvestment Plan (the “Plan Agent”) and Computershare Inc. serves as transfer agent and registrar with respect to the Common Shares of the Trust. |
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MUFG Investor Services (US) LLC (“MUFG”), serves as the Trust’s administrator and fund accounting agent. Pursuant to an administration agreement, MUFG provides certain administrative services to the Trust. Pursuant to an accounting and administration agreement, MUFG is responsible for maintaining the books and records of the Trust’s securities and cash. For its services, MUFG receives a monthly fee based upon the average daily Managed Assets of the Trust. |
Shareholder Transaction Expenses |
|
Sales load (as a percentage of offering price)(1) |
—% |
Offering expenses borne by the Trust (as a percentage of offering price)(1)(2) |
0.60% |
Dividend Reinvestment Plan fees(3) |
None |
|
As a Percentage of Net Assets Attributable to Common Shares(4) |
Annual Expenses |
|
Management fee(5) |
0.83% |
Acquired fund fees and expenses(6) |
0.27% |
Interest expense(7) |
1.93% |
Other expenses(8) |
0.26% |
Total annual expenses(9) |
3.29% |
|
1 Year |
3 Years |
5 Years |
10 Years |
Total Expenses Incurred: |
$33 |
$101 |
$172 |
$359 |
Per Share Data: |
Six Months Ended November 30, 2022 (Unaudited) |
Year Ended May 31, 2022 |
Year Ended May 31, 2021 |
Year Ended May 31, 2020 |
Year Ended May 31, 2019 |
Year Ended May 31, 2018 |
Net asset value, beginning of period |
$18.35 |
$22.80 |
$22.09 |
$22.71 |
$22.69 |
$23.30 |
Income from investment operations: |
|
|
|
|
|
|
Net investment income(a) |
0.50 |
1.21 |
1.19 |
1.27 |
1.30 |
1.48 |
Net gain (loss) on investments (realized and unrealized) |
(1.81) |
(4.15) |
1.03 |
(0.38) |
0.23 |
(0.58) |
Total from investment operations |
(1.31) |
(2.94) |
2.22 |
0.89 |
1.53 |
0.90 |
Less distributions from: |
|
|
|
|
|
|
Net investment income |
(0.75) |
(1.32) |
(1.38) |
(1.51) |
(1.43) |
(1.35) |
Capital gains |
— |
(0.03) |
(0.13) |
— |
(0.08) |
(0.16) |
Return of capital |
— |
(0.16) |
(0.00)* |
— |
— |
— |
Total distributions to shareholders |
(0.75) |
(1.51) |
(1.51) |
(1.51) |
(1.51) |
(1.51) |
Net asset value, end of period |
$16.29 |
$18.35 |
$22.80 |
$22.09 |
$22.71 |
$22.69 |
Market value, end of period |
$16.85 |
$19.45 |
$24.22 |
$23.20 |
$23.38 |
$21.44 |
Total Return(b) |
|
|
|
|
|
|
Net asset value |
(7.11%)(h) |
(13.81%)(g) |
10.30% |
3.86% |
7.11% |
3.93% |
Market value |
(9.39%) |
(13.96%) |
11.43% |
6.03% |
16.81% |
(1.23%) |
Ratios/Supplemental Data: |
|
|
|
|
|
|
Net assets, end of period (in thousands) |
$364,799 |
$401,122 |
$472,691 |
$414,168 |
$395,716 |
$395,221 |
Ratio to average net assets of: |
|
|
|
|
|
|
Total expenses, including interest expense(c)(e) |
2.27%(f) |
1.34% |
1.27% |
1.65% |
1.68% |
1.65% |
Net investment income, including interest expense |
5.92%(f) |
5.52% |
5.22% |
5.61% |
5.82% |
6.42% |
Portfolio turnover rate |
8% |
36% |
33% |
25% |
6% |
8% |
Senior Indebtedness: |
|
|
|
|
|
|
Borrowings – committed facility agreement (in thousands) |
$1,000 |
$— |
$97,360 |
$10,510 |
$44,510 |
$44,510 |
Asset Coverage per $1,000 of indebtedness(d) |
$365,799 |
$— |
$5,855 |
$40,409 |
$9,891 |
$9,879 |
Per Share Data: |
Year Ended May 31, 2017 |
Year Ended May 31, 2016 |
Year Ended May 31, 2015 |
Year Ended May 31, 2014 |
Year Ended May 31, 2013 |
Net asset value, beginning of period |
$23.30 |
$23.35 |
$23.26 |
$23.61 |
$23.49 |
Income from investment operations: |
|
|
|
|
|
Net investment income(a) |
1.59 |
1.48 |
1.48 |
1.63 |
1.65 |
Net gain (loss) on investments (realized and unrealized) |
(0.04) |
0.13 |
0.27 |
(0.32) |
0.07 |
Total from investment operations |
1.55 |
1.61 |
1.75 |
1.31 |
1.72 |
Less distributions from: |
|
|
|
|
|
Net investment income |
(1.55) |
(1.64) |
(1.48) |
(1.60) |
(1.60) |
Capital gains |
— |
(0.02) |
(0.18) |
(0.06) |
— |
Total distributions to shareholders |
(1.55) |
(1.66) |
(1.66) |
(1.66) |
(1.60) |
Net asset value, end of period |
$23.30 |
$23.30 |
$23.35 |
$23.26 |
$23.61 |
Market value, end of period |
$23.23 |
$22.28 |
$21.64 |
$21.69 |
$22.70 |
Total Return(b) |
|
|
|
|
|
Net asset value |
6.81% |
7.25% |
7.64% |
6.15% |
7.48% |
Market value |
11.62% |
10.95% |
7.52% |
3.54% |
8.27% |
Ratios/Supplemental Data: |
|
|
|
|
|
Net assets, end of period (in thousands) |
$405,780 |
$405,820 |
$406,668 |
$405,039 |
$411,135 |
Ratio to average net assets of: |
|
|
|
|
|
Total expenses, including interest expense(c)(e) |
1.54 % |
1.38 % |
1.32 % |
1.35 % |
1.38 % |
Net investment income, including interest expense |
6.80 % |
6.47 % |
6.26 % |
7.37 % |
6.99 % |
Portfolio turnover rate |
6 % |
7 % |
11 % |
10 % |
12 % |
Senior Indebtedness: |
|
|
|
|
|
Borrowings – committed facility agreement (in thousands) |
$47,509 |
$61,710 |
$35,510 |
$30,964 |
$44,214 |
Asset Coverage per $1,000 of indebtedness(d) |
$9,541 |
$7,576 |
$12,452 |
$14,081 |
$10,299 |
November 30, 2022 (unaudited)(f) |
2022 |
2021 |
2020 |
2019 |
2018 |
1.08% |
1.04% |
1.01% |
0.96% |
0.95% |
0.99% |
2017 |
2016 |
2015 |
2014 |
2013 |
1.00% |
0.99% |
1.02% |
1.02% |
1.02% |
|
Market Price |
Net Asset Value per Common Share on Date of Market Price High and Low(1) |
Premium/(Discount) on Date of Market Price High and Low(2) | |||
Fiscal Quarter Ended |
High |
Low |
High |
Low |
High |
Low |
February 28, 2023 |
$17.73 |
$15.51 |
$16.63 |
$15.93 |
6.61% |
(2.64)% |
November 30, 2022 |
17.59 |
14.91 |
17.32 |
15.64 |
1.56 |
(4.67) |
August 31, 2022 |
19.29 |
17.01 |
18.29 |
17.36 |
5.47 |
(2.02) |
May 31, 2022 |
21.16 |
18.06 |
21.51 |
18.18 |
(1.63) |
(0.66) |
February 28, 2022 |
23.73 |
20.00 |
23.04 |
21.17 |
2.99 |
(5.53) |
November 30, 2021 |
25.25 |
23.29 |
23.52 |
22.75 |
7.36 |
2.37 |
August 31, 2021 |
24.89 |
24.30 |
23.12 |
23.36 |
7.66 |
4.02 |
May 31, 2021 |
24.30 |
22.62 |
22.61 |
22.03 |
7.47 |
2.68 |
February 28, 2021 |
25.68 |
23.88 |
23.37 |
22.49 |
9.88 |
6.18 |
November 30, 2020 |
25.69 |
23.57 |
22.62 |
22.82 |
13.57 |
3.29 |
August 31, 2020 |
24.40 |
22.53 |
22.94 |
22.47 |
6.36 |
0.27 |
Title of Class |
Amount Authorized |
Amount Held by Trust for its own Account |
Amount Outstanding Exclusive of Amounts held by Trust |
Common Shares of Beneficial Interest, par value $0.01 per share |
Unlimited |
|
22,675,040 |
|
Page |
S-1 | |
S-1 | |
S-23 | |
S-24 | |
S-34 | |
S-35 | |
S-40 | |
S-42 | |
A-1 | |
B-1 |
Name of Trustee(1) |
Aggregate Compensation from the Trust |
Pension or Retirement Benefits Accrued as Part of Trust Expenses(2) |
Estimated Annual Benefits Upon Retirement(2) |
Total Compensation from the Trust and Trust Complex Paid to Trustee(3) |
Independent Trustees | ||||
Randall C. Barnes |
$10,368 |
None |
None |
$324,000 |
Angela Brock-Kyle |
$10,068 |
None |
None |
$324,000 |
Thomas Lydon, Jr. |
$10,338 |
None |
None |
$330,000 |
Ronald A. Nyberg |
$10,278 |
None |
None |
$330,000 |
Sandra G. Sponem |
$11,109 |
None |
None |
$374,000 |
Ronald E. Toupin, Jr. |
$12,654 |
None |
None |
$418,000 |
Name of Portfolio Manager |
Number of Other Accounts Managed and Assets by Account Type |
Number of Other Accounts Assets for Which Advisory Fee is Performance-Based | ||||
Other Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts |
Other Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts | |
Anne B. Walsh |
16 |
6 |
105 |
0 |
3 |
2 |
|
$44,855,907,059 |
$3,396,075,180 |
$152,904,882,859 |
$0 |
$2,064,877,547 |
$786,158,709 |
Steven H. Brown |
15 |
6 |
35 |
0 |
3 |
3 |
|
$43,468,956,782 |
$3,396,075,180 |
$17,950,992,422 |
$0 |
$2,064,877,547 |
$693,819,282 |
Allen Li |
2 |
0 |
1 |
0 |
0 |
0 |
|
$628,238,395 |
$0 |
$112,602,140 |
$0 |
$0 |
$0 |
Name of Portfolio Manager |
Number of Other Accounts Managed and Assets by Account Type |
Number of Other Accounts Assets for Which Advisory Fee is Performance-Based | ||||
Other Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts |
Other Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts | |
Adam J. Bloch |
21 |
6 |
35 |
0 |
3 |
3 |
|
$43,652,610,049 |
$3,396,075,180 |
$17,950,992,422 |
$0 |
$2,064,877,547 |
$693,819,282 |
Evan Serdensky |
1 |
0 |
0 |
0 |
0 |
0 |
|
$818,880,490 |
$0 |
$0 |
$0 |
$0 |
$0 |
Portfolio Manager |
Dollar Range of Equity Securities of the Trust Beneficial Owned |
Anne B. Walsh |
$100,001-$500,000 |
Steven H. Brown |
None |
Allen Li |
None |
Adam J. Bloch |
None |
Evan Serdensky |
None |
|
Fiscal Year Ended May 31, | ||
|
2022 |
2021 |
2020 |
The Investment Adviser received advisory fees of: |
$3,894,119 |
$3,477,659 |
$3,084,981 |
|
Fiscal Year Ended May 31, | ||
|
2022 |
2021 |
2020 |
GPIM received sub-advisory fees of: |
$1,947,060 |
$1,738,830 |
$1,542,491 |
|
Fiscal Year Ended May 31, | ||
|
2022 |
2021 |
2020 |
MUFG received administration fees of : |
$137,353 |
$126,941 |
$116,846 |
|
Fiscal Year Ended May 31, | ||
|
2022 |
2021 |
2020 |
MUFG received fund accounting fees of: |
$149,610 |
$150,272 |
$143,893 |
Fiscal Year Ended May 31: |
All Brokers |
Affiliated Brokers |
2022 |
$38,978 |
$0 |
2021 |
$2,938 |
$0 |
2020 |
$44,572 |
$0 |
Fiscal Year Ended May 31, 2022 Percentages: |
|
Percentage of aggregate brokerage commissions paid to affiliated broker |
0% |
Percentage of aggregate dollar amount of transactions involving the payment of commissions effected through affiliated broker |
0% |
1 Year Guggenheim Taxable Munic... Chart |
1 Month Guggenheim Taxable Munic... Chart |
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