GBAB - Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust

What this means for you

One large investor owns more than 5% of this fund but has told the regulator it is not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Oct 7, 2026

   The fund said it may sell new shares.

   Original document →

2. Aug 14, 2026

   The fund said it may sell new shares.

   Original document →

3. Aug 13, 2026

   Morgan Stanley raised its stake to 12.8% (from 11.4%), as a passive investor.

   Original document →

4. May 12, 2026

   Morgan Stanley raised its stake to 11.4% (from 10.4%), as a passive investor.

   Original document →

5. April 3, 2026

   The fund said it may sell new shares.

   Original document →

About this fund

• Run by Guggenheim Funds Investment Advisors, LLC. Part of the Guggenheim fund family. As of May 31, 2026, from the fund's yearly report. Original document →
• Size: about $390 million of holdings, as of Aug 31, 2026. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 32% on top of its own money, as of Aug 31, 2026. Borrowed money makes gains and losses bigger. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -15.7%; at +10%, about +12.3%. As of May 31, 2026, from the fund's annual report. Original document →
• Costs: 0.9% a year in management fees; 2.8% a year in total, including interest on borrowed money. Fiscal year ended May 31, 2026. As of May 31, 2026, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 59 charge a lower management fee and 30 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $26 in the first year and about $290 over 10 years, assuming the holdings return 5% a year. As of May 31, 2026, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended May 31, 2026) the fund paid $1.51 a share. $0.90 of that was income; $0.61 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of May 31, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (May 31, 2026): $14.51. The shares traded at $14.12, about 2.7% below that. As of May 31, 2026, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 4.6% below to 14.3% above. As of May 31, 2026, from the fund's annual report. Original document →
• How the holdings did: down 0.4% over the last three months we have (June-Aug 2026), before the share price is taken into account. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2010.

How this has changed

• Payouts per share: $1.51 in the fiscal year ended May 31, 2026; $1.51 in the year ended May 31, 2025; $1.51 in the year ended May 31, 2024.As of May 31, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.61 in the year ended May 31, 2026; $0.65 in the year ended May 31, 2025; $0.68 in the year ended May 31, 2024.As of May 31, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 2.83% a year in the fiscal year ended May 31, 2026; 2.59% a year in the year ended May 31, 2025; 3.15% a year in the year ended May 31, 2024.As of May 31, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $402 million at May 29, 2026; $400 million at May 31, 2025; $382 million at May 31, 2024. From the fund's quarterly holdings reports. Original documents: May 29, 2026 →, May 31, 2025 →, May 31, 2024 →.
• Borrowing: about 30% on top of its own money at May 29, 2026; 28% at May 31, 2025; 25% at May 31, 2024. From the fund's quarterly holdings reports. Original documents: May 29, 2026 →, May 31, 2025 →, May 31, 2024 →.
• The fund had about 27.7 million shares at May 31, 2026, up 11.6% from May 31, 2024.As of May 31, 2026, from the fund's annual report. Original document →
  In between, the fund said it may sell new shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended May 31, 2026: the shares returned +4.6%, counting payouts; the holdings +8.2%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of May 31, 2026, from the fund's annual report. Original document →
• The year ended May 31, 2025: the shares returned +1.2%, counting payouts; the holdings +6%. As of May 31, 2025, from the fund's annual report. Original document →
• The year ended May 31, 2024: the shares returned +9.8%, counting payouts; the holdings +6.3%. As of May 31, 2024, from the fund's annual report. Original document →
• The year ended May 31, 2023: the shares returned -8.1%, counting payouts; the holdings -4.4%. As of May 31, 2023, from the fund's annual report. Original document →
• The year ended May 31, 2022: the shares returned -14%, counting payouts; the holdings -13.8%. As of May 31, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned -8.1%. $10,000 of shares bought at the start (June 1, 2021) would have become about $9,190 by May 31, 2026, with every payout counted, before tax. As of May 31, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to Aug 31, 2026: +3.8%. The quarterly reports carry no share price, so this is the holdings alone. As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 43 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 32 reported a higher share return for that year and 10 a lower one. As of May 31, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly bonds (81%), the rest loans and asset-backed bonds. About 88% issued in the U.S.

The fund also sells options on its holdings to raise income.

1. West Virginia Higher Education Policy Commission (WV), WV Wvsedu 7.65 04/01/2040 - 2.9%
2. Philadelphia School District (PA), PA Phiscd 6 09/01/2030 - 2.7%
3. Dallas Convention Center Hotel Development Corp (TX), TX Dalfac 7.09 01/01/2042 - 2.7%
4. Dallas & Fort Worth Cities Texas International Airport (TX) - 2.7%
5. Oklahoma Development Finance Authority (OK), Ok Oksmed 5.45 08/15/2028 - 2.6%
6. Oakland Unified School District (CA), CA Oakscd 6.88 08/01/2033 - 2.6%
7. Westchester County Health Care Corp (NY), NY Wchmed 8.57 11/01/2040 - 2.4%
8. Evansville-Vanderburgh School Building (IN), IN Evaedu 6.5 01/15/2030 - 2.2%
9. Santa Ana Unified School District (CA), CA Saascd 7.1 08/01/2040 - 2.2%
10. College Law San Francisco Calif, CA Hashgr 5.99 08/01/2050 - 1.9%

As of Aug 31, 2026, from the fund's quarterly holdings report. Original document →