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Closed-End Fund Weekly Update

 
Fund Inception Date Market Price NAV Premium/
(Discount)
Current
Distribution Rate1
Leverage
AVK
Advent Convertible and Income Fund
4/29/03 $11.86 $12.26 -3.26% 11.86% 38.58%
GBAB
Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust
10/26/10 $15.12 $15.22 -0.66% 9.98% 21.95%
GOF
Guggenheim Strategic Opportunities Fund
7/26/07 $15.23 $11.72 29.95% 14.35% 17.59%
GUG
Guggenheim Active Allocation Fund
11/23/21 $15.00 $16.72 -10.29% 9.50% 28.12%

Performance Analysis

Fund   YTD 1-Year 3-Year 5-Year 10-Year Since
Inception
AVK Price 19.22% 31.81% 1.08% 7.59% 6.96% 6.22%
  NAV 11.30% 21.03% -0.15% 5.94% 5.55% 5.93%
GBAB Price 7.13% 11.70% -4.00% 0.23% 4.39% 5.92%
  NAV 7.27% 13.37% -3.89% 0.74% 3.33% 5.98%
GOF Price 42.05% 38.41% 9.23% 10.04% 9.70% 11.01%
  NAV 14.17% 18.93% 6.39% 8.60% 8.81% 10.09%
GUG Price 16.78% 25.61% 1.03% - - 1.02%
  NAV 10.44% 15.82% 3.37% - - 2.78%

Source: Guggenheim Investments Data.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Since Inception returns assume a purchase of common shares at each Fund’s initial offering price for market price returns or the Fund’s initial net asset value (NAV) for NAV returns. Returns for periods of less than one year are not annualized. All distributions are assumed to be reinvested either in accordance with the dividend reinvestment plan (DRIP) for market price returns or NAV for NAV returns. Until the DRIP price is available from the Plan Agent, the market price returns reflect the reinvestment at the closing market price on the last business day of the month. Once the DRIP is available around mid-month, the market price returns are updated to reflect reinvestment at the DRIP price. All returns include the deduction of management fees, operating expenses and all other fund expenses, and do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares.

1 Latest declared distribution per share annualized and divided by the current share price. Distributions may be paid from sources of income other than ordinary income, such as short term capital gains, long term capital gains or return of capital. If a distribution consists of something other than ordinary income, a 19(a) notice detailing the anticipated source(s) of the distribution will be made available. The 19(a) notice will be posted to the Fund’s website and to the Depository Trust & Clearing Corporation so that brokers can distribute such notices to Shareholders of the Fund. Section 19(a) notices are provided for informational purposes only and not for tax reporting purposes. The final determination of the source and tax characteristics of all distributions in a particular year will be made after the end of the year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters.

This information does not represent an offer to sell securities of any fund and it is not soliciting an offer to buy securities of any fund. There can be no assurance that any of these funds will achieve their investment objectives. The net asset values of these funds will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value. Past performance is not indicative of future performance.

Risk Considerations: An investment in the Fund is subject to certain risks and other considerations. Such risks and considerations include, but are not limited to:

AVK Investment and Market Discount Risk, Convertible Securities Risk, Synthetic Convertible Securities Risk, Lower Grade Securities Risk, Leverage Risk, Interest Rate Risk, Illiquid Investments Risk, Foreign Securities Risk, Management Risk, Strategic Transactions Risk, Market Disruption Risk, Anti-Takeover Provisions Risk, Auction Rate Securities Risk, and Certain Other Risk.

FMO Investment Risk, MLP Risk (specifically, there are tax risks associated with an investment in MLP units), Energy and Natural Resources Risk, Options Risk, Unregistered or Restricted Securities Risk, Lower-Grade Securities Risk, Financial Leverage, Affiliated Party Risk, Equity Securities Risk, Small Capitalization Risk, Cash Flow Risk, Liquidity Risk, Valuation Risk, Interest Rate Risk, Portfolio Turnover Risk, Foreign Securities, Royalty Trusts, Non-Diversified Status, Concentration Risk and Derivatives Risk. The Fund will be treated as a regular corporation, or “C” corporation, for U.S. federal income tax purposes. Accordingly, the Fund generally will be subject to U.S. federal income tax on its taxable income at the graduated rates applicable to corporations (currently at a maximum rate of 35%) as well as state income taxes, where applicable. However, it is anticipated that, due to the nature of MLP dividends, the majority of income received by the Fund will be classified as a non-taxable return of capital for tax purposes. If this expectation is not realized, the Fund will have a larger corporate income tax expense than expected, which will result in less cash available to distribute to shareholders. While the Fund will generally seek to maximize the portion of the Fund’s distributions to Common Shareholders that will consist of tax-deferred return of capital, no assurance can be given in this regard. Because of the Fund’s concentration in MLP investments, the Fund is not eligible to elect to be treated as a regulated investment company under the Internal Revenue Code of 1986, as amended (the “Code”).

GBAB Not a Complete Investment Program, Investment and Market Risk, Management Risk, Build America Bonds Risk, Continuation of BABs Program, General Municipal Securities Market Risk, Credit Risk, Interest Rate Risk, Duration Management Risk, Financial Leverage Risk, Reinvestment Risk, Inflation/Deflation Risk, Insurance Risk, Below Investment-Grade Securities Risk, Sector Risk, Special Risks Related to Certain Municipal Securities, Asset-Backed Securities Risk, Senior Loan Risk, Liquidity Risk, Volatility Risk, Inverse Floating-Rate Securities Risk, Recent Market Developments, Government Intervention in the Financial Markets, Legislation Risk, Strategic Transactions Risk, Synthetic Investments Risk, Counterparty Risk, Securities Lending Risk, Investment Funds Risk, Market Discount Risk, Portfolio Turnover Risk, Market Disruption and Geopolitical Risk.

GOF Not a Complete Investment Program, Investment and Market Risk, Management Risk, Income Risk, Dividend Risk, Income Securities Risk, Below-Investment Grade Securities Risk, Senior Loans Risk, Second Lien Loans Risk, Mezzanine Investments Risk, Convertible Securities Risk, Preferred Stock Risk, Structured Finance Investments Risk, Foreign Securities Risk, Emerging Markets Risk, Foreign Currency Risk, Common Equity Securities Risk, Risks Associated with the Fund’s Covered Call Option Strategy, Risks of Real Property Asset Companies, Risks of Personal Property Asset Companies, Private Securities Risk, Investment Funds Risk, Private Investment Funds Risk, Synthetic Investments Risk, Inflation/Deflation Risk, Market Discount Risk, Financial Leverage Risk, Derivative Transactions Risk, Portfolio Turnover Risk, Current Developers Risk.

GUG Not a Complete Investment Program, Investment and Market Risk, Management Risk, Income Risk, Dividend Risk, Income Securities Risk, Below-Investment Grade Securities Risk, Senior Loans Risk, Second Lien Loans Risk, Mezzanine Investments Risk, Convertible Securities Risk, Preferred Stock Risk, Structured Finance Investments Risk, Foreign Securities Risk, Emerging Markets Risk, Foreign Currency Risk, Common Equity Securities Risk, Risks Associated with the Fund’s Covered Call Option Strategy, Risks of Real Property Asset Companies, Risks of Personal Property Asset Companies, Private Securities Risk, Investment Funds Risk, Private Investment Funds Risk, Synthetic Investments Risk, Inflation/Deflation Risk, Market Discount Risk, Financial Leverage Risk, Derivative Transactions Risk, Portfolio Turnover Risk, Current Developers Risk.

Investors should consider the investment objectives, risks, and expenses before investing. Please refer to the most recent annual or semi-annual report and visit www.guggenheiminvestments.com for this and more information (or call Guggenheim Funds Distributors, LLC at 800.345.7999).

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

Guggenheim Investments includes Guggenheim Funds Investment Advisors, LLC (“GFIA”), Guggenheim Partners Investment Management, LLC (“GPIM”), and Guggenheim Funds Distributors, LLC (”GFD”). GFD serves as servicing agent for AVK. GFIA serves as Investment Adviser for FMO, GBAB, GGM and GOF. GPIM serves as Investment Sub-Adviser for GBAB, GGM and GOF. Tortoise Capitol Advisors, L.L.C. serves as Investment Sub-Adviser for FMO and is not affiliated with Guggenheim. The Investment Adviser for AVK is Advent Capital Management, LLC and is not affiliated with Guggenheim.

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Investing involves risk, including the possible loss of principal.

Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Guggenheim Wealth Solutions, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors.

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