Guggenheim Taxable Municipal Managed Duration Trust is a diversified closed-end management investment company. Its investment objective is to provide current income with a secondary objective of long-term capital appreciation. It seeks to achieve its investment objectives by investing primarily in a diversified portfolio of taxable municipal securities. Under normal market conditions, the Trust will invest at least 80% of its net assets plus the amount of any borrowings for investment purposes (Managed Assets) in taxable municipal securities, including Build America Bonds. Under normal market conditions, the Trust may invest up to 20% of its Managed Assets in securities other than taxable municipal securities, including tax-exempt municipal securities, from which interest income is exempt from regular U.S. federal income tax, asset-backed securities, senior loans, and other income-producing securities. Guggenheim Funds Investment Advisors, LLC serves as the advisor of the Trust.