DYFN - Guggenheim Taxable Muni: A Quality Fund That Is Slowly Changing

• GBAB is a great long-term performer with high-quality characteristics. The fund is up over 8.7% YTD on price and 5.3% on NAV.
• The fund is increasingly venturing into tax-free munis as a way to supplant the declining taxable muni ("BAB") space.
• The yield is being 'juiced' a bit by this shift helping to cover the distribution. But that is also increasing overall risk.
• The valuation seems a bit excessive here and I have since reduced the allocation to it in the Core and rotated out of it into other risk assets.
• We offer up some alternatives.

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