Guggenheim Build America Bonds Managed Duration Trust (the Trust) is a diversified, closed-end management investment company. The Trust's investment objective is to provide current income with a secondary objective of long-term capital appreciation. The Trust seeks to achieve its investment objectives by investing in a diversified portfolio of taxable municipal securities known as Build America Bonds (BABs). The Trust will invest at least 80% of its Managed Assets in BABs. The Trust may invest up to 20% of its managed assets in BABs, including taxable municipal securities that do not qualify for federal subsidy payments, municipal securities, which are exempt from regular federal income tax, asset-backed securities (ABS), senior loans and other income producing securities. Guggenheim Partners Investment Management, LLC is the fund manager of the Trust.