Guggenheim Floating Rate & Income Fund to concentrate on floating-rate investments via stock proceeds

By Toni Weeks

San Luis Obispo, Calif., Nov. 15 - The Guggenheim Floating Rate & Income Fund will conduct an offering of common shares, according to an N2A filing with the Securities and Exchange Commission.

The newly organized, diversified, closed-end management investment company seeks to provide a high level of current income while maximizing total return.

Under normal market conditions, it invests at least 80% of its managed assets in floating-rate investments and other income-producing securities. Investments may include corporate bonds; senior secured loans; second-lien and subordinated secured loans; unsecured loans; loan participations and assignments and commitments to purchase loans, participations or assignments; asset-backed and mortgage-backed securities; U.S. government and agency securities; mezzanine and preferred securities; convertible securities; commercial paper; municipal securities; and sovereign government and supranational debt securities. At least 40% of managed assets will be invested in floating-rate investments.

Day-to-day management will be handled by subadviser Guggenheim Partners Investment Management, LLC. The portfolio managers have not yet been named.

The fund registered a token 40,000 shares at $25 apiece for proceeds of $1 million.

The sales load will be 4.5%. Annual expenses have not yet been determined.

Lisle, Ill.-based Guggenheim Funds Investment Advisors, LLC will be the investment adviser.

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