1900 K Street, NW
Washington, DC  20006-1110 +1  202  261  3300  Main +1  202  261  3333  Fax www.dechert.com

November 19, 2020

Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust

227 West Monroe Street

Chicago, Illinois 60606

Re: Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust

File Nos. 333-233605 and 811-22437

Dear Ladies and Gentlemen:

We have acted as counsel for Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, previously “Guggenheim Taxable Municipal Managed Duration Trust,” (the “Trust” or the “Registrant”), a Delaware statutory trust, in connection with the filing of Post-Effective Amendment No. 3 to the Registrant’s registration statement on Form N-2 under the Securities Act of 1933 (the “1933 Act”) and Amendment No. 8 under the Investment Company Act of 1940 (the “Registration Statement”) relating to the issuance and sale of shares by the Registrant (the “Trust”).

This opinion is limited to the Delaware Statutory Trust Act, and we express no opinion with respect to the laws of any other jurisdiction or to any other laws of the State of Delaware. Further, we express no opinion as to compliance with any state or federal securities laws, including the securities laws of the State of Delaware.

In connection with the opinion set forth herein, we have examined the following Trust documents: the Trust’s Amended and Restated Declaration of Trust; the Trust’s Amended and Restated By-Laws; and such other Trust records, certificates, resolutions and documents that we have deemed relevant in order to render the opinion expressed herein.  In addition, we have reviewed and relied upon a certificate dated November 17, 2020 issued by the Delaware Secretary of State.

In rendering this opinion we have assumed, without independent verification: (i) the due authority of all individuals signing in representative capacities and the genuineness of signatures; (ii) the authenticity, completeness and continued effectiveness of all documents or copies furnished to us; (iii) that any resolutions provided have been duly adopted by the Trust’s Board of Trustees; (iv) that the facts contained in the instruments and certificates or statements of public officials, officers and representatives of the Trust on which we have relied for the purposes of this opinion are true and correct; and (v) that no amendments, agreements, resolutions or actions have been approved, executed or adopted which would limit, supersede or modify the items described above.  Where documents are referred to in resolutions approved by the Trust’s Board of Trustees, or in the

Registration Statement, we have assumed such documents are the same as in the most recent form provided to us, whether as an exhibit to the Registration Statement or otherwise.

Based upon the foregoing, we are of the opinion that the shares of the Trust have been duly authorized for issuance and, when issued and delivered against payment therefore in accordance with the terms, conditions, requirements and procedures described in the Registration Statement and any applicable underwriting or purchase agreements, will be validly issued, fully paid and, subject to the last sentence of Section 3.8 of the Amended and Restated Declaration of Trust, non-assessable beneficial interests in the Trust.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement, to be filed with the Securities and Exchange Commission, and to the use of our name in the Registration Statement.  In giving such consent, however, we do not admit that we are within the category of persons whose consent is required by Section 7 of the 1933 Act or the rules and regulations thereunder.

Very truly yours,

/s/ Dechert LLP

Dechert LLP